2011 results. 22 March 2012

Transcription

1 2011 results 22 March

2 SHARE PRICE PERFORMANCE Price in euros (monthly averages) Performance over 8 years Performance over 1 year % - 3% % - 15% Bolloré SBF 120 Index-linked 1 Résultats 2011

3 SIMPLIFIED ORGANISATION CHART as at 31 December 2011 (in percentage of capital) (1) Sofibol 54.6 % (2) Compagnie du Cambodge 14.9% (2) Société Industrielle et Financière de l'artois 5.0% Financière de l'odet (2) Financière de Moncey 4.9% (2) Nord-Sumatra Investissements 1.5% (2) Imperial Mediterranean 0.4% 66.7% (2) Société Industrielle et Financière de l'artois 4.0% (2) Nord-Sumatra Investissements 3.7% (2) Impérial Mediterranean 2.9% (2) Compagnie du Cambodge 2.6% Bolloré TRANSPORTATION AND LOGISTICS Bolloré Logistics INDUSTRY- ELECTRICITY STORAGE Plastics films, Batteries and supercapacitors, and electric vehicles OTHER ACTIVITIES Communication and media Bolloré Africa Logistics IER - Dedicated terminals and systems Plantations FUEL DISTRIBUTION Shareholdings Bolloré Energie (1) Directly by Sofibol and its subsidiaries 99.5 % Compagnie de Guénolé. Sofibol is controlled by Vincent Bolloré. (2) Companies of the Rivaud Group, controlled by Bolloré. 2 Résultats 2011

4 SUMMARY OF 2011 RESULTS Turnover: 8.5 billion, up 21%. Operating income: 290 million, up 19% thanks to the continued growth of income from the transport and logistics businesses, and improvement in income from other activities (films, IER, media, telecoms, plantations, holdings), despite the high spending on electricity storage (batteries, supercapacitors, electric vehicles). Net income: 376 million, up 5%, including a capital gain of 141 million on the sale of Vallourec shares. The 2010 financial year benefited from a significant reversal of provisions on the Havas stake ( 115 million). Net earnings, group share: 320 million, compared with 317 million in Net debt/equity ratio: 46 %, as against 44 % at the end of Dividend offer of 3.30 (including 2 already paid), up 10%. 3

5 CONSOLIDATED INCOME Employees: 38,000 people (in millions of euros) Turnover 6,011 7,010 8,491 EBITDA Operating income Net financial income Share in net income of affiliated companies Taxes (79) (94) (111) Results of operations held for sale (11) - - Net income of which group share (36) % +19 % +5 % +1 % Strong growth in net profit achieved thanks to: - good running of the Group, whose operating income increased by 19% to 290 million, - capital gain of 141 million on the sale of the 3.5% stake in Vallourec. The income for the 2010 financial year benefited from a significant reversal of provisions on the Havas shares ( 115 million). 4

6 BALANCE SHEET, PORTFOLIO, LIQUIDITY (in millions of euros) December 31, 2009 December 31, 2010 December 31, 2011 Equity 3,076 4,035 4,117 of which group share 2,844 3,736 3,799 Net debt 1,317 1,760 1,884 Net debt/equity ratio Market value of the portfolio of listed securities (1) 1,448 2,208 1,859 (1) See detail on page 23 Shareholders' equity increased by 82 million compared with December 31, 2010 due to good results, despite a decline in stock prices. Net debt up by 124 million compared with December 31, 2010, considering the increase in investments and the purchase of 1.1% stake in Vivendi. Market value of the portfolio of listed securities (Havas, Aegis, Mediobanca, Vivendi, Vallourec, Socfin, Socfinasia, etc.): 1,859 million as at December 31, 2011 and 2,111 million as at February 29, Group's liquidity greatly increased: more than 1.2 billion of confirmed credit, following the arrangement of new financing, including the bond issue by Bolloré in the first half of 2011 ( 350 million). 5

7 TURNOVER (in millions of euros) Transport and Logistics ,643 4,872 Change +5 % Change on a like-forlike basis and at constant exchange rates +7 % Industry Media, telecoms, plantations, holdings Fuel distribution 1,995 3, % +20 % Industry % +11 % Fuel distribution Media, telecoms, plantations, holdings Turnover 7,010 8, % +21 % +20 % +11 % Transport and logistics 11% growth in turnover on a like-for-like basis and at constant exchange rates, benefiting from higher volumes transported worldwide, rising oil product prices, the good performance of industrial activities and significant growth in media advertising revenues. In terms of gross data, the increase reached 21 %, due mainly to the incorporation of LCN (Les Combustibles de Normandie), from February 1,

8 OPERATING INCOME BY BUSINESS (in millions of euros) Operating income of transport and logistics, Fuel distribution activities (in M ) Transport and Logistics (1) Fuel distribution Industry Media, telecoms, plantations, holdings Operating income (1) Before trademark fees (70) (100) (87) (50) Operating income up 19%: - Transport and Logistics: continued earnings growth despite events in the Ivory Coast, which affected the first half of the year, - Fuel distribution: a year marked by exceptionally mild temperatures, which led to a decline in the sales volumes of domestic fuel. - Industry: growth in the income from IER and plastic films, and a sharp increase in electricity storage costs (batteries, supercapacitors, electric vehicles, Autolib'), - other activities benefited from the improved performance of plantations and the growth of media advertising income. 7

9 FINANCIAL INCOME (in millions of euros) Dividends and income from investment securities Net of financing Other financial income and expenses Financial income 18 (1) (41) (2) (67) (1) Deconsolidation of Aegis in the second half of 2010, dividends from which are now posted in non-trading income. (2) Equity method accounting of Mediobanca in the second half of 2011, whose dividends are no longer posted in non-trading income. Increase in financial result, which includes: an increase in dividends received, of which the special dividend received from Aegis in the second half of 2011, representing 60 million for the Group, an increase in the cost of financing due to the combined increase in average borrowings with regard to the 2010 financial year, rates and cost of new financing, the capital gain of 141 million on the sale of the 3.5% stake in Vallourec. 8

10 SHARE IN NET EARNINGS OF AFFILIATED COMPANIES (in millions of euros) Share in net income of affiliated companies The share in the net income of affiliated companies benefited mainly from the good results of the plantation business ( 46 million) and the Havas shares (contributing 8 million to the income after taking into account a provision of 30 million for depreciation on the securities). The equity method accounting of Mediobanca as of July 22, 2011 after the approval of new Agreements, which reinforced the weight of Financière du Perguet in Mediobanca, had an impact of -5 million, particularly due to 21 million for depreciation of securities and a badwill of 12 million euros on the last shares acquired in The income of affiliated companies for the 2010 financial year benefited, in particular, from a significant reversal of provisions on the Havas shares ( 115 million). 9

11 CHANGE IN DEBT (in millions of euros) Cash flow gross-margin (1) Change in WCR (+= reduction) Business net cash flow Net capital expenditure Net financial investments Dividends paid 396 (91) 305 (208) (419) (95) 512 (50) 462 (387) (40) (109) Net financial expenses paid (41) (49) Capital increase, change in fair value and other items Change in net financial debt (- = increase in net debt) (1) After elimination of capital gains and before financial costs 15 (443) (1) (124) The change in net debt in 2011 mainly includes: a sharp increase in cash flow, thanks to the good results of businesses, increase in industrial investments, mainly in transport and logistics in Africa and electricity storage (batteries-vehicles), financial investments, which essentially include the 3.5 % stake sale in Vallourec and the acquisition of a 1.1% stake in Vivendi. 10

12 INCOME OF PARENT - COMPANY Dividend proposed for the 2011 financial year: 3.30 (including 2 already paid) Parent - Company's net income (in 125 millions of euros) Distributable amount (in millions of euros) Proposed dividend ( ) 1.30 including interim dividend already paid ( ) Change in dividends 74 M (3.00 ) 83 M (3.30 ) 8 M (0.36 ) 18 M (0.72 ) 27 M (1.10 ) 27 M (1.10 ) 32 M (1.30 ) proposition

13 TRANSPORT AND LOGISTICS (in millions of euros) Turnover 4,643 4, % Operating income % Investments (1) % (1) including Congo Terminal and Conakry Terminal, concessions obtained at the end of 2008 and the beginning of 2011 respectively. Agencies 12

14 BOLLORÉ LOGISTICS ONE OF THE WORLD'S LEADERS IN THE ORGANIZATION OF TRANSPORT AND LOGISTICS 5% turnover growth at 2,788 million, thanks to the ongoing recovery in world trade observed since Bolloré Logistics benefited from a sharp increase in transport volumes once again, particularly on the Europe-Asia axis and intra-asia flows. The Bolloré Logistics network in Asia took advantage of the dynamism of China's growth and the good performance of platforms in Singapore and Hong Kong in the cosmetics, aeronautics and telecom sectors. Good results from operations in France and Europe, especially Great Britain, Belgium and in North America. Recovery of Portugal and the Netherlands. Good performance of port handling in France, where investments were made as part of port reforms (Dunkirk, Rouen, Nantes, La Rochelle). Strengthening of the Bolloré Logistics network with acquisition of a stake in the Fast Overseas Group in the Lebanon, present in several countries of the region, and the acquisition of entities from the Fast network in France and Italy. 13

15 BOLLORÉ AFRICA LOGISTICS THE LARGEST INTEGRATED LOGISTICS NETWORK IN AFRICA The group was affected by the shutdown of business in the Ivory Coast for several months during the first half of Despite this, Bolloré Africa Logistics was able to increase its sales ( 2,084 million, + 5% and + 8,5% on a like-for-like basis and at constant exchange rates ) and its income over the period, thanks to the diversity of its locations. This performance can mainly be explained by: Corridors Agencies Port concessions - a rapid recovery of activities in the Ivory Coast from the end of April 2011 onwards, - the dynamism of the port terminals, including Tin Can, Lagos in Nigeria, which is experiencing very strong growth, - contribution for the start-up of the new, recently taken over terminals: Freetown in Sierra Leone, Conakry in Guinea, - good results from the main countries of Central Africa, especially Cameroon, Nigeria, Congo, Gabon and Ghana, - the good operations in East Africa (Kenya), and the southern tip of the continent (South Africa, Mozambique). 14

16 BOLLORÉ ÉNERGIE SECOND LARGEST FRENCH DISTRIBUTOR OF DOMESTIC FUEL (in millions of euros) Turnover Operating income 1, , Investments 2011 was marked by the acquisition of a 49% stake in LCN (Les Combustibles de Normandie), which represents a share of approx. 4% of the domestic fuel market in France and has significantly reinforced the Bolloré Energie network, which now represents approx. 14% of the French market Agencies and Depots LCN (Agencies and storage) SFDM Pipeline The takeover of LCN (100% takeover in the future) largely explains the 60 % increase in turnover (contribution of LCN: 767 million). On a like-for-like basis and at constant exchange rates, the increase stands at 20%, due to higher oil prices. However, the income from distribution declined due to a particularly mild climate in 2011 (14% decline in the national domestic fuel market) However, logistics, transport and depots businesses, as well as the European activities of Cica in Switzerland and Calpam in Germany yielded good results. 15

17 INDUSTRY - ELECTRICITY STORAGE AND SOLUTIONS BATTERIES, SUPERCAPACITORS AND ELECTRIC VEHICLES, PLASTIC FILMS, IER-DEDICATED TERMINALS AND SYSTEMS, (in millions of euros) Turnover % Operating income (70) (100) Investments X 6 Net improvement in income from traditional activities: plastic films and IER. A high level of charges and investments in electricity storage (electric batteries, supercapacitors and electric vehicles). Autolib service opened to the public on December 5, 2011, in Paris and in 46 districts of Ile-de-France region. 16

18 INDUSTRY- ELECTRICITY STORAGE AND SOLUTIONS Increase spending to increase the industrial capacity in battery production. With the new factory in Brittany and the one in Canada, also in the process of expansion, the aim is to produce 20,000 x 30 kwh batteries and 20,000 x 15 kw batteries per year by the end of % in VEPB (Véhicule Électrique Pininfarina-Bolloré), which supplied hundreds of Bluecars at the end of To date, 800 Bluecars are in circulation. Autolib start-up on December 5, 2011 and strengthening of the offer with the availability of approx. 3,000 Bluecars, 1,100 stations and 6,000 charging terminals by the end of 2013, in Paris and in the Paris region. 100% in Gruau Microbus with the first deliveries of electric buses (Blue Bus) in Luxembourg and Laval in Upcoming deliveries: Réunion, Mont Saint-Michel, Tours, Launch of marketing of supercapacitors tested and used by tramway and car manufacturers. 17

19 INDUSTRY - ELECTRICITY STORAGE AND SOLUTIONS Plastic films: Turnover up 14%(1), after posting growth of 23% in Confirmation of the increase in sales volumes and improved results, especially in films for capacitors, where price increases have made it possible to offset the increase in resin prices. IER: Turnover up 8%(1) and increase in earnings reflecting the recovery of business volumes. Self-service and registration: continued growth in sales in the airline companies sector, particularly in North America. IER benefits from the commercial successes in 2010 (La Poste, CNAF, ) and the Autolib contract (supply of terminals). Access Control (Automatic Systems): sustained growth in activity following the completion of major contracts won in the field of European public transport (metros of Brussels, Stockholm, Madrid), the broadening of its product range in 2011 and a good level of business in North America. Automatic Identification: business growth through winning major projects, particularly in the logistics sector (Géodis, Schenker, ) and prospects for new RFID markets in distribution. (1) On a like-for-like basis and at constant exchange rates 18

20 PLANTATIONS Very good results from plantations that have benefited from the sharp rise in the price of palm oil (+25% compared to the average price in 2010) and rubber (+34%). Safa Cameroon (8,800 hectares of rubber trees and oil palms): 33% increase in turnover at 26 million, due to the sharp rise in the selling prices of rubber and increased production. Net income reached 9.9 million, in accordance with IAS 41, compared with 6.0 million in Socfin Group (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 86 million, compared with 69 million in 2010, up 25%. - Okomu, in Nigeria, (15,700 hectares of oil palms and rubber trees): earnings of 18 million, compared with 8 million a year earlier, mainly due to the sharp rise in selling prices. - Socapalm (33,600 hectares of oil palms) and Ferme Suisse (refining unit), in Cameroon: net earnings 13 million, compared with 12 million in 2010, thanks to the increase in volumes. (1) corporate data before IFRS adjustments. The Socfin Group plantations are accounted for in Bolloré's financial statements by the equity method. 19

21 PLANTATIONS - Lac, in Liberia, (13,600 hectares of rubber trees): sharp increase in net income, reaching 19 million, compared with 8 million in 2010, thanks to sustained selling prices. Salala, in Liberia, (4,400 hectares of rubber trees): net income for 2011 at -0.8 million, penalized by financial costs and competition in the purchase of rubber. - SOGB, in Ivory Coast, (23,200 hectares of oil palms and rubber trees): net income at 47 million (+82%), compared with 26 million in 2010, especially on account of exceptional palm oil production. SCC (1) : sharp increase in the rubber machining business, which resulted in an income of 2 million (x6). - Developments: creation of 12,000 hectares of rubber plantations in Cambodia and replantation of 5,000 hectares of palm trees in the Democratic Republic of the Congo and new plantation (1) of 12,000 hectares of palm trees in Sierra Leone (replantation of 2,500 hectares in 2012). Other agricultural assets: - American farms: the three farms cover 3,000 hectares. The cultivated farmland (cotton, corn, soy, peanuts) is leased, while the pine forests are planted and maintained directly. Rents for 2011: 1.1 million dollars. - Vineyards: The Croix and the Bastide Blanche sectors account for an area of 246 hectares including 116 hectares of vineyard rights, after the acquisition of an additional sector Production: 550,000 bottles. Sharp increase in sales at 2.6 million (+34%) with more than 500,000 bottles sold. (1) Not consolidated 20

22 COMMUNICATION, MEDIA TV & free press Good results from the free press and television division, whose advertising revenue rose 34% to 111 million. On a like-for-like basis and at constant exchange rates the increase is up 17%. Sale of the channels Direct 8 and Direct Star to the Canal+ Group underway for a 1.8% stake in Vivendi. Sharp increase in the audience of the channels at 3.5% in 2011, compared with 3.0% in 2010 (1). The newspaper Direct Matin, with its regional editions, became the first newspaper in France with an average circulation of more than 1,000,000 copies (2) and boasts 2,7 million readers per issue. Launch of the digital version of Directmatin.fr in March Audiovisual Logistics and Cinema Euro Media Group (3) : Bolloré owns 18% of EMG, Europe's leading logistics player for film and television, which posted turnover of 304 million in 2011 (+5%) and an EBITDA of 54 million against 53 million in The Group owns a nearly 10% stake in Gaumont and also owns the Mac-Mahon cinema in Paris. (1) Annual averages (2) Source OJD (3) Equity method 21

23 COMMUNICATION, MEDIA Advertising Havas (32.8%): - Revenue 1,645 million in 2011, organic growth +5.9%, - Current operating income: 220 million (+8%), Group share of net income: 120 million, up 9%, - New business: 1.4 billion, - Net debt: 37 million at December 31, 2011, compared with a cash flow of 87 million a year earlier. Aegis Group Plc (26.2%, 26.5% stake with Bolloré Participations): - The sale of Synovate for GBP 525 million was followed by the distribution of an special dividend of GBP 200 million, - Income excluding Synovate: income GBP 1,135 million, organic growth 9.9%, operating income of GBP 146 million (x2), Group share net income GBP 164 million (x4), net indebtedness brought to GBP 128 million (gearing 28%). The Group controls 100% of the CSA Institute of Studies and Surveys (turnover of 23 million in 2011) and a stake of less than 15% in Harris Interactive, an American company specializing in Internet surveys. Telecoms WiMax: - Bolloré Telecom has 22 regional licenses, which provide it with national coverage (220 stations deployed and operated on the frequencies of Bolloré Telecom). - Cumulative expenditure at this stage: about 130 million, including licenses. - ARCEP's formal notice, despite the absence of existing technologies enabling a nationwide deployment; Bolloré Telecom reasserted its willingness to fulfill all its commitments as soon as all the conditions necessary for their performance are met. Wifirst: Internet service wireless broadband, especially for student residences. Base of 130,000 rooms installed. Sales of 9 million in 2011, up 13%. 22

24 SHAREHOLDINGS The market value of the portfolio of listed securities of the Bolloré Group amounted to 1,859 million as at December 31, 2011 and to 2,111 million as at February 29, marked the sale of the 3.5% stake in Vallourec for 275 million (capital gain of 141 million) and the acquisition of a 1.1% stake in Vivendi for 210 million. Main shareholdings as at December 31, 2011: Havas (1) (32.8%): market value of the stake: 450 million. Aegis (26.2% (2) ): market value of the stake: 530 million. Vivendi (1.1%): market value of the stake: 230 million Vallourec (1.7%): market value of the stake: 103 million. Socfin (1) (38.7%) - Socfinasia (1) (21.8%): market value of stakes: 257 million. Mediobanca (1) (5.9%), Generali (0.13%) and Premafin (2.3%) (3) : market value of stakes: 250 million. Mediobanca is the main stake, in which the Group federates a group of international investors who hold, in the shareholders' agreement, an 11% stake in Mediobanca and have four representatives on the Board of Directors. (1) Equity method (2) 26.5% with Bolloré Participations, i.e. 536 million. (3) Does not include 2.73% held by Odet. 23

25 2011 FINANCIAL STATEMENTS 24 Résultats 2011

26 CONSOLIDATED INCOME STATEMENT (in thousands of euros) Turnover 8,490,532 7,010,251 Goods and external charges (6,956,643) (5,610,597) Staff costs (1,030,002) (957,366) Amortisation, depreciation and provisions (209,885) (181,298) Other operating income 105, ,566 Other operating expenses (109,256) (132,229) Operating income 289, ,327 Net cost of financing (66,781) (41,182) Other financial income 399, ,999 Other financial expenses (186,684) (62,765) Financial income 146,312 9,052 Share in net income of affiliated companies 51, ,892 Corporate income tax (110,800) (94,498) Consolidated net income 376, ,773 Consolidated net income, Groupe share 319, ,851 Minority interests 56,600 40,922 earnings per share (1) (in euros) : Net income, Group share: - basic diluted (1) Excluding own shares 25 Résultats 2011

27 BALANCE SHEET (in thousands of euros) 12/31/ /31/2010 Assets Goodwill 1,084,429 1,127,133 Intangible assets 321, ,106 Property, plant and equipment 1,180,235 1,091,769 Securities valued by the equity method 1,163, ,005 Other financial assets 2,420,039 2,632,714 Deffered taxes 24,012 39,253 Other assets Non-current assets 6,193,404 5,890,292 Inventories of products ans work-in-progress 241, ,051 Trade and other receivables 1,815,598 1,649,730 Current tax 107,099 97,585 Other financial assets 4, ,179 Other assets 31,343 21,277 Cash and cash equivalents 587, ,878 Assets available for sale 136,135 0 Current assets 2,923,242 2,615,700 Total assets 9,116,646 8,505,992 Liabilities Capital 401, ,218 Premiums linked to capital 287, ,614 Consolidated reserves 3,110,083 3,104,920 Equity, Group share 3,799,175 3,735,752 Minority interests 318, ,650 Shareholders's equity 4,117,430 4,035,402 Long-term financial debt 1,755,135 1,290,613 Provisions for employee benefits 108, ,867 Other provisions 126, ,729 Deferred taxes 60,260 69,210 Other liabilities 36,776 19,209 Non-current liabilities 2,087,537 1,607,628 Short-term financial debt 726, ,153 Provisions (due within one year) 30,989 26,416 Trade and other payables 1,827,415 1,716,251 Current tax 220, ,137 Other liabilities 32,221 82,005 Liabilities available for sale 74,176 0 Current liabilities 2,911,679 2,862,962 Total liabilities 9,116,646 8,505, Résultats 2011

28 CHANGE IN CONSOLIDATED CASH FLOW (in thousands of euros) Cash flows linked to the activity Net income, Groupe share 319, ,851 Minority interests share 56,600 40,922 Consolidated net income 376, ,773 Expenses and income not affecting cash flow: - elimination of amortisation, depreciation and provisions 206, ,326 - elimination of change in deffered taxes (1,829) (1,677) - other income and expenses not affecting cash flow or not releted to operation (48,554) (191,604) - elimination of capital gains or losses from disposals (139,329) (38,233) Other adjistments: - Net financing cost 66,781 41,182 - Income from dividends received (77,979) (17,086) - Corporation tax charges 114, ,736 Dividends received: - Dividends received from companies valued by the equity method 38, Dividends received from non-consolidated companies 74,969 13,272 Corporation tax paid (96,894) (92,200) Effect of change in working capial requirement: (50,078) (91,203) - of which inventories and work in progress (40,197) (17,504) - of which payables 98,375 71,143 - of which receivables (108,256) (144,842) Net cash flows from ongoing activities 462, , Résultats 2011

29 CHANGE IN CONSOLIDATED CASH FLOW (continued) Cash flow from investment activities Disbursements for acquisitions: - tangible fixed assets (281,796) (196,194) - intangible fixed assets (50,647) (23,133) - Tangible assets held under concessions (64,402) - securities and other financial fixed assets (271,332) (31,022) Income from disposal of assets: - tangible fixed assets 8,709 9,091 - intangible fixed assets 1,167 2,164 - securities 276,364 1,972 - Other financial fixed assets 7,349 9,953 Effect of changes in scope on cash flow (75,584) (391,923) Net cas flow on investments (450,172) (619,092) Cash flow from financing activities Disbursements: - dividends paid to parent company shareholders (64,460) (70,590) - dividends paid to minority interests net of distribution tax (44,194) (24,352) - financial debt repayments (565,824) (258,844) - acquisition of minority interests (9,928) Cash receipts: - increase in shareholders' equity 60,183 3,095 - Investment subsidies 1, increase in financial debt 1,067, ,147 Net interest paid (48,745) (40,942) Net cash flows on financing operations 395,835 (85,486) Effect of exchange rate fluctuation 1,883 9,426 Effect of the reclassification of assets held for sale (930) 0 Cash flow change 408,630 (389,707) Cash and cash equivalents at start of period (17,572) 372,135 Cash at end of period 391,058 (17,572) 28 Résultats 2011

30 CHANGES IN SHAREHOLDERS EQUITY Shareholders' Number of Own shares Fair value Translation Minority Capital Premiums Réserves equity Group TOTAL shares held IAS 39 reserves interests (in thousands of euros) share Shareholders' equity as at 31 december ,391, , ,614 (354,055) 861,690 (112,354) 1,817,922 2,844, ,867 3,075,902 Transactions with shareholders (6) 0 0 (53,472) (53,478) (1,872) (55,350) Dividends distributed (70,590) (70,590) (14,614) (85,204) Operations on own equity -6 (6) 6 0 Share-based payments 16,813 16, ,893 Change in scope (4,681) (4,681) 13,393 8,712 Other changes 4,986 4,986 (737) 4,249 Comprehensive income items 554,420 73, , ,195 69,655 1,014,850 Income for the year 316, ,851 40, ,773 Other comprehensive income items Change in translation reserves of controlled entities 26,405 26,405 2,216 28,621 Change in fail value of financial instruments of controlled entities 552,550 (70) 552,480 23, ,601 Other changes in comprehensive income 1,870 47,589 49,459 3,396 52,855 Shareholders'equity as at 31 december ,391, , ,614 (354,061) 1,416,110 (38,360) 2,081,231 3,735, ,650 4,035,402 Transactions with shareholders 413,174 6,289 51,971 2,094 1,170 2,476 (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) (98,980) Opérations on own equity 20,168 2,094 1,537 3, ,485 Share-based payments 4,932 4, ,979 Changes in scope 791 2,476 (13,939) (10,672) 1,278 (9,394) Equity method of Mediobanca ,459 13, ,605 Other changes 3,958 3, ,620 Comprehensive income items (277,832) 12, ,756 53,936 50, ,453 Income for the year 319, ,756 56, ,356 Other comprehensive income items Change in translation reserves of controlled entities 4,723 4,723 (56) 4,667 Change in fair value of financial instruments of controlled entities (232,413) (232,413) (3,680) (236,093) Other changes in comprehensive income (45,419) 7,289 (38,130) (2,347) (40,477) Shareholders' equity as at 31 december ,804, , ,585 (351,967) 1,139,448 (23,872) 2,346,474 3,799, ,255 4,117, Résultats 2011

31 GROUP STRUCTURE As at 31 December 2011 Sofibol 54.6 (9) (82.3) Financière de l'odet 18.5* 66.7 (76.8) 14.9 (0.0) Compagnie du Cambodge** 5.0 (0.0) Société Industrielle et Financière de l'artois** 4.9 (0.0) Financière Moncey** 1.5 (0.0) Nord-Sumatra Investissements ** 0.4 (0.0) Imperial Mediterranean ** Bolloré 20.2* 4.0 (0.0) Société Industrielle et Financière de l'artois** 3.7 (0.0) Nord-Sumatra Investissements ** 2.9 (0.0) Impérial Mediterranean** 2.6 (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 Transportation and logistics in Africa Fuel distribution Electric batteries and vehicles, Supercapacitors Plastic films 37.1 (1) Compagnie du Cambodge 1.1* (3) Financière Moncey 4.0* (6) Compagnie des 28.6 Société des Chemins de Fer Tramways de Rouen et Tramways du * Var et du Gard 3.9* 64.6 (5) (7) 9.3 Société Industrielle et Financière de l'artois 4.3* IER 47.6 (Terminaux et systèmes spécialisés) 1.9 (8) 11.5 Forestière Équatoriale (Côte d'ivoire) 2.5* 8.9 Société Bordelaise Africaine 8,9 Socfin ex-socfinal (Luxembourg) 29.2 (1) 90.5 (1) 25.3 (1) Communication and medias Compagnie de Cornouaille Financière du Loch Compagnie de Pleuven Socfinasia (Luxembourg) 16.7 Advertising, telecoms Financière du Perguet (1) Imperial Mediterranean (4) Financière de Sainte-Marine 46.8 Safa 12,1* 28.2 (1) % (%) % of capital (% of voting rights at General meeting) * Percentage of share capital outside the Group ** Controlled by Bolloré Listed companies Transportation and logistics Fuel distribution By convention, shareholdings under 1% are not mentioned (1) Directly and indirectly by fully owned 100% subsidiaries (2) of which < 10.0% by Compagnie du Cambodge (3) 4.1% par SFA filiale à 98.4% of Plantations des Terres Rouges (4) of which 12.0% by Société Industrielle et Financière de l'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 4.6% by its 99.5% owned direct subsidiary Compagnie de Guénolé Industry Communication, media, advertising and telecoms Plantations Shareholdings 30 Résultats 2011