Bolloré (BOL) H1 2024 earnings summary

Executive summary

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

• Adjusted operating income (EBITA) rose 10% to €619m, mainly driven by Communications.

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

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

• Interim dividend of €0.02 per share (€57m) 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 €898m; EBITA up 34% to €619m; EBIT slightly decreased by 2% to €345m.

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

• Group shareholders' equity reached €40.0bn, up €3.5bn from December 2023.

• Net cash at Bolloré level (excluding Vivendi) increased by €4.7bn, 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.

• Canal+ may be listed in London, Havas in Amsterdam, and Louis Hachette Group in Paris, pending project approval.