Financial information

Financial information for the first quarter of

BOLLORE

Financial information for the first quarter of 2022 April 25, 2022

Ffirst quarter 2022 revenue:

At the top 28% at constant scope and exchange rates

(+33% as reported)

First-quarter 2022 revenue

At constant scope and exchange rates, Group revenue for the first quarter of 2022 was up 28% at €5,698 million. This development mainly includes:

  • a 47% increase in transport and logistics activity, driven by higher freight rates and volumes in air freight forwarding, the satisfactory performance of port concessions and the continued recovery of logistics activities in Africa;
  • the 52% increase in oil logistics activity due to the rise in oil prices, in an international context marked by the war in Ukraine;
  • 8% growth in communication activities, thanks to the growth of Canal+ (+6%) and the Havas Group (+11%) and despite the 2% decline of Editis after a record year in 2021;
  • growth in the electricity storage and systems business (+44%) thanks to the increase in sales of 12-meter buses and the increase in plastic films and specialized terminals.

Reported revenue increased by 33% compared to the first quarter of 2021, taking into account favorable exchange rate effects of +€64 million, and a scope effect of +€89 million, mainly linked to the acquisition of Prisma Media.

Evolution of turnover by activity

(in millions of euros) Q1
2022 2021 (1) 2021 Reported growth Biological
growth
Transport and logistics 2,361 1,609 1,555 +52% +47%
Oil logistics 848 559 565 +50% +52%
Communication 2,376 2,202 2,094 +13% +8%
Electricity storage and systems 112 77 80 +40% +44%
Others (agricultural assets, media and Holdings) 2 2 2 -13% -13%
Total Bollore Group turnover 5,698 4,449 4,296 +33% +28%

(1) at constant scope and exchange rates

At constant scope and exchange rates, compared to the first quarter of 2021, the changes in the main sectors are as follows:

  • Transportationation and Logistics, Oil Logistics:
  • Revenue from the transport and logistics activity amounted to €2,361 million, up 47% compared to the first quarter of 2021.

It benefited from the sharp increase in transport commission: €1,734 million (+62%) driven by the increase in freight rates in all areas as well as the increase in air traffic volumes, which benefited in particular from the strong growth of some of its customers.

It also includes the growth of Bolloré Africa Logistics of €627 million (+16%), thanks to the satisfactory performance of the port terminals (in particular Congo Terminal, Abidjan Terminal in the Ivory Coast, Owendo Container Terminal in Gabon, and Freetown Terminal in Sierra Leone) and the resumption of logistics and handling activities in Africa, penalized by the health crisis in early 2021.

  • Revenue from oil logistics amounted to €848 million, up 52%, due to the rise in oil prices, linked to the international context marked by the war in Ukraine, and the virtual stability volumes marketed.
  • Communications (Vivendi):

Revenue from the communications business amounted to €2,376 million, up 8% organically compared to the first quarter of 2021. Vivendi benefited from the growth of Canal+ (+6%), with revenue up across all of its businesses (television in France, international activities and Studiocanal) and the Havas Group (+11%) in all geographic areas benefiting from strong sales growth in recent quarters. It also includes Editis’ revenue, down slightly (-2%), close to a market down 1% over the same period and after unprecedented market growth in 2021.

  • Electricity Storage and Systems:

Industrial revenue amounted to €112 million (electricity storage, plastic films, terminals and specialized systems), up 44% compared to the first quarter of 2021. This growth was driven by the acceleration in sales of 12-metre buses, the increase in plastic film activities, which benefited from the increase in volumes and above all prices, and from the increase in specialized terminals (IER/AS) thanks to the development of the pedestrian and passenger activity.

Highlights and recent events:

  • Agreement with MSC Group for the sale of Bolloré Africa Logistics

Following the exclusive negotiations announced on December 20, 2021 and the favorable opinions issued by each of the employee representative bodies consulted, the Bolloré Group signed on March 31, 2022 relating to the sale to the MSC Group of 100% of Bolloré Africa Logistics, including all transport and logistics activities of the Bolloré Group in Africa, based on an enterprise value, net of minority interests, of 5.7 billion euros.

The sale remains subject to regulatory and competitive approvals and the agreement of certain Bolloré Africa Logistics counterparties and is expected to be finalized by the end of the first quarter of 2023.

The Bolloré Group will remain strongly involved in Africa, particularly through Canal+, and will also continue to develop its activities on this continent in numerous sectors such as communication, entertainment, telecommunications and publishing.

  • Vivendi’s takeover bid for Lagardere

Vivendi’s tender offer for Lagardère shares was opened on April 14, 2022, for an initial period of 25 trading days, i.e. until May 20, 2022. On February 21, 2022, Vivendi’s Management Board approved the terms of its takeover bid and filed its draft offer document with the Autorité des Marchés Financiers (Authority from Marches Ffinancial or “AMF”), which declared it compliant on April 12, 2022.

Vivendi offers Lagardère shareholders:

  • Either principally: sell their Lagardère shares at a unit price of €25.50 (with dividend
    attached); or
  • In the alternative: benefit, for each Lagardère share contributed to this subsidiary branch and held until the closing date (inclusive) of the offer, which may be reopened, subject to a proportional reduction (see below) , a right to sell this share to Vivendi at a unit price of €24.10 until December 15, 2023 (inclusive).

If the number of shares tendered to the main offer during the first offer period is insufficient to reach the validity threshold, Vivendi will acquire in cash at the price of the main offer the number of shares tendered to the subsidiary offer necessary to reach 51% of the capital of Lagardère on the closing date of the first offer period.

If this offer is successful and the required regulatory authorizations are obtained, Vivendi would like Arnaud Lagardère to remain Chairman and Chief Executive Officer of Lagardère and intends to continue to rely on the skills of his management team.

Vivendi does not intend to ask the AMF for a squeeze-out of Lagardère shares or to request the delisting of Lagardère shares from Euronext Paris.

  • Provision of the SFDM (French Society Donges-Metz)

In January 2022, Bolloré Energy sold its stake in SFDM, the company operating the DMM pipeline (Donges-Melun-Metz), to the State, following the two-year extension of the authorization to operate the pipeline which had been granted at the end of 2019.

Conflict in Ukraine

The Bolloré group, present in Ukraine through Gameloft and Havas, subsidiaries of Vivendi, strives to provide all possible support to its teams and the populations concerned.

The share of 2021 revenue generated in Ukraine, but also in Russia or with Russian customers, remains very limited (less than 1% for the Group as a whole). However, some of the Group’s activities are carried out by Russian and Ukrainian companies, including Bolloré Energy. The Group is making every effort to find immediate solutions in order to best serve its customers, and remains extremely aware of the potential impact of this conflict on its activities.

Impact of the health crisis

The evolution of the Covid-19 pandemic, as well as the extent of its impact on the global economy, remains uncertain. The company has taken all appropriate measures to deal with the situation, protect its employees and limit the consequences on its activities. To date, the company estimates that there will be no significant impact on the 2022 accounts or on the continuity of its activity.

Financial information for the first quarter of 2022 April 25, 2022

Ffirst quarter 2022 revenue:

At the top 28% at constant scope and exchange rates

(+33% as reported)

First-quarter 2022 revenue

At constant scope and exchange rates, Group revenue for the first quarter of 2022 was up 28% at €5,698 million. This development includes:

above all:

  • a 47% increase in transport and logistics activity, driven by higher freight rates and volumes in air freight forwarding, the satisfactory performance of port concessions and the continued recovery of logistics activities in Africa;
  • the 52% increase in oil logistics activity due to the rise in oil prices, in an international context marked by the war in Ukraine;
  • 8% growth in communication activities, thanks to the growth of Canal+ (+6%) and the Havas Group (+11%) and despite the 2% decline of Editis after a record year in 2021;
  • growth in the electricity storage and systems business (+44%) thanks to the increase in sales of 12-meter buses and the increase in plastic films and specialized terminals.

Reported revenue increased by 33% compared to the first quarter of 2021, taking into account favorable exchange rate effects of +€64 million, and a scope effect of +€89 million, mainly linked to the acquisition of Prisma Media.

Evolution of turnover by activity

  • 04-22-22-Bolloré-CAT1-2022__EN