BOP Bollore SE

Net profit, Group share: 1,822 million euros, incorporating significant changes in scope

Proposed dividend up 14%

Changes in the scope of consolidation and reclassifications to discontinued operations or assets held for sale in accordance with IFRS 5 include:

• • • Bolloré Logistics, sold on February 29, 2024, already reclassified in 2023 as a business held for sale;

• • • Vivendi’s contribution for FY 2024 and FY 2023.

Following the spin-off/distribution transactions carried out on December 13, 2024, the Group no longer has control of Vivendi within the meaning of IFRS 10, but exercises significant influence only. As of that date, the contributions of Canal+, Louis Hachette Group, Havas and Vivendi are therefore those of equity-accounted operating entities.

Revenue: 3,130 million euros, -4% at constant scope and exchange rates.

Adjusted operating income (EBITA ^{(1) (2)}): 1 million euros, since Canal+, Louis Hachette Group, Havas and Vivendi were accounted for using the equity method only as from December 14, 2024.

Net income: 1,840 million euros compared with 566 million euros in 2023, including the net capital gain on the sale of Bolloré Logistics (+3.6 billion euros) and the capital loss on the deconsolidation of companies resulting from the Vivendi spin-off (-1.9 billion euros).

Net income, Group share: 1,822 million euros.

Net cash: 5,306 million euros at December 31, 2024.

Proposed dividend: 0.08 euros per share (including an interim dividend of 0.02 euros already paid in September 2024), an increase of 14%.

Results for fiscal year 2024

Bolloré’s Board of Directors met on March 17, 2025 to approve the financial statements for the fiscal year 2024.

Revenue amounted to 3,130 million euros, a decrease of 4% at constant scope and exchange rates:

• Bolloré Energy: 2,676 million euros, -6%, against a backdrop of falling prices, despite an overall increase in sales volumes;
  
  

• Industry: 351 million euros, +11%, owing to the resumption of deliveries of Bluebuses to RATP, the solidity of the Systems business and a downturn in Films.
  
  

On a reported basis, revenue was down 1%, after +76 million euros in changes in scope (mainly corresponding to the acquisition of Sicarbu by Bolloré Energy in July 2023) and +6 million euros of currency effects.

Adjusted operating income (EBITA ⁽³⁾) was 1 million euros, compared with 61 million euros in 2023:

• Bolloré Energy ⁽⁴⁾: 45 million euros, +2%, thanks to strong volumes and margins;
  
  
• Communication ⁽⁵⁾: 207 million euros, +23%, mainly resulting from the increase in UMG’s contribution (+33% compared with 2023), driven by a further improvement in its results.
  
  
• Industry ⁽⁴⁾: -179 million euros, down -65 million euros, on a reported basis compared with 2023, mainly due to non-recurring exceptional items regarding the previous generation of batteries and despite improved profitability in the packaging Films business.
  
  

Net financial income was 145 million euros, compared with -18 million euros in 2023. It benefited mainly from the positive impact of the increase in investment income following the disposal of Bolloré Logistics and the repayment of the equity financings of Compagnie de Cornouaille, merged with Bolloré SE. The total also includes the increase in dividends received following the acquisition of a stake in Rubis.

Net income from equity-accounted non-operating companies was 30 million euros, compared to 27 million euros in 2023. It includes the share of Socfin’s net income until its deconsolidation in September 2024, following the entry into force of the shareholders’ agreement subsequent to the squeeze-out offer on Socfin shares and the sale of 5% of Socfin’s capital by the Bolloré Group.

After taking into account -27 million euros in taxes (compared with -31 million euros in 2023), consolidated net income came to 1,840 million euros, compared with 566 million euros in 2023. This sharp increase includes the net capital gain on the sale of Bolloré Logistics (+3.6 billion euros) and the capital loss on the deconsolidation of companies resulting from the Vivendi spin-off (-1.9 billion euros).

Net income, Group share amounted to 1,822 million euros, compared to 268 million euros in 2023.

Shareholders’ equity totaled 25,747 million euros, compared with 36,406 million euros at December 31, 2023, down -10,658 million euros, mainly due to the disposal of Vivendi’s minority interests. Shareholders’ equity Group share was 25,448 million euros, up 2,372 million euros, mainly due to the capital gain on the sale of Bolloré Logistics.

As at December 31, 2024, the Bolloré Group had a positive net cash position of 5,306 million euros ⁽⁶⁾, compared with a net debt of -1,465 million euros at the end of 2023. The increase of 6,772 million euros is mainly related to the sale of Bolloré Logistics and the exit of Vivendi SE’s net debt on December 13, 2024.

At the end of December 2024, the Bolloré Group had 8 billion euros in cash and cash equivalents and confirmed lines.

Main transactions

• Sale of Bolloré Logistics to CMA CGM

On February 29, 2024, the Bolloré Group and the CMA CGM Group announced the completion of the sale of 100% of Bolloré Logistics to CMA CGM. The definitive sale price was 4.8 billion euros, taking into account debt and cash at the date of completion. The consolidated net capital gain was 3.6 billion euros after tax.

• Additional acquisition of UMG shares

On July 25 and 26, 2024, the Bolloré Group acquired an additional 9.2 million UMG NV shares for 197 million euros.

• Sale of 5% of Socfin

Following Socfin’s delisting in September 2024, the Bolloré Group sold 5% of Socfin’s capital at the tender offer price (32.5 euros/share) to its majority shareholder. The Bolloré Group now owns 34.75% of Socfin ⁽⁷⁾.

• Acquisition of a stake in Rubis

On March 20, 2024, Plantations des Terres Rouges, a subsidiary of the Bolloré Group, exceeded the threshold of 5% of the share capital and voting rights in Rubis. At February 28, 2025, the holding stood at 5.96%, with a market value of 163 million euros.

• Bolloré SE share repurchase program

In fiscal 2024, Bolloré acquired 12 million Bolloré shares for 69 million euros. At March 10, 2025, Bolloré SE held 21.4 million shares (representing 0.75% of the capital) for a total of 123 million euros. The Board of Directors has decided to cancel these shares. 

• Merger of Compagnie de Cornouaille into Bolloré SE in July 2024. Following the merger, the investments in UMG and Vivendi are now held directly by Bolloré SE, like the Canal+, Louis Hachette Group and Havas shares since the Vivendi spin-off.
• Merger of Société des Chemins de Fer et Tramways du Var et du Gard into Compagnie du Cambodge and of Compagnie des Tramways de Rouen into Financière Moncey in Q4 2024.
• Public buyout offers followed by mandatory squeeze-outs for Cambodge, Moncey and Artois.
  
  

On September 12, 2024, Bolloré SE announced its intention to implement three public buyout offers followed by mandatory squeeze-outs for the shares of Compagnie du Cambodge, Financière Moncey, and Société Industrielle and Financière de l’Artois.

These alternative tender offers allow shareholders to opt either for a cash buyback of their shares or an exchange of their shares for Universal Music Group (UMG) shares, or a combination of the two.

The UMG share price and exchange ratio were increased on December 23, 2024:

• 110 euros, for a 50% premium ⁽⁸⁾ or 4.69 UMG shares for 1 Compagnie du Cambodge share;
• 133 euros, for a premium of 62% ⁽⁸⁾ or 5.67 UMG shares for 1 Financière Moncey share;
• 10,627 euros, for a 95% premium ⁽⁸⁾ or 453 UMG shares for 1 Société Industrielle et Financière de l’Artois share.
  
  

BM&A, represented by Mr. Pierre Béal, as an independent expert, gave its opinion on the fairness of the financial terms of each proposed public buyout offer followed by a mandatory squeeze-out, and the notes in response were published on January 17, 2025.

This project could be examined by the AMF Board on March 25, 2025.

Vivendi spin-off

• On December 9, 2024, Vivendi’s shareholders at the Combined General Meeting approved by over 97.5% of the votes cast the proposed partial spin-off of Canal+ and Louis Hachette Group and the distribution of Havas NV. These transactions took place on December 13, and the listing of Canal+ on the London Stock Exchange, Louis Hachette Group on Euronext Growth and Havas NV on Euronext Amsterdam began on December 16, 2024.
• Following this transaction, Bolloré directly holds 30.4% of Canal+, 30.4% of Louis Hachette Group, 30.4% of Havas, and retains 29.3% of Vivendi.
• This development led the Bolloré Group to reassess its involvement in and relations with Vivendi, as well as Canal+, Louis Hachette Group and Havas NV. A review of the facts and circumstances existing on the spin-off date and thereafter has led to the conclusion that the Bolloré Group now exercises significant influence only over the Canal+ Group, Louis Hachette Group and Havas NV, and that it has lost control of Vivendi within the meaning of IFRS 10.
• From December 14, 2024, these four companies will be considered as equity-accounted operating entities in Bolloré’s financial statements.

Proposed dividend: 0.08 euro per share

The General Shareholders’ Meeting will be asked to approve the distribution of a dividend of 0.08 euro per share (including 0.02 euro in interim dividend already paid in September 2024), a 14% increase.

The ex-dividend date will be June 10, 2025, with payment in cash only on June 12, 2025.

Consolidated key figures

(*) Restated: in accordance with IFRS 5, and to ensure the comparability of results, reclassifications as discontinued operations or assets held for sale include Vivendi’s contribution for FY 2023 and 2024, the Group having lost control over Vivendi within the meaning of IFRS 10 following the spin-off/distribution transactions carried out by the Vivendi group on December 13, 2024. As a reminder, the Group’s Transport and Logistics businesses outside Africa (sold on February 29, 2024) were already reclassified as discontinued operations or assets held for sale in the 2023 financial statements.

(1)  See glossary.
(2)  Includes cash collateral for the Compagnie du Cambodge, Financière Moncey and Société Industrielle et Financière de l’’Artois public buyouts followed by mandatory squeeze-outs (296 million euros).
(3)  Gearing: net debt/equity ratio.

Change in revenue by activity

Change in revenue by quarter

Adjusted operating income by activity (EBITA)

(*) Restated: in accordance with IFRS 5, and to ensure the comparability of results, reclassifications as discontinued operations or assets held for sale include Vivendi’s contribution for FY 2023 and 2024, the Group having lost control of Vivendi within the meaning of IFRS 10 following the spin-off/distribution transactions carried out by the Vivendi group on December 13, 2024. As a reminder, the Group’s Transport and Logistics businesses outside Africa (sold on February 29, 2024) were already reclassified as discontinued operations or assets held for sale in the 2023 financial statements.

(1)  At constant scope and exchange rates.

(2)  Before Group costs.
(3)  Equity-accounted operating entities for the period from December 14, 2024 to December 31, 2024.


A detailed presentation of the income is available on www.bollore.com.
The audit procedures on the consolidated financial statements are ongoing. The certification report will be issued following finalization of the procedures required for the filing of the Universal Registration Document (URD).

   
Comparability of financial statements

• In accordance with IFRS 5, and to ensure the comparability of results, reclassifications as discontinued operations or assets held for sale include Vivendi’s contribution for FY 2023 and 2024, the Group having lost control of Vivendi within the meaning of IFRS 10 following the spin-off/distribution transactions carried out by the Vivendi group on December 13, 2024.
  
  

As a reminder, the Group’s Transport and Logistics activities outside Africa (sold on February 29, 2024) were already reclassified as discontinued operations or assets held for sale in the 2023 financial statements.

• Performance indicators
  • At December 31, 2024, the Bolloré Group has not changed the definition of its performance indicators, particularly EBITA, which are comparable to those at December 31, 2023. EBITA and operating income data are presented before Group costs.
• Changes in the scope of consolidation
  • Bolloré Logistics was sold on February 29, 2024;
  • Vivendi (and all its subsidiaries) has no longer been fully consolidated since December 13, 2024
  • Canal+, Havas, Louis Hachette Group and Vivendi have been consolidated under the equity method since December 14, 2024.
  • Vivendi finalized the sale of its international festivals and ticketing activities on June 6, 2024.
    
    
• Change in major currencies
  
  

Glossary

• Organic growth: at constant scope and exchange rates.
• Adjusted operating income (EBITA): corresponds to operating income before the amortization of intangible assets related to business combinations (PPA: Purchase Price Allocation) impairment of goodwill and other intangible assets relating to business combinations, the IFRS 16 impact of concession agreements, and other income and expenses relating to transactions with shareholders not recognized in equity.
• EBITDA: operating income before depreciation and amortization and the IFRS 16 impact of concession contracts.
• Net financial debt / Net cash position: sum of borrowings at amortized cost less cash and cash equivalents, cash management financial assets as well as net derivative financial instruments (assets or liabilities) underlying a component of net financial debt, and cash deposits backing borrowings.

The non-GAAP measures defined above should be considered as additional information that does not replace GAAP measures of operating and financial performance and Bolloré considers them to be relevant indicators of the Group’s operating and financial performance. It should also be noted that other companies may define and calculate these indicators differently. The indicators used by Bolloré may therefore not be directly comparable with those of other companies.

The percentage changes shown in this document are calculated in relation to the same period of the previous 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) See glossary.
(2) Including the contribution from UMG accounted for using the equity method for +209 million euros.
(3) See glossary.
(4) Before Group costs.

(5) Equity-accounted operating entities for the period from December 14 to December 31, 2024.
(6) Includes cash collateral for the Moncey, Cambodge and Artois public buyouts followed by mandatory squeeze-outs (296 million euros).
(7) Including Compagnie de l’Odet and Bolloré Participations.
(8) In relation to the 1-month weighted average share price on September 11, 2024 (the day before the announcement of the proposed public buyout followed by a mandatory squeeze-out).

Attachment

• 2025 03 17 Bolloré CP résultats 2024_ENG

Grafico Azioni Bollore (TG:BOP)
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Grafico Azioni Bollore (TG:BOP)
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