BOLLORE : 2015 Results

• Turnover:                                          €10,824 million, up 2% as reported (down 2% at

                                                           constant scope and exchange rates)

• EBITDA:                                             €1,114 million, up 9%
• Operating income:                           €701 million, up 8%
• Net income Group share:                €564 million, up 161%
• Net capital expenditure:                 €771 million, up 25%
   
• Net debt:                                          €4,281 million (gearing: 38%)
• Market value of portfolio:              €4,977 million as of December 31, 2015
   
• Proposed dividend:                         €0.06 per share (distributed amount of €173 million)

                                                           including an interim dividend of €0.02 paid in October
                                                           2015, identical to the previous year.

The Board of Directors of Bolloré approved the 2015 financial statements at its meeting of March 24, 2016.

2015 turnover: €10,824 million, up 2% as reported

At constant scope and exchange rates, turnover fell by 2%. This was the result of the 20% decline in Oil Logistics business subsequent to the fall in the prices of petroleum products. It also factors in the good performance of the Transportation & Logistics (+4%), Communication (+5%) and Electricity Storage and Solutions (+9%) activities.

On a reported basis, currency fluctuations, primarily impacting the Transportation & Logistics, and Communication activities, had a positive effect of €364 million on the Group's turnover.

2015 EBITDA: €1,114 million, up 9% | Operating income: €701 million, up 8%

• EBITDA was €1,114 million, an increase of 9% attributable to the good performance of the Transportation & Logistics, and Communication activities.
• Consolidated operating income totaled €701 million, an increase of 8% compared with 2014, taking into account:
   
  • the improved performance of the Transportation & Logistics activities, reflecting the strength of freight forwarding globally and port terminals in Africa;
  • the upturn in oil logistics activity on the back of good performances in distribution in France and in the logistics and depots business;
  • growth in the Communication division thanks to the increase in Havas' earnings;
  • a high level of expenditure in Electricity Storage and Solutions (batteries, supercapacitors, electric vehicles, stationary solutions).

2015 net income Group share: €564 million, an increase of 161%

• Net financial income was €187 million, compared with a net expense of -€85 million in 2014. It includes dividends received from Vivendi in the net amount of €325 million, compared with €44 million in 2014.
   
• The share in the net income of equity-accounted non-operating companies was €104 million, compared with €65 million in 2015. It mainly reflects strong earnings growth for Mediobanca and a slight decline in the contribution from Socfin Group.

Consolidated net income was €727 million, compared with €401 million in 2014, after factoring in €265 million in taxes (€236 million in 2014). Net income Group share was €564 million, compared with €217 million in 2014.

Net debt: €4,281 million | Market value of listed equity portfolio €4,977 million

• At December 31, 2015, the net debt to equity ratio was 38%, compared with 18% at the end of 2014. The increase in net debt to €4,281 million from €1,771 million was attributable chiefly to the following factors:
   
  • the increase in the interest in Vivendi from 5.1% to 14.4%, representing an additional investment of close to €3 billion;
     
  • the disposal of 22.5% of Havas for €590 million following Bolloré's exchange offer in the first half of 2015 to support the share's liquidity and reduce its holding in Havas to 60%.
• Following the investment in Vivendi in 2015, the market value of the listed equity portfolio (Vivendi, Mediobanca, Socfin Group, Socfinasia and Socfinaf) was €4,977 million at December 31, 2015, compared with €2,177 million at December 31, 2014.
   
• The Group's liquidity^([1]) totaled €1.8 billion (€1.6 billion at December 2014) in available funds confirmed at December 31, 2015, thanks to a new €450 million bond issued in July 2015.

Proposed dividend: €0.06 per share

The Board of Directors will propose to the General Meeting of June 3, 2016 the payment of a dividend of €0.06 per share (including an interim dividend of €0.02 paid in 2015), payable in cash or shares. The ex-dividend date will be June 8, 2016, with payment or delivery of shares on June 29, 2016.

1. adjusted for the amendment to IAS 41.
2. including income from equity-accounted operating companies.
3. taking into account the impact of financing on Vivendi securities.

4. before trademark fees.

The detailed presentation of the results is available on www.bollore.com.
The audit of the 2015 consolidated financial statements has been completed, and the certification report will be issued after review of the management report.