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Financière de l'Odet: 2019 Revenue

FINANCIERE DE L'ODET


PRESS RELEASE


Revenue for 2019 fiscal year February   13, 2020

2019 Revenue: +3% organic growth

  • Revenue for the 4th quarter 2019: €6,895 million
    • -0.1% at constant scope and exchange rates
    • +6% as reported
       
  • 2019 Revenue:  €24,843 million
    • +3% at constant scope and exchange rates
    • +8% as reported

Revenue for the 4th quarter 2019

At constant scope and exchange rates, Group revenue remained stable during the 4th quarter 2019
(-0.1%) at €6,895 million. This development mainly includes:


  • a 3% slowdown in the transportation and logistics business caused by declining air and sea volumes in freight forwarding, which was partially offset by growth in port terminals;
     
  • a 9% decline in the oil logistics business resulting from the drop in volumes, which were negatively affected by unfavorable weather conditions and lower oil product prices;
     
  • 2% growth in the communications business, attributable mainly to Vivendi, which notably benefited from growth at UMG (+6%);
     
  • a 5% increase in electricity storage and systems driven mainly by growth in Bus operations.



         

Revenue as reported increased by 6% compared with the 4th quarter 2018 due notably to changes in the Vivendi scope related to the consolidation of Editis.

 

 

Revenue for the year 2019

At constant scope and exchange rates, 2019 revenue increased by 3% to €24,843 million.

Revenue as reported rose 8%, taking into account €878 million in changes in scope, related mainly to the consolidation of Editis at Vivendi, and a positive foreign exchange impact in the amount of €285 million related to the decrease in the value of the euro against almost all currencies, particularly the US dollar.

Change in revenue by business



(in millions of euros)   4th quarter   12-month total  
    2019   2018   Growth   Growth   2019   2018   Growth   Growth
        reported   organic       reported   organic
  Transportation and Logistics 1,503   1,546 -3% -3% 5,939 6,007 -1  % -2%
  Oil logistics 727 799 -9% -9% 2,650 2,699   -2%   -2%
  Communications 4,571 4,052 13% 2% 15,891 13,924 14% 6%
  Electricity Storage and Systems 85 93   -9% 5% 329 358 -8%   -5%
  Others (Agricultural Assets, Holding Companies) 10 9 12% 12% 34 36 -6% -6%
  Total   6,895 6,499   6% 0% 24,843   23,024 8% 3%



         

At constant scope and exchange rates, compared to fiscal year 2018, the main sectors changed as follows:

  • Transportation & Logistics, Oil Logistics:
     
    • transportation and logistics revenue narrowed 2% due to declining revenue in freight forwarding and logistics, which was penalized by the widespread downturn in air and sea volumes. However, this did include growth in port terminal activities, notably with significant increases in volumes recorded by the Abidjan Terminal (Ivory Coast), the Conakry Terminal (Guinea), the Freetown Terminal (Sierra Leone), as well as the Congo Terminal, Bénin Terminal and Togo Terminal, and a decrease in the logistics and handling businesses, primarily in East Africa. Lastly, sharp growth in rail operations was driven by hydrocarbon traffic and benefited from the larger locomotive fleet.
       
    • oil logistics revenue decreased 2% due to the drop in volumes related to unfavorable weather conditions, despite a slight increase in oil product prices in 2019.
  • Communications: the revenue of the communications business (Vivendi) reported organic growth of 6% compared with the 2018 fiscal year, boosted by 14% growth at Universal Music Group, thanks to the 22% increase in subscriptions and streaming revenues and a 3% rise in physical sales, as well as the consolidation of Editis (+6%).  This also includes in 1% revenue declines for the Canal+ Group and 1% revenue decrease for Havas.
     
     
     
     
     
     
     
  • Electricity Storage & Systems: revenue from industrial activities (electricity storage, plastic films, specialist terminals and systems) decreased by 8% year-on-year, in light of the downturn in the car-sharing business following the termination of the Autolib service, as well as the downturn in the specialist terminals division (terminals and double-door chambers for stations and airports), which was notably affected by a drop in passenger activity. It did however benefit from stronger battery revenue driven by growth in new generation IT3 prototype battery sales and the growth of Bluebus, with the sale of 67 buses including 26 buses of 12 meters since the beginning of the year. The order book for delivery at end-2019 stood at 67 buses of 12 meters and 8 buses of 6 meters.
Change in revenue per quarter


(in millions of euros)   1st quarter   2nd quarter   3rd quarter   4th quarter  
    2019

 
  2018
(1)
  2018   2019   2018
 (1)
  2018

 
  2019   2018(1)   2018   2019   2018
(1)
  2018
  Transportation and Logistics 1,483 1,448 1,435 1,491  1,521 1,511 1,462   1,529   1,514 1,503   1,546   1,546
  Oil logistics 665 671 670 613 592 590 645 643 641 727 801 799
  Communications 3,458 3,271 3,123 3,893 3,614 3,349 3,969 3,703 3,399 4,571   4,464 4,052
  Electricity Storage and Systems 75 90 89   85 94 93 85 84 83 85 81 93
  Others (Agricultural Assets, Holding Companies) 8 10 10 8 10 10 7 7 7 10 9 9
  Total 5,690 5,490 5,327 6,090 5,831 5,555   6,168 5,965 5,644   6,895   6,900 6,499

   (1)    At constant scope and exchange rates
          
All amounts are expressed in millions of euros and rounded to the nearest decimal.
As a result, the sum of the rounded amounts may differ slightly from the reported total.


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