Message
to shareholders

I know I can count on all the people who make up our Group. I would like to thank them for their remarkable commitment and resilience in 2020.

Our 2020 results show good performances across all the Group’s business sectors despite the particularly difficult environment resulting from the health crisis, which is affecting the entire planet.

Bolloré Transport & Logistics’ business activities proved particularly resilient, with adjusted operating income (EBITA) of 607 million euros, down 2% at constant scope and exchange rates. Solid performances in freight forwarding, port terminals and oil logistics practically offset the expected impact of the end of the Douala Terminal concession in Cameroon at the end of 2019 and the slowdown in logistics in Africa.

The results of the Communications sector, i.e. the business activities of Vivendi, increased 4% to 1,627 million euros, driven by the results of Universal Music Group (+18%) and Groupe Canal+ (+27%).

The results of the Electricity storage and systems sector improved sharply, coming out at -102 million euros in 2020, for an increase of 332 million euros on 2019, which included a substantial non-recurring impairment as part of the strategic redeployment in batteries and buses.

Overall, Group EBITA totaled 2,043 million euros, up 23%, while revenue, amounting to 24,109 million euros, contracted 3% at constant scope and exchange rates.

Net income came out at 1,563 million euros, up 11%, and net income Group share was 426 million euros, for an increase of 79%. This total does not include the capital gain from the sale in March 2020 of 10% of the share capital of UMG to a Tencent-led consortium

based on an enterprise value of 30 billion euros for 100% of UMG.

Bolloré also continued to reduce its net debt, which fell (excluding the Financial debt of Vivendi’s) to 4.2 billion euros at end-2020. Vivendi’s financial debt, having reached nearly 5 billion euros at end-2020, decreased substantially at the start of 2021 with the sale of an additional 10% of UMG for 2.8 billion euros.

As a result, the consortium led by Tencent now owns 20% of UMG. With the transaction finalized, Vivendi is now able to envisage the distribution of 60% of UMG’s share capital to shareholders. The Extraordinary General Meeting of Vivendi’s shareholders on March 29, 2021 having approved by 99.98% the change in the bylaws, making it possible to proceed with a distribution in specie, Vivendi will pursue this project, the objective being a distribution before the end of 2021.

Against the backdrop of the Covid-19 health crisis, the Group will continue in 2021 to invest in its various businesses while demonstrating extreme caution.

In this difficult environment, I know I can count on all the people who make up our Group. I would like to thank them for their remarkable commitment and resilience in 2020.

Cyrille Bolloré
Chairman and Chief Executive Officer