Compagnie du Cambodge (CBDG) H1 2024 earnings summary

Executive summary

• Net result attributable to the group rose to €21.2M for H1 2024, up from €15.2M in H1 2023, driven by higher financial income and dividends received.

• Operating result remained negative at -€0.6M, slightly worse than -€0.5M in H1 2023.

• Shareholders' equity attributable to the group decreased by €369M to €4,157M, mainly due to lower market values and dividend distribution.

Financial highlights

• Revenue stable at €0.1M year-over-year.

• Financial result increased by 22% to €28.6M, mainly from dividends and higher interest rates.

• Net income from continuing operations reached €22.4M, up from €16.6M in H1 2023.

• Net cash position at €824.6M as of June 30, 2024, down from €907M at year-end 2023.

• Dividend payout totaled €100.8M for the semester (€180 per share).

Outlook and guidance

• No impairment losses identified in H1 2024; group maintains positive net cash and liquidity.

• Ongoing global conflicts and market volatility present uncertainties, but no liquidity issues anticipated.

• Planned merger with Société des Chemins de Fer et Tramways du Var et du Gard to simplify group structure.

• Proposed public buyout offer by Bolloré SE post-merger, with alternatives in cash or UMG shares.