2017 RESULTS MARCH 22, 2018

Transcription

1 2017 RESULTS MARCH 22, 2018

2 SOMMAIRE Summary Results Review of Operations 2017 Results Appendices

3 SUMMARY RESULTS 3 3

4 CHANGE IN THE SHARE PRICE BOLLORÉ GROUP SHARE PRICE AT 03/20/2018: 4.4 MARKET CAPITALIZATION: 12.9 Bn 6,0 Δ (%) 01/01/18 1 an 10 ans Bolloré (2.0%) 23.3% 223.5% SBF 120 (0.9%) 6.0% 28.4% 5,0 4,0 3,0 2,0 1,0 - Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Bolloré Indexed SBF Source: Thomson Reuters

5 2017 RESULTS KEY POINTS BOLLORÉ GROUP 2017 Results(including the full consolidation of Vivendi since April 26, 2017) Group revenue: 18,325m, +82% (including the 8,911m contribution from Vivendi), +6% at constant consolidation scope and exchange rates Operating income: 1,124m, + 79%(including the 720m contribution from Vivendi) Net income: 2,081m (compared to 588m in 2016), of which Net income, group share amounted to 699m, +59% vs 2016 Net cash from operating activities: 2,067m, compared to 1,107m in 2016 Net debt: 4,841m compared to 4,259m at December 31, 2016 Gearing ratio: 15% compared to 41% at year end 2016 Total market value of the portfolio of listed securities(bolloré and Vivendi)(as at December 31, 2017): 7,432m Acquisition by Vivendi of Bolloré Group s 59.2% interest in Havas for 2,317m 1 on July 3, 2017, followed by the purchase of Havas' minority interests for 1,601m Proposed dividend: 0.06 per share (including an interim dividend of 0.02 already paid), payable in cash or shares,thesameasthatpaidinrespectof2016 (1) Excluding financial transaction taxes of 7m 5

6 GROUP STRUCTURE BOLLORÉ GROUP ECONOMIC ORGANIZATIONAL CHART AT 12/31/2017 (in % of share capital) (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% 90.8% Financière de l'odet 64.1% (3) Bolloré TRANSPORTATION & LOGISTICS COMMUNICATIONS ELECTRICITY STORAGE & SOLUTIONS Bolloré Logistics Vivendi Blue Solutions Bolloré Ports Bolloré Railways OIL LOGISTICS Bolloré Energy Universal Music Group Canal + Havas Others (Gameloft, New Initiatives...) Media, Telecoms Blue Applications - Dedicated terminals & systems Plastic films (1) Held 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% held by Imperial Mediterranean, SBA and Nord-Sumatra Investissements, Bolloré subsidiaries OTHER ASSETS Shareholding Portfolio 6

7 2017 RESULTS BOLLORÉ GROUP SUMMARY OF THE MAIN FINANCIAL ELEMENTS FOR 2017 in millions of euros 2017 Bolloré (5) Vivendi (Eq Acc & FC) (5) 2016 Change Revenue % EBITDA % Depreciation, amortization and provisions (948) (393) (554) (394) + 140% Operating Income % o/w equity-accounted operating companies (1) % Financial income (71) % Share in the net income of equity-accounted non-operating companies Taxes 723 (155) 879 (224) - Net income % Net income group share % Minority Interest Earnings per share (2) % Net cash flow from operations Net capital expenditures (1 072) (665) (407) (658) (414) Net financial investment (1 847) (4 067) (60) (1 787) in millions of euros 31/12/2017 Bolloré Vivendi (Eq Acc & FC) 31/12/2016 Change Net debt Gearing ratio 15% 23% 41% Market value of listed share portfolio (3) (1) At the Vivendi level, mainly from Telecom Italia (2) Excluding treasury share. (3) Taking into account the value of Vivendi securities and the impact of the value of call options as of 31/12/2016 (4) Bénefice mondial consolidé (5) Havas' first half 2017 results included in Bolloré's accounts and Havas' second half 2017 results included in Vivendi's accounts Financial income: + 119m Including a capital gain of 232 million recorded by Bolloré at year end 2017 following the fair value adjustment of the Vivendi shares (fully consolidated) as well as a 77m gain resulting from the change in fair value of the call options on Vivendi shares. Equity accounted non operating companies: + 115m Good results from the plantations and Mediobanca Taxes: + 723m Includes non recurring items of 1,016m relating to Vivendi: the favorable settlement of the litigation related to the BMC 4 of 2011 ( 409m), the refund of the 3% tax on dividends paid ( 243m) and the favorable impact from the change in tax rates mainly in the United States on the Group's deferred taxes ( 364m).

8 REVENUE BOLLORÉ GROUP CHANGE IN REVENUE BY ACTIVITY in millions of euros Reported Organic growth growth (2) Transportation & Logistics % + 8% Oil logistics % + 11% (1) Communications (Havas, Media, Telecoms, Vivendi) % + 4% Electricity Storage and Solutions % + 2% Other (Agricultural Assets, Holding Companies) % - 4% Total Bolloré Group revenue % + 6% Revenuewasupby6%atconstantconsolidationscopeandexchangerates,asaresultof: the 8% increase in transportation and logistics operations driven by the 11% growth of Bolloré Logistics which benefits from increased handled container volumes of the air and sea freight operations. Bolloré Africa Logistics revenue was up (+4%) primarily due to the strong growth in the container volumes handled by the port terminals, notably with a significant improvement during the second half of the year and an increase in logistics and handling operations. Rail operations remain impacted by lower passenger and freight traffic; the 11% increase in oil logistics operation, following the increase in oil product prices, which offsets the drop in volumes; the increase in communications operations (+4%), mainly attributable to Vivendi (+5%). On a reported basis, revenue increased by 82%, given the + 7,383m impact of the change in the consolidation scope, mainly due to the consolidation of Vivendi, and despite the unfavorable impact ( 160m) of exchange rate fluctuations. 8 (1) In 2017, contribution of Vivendi from 04/26 to 12/31/2017. (2) Organic growth corresponds to growth at constant scope and exchange rates

9 OPERATING INCOME BY ACTIVITY BOLLORÉ GROUP CHANGE IN OPERATING INCOME (OI) PER ACTIVITY OI TRANSPORTATION & LOGISTICS (EVOLUTION BY HALF YEAR, M) in millions of euros Change Bolloré Transportation & Logistics % % Revenue 6.6% 7.3% -69 bps Transportation & Logistics (1) % Oil Logistics % Communication (Havas, Media, Telecoms, Vivendi (2) ) % % Revenue 7.9% 12.1% -429 bps Electricity Storage and Solutions (165) (168) % + 4% Others (Agricultural Assets, Holding Companies) (1) (28) (31) - Total Bolloré Group Operating Income % % Revenue 6.1% 6.2% -9 bps H H H H Operating income: 1,124m(+ 79%) taking into account: a slight increase in Transport and Logistics operations due to an improvement during the second half year, marked by the positive performance of the port terminals and logistics in Africa and the sustained growth of freight forwarding volumes; a contraction of the results for Oil Logistics (despite an improvement during the second half year) resulting from lower volumes in the distribution operations in France and Switzerland (adverse climatic conditions), whereas 2016 had benefited from positive inventory effects and non recurring items; in the Communications segment, the recognition of 720m in net operating income from Vivendi(2) supported by the good performance of its UMG and Canal + Group businesses; managed expenditure in Electricity Storage(batteries, electric vehicles, stationary solutions), despite the development of new car sharing services and battery improvement costs. (1) before Bolloré s trademark fees (2) 8 months full consolidation and including 120m from equity accounted operating companies

10 FINANCIAL INCOME AND EQUITY ACCOUNTING BOLLORÉ GROUP CHANGE IN 2017 FINANCIAL INCOME Financial income: + 119m in millions of euros Change Net dividends and income from investments in marketable securities (303) Net financing expenses (128) (101) (27) Other financial expenses and income 215 (70) 285 Financial income (45) In 2016, financial income included 325m in dividends received from Vivendi. As Vivendi is now fully consolidated, the dividends received in 2017 ( 79m) are no longer recorded under profit and loss. The financial income includes capital gains of 232m resulting from the fair value adjustment of Vivendi shares as part of its full consolidation and 77m from the change in fair value of the call options on Vivendi shares. CHANGE IN INCOME FROM AFFILIATES in millions of euros Change Share in net income of non-operating companies accounted for using the equity method Earnings of equity accounted nonoperating companies: 115m Benefiting from the earnings growth of Mediobanca and Socfin. The share of Mediobanca s net income includes a reversal of provisions on the value of the shares( 23,5m). 10

11 CHANGE IN NET DEBT BOLLORÉ GROUP CHANGE IN NET DEBT in millions of euros Change Cash flow (1) Change in WCR (+ = reduction) 95 (5) 100 Net cash flow from operations Net capital expenditures (1 072) (658) (414) Net financial investment (1 847) (60) (1 787) Consolidation of Vivendi (Group's net debt) Dividends paid (683) (227) (456) Increase in net debt: 583m Strong growth in net cash flows primarily due the consolidation of Vivendi. Increased capital expenditure linked to the continued investment effort in transportation and logistic operations as well as to the consolidation of Vivendi. Acquisition of minority interests in Havas representing a total financial expenditure of 1,601m. Net financial charges paid (111) (98) (13) Increase in share capital, change in fair value and other items 44 (42) 86 Change in net debt (- = increase in debt) (583) 22 (605) (1) After elimination of gains and before financial charges 11

12 BALANCE SHEET PORTFOLIO LIQUIDITY BOLLORÉ GROUP NET DEBT AND PORTFOLIO VALUE CHANGE IN GEARING RATIO(%) in millions of euros 2017 Bolloré Vivendi FC 2016 Change Shareholders' equity of which Group share Net debt Gearing (%) (1) 15% 23% 41% 46% 26% 19% 18% 38% 41% 15% Market value of listed shares portfolio (2) Undrawn available amount (3) ~ ~ (1) Gearing = Net debt / Equity ratio (2) Taking into account the value of Vivendi shares and the impact of the value of call options as of 31/12/2016 (3) Excluding Vivendi and Havas as of 31/12/

13 DIVIDEND BOLLORÉ GROUP CHANGE IN DIVIDENDS PAID ( PER SHARE) KEY POINTS (1) Parent company income m ( 43m at 12/31/2016) Distributable amount 1,935m Interim dividend (per share) Total dividend (per share) General Shareholders Meeting June 1, 2018 Ex dividend date June 6,2018 Payment June 28,2018 Proposed dividend: 0.06 including an interim dividend of 0.02 already paid in 2017; Payable in cash or in shares; Maximum amount of 175m. 13 (1) Proposed dividend distribution submitted to the General Shareholders Meeting of June 1, 2018

14 GROUP STRUCTURE (1/2) BOLLORÉ GROUP Vivendi Full consolidation of Vivendi from April 26, 2017 Following Vivendi s General Shareholders Meeting of April 25, 2017, Bolloré Group reexamined the control it exercises over Vivendi in light of the provisions of IFRS 10 Consolidated Financial Statements, The in depth analysis of the rights held by the Group and the internal dynamics of Vivendi s past General Shareholders Meetings showed that the Group holds a near majority of the votes in a situation where shareholdings are highly dispersed, Based on the analysis of the other facts and circumstances, demonstrating the existence of control (ability to control Vivendi s key activities and to influence the returns it generates), the Group determined that the number and significance of the elements identified made it possible to conclude that a situation of control does exist, and, consequently, the Group elected to fully consolidate its interest in Vivendi as from April 26, 2017 in accordance with IFRS 3. Increasing the Group s interest in Vivendi at the beginning of 2018 In February 2018, Bolloré Group, which held 34.7 million call options on Vivendi shares, exercised 21.4 million options representing 1.7% of the share capital of Vivendi, at an average exercise price of 16.57, i.e. 354 million, which exercise price had been previously set in October 2016, After completion of this transaction, Bolloré Group continues to hold 13.3 million call options that enable it to acquire as many Vivendi shares, exercisable at any time until June 25, 2019, at an average exercise price of per share. Moreover, at the beginning of March, Compagnie de Cornouaille acquired 2 million additional shares for 41 million, bringing Bolloré Group s interest in Vivendi to 20.63% 1 of the share capital and 29.67% 1 of the gross voting rights. 14 (1) Including the shares subject to the temporary share sale agreement representing 2.7% of the share capital and the remaining calloptions representing 1% of the share capital

15 GROUP STRUCTURE (2/2) Havas Acquisition of Havas by Vivendi On July 3, 2017, Bolloré Group sold its 59.2% interest in Havas to Vivendi at a price of 9.25 per share, i.e. 2,317m. Taking into account the dividend of 0.18 in June 2017, the disposal represents a value of 2,362m. Vivendi then launched a simplified tender offer for the remaining interest in Havas, at the same price of 9.25 per share. Subsequently, Vivendi implemented a public buyout offer for Havas shares, followed by a mandatory squeeze out (OPRO) enabling it to now own 100% of Havas. The purchase of the other 40.8% interest represented an additional amount of 1,601m. Blue Solutions July 2017: Completion of Bolloré s simplified public tender offer(opas) on Blue Solutions: acquisition of 7.6% of Blue Solutions for 37m. Bolloré and Bolloré Participations together hold 95.6% of the share capital of Blue Solutions (as of end of February 2018). BOLLORÉ GROUP Gaumont 1 July 2017: Disposal of the interest in Gaumont for 31m under the public the share buyback offer (OPRA) launched by the company (capital gain of 16m). FnacDarty 1 In January 2018, Vivendi entered into a hedging transaction to protect the value of its 11% interest in Fnac Darty. This hedge involves a forward sale based on a reference price of 91 pershare (i.e. amount of 268m), which will be adjusted depending on the unwinding terms. Vivendi retains the option to unwind this transaction either in cash or in shares at maturity, i.e., during thesecond half of2019 atthelatest. 15 Ubisoft 1 OnMarch 20,2018,Vivendi announcedthat inagreementwiththeguillemotfamily, it had entered intoagreementstosellits interest in Ubisoft representing 27.27% of the share capital, for 2 billion ( 66 per share). This interest was acquired over the past three years for 794 million (1) Not consolidated

16 2 REVIEW OF OPERATIONS 2017 RESULTS 16 16

17 BOLLORÉ TRANSPORT & LOGISTICS 4 BRANDS FOR A GLOBAL LOGISTICS OFFER BOLLORÉ TRANSPORT & LOGISTICS LEADING PORT OPERATOR GLOBAL TRANSPORT AND LOGISTICS PLAYER OPERATOR OF THREE RAIL CONCESSIONS IN AFRICA MAJOR PLAYER IN OIL DISTRIBUTION AND LOGISTICS Operator of 36 port concessions in France and worldwide First port concession operator in Africa 100 shipping agencies In the top 10 global rating International transportation and value added services Global footprint: Europe, Asia, US and Africa Business lines: multimodal transport, customs and regulatory compliance, logistics, global supply chain, industrial projects Operator of 3 rail concessions in Africa Sitarail: Republic of Côte d Ivoire Burkina Faso Sitar ail: Cameroon Benirail: Niger Benin 2.3 million m 3 of storage capacity for oil products 1st independent distributor of domestic fuel in France Strong presence in oil logistics, in France and Europe 17

18 TRANSPORTATION AND LOGISTICS KEY FIGURES BOLLORÉ TRANSPORT & LOGISTICS MAIN FINANCIAL ELEMENTS 2017 in millions of euros Change Organic Growth Transportation & Logistics Revenue Bolloré Logistics % + 11% Bolloré Africa Logistics % + 4% Revenue % + 8% EBITDA (1) % Operating income (1) % Transportation & Logistics Investments % EBITDA: 705m(+2%) Good performance of port terminals in Africa, driven by West Africa and the satisfactory performance of freight forwarding operations. Rail operations improved slightly compared to Operating income: 491m Still contains a high amount of depreciation due to the significant investments made in Africa. (1) Before Bolloré's trademark fees 18

19 BOLLORÉ LOGISTICS BOLLORÉ TRANSPORT & LOGISTICS 2017 RESULTS Revenue 2017: 3,394m, +11% at constant consolidation scope and exchange rates due mainly to growth in air and maritime volumes results marked by: the decline in net income for freight forwarding operations in France despite the increase in air and maritime volumes, impacted by a drop in margins due to the major spike in freight costs which could not be passed on due to certain existing contracts; income growth in the Netherlands, Germany and Switzerland offsetting the drop in Great Britain and Belgium; flat earnings in the Asia Pacific zones, which, although negatively affected in the first half by lossmaking freight contracts, particularly in China, benefited from good results from Australia, Singapore, Indonesia, Vietnam and Thailand, which reported growth in their logistics and project operations; a slip in the performance in the U.S. operations (sluggish Oil & Gas projects), partially offset by the results from Canada Continued development of the network: Signing of a joint venture agreement in Saudi Arabia(Barhi Bolloré Logistics). In January 2018, acquisition of a majority interest in Global Solutions A/S, a transportation and logistics operator in Denmark. 19

20 BOLLORÉ AFRICA LOGISTICS (1/2) BOLLORÉ TRANSPORT & LOGISTICS 2017 RESULTS Revenue 2017: 2,368m, +4% at constant consolidation scope and exchange rates, reflecting the recovery of port terminal volumes, the increase in logistics and handling operations and the decrease in rail volumes, still impacted by lower freight and passenger traffic results marked by: the good performance of port operations, particularly the Abidjan Terminal in the Republic of Côte d Ivoire, MPS in Ghana, TICT in Nigeria, Dakar Terminal in Senegal, Conakry Terminal in Guinea, Benin Terminal and Freetown Terminal in Sierra Leone, which benefit from the increase in handled container volumes; a significant improvement in conventional logistics and handling operations in most countries on the continent, particularly in Angola, Gabon, Ghana, Democratic Republic of Congo and Mozambique; the effects of the drop in mining and oil activities continues to negatively impact logistics and port operations in certain countries, particularly in Congo; a slight increase in income from rail operations, due to an improvement in the earnings of Camrail resulting from cost reductions, but which is still penalized by the drop in hydrocarbon traffic to Chad and the reduction in passenger traffic, while Sitarail continues to suffer from insufficient volumes. The signing of an agreement with the Burkina Faso and Ivoirien governments should allow Sitarail to return to break even in Corridors Agencies Port concessions 20

21 BOLLORÉ AFRICA LOGISTICS (2/2) BOLLORÉ TRANSPORT & LOGISTICS 2017 RESULTS Network development Cameroon: signing on July 25, 2017 of the concession contract for the new Kribi container terminal. The consortium comprising Bolloré Transport & Logistics, CMA CGM and CHEC, the Chinese group, were awarded the financing and operation of the Kribi container terminal for a term of 25 years, to be managed under a Public Private Sector Partnership. With a 350 meter quay and a depth of 16 meters, the Kribi terminal can accommodate ships with a capacity of 8,000 TEU. In phase 2, Kribi Container Terminal will operate with ships of11,000 TEU.Itwill benefit froma715 meterquaywiththecapacity toprocess 1.3million TEU. AcquisitionofapartoftheassetsofNecotrans(August2017): the takeover of France freight forwarding operations; the acquisition of certain oilfield operations in Africa; the acquisition of the Brazzaville and Lomé(conventional) terminals; acquisition of the minority interests of Necotrans in the terminals operated by the Group (Cameroon, Republic of Côte d Ivoire, Burkina Faso and Benin). Gabon: inauguration on October 14, 2017 of the new Owendo multi purpose terminal in which Bolloré Group and Olam Group are partners for its development and operations. Under this agreement, STCG, a subsidiary of Bolloré Group which already holds the existing container terminal concession, will be the exclusive operator of the new port's container operations, while Olam Group (GsezPorts) will manage the conventional terminal. These developments will increase Owendo's port capacity and thus meet the needs of the Gabonese economy over the coming years. 21

22 BOLLORÉ ENERGY BOLLORÉ TRANSPORT & LOGISTICS FINANCIAL ELEMENTS 2017 OIL DISTRIBUTION AND LOGISTICS NETWORK in millions of euros Change Revenue % Operating income % Investments % Revenue: +11% Growth associated with the increase in oil product prices, which offsets the decrease in volumes. Adropinnetoperatingearningsof 18mattribuableto: inventory impacts due to the change in oil price, which was much less significant than in 2016 (difference of 7m); a fall in the volumes of distribution operations in France and Switzerland, due to adverse climatic conditions and the non recurrence of positive non recurring items that impacted 2016 in an environment impacted by deposit blocking and shortage of fuel. Increase in capital expenditure related to the rehabilitation work on the DRPC site (Dépôts de Rouen Petit Couronne), which enabled Bolloré Energy to consolidate distribution in the zone and to warehouse strategic inventories. Signing of a partnership agreement with Total (30% of the share capital). 22

23 COMMUNICATIONS COMMUNICATIONS FINANCIAL ELEMENTS 2017 in millions of euros Change Revenue % Operating income % Investments % The result includes: 720m (1) in net operating income for Vivendi corresponding to 8 months of income under full consolidation (consolidation of Vivendi as from April 26, 2017), including the second half earnings of Havas and 120m in earnings from equity accounted operating companies; the net operating income of Havas ( 93m) over the first 6 months of 2017 following the acquisition by VivendioftheBolloréGroup's59.2%interestinHavasonJuly3,2017.Havas sincomeforthesecondhalf of the year is fully consolidated in Vivendi's accounts. 23 (1) After the amortization of the Vivendi Purchase Price Allocation (PPA) in Bolloré

24 VIVENDI COMMUNICATIONS 2017 RESULTS PUBLISHED BY VIVENDI KEY ELEMENTS ON THE 2017 RESULTS in euro millions Change Revenue % EBITA % EBIT % Earnings attributable to Vivendi SA shareowners % Adjusted net income % Shareholders' equity Net debt /(cash net) (1 231) Market value of the listed share portfolio (1) EBITA by activity Change (2) Universal Music Group % Groupe Canal % Havas na Gameloft % Other activities (3) and corporate costs (207) (167) Total % PPA, equity-accounted operating companies, others EBIT % (1) As of 31 December 2017 (2) At constant currency and consolidation scope (3) Vivendi Villages & New Initiatives (4) See definition on page 6 of Vivendi's 2017 Financial Report Vivendi s clear and ambitious strategy, implemented since 2014 focuses on building a world class content, media and communications group with European roots. Organic growth of +4.9% mainly due to the growth of Universal Music Group (UMG) (+10.0%) and the recovery of the Canal+ Group (stable in 2017,compared toa4.2%slumpin2016). Adjusted operating income (Ebita): 987m +36%. It notably includes Havas for the sum of 111m. At constant consolidation scope and exchange rates, EBITA increased by 23% due to growth from UMG (+21%) and the recovery of the Canal + Group (+31%), partially offset by the development costs within New Initiatives. Operating income (4) : 1,036m, +17% compared to December 2016, benefiting, among others, from a 146m contribution from equityaccounted operating companies (Telecom Italia). Net income Group share: 1,228m, also stems from income from current tax assets & liabilities of 409m (settlement of the dispute regarding the Consolidated Global Profit Tax System (BMC) of 2011 and the refund of 243m in respect of the amounts paid by Vivendi and its subsidiaries for the 3% tax on distributed income. In 2016, net income included a gain of 575m on the disposal of the remaining interest in Activision Blizzard. Adjusted net income not affected by non recurring items: +74%. 24

25 VIVENDI COMMUNICATIONS UNIVERSAL MUSIC GROUP CANAL+ GROUP 2017 RESULTS (published by Vivendi) 2017 RESULTS (published by Vivendi) in euro millions Change Revenues % EBITA % in euro millions Change Revenues % EBITA % Organic growth: +10% with strong growth in recorded music, +11.3% and music publishing + 9.6%, while merchandising and other revenues fell by 7.1%. Sustained growth in recorded music, driven by the strong growth in streaming and subscriptions (over 35%) and very successful performances from UMG artists (Best 2017 Sales: Taylor Swift, Kendrick Lamar, Drake, The Weeknd and Luis Fonsi). Organic growth for music publishing: +9.6%, benefiting from the boom and growth in music consumption, thanks notably to streaming and subscriptions. ROC: +18.5% inorganic growth, i.e. a margin of 14.1%upby1.1 points, mainlydue to growth in income. Revenue organic growth: +0.3% TV mainland France: revenue 3.8% compared to 2016 with business gradually improving quarter by quarter. Pay TV in mainland France benefited from positive sales performance and retention as well as revenue generated from the "wholesale" distribution agreements signed with 3 out of 4 telecom operators. TV International: income +5.8% of which 19.1% in Africa. In terms of recruitment, Q was the best quarter ever recorded by Canal+ in Africa with a gain of 650k, additional subscribers. As at year end December 2017, the total number of subscribers in Africa stood at 3.5 million. Studiocanal: organic growth: 13.9%, due to the very good performance recorded in Q reflecting a number of successful motion picture releases. 5 films attracted more than 1 million movie goers (Alibi.com, Épouse Moi Mon Pote, Sahara, L Ecole Buissonnière and Paddington 2). ROC: +20.2% demonstrates that the recovery of the Canal+ Group is well underway. It was buoyed by the continued recovery of the TV operations in Mainland France and the cost optimization program, as well as the growing input from International TV operators and improved results from Studiocanal. 25

26 VIVENDI COMMUNICATIONS HAVAS GAMELOFT VIVENDI VILLAGE (1) 2017 RESULTS (published by Vivendi) OTHER BUSINESS LINES 2017 RESULTS (published by Vivendi) in euro millions S Revenues EBITA 111 in euro millions (2) Revenues EBITA (203) (160) 26 Reconciliation and consolidation by Vivendi On July 3, 2017, Vivendi acquired Bolloré Group s 59.2% interest in Havas. Vivendi has fully consolidated Havas since July 3, Only Havas s results for the second half of the year are consolidated in Vivendi's accounts. Havas s revenue and ROC amount to 1,151m and 135m, respectively. Havas s contribution to Vivendi's operating cash flow amounted to 308m in H As announced mid January, Havas s operating performance improved in H compared to H Over this period, revenue rose by +8% and the ROC by +13%. The current operating margin topped 11.7% during the second half year. InH2 2017, revenuefellorganicallyby1.1%withadropof2.1%inq42017 where the base effect was very unfavorable (organic growth Q4 2016: +4.2%). In 2017, organic growth in revenue was 0.8% compared to In a difficult environment, where Havas and its peers are faced with market changes and tougher competition from certain SSIIs and consulting firms, the group reacted swiftly and implemented a cost cutting plan for both personnel and overheads(non recurring expenses of 24m including 15m in restructuring). Gameloft In 2017, the revenue reported by Gameloft rose by 1% compared to Business generated by Gameloft Advertising Solutions showed strong growth of 93% compared to 2016 and represented 14.1% of global revenue. Revenue generated in Apple, Google and Microsoft stores(in App sales) rose by 5% compared to Good management of operating costs helped Gameloft achieve current operating income of 10m, up by 12.6% compared to 2016 at constant scope and exchange rates, and an adjusted net operating income of 4m in Vivendi Village and New Initiatives 2017 revenue for Vivendi Village amounted to 109m, up by 4.5% at constant consolidation scope and exchange rates, due to to the good performance of Vivendi Ticketing and MyBestPro The operating loss (ROC) recorded by Vivendi Village was 6m. After taking into account the costs associated with the discontinuation of Watchever (merged with Dailymotion in Q4 2017), the adjusted operating loss(ebita) amounted to 18m( 9m in 2016). New Initiatives, which encompasses entities in their launch or development phases, such as Dailymotion, Vivendi Content (Studio+, Vivendi Entertainment) and GVA (Group Vivendi Africa), generated revenue of 51m in These investments for the future represented an adjusted operating loss of 92m in (1) Results also include New Initiatives and holding costs (2) Gameloft has been consolidated since June 29, The results presented in respect of 2016 show only the 6 months period ended December 31, 2016.

27 MEDIA AND TELECOMS COMMUNICATIONS KEY FIGURES 2017 CNEWS MATIN Average distribution of nearly 895,535 copies, down 2.1% compared to December 2016 (1) (2.2 million readersperedition (2) ). TELECOMS Frequency 3.5 Ghz 22 regional licenses which provide nationwide coverage. Over 6,000 stations had been deployed by the end of December 2017 (4,128 stations as at end December 2016). Wifirst Sales of a wireless high speed Internet service to student residences and hotel resorts. Portfolio of 527,000 rooms/sites connected as at end December Sources: (1) OJD December 2017; (2) Etude one 2017

28 ELECTRICITY STORAGE AND SOLUTIONS BLUE SOLUTIONS, BLUE APPLICATIONS, PLASTIC FILM ELECTRICITY STORAGE & SOLUTIONS FINANCIAL ELEMENTS in millions of euros Change Revenue % Organic growth 2% 9% Operating income (165) (168) Investments (146) (192) Revenue from industrial operations up slightly Revenue reported by industrial operations (electricity storage, plastic film, specialist terminals and systems) rose by 2% (organic) compared to 2016 due to strong growth in the specialist terminals division (terminals and gates for rail stations and airports) and robust plastic film operations. Revenue generated by Blue Solutions with the Blue Applications entities was 80m compared to 108m in This number is eliminated at the Bolloré Group level. Slowing of operational expenses and capital expenditure in applications Operating losses decreased slightly in 2017 compared to Blue Solutions focused on the most promising applications (bus and electricity storage) and cut its investment in Bluecar (excluding car sharing). The 2017 fiscal yearwasmarkedbythe openingofanewcar sharingserviceinsingapore and bythe ramp up ofservices inlondonandturin.thelaunchofacar sharingserviceinlosangelesisplannedforthefirsthalfyear2018. R&D efforts continued, particularly for batteries, with the consolidation of Capacitor Sciences (company acquired in September 2016).

29 BLUE SOLUTIONS ELECTRICITY STORAGE & SOLUTIONS 2017 RESULTS PUBLISHED BY BLUE SOLUTIONS CHANGE IN THE SHARE PRICE SINCE THE IPO 2 in millions of euros Change Revenue % EBITDA (4) 18 NA Operating income (19) (0.4) NA Operating margin (%) - 24% - 0.4% - Financial income (2) 2 NA Taxes 2 (1) Net income (19) (0.1) NA Net income Group share (19) (0.1) NA in millions of euros Dec. 31 st, 2017 Dec. 31 st, 2016 Change Shareholders' equity group share (21) Net debt Gearing (%) (1) 26% 16% - 29 Fall in activity and results IPO: Oct 30, 2013, Simplified public tender offer (OPAS): July 6, 2017, 17 5 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Revenue was down 26% compared to the 2016 fiscal year. In particular, it includes a contribution granted to Blue Solutions for 12.5m under the collaboration agreement signed between Blue Solutions and jointly Bluecar, Bluebus and Bluestorage. As announced, the drop in the volume of batteries sold is due to longer life spans leading in turn to a decrease in sales (1,508 batteries sold, 39% compared to end December 2016). Sales of batteries to Bluebus remain sustained(391 batteriessoldasatend December2017comparedto 413end December2016) in line with deliveriesof12mbuses(in particulartoratp Paris city transit). Blue Solutions Shareholder structure (after simplified public tender offer OPAS) (3) Bolloré 78.0% Bolloré Share. 17.6% Public 4.4% Netoperating income fell by 19 Mdue tothedrop inrevenue andtheconsolidation ofcapacitor Sciences (impact 6M). (1) Gearing = ratio net debt / equity (2) Market price at March 20, 2018 (3) Shareholding as of 02/28/2018

30 BLUE APPLICATIONS MOBILITY AND STATIONARY 2017 ELEMENTS ELECTRICITY STORAGE & SOLUTIONS Car sharing (1) A fleet of nearly 5,000 electric vehicles, including 3,900 Autolib. 171,773 annual subscribers (144,655 in 2016, i.e. +19%). Over 5 million rentals in Car sharing projects now being deployed: Singapore (inauguration on December 12, 2017), London, Turin. Car sharing project in launch phase: Los Angeles (targeted opening date is the first half of 2018). Bluebus In 2017, the Group delivered 22 x 12 meter buses (o/w 16 delivered in Q4 2017) and 23 x 6 meter buses. Signing of the first international deals for 12 meter buses during the second half year with 5 buses ordered by the Société des transports intercommunaux de Bruxelles (STIB) in Belgium (delivery during 2018). Stationary Numerous projects now under study to combine storage with solar power production (Africa, DOM TOM...). Signature of an electrification contract for a village of 2,000 inhabitants in Guinea, in partnership with ADEME. IER Sustained growth in terminal operations for the air and services (Post Office) sectors as well as in rail station platform access control systems for the SNCF, and strong development of dematerialized parking ticket activity. Automatic Systems continued to feed off a very dynamic market in North America for its building access control systems and won several adjudications for its passenger business (passenger flow security). Polyconseil Sustained level of activity driven notably by consulting assignments (international digital and telecoms projects). Plastic film Increase in operations, notably in packaging with strong growth seen with Bolphane film sales. The increase in volumes did not offset the rise in cost prices (resins) and adverse exchange rate fluctuations linked to the fall in value of the dollar. 30 (1) Autolib in Paris, Bluely in Lyon, Bluecub in Bordeaux, Blueindy in Indianapolis, Bluely Torino in Turin, Bluecity in London

31 OTHER ASSETS PORTFOLIO OF LISTED SECURITIES HELD BY BOLLORÉ AND VIVENDI AT 12/31/2017 OTHER ASSETS Company Ownership interest (%) Bolloré listed equity portfolio 31/12/ /06/ /12/2016 Vivendi (1) 20.6% Mediobanca (2) 7.9% Socfin Socfinasia Socfinaf (2) 38.8% 21.8% 8.6% Others Total Vivendi listed equity portfolio Telecom Italia (3) 23.9% Ubisoft 27.3% Mediaset 28.8% Telefonica 0.95% Fnac 11.1% Total Total (1) Market value of shareholding ( m) (1) Including the value of the shares subject to the temporary share sale agreement representing 2.7% of the share capital and call options on 2.7% of the share capital. 'Vivendi value including the call option valuation as of 31/12/2016 (2) Equity-accounted ownership interests (3) Interest consolidated as equity-accounted operating companies in Vivendi's financial statements 31

32 OTHER ASSETS OTHER ASSETS 32 SOCFIN GROUP AND OTHER AGRICULTURAL ASSETS SocfinGroup (1) Bolloré Group holds minority interests in the Socfin Group, which manages nearly 200,000 hectares of plantations in Asia and Africa. Plantation operations experienced strong earnings growth, benefiting from an increase in prices and in production compared to Planted surfaces Net income (in millions euros) Planted surfaces Net income (in millions euros) Company Country Company Country (hectares) Change (hectares) Change Socfindo Indonesia % Lac Liberia (1.9) na Salala 4685 (1.9) - na Okomu Nigeria % Brabanta Congo (4.3) (5.8) na Socaplam Cameroon SAC Sierra Leone (8.6) (3.4) na % Ferme Suisse Refining facility Safa Cameroun Cameroon % SOGB Ivory Coast % American farms and vineyards American farms: three farms in Georgia and Florida covering 3,300 hectares. Management is contractually assigned to the Socfin Group; on going capital expenditure ($US 35m) to convert 1,800 hectares into olive groves by $US 6m invested in 2016, $US 11m invested in 2017; Vineyards: SCC (2) Ivory Coast % Domaine de la Croix and La Bastide Blanche ; the properties cover 242 hectares, including 116 hectares of wine farming rights; strong increase in revenues (+ 1.4m; +40%); Positive EBITDA. (1) Statutory accounts before IFRS restatements. Plantations are treated as equity-accounted companies in Bolloré s accounts. (2) Not consolidated

33 3 APPENDICES 33 33

34 2017 CONSOLIDATED BALANCE SHEET FINANCIAL RESULTS Assets - in millions of euros Dec. 31 st, 2017 Dec. 31 st, 2016 Goodwill Intangible assets Property, plant and equipment Investments in equity affiliates Other non-current financial assets Deferred tax Other non-current assets Non-current assets Inventories and work in progress Trade and other receivables Current tax Other current financial assets Other current assets Cash and cash equivalents Current assets Total assets Liabilities - in millions of euros Dec. 31st, 2017 Dec. 31st, 2016 Share capital Share issue premiums Consolidated reserves Shareholders equity, Group share Non-controlling interests Shareholders equity Non-current financial debts Provisions for employee benefits Other non-current provisions Deferred tax Other non-current liabilities Non-current liabilities Current financial debts Current provisions Trade and other payables Current tax Other current liabilities Current liabilities Total liabilities

35 2017 CONSOLIDATED INCOME STATEMENT FINANCIAL RESULTS In millions of euros Dec. 31 st, 2017 Dec. 31 st, 2016 Revenue Goods and services bought in (12 496) (6 419) Staff costs (3 942) (2 715) Amortization and provisions (948) (395) Other operating income Other operating expenses (235) (213) Share in net income of operating companies accounted for using the equity method Operating income Net financing expenses (128) (101) Other financial income Other financial expenses (455) (369) Financial income Share in net income of non-operating companies accounted for using the equity method Corporate income tax 723 (224) Résultat net des activités poursuivies Consolidated net income Consolidated net income, Group share Non-controlling interests Earnings per share (1) (in euros): In millions of euros Dec. 31st, 2017 Dec. 31st, 2016 Group share of net income: - basic diluted Group share of net income from continuing operations: - basic diluted (1) Excluding treasury shares.

36 2017 TABLE OF FLOWS FINANCIAL RESULTS In millions of euros Dec. 31 st, 2017 Dec. 31 st, 2016 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 (400) (2) - other income/expenses not affecting cash flow or not related to operating activities (361) (12) - elimination of capital gains or losses upon disposals (244) 5 Other adjustments: - net finance expenses income from dividends received (32) (403) - tax charge on companies (114) 243 Dividends received: - dividends received from associates dividends received from unconsolidated companies Income tax on companies paid up 15 (212) Impact of the change in working capital requirement: 93 (5) - of which inventories and work in progress 45 (32) - of which payables of which receivables (432) (73) Net cash from operating activities In millions of euros Dec. 31 st, 2017 Dec. 31 st, 2016 Cash flow from investment activities Disbursements related to acquisitions: - property, plant and equipment (710) (493) - intangible assets (350) (82) - assets arising from concessions (43) (107) - securities and other non-current financial assets (123) (169) 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 3406 (101) Net cash from investments activities 3127 (670) Cash flows from financing activities Disbursements: - dividends paid to parent company shareholders (134) (136) - dividends paid to minority shareholders net of distribution tax (549) (92) - financial debt repaid (3 219) (1 424) - acquisition of non-controlling interests and treasury shares (1 723) (60) Receipts: - capital increase investment subsidies increase in financial debt disposal to non-controlling interests and disposals of treasury stock 3 (1) Net interest paid (111) (98) Net cash from financing activities (3 548) (547) Effect of exchange rate fluctuations (103) (33) Other (0.1) 0.0 Net increase in cash and cash equivalents from activities 1542 (143) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period

37 CHANGES IN SHAREHOLDERS 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/ (25) (50) (57) Transactions with shareholders (1) 1 (460) (171) (72) (242) Capital increase (0.4) Dividends distributed (173) (173) (99.9) (273) Transactions on treasury shares Share-based payments Change in consolidation scope 252 (1) 0.9 (295) (43) 23.7 (20) Other changes (0.1) (0.2) Comprehensive income items (1 235) (29) (37) 440 (861) 99 (761) Net income for the period Change in items recyclable through profit and loss Translation adjustment of controlled entities (47) (47) (10) (57) Change in fair value of financial instruments of controlled entities (1 264) (1264) (29) (1292) 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) (24) (10) (34) Actuarial (losses) and gains from entities accounted for using the equity method (13) (13) (0.0) (13) Shareholders' equity as of 12/31/ (25) (80) (93) Transactions with shareholders (4) (233) (186) Capital increase Dividends distributed (174) (174) (133) (307) Transactions on treasury shares Share-based payments Change in consolidation scope (69) (40) Other changes (0) 3 (26) (3) (26) 1 (25) Comprehensive income items 1277 (201) Net income for the period Change in items recyclable through profit and loss Translation adjustment of controlled entities (147) (147) (500) (647) Change in fair value of financial instruments of controlled entities Other changes in comprehensive income (44) (54) (98) (60) (158) Change in items that will not be recycled through profit and loss Actuarial (losses) and gains from controlled entities Actuarial (losses) and gains from entities accounted for using the equity method Shareholders' equity at 12/31/ (25) (272) (90) TOTAL 37

38 GROUP STRUCTURE ECONOMIC ORGANIZATIONAL CHART AT 12/31/2017 (% OF SHARE CAPITAL) Sofibol 55.3 (6) (92.1) Financière de l'odet 63.6 (75.4) 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 ** Bolloré 0.5 (0.0) Companies controlled by Bolloré ** (9) 35.9* 32.8 (2) (0.0) 67.2 (1) (100.0) 37.0 (1) (37.1) Plantations des Terres Rouges Compagnie du Cambodge 0.9* Financière Moncey 42.1 (42.2) Société Industrielle et Financière de l'artois 3.7* 4.3* (5) (37.1) 31.5 Société des Chemins de Fer et Tramways du Var et du Gard 64.8 (4) Compagnie des Tramways de Rouen 3.7* 6.0* Société Bordelaise Africaine 90.5 (1) %(%) % of capital (% of voting rights at GM) * % of share of capital outside the Group ** Controlled by Bolloré Listed Companies 64.2 La Forestière Équatoriale 2.5* 29.2 (1) 4.1 (3) By convention, shareholdings under 1% are not mentioned. (1) Directly and indirectly by 100% owned subsidiaries. 2 TRANSPORT ET LOGISTIQUE Bolloré Logistics Bolloré Ports Bolloré Railways LOGISTIQUE PETROLIERE Bolloré Energy 20.5 (8) (28.0) COMMUNICATION Universal Music Group Havas Canal (7) (18.8) STOCKAGE D'ÉLECTRICITÉ ET SOLUTIONS Vivendi Blue Solutions Havas Autres (Gameloft, New Initiatives...) Médias, télécoms Blue Applications 47.6 IER Films plastiques 3,4 * ''''''''''78.8 (79.4) 52.4 (2) of which < 10.0 % by Compagnie du Cambodge and 22.8 % by Société Industrielleet Financièrede l'artois. (3)4.1%bySFAa98,4%ownedsubsidiaryofPlantationsdesTerresRouges. (4) 64.8% by its 53.4% owned directsubsidiary Socfrance. (5) 30.2 % by Société Bordelaise Africaine and 6.8 % by 53.4 % owned direct subsidiary Socfrance. (6)ofwhich5.3%byits99.5%owneddirectsubsidiaryCompagniedeGuénolé. (7) 17.8% by Bolloré Participations. (8) via Compagnie de Cornouaille, 100% owned subsidiary of Bolloré, which crossed the20 % threshold of sharecapitalincluding theshareloan agreementon 2.7 % of sharecapital and acquisition of call options on 2.7% of sharecapital. (9) Imperial Mediterranean, Société Bordelaise Africaine and Nord-Sumatra Investissements. 2 AUTRES ACTIFS Portefeuille de participations 38