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Bollore — FY2009 Earnings Presentation
31 slides from Bollore's earnings presentation, Mar 26, 2010
Slide 1: 2009 Results
2009 Results 26 March 2010 0 2009 Results
Slide 2: Bolloré Share Performance
BOLLORE SHARE PERFORMANCE In Euros (monthly averages) 160 6-year performance 140 +148 % 120 100 80 60 +13 % 40 20 2004 2005 2006 2007 2008 2009 2010 Bolloré SBF 250, indexed 1 2009 Results
Slide 3: Financial Structure at 1 March 2010
FINANCIAL STRUCTURE at 1 March 2010 (percentage of capital) st 2 2009 Results
Slide 4: Summary of 2009 Results
SUMMARY OF 2009 RESULTS • Significant rise in operating income (up 21%), in spite of a drop in turnover mainly due to the drop in the price of oil products in the fuel distribution business and freight rates in the transport business, where the Group acts as intermediary. In million of Euros Turnove
Slide 5: Consolidated Key Figures
CONSOLIDATED KEY FIGURES Workforce: 33,000 people In millions of Euros 2009 2008 Turnover 6,011 7,216 Operating Income 174 143 + 21% Net Financial income (36) 124 Share in net income from affiliates 72 (125) Corporate tax (79) (57) Net Income of businesses held for sale (11) (19) + 84% Net income 12
Slide 6: Consolidated Key Figures
CONSOLIDATED KEY FIGURES In millions of Euros At 31 December 2009 At 30 June2009 At 31 December 2008 Shareholders' equity 3,076 2,715 2,470 of which Group share 2,844 2,524 2,295 Net debt 1,317 1,409 1,398 Debt/Equity ratio 0.43 0.52 0.57 Shareholders' equity up €606 M for the year, given the resu
Slide 7: Turnover
TURNOVER Media, telecoms, Industrial plantations, holdings activities 2% In millions of Euros 2009 2008 3% Transport & logistics 4,032 4,528 Fuel distribution Fuel distribution 1,686 2,373 28% Industrial activities 178 218 Media, telecoms, plantations, holdings 115 97 Transport & logistics Turnover
Slide 8: Operating Income per Business Line
OPERATING INCOME PER BUSINESS LINE Sharp increase in operat ing income from In millions of Euros 2009 2008 Transport & logist ics and Fuel dist ribut ion act ivit ies (in €M) Transport & logistics 317 298 316 366 277 Fuel distribution 49 18 219 195 Industrial activities (104) (80) Media, telecoms, p
Slide 9: Financial Income (Loss)
FINANCIAL INCOME (LOSS) In millions of Euros 2009 2008 Dividends and income from marketable securities 28 25 Net financing costs (47) (70) Other financial income and expenses (17) 169 Net financial income (loss) (36) 124 • The net financial income benefitted from a significant decrease in financing
Slide 10: Income (Loss) from Affiliates
INCOME (LOSS) FROM AFFILIATES In millions of Euros 2009 2008 Share in net income from affiliates 72 (125) Share in net income from affiliates mainly comprises €65 million from equity holdings in the media sector (Havas, Aegis and Euro Media Group) Comparison with 2008 figures would not be relevant a
Slide 11: Change in Net Debt
CHANGE IN NET DEBT In millions of Euros 31 December 2009 31 December 2008 Cash flow from operating activities(1) 385 265 Change in working capital requirements 68 (36) (+= reduction) Net cash flow from operations 453 229 Net industrial investments (235) (203) Net financial investments (110) 41 Divid
Slide 12: Parent-Company Accounts / Dividend
PARENT-COMPANY ACCOUNTS / DIVIDEND 2009 2008 Net income of parent company (in €M) 125 40 Proposed dividend (€) 1.30 1.10 Change in dividends paid €32 M (€1.30) €27 M €27 M (€1.10) (€1.10) €18 M (€0.72) €8 M (€0.36) 2005 2006 2007 2008 2009 11 2009 Results
Slide 13: Transport & Logistics
TRANSPORT & LOGISTICS In millions of Euros 2009 2008 Turnover Turnover 4,032 4,528 Operating Operating Income income 317 298 Investments (1)(1) Investments 234 174 (1) Including the acquisition of White Horse and SAEL in 2008 12 2009 Results
Slide 14: Bolloré Logistics
BOLLORÉ LOGISTICS ONE OF THE LEADERS IN TRANSPORT AND LOGISTICS Results improved despite the drop in turnover due to the drop in freight rates and international trade. Bolloré Logistics, which acts as an intermediary, benefitted from efficient cost control in 2009. Bolloré Logistics managed to p
Slide 15: Bolloré Africa Logistics
BOLLORÉ AFRICA LOGISTICS THE BIGGEST INTEGRATED LOGISTIC NETWORK IN AFRICA Ongoing major investments, mainly in ports: - 1st July 2009: start-up of operations at the port terminal of Pointe-Noire in Congo whose concession was allocated to Bolloré Africa Logistics at the end of 2008, - August 2009:
Slide 16: Bolloré Énergie
BOLLORÉ ÉNERGIE SECOND BIGGEST DOMESTIC FUEL DISTRIBUTOR IN FRANCE In millions of Euros 2009 2008 Turnover 1,686 2,373 Operating income 49 18 (1) Investments 10 15 Agencies and Depots of Bolloré Énergie (France) SFDM depots SFDM pipeline (1) Including the increase in the SFDM equity holding and the
Slide 17: Industry
INDUSTRY BATTERIES, SUPERCAPACITORS AND ELECTRIC VEHICLES, PLASTIC FILMS, IER- DEDICATED TERMINALS AND SYSTEMS In millions of Euros 2009 2008 Turnover 178 218 Operating income (104) (80) Investments(1) 11 32 Increase in expenses incurred for the development of new high-tech electrical storage prod
Slide 18: Batteries, Supercapacitors and Electric Vehicles
BATTERIES, SUPERCAPACITORS AND ELECTRIC VEHICLES Increase in expenses aimed at the manufacturing phase and its expansion. Commissioning of the two battery production factories in Brittany and Canada in autumn 2009; these will gradually be able to produce several tens of thousands of batteries per
Slide 19: Plastic Films and Dedicated Terminals & Systems (IER)
PLASTIC FILMS AND DEDICATED TERMINALS & SYSTEMS (IER) Plastic films: Decrease in sales of packaging films due to a significant drop in demand since the end of 2008, particularly in Asia and the United States. However, efficient cost control and a more favourable euro/dollar exchange rate limited t
Slide 20: Plantations
PLANTATIONS Return to the good performance level of 2007 after an exceptional year in 2008. The prices of palm oil and rubber, which had reached record highs in 2008 before falling at the end of the year, began to rally in the second half 2009. Safa Cameroun (8,600 hectares of rubber trees and o
Slide 21: Plantations
PLANTATIONS - Lac, in Liberia, (13,400 hectares of rubber trees): drop in volumes and in average sales prices of rubber. Net income: €1 M versus €7 M in 2008. - SOGB, in Ivory Coast, (22,000 hectares of palm trees and rubber trees): net income €6.5 M, impacted by the drop in sales prices. - Moreover
Slide 22: Communication, Media
COMMUNICATION, MEDIA Good results in television and free press thanks to the sharp increase in advertising revenues, which practically doubled in the space of one year (€45 M) • Digital Terrestrial Television: - Strong increase in the audience of Direct 8 which reached 1.9% on the national scale (
Slide 23: Communication, Media
COMMUNICATION, MEDIA Investments in advertising and surveys • Havas (32.9%): - Revenues: €1,441 M, organic growth -7.9%, - Income from operations: €180 M versus €188 M in 2008 - Net income, Group share: €92 M versus €104 M in 2008, which included a capital gain of €9 M, - Net cash position: €48 M
Slide 24: Shareholdings
SHAREHOLDINGS Vallourec: At the beginning of the year, the Group increased its stake through the acquisition of additional shares (€83 M). It now holds 5.2% of Vallourec’s share capital. In 2010, the Group Bolloré has hedged approximately 60% of the value of its stake through forward sales payable
Slide 25: 2009 Financial Statements
2009 FINANCIAL STATEMENTS 24 2009 Results
Slide 26: Income Statement
INCOME STATEMENT 25 2009 Results
Slide 27: Balance Sheet
BALANCE SHEET 26 2009 Results
Slide 28: Consolidated Cash Flow Statement
CONSOLIDATED CASH FLOW STATEMENT 27 2009 Results
Slide 29: Consolidated Cash Flow Statement (continued)
CONSOLIDATED CASH FLOW STATEMENT (continued) 28 2009 Results
Slide 30: Change in Shareholders' Equity
CHANGE IN SHAREHOLDERS' EQUITY 29 2009 Results
Slide 31: Group Structure
GROUP STRUCTURE At 1st March 2010 30 2009 Results