Bolloré (BOL) H1 2024 earnings summary

Executive summary

• Revenue reached €10,592 million in H1 2024, up 4% at constant scope and exchange rates, driven by strong performance in Communications and Industry, despite declines in Oil logistics/Energy.

• Adjusted operating income (EBITA) rose 10% to €619 million, mainly from Communications, offsetting weaker Oil logistics and Industry.

• Net income surged to €3,884 million from €235 million in H1 2023, boosted by a €3.7 billion capital gain from the sale of Bolloré Logistics.

• Net cash position at Bolloré excluding Vivendi stood at €6,035 million, with group liquidity of €9 billion as of June 30, 2024.

• Interim dividend of €0.02 per share (€57 million) to be paid on September 5, 2024.

Financial highlights

• Revenue increased 70% year-over-year on a reported basis, mainly due to the full consolidation of Lagardère and scope changes.

• EBITDA rose 46% to €898 million; EBITA up 34% to €619 million; EBIT slightly decreased by 2% to €345 million.

• Net income from discontinued and held-for-sale activities was €3,675 million, reflecting the Bolloré Logistics sale.

• Group shareholders' equity reached €39,953 million as of June 30, 2024, up from €36,406 million at year-end 2023.

• Net cash at Bolloré level (excluding Vivendi) increased by €4.7 billion, mainly from the Bolloré Logistics sale.

Outlook and guidance

• Results are in line with expectations following significant changes in scope, including the sale of Bolloré Logistics and full consolidation of Lagardère.

• Ongoing feasibility study for a partial split of Vivendi, with a decision expected by October 2024 and potential shareholder vote in December 2024.

• The group remains confident in the resilience of its main business lines despite macroeconomic uncertainties and ongoing global conflicts.

• Liquidity and cash reserves are considered sufficient to cover operations, investments, and debt servicing over the next twelve months.