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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Financiere De L'odet Sa | LSE:0OPN | London | Ordinary Share | FR0000062234 | FINANCIERE DE L'ODET ORD SHS |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 840.00 | 828.00 | 852.00 | 4 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Offices-holdng Companies,nec | 19.01B | 122.4M | 18.5849 | 79.96 | 9.79B |
COMPAGNIE DE L'ODET
First-Half 2023 Results | Thursday, September 14, 2023 |
Good results from all of the Group’s activities after an exceptional first half 2022 and major changes in scope.
- Bolloré Africa Logistics for the 2022 financial year (activity sold on December 21, 2022); - Editis for the 2022 and 2023 financial years (as of June 21, 2023, Editis was deconsolidated, following the loss of control); - Bolloré Logistics for the 2022 and 2023 financial years (activity intended to be sold since May 8, 2023).
First half 2023 Results*
Compagnie de l’Odet's Board of Directors approved the financial statements for the first half of 2023 at its meeting of September 14, 2023.
Revenue amounted to €6,230 million, down -3% at constant scope and exchange rates:
On a reported data basis, revenue was down -2% due to +€50 million in scope changes (mainly including the consolidation of SPI at Canal+ since March 2022, the acquisitions of Havas and the impacts of the disposal of Bolloré Africa Logistics), and +€0.3 million in foreign exchange effects (depreciation of the euro against the US dollar and the Swiss franc, offset by the appreciation of the euro against the pound sterling).
Adjusted operating income (EBITA (4)) came out at €455 million, down -16% at constant scope and exchange rates:
Financial income totalled -€27 million compared with €522 million in first half 2022.It includes an increase in dividends received (FL Entertainment, Mediaset, Telefonica, etc.) and investment income. In the first half 2022, it included €526 million in capital gains on Banijay Holdings Group, following the exchange by Vivendi of its 32.9% stake in Banijay for 19.9% in FL Entertainment (FLE), listed since July 1, 2022.
The share of net income from equity-accounted non-operating companies was -€41 million, compared to -€210 million in first-half 2022. It includes -€60 million share in net income of MultiChoice and +€19 million contribution from Socfin Group. In first half 2022, it included the -€235 million share in the net income of Telecom Italia (6).
After incorporating a tax expense of -€139 million (versus -€114 million in first half 2022), consolidated net income amounted to €207 million versus €931 million in first half 2022, which included the capital gain on the contribution of the stake in Banijay Holdings Group to FL Entertainment (€526 million) and the contribution of Bolloré Africa Logistics.
Net income Group share came out at €46 million versus €301 million in first half 2022.
Equity amounted to €33,372 million compared with €32,941 million at December 31, 2022, given the appreciation in the share prices of securities held, as well as the disposal of Vivendi shares, which offset the acquisition of Bolloré shares via its simplified cash tender offer.
Net debt amounted to €613 million versus a positive cash position of €709 million at December 31, 2022, taking into account:
Based on these items, gearing was 2% at June 30, 2023.
At end-June 2023, the Group held €12 billion in cash and confirmed credit lines, o/w €8 billion at Compagnie de l’Odet level including Bolloré.
Group structure
The company Compagnie de l'Etoile des Mers, owned by Compagnie de l’Odet (49%) and Bolloré Participations SE (51%), contributed 9.9 million shares to the OPAS, representing 100% of the Bolloré SE shares it held, or 0.34% of the capital of Bolloré SE.
Consolidated key figures for Compagnie de l’Odet
(In millions of euros) | H1 2023 | H1 2022 * | Change |
Revenue | 6,230 | 6,385 | (2%) |
EBITDA (1) | 608 | 750 | (19%) |
Depreciation and provisions | (153) | (205) | |
Adjusted operating income (EBITA (1)) | 455 | 545 | (17%) |
Amortization resulting from PPA (1) | (111) | (113) | |
EBIT | 344 | 432 | (20%) |
o/w equity-accounted operating companies (2) | 99 | 131 | |
Financial income | (27) | 522 | |
Share of the net income of equity-accounted non-operating companies | (41) | (210) | |
Taxes | (139) | (114) | |
Income from discontinued and held for sale activities | 71 | 301 | |
Net income | 207 | 931 | |
Net income Group share | 46 | 301 | |
Minority interests | 161 | 630 | |
(In millions of euros) | June 30, 2023 | December 31, 2022 | Change |
Equity | 33,372 | 32,941 | 431 |
of which Group share | 11,685 | 11,193 | 492 |
Group net debt / (Net cash) | 613 | (709) | 1,322 |
Gearing (3) | 2% | n.a. |
* In accordance with IFRS 5 and to ensure the comparability of results, reclassifications into discontinued operations or held for sale include: (i) Bolloré Africa Logistics for the 2022 financial year (activity sold on December 21, 2022); (ii) Editis for the 2022 and 2023 financial years (as of June 21, 2023, Editis is deconsolidated, following the loss of control); (iii) Bolloré Logistics for the 2022 and 2023 financial years (activity intended to be sold since May 8, 2023).
(1) See glossary.(2) Including for the first half of 2023, the contributions of UMG (€26 million) and Lagardère (€26 million) accounted for using the operating equity method at Vivendi and the contribution of UMG accounted for using the operating equity method at Compagnie de l’Odet(€46 million), compared to €95 million in the first half of 2022.(3) Gearing: ratio of net debt to equity.
Change in revenue by business line in H1 2023 * |
(in millions of euros) | H1 | H1 | Reported | Organic | |
2023 | 2022 | growth | growth | ||
Bolloré Energy | 1,354 | 1,619 | (16%) | (17%) | |
Communications (Vivendi) | 4,696 | 4,526 | 4% | 3% | |
Industry | 148 | 205 | (28%) | (28%) | |
Other (Agricultural Assets, Holding) | 33 | 35 | (6%) | (43%) | |
Total | 6,230 | 6,385 | (2%) | (3%) |
Change in revenue per quarter * |
(in millions of euros) | Q1 | Q2 | ||||||
2023 | 2022 organic | 2022 | 2023 | 2022 organic | 2022 | |||
Bolloré Energy | 712 | 848 | 848 | 641 | 775 | 772 | ||
Communications (Vivendi) | 2,290 | 2,244 | 2,216 | 2,407 | 2,307 | 2,310 | ||
Industry | 74 | 111 | 112 | 74 | 93 | 94 | ||
Other (Agricultural Assets, Holding) | 15 | 26 | 14 | 18 | 32 | 21 | ||
Total | 3,090 | 3,229 | 3,189 | 3,140 | 3,207 | 3,196 |
Adjusted operating income by business line (EBITA) * |
(in millions of euros) | H1 2023 | H12022 | Reported growth | Organicgrowth | |
Bolloré Energy (1) | 22 | 78 | (72%) | (72%) | |
Communications | 515 | 532 | (3%) | (3%) | |
Vivendi (2) | 444 | 412 | 8% | 8% | |
UMG (operational equity accounting at Cie Odet 18%) | 71 | 119 | (40%) | (41%) | |
Industry (1) | (53) | (57) | 8% | 16% | |
Other (Agricultural Assets, Holding) | (30) | (7) | n.a. | n.a. | |
Group EBITA | 455 | 545 | (17%) | (16%) |
The values shown are expressed in millions of euros and rounded to the nearest decimal place.As a result, the sum of the rounded amounts may differ slightly from the reported total.
* In the interest of comparability, and in accordance with IFRS 5, Editis, Bolloré Logistics' activities, as well as those of Bolloré Africa Logistics, were reclassified as discontinued operations or held for sale in first-half 2022 and 2023.
(1) Before group expenses and Bolloré trademark fees.(2) Including the contributions of UMG (€39 million) and Lagardère (€26 million), accounted for using the equity method at Vivendi, in first-half 2023.
A detailed presentation of the results of its subsidiary Bolloré is available at www.bollore.com.. A limited review of the 2023 consolidated financial statements was carried out and the certification report will be issued following approval of the half-year activity report.
Comparability of financial statements
Average exchange rate | H1 2023 | H1 2022 | Change | |||
USD | 1.08 | 1.09 | 1% | |||
GBP | 0.88 | 0.84 | (4%) | |||
PLN | 4.63 | 4.63 | 0% | |||
JPY | 145.58 | 134.22 | (8%) | |||
CNY | 7.48 | 7.08 | (6%) | |||
CHF | 0.99 | 1.03 | 4% | |||
ZAR | 19.68 | 16.83 | (17%) |
Glossary
The non-GAAP measures defined below should be considered in addition to, and not as a substitute for other GAAP measures of operating and financial performance, and Compagnie de l’Odet considers these to be relevant indicators of the Group's operational and financial performance. Furthermore, it should be noted that other companies may define and calculate these indicators differently. It is therefore possible that the indicators used by Compagnie de l’Odet cannot be directly compared with those of other companies.
The percentage changes indicated in this document are calculated in relation to the same period of the preceding fiscal year, unless otherwise stated. Due to rounding in this presentation, the sum of some data may not correspond exactly to the calculated total and the percentage may not correspond to the calculated variation.
(1) At constant scope and exchange rates.(2) See glossary.
(3) Including for the first half of 2023, the contributions of UMG (€39 million) and Lagardère (€26 million) accounted for using the operating equity method at Vivendi and the contribution of UMG accounted for using the operating equity method at Compagnie de l’Odet (€46 million), compared to €95 million in the first half of 2022.
* In the interest of comparability, and in accordance with IFRS 5, Editis, Bolloré Logistics' activities, as well as those of Bolloré Africa Logistics, were reclassified as discontinued or in the process of being discontinued in first-half 2022 and 2023.
(4) Before group expenses and Bolloré trademark fees, see glossary for the definition of EBITA.(5) Including the contributions of UMG (€39 million) and Lagardère (€26 million), accounted for using the equity method at Vivendi, in first-half 2023.(6) Vivendi ceased to recognize Telecom Italia as an equity-accounted investment at December 31, 2022.(7) See Bolloré SE press release of April 18, 2023 entitled "Entry into exclusive negotiations with the CMA CGM Group concerning Bolloré Logistics – Proposed additional consideration of €0.25 for the buyback offer currently under review".
(8) On 30 June 2023, following the exercise of 263,552 selling rights since January 1st, Vivendi held 81.64 million Lagardère shares, representing 57.85% of Lagardère’s share capital and 48.91% of theoretical voting rights. Pending the approval of Lagardère’s acquisition of controlling interests by the competition authorities and in accordance with Article 7(2) of Regulation (EC) 139/2004 on the control of concentrations between undertakings, Vivendi has only 22.99% of voting rights. As of June 30, 2023, 30,439,017 selling rights can be exercised at the unit price of €24.10 until December 15, 2023 inclusive, representing an off-balance sheet commitment of €734 million at Vivendi and relating to 21.57% of the capital of Lagardère.
Attachment
1 Year Financiere De L'odet Chart |
1 Month Financiere De L'odet Chart |
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