Half year financial report 2012 BOLLORÉ

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1 Half year financial report 2012 BOLLORÉ

2 Half year financial report 2012 SUMMARY Activity report p. 1 Summary of the half-year consolidated financial report p. 9 Statement of the person responsible for the half-year report p. 37 Auditor s report on the half-year financial reporting p. 38

3 Activity report SUMMARY OF RESULTS Turnover amounted to 4.7 billion euros, up 16 %. The ebitda rose 43 % thanks to strong earnings growth in transport and logistique, fuel distribution, and to improved performance in other business activities (IER, media, telecoms, holdings). The operating income was 142 million euros, up 5 %, despite the sharp rise in expenses related to electricity storage (batteries, electric vehicles) and the launch of the Autolib service. The net income amounted to 141 million euros, as opposed to the 233 million euros in income posted during the first half of 2011, which included a gain of 141 million euros on the sale of Vallourec shares. However, the second half of 2012 will include, at a minimum, the 380 million euro gain on Aegis recognized in late August The net income, Group share amounted to 104 million euros. The Ratio of net debt to equity is practically stable at 47%. Proposed interim dividend: 2 euros per share. Résultats consolidés In millions of euros 1 st half st half 2011 (1) 1 st half 2012 Turnover 3,292 4,032 4,683 Ebitda % Amortization, depreciation and provisions (86) (84) (174) +43% Operating income X2 Financial Income (20) 121 (1) +5% Share in net income of affiliated companies Taxes (50) (65) (76) Net income of which group share (1) Adjusted for the change in accounting method used to recognize employee benefit commitments (change in effect as of January 1, 2011) A Sharp increase in Ebitda (+43%) thanks to the strong performance of the Group s business activities. The Operating income also up (+5%), despite the significant rise in expenses stemming from investments made, especially in relation to electricity storage. The Net income stands at 141 million euros, versus 233 million euros during the first half of 2011, which included a gain of 141 million euros on the sale of a 3.5% stake in Vallourec. Balance, sheet, Portfolio, liquidity In million of euros December 31, 2010 Décembre 31, 2011 June 30, 2012 Shareholders equity (1) 4,026 4,113 4,782 of which group share (1) 3,729 3,796 4,447 Net debt 1,760 1,884 2,224 Net debt/equity ratio Market value of the portfolio of listed securities 2,208 1,859 2,286 (1) adjusted for the change in accounting method used to recognize employee benefit commitments (change in effect as of January 1, 2011) (2) detail on page 23 Stable gearing as a result of the increase in both shareholders equity (+669 million euros versus December 31, 2011) and net debt (+340 million euros), following the increase in operational investments and the acquisition of Vivendi shares for 287 million euros, brining the Group s stake to 2.8%. 1

4 Market value of the portfolio of listed securities (Aegis, Havas, Vivendi, Mediobanca, Vallourec, Socfin, Socfinasia, etc.): 2,286 million euros at June 30, Sale of approximately 20% of Aegis capital to Dentsu at the beginning of the second half of 2012 for 706 million euros (the remaining 6.4% stake will be contributed to Dentsu s public share offering). The Group s liquidity greatly increased: more than 1.5 billion euros available and confirmed at the end of August 2012, including a new 1 billion euro five-year syndicated bank facility and the disposal of the Aegis shares. TURNOVER In millions of euros 1 st half st half 2012 Change Change at constant scope and exchange rates Transport and Logistics 2,335 2, % +11% Fuel distribution 1,477 1, % +16% Electricity storage and solutions % -6 % Media, telecoms, plantations, holdings ,4 % + 0.2% Turnover 4,032 4, % + 12% 12% growth in turnover at constant scope and exchange rates, stemming from higher volumes transported in the world, higher oil prices and volumes, and the increase in advertising revenue in the Media Division. In gross data, the increase reached 16%, thanks mainly to the contribution from LCN (Les Combustibles de Normandie) over the entire six months, following its incorporation in February of OPERATING INCOME BY BUSINESS In millions of euros 1 st half st half 2012 Transport and Logistique (1) Fuel distribution Sous total Electricity storage and solutions (33) (112) Media, telecoms, plantations, holdings (28) (24) Operating income (1) Before brand royalties. Operating income up 5%, thanks to: Strong earnings growth in the transport and logistics businesses, which benefited from robust business activity worldwide. An impressive performance by the fuel distribution business. Higher earnings in the Media Division, which benefited from increased advertising income from Direct 8 and Direct Star. Steadily rising expenses in electricity storage (batteries, supercapacitators, electric vehicles), as part of the rapid expansion of the Autolib service during the first half of FINANCIAL INCOME In millions of euros 1 st half st half 2012 Dividends and income from investment securities Net cost of financing (28) (40) Other financial and expenses 136 (10) Financial Income 121 (1) During the first half of 2011, financial income benefited from a 141 million euro gain on the sale of a 3.5% stake in Vallourec. Financial income from the first half of 2012 includes, primarily: - An increase in the dividends received, including 35 million euros from Vivendi. - An increase in the cost of financing due to higher average borrowings compared to the first half of 2011 and the higher cost of new financing. 2

5 SHARE IN NET INCOME OF AFFILIATED COMPANIES In millions of euros 1 st half st half 2012 Share in net income of affiliated companies The share in net income of affiliated companies has been boosted by strong earnings by Havas (18 million euros) and the plantations division (24 million euros). This income also includes a reversal of provisions on Havas shares (45 million euros) and an impairment of Mediobanca shares (19 million euros). CHANGE IN DEBT In millions of euros 1 st half st half 2012 Cash flow gross margin (1) Change in working capital requirements (+= (100) (119) decrease) Business net cash flow Net capital expenditure (139) (223) Net non-trading investments 234 (299) Dividends paid (43) (61) Net financial costs paid (22) (50) Capital increase, change in fair value and other items (35) 98 Change in net debt (- = increase in net debt) 88 (340) (1) After elimination of capital gains and before financial costs The change in net debt in the first half of 2012 mainly includes: A significant increase in cash flow gross margin, thanks to a strong business performance. Capital expenditure also sharply on the rise, primarily with respect to transport and logistics in Africa and in electricity storage (vehicles batteries). Net non-trading investments corresponding to the acquisition of Vivendi shares for 287 million euros. PARENT-COMPANY EARNING-PROPOSED INTERIM DIVIDEND Net company income for the first half of 2012: 95 million euros versus 107 million euros during the first half of Distributable profit: 694 million euros. Proposal to pay an interim dividend of 2 euros, as in September 2011, i.e., a total amount of 51.4 million euros. The coupon detachment date will be September 17, 2012 (payment on September 20, 2012). Change in dividends paid 74 M (3.00 ) 82 M (3.30 ) 8 M (0.36 ) 18 M (0.72 ) 27 M (1.10 ) 27 M (1.10 ) 32 M (1.30 ) 49.4 M (2.00 ) 49.6 M (2.00 ) 51.4 M (2.00 ) Interim dividend Total dividend 3

6 ACTIVITIES TRANSPORT AND LOGISTICS In millions of euros 1 st half st half 2012 Turnover 2,335 2,650 Operating income (1) Investments (1) Avant redevances de marque +13% +41% +12% BOLLORÉ LOGISTICS ONE OF THE WORLD S LEADERS IN TRANSPORT AND LOGISTICS ORGANIZATION First-half turnover, 2012: 1,455 million euros, up 6% (3% at constant scope and exchange rates), despite a difficult situation with a slowdown in global trade since the beginning of the second quarter of Steady growth in Bolloré Logistics earnings, thanks to: - Good results in France and Western Europe (Great Britain, Belgium, etc.), driven by exports to Asia. - A strong performance in Asia, with continued growth seen in trade flows within Asia. - A sharp increase in earnings in the Americas, where Bolloré Logistics benefits from a presence in the oil development sector. - A strong performance by the industrial project business (mining projects in Australia, Indonesia and Vietnam). - The positive contribution of Fast following the acquisition of a stake in the Fast Overseas Group in the Middle East and the acquisition of entities within the Fast network in France and Italy in BOLLORÉ AFRICA LOGISTICS THE LARGEST INTEGRATED LOGISTICS NETWORK IN AFRICA A very good first half 2012 for Bolloré Africa Logistics, with turnover increasing by 24% (22% at constant scope and exchange rates). This performance can mainly be explained by: - A strong business recovery in the Ivory Coast, after the first half of 2011 was badly affected by the country s political crisis (closure of the port and railway for several months). - The dynamism of the port terminals, especially Tin Can-Lagos in Nigeria, the Congo Terminal and MPS in Ghana. - The contribution from the start-up of the new terminals recently won: Freetown in Sierra Leone, Conakry in Guinea. - Growth in logistics for mining projects, especially in East Africa (Kenya, Uganda, Tanzania) and Southern Africa (South Africa, Mozambique, Democratic Republic of the Congo). BOLLORÉ ÉNERGIE SECOND DISTRIBUTOR FOR DOMESTIC FUEL OIL IN FRANCE In millions of euros 1 st half st half 2012 Turnover 1,477 1,818 Operating income Investments % growth in turnover at constant scope and exchange rates, stemming in particular from the increase in the average price of domestic fuel. Growth stood at 23% based on gross data, including LCN (Les Combustibles de Normandie), which was acquired in February Good results driven by: - Increased volumes in the distribution business in France. - Brisk business also seen in the logistics, transport and warehousing operations. - In Europe, by the strong performance of CICA in Switzerland. 4

7 ELECTRICITY STORAGE AND SOLUTIONS BATTERIES, SUPERCAPACITORS, ELECTRIC VEHICLES, PLASTIC FILMS In millions of euros 1 st half st half 2012 Turnover (1) Operating income (33) (112) Investments (1) Excluding IER turnover through Autolib, adjusted in Bolloré s accounts. X4 Increase in earnings for IER, which focused on the development of Autolib during the first half of The 107 million euros in turnover compared to 112 million euros in the first half of 2011 for the electricity storage and solutions division, does not include IER s earnings with Autolib (adjusted in Bolloré s accounts). Rapid growth of Autolib during the first half of 2012, since the service s launch on December 5, 2011 in Paris and 46 districts in the Paris region (Île-de-France). 1,780 cars and approximate 600 stations at the end of June Sharp increase in expenses and investment in electricity storage (electric batteries, supercapacitors and electric vehicles). Batteries, supercapacitors, plastic films Continued investment to increase the industrial capacity in battery production. The additional capacity provided by the new plant in Brittany and the plant in Canada, should allow the Group to produce 20,000 x 30 kwh batteries and 20,000 x 15 kwh batteries per year by Electric vehicles VEPB (Pininfarina-Bolloré Electric Vehicle, wholly owned) delivered almost 1,400 Bluecar during the first half of Over the first half of 2012, VEPB s market share represented 60% of the electric vehicles registered in France. Rapid expansion of the Autolib service since its launch on December 5, 2011: as of June 30, 2012, 1,780 Bluecar had been made available, across 600 stations, for a total of 3,700 charging stations in the Paris region. To date, 31,000 subscriptions have been sold, including more than 11,000 yearly premium subscriptions. Gruau Microbus (100%): following the delivery of the first 100% electric Bluebuses in Luxembourg and Laval in 2011, deliveries continued in the first half of 2012 in Tours, La Réunion and the Mont Saint-Michel. IER : IER, which focused on the development of Autolib during the first half of 2012, gained a new earnings growth in its activities. - Self-service and registration: IER was favored by steady business in charging stations, while its aviation sales were hurt by the crisis in this sector. - Automatic identification: business growth through winning major projects particularly in the logistics sector (Geodis, Savelys, etc.) and prospects for new RFID markets in distribution. - Access control (Automatic Systems): continued strong performance following the completion of major contracts secured in the European public transport sector (metros in Brussels, Stockholm and Madrid), a good level of business in North America (Google building) and promising new forays into the Asian market. 5

8 PLANTATIONS - Satisfactory results despite the drop in both the price of palm oil (-8%) and especially the price of rubber (-30%), which remain nevertheless at historically high levels. Safa Cameroun (9,000 hectares of rubber trees and oil palms): 31% decrease in turnover to 10.5 million euros, due to a drop in the market price of rubber and a slowdown in rubber and palm oil production. Net income reached 4.4 million euros, in accordance with IAS 41, compared with 6.9 million euros in the first half of Groupe Socfin (formerly Socfinal Group) (1) : the Group owns approximately 39% of Socfin, which manages 150,000 hectares of plantations in Asia and Africa: - Socfindo, in Indonesia, (48,100 hectares of oil palms and rubber trees): net earnings up slightly to 41 million euros on account of increased rubber production, which offset the drop in market prices. - Okomu, in Nigeria, (15,700 hectares of oil palms and rubber trees): earnings of 12 million euros, compared with 13 million euros one year earlier. - Socapalm (33,600 hectares of oil palms) and Ferme Suisse (refining unit), in Cameroon: net earnings of 7 million euros, compared with 11 million euros in the first half of 2011, due to a production delay. - Lac and Salala, in Liberia, (18,300 hectares of rubber trees): net income down by 5 million euros versus 10 million euros at June 30, 2011, due to the drop in price and competition among rubber suppliers in the refining business. - SOGB, in the Ivory Coast, (23,200 hectares of oil palms and rubber trees): 11 million euros in net income compared to 23 million euros in the first half of 2011, due to the drop in the price of rubber and the imposition of a new export tax. SCC (1): net income of 0.7 million euros, versus 1.5 million euros at June 30, Developments: creation of 12,000 hectares of rubber plantations in Cambodia, replanting of 7,000 hectares of oil palms in the Democratic Republic of the Congo and 3,000 hectares of oil palms in Sierra Leone (new plantation covering 12,000 hectares) (2). Other agricultural assets: - American farms: the three farms cover 3,000 hectares. The cultivated farmland (cotton, grains, soy, peanuts) is leased while the pine forests are planted and maintained directly. Operating income: 225,000 euros, up 12%. - Vineyards: «Domaine de La Croix» and «La Bastide Blanche» domains representing an area of 246 hectares, including 116 hectares of vineyard rights. 1.7 million euro increase in turnover (+19%) with more than 320,000 bottles sold during the first half of (1) corporate data before IFRS adjustments. The Socfin Group plantations are accounted for using the equity method in Bolloré s financial statements. (2) Not consolidated COMMUNICATION, MEDIA Television and free press Strong performance by Direct 8, Direct Star and Direct Matin with advertising income up 5% to 57 million euros. Sale of the Direct 8 and Direct Star channels to the Canal+ Group in progress, in exchange for a 1.7% stake in Vivendi s capital. Now that France s competition regulator, the Autorité de la Concurrence, has given its approval, finalization of the sale is contingent upon the approval of France s media watchdog, the Conseil Supérieur de l Audiovisuel, which is anticipated in September of Increase in turnover for the channels, which benefit from strong audience levels with a market share of 3.7% (1). On average, more than 900,000 copies of the free newspaper Direct Matin and its regional editions are distributed (2 ), and each issue is read by 2.7 million readers. Launch of the online version, Directmatin.fr, in March Logistique audiovisuelle et cinéma Euro Media Group (3) : Bolloré owns 18% of EMG, Europe s leading logistics player for film and television, which posted turnover of 158 million euros in the first half of 2012 (+8%) and EBITDA of 49 million euros, including the sale of the Boulogne site, versus 18 million euros in the first half of The Group also owns a stake of nearly 10% in Gaumont and also owns the Mac-Mahon cinema in Paris. 6

9 Advertising Havas: - Revenue of 829 million euros during the first half of 2012 (+8%), +3% organic growth. - Current operating income: 98 million euros (+4%), net income, Group share: 56 million euros, up 5%. - New business: 1.3 billion euros. - Net debt: 510 million euros at June 30, 2012, compared with 105 million euros a year earlier (gearing: 47%). Aegis Group Plc (4) : - Performance: 597 million pounds in revenue during the first half of 2012, 9% organic growth. - Operating income: 60 million pounds (+7%), net income, Group share of 27 million pounds (+12%). - Net debt of 325 million pounds (gearing 73%). The Group controls 100% of the CSA Institute of Studies and Surveys (turnover of 14 million euros at June 30, 2012, +12%) and a 14% stake in Harris Interactive (1), an American company specializing in Internet surveys. Telecoms WiMax: - Bolloré Telecom has 22 regional licenses which provide national coverage (220 stations deployed and operated on Bolloré Telecom frequencies). - Cumulative expenditure at this stage: about 130 million euros, including licensing. - Formal notice by the French telecommunications regulator ARCEP (Autorité de Régulation des Communications Electroniques et des Postes): despite the lack of existing technology for country-wide deployment, Bolloré Telecom reaffirmed its wish to fulfill all its commitments as soon as the conditions necessary to carry them out have been met. Wifirst: wireless broadband Internet service, especially for student residences. Base of 140,000 rooms installed. 5 million euros in turnover during the first half of 2012, versus 4 million euros during the first six months of (1) In June 2012 (3) Equity method (2) Source OJD (4) Not consolidated SHAREHOLDING The market value of the portfolio of listed securities owned by the Bolloré Group amounted to 2,286 million euros at June 30, Main shareholdings at June 30, 2012: Havas (1) : following the share buyback offer issued by Havas, published on June 19, 2012, the Bolloré Group s stake increased from 32.8% to 37.05%. Market value of the stake: 509 million euros. Aegis (26.1% (2) ) : market value of the stake at June 30, 2012: 613 million euros. Since June 30, 2012, the Bolloré Group sold approximately 20% of Aegis capital to Dentsu for 706 million euros. The balance of its stake, i.e., 6.4%, will be contributed to Dentsu s public offering. Vivendi : during the first half of 2012, the Bolloré Group acquired an additional 1.7% stake in Vivendi for 287 million euros. Market value of the 2.8% stake at June 30, 2012: 528 million euros. Vallourec (1.7%) : market value of the stake: 66 million euros. Socfin (1) (38.7%) - Socfinasia (1) (21.8%) : market value of the stakes: 326 million euros. Mediobanca (1) (6%), Generali (0.13%) and Premafin (2.3%) (3) : market value of the stakes: 203 million euros. The main shareholding is Mediobanca, where the Group brings together a group of international investors, bound by the Shareholders Pact, who hold 11% of Mediobanca s capital and have four representatives on the Board of Directors. (1) Equity method (2) 26.4% with Bolloré Participations, i.e.620 million of euros (3) Not included 2.73% held by Financière de l Odet EVENEMENTS POSTERIEURS A LA CLOTURE ET PERSPECTIVES AEGIS On July 12, 2012, the Bolloré Group, which has a financial stake of some 26% in the British company Aegis, announced it had accepted the Japanese Group Dentsu s 240-pence-per-share bid for this holding. The Group had sold about 20% of its holding in Aegis early in the second half of 2012 netting 706 million euros and will sell the remainder of its stake to Dentsu. Direct 8 / Direct Star On July 23, 2012, the Bolloré and Canal Plus Groups obtained the approval of the Competition Authorities for the strategic partnership concerning TNT channels Direct 8 and Direct Star. The transaction remains subject to the approval of the French broadcasting authority, the CSA, expected in September

10 Merger proposal of Bolloré /Fiancière du Loch: A General Meeting will be convened for Bolloré before the end of the year, to approve the merger between Bolloré and Financière du Loch, as planned under the Group s policy to simplify its organizational structure. Moreover, the diversity of business and investments of the Group should enable it does not anticipate significant change in the overall situation in the second half of MAIN RISKS AND UNCERTAINTIES The main financial risk the Group could be facing in the second half of 2012 are set out in the note 28 in appendix of the consolidated situation interim financial statements. MAJOR TRANSACTIONS WITH ASSOCIATED PARTIES The major transactions with associated parties are detailed in the note 26 in appendix of the consolidated interim statements. GROUP STRUCTURE As of 30 June 2012 Sofibol 55.2 (9) (91.2) Financière de I'Odet 9.2* 19.1 (0.0) Compagnie du Cambodge** 5.6 (0.0) Société Industrielle et Financière de l'artois** 4.9 (0.0) Financière Moncey** 3.6 (0.0) Imperial Mediterranean** 2.3 (0.0) Nord-Sumatra Investissements** 68.2 (73.9) Bolloré 24.0* 3.5 (0.0) Société Industrielle et Financière de l'artois** 3.2 (0.0) Nord-Sumatra Investissements** 1.0 (0.0) Impérial Mediterranean** 0.1 (0.0) Compagnie du Cambodge** 10.7 (2) 63.7 (1) 95.0 (1) International logistics Plantations des Terres Rouges (Luxembourg) 2.8* Nord-Sumatra Investissements Transport and logistics in Africa Fuel distribution Batteries and electric vehicles, Supercapacitors Plastic films (1) 9.3 Compagnie du Cambodge * 4.1 (3) Forestière Équatoriale 36.7 (Ivory Coast) * Financière Moncey (6) 3.7* Compagnie des 28.6 Société des Chemins de Fer Société Bordelaise Tramways de Rouen et Tramways du Africaine 8, * Var et du Gard 3.9* 64.6 (5) (7) Société Industrielle et Financière de l'artois 1.9 (8) 4.3* IER 47.6 Socfin (Terminals and specialized 11.5 formerly Socfinal systems) (Luxembourg) 29.2 (1) 90.5 (1) 25.3 (1) Communication and media Compagnie de Cornouaille Financière du Loch Compagnie de Pleuven Socfinasia (Luxembourg) 16.7 Advertising, Telecommunications Financière du Perguet (4) (1) Financière de Imperial Mediterranean 46.8 Safa Sainte-Marine 12.1* 28.2 (1) % (%) % of capital (% of the votes at the Shareholders' General Meeting) * Percentage of capital outside the Group ** Controlled by Bolloré Listed companies Transport and logistics Fuel distribution By convention, shareholdings under 1% are not mentioned. (1) Directly and indirectly through 100%-owned subsidiaries (2) of which <10.0% by Compagnie du Cambodge (3) 4.1% by SFA, a 98.4%-owned subsidiary of Plantations des Terres Rouges (4) of which 12.0% by Société Industrielle et Financière de I'Artois (5) 64.6% by its 53.4%-owned direct subsidiary Socfrance (6) 3.3% by Plantations des Terres Rouges (7) 30.2% by Société Bordelaise Africaine and 6.8% by its 53.4%-owned direct subsidiary Socfrance (8) 1.9% by Plantations des Terres Rouges (9) of which 5.3% by its 99.5%-owned direct subsidiary Compagnie de Guénolé Industry Communication, media, advertising and telecommunications Plantations Shareholdings CHANGE IN SHARE PRICE in euros (monthly average) Performance over 8 years +148% +13% % + 2 % Performance over 1 year + 17 % + 8 % Bolloré SBF 120 Index-linked 8

11 Consolidated financial statements Consolidated balance sheet p. 10 Consolidated income statement p. 11 Consolidated comprehensive income p. 12 Consolidated cash flow p. 13 Statement of changes in consolidated equity p. 15 Accounting principles note 1 p. 16 Main changes in reporting entities note 2 p. 17 Comparability of accounts note 3 p. 17 Notes on the balance sheet notes 4 to 20 p. 19 Notes on the income statement notes 21 to 25 p. 30 Other information notes 26 to 29 p. 35 9

12 Consolidated balance sheet (in thousands of euros) Notes 06/30/ /31/ /01/2011 Assets Goodwill 4 1,085,816 1,084,429 1,127,133 Intangible fixed assets , , ,106 Tangible fixed assets ,218,261 1,180,235 1,091,769 Investments in associates (using equity method) 8 1,227,325 1,163, ,005 Other financial assets 9 3,210,442 2,420,039 2,632,714 Deferred tax 25 26,806 26,045 43,364 Other assets Non-current assets 7,134,318 6,195,437 5,894,403 Stock and work in progress , , ,051 Trade and other receivables 11 2,068,758 1,815,598 1,649,730 Current tax - 125, ,099 97,585 Other financial assets 9 4,681 4, ,179 Other assets - 48,029 31,343 21,277 Cash and cash equivalents , , ,878 Assets held for disposal , ,135 0 Current assets 3,094,645 2,923,242 2,615,700 Total assets 10,228,963 9,118,679 8,510,103 Liabilities Share capital 411, , ,218 Share issue premiums 368, , ,614 Consolidated reserves 3,667,518 3,106,700 3,098,077 Shareholders' equity, Group's share 4,447,218 3,795,792 3,728,909 Minority interests 334, , ,763 Shareholders' equity 13 4,781,854 4,112,619 4,025,671 Long-term financial debt 17 1,918,690 1,755,135 1,290,613 Provisions for employee benefits , , ,709 Other provisions , , ,729 Deferred tax 25 64,065 60,260 69,210 Other liabilities - 37,662 36,776 19,209 Non-current liabilities 2,274,529 2,094,381 1,621,470 Short-term financial debt , , ,153 Provisions (due within one year) 14 32,135 30,989 26,416 Trade and other payables 18 1,948,268 1,827,415 1,716,251 Current tax - 213, , ,137 Other liabilities 19 62,555 32,221 82,005 Liabilities held for disposal 20 82,366 74,176 0 Current liabilities 3,172,580 2,911,679 2,862,962 Total liabilities 10,228,963 9,118,679 8,510,103 10

13 Consolidated income statement (in thousands of euros) Notes June 2012 June 2011 December 2011 Turnover ,682,893 4,031,805 8,490,532 Goods and services bought in 23 (3,824,996) (3,306,092) (6,956,643) Staff costs 23 (557,169) (500,854) (1,030,002) Amortization and provisions 23 (173,424) (84,529) (208,027) Other operating income 23 65,633 63, ,011 Other operating expenses 23 (50,791) (67,881) (109,256) Operating income , , ,615 Net financing expenses 24 (40,181) (28,376) (66,781) Other financial income 24 80, , ,777 Other financial expenses 24 (41,079) (162,962) (186,684) Financial income 24 (958) 120, ,312 Share in net income of affiliated companies 8 75,790 40,811 51,087 Corporate income taxes 25 (76,139) (64,309) (111,352) Consolidated net income 140, , ,662 Consolidated net income, Group's share 103, , ,675 Minority interests 37,285 19,069 56,988 Earnings per share (1) (in euros): 13 June 2012 June 2011 December 2011 Group share of net income: - basic diluted (1) Excluding treasury shares. 11

14 Consolidated comprehensive income (in thousands of euros) June 2012 June 2011 December 2011 Consolidated net income in period 140, , ,662 Change in translation adjustment of controlled companies 7,482 (25,370) 4,667 Change in fair value of financial instruments of controlled companies 284, ,482 (236,093) Other changes in elements recyclable subsequently in the income statement (1) 24,850 (17,993) (40,477) Total changes in elements recyclable subsequently in net income 316, ,119 (271,903) Actuarial gains and losses recognized in shareholders' equity (14,070) 6,247 3,613 Total changes in elements not recyclable subsequently in net income (14,070) 6,247 3,613 Comprehensive income 443, , ,372 Including: - Group share 391, ,314 57,396 - Minority interests' share 51,931 30,021 51,977 Including taxes: on the fair value of financial instruments (3,497) (268) (1,000) on actuarial gains and losses 2,657 (2,639) (1,527) (1) Changes in comprehensive income from investments in associates: essentially the impact of conversion and fair value recognition according to IAS 39. The forward sale of the Vallourec securities led to the recognition of million euros in income as of June 30, 2011 and December 31, 2011 as revaluation reserves. 12

15 Consolidated cash flow (in thousands of euros) June 2012 June 2011 December 2011 Cash flow from operations Group s share of net income 103, , ,675 Minority interests share 37,285 19,069 56,988 Consolidated net income 140, , ,662 Expenses and income not affecting cash flow: - elimination of amortization and provisions 162,092 84, ,370 - elimination of change in deferred taxes 4,018 6,425 (1,277) - other income and expenses not affecting cash flow or related to operations (74,973) (38,483) (48,554) - elimination of capital gains or losses upon disposals 6,347 (140,571) (139,329) Other restatements: - Net finance expenses 40,181 28,377 66,781 - Income from dividends received (48,672) (13,141) (77,979) - Corporation income tax charges 78,292 61, ,247 Dividends received: - Dividends received from equity affiliates 29,909 19,944 38,096 - Dividends received from non-consolidated companies 38,344 3,791 74,969 Income tax on companies paid up (62,855) (52,988) (96,894) Effect of the change in working capital requirements: (118,511) (99,689) (50,078) - of which stock and work-in-progress 27,643 (18,166) (40,197) - of which payables 92, ,918 98,375 - of which receivables (238,855) (245,441) (108,256) Net cash flow from operations 195,011 92, ,014 Cash flow from investment activities Disbursement: - tangible fixed assets (212,461) (124,147) (281,796) - intangible fixed assets (12,292) (28,914) (50,647) - conceded fixed assets (20,228) 0 (64,402) - securities and other financial fixed assets (508,909) (27,917) (271,332) Income from disposal of assets: - tangible fixed assets 7,545 13,807 8,709 - intangible fixed assets ,167 - securities 4, , ,364 - other financial fixed assets 2,488 2,067 7,349 Effect of changes in scope of consolidation on cash flow 191,438 (39,445) (75,584) Net cash flow from investments (548,373) 70,971 (450,172) Cash flow from financing activities Disbursements: - dividends paid to parent company shareholders (28,427) (21,401) (64,460) - dividends paid to minority shareholders net of distribution tax (32,793) (21,860) (44,194) - financial debt repaid (567,995) (571,153) (565,824) - acquisition of minority interests (1,653) 0 (9,928) Income: - increase in shareholders' equity 91,744 3,023 60,183 - investment subsidies 14, ,400 - increase in financial debt 890, ,530 1,067,403 Net interest paid (50,379) (22,125) (48,745) Net cash flow from financing activities 315, , ,835 Effect of exchange rate fluctuations 3,852 (6,771) 1,883 Impact of reclassification of assets held for disposal (2,664) 0 (930) Cash flow (37,079) 342, ,630 Opening cash balance (1) 391,058 (17,572) (17,572) Closing cash balance (1) 353, , ,058 (1) See Note 12 - Cash and cash equivalents. 13

16 Flow activity: The other income and expenses that do not affect cash flow essentially include the share of income from equity affiliates. Dividends received include the dividends paid by Vivendi in the amount of 34.9 million euros. The working capital requirement (WCR) increased by 119 million euros compared with December the WCR for activities in Africa increased by 42 million euros. The very buoyant business (up 24% versus the first half of 2011, impacted by events in the Ivory Coast), led to a robust increase in the value of trade receivables. The improvement in customer lead times was confirmed, with a reduction of 6.7 days on average compared with H the WCR for Transport and Logistics outside Africa rose by 46 million euros. There was a marked increase in customer receivables associated with the higher volume of activity (up 6%) and an increase in past dues. - the WCR for industrial activities increased by 31 million euros overall. Ramping up the Autolib project resulted in a sharp increase in the WCR for the Motor Vehicle Development and Batteries businesses. Investment flows: Disbursements associated with acquisitions of intangible and tangible fixed assets mainly relate to the Batteries and Motor Vehicle Development business as part of the ramping up of the Autolib project (131 million euros), and the Transport and Logistics business in Africa (88.9 million euros) for investments carried out as part of the Group s expansion on this continent. Acquisitions of securities chiefly relate to the acquisition of Vivendi securities (287.4 million euros) and Financière de l Odet securities (196.7 million euros). Changes in the scope of consolidation primarily include the disposal of Bolloré s treasury shares for million euros. Financing flows: In the main, flows from the issue and repayment of loans include movements associated with the everyday management of Group financing in relation to Bolloré SA (issues: 745 million euros / repayments: (538) million euros. 14

17 Statement of changes in shareholders equity (in thousands of euros) "Number of shares (1) " Share capital Share issue premiums "Own shares held" "IAS 39 Fair value" Translation adjustment Actuarial gains and losses Reserves Shareholders' equity, Group share Shareholders equity as of 1/1/ ,391, , ,614 (354,061) 1,415,392 (38,360) (6,843) 2,081,949 3,728, ,763 4,025,671 Transactions with shareholders 35, ,400 1, (29) 0 (20,122) (14,710) (30,192) (44,902) Capital increase 25, ,400 3,812 3,812 Dividends distributed (21,401) (21,401) (27,702) (49,103) Transactions in own shares 9,412 1, , ,642 Share-based payments 4,376 4, ,417 Changes in scope 621 (29) (3,739) (3,147) (2,384) (5,531) Other changes (173) (139) Comprehensive income items 133,179 (42,158) 4, , ,314 30, ,335 Income from period 213, ,900 19, ,969 Changes in elements recyclable in income Minority interests TOTAL Change in translation adjustment of controlled companies Change in fair value of financial instruments of controlled companies (23,124) (23,124) (2,246) (25,370) 131, ,532 11, ,482 Other changes in comprehensive income 1,647 (19,034) (17,387) (606) (17,993) Changes in elements not recyclable in income Actuarial gains and losses 4,393 4,393 1,854 6,247 Shareholders equity as of 6/30/ ,426, , ,014 (353,053) 1,549,192 (80,547) (2,450) 2,275,727 4,023, ,591 4,320,104 Shareholders' equity as of 1/1/ ,391, , ,614 (354,061) 1,415,392 (38,360) (6,843) 2,081,949 3,728, ,763 4,025,671 Transactions with shareholders 413,174 6,289 51,971 2,094 1,170 2,476 0 (54,513) 9,487 (31,912) (22,425) Capital increase 393,006 6,289 51,971 58,260 58,260 Dividends distributed (64,460) (64,460) (34,520) (98,980) Transactions on treasury securities 20,168 2,094 1,537 3,631 (146) 3,485 Share-based payments 4,932 4, ,979 Changes in scope 791 2,476 (13,939) (10,672) 1,278 (9,394) Consolidation of Mediobanca according to the equity method ,459 13, ,605 Other changes 3,958 3, ,620 Comprehensive income items (277,832) 12,012 2, ,675 57,396 51, ,372 Income for the period 320, ,675 56, ,662 Changes in elements recyclable in income Change in translation adjustment of controlled companies Change in fair value of financial instruments of controlled companies 4,723 4,723 (56) 4,667 (232,413) (232,413) (3,680) (236,093) Other changes in comprehensive income (45,419) 7,289 (38,130) (2,347) (40,477) Changes in elements not recyclable in income Actuarial gains and losses 2,541 2,541 1,072 3,613 Shareholders equity as of 12/31/ ,804, , ,585 (351,967) 1,138,730 (23,872) (4,302) 2,348,111 3,795, ,827 4,112,619 Transactions with shareholders 1,901,230 9,779 80, ,965 2,325 (11,284) (1,028) 32, ,872 (34,122) 225,750 Capital increase (1) 611,230 9,779 80,829 90,608 90,608 Dividends distributed (28,427) (28,427) (31,870) (60,297) Transactions on own equity (2) 1,290, ,965 48, ,788 (920) 194,868 Share-based payments (3) Changes in scope ( 2 ) 2,325 (10,954) (1,028) 11,837 2,180 (2,404) (224) Other changes (330) (571) (901) 1, Comprehensive income items 286,958 14,400 (13,300) 103, ,554 51, ,485 Income from period 103, ,554 37, ,839 Changes in elements recyclable in income Change in translation adjustment of controlled companies Change in fair value of financial instruments of controlled companies 6,872 6, , , ,826 13, ,384 Other changes in comprehensive income (4) 16,132 7,528 23,660 1,190 24,850 Changes in elements not recyclable in income Actuarial gains and losses (13,300) (58) (13,358) (712) (14,070) Shareholders equity as of 6/30/ ,705, , ,414 (205,002) 1,428,013 (20,756) (18,630) 2,483,893 4,447, ,636 4,781,854 (1) See Note 13 - Shareholders equity. (2) Disposal of 1,290,000 Bolloré shares (see Note 1 - Significant Events) (3) Bolloré stock options plan, the effect of the stock option and accumulation plan for shares of subsidiaries and equity interests is shown on line «Other changes.» (4) Mainly changes in comprehensive income from investments in associates: the impact of conversion and fair value recognition according to IAS

18 Notes to the financial statements Note 1: Accounting principles A/ Significant events Disposal of Bolloré own shares and acquisition of Financière de l Odet securities In June 2012, the Group disposed of 1,290,000 Bolloré own shares. The disposal had an overall impact of million euros on shareholders equity. At the same time, the Group acquired 573,981 Financière de l Odet shares for a total of million euros. Share buyback offer initiated by Havas The Extraordinary General Meeting held on May 10, 2012 approved the Share buyback offer initiated by Havas at a price of 4.90 euros per share, the results of which were confirmed by the Board of Directors meeting on June 19, As a result, the Bolloré Group s stake in Havas s share capital increased from 32.8% to about 37%. This share buy-back program does not alter the Group s assessment of its stake, which remains consolidated as of June 30, 2012 (see Note 8 - Investments in associates) Ramping up of Autolib The Autolib service inaugurated in early December 2011 continues to gather pace, in Paris and 46 districts, with more than 1,780 electric cars in circulation and 600 Autolib points available by the end of Liquidity increased by the renewal of the syndicated loan The Group signed a new syndicated loan for 1 billion euros with a pool of banks. The term is five years and the new loan replaces the previous syndicated loan that was due to mature in B - Accounting principles and valuation methods B.1/ Basis of preparation of financial information The principles and methods used to prepare the summary consolidated financial statements are identical to those used by the Group for the consolidated financial statements for the year ended December 31, 2011, prepared in accordance with IFRS (International Financial Reporting Standards) as adopted by the European Union and detailed in Note 1 «Accounting Principles» to the consolidated financial statements for fiscal 2011; subject to the following: - application by the Group of the accounting standards or interpretations, set out in B2 below - Normative changes, effective from January 1, 2012; - application of IAS 34 «Interim Financial Reporting»; - the change in accounting method specified in Note 3 - Comparability of accounts. B.2/ Normative changes B.21 / IFRS, IFRIC interpretation or amendments adopted by the Group from January 1, 2012 Standards, amendments or interpretations Dates of adoption by the European Union Application dates: financial years beginning on or after Amendments to IAS 1 "Presentation of Other 06/06/ /01/2012 Comprehensive Income (OCI)" Amendments to IFRS 7 "Disclosures - Transfers of Financial Assets" 11/23/ /01/2011 (1) Since this amendment does not conflict with existing provisions, it has been applied in advance. The application of these new provisions has no impact on the Group s financial statements, with the exception of the amended to IAS 1, which alters the presentation of comprehensive income. 16

19 B.22/ Accounting standards or interpretations that the Group will apply in the future The IASB has issued standards and interpretations not yet adopted by the European Union as of June 30, 2012; they are not applied by the Group at that date. Standards, amendments or interpretations Dates of publication by the IASB Application dates: financial years beginning on or after Annual improvements to IFRS ( cycle) 05/17/ /01/2013 Revised IAS 27 "Separate Financial Statements" 05/12/ /01/2013 (1) Revised IAS 28 "Investments in Associates and 05/12/ /01/2013 (1 ) Joint Ventures" IFRS 9 "Financial Instruments - Phase 1: Classification 11/12/2009, 10/28/2010 and 12/16/ /01/2015 and Measurement" IFRS 10 "Consolidated Financial Statements" 05/12/ /01/2013 (1) IFRS 11 "Joint Arrangements" 05/12/ /01/2013 (1) IFRS 12 "Disclosure of Interests in Other Entities" 05/12/ /01/2013 (1) IFRS 13 "Fair Value Measurement" 05/12/ /01/2013 IFRIC 20 "Stripping Costs in the Production Phase 10/19/ /01/2013 of a Surface Mine" Amendment to IFRS 7 "Disclosures - Offsetting 12/16/ /01/2013 Financial Assets and Financial Liabilities" Amendment to IAS 12 "Deferred Tax: Recovery of 12/20/ /01/2012 Underlying Assets" Amendments to IAS 32 "Offsetting Financial Assets and Financial Liabilities" 12/16/ /01/2014 (1) These texts must be applied during the same period. The European Accounting Regulatory Committee (ARC) voted on June 1, 2012 in favor of the adoption of these standards or amendments to existing standards, effective for reporting periods commencing on or after January 1, 2014, with application possible from January 1, 2013, provided that these texts are endorsed by the European Union within this time frame. The IASB published standards and interpretations adopted by the European Union on June 30, 2012, applicable for financial years starting on or after January 1, These new provisions were not applied in advance. Standards, amendments or interpretations Dates of publication by the IASB Application dates: financial years beginning on or after Amendments to IAS 19 "Employee Benefits" 06/16/ /01/2013 The Group is currently analyzing the potential effects of these provisions on the consolidated financial statements. B.3/ Use of estimates The preparation of financial statements in accordance with IAS 34 leads management to use estimates and assumptions in the implementation of accounting principles in order to value assets and liabilities, as well as revenues and expenses for the period presented. B.4/ Information on the company Bolloré is a joint-stock company incorporated under French law and subject to all legislative and other provisions applying to trading companies in France, and in particular those of the French Commercial Code. Its registered office is at Odet, Ergue Gaberic. The administrative HQ is at Quai de Dion-Bouton, Puteaux. The company is listed on the Paris stock exchange. The interim financial statements have been prepared further to the instructions of the Board of Directors meeting of August 31, Note 2: Main changes in reporting entities None Note 3: Comparability of accounts The financial statements for the first half of 2012 are comparable to those of 2011 and the first half of 2011, with the exception of the changes in the scope of consolidation and changes in presentation and method detailed below: Change in the preparation method for like-for-like data: Up to now, the Group has presented like-for-like data by applying the scope and exchange rate for the previous year to the data for the current year. From June 2012, the Group has decided to prepare like-for-like data by applying the scope and exchange rate for the current year to the data for the previous year. All comparable periods have been restated as a result. This change has no significant impact on the variations presented in this manner. 17

20 Change in the method for recognition of commitments to staff: IAS 19 «Employee Benefits» allows for opting for one of two methods for the recognition of commitments to staff, the «corridor» method or the «SORIE» method. he Group had opted for the «corridor» method up to now. However, with a view to improving the information disclosed in the financial statements, it decided to switch to the «SORIE» option and to change the method for The recognition of commitments to staff from January 1, 2012, effective retroactively to all periods presented (only the notes affected by a change were presented on 01/01/2011.) The main impacts of this change in accounting method are: - recognition of actuarial differences not recorded on the balance sheet with a contra-entry in shareholders equity for the first period presented; - recognition of subsequent changes in actuarial debts from post-employment commitments related to the effects of the actuarial assumptions in shareholders equity, without subsequent impact on the income statement.» The Group also decided to change the presentation in the income statement of the expense related to commitments to staff, which up to now had been recognized in its entirety in operating income. The component of the expense related to net interest from the expected yield from the assets will be recognized in financial income. Impacts of applying the SORIE method Balance sheet (in thousands of euros) 12/31/2011 reported 12/31/2011 restated Difference 12/31/2010 reported 12/31/2010 restated Difference Deferred tax assets 24,012 26,045 2,033 39,253 43,364 4,111 Total shareholders' equity 4,117,430 4,112,619 (4,811) 4,035,402 4,025,671 (9,731) Provisions for employee benefits 108, ,326 6, , ,709 13,842 Income statement (in thousands of euros) 12/31/2011 reported 12/31/2011 restated Difference 06/30/2011 reported 06/30/2011 restated Difference Operating income 289, ,615 1, , ,549 1,820 Taxes (110,800) (111,352) (552) (63,769) (64,309) (540) Net income 376, ,662 1, , ,969 1,280 Group share of net income by basic share Change in the presentation of the income statement The net interest expense from the expected yield from the assets reclassified from operating income to financial income amount to (2.5) million euros as of June 30, The net interest expense from the expected yield from the assets which would have been reclassified from operating income to financial income amount to (2.2) million euros and (4.5) million euros, respectively as of June 30, 2011 and December 31, Since these amounts are not considered to be significant with respect to the consolidated financial statements, the comparative financial statements have not been restated. Seasonality of the business: «Turnover and income from operations are seasonal, with Transport and Logistics, Fuel Distribution and Industry busier in the last quarter of the calendar year. This phenomenon nonetheless varies from year to year. In accordance with IFRS accounting principles, turnover is recognized in the same conditions as at annual closing.» 18

21 NOTES TO THE BALANCE SHEET Note 4 - Goodwill Changes in goodwill Breakdown by operating segment As of December 31, ,084,429 (in thousands of euros) 6/30/ /31/2011 Acquisition 0 Transportation and logistics 920, ,337 Disposal (35) Fuel distribution 104, ,867 Foreign exchange variation 2,471 Industry 24,381 24,381 Other (1,049) Other activities 36,844 36,844 As of June 30, ,085,816 Total 1,085,816 1,084,429 In accordance with IAS 36 «Impairment of Assets», goodwill undergoes impairment tests every year at closing if there is an objective indication of depreciation. Since there was no sign of loss in value at June 30, 2012, no impairment test was done on the said date. Note 5 - Intangible assets Changes in 2012 Gross values ( in thousands of euros) As of 12/31/2011 Disposals Changes in scope Changes in foreign exchange Other transactions As of 6/30/2012 Economic exploitation rights, patents, 301,621 5,397 (128) (941) , ,124 research costs Conceded intangible fixed assets (1) 110,460 36, , ,378 Other (2) 79,452 6,963 (2,572) 2, (39,772) 46,692 Gross values 491,533 48,718 (2,700) 1,318 1,338 8, ,194 Amortization and provisions (in thousands of euros) As of 12/31/2011 Acquisitions Allocations Reversals Changes in scope Changes in foreign exchange Other transactions As of 6/30/2012 Economic exploitation rights, patents, (108,257) (10,769) (92) (28,706) (147,265) research costs Conceded intangible fixed assets (1) (5,605) (1,922) (7,518) Other (2) (56,412) (1,344) 2,568 (2,212) (272) 28,904 (28,768) Amortization and provisions (170,274) (14,035) 2,863 (1,948) (364) 207 (183,551) Net values 321,259 34, (630) 974 9, ,643 (1) Reclassification, in accordance with IFRIC 12, of infrastructures reverting to the licensor at the end of the contract, of conceded fixed assets as intangible fixed assets for the concessions recognized in accordance with this interpretation. (2) Including fixed assets in progress. Note 6 - Tangible assets Changes in 2012 Gross values (in thousands of euros) As of 12/31/2011 Acquisitions Disposals Changes in scope Changes in foreign exchange Other transactions (1) As of 6/30/2012 Land and fixtures and fittings 72, (85) ,039 Construction and fitting-out 817,644 3,710 (3,007) 0 1,614 9, ,821 Plant and equipment 762,345 85,109 (4,595) (49) 2,294 13, ,483 Other 758, ,344 (14,149) 208 2,178 (38,965) 819,037 Gross values 2,411, ,081 (21,836) 159 6,453 (15,557) 2,581,380 Amortization and provisions ( in thousands of euros) As of 12/31/2011 Allocations Reversals Changes in scope Changes in foreign exchange Other transactions (1) As of 6/30/2012 Land and fixtures and fittings (5,933) (337) (5,595) Construction and fitting-out (337,553) (16,215) 3,004 0 (619) 1,812 (349,571) Plant and equipment (483,258) (75,180) 4,418 0 (877) (2,830) (557,727) Other (404,101) (57,117) 6,105 (59) (621) 5,567 (450,226) Amortization and provisions (1,230,845) (148,849) 13,583 (59) (2,109) 5,160 (1,363,119) Net values (8 253) (10 397) (1) Reclassification, in accordance with IFRIC 12, of infrastructures reverting to the licensor at the end of the contract, of conceded fixed assets as intangible fixed assets for the concessions recognized in accordance with this interpretation. Investments are listed by operating segment in note

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