Compagnie de l'Odet (0OPN.L)
| Previous close | 1,265.00 |
| Open | 1,300.00 |
| Bid | 0.00 x 0 |
| Ask | 0.00 x 0 |
| Day's range | 1,300.00 - 1,350.00 |
| 52-week range | 1,300.00 - 1,350.00 |
| Volume | 73 |
| Avg. volume | N/A |
| Market cap | 5.305B |
| Beta (5Y monthly) | 0.96 |
| PE ratio (TTM) | 26.57 |
| EPS (TTM) | 50.44 |
| Earnings date | N/A |
| Forward dividend & yield | N/A (N/A) |
| Ex-dividend date | N/A |
| 1y target est | N/A |
- Globe Newswire
Compagnie de l'Odet : First-half 2021 results
COMPAGNIE DE L'ODET First-half 2021 results30 July 2021 Good results for all the Group’s business activities Revenue: €12,786 million, +13% at constant scope and exchange rates. Adjusted operating income (EBITA (1)): €1,308 million, +43% at constant scope and exchange rates: Bolloré Transport & Logistics: +€335m+15% Communications: +€1,066m+49% Electricity Storage and Systems: -€50man improvement of +€17m Net income, Group share: €100 million, up +19%, which does not include the capital gain on
- Globe Newswire
Financière de l'Odet : Financial information for the first quarter 2021
FINANCIÈRE DE l'ODET PRESS RELEASE Financial information for the first quarter 2021 22 april 2021 Solid growth in Group revenue in first-quarter 2021: €6,102 million, up 6% at constant scope and exchange rates Revenue for the first quarter 2021At constant scope and exchange rates, the Group’s first-quarter 2021 revenue was up 6% to €6,102 million. This change mainly includes: a 15% increase in the transport and logistics business driven by freight forwarding, resulting mainly from an increase in volumes and freight rates in air and maritime traffic. The contraction of logistics activities in Africa was largely offset by the good performance of the port concessions business; a 10% decline in oil logistics due to the decrease in oil product prices and volumes sold; growth in communications activities (+5%), driven primarily by the growth of Universal Music Group (+9%) and Editis (+40%); a 24% increase in electricity storage and systems, owing mainly to the growth of Blue Solutions and BlueBus. Revenue as reported increased 2% year on year owing to unfavourable foreign exchange impacts of -€213 million and a scope effect of +€20 million.Change in revenue by business (in € millions)Q1 20212020 (1)2020ReportedgrowthOrganicgrowth Transportation and Logistics1,5551,3581,394+12%+15%Oil Logistics565630631-11%-10%Communications3,9003,7133,868+1%+5%Electricity Storage and Systems806465+24%+24%Other (agricultural assets, media and holdings)288-74%-74%Total Bolloré Group revenue6,1025,7735,966+2%+6% (1) at constant scope and exchange rates At constant scope and exchange rates, compared to the first quarter 2020, changes in the main sectors were as follows: Transportation and Logistics, Oil Logistics: Transportation and logistics revenue rose 15%. The performance was driven by freight forwarding, bolstered by the increase in freight rates and volumes in maritime traffic as well as in air transport, the latter notably benefiting from exceptional operations out of Asia related to the health crisis. The contraction in the logistics business in Africa was largely offset by a strong performance in port concessions, mainly Benin Terminal, Conakry Terminal in Guinea, Freetown Terminal in Sierra Leone, and Abidjan Terminal in Côte d’Ivoire. Rail concessions were up slightly, notably thanks to Sitarail, which benefited from an increase in transport volumes. Oil logistics revenue fell 10%, the result of a decline in oil product prices and volumes sold, owing primarily to a base effect linked to the start of the COVID-19 crisis. Communications: Revenue for the communications activities, i.e. Vivendi’s business, rose 5% in organic terms compared with first-quarter 2020. Vivendi benefited from the strong growth of Universal Music Group (+9%), fuelled by an increase in subscription and streaming revenues (+20%). The growth also reflects the stable revenue of Canal+ Group, underpinned by the performances of its international businesses and StudioCanal, growth for Havas (+1%) with the resumption of activity, and a sharp year-on-year rise for Editis (+40%). Electricity Storage and Systems: Revenue from industrial activities (electricity storage, plastic films, terminals and specialised systems) was up 24% vs. first-quarter 2020. The increase was driven by strong growth in the batteries division (thanks to the Daimler contract), a sharp increase in bus sales and a robust performance in plastic films. However, the specialised terminals business (terminals and entrance control systems for train stations and airports) posted a decrease, its main customers remaining heavily impacted by the health crisis. Recent highlights and events: Universal Music Group On 29 January 2021, Vivendi finalised the sale of an additional 10% of the share capital of Universal Music Group (UMG) to the consortium led by Tencent based on an enterprise value of €30 billion for 100% of UMG’s share capital. This transaction resulted in an inflow of €2,847 million for Vivendi. The Tencent-led consortium now owns 20% of UMG. On 13 February 2021, Vivendi announced that it was reviewing the plan to distribute 60% of UMG’s share capital and float the company by the end of 2021.Following the approval by 99.98% of Vivendi's shareholders at the Extraordinary General Meeting of March 29, 2021, of an amendment to the company's by-laws, which now allows Vivendi to distribute dividends or interim dividends, reserves or premiums by way of the delivery of assets in kind, including financial securities, Vivendi will ask its shareholders at the Annual Shareholders' Meeting to be held on June 22, 2021, to adopt a position on the plan to make an exceptional distribution in kind in the form of UMG shares to its shareholders, with completion expected in fall 2021. Togo-Guinea investigation To bring a definitive end to the proceedings resulting from the alleged facts, Bolloré SE and Financière de l’Odet SE have agreed to enter into a judicial public interest agreement (convention judiciaire d’intérêt public, or CJIP) with the national financial prosecutor. The agreement, concluded on 9 February 2021 and approved by the Paris Court of Justice on 26 February 2021, equates neither to an admission of guilt nor to a conviction judgement. Under the agreement, the national financial prosecutor agrees to cancel the proceedings against Bolloré SE, which agrees to submit its compliance programme to controls carried out by the French Anti-Corruption Agency (AFA) over a period of two years and to bear costs up to €4 million. Financière de l’Odet SE has agreed to pay a fine in the public interest of €12 million. The execution of the CJIP agreement puts an end to the proceedings against Bolloré SE. Acquisition of Vivendi shares In March and April 2021, Financière de l'Odet SE acquired 2.72 million Vivendi shares at an average price of 27.76 euros and for a total amount of 75.4 million euros.Financière de l'Odet SE currently holds 0.23% of Vivendi's capital. Impacts of the health crisis Although the impacts are more sensitive for some countries or business lines than for others, the Group has demonstrated resilience and successfully adapted to continue providing its customers with the best possible service, while reducing its costs to safeguard its margins. The transport and logistics business benefited from exceptional freight rates, which partly offset the slowdown in normal flows. The communications business proved resilient, particularly in music and pay television. The Group is carefully reviewing the current and potential consequences of the crisis. But it remains confident in the resilience of its main business lines. It continues to make every effort to ensure business continuity, as well as to serve and entertain its customers and audiences, while respecting the instructions of the authorities of each country in which it operates. Attachment 04-22-21-Odet-CAT1-2021 EN DEF
- Globe Newswire
FINANCIERE DE L'ODET : 2020 results
FINANCIERE DE L'ODET PRESS RELEASE 2020 resultsMarch 4, 2021 Good results 2020 for all business activities Revenue: €24,108 million, -3% (-3% at constant scope and exchange rates). Adjusted operating income (EBITA(1)): €2,043 million +25% (+23% at constant scope and exchange rates): ·Bolloré Transport & Logistics:€607m-5%·Communication (Vivendi):€1,627m+7%·Electricity Storage and Systems:-€102mversus -€434m (+76%) Net income: €1,549 million, up (+11%) not including a capital gain on the sale on March 31, 2020, of 10% of Universal Music Group’s (UMG) on the basis of an enterprise value of €30 billion for 100%, recognised in equity for €2.8 billion) Net income Group share: €214 million, up 76%.Net debt: €9,102 million, Gearing: 38%, compared with €8,781 million at December 31, 2019, of which €4,149 million for Financière de l’Odet excluding Vivendi, down €567 million year on year and €4,953 million for Vivendi, before the receipt of €2.8 billion from the sale of a further 10% of UMG on January 31, 2021.Liquidity remained at a high level: €9.4 billion as of January 31, 2021, including €3.1 billion for Financière de l’Odet. Being Financière de l’Odet cash positive, it is proposed to distribute a dividend of €3 per share compared to €1 per share paid in respect of 2019. 2020 results Financière de l'Odet’s Board of Directors approved the financial statements for 2020, at its meeting on March 4, 2021. 2020 revenue amounted to €24,108 million, down 3% at constant scope and exchange rates: Transport and Logistics: €5,820 million, up 1%: Bolloré Logistics: +8%, benefiting the strong performance of air freight activities, largely absorbing the slight decline in the sea freight activities;Bolloré Africa Logistics: -10%, a result of the contraction in logistics business and the impact of the end of the Douala Terminal (DIT) concession in Cameroon; Oil Logistics: €1,900 million euros, -29%, owing to the decrease in oil-product prices and volumes; Communication (Vivendi): €16,085 million, -1 %, despite the growth of UMG (+5%), which failed to fully offset the decline in other activities; Electricity Storage and Systems: €280 million, -3%, due to the decline in IER's industrial activities, impacted by the health crisis. On a reported basis, revenue decreased 3%, including +€378 million in changes in scope (integration of Editis and M7 at Vivendi and sale from Bolloré Ports France and Wifirst) and -€289 million in foreign exchange impacts (resulting from the decline in the US dollar and other currencies). Adjusted operating income (EBITA(2)) came out at €2,034 million, up 25% (+23% at constant scope and exchange rates) with: Transport and Logistics: €551 million, -2%, given the end of the concession of the Douala Terminal (DIT) in Cameroon and the contraction in logistics business in Africa, partially offset by the good performance in freight forwarding, mainly in the air sector, and port terminals; Oil Logistics: €56 million, stable, growth in earnings from distribution and storage activities having been offset by a negative inventory effect in 2020; Communication (Vivendi): €1,627 million, +4%, thanks to good performances by UMG and Canal+ Group; Electricity Storage and Systems: €-102 million, an improvement of €332 million compared with 2019, including significant exceptional impairments as part of the strategic redeployment in batteries, buses and stationary systems. Financial income amounted to €618 million, compared with €13 million in 2019. It mainly included €591 million generated by the revaluation of Spotify and Tencent Music shares (vs. €139 million in 2019). The net income of equity-accounted non-operating companies totalled -€32 million, compared with €98 million in 2019, and includes: -€172 million for Mediobanca, corresponding to the fall in the share price, offset as regards financial income by a profit of €159 million corresponding to the hedges initiated on the securities and the impact of the end of the equity method for the equity interest; +€126 million for Telecom Italia. After accounting for -€677 million in tax compared with +€35 million of tax income in 2019 which included €473 million of repayments of foreign tax credits at Vivendi, consolidated net income amounted to €1,549 million, compared with €1,402 million in 2019, is 11%. Net income Group share came out at €214 million, compared with €122 million in 2019, up by 76%. Equity came out at €24,137 million, stable compared with 2019, including the impact of the sale of 10% of the share capital of UMG to Tencent (+€2.8 billion), offset by the buybacks of Group shares (Vivendi and Blue Solutions) and the dividends paid. Net debt totalled €9,102 million, compared with €8,781 million at December 31, 2019, owing to an increase in Vivendi's debt (+€889 million) and before receiving €2.8 billion from the disposal of a further 10% of UMG on January 31, 2021. The debt of Financière de l’Odet excluding Vivendi decreased by €567 million year on year to €4,149 million. On this basis, the gearing stands at 38%, compared with 37% at end-2019. At end-January 2021, following the sale of a further 10% of UMG for €2,8 billion and a further 2% of Mediobanca for €0,2 billion, the Group’s liquidity position, undrawn confirmed lines and liquid investments represented €3.1 billion for Financière de l’Odet and €9.4 billion including Vivendi. Proposed dividend: €3 per share With a distributable income of €797 million and being Financière de l’Odet cash positive, the General Shareholders Meeting will be asked to distribute a dividend of €3 per share, totalling to €20 million, compared to €1 per share paid in respect of 2019. The dividend will be detached on June 10, 2021, and paid on June 14, 2021. Moreover, the Board will propose to the General Shareholders Meeting held on Mai 26, 2021, to change the name Financière de l’Odet into Compagnie de l’Odet. **** *** * Consolidated key figures for Financière de l'Odet (€ million)20202019ChangeRevenue24,10824,843(3%)EBITDA(1)3,2562,91012%Depreciation, amortization and provisions(1,222)(1,279) Adjusted operating income (EBITA(1))2,0341,63125%Amortisation from PPAs (1)(393)(375) Operating income1,6411,25631% o/w operating equity associates3923 Financial income61813 Share in net income of non-operating companies accounted for under the equity method(32)98 Taxes(677)35 Net income1,5491,40211%Net income Group share21412276%Minority interests1,3351,2804% 31 December 202031 December 2019Change (€m)Equity24,13724,021116 o/w Group share3,8843,81470Net debt9,1028,781321Gearing (2)38%37% See glossaryGearing: net debt/equity ratio Revenue by business activity (€ million)Q412 months 20202019ReportedOrganic20202019ReportedOrganic growthgrowth growthgrowthTransport and Logistics1,5441,5033%5%5,8205,939-2%1%Oil Logistics452727-38%-38%1,9002,650-28%-29%Communication4,4904,571-2%1%16,08515,8911%-1%Electricity Storage and Systems92859%10%280329-15%-3%Other (Agricultural Assets, Holdings)310-70%-70%2434-26%-26%Total 6,5816,895-5-2%24,10824,843-3%-3% Revenue per quarter (€ million)Q1Q2Q3Q4 2020 2019 (1)201920202019 (1)2019 20202019 (1)201920202019 (1)2019Transport and Logistics1,3941,4681,4831,462 1,4481,4911,4201,3941,4621,5441,4631,503Oil Logistics631669665415617613401647645452728727Communication3,8683,7063,4583,7064,0223,8934,0213,9953,9694,4904,4554,571Electricity Storage and Systems656375587185657085928485Other (Agricultural Assets, Holdings)88868887731010Total5,9665,9145,6905,6466,1666,0905 9156,1126 1686,5816,7396 895 (1) at constant scope and exchange rates All amounts are expressed in millions of euros and rounded to the nearest decimal.As a result, the sum of the rounded amounts may differ slightly from the reported total. Adjusted operating income by business activity (EBITA) (€ million)2020 2019Reported growthOrganic growth Bolloré Transport & Logistics607637-5%-2% Transport and Logistics (1)551580-5%-2% Oil Logistics5656-1%-1% Communication 1,6271,5267%+4% Electricity Storage and Systems(102)(434)77%+77% Other (Agricultural Assets, Holdings) (1)(98)(98)-- EBITA Financière de l’Odet Group2,0341,63125%23 % (1) Before Bolloré trademark fees A detailed presentation of the results and its Bolloré subsidiary is available at www.bollore.com.The consolidated financial statements have been audited. The review report will be issued following the completion of the procedures necessary to the filing of the annual financial report. Information on the impacts of COVID-19 With its vast geographical presence, the Group was obliged in 2020 to address the successive consequences of the health crisis in its main operating regions. The Group successfully demonstrated its resilience and adapted to continue providing the best possible service to its customers while reducing its costs in order to preserve its margins. Transport and Logistics activities benefited from exceptional freight rates, which partly offset the slowdown in normal flows. The Communication businesses held up well thanks to music and pay television, despite the downturn at Havas Group and Vivendi Village (live performances in particular), which were more impacted by the health crisis. Editis has posted a strong rebound since June 2020 in France. The Group continues to carefully analyse the current and potential consequences of the crisis but remains confident in the resilience of its main business lines. In 2020, without modifying the valuation methods used each year, the Group reviewed the value of goodwill associated with its cash-generating units (CGUs) or groups of CGUs, ensuring that the recoverable amount of the CGUs or groups of CGUs tested exceeds their net book value, including goodwill. This analysis did not lead to the recognition of a loss of value for the current financial year. As of December 31, 2020, net debt amounted to €9,102 million compared with €8,781 million at December 31, 2019, for an increase of €321 million, including a €567 million decrease in Financière de l’Odet’s net debt excluding Vivendi. As of January 31, 2021, the Group also has significant financing capacities: €3.1 billion for Financière de l’Odet and €9.4 billion including Vivendi. Comparability of financial statements Performance indicators As of December 31, 2020, the Financière de l’Odet Group had not adjusted the definition of performance indicators, particularly EBITA, which are comparable to those of 2019 and therefore include the effects of the COVID-19 pandemic. Change in scope of consolidation Editis has been consolidated by Vivendi since February 1, 2019;M7 has been consolidated by Canal+ Group since September 12, 2019;Sale of Bolloré Ports France and Wifirst in the second half of 2019;Loss of significant influence of Mediobanca observed in the second half of 2020. v Trend in the main currencies Average rate2020 2019Change USD1.141.12-2%GBP0.890.88-1%PLN4.444.30-3%JPY121.78122.060%CNY7.877.73-2%ZAR18.7716.17-16% Presentation of content assets Given the increasing importance of these assets in its financial statements, the Group has chosen to adopt the presentation adopted by its Vivendi subsidiary, which isolates current/non-current content assets and their monetary variation on separate lines on the assets side of the balance sheet and in the cash flow statement. These reclassifications were carried out in the 2020 financial statements, with 2019 financial statements restated to ensure comparability. The detailed impacts are presented in the notes to the financial statements. Glossary Organic growth: growth at constant scope and exchange rates.Net revenue (Havas Group): revenue after deduction of re-billable costs.Adjusted operating income (EBITA): operating income before amortisation of intangible assets related to business combinations – PPA (purchase price allocation), impairment of goodwill and other intangible assets related to business combinations.EBITDA: operating income before depreciation and amortisation.Net financial debt / Net cash position: sum of borrowings at amortised cost, less cash and cash equivalents, cash management financial assets and net derivative financial instruments (assets or liabilities) with an underlying net financial indebtedness, as well as cash deposits backed by borrowings. The non-GAAP measures defined above should be considered in addition to, and not as a substitute for, other GAAP measures of operational and financial performance, and Financière 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 Financière de l’Odet cannot be directly compared with those of other companies. The percentages 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 See glossary 2 See glossary Attachment 2021-03-04-Odet -CP-résultats FY 2020 EN
