2016 RESULTS MARCH 23, 2017

Transcription

1 2016 RESULTS MARCH 23, 2017

2 AGENDA Group overview Business review 2016 Appendix

3 1 GROUP OVERVIEW 3 3

4 SHARE PRICE EVOLUTION BOLLORÉ GROUP STOCK MARKET PRICE AT 03/17/17: 3.6 MARKET CAPITALIZATION: 10.4Bn 5,5 5,0 4,5 4,0 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0 Mar 07 Mar 08 Mar 09 Mar 10 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Δ (%) Since 01/01/17 1 year 10 years Bolloré 6.8% (1.7%) 142.1% SBF % 13.5% 0.8% Bolloré Indexed SBF 120 Source: Datastream, monthly average stock market price as of March 17, 2017 (after the 100 for 1 split) 4

5 2016 RESULTS KEY FIGURES BOLLORÉ GROUP Group turnover: 10,076 million 7% ( 5% at constant scope and exchange rates) EBITDA: 1,022 million, 8% Operating income: 627 million, 11% Group share of net income: 440 million, 22% Net cash flow from operations: 1,107 million vs. 1,133 million in 2015 Net debt: 4,259 million vs. 4,477 million as of June 30 th 2016 and 4,281 million in Dec Gearing: 41% vs. 46% as of June 30 th 2016 and 38% in Dec Market value of portfolio (12/31/2016): 4,553 million Proposed dividend: 0.06 per share of which 0.02 already paid, payable in cash or in shares, identical to that paid for

6 GROUP STRUCTURE BOLLORÉ GROUP ECONOMIC ORGANIZATIONAL CHART AT 12/31/2016 (IN % OF CAPITAL) 6 (1) Sofibol: 55.3% (2) Compagnie du Cambodge: 19.1% (2) Société Industrielle et Financière de l'artois: 5.6% (2) Financière de Moncey : 4.9% (2) Impérial Mediterranean: 3.6% (2) Nord Sumatra Investissements: 2.3% TRANSPORTATION & LOGITICS COMMUNICATIONS ELECTRICITY STORAGE & SOLUTIONS Bolloré Logistics Havas Blue Solutions Bolloré Ports Bolloré Railways OIL LOGISTICS Bolloré Energy 90.8% Financière de l'odet 64.4% (3) Bolloré Media, Telecoms Vivendi (accounted for using the equity method) (1) Directly by Sofibol and by its 99.5% subsidiary Compagnie de Guénolé. Sofibol is controlled by Vincent Bolloré. (2) Companies controlled by Bolloré. (3) Of which 0.5% by Imperial Mediterranean and SBA, Bolloré subsidiaries Blue Applications Dedicated terminals & systems Plastic films OTHER ASSETS Shareholding Portfolio VIVENDI Bolloré increased its stake in Vivendi in Oct The early unwinding in cash of the hedging and financing operations that was carried out to purchase 34 M of shares (or 2.6%). Post operation, Bolloré Group held 15.3 % of share capital and 16.7% of voting rights; A share loan agreement on 34.7 M shares (or 2.7% of share capital) maturing on June 25, 2019; The acquisition of call options that allow the Group to purchase at any time an additional number of 34.7 M shares (or 2.7 % share capital) maturing on June 25, 2019; A new financing facility pledged on Vivendi Shares accounting for 300 M (maturing March 2022). By these operations, Bolloré Group crossed the 20% threshold of share capital and voting rights in Vivendi. Taking into account double voting rights attached to the shares, Bolloré Group crossed the 25% threshold of voting rights on March 6, 2017 and will hold around 29% of voting rights by April 20, shareholding in Vivendi was accounted for using the equity method in Bolloré s accounts starting October 7 th, 2016

7 2016 RESULTS BOLLORÉ GROUP SUMMARY OF MAIN FINANCIAL ITEMS IN 2016 in millions of euros Change Turnover 10,076 10,824 (7%) EBITDA (1) 1,022 1,114 (8%) Depreciation, amortization and provisions (394) (413) (4%) Operating income (11%) Financial income (13%) Share in the net income of equity accounted non operating companies Taxes (224) (265) Net income (19%) Net income group share (22%) Minorities Earnings per share (2) (23%) Net cash flow from operations 1,107 1,133 (26) Net capital expenditures (658) (771) 114 Net financial investment (60) (2,539) 2,479 Dec. 31 st, 2016 Dec. 31 st, 2015 Change ( M) Net debt 4,259 4,281 (22) Gearing ratio 41.4% 38% Market value of listed share portfolio (3) 4,553 4,977 (424) EBITDA: 8% Operating income: 11% due to the decline in operating results in the Transport & Logistics business and the accelerated expenses in electricity storage Financial income: 13% benefiting from dividends received from Vivendi but hurt by negative currency effects Net income from companies accounted for using the equity method: 20M hit by depreciations on Mediobanca shares Net debt slightly down by 22M over 12/31/2015 (1) including income from operating companies accounted for using the equity method. (2) Excluding treasury shares. (3) Taking into account the impact from financing on Vivendi securities in 2015 and the value of call options as of 31/12/2016 7

8 TURNOVER BOLLORÉ GROUP CHANGES IN TURNOVER BY BUSINESS SECTOR in millions of euros Reported Organic growth growth Transportation & Logistics 5,458 6,051 (10%) (7%) Oil logistics 1,965 2,238 (12%) (12%) Communications (Havas, Media, Telecoms) 2,321 2,247 3% 3% Electricity Storage and Solutions % 17% Other (Agricultural Assets, Holding Companies) (2%) (2%) Total turnover Bolloré Group 10,076 10,824 (7%) (5%) Turnover was down 5% at constant scope and exchange rates, owing to: the 7% loss in the Transportation & Logistics business turnover amid declining freight rates in freight forwarding and the sharp drop in the prices of commodities which penalized certain African countries (Gabon, Congo, Angola and Cameroun) and a drop in railway turnover, which included mainly nonrecurring items related to the Benirail project in 2015; the decline in the Oil Logistics business (down 12%) was attributable both to lower prices and volumes of oil products; the good performance by Communications (+3%) and the growth in Electricity Storage and Solutions (+17%). On an unadjusted basis, foreign currency fluctuations primarily impacting Transportation & Logistics business, and the Communications business had a negative effect of 232 million euros on the 2016 Group s turnover. 8

9 OPERATING INCOME BY BUSINESS BOLLORÉ GROUP CHANGE IN OPERATING INCOME BY BUSINESS OPERATING INCOME BOLLORÉ TRANSPORT & LOGISTICS ( M) in millions of euros Change Bolloré Transportation & Logistics (10%) % Turnover 7.3% 7.3% 2 bps Transportation & Logistique (1) (14%) Oil logistics % Communications (Havas, Media, Telecoms, Vivendi) % % Turnover 12.1% 11.3% 81 bps Electricity Storage and Solutions (168) (126) Others (Agricultural Assets, Holding Companies) (1) (31) (34) Total Operating Income Bolloré Group (11%) % Turnover 6.2% 6.5% 25 bps Operating income decreased by 10% due to: the decline in operating results from the Transportation & Logistics business. Good performance from freight forwarding in Europe, in Asia and the United States and from port terminals in Africa (except mainly Nigeria and the Congo) were not enough to offset earnings decrease from logistics, in the wake of lower oil and commodity prices and from rail, following a serious accident; good earnings from Oil Logistics, thanks to a solid performance from distribution and storage in France, and operations in Germany; growth in the Communications business thanks to the stronger results from Havas and the Media division. Earnings also include 16 million representing the share of Vivendi (consolidated by the equity method starting October 7, 2016); and the increase in expenses related to Electricity Storage (batteries and electric vehicles). (1) Before trademark fees 9

10 FINANCIAL AND EQUITY ACCOUNTED INCOME BOLLORÉ GROUP CHANGES IN FINANCIAL INCOME 2016 Financial income of 164 M, specifically including: in millions of euros Change Net dividends and income from investments in marketable securities (1) Net financing expenses (101) (92) (9) Other financial expenses and income (70) (57) (13) Financial income (24) 325 M in net dividends received from Vivendi, equal to those received in 2015; 38 M in negative currency effects due to the devaluation of certain currencies in Africa (Nigeria, Guinea). CHANGES IN OPERATING COMPANIES FOR USING THE EQUITY METHOD in millions of euros Change Share in net income of non operating companies accounted for using the equity method (83) Net income from companies accounted for using the equity method: 20 M, down mainly due to depreciations on Mediobanca shares. 10

11 CHANGE IN NET DEBT BOLLORÉ GROUP CHANGE IN NET DEBT in millions of euros Change Cash flow (1) 1,112 1,207 (94) Change in WCR (+ = reduction) (5) (73) 68 Net cash flow from operations 1,107 1,133 (26) Net capital expenditures (658) (771) 114 Net financial investment (60) (2,539) 2,479 Dividends paid (227) (254) 27 Net financial charges paid (98) (86) (11) Increase in share capital, change in fair value and other items (42) 8 (50) Change in net debt ( = increase in debt) 22 (2,509) 2,531 (1) Cash flow after elimination of capital gains and before financial expenses 11

12 BALANCE SHEET PORTFOLIO LIQUIDITY BOLLORÉ GROUP NET DEBT AND VALUE OF THE PORTFOLIO GEARING EVOLUTION (%) in millions of euros Change Shareholders' equity 10,281 11,285 (1,004) of which Group share 8,915 9,947 (1,031) 46% 26% 38% 41% Net debt 4,259 4,281 (22) 19% 18% Gearing (%) (1) 41% 38% Market value of listed share portfolio (2) 4,553 4,977 (424) Undrawn available amount (3) ~ 1,800 ~ 1, Net debt: 4,259 M, down 218 M over the second half and down 22 M in 2016; Shareholders equity: 10,281 M, down 1,004 M attributable to the decline in market values; Gearing (1) : 41% against 46% as of June 30 th 2016 and 38% as of December 31 st 2015; Market value of listed share portfolio: 4,553 M (2) ; Undrawn facilities: up at 2.2 Bn at the end of February 2017, vs. 1.8Bn at the end of 2016 and 1,8Bn in December 2015 (3) ; new 5 year bond issue of 500 M bearing a 2% coupon in January 2017; increase of debt maturity to 3,6 years on average. 12 (1) Gearing ratio = Net debt to shareholder equity (2) Taking into account the impact from financing on Vivendi securities in 2015 and the value of call options as of 31/12/2016 (3) Excluding Havas

13 DIVIDEND BOLLORÉ GROUP CHANGES IN PAID DIVIDEND PER SHARE ( PER SHARE) 0,030 0,033 0,031 0,031 0,060 0,060 0,060 (1) 2016 statutory income 43 M Distributable amount 1,982 M 0,013 0,020 0,020 0,020 0,020 0,020 0,020 0, Interim dividend per share Total dividend per share KEY DATES General Meeting June 1 st, 2017 Ex dividend date June 6 th, 2017 Payment date June 28 th, 2017 Proposed dividend: 0.06 of which an installment of 0.02 already paid in 2016; payable in cash or in shares; maximum amount of 174 M. 13 (1) Proposed distribution submitted to the AGM of June 1 st, 2017

14 2 BUSINESS REVIEW

15 BOLLORÉ TRANSPORT & LOGISTICS 4 UNITS TO DELIVER A WORLDWIDE LOGISTICS OFFER BOLLORÉ TRANSPORT & LOGISTICS A LEADING OPERATOR IN PORT CONCESSIONS A GLOBAL PLAYER IN FREIGHT FORWARDING AND LOGISTICS MAJOR RAILWAY OPERATOR AND DEVELOPER IN AFRICA 1ST INDEPENDENT PLAYER IN FRANCE IN OIL LOGISTICS AND DISTRIBUTION #1 port concessions operator in Africa 18 port concessions Operator of international port concessions India, Haiti, Timor Leste Operator in secondary ports in France 99 shipping agencies Among top 10 worldwide Global footprint: Europe, Asia, US and Africa International shipping and value added services Business lines: multi modal transportation, customs and regulatory compliance, logistics, global supply chains, industrial projects Operator of 3 rail concessions in Africa Sitarail: Ivory Coast Burkina Faso Camrail: Cameroon Benirail: Niger Benin A prime railway developer Significant investment programs for existing concessions Leader in domestic fuel distribution in France Strong presence in oil logistics, in France and Europe 36,000 employees in 105 countries 15

16 TRANSPORTATION & LOGISTICS KEY FIGURES BOLLORÉ TRANSPORT & LOGISTICS 2016 FINANCIAL ITEMS in millions of euros Change Organic Growth Transportation & Logistics Turnover Bolloré Logistics 3,085 3,363 (8%) (8%) Bolloré Africa Logistics 2,373 2,688 (12%) (6%) Turnover 5,458 6,051 (10%) (7%) EBITDA (1) (10%) Operating income (1) (14%) Transportation & Logistics Investments (19%) EBITDA: 10% good performance from freight forwarding activity despite volatile freight rates and from port terminals in Africa (except mainly Nigeria and the Congo); serious rail accident in Cameroun, the drop of hydrocarbons volumes to Chad (Camrail) and the suspension of Benirail project had a negative impact on earnings; decline in commodity prices significantly affecting oil & gas and mining projects, in countries highly exposed to oil (Gabon, Congo, Angola, Mozambique.) penalized logistics and handling businesses and some port terminals (Nigeria, Congo, Cameroun). Operating income: 14%: still including strong amortization related to a sustaining pace of capital expenditure in Africa. (1) Before trademark fees 16

17 BOLLORÉ LOGISTICS BOLLORÉ TRANSPORT & LOGISTICS 2016 RESULTS 2016 Turnover: 3,085 M, 7.8% at constant scope and exchange rates due to the decline in freight rates partly offset by the rise in volumes in freight forwarding and logistics activities Results, featuring: continued growth in fret forwarding operating income in France, supported by the increase in activity from our major clients, in the areas of retail, luxury goods, health, and aeronautics; a drop in income in some European countries, mainly in the United Kingdom and in Belgium which suffered from a drop in activity on industrial and mining projects; increased income in Asia Pacific, which benefited from the good performance of subsidiaries in China, and in South Asia (India, Singapore ). Healthy business developments in the Middle East and in Americas due to solid business activity in the US and in Canada. Continued development of the network Branch offices opened in Saudi Arabia, Austria, Lebanon and Canada. 17

18 BOLLORÉ AFRICA LOGISTICS BOLLORÉ TRANSPORT & LOGISTICS 2016 RESULTS Turnover: at 2,373 M, 6%, at constant scope and exchange rate. The slight growth in the port terminals business was offset by the drop already announced in the logistics and warehousing business in certain African countries (Gabon, Congo, Angola and Cameroon) that remain impacted by lower raw material prices and lower oil prices. This change was also due to a drop in railway turnover, which included mainly non recurring items related to the Benirail project in Results, featuring: despite challenging economic environment, good results from port terminals, in particular Abidjan Terminal in Ivory Coast, MPS in Ghana, Dakar Terminal in Senegal, and Freetown Terminal in Sierra Leone, which benefited generally from higher volumes handled; the falloff in mining and oil activities on logistics and port activities in some countries (Congo, Gabon, Ghana, Liberia, Chad, Angola, Nigeria ); good performance from activities in East Africa and in South Africa; serious rail accident in Cameroon, the drop of hydrocarbon volumes to Chad (Camrail) and the suspension of Benirail project due to the legal dispute between Benin state and one of its citizens. These items had a negative impact on earnings. Continued development of the network Ghana: with APMT, obtained an extension of the MPS Tema port concession, which accounts for a total investment of US $1.1 Bn. Financing will be arranged by the IFC. MPS is equity accounted; East Timor: Bolloré Group selected by the East Timor authorities, advised by IFC World Bank, to build and operate the deep water port of Dili as part of a public private partnership. The total investment amount is estimated at US $490 M over the life of the concession (30 years); Sierra Leone: signing of the extension of the Freetown port concession for a consideration of US $120 M with the objective of doubling productivity rates within 4 years. Corridors Outlets Port concessions

19 BOLLORÉ ENERGY BOLLORÉ TRANSPORT & LOGISTICS 2016 RESULTS A STRONG OIL DISTRIBUTION AND LOGISTICS NETWORK in millions of euros Change Turnover 1,965 2,238 (12%) Operating income % Operating margin (%) 2.8% 1.7% 111 bps Investments (22%) 19 Turnover: down 12% due primarily to the to lower prices and volumes of oil products. Significant growth in operating income: +47% good performance from distribution in France despite unfavorable weather conditions; good results from German activities, supported by sustained growth in Calpalm s petrol stations; solid performance from the logistics business in France (SFDM); favorable impact of inventories. Acquisition of the Rouen Petit Couronne depot facilities (November 2015) upgrade works in progress. This site will be used to consolidate distribution for Bolloré Energy in the area and provide storage for strategic inventories by the end of 2017.

20 COMMUNICATIONS COMMUNICATIONS 2016 RESULTS in millions of euros Change Turnover 2,321 2,247 3% Operating income % Operating margin (%) 12.1% 11.3% 81 bps Investments % 11% rise in operating income attributable to: solid results from Havas, supported by strong performance from Europe and by an upturn in businesses in North America; the increase in Media operating income and a rise in spending in Telecoms; 16 M contribution from Vivendi, accounted for using the equity method as from October 7th,

21 HAVAS COMMUNICATIONS 2016 RESULTS PUBLISHED BY HAVAS SHARE PRICE EVOLUTION (PRICE IN ) in millions of euros Change Turnover 2,276 2,188 4% organic growth 3.1% 5.1% Income from operations % Income from operations margin 14.5% 14.4% 10 bps Operating income % Operating margin (%) 13.0% 13.4% 30 bps Net income % Net income Group share % Shareholders' equity 1,767 1, Net debt / (Net Cash) (149) (88) (61) 9.0 Market Cap. (as of 17/03/17): 3.47 Bn Mar 07 Mar 08 Mar 09 Mar 10 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16 Mar results revenues up 3.1% organically (+4.2 % in Q4 2016) fuelled by a strong performance from Europe at +5,1% and by an upturn in businesses in North America; income from operations margin of 14.5%,up 10 basis points; net cash rose by 61 M to 149 M, compared to 88 M in 2015; net new business won in 2016 was sustained at 2,139 M, reflecting the significant wins of the year in several countries (GSK, Swarovski, Tracfone, TIM ). Source : Datastream, monthly average stock market price as of March 17, 2017

22 MEDIA & TELECOMS COMMUNICATIONS 2016 KEY FIGURES DIRECT MATIN average circulation close to 908,400 copies (1) up 2.5% (2.4 million readers per issue); digital version, Directmatin.fr: 2.5 million visitors for more than 9 million page views per month (2). TELECOMS Frequency 3.5 Ghz 22 regional licenses which provide it with national coverage; continued development of the network roll out reaching more than 4,000 stations at the end of January 2017 (2,941 at end June 2016); cumulative expenditure at this stage about 150 M including licenses and development costs. Wifirst sales of a wireless high speed Internet service to student residences and hotel resorts; turnover: 25 M or +27% over 2015; Installed base continues to spread, with 411,121 rooms/sites connected up 13% compared to December (1) Source: OJD, December 2016 (2) Source: Google Analytics, December 2016

23 SHAREHOLDING IN VIVENDI COMMUNICATIONS 2016 KEY FIGURES REPORTED BY VIVENDI (IFRS) SHARE PRICE EVOLUTION (PRICE IN ) (1) in millions of euros Change Revenues 10,819 10,762 1% EBIT 1,194 1,231 (3%) EBITA (23%) Earnings attributable to Vivendi SA shareowners 1,256 1,932 (35%) Adjusted net income % Market Cap. (as of 17/03/17): Bn Shareholders' equity 19,612 21,086 Net debt / (cash net) (1,068) (6,422) Vivendi Total Return CAC 40 Total Return Key figures by business segment 2016 Revenues EBITA REVENUES BY ACTIVITY Universal Music Group 5, Canal+ Group 5, Gameloft Other activities (2) 167 (167) Contenus 54% Distribution Music Gameloft Studio publishing 7% 1% Canal (3) 4% 29% PayTV France 46% Total 10, (1) Share price as of 03/17/2017 (2) Vivendi Villages et New initiatives (3) Films/series production and distribution 23 Recorded music & Merchandising 42% Other activities (2) 13% 2% 2% PayTV Intl. FreeTV

24 ELECTRICITY STORAGE AND SOLUTIONS BLUE SOLUTIONS, BLUE APPLICATION, PLASTIC FILMS ELECTRICITY STORAGE & SOLUTIONS 2016 RESULTS in millions of euros Change Turnover % organic growth 17% 9% Operating income (168) (126) Investments (207) (250) Turnover from industrial activities: 310 M, +17% turnover by Blue Solutions with the Blue Applications entities stood at 109 M (vs. 120 M in 2015). This number is eliminated at the Bolloré Group level; sustained growth from dedicated terminals, sales of new vehicles ( E Mehari mainly) and bluebuses and steady of growth car sharing activity. Continued growth in operating expenses and capital expenditure in electricity storage and applications growth in capital expenditure attributable to the development of the twelve meter bus and electric vehicles (E Mehari) and technology demonstrator for stationary applications. 24

25 BLUE SOLUTIONS ELECTRICITY STORAGE & SOLUTIONS 2016 RESULTS REPORTED BY BLUE SOLUTIONS SHARE PRICE CHANGES SINCE THE IPO (PRICE IN ) in millions of euros 2,016 2,015 Change Turnover (10%) EBITDA (15%) Operating income (0) 3 NA Operating margin (%) (0.4%) 2.6% Financial income 2 (3) NA Net income (0) 0 NA Net income Group share (0) 0 NA in millions of euros 2,016 2,015 Change Shareholders' equity group share Net debt (3) Gearing (%) (1) 16% 14% 43,0 IPO: Oct. 30, 2013 at 14,50 38,0 33,0 28,0 23,0 18,0 13,0 8,0 Oct 13 Jan 14 Apr 14 Jul 14 Oct 14 Jan 15 Apr 15 Jul 15 Oct 15 Jan 16 Apr 16 Jul 16 Oct 16 Jan 17 Shareholding Bolloré 71% Bolloré Part. 18% Public 11% 25 Turnover and results down turnover declined by 10%. The high volume at Bluebus did not offset the drop in sales in stationary electrical storage; EBITDA down by 15% due to declining volumes, despite efficient management of cost structure; financial result positively impacted by positive currency effect related to the appreciation of the Canadian dollar against the Euro. Acquisition of Capacitor Sciences Incorporated US start up specialized in the study and research of new electricity storage molecules with the aim of substantially improving the performance of LMP battery (density, life cycle and charging speed). (1) Gearing ratio = Net debt to shareholder equity

26 BLUE APPLICATIONS MOBILITY ELECTRICITY STORAGE & SOLUTIONS ACHIEVEMENTS IN 2016 Car sharing (1) more than 4,900 electric vehicles including 3,960 Autolib ; 1,500 stations equipped with 7,800 charging terminals of which 1,100 stations and 6,200 terminals for Autolib ; 118,000 active premium annual subscribers (vs. 106,000 in 2015, or +11%); ~6 million rentals per year; won new car sharing projects in Singapore on June 30, 2016 and in Los Angeles on December 19 (opening schedule in late 2017); on going development of charging terminal service in London that should lead to the opening of a car sharing service in the near future; opening of car sharing service in Torino in Italy. Bluebus continued development of production and sales of six meter and twelve meter Bluebuses: 20 six meter buses sold to local authorities in France (Chamonix, Brive, le Puy en Velay ) and 22 twelve meter buses delivered to the RATP (deliveries of additional 20 buses scheduled in 2017); launched of the RATP's first 100% electric standard bus line in May 2016 (line 341 in Paris). E Mehari partnership with the PSA Peugeot Citroën Group to develop and sell the E Mehari. More than 900 E Mehari were sold to PSA in (1) Autolib Paris, Bluely Lyon, Bluecub Bordeaux, and BlueIndy in Indianapolis, Blue Torino in Torino. 26

27 BLUE APPLICATIONS STATIONARY APPLICATIONS, IER, POLYCONSEIL & PLASTIC FILMS ELECTRICITY STORAGE & SOLUTIONS ACHIEVEMENTS IN 2016 Stationary many projects being studied to pair storage with production of solar power (including Africa and French overseas departments & territories ); implementation of stationary storage systems to supply Canal Olympia theaters in Africa with electricity in coordination with Vivendi Group. IER a major player in developing and marketing smart connected recharging infrastructure (creation of terminals for Autolib, Bluely, Bluecub, BlueIndy, and London) and vehicle geolocation and remote control systems. substantial growth from IER traditional activities (dedicated terminals for use by the air industries, government agencies and public services) and from the Automatic Systems business (access control that equips subways, railway stations, motorways, or registered offices) with large contracts signed with the SNCF and Paris airports (ADP). Polyconseil delivers IT services and consulting and designs software, also plays an important role in car sharing systems and electrical storage management. Plastic films sales and operating income down mainly due tough business conditions from metal plating process activity in the US. 27

28 OTHER ASSETS (1/3) OTHER ASSETS MARKET VALUE OF THE LISTED SHARE PORTFOLIO: M AS OF DECEMBER 31 ST, 2016 Vivendi (1) : M (2) 20% threshold of share capital and voting rights in Vivendi crossed in October % reached post operations carried out in October through a share loan agreement on 2,7% of share capital and the acquisition of call options on 2,7% of share capital shareholding in Vivendi was accounted for using the equity method in Bolloré s accounts starting October 7th, 2016 Mediobanca (3) Generali: 569 M Main shareholding: Mediobanca (8%), in which the Group is the second largest shareholder, with three representatives on the Board of Directors. Generali: 0,13% Socfin Group: 250 M Socfin (3) (38.8%) Socfinasia (3) (21.8%) Socfinaf (3) (8.6%) Miscellaneous Gaumont (9.6 %) market value of the shareholding: 23 M; proposed public repurchase offer valuing the Group s shareholding at 31 M. Vallourec (1.2 %) subscribed to the capital increase in April 2016 ( 7 M); market value of the shareholding: 36 M. Big Ben Interactive (21.4%) market value of shareholding: 27 M. 28 (1) Accounted for using equity method as of October 7 th, 2016 (2) Taking into account the value of call options as of December 31 st, 2016 (3) Equity accounted

29 OTHER ASSETS (2/3) OTHER ASSETS SOCFIN GROUP AND OTHER AGRICULTURAL ASSETS Socfin Group (1) the Group holds nearly 38.8% of Socfin, which manages 187,000 hectares of plantations in Asia and Africa. Income from plantations are stable compared to the previous year. palm oil price evolution: average price up 13% vs 2015 but with volatile prices since several months; rubber price evolution: average price stable over the year but with a sharp rise at the end of the year. Planted surfaces Net income (in millions d'euros) Company Country Comments on results (hectares) Change Socfindo Indonesia ,5 42,6 (5%) Negative impact of lower average rubber selling prices compared to 2015 Okomu Nigeria ,1 13,5 12% Rubber production hit by unfavorable weather conditions. Positive impact on results from rising palm oil prices Socapalm Cameroon Delay in palm oil production due to unfavorable weather conditions from 7,8 9,9 (21%) Swiss Farm Refining facility previous years Safa Cameroun Cameroon ,1 2,8 (61%) Results hit by weak rubber prices Lac Liberia (4,0) (5,1) na Rise in production but average rubber selling prices still weak Brabanta Congo (5,1) (7,1) Second consecutive year of production, rising output quantities and revenues but breakeven not reached yet SOGB Ivory Coast ,4 9,1 3% increase in production and revenues together with cost control actions have mitigated the weakness of average rubber selling prices SCC (2) Ivory Coast 2,5 3,0 (15%) Negative impact of lower average rubber selling prices compared to (1) Company data before restatement under IFRS. Socfin group plantations are accounted for under the equity method in the Bolloré financial statements. (2) Not consolidated.

30 OTHER ASSETS(3/3) OTHER ASSETS OTHER AGRICULTURAL ASSETS American farms and vineyards American farms three farms located in Georgia and Florida covering 3,300 hectares (8, 160 acres). Management is assigned to the Socfin Group; current capital expenditure plan (US $33 M) to convert farms 1,800 hectares into olive groves by US $6 M were invested in First olive production is expected in 2019; 2016 EBITDA: US $0,4 M vs US $0,1 M in vineyards: Domaine de la Croix and La Bastide Blanche estate cover 242 hectares, including 116 hectares of wine farming rights; 2016 harvesting: 732,000 bottles (+15 %); 2016 revenues: 3.9 M, down 9 %, due to unfavorable climate conditions and enhanced security measures that had a negative impact on consumption; 2016 net income: 1.4 M, stable compared to

31 3 APPENDIX 31 31

32 2016 CONSOLIDATED BALANCE SHEET FINANCIAL RESULTS Assets in millions of euros Dec. 31 st, 2016 Dec. 31 st, 2015 Goodwill 3, ,964.9 Intangible assets 1, ,233.9 Property, plant and equipment 2, ,151.2 Investments in equity affiliates 4, Other non current financial assets 4, ,161.0 Deferred tax Other non current assets Non current assets 15, ,826.5 Inventories and work in progress Trade and other receivables 4, ,659.8 Current tax Other current financial assets Other current assets Cash and cash equivalents 1, ,543.2 Asstes available for sales.0 0 Current assets 6, ,773.4 Total assets 22, ,599.9 Liabilities in millions of euros Dec. 31st, 2016 Dec. 31st, 2015 Share capital Share issue premiums 1, ,163.6 Consolidated reserves 7, ,320.1 Shareholders equity, Group share 8, ,946.9 Non controlling interests 1, ,337.8 Shareholders equity 10, ,284.7 Non current financial debts 4, ,245.4 Provisions for employee benefits Other non current provisions Deferred tax Other non current liabilities Non current liabilities 5, ,129.3 Current financial debts 1, ,581.7 Current provisions Trade and other payables 5, ,227.4 Current tax Other current liabilities Liabilities available for sales.0 Current liabilities 6, ,185.9 Total liabilities 22, ,

33 2016 CONSOLIDATED RESULTS FINANCIAL RESULTS In millions of euros Dec. 31 st, 2016 Dec. 31 st, 2015 Turnover 10, ,824.0 Goods and services bought in (6,419.2) (7,155.6) Staff costs (2,714.5) (2,645.7) Amortization and provisions (394.5) (413.1) Other operating income Other operating expenses (213.0) (195.6) Share in net income of operating companies accounted for using the equity method Operating income Net financing expenses (101.2) (91.7) Other financial income Other financial expenses (368.9) (394.1) Financial income Share in net income of non operating companies accounted for using the equity method Corporate income tax (223.9) (264.8) Consolidated net income Consolidated net income, Group share Non controlling interests Earnings per share (1) (in euros): In millions of euros Dec. 31st, 2016 Dec. 31st, 2015 Group share of net income: basic diluted (1) Excluding treasury shares. 33

34 2016 CONSOLIDATED CASH FLOW STATEMENT FINANCIAL RESULTS In millions of euros Dec. 31 st, 2016 Dec. 31 st, 2015 Cash flow from operations Consolidated net income, Group share Non controlling interests Consolidated net income Non cash income and expenses: elimination of depreciation, amortization and provisions elimination of change in deferred taxes (1.8) (5.7) other income/expenses not affecting cash flow or not related to operating activities (11.5) (106.9) elimination of capital gains or losses upon disposals Other adjustments: net finance expenses income from dividends received (403.1) (406.4) tax charge on companies Dividends received: dividends received from associates dividends received from unconsolidated companies Income tax on companies paid up (212.4) (238.3) Impact of the change in working capital requirement: (5.3) (73.4) of which inventories and work in progress (31.7) (51.6) of which payables of which receivables (73.1) (330.1) Net cash from operating activities 1, ,133.2 In millions of euros Dec. 31 st, 2016 Dec. 31 st, 2015 Cash flow from investment activities Disbursements related to acquisitions: property, plant and equipment (493.0) (588.9) intangible assets (81.5) (68.2) assets arising from concessions (106.6) (128.3) securities and other non current financial assets (168.7) (3,033.6) Income from disposal of assets: property, plant and equipment intangible assets securities other non current financial assets Effect of changes in scope of consolidation on cash flow (101.3) (139.4) Net cash from investments activities (669.8) (3,909.3) Cash flows from financing activities Disbursements: dividends paid to parent company shareholders (135.6) (136.4) dividends paid to minority shareholders net of distribution tax (91.8) (117.7) financial debt repaid (1,423.5) (1,030.9) acquisition of non controlling interests and treasury shares (60.4) (33.3) Receipts: capital increase investment subsidies increase in financial debt 1, ,678.1 disposal to non controlling interests and disposals of treasury stock (1.4) Net interest paid (97.9) (86.4) Net cash from financing activities (546.8) 2,921.2 Effect of exchange rate fluctuations (33.1) 22.0 Other (0.0) (0.0) Net increase in cash and cash equivalents from activities (142.8) Ca sh and cash equivalents at the beginning of the period 1, ,200.1 Ca sh and cash equivalents at the end of the period 1, ,

35 CHANGES IN SHAREHOLDER S EQUITY FINANCIAL RESULTS (in millions of euros) Number of shares excl. treasury shares Share capital Share issue premium Treasury shares IAS 39 fair value Translation adjustment Actuarial (losses) and gains Reserves Shareholder s equity, Group share Minority interests Shareholders' equity as of 01/01/2015 2,521,737, (130.2) 3,920.1 (54.2) (45.9) 3, , , ,707.3 Transactions with shareholders 357,940, (0.4) (7.6) (495.1) Capital increase 146,853, Dividends distributed (171.8) (171.8) (100.6) (272.4) Transactions on treasury shares 211,087, Share based payments Change in consolidation scope 20.6 (2.3) (7.6) (336.4) (325.7) (405.9) (731.6) Other changes Comprehensive income items (3.6) ,153.5 Net income for the period Change in items recyclable through profit and loss Translation adjustment of controlled entities (3.9) (3.9) (4.2) (8.2) Change in fair value of financial instruments of controlled entities Other changes in comprehensive income Change in items that will not be recycled through profit and loss Actuarial (losses) and gains from controlled entities (2.5) (2.5) (1.4) (3.9) Actuarial (losses) and gains from entities accounted for using the equity method (1.1) (1.1) (0.0) (1.1) Shareholders' equity as of 12/31/2015 2,879,677, ,163.6 (24.8) 4,352.5 (50.4) (57.1) 4, , , ,284.7 Transactions with shareholders 15,451, (1.3) 1.1 (460.1) (170.9) (71.6) (242.5) Capital increase 15,451, (0.4) Dividends distributed (172.9) (172.9) (99.9) (272.8) Transactions on treasury shares Share based payments Change in consolidation scope (1.1) 0.9 (295.0) (43.5) 23.7 (19.8) Other changes (0.1) (0.2) Comprehens ive income items (1,235.2) (28.6) (36.8) (860.6) 99.1 (761.6) Net income for the period Change in items recyclable through profit and loss Translation adjustment of controlled entities (47.2) (47.2) (10.1) (57.3) Change in fair value of financial instruments of controlled entities (1,263.7) (1,263.7) (28.5) (1,292.2) Other changes in comprehensive income Change in items that will not be recycled through profit and loss Actuarial (losses) and gains from controlled entities (24.1) (24.1) (10.1) (34.1) Actuarial (losses) and gains from entities accounted for using the equity method (12.7) (12.7) (0.0) (12.8) Shareholders' equity at 12/31/2016 2,895,129, ,198.9 (24.8) 3,369.0 (80.3) (92.8) 4, , , ,280.7 TOTAL 35

36 GROUP STRUCTURE (IN % OF CAPITAL) AS OF DEC. 31 th, 2016 Sofibol 55,3 (7) (92,1) Financière de l'odet 63,8 (77,9) Bolloré 9,2* 35,6* 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 ** 0,5 (0,0) Imperial Mediterranean ** 0,1 (0,0) Société Bordelaise Africaine** 32,8 (2) (0,0) 67,2 (1) (100,0) 37,0 (1) (37,1) Plantations des Terres 61.9 Compagnie du 42,1 (42,2) Société Industrielle et Financière Moncey Rouges Cambodge 1,1* 3,7* Financière de l'artois 4,3* ,0 (5) (37,1) %(%) % of capital (% of voting rights at General Meeting) * % of share capital outside the Group ,1 Société des Chemins 14.0 Compagnie des de Fer et Tramways Tramways de Rouen du Var et du Gard 3,8* 6,0* 64,7 (4) Société Bordelaise Africaine ,5 (1) ** Controlled by bolloré Listed companies 64.2 La Forestière Équatoriale 2,5* 29,2 (1) Bolloré Transport & Logistics Compagnie de Pleuven 4,1 (3) Electricity Storage & Solutions Financière de Sainte-Marine 32.5 Communications Other assets and shareholdings 7,98 (10) (8,1) 2 Transportation & Logistics Bolloré Ports 13,0 (9,8) COMMUNICATIONS 6,0 (9,1) 25,8 (39,1) Médias, télécoms 15,0 (11,4) 17,8 (8) (18,8) ELECTRICITY STORAGE & SOLUTIONS Bolloré Logistics Havas Blue Solutions Bolloré Railways Oil Logistics Bolloré Energy Mediobanca 20,7 (11) (22,1) Vivendi 11,5 (11,6) 40,3 * (accounted for using equity method) 1,9 (6) Socfin Blue Applications IER ,3 (1) (25,5) 56,5 (57,8) 58,8 (58,9) Plastic Films 11,0 * 71.2 (75,3) By convention, shareholdings under 1% are not mentioned: (1) Directly and indirectly by fully owned subsidiaries (2) Of which < 10.0% by Compagnie du Cambodge and 22.8% by Société Industrielle et Financière de l Artois (3) 4.10% by SFA a 98.4% owned subsidiary of Plantations des Terres Rouges (4) 64.7% by its 53.4% owned direct subsidiary Socfrance (5) 30.2% by Société Bordelaise Africaine and 6.8% by 53.4% owned direct subsidiary Socfrance (6) 1.9% by Plantations des Terres Rouges (7) Of which 5.3% by its 99.5% owned direct subsidiary Compagnie de Guénolé (8) Including 17.8% by Bolloré Participations (9) Including 1.0% by Société Industrielle et Financière de l Artois (10) Via Financière du Perguet, a 95,1% owned subsidiary of Bolloré and 4,9% owned subsidiary of Financière de l Odet (11) Via Compagnie de Cornouaille which crossed the 20% threshold of share capital including the share loan agreement on 2,7% of share capital and the acquisition of call options on 2,7% of share capital 5,0 (5,1) Socfinasia Socfinaf 1,8 (9) 36 16,7 (17,1) 6.8