August 27, 2015

Net income for the first half of 2015

Turnover: €5.3 billion, up 5% (down 0.3% at constant scope and exchange rates).

Ebitda: up 17% to €536 million, buoyed by the strong performance of transportation logistics and communication.

Operating income: up 11% to €338 million.

Consolidated net income: €552 million, up from €217 million at June 30, 2014, with the

contribution of dividends from Vivendi.

Group share of net income: €476 million as against €133 million at June 30, 2014.

Ratio of net debt to equity: 36%

Interim dividend of €0.02 per share, similar to the dividend paid out in October 2014 (1), payable in cash or shares.

Bolloré's Board of Directors meeting on August 27, 2015, approved the financial statements for the first half of 2015.
Consolidated turnover came to €5,343 million, up 5% and down a slight 0.3% year-on-year at constant scope and exchange rates, mainly incorporating an increase in transportation and logistics activities (up 4.7%), and in communications activities (up 5.9%), as well as a pull-back in oil logistics activity (down 15.5%) owing to a drop in prices of oil products.
In gross data, currency fluctuations primarily impacted on transportation and logistics and communication activities with a
€238 million positive effect on turnover.
Ebitda was up 17% to €536 million.
Operating income came in at €338 million, a rise of 11% year-on year, taking into account:

the improved performance of transportation & logistics activities, reflecting the strength of freight forwarding globally and port developments in Africa;

the rise in oil logistics, particularly with more severe temperatures in the first half of 2014;

growth in the communications sector owing to the increased income of Havas;

sustained spending in electricity storage (batteries, supercapacitors, electric vehicles, stationary power applications).

Financial income was €263 million, up from -€15 million at June 30, 2014. It includes: €325 million in net dividends received from Vivendi.
Share in net income from non-operating companies accounted for by the equity method, which came to €63 million, as compared with €36 million in first-half 2014. It primarily includes contributions from the plantations of the Socfin Group, which contracted slightly, and Mediobanca, up sharply due to the combined increase in results and the market value of the stake.
After €112 million in taxes (vs. €113 million in first-half 2014), consolidated net income stood at €552 million, up from €217
million in first-half 2014. Net income, Group share, amounted to €476 million, compared with €133 million in the first half of
2014.
The ratio of net debt to equity was 36% versus 18% at end-2014. The increase in net debt to €4,334 million from €1,771
million was mainly due to the following:

the increase in the equity interest in Vivendi from 5.1% to 14.4%, representing an additional investment of close to

€3 billion;

the disposal of 22.5% of Havas for €590 million following Bolloré's public exchange offer completed in the first half of

2015 to support the share's liquidity and bring its stake in Havas to 60%.

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Following the investment in Vivendi, the market value of the listed share portfolio (Vivendi, Mediobanca, Socfin, Socfinasia and Socfinaf) amounted to €5.5 billion at July 30, 2015 versus €2.2 billion as at December 31, 2014.
The Group's liquidity(2) amounted to €1.8 billion at 30 June 2015, including a new €450 million bond issue in July 2015.
On the basis of the Group's H1 2015 net income, Bolloré's Board of Directors decided to pay out an interim dividend of €0.02 per share(1), payable in cash or shares. The ex-dividend date will be September 8, 2015, with payment or delivery of shares on October 2, 2015. The subscription price for the share payment option is €4.35 and the subscription period runs from September 8 to September 25, 2015. Issued shares will start bearing dividends on January 1, 2016.

(1) After dividing the par value by 100 in December 2014 (2) Excluding Havas

*****

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*

Bolloré key consolidated figures

(in millions of euros)

1st half 2014

(3)

1st half 2015 1S2015 vs

1S2014

Turnover 5,090 5,343 + 5% Ebitda(4) 460 536 +17% Amortization and provisions (155) (198)

Operating income 305 338 +11% O/w share in the net income of operational equity-accounted companies 10 10

Financial income (15) 263

Share in net income of non-operating companies accounted for by the equity method

36 63

Taxes (113) (112)

Net income from discontinued operations 3 0

Net income 217 552 of which Group share 133 476

12/31/2014 06/30/2015

Shareholders' equity 9,806 12,065

of which Group share 8,149 10,816

Net indebtedness 1,771 4,334

Net indebtedness/shareholders' equity ratio 0.18 0.36

Market value of listed share portfolio(5) 2,177 5,462

(3) IFRIC 21 restatement

(4) Including earnings from operating equity companies

(5) Taking into account the impact from financing on Vivendi stock.

Operating income by business

(in millions of euros)

1st half 2014

(3)

1st semestre

2015

Transport and Logistics (6)

288

290

Oil logistics

11

18

Communications (Havas, Media, Telecoms)

86

106

Electricity storage and solutions

(60)

(53)

Other (agricultural assets, holdings) (6)

(20)

(23)

Operating income

305

338

(6) Before trademark fees

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Change in turnover by business segment

(in millions of euros)

1st half

2014

1st half

2014

(at constant structure and exchange rates)

1st half

2015

Change (at constant structure and exchange rates)

Change

- gross data

Transportation & Logistics 2,696 2,839 2,973 +4.7% +10.3% Oil logistics 1,360 1,375 1,169 -15.0% -14.1% Communications (Havas, Media, Telecoms) 903 1,009 1,068 +5.9% +18.3%

122

13

5,358

Change in turnover by quarter

1st quarter 2nd quarter

(in millions of euros)

2014

2014

(at constant structure and xchange rates)

2015 2014

2014

(at constant structure and xchange rates)

2015

Transportation & Logistics 1,322 1,388

Oil logistics 723 730

Communications (Havas, Media, Telecoms) 406 455

Electricity storage and solutions 60 61

Other (agricultural assets, holding companies) 6 6

Total 2,517 2,640

1,463

619

485

59

5

2,631

1,374 1,451

637 645

497 554

58 61

7 7

2,573 2,718

1,510

550

583

64

5

2,712

The detailed presentation of results is available at www.bollore.com. The financial statements have been reviewed by the Statutory Auditors.

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