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Bolloré – 2014 Results

2014 results

March 19, 2015

Bolloré – 2014 Results 1

CHANGES IN SHARE PRICE

Price in euros (monthly average)

Market capitalization as at 03/17/15:

14.9 billion euros

Performance over 10 years

Performance over 1 year


ECONOMIC ORGANIZATION CHART as at March 6, 2015

(as a percentage of capital)

Group structure:

• Disposal of Safacam: the Group disposed of its equity interest in Safa which owned a plantation in Cameroon (Safacam) in return for a 9% stake in Socfinaf(4). As at December 31, 2014, the market value of the stake was 23 million euros.

• Exchange offer on Havas: the public exchange tender offer announced in October 2014 was finalized in February 2015. As at March 6, 2015, Bolloré Group had an 82.5% stake in Havas (see next page).

(4) 8.6% at end 2014 after the transfer of Safa by Socfin to Socfinaf.

Bolloré Ports

COMMUNICATIONBOLLORÉ

TRANSPORT & LOGISTICS

64.0%

Bolloré Logistics

Portfolio of shareholdings

Bolloré Railways

Oil logistics

Bolloré Energy

OTHER ASSETS

Havas

Media, Telecom

ELECTRICITY STORAGE AND

SOLUTIONS

Blue Solutions

Blue Applications - Specialized

terminals and systems

(2) Imperial Mediterranean 0.5% (2) Société Bordelaise Africaine 0.1% Bolloré

Plastic films

Financière de l'Odet90.8%

(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%

(1)

(2)

Directly by Sofibol and its 99.5%-owned subsidiary Compagnie de Guénolé. Sofibol is controlled by Vincent Bolloré.

Rivaud Group companies, controlled by Bolloré.

(3) Directly and indirectly


EXCHANGE TENDER OFFER ON HAVAS

Before the exchange offer:

After the exchange offer:

Success of the exchange tender offer on Havas launched in October 2014. Bolloré Group now owns 82.5% of Havas’ share capital. Further to the announcement made, it intends to keep a sufficient float and is studying the ways and means to quickly expand the latter in order to maintain the liquidity of the Havas shares while keeping a significant majority of shareholding.


SUMMARY OF 2014 RESULTS

Group revenue: 10.6 billion euros, down 2.3% (down 1.6%, at constant scope and exchange rates).

Operating income: 650 million euros, up 7% due to the growth in income from the transport and logistics businesses, good progress by Havas, and continued spending on electricity storage.

Net financial income for 2013 included a capital gain of 109 million euros from the sale of remaining shares of Aegis stake. Consolidated net income for 2014 was therefore reduced, at 403 million euros (of which 219 million euros was Group share net income), versus 450 million euros in 2013.

Improved ratio of net debt to equity, at 18%.

Proposed dividend(1): 0.06 euros per share, 0.02 euros of which have already been paid, payable in cash or shares compared with 0.031 euros per share in 2013.

(1) After dividing the par value by 100 in December 2014


CONSOLIDATED NET INCOME

Turnover

Net operating income

Net income

of which Group share

In millions of euros 2014

Net financial income

10,604

(85)

403

219

10,848

606

450

270

30

Share in net income of non-operating companies accounted for by the equity method 71 21

Taxes (236) (211)

The 2% drop in turnover is due to the 15% pull-back of the oil logistics activity following the drop in the prices of oil products and in volumes sold.

However, operating income grew by 7% thanks to the good progress of the transport, logistics and communications businesses.

Net income decreased slightly compared to 2013 which included capital gains of 109 million euros on the sale of the remaining stock in Aegis (6.4%).

650

Workforce: 54,293

-2%

+7%

EBITDA(1) 1,022 957

2013

+7%

Amortization and provisions (372) (351)

2014 vs. 2013

Net income from discontinued operations 3 5

Share in the net income of operational equity-accounted companies 19 19

(1) including earnings from operating equity companies


BALANCE SHEET, PORTFOLIO, LIQUIDITY

Shareholders’ equity

Net indebtedness

Net indebtedness/shareholders' equity ratio

In millions of euros

of which Group share

Ratio of net debt to equity improving, at 18%, thanks to the increase in shareholders' equity and a slight drop in net debt.

Market value of traded stock portfolio (Vivendi, Mediobanca, Socfin, Socfinasia, Socfinaf, Vallourec, etc.): 2.2 billion euros as at December 31, 2014.

High Group Liquidity(2): nearly 1.6 billion euros available confirmed on December 31, 2014.

December 31, 2014

9,806

8,149

1,771

0.18

Market value of listed share portfolio(1)

2,177

December 31, 2013

9,316

7,749

1,795

0.19

(1) Detail on page 27 and taking account of the impact of the financing on Vivendi stock.

2,035

(2) Excluding Havas.


Transportation and logistics Oil logistics

Communication

Electricity storage

and solutions Other

7

TURNOVER

In millions of euros 2013 2014

5,469 5,630

Oil logistics 3,288 2,781

Electricity storage and solutions 229 237

Other (agricultural assets, holdings) 25 25

Turnover 10,848 10,604

Change

+3%

-15%

+4%

+1%

-2.3%

At constant scope and exchange rate, turnover benefited from the growth in the transport and logistics (5%) and communication (5%) businesses. Conversely, Oil Logistics declined by 16% due to the decline in prices for oil products and in volumes sold, a situation strongly aggravated by particularly mild weather.

At comparable turnover, foreign exchange fluctuations, which primarily affected the transport and logistics businesses, had a negative effect of 88 million euros on turnover.

Change at constant scope and

exchange rates

+5%

-16%

+4%

-2%

-1.6%

Transportation and logistics

Havas, communication, media 1,837 1,931 +5% +5%


OPERATING INCOME BY BUSINESS

Transportation and logistics(1)

Oil logistics

Electricity storage and solutions

Other (agricultural assets, holdings)(1)



541

39

(120)

(43)

606

567

26

(120)

(33)

650

Operating income increased by 7% on account of:

the increase in profits of the transport and logistics businesses, which benefited in particular from the sustained level of freight forwarding volumes in Europe and port developments in Africa;

a decrease in the oil logistics business because of the rise in volumes and prices;

growth in the net income from the communication sector thanks to the improvement in Havas' results;

sustained expenditure in electricity storage (batteries, supercapacitors, electric vehicles, stationary storage).

580 593

(1) Before trademark fees. (2) Of which 7 million euros of expenses linked to the launch of new railway developments in Africa.

Havas, communication, media 188 210

Total Bolloré Transport & Logistics

+5% (2)


FINANCIAL INCOME

Net financial income

Dividends and income from investments in marketable securities

Net financing expenses

Other financial income and expenses


74

(100)

56

30

79

(95)

(69)

(85)

The net financial income for 2014 cannot be compared with that of 2013, which included a capital gain of 109 million euros on the disposal of the remaining Aegis stake.

It included in particular the 36 million euros of impairment of Vallourec stock following the sharp drop in its stock exchange price.


NET INCOME FROM NON-OPERATIONAL EQUITY-ACCOUNTED COMPANIES

Share in net income of non-operating companies equity-accounted companies


21 71

The share of non-operational equity affiliates in net income primarily includes income from Groupe Socfin plantations, which dropped slightly, and from Mediobanca, which posted high growth.


CHANGES IN INDEBTEDNESS

Change in WCR (+= reduction)

Net cash flow from operations

Net capital expenditures


Net financial investment

Dividends paid

Change in net indebtedness (- = increase in indebtedness)

Cash flow(1)

2013

Increase in share capital, change in fair value and in scope and other items

2014

(1) After elimination of gains and before financial charges.

Net financial charges paid

(514)

(116)

105

80

(617)

802

(23)

781

21

(151)

83

23

(90) (94)

50

814

695

(119)

Net debt at December 31, 2014 dropped by 23 million euros compared to December 31, 2013. The changes in net debt can be seen mainly in:

net cash flow from operations which rose 12% thanks to the excellent performance of businesses, despite the increase in tax payments;

a significant increase in industrial investments, especially in transport and logistics in Africa and electricity storage;

net financial disposals including the disposal of Bolloré stock for 210 million euros in 2014 and the disposal of 6.4% of Aegis stock for 212 million euros in 2013;

an increase in dividends paid.


PARENT COMPANY NET INCOME - DIVIDEND PROPOSAL

(1) After dividing the par value by 100 on December 1, 2014. (2) Maximum theoretical amount taking into account the option to receive share dividends.

Changes in dividends paid(1)

Net income for 2014: 325 million euros vs. 89 million euros in 2013, benefiting from the capital gains from the reclassification of non-traded stock within the Group.

Distributable amount: 1,539 million euros.

Proposal of doubling of the dividend (1): 0.06 euros (of which 0.02 euros of interim dividend already paid in 2014), versus 0,031 euros the previous year, with the possibility of receiving the dividends in shares, representing a maximum amount of 170 million euros.

The ex-dividend date will be June 9, 2015 (payment on June 29, 2015).


TRANSPORTATION AND LOGISTICS


Investments

2013 2014

541 567

350

Turnover

Net operating income(1)

238

5,630 5,469

Branches

+3%

+5%

+47%

(1) Before trademark fees.


BOLLORÉ LOGISTICS

ONE OF THE WORLD’S LEADERS IN TRANSPORTATION AND LOGISTICS

Turnover rose by 4.4% in 2014 to 3,073 million euros thanks to the increase in volumes in Europe, Asia, as well as flows within Asia. At constant scope and exchange rates, it increased by 5.3%.

The 2014 financial year was marked by:

- an increase in net income in France, thanks to the resumption of volumes in air freight forwarding, and sustained performance by the industrial projects business which benefited from major energy and automotive contracts;

- an increase in net income in Europe, particularly in the Benelux, Germany, and the UK thanks to the industrial projects business;

- for the Asia-Pacific region, the success of the logistics platform in Singapore and the development of energy sector projects in China, Australia and India are to be noted;

- in the Americas, there was sustained activity in oil projects but this was offset by a drop in mining projects in Canada and the United States. Excellent growth of operations in Mexico.

Broadening of our presence in the Middle East with the extension of the Dubai platform and the upcoming opening in Qatar. Opening of new agencies in Hungary, Czech Republic and Norway.

In France, Bolloré Ports, operating in the secondary ports (Dunkerque, Dieppe, Rouen, Cherbourg, la Rochelle, Montoir, Saint Nazaire,…).


Corridors

Agencies

Port concessions

Railway concessions

15

THE LARGEST INTEGRATED LOGISTICS NETWORK IN AFRICA

BOLLORÉ AFRICA LOGISTICS

At 2,556 million euros, turnover for 2014 rose 1.2% thanks to the increase in volumes handled in the ports. At constant scope and exchange rates, it increased by 3.6%.

The 2014 financial year was marked by:

good performance by the port businesses, particularly Congo Terminal, TICT in Nigeria, Benin Terminal, which is going to receive a new extension, Abidjan Terminal in Ivory Coast and Conakry Terminal in Guinea, which benefited from increased volumes;

the increase in logistics business in Africa, mainly in Cameroon, Nigeria, Congo, Ghana and Kenya;

However, the discontinuation or slowdown of mining projects was felt in Burkina Faso, Sierra Leone, Democratic Republic of Congo and South Africa.

Ramp-up of operations at the Pemba oil port in Mozambique and the RORO terminal in Dakar, Senegal, the extension in Benin and Pointe-Noire. Bolloré Africa Logistics is also continuing the development, with a local partner, of its first project outside Africa, the port of Tuticorin in India and is planning other port developments in Asia and Central America.


BOLLORÉ AFRICA LOGISTICS

Bolloré Group, which operates the railways in Cameroon (Camrail) and between Côte d’Ivoire and Burkina Faso (Sitarail), has decided to reinforce its presence in railway concessions in Africa, thereby increasing its logistics flow capacities.

Major investments over several years are focused on the following projects:

- the rehabilitation and reinforcement of the 1,260 km of roads which link Abidjan (Côte d'Ivoire) to Kaya (Burkina Faso). The aim is to have a road network able to cope with the expected growth of mining traffic passing through the port of Abidjan;

- the completion of the Abidjan-Cotonou railway loop (2,740 km) via Kaya and Niamey with the construction of the following stretches: Kaya-Niamey (410 km), Niamey-Parakou (630 km) and the rehabilitation of the Parakou-Cotonou stretch (440 km). A work site was opened in the spring which will allow the railway to connect Niamey with Dosso (140 km) by summer 2015.

This major project to open up the hinterland will facilitate the export of agricultural and mining resources, increasing the volumes processed by the ports of Abidjan, Cotonou and ultimately Lomé (Togo). Bolloré Group will also install Bluezone, inland container depots with handling and storage capacities, as well as fiber optic networks (Internet, voice/data) all along this railway.

These projects represent total investments that could be as high as 2 billion euros in the next eight years.

In Guinea, it is restoring the Conakry-Kagbelen railway line that will open up Conakry.

THE LARGEST INTEGRATED LOGISTICS NETWORK IN AFRICA


BOLLORÉ ENERGIE

Turnover



Investments

2014 2013

3,288

13

2,781

26

10

39

SECOND-LARGEST DISTRIBUTOR OF DOMESTIC FUEL IN FRANCE

Branches and depots

LCN (Branches and storage)

SFDM pipeline

Against a backdrop of an 18% decline in the domestic market as a result of mild weather and a drop in oil product prices, the turnover from the oil logistics business fell 15% compared with 2013.

The operating income was 26 million euros versus 39 millions euros in 2013. It includes:

- the drop in net income from the distribution business in France, negatively affected by particularly mild weather (severity index 0.80 vs. 1.06 in 2013) as well as the drop in prices at the end of the year;

- the smooth running operations in logistics, transportation and depots; - in Europe, the results of Calpam, in Germany and CICA, in Switzerland, which followed

the same trend that in France.

At the beginning of 2014, the Group acquired the remainder of LCN's shares, as planned, and now holds 100%. The acquisition of shares in LCN in 2011 enabled the Group to take 15% of the domestic market share.

In partnership with Valgo, responsible for clean-up, Bolloré Energie has applied to take over the depots at the site of the former Pétroplus refinery in Petit-Couronne, near Rouen, to improve its own distribution in the area and store strategic stock there.


COMMUNICATION


Investments

2013 2014

188 210

62

Turnover


80

1,931 1,837

Turnover of 1,931 million euros mainly corresponds to Havas' turnover (1,865 million euros). At constant scope and exchange rates, turnover also increased 5%.

Operating income benefited from the strong performance of Havas over the year and the improved results from its free newspaper (Direct Matin).

+5%

+12%


COMMUNICATION

(1) Source: OJD. (2) Average 2014/Source Google Analytics.

Havas

As of December 31, 2014, the Bolloré Group held 36.06% of Havas, fully consolidated. Following the public exchange offer for Havas, which closed in February 2015, the Group holds 82.5% Havas.

Net income for the 2014 financial year published for Havas show:

- income of 1,865 million euros, organic growth of 5.1%;

- operating income up by 8.4% to 245 million euros thanks to strong performance by the media businesses;

- improved operating margin of 13.2% versus 12.7% in 2013;

- Group share of net income of 140 million euros, up 9.4%;

- high level of new business: 2,246 million euros;

- net cash of 42 million euros, versus net debt of 90 million euros at the end of 2013.

Media

The free paper Direct Matin is the second-ranked national daily distributing on average nearly 900,000 copies(1) and reaching 2.5 million readers per issue. All regional editions are now distributed under the single brand Direct Matin. The digital edition Directmatin.fr hosts 750,000 visitors and approximately 4 million page views monthly(2).


COMMUNICATION

(1) Not consolidated

Telecoms

WiMax:

- Bolloré Telecom owns 22 regional licenses, which gives it national coverage (427 stations in operation on Bolloré Telecom frequencies).

- Accumulated expenses at this stage: around 135 million euros including the licenses.

- In the agreement with ARCEP stipulating a network rollout between 2015 and 2107, Bolloré Telecom deployed 3.5 stations at the end of 2014. Next to 1,100 points will be installed by this summer.

Wifirst which sells a high-speed wireless internet service, particularly in student residences, generated turnover of 16 million euros, versus 12 million euros in 2013, thanks to an increase in large contracts. The park now totals 300,000 rooms installed.

Other activities

The Group also holds nearly 10% of the equity in Gaumont and owns the Mac-Mahon movie theater in Paris.

It controls 100% of the CSA, Institute of Research and Surveys (turnover of 21 million euros in 2014).

It has a 21.4% holding in Bigben Interactive(1) one of the leading European video game accessory design and distribution companies.

Harris Interactive: The 14% stake in this American company specializing in internet research, was contributed to the offer launched by Nielsen in February 2014 for 12 millions euros, producing a gain of 10 million euros in the 2014 results.

Euro Media Group (EMG): In July 2014, Bolloré sold 16% of EMG, i.e. most of its shareholding acquired in 2001 when SFP was privatized. It retains a 2.5% shareholding in EMG.


ELECTRICITY STORAGE AND SOLUTIONS

Turnover(1)

Operating income


Investments

2014 2013

229

(120)

113

237

(120)

183

BLUE SOLUTIONS, BLUE Applications, Plastic films

(1) Excluding Blue Solutions' turnover generated with Group entities, eliminated from the Bolloré accounts.

+4%

Turnover from industrial activities (electricity storage, plastic films, terminals and specialist systems) up 4%, to 237 million euros. The turnover of Blue Solutions with Blue Applications entities (95 million euros versus 47 million euros in 2013) is eliminated at the Bolloré Group level.

Strong increase in investment with the growth of car sharing and developments in buses and stationary renewable energy activities.


14.516

17.519

20.522

23.525

26.528

29.531

32.534

35.537

38.540

Oct 302013 IPO

Jan-13-14 Mar-24-14 Jun-5-14 Aug-14-14 21-Oct-14 2-Jan-15

Blue Solutions price

+87%

Closing price of March 17, 2015: 27.18 euros

22

BLUE SOLUTIONS

71%

18%

11%

Bolloré Bolloré Participations Public

Blue Solutions shareholder base

Blue Solutions, which produces electric lithium metal polymer batteries in its factories in Brittany and Canada, has a capacity of 10,000 batteries which will ultimately rise to 32,500 batteries.

On October 30, 2013, the company Blue Solutions was floated on the first market of the Nyse-Euronext Paris market, at a price of 14.50 euros.

At its current price of 27.18 euros, its market capitalization is 784 million euros.

Price change since initial public offering


Results for the financial year 2014 published by Blue Solutions


Turnover 47 97

EBITDA (13) 11

Impairment (15) (17)

Net operating income (28) (6)

Net financial income (8) 0.5

Net income (36) (6)

BLUE SOLUTIONS

In 2014, Blue Solutions delivered to market 2,396 battery packs versus 1,056 packs in 2013.

The company's turnover stood at 97 million euros, compared with 47 million euros in 2013. This growth is essentially due to the upsurge in activity with Bluecar (2,004 batteries delivered versus 836) and with Bluestorage for charging stations (280 battery packs versus 136).

Shareholders' equity stands at 134 million euros, for a net indebtedness of 20 million euros, a slight decrease despite the investments made during the period.

Blue Solutions holds options that are exercisable between 2016 and 2018 within entities composing the scope of Blue Applications Bluecar-Bluecarsharing-Autolib’, Bluebus, Bluetram, Blueboat, Bluestorage, IER, Polyconseil.


BLUE APPLICATIONS

Car sharing: - success of the car sharing services, Autolib' in Ile-de-France (to which has just been

added Utilib’), Bluely in the greater Lyon region and Bluecub in the Bordeaux Urban Community. The second phase of Bluely will be launched on April 2, 2015 equipped with 110 stations and a fleet of 250 vehicles;

- the Bolloré Group has been chosen to develop a car-sharing scheme in Indianapolis (USA), BlueIndy which has been in a trial phase since May 2014 for a launch before summer 2015;

- it has also been named to manage a network of 1,400 charging stations in London, BluePointLondon, which began operating in September 2014. 600 charging stations will be replaced by new-generation independent stations. An electric car sharing service will also be rolled out there in spring 2015;

- key figures for car sharing as of end February 2015: 74,500 annual subscribers (versus 40,900 at the end of 2013), 5,700 charging stations in 1,036 stations (of which nearly 5,000 on the Autolib'

network shared over more than 900 stations), over 3,300 Bluecar vehicles in circulation (including 3,080 on Autolib’), 8.5 million rentals since the launch of Autolib’ on December 5, 2011.

In addition, the Group sells and leases (LDD) Bluecar vehicles (Bluecar, Blueutility, Bluesummer) to individuals, companies and local authorities. Bluebus has just won a tender proposal from RATP (Paris transport authority). Bolloré Group buses, in a 6-meter and 12-meter version will make their debut during 2015 on RATP-run routes. The Group inaugurated the Bluetram factory in January 2015 which represents an investment of 10 million euros for production capacity of 100 Bluetrams per annum (which will ramp up to 200 Bluetrams per annum starting in 2016-2017 with a further investment of 20 million euros).

At the beginning of February 2014, the Group received ministerial agreement to deploy 16,000 charging stations across France, representing an investment of 150 million euros between 2015 and 2018.


BLUE APPLICATIONS

Other than mobility, the Group is also developing stationary renewable energy applications: - batteries for individuals to optimize energy use by storing

electricity at off-peak times and using it at times of heavy use. This solution also helps offset the instability of electricity distribution networks;

- Bluestorage is developing electricity storage solutions, in the form of containers filled with LMP batteries, for businesspeople, individuals and local councils aiming to optimize energy use, and offset the uneven supply of renewable energies;

- Bluesun is a joint venture between Total Energie Développement and Bluestorage, which aims to add storage projects including LMP batteries into the latest generation solar panels produced by Sunpower, a Total subsidiary.

Therefore, from these stationary applications, Bolloré Group has created an innovative solution for the African continent: the Bluezone.

Bluezones have LMP batteries and solar panels which, when combined, make it possible to produce, store and distribute clean, free electricity in places without a standard electricity network. This environmentally-friendly and inexhaustible electricity supplies the Bluezones which provide lit areas, buildings with electricity, drinking water, Internet, health and wellness centers for youth, schools providing e-learning courses, sports, artisan workshops, etc. In 2014, the Group developed Bluezones in Benin, Togo, Guinea and Niger. In Abidjan, Yaoundé and Angkor in Cambodia, the Group is developing a completely energy-independent solution thanks to a station that links LMP batteries and solar panels to charge electric vehicles (Bluebus, Bluecar and Bluesummer).


BLUE APPLICATIONS, PLASTIC FILMS

IER

IER, which produced all the terminals for Autolib’, Bluely, and Bluecub (subscriptions, rentals, electrical charging) and the onboard software for the Bluecar vehicles, is now a major player in the marketing of car-sharing solutions and in smart connected recharging technology.

In 2014, IER continued its development in car sharing and electric charging services (Indianapolis launch, Autolib' network growth, etc.). In particular, IER developed a new generation of independent charging stations which will be installed in London and throughout France (16,000-station project).

Furthermore, charging stations for air and rail transport has been a very strong business.

Automatic Systems has seen good business in the access control and barrier sector, which shows strong growth in North America, and despite the end of projects to equip the subways in Brussels and Stockholm. Automatic Systems is also a candidate in many calls for bids in the passenger control sector. Polyconseil

Polyconseil, which delivers IT services and consulting and designs software, also plays an important role in car-sharing systems and electrical storage management. Plastic films

Turnover in 2014 for plastic films fell by 2%, due to decreasing volumes of dielectric films, partly offset by a rise in the selling price of packaging films.


OTHER ASSETS

(1) Consolidated by the equity method.

(2) Including 0.02% held by Financière de l’Odet.

Principal equity investments as of December 31, 2014:

Vivendi (5.15 %): Following the sale of the Direct 8 and Direct Star channels in exchange for 1.7% of Vivendi and additional share purchases on the market in 2012, the Group holds a 5.15% stake in Vivendi. Market value of the holding on December 31, 2014: 1,339 million euros (and 2,381 million euros on March 5, 2015 after the purchase of an additional 3%).

Mediobanca(1) (7.5%), Generali (0.13%) and Unipolsaï (0.04%)(2): Market value of the holdings: 473 million euros as of December 31, 2014. The main shareholding is Mediobanca, in which the Group is the second-largest shareholder, and has three representatives on the Board of Directors. The Group's shareholding in Mediobanca, which was up to 8%, was reduced to 7.5% in 2014.

Socfin(1) (38.7%) - Socfinasia(1) (21.8%) - Socfinaf(1) (8.6%): Market value of the holdings: 282 million euros as of December 31, 2014.

Vallourec (1.6%): Market value of the holding: 47 million euros as of December 31, 2014.

The market value of listed securities held by Bolloré Group amounted to 2,178 million euros as of December 31, 2014.

On March 5, 2015, following the purchase of an additional 3% of Vivendi, the market value of listed securities was 3,299 million euros.


OTHER ASSETS

(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.

Socfin Group(1): The Group holds nearly 39% of Socfin, which manages

179,000 hectares of plantations in Asia and Africa. The results were penalized

by the drop in the average price of natural rubber (-32%) due to the

slowdown in demand, and of palm oil (-4%) as a result of the good soya

harvest in the Americas.

Socfindo, in Indonesia, (48,000 hectares of palm trees and rubber trees): net

income of 55 million euros versus 57 million euros in 2013, following the drop in

rubber prices.

Okomu, in Nigeria, (18,500 hectares of palm and rubber trees): net income of 7.5

million euros versus 10 million euros the previous year, penalized by the drop in

rubber prices.

Socapalm (35,000 hectares of palm and rubber trees) and Ferme Suisse (refining

unit), in Cameroon: net income of 9 million euros versus 8 million euros in 2013 ,

due to increased oil production.

Safacam, in cameroon, (9,800 hectares of rubber trees and oil palms): net income

of 3 million euros versus 4 million euros the previous year, penalized by the drop in

rubber prices.

Lac and Salala, in Liberia, (18,500 hectares of rubber trees): net income stable, due

to the health crisis and a significant drop in price.

SOGB, in Côte-d’Ivoire, (23,500 hectares of palm and rubber trees): net income of 7

million euros versus 9 million euros in 2013, because of the drop in rubber prices.

SCC(2): net income of 1.9 million euros versus 0.8 million euros in 2013, thanks to

increased production.


OTHER ASSETS

(1) not consolidated

(2) 8.59% at the end of 2014 after support by Socfin of Safa and Socfinaf.

Developments: Creation of 12,000 hectares of rubber plantations in Cambodia,

6,600 hectares of which have already been planted, replanting of 6,100 hectares of

oil palms in the Democratic Republic of the Congo and 11,000 hectares of oil

palms in Sierra Leone(1) (a new plantation of 18,000 hectares).

Other agricultural assets:

In 2014, Bolloré Group sold Safa which owns a plantation in Cameroon (Safacam),

for 9% of Socfinaf (2). At the end of 2014, the market value of the Socfinaf shares

held was 23 million euros.

American farms: the three farms cover 3,000 hectares. The farmland was planted

with cotton and corn this year. Operating income, which is -0.7 million euros versus

0.8 million euros in 2013, has been penalized by inferior yields to those forecast

and by the sharp drop in corn prices.

Vineyards: The Domaines de La Croix et de la Bastide Blanche cover 242 hectares including 116 hectares with wine-growing rights. Increased turnover to 3.5 million euros (+8%) with sales of 580,000 bottles. The EBITDA of this business is now positive.


2014 FINANCIAL STATEMENTS


INCOME STATEMENT

CONSOLIDATED INCOME STATEMENT

(in thousands of euros) 2014 2013

Turnover 10,603,730 10,848,489

Goods and services bought in (7,286,166) (7,691,449)

Staff costs (2,359,055) (2,262,198)

Amortization and provisions (372,207) (350,855)

Other operating income 219,534 181,845

Other operating expenses (175,259) (139,379)

Share in net income from operating companies accounted for using the equity method 19,336 19,205

Net operating income 649,913 605,658

Net financing expenses (94,525) (100,108)

Other financial income 203,117 366,782

Other financial expenses (193,178) (236,840)

Net financial income (84,586) 29,834

Share in net income of non-operating companies accounted for by the equity method 71,212 20,541

Corporate income tax (235,701) (211,220)

Net income from ongoing activities 400,838 444,813

Net income from discontinued operations 2,591 5,011

Consolidated net income 403,429 449,824

Consolidated net income Group's share 218,639 270,148

Non controlling interests 184,790 179,676

Earnings per share (1) in (euros):

2014 2013

Net income, Group's share

- basic 0.09 0.11

- diluted 0.09 0.11

Net income from ongoing activities, Group's share:

- basic 0.09 0.11

- diluted 0.09 0.11

(1) Excluding treasury shares.


BALANCE SHEET

CONSOLIDATED BALANCE SHEET

(in thousands of euros) 12/31/2014 12/31/2013

Assets

Goodwill 2,798,208 2,754,080

Intangible assets 1,080,127 1,010,499

Property, plant and equipment 1,834,797 1,608,615

Investments in equity affiliates 828,960 654,861

Other financial assets 5,969,511 5,976,012

Deferred tax 202,199 160,620

Other assets 143,623 61,572

Non-current assets 12,857,425 12,226,259

Inventories and work in progress 278,384 349,094

Trade and other receivables 4,349,912 4,088,241

Current tax 68,070 133,284

Other financial assets 15,772 14,084

Other assets 86,780 64,518

Cash and cash equivalents 1,379,103 1,578,659

Assets tied to activities available for sale 0 44,710

Current assets 6,178,021 6,272,590

Total assets 19,035,446 18,498,849

Liabilities

Share capital 439,704 437,471

Share issue premiums 549,251 508,129

Consolidated reserves 7,160,251 6,803,064

Shareholders' equity, Group's share 8,149,206 7,748,664

Non controlling interests 1,657,205 1,566,854

Shareholders’ equity 9,806,411 9,315,518

Long-term financial debt 1,623,216 2,155,130

Provisions for employee benefits 254,621 206,143

Other provisions 181,557 191,716

Deferred tax 231,377 207,821

Other liabilities 136,113 208,769

Non-current liabilities 2,426,884 2,969,579

Short-term financial debt 1,533,862 1,218,925

Provisions (due within one year) 85,298 75,571

Trade and other payables 4,835,104 4,636,168

Current tax 118,938 185,571

Other liabilities 228,949 89,420

Liabilities tied to activities available for sale 0 8,097

Current liabilities 6,802,151 6,213,752

Total liabilities 19,035,446 18,498,849


CHANGE IN CONSOLIDATED CASH FLOW

CHANGES IN CONSOLIDATED CASH FLOWS

(in thousands of euros) December 2014 December 2013

Cash flow from operating activities

Net income from ongoing activities, Group's share 216,736 266,990

Non-controlling interests' share in ongoing activities 184,102 177,823

Consolidated net income from ongoing activities 400,838 444,813

No-cash income and expenses:

- elimination of impairment, amortization and provisions 404,120 351,460

- elimination of change in deferred taxes (14,481) (2,964)

- other income and expenses not affecting cash flow or not related to operating activities (101,536) (23,431)

- elimination of capital gains or losses upon disposals (13,553) (104,981)

Other restatements:

- net financing expenses 94,525 100,108

- income from dividends received (77,509) (74,213)

- tax charges on companies 238,671 209,633

Dividends received:

- dividends received from associates 40,299 37,033

- dividends received from non-consolidated companies and discontinued activities 78,756 77,876

Income tax on companies paid up (246,873) (201,439)

Impact of the change in working capital requirement: (22,643) (118,535)

- of which inventories and work in progress 91,643 (66,801)

- of which payables 122,483 139,489

- of which receivables (236,769) (191,223)

Net cash from ongoing operating activities 780,614 695,360

Cash flow from investing activities

Disbursements related to acquisitions:

- property, plant and equipment (475,436) (381,603)

- intangible assets (71,693) (69,138)

assets arising from concessions (92,180) (83,081)

- securities and other non-current financial assets (94,462) (229,295)

Income from disposal of assets:

- property, plant and equipment 19,225 11,838

- intangible assets 195 553

- securities 28,078 266,509

- other non-current financial assets 9,392 161,825

Effect of changes in scope of consolidation on cash flow (82,011) (53,187)

Net cash from investments in ongoing activities (758,892) (375,579)

Cash flows from financing activities

Disbursements:

- dividends paid to parent company shareholders (43,163) (2,540)

- dividends paid to minority shareholders net of distribution tax (107,412) (113,186)

- financial debt repaid (918,841) (593,125)

- acquisition of minority interests and treasury shares (44,513) (65,415)

Receipts:

- capital increase 45,291 100,692

- investment subsidies 3,347 7,724

- increase in financial debt 635,512 903,357

- disposals to non-controlling interests and disposals of treasury stock 211,404 29,926

Net interest paid (93,995) (90,054)

Net cash from ongoing activities (312,370) 177,379

Effect of exchange rate fluctuations 41,366 (29,468)

Impact of reclassification of discontinued operations 0 (5,579)

Other 98 3,834

Net incease in cash and cash equivalents from ongoing activities (249,184) 465,947

Cash and cash equivalents at the beginning of the period 1,449,307 983,360

Cash and cash equivalents at the end of the period 1,200,123 1,449,307


CHANGE IN SHAREHOLDERS' EQUITY

(in thousands of euros) Number of shares excl. treasury shares Share capital Share issue premiums Treasury shares held IAS 39 fair value Translation adjustment Actuarial (losses) and gains Reserves Shareholders' equity, Group's

share Non controlling interests TOTAL

Shareholders’ equity as at 01/01/2013 2,420,648,000 429,926 376,038 (170,485) 2,256,416 (35,099) (27,499) 3,038,873 5,868,170 1,396,490 7,264,660

Transactions with shareholders 42,706,600 7,545 132,091 (14,393) 25,459 (8,831) 1,218 (113,871) 29,308 (57,561) (28,253)

Capital increase 42,706,600 7,545 132,091 139,636 0 139,636

Dividends distributed (75,667) (75,667) (99,852) (175,519)

Transactions on treasury securities (14,393) 2,926 (11,467) (1,743) (13,210)

Share-based payments 2,223 2,223 47 2,270

Change in scope 25,549 (6) (55) (47,891) (22,403) 44,816 22,413

Other changes (8,825) 1,273 4,538 (3,014) (829) (3,843)

Comprehensive income items 1,646,678 (64,774) (866) 270,148 1,851,186 227,925 2,079,111

Net income for the period 270,148 270,148 179,676 449,824

Change in items recyclable in profit and loss

Translation adjustment of controlled entities (33,134) (33,134) (7,518) (40,652)

Change in fair value of financial instruments of controlled entities 1,625,469 1,625,469 55,594 1,681,063

Other changes in comprehensive income 21,209 31,640 (10,431) 834 (9,597)

Changes in items that will not be recycled through profit or loss

Actuarial (losses) and gains from controlled entities (3,960) (3,960) (757) (4,717)

Actuarial (losses) and gains from entities accounted for using the equity method 3,094 3,094 96 3,190

Shareholders' equity at 12/31/2012 2,463,354,600 437,471 508,129 (184,878) 3,928,643 (108,704) (27,147) 3,195,150 7,748,664 1,566,854 9,315,518

Transactions with shareholders 58,382,700 2,223 41,122 54,725 9,557 77 124 63,101 170,939 (82,911) 88,028

Capital increase 13,950,700 2,223 41,122 (601) 42,754 0 42,754

Dividends distributed (615,300) (77,601) (77,601) (92,551) (170,152)

Transactions on treasury securities 45,047,300 54,725 150,050 (204,775) 2,875 207,650

Share-based payments 4,386 4,386 1,815 6,201

Change in scope 9,557 (760) 43 (2,848) 5,992 2,869 8,861

Other changes 837 81 (10,285) (9,367) 2,081 (7,286)

Comprehensive income items (18,117) 47,964 (18,883) 218,639 229,603 173,262 402,865

Net profit/loss for the period 218,639 218,639 184,790 403,429

Change in items recyclable in profit and loss

Translation adjustment of controlled entities 29,946 29,946 (761) 29,185

Change in fair value of financial instruments of controlled entities (47,764) (47,764) (3,831) (51,595)

Other changes in comprehensive income 29,647 18,018 47,665 1,884 49,549

Changes in items that will not be recycled through profit or loss

Actuarial (losses) and gains from controlled entities (18,807) (18,807) (8,819) (27,626)

Actuarial (losses) and gains from entities accounted for using the equity method (76) (76) (1) (77)

Shareholders' equity at 12/31/2014 2,521,737,300 439,704 549,251 (130,153) 3,920,083 (60,663) (45,906) 3,476,890 8,149,206 1,657,205 9,806,411


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**

10.0(2)

22.8

61.8 64.2

4.1(3)

36.7

15.2

8.9

48.2

42.1 64.6(4)

71.2 14.0

17.8(9)

11.5

56.5

55.5

5.0

58.8

27.0

6.8

13

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.

(3) 4,10% by SFA, a 98.4%rowned subsidiary of Plantations des Terres Rouges.

(4) 64.6% by its 53.4%-owned direct subsidiary Socfrance.

(5) 30.2% by Société Bordelaise Africaine and 6.8% by its 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 0.002% owned by Bolloré Participations

(9) including 17.8% by Bolloré Participations

(10) Indirectly, by a fully-owned subsidiary.

8.9

31.5

100.0

100.0(10)

Bolloré Railways

12.0

26.6

7.3

27.4

Bolloré Énergie

Oil logistics

100.00

Société Industrielle et

Financière de l'Artois

37.0(5)

Bolloré Logistics

ELECTRICITY STORAGE AND

SOLUTIONS

Bolloré Ports

BOLLORÉ

TRANSPORTATION &

LOGISTICS

Blue Applications

IER

Media, telecoms

52.4

100.0(1)

Listed companies

47.6

15.1

COMMUNICATION

Shareholdings

Plantations

1,9(6)

28.6

Percentage of share capital outside the Group

Bolloré Transport & Logistics

Energy storage and industry

Controlled by Bolloré

Communication, media, advertising and telecoms

16.7

1.8(1)Socfinaf

**

9.3

% (%) % of capital (% of voting rights at General Meeting)

*

32.5

Havas

Bolloré

Plantations des Terres

Rouges

(Luxembourg)

64.0(8)

(64.4)

100.0 (1)

Nord-Sumatra

Investissements

67.2(1)

55.3(7)

(92.0)

Financière de l'Odet

Forestière Équatoriale

(Republic of Côte

d'Ivoire)

Financière Moncey

17.5

3.3

37.1(1)

Sofibol

25.3(1)

Compagnie du

Cambodge

29.2(1)

90.5(1)

Compagnie des Tramways de Rouen

Société des Chemins de Fer et Tramways du

Var et du Gard

4.3*

3.7*

1.1*

4.6*6.0*

2.5*

9.2*

Plastic films

Financière deSainte-Marine

35.4*

Compagnie de Pleuven

Socfin ex-Socfinal

(Luxembourg)

Socfinasia(Luxembourg)

Société Bordelaise Africaine

Imperial Mediterranean

Blue Solutions

Financière du Perguet

Compagnie deCornouaille

6.0* 3.9*

11.0*

17.5*

35

GROUP STRUCTURE AS OF MARCH 6, 2015 (in percentage of share capital)

presentation bolloré financial statements 2012 · 4 bolloré – 2014 results summary of 2014...

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