2016
BOLLORÉ
HALF-YEAR FINANCIAL REPORT
SUMMARYActivity report | 3 |
Condensed half-yearly consolidated financial statements | 16 |
Statement of the person responsible for the half-year report | 43 |
Statutory Auditor's review report on the first half-year financial information 2016 | 44 |
Summary results
Turnover was down by 7% as reported and by 5% at constant scope and exchange rates. First half 2016 EBITDA amounted to 487 million euros, (-9%).
The Group's operating income stood at 305 million euros, down by 10% compared to the first half of 2015. Net income, Group share in the first half 2016 reached 343 million euros, (-27%).
Net debt totaled 4,477 million euros, and the market value of portfolio amounted to 4,229 million euros.
It is proposed suggested an interim dividend of 0.02 euro per share, the same as last year, payable in cash or in shares.
Consolidated net income
(in millions of euros) 1st half 2016 1st half 2015 (4) Change
Turnover | 4,953 | 5,343 | (7%) |
EBITDA (1) | 487 | 535 | (9%) |
Depreciation, amortization and provisions | (182) | (198) | (8%) |
Operating income | 305 | 338 | (10%) |
Financial income | 225 | 263 | |
Share in net income of equity-accounted non-operating companies | (4) | 58 | |
Taxes | (117) | (112) | |
Net income | 409 | 547 | (25%) |
Group share of Net income | 343 | 472 | (27%) |
Non-controlling | 67 | 76 | |
Earnings per share (2) | 0.12 | 0.17 | (29%) |
Net cash flow from operations | 431 | 381 | 50 |
Net capital expenditures | (315) | (335) | 20 |
Net financial investment | (57) | (2,443) | 2,386 |
June 30, 2016 December 31, 2015 Change
Net debt | 4,477 | 4,281 | 196 |
Gearing ratio | 46% | 38% | |
Market value of portfolio of listed securities (3) | 4,229 | 4,977 | (748) |
Including Income of operating companies accounted for using the equity method
Excluding treasury shares
Taking into account the impact of financing on Vivendi securities (4)Restated to reflect the amendment to IAS 41
Turnover
(in millions of euros) 1 st Half 2016 1 st Half 2015 Reported growth (%) Growth at constant scope and exchange rate (%)
Turnover was down 5% at constant scope and exchange rates, owing to:Transportation and Logistics
2,723
2,973
(8%)
(5%)
Oil logistics
959
1,169
(18%)
(18%)
Communications (Havas, Media, Telecoms)
1,111
1,068
4%
3%
Electricity Storage and Solutions
148
123
21%
21%
Others (Agricultural Assets, Holding Companies)
13
10
31%
19%
Total turnover Bolloré Group
4,953
5,343
(7%)
(5%)
This change results from the 18% decline in the oil logistics business following the ongoing decline in prices of oil products and the 5% shrinkage of the Transportation and Logistics business in an environment of declining freight rates in freight forwarding and the sharp drop in the prices of commodities that penalizes the activity in some African countries. It also incorporates the good performance in Communications (+3%) businesses, and the growth in the Electricity Storage and Solutions business (+21%).
On an unadjusted basis, foreign currency fluctuations primarily impacting the Transportation and Logistics and Communications businesses to a lesser extent, have a negative effect of 137 million euros on the Group's turnover.
Operating income decreased by 10% on account of:Operating income by activity
(in millions of euros)
1st Half 2016
1 st Half 2015
Change (%)
Bolloré Transport & Logistics
280
308
(9%)
% turnover
7.6%
7.4%
18 bps
Transportation & Logistics (1)
255
290
(12%)
Oil logistics
25
18
41%
Communications (Havas, Media, Telecoms)
119
106
13%
% turnover
10.7%
9.9%
83 bps
Electricity Storage and Solutions
(77)
(53)
Other (Agricultural Assets, Holding Companies) (1)
(17)
(23)
Total operating income Bolloré Group
305
338
(10%)
% Turnover
6.2%
6.3%
-17 bps
(1) Before trademark fees
the decline in operating results from the Transportation & Logistics business. The performance of freight forwarding around the world and port terminals in Africa did not offset the loss in results for Logistics in Africa, attributable to the fall in oil and commodities' prices;
the rise in the Oil Logistics business, thanks to solid performance from distribution in France, and business in Germany and Switzerland;
growth in the Communications segment thanks to the stronger results from Havas and the Media division;
Financial income
(in millions of euros)
1 st Half 2016
1 st Half 2015
Change (M€)
Net dividends and income from investments in marketable securities
333
333
(1)
Net financial expenses and income
(50)
(42)
(8)
Other financial expenses and income
(57)
(28)
(29)
Financial income
225
263
(38)
and accelerated expenses in Electricity Storage (batteries, electric vehicles, and stationary). The decline in operating income is accentuated by adverse foreign exchange effects.
The financial income for the first half of 2016 stood at 225 million euros, compared with 263 million euros in the first half of 2015. It includes 325 million euros in net dividends received from Vivendi, but is penalized by negative foreign exchange effects of -32 million euros due to the devaluation of certain currencies in Africa (Nigeria, Guinea), and -18 million euro in financial provisions (-23 million euros in the first half of 2015) including depreciations on Vallourec and Generali shares.
Bolloré SA published this content on 20 September 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 20 September 2016 15:05:06 UTC.
Original documenthttp://www.bollore.com/DownloadHandler.ashx?url=/media/82664/rs_bollore_gb_2016.pdf
Public permalinkhttp://www.publicnow.com/view/524EA0F19ECB0AD0EDA4D2783C1DD52528C0907F