Bolloré SE

Earnings Release • Mar 22, 2012

First quarter 2010 revenue 10 May 2010 2011 results 22 March 2012

21% increase in turnover at 8.5 billion euros

• €290 million operating income, up 19% thanks to the continued growth in income from the transport and logistics business and the improvement in the results of the other businesses (films, IER, media, telecom, plantations, holding companies) and in spite of the sharp increase in expenses for the development of electricity storage (batteries, supercapacitors, electric vehicles, Autolib' selfservice car system).
• Net income: 376 million euros (up 5%), of which 320 million euros of Group share, which includes capital gains of 141 million euros on the sale of Vallourec securities. In 2010, the Group benefited from a significant reversal of provisions on Havas (115 million euros).
• Dividend proposed: 3.30 euros(1) up 10%.
• Gearing(2) of 46% compared with 44% at the end of 2010.

The Bolloré Board of Directors closed the accounts for fiscal 2011 at its meeting on 22 March 2012.

Consolidated turnover for 2011 is up 21% at 8.491 billion euros. This includes LCN (Les Combustibles de Normandie) acquired in February 2011. Like for like, the increase was 11%, driven by the rise in volumes transported worldwide, soaring oil product prices, the good performance of industrial activities and the sharp growth in plantation sales and media advertising revenue.

Operating income stands at 290 million euros, up 19% compared with financial 2010. It includes:

• continuing growth in profits of the transport and logistics sector, in spite of the events in Côte d'Ivoire which had an impact on the first half;
• the results of the Fuel distribution business, which were affected by a year of exceptionally mild weather that led to a drop in domestic fuel sales volumes;
• the increase in the results of IER and plastic films and the sharp rise in expenses made for electricity storage (batteries, supercapacitors, electric vehicles, Autolib');
• the other businesses, which benefited from the increased results of plantations and the growth of advertising revenue in the media.

Net financial result stands at 146 million euros. It mainly includes capital gains of 141 million euros made from the sale of a 3.5% stake in Vallourec and the special dividend of 60 million euros received from Aegis in the second half of 2011.

The net income of affiliated companies, of 51 million euros, includes the good results of plantations and Havas. After the renegotiation of the agreements of the Pact in July 2011, the interest in Mediobanca was also consolidated using the equity method. In 2010, the share in the net income of affiliated companies included a significant reversal of provisions on Havas (115 million euros) as against a provision of 30 million euros accounted in 2011.

After 111 million euros of taxes, consolidated net income stands at 376 million euros compared with 358 million euros in 2010. Group share of net income stood at 320 million euros against 317 million euros the previous year.

(2) Debt to equity ratio

⁽¹⁾ of which €2 of interim dividend paid in September 2011

Shareholders equity stands at 4.117 billion euros, up 82 million euros compared with 31 December 2010, thanks to the good results and in spite of the decrease in stock market valuation.

Net debt stands at 1.884 billion, an increase of 124 million euros over the year, mainly due to the rise in investments and the 1.1% stake acquired in Vivendi.

In the light of the above, the gearing ratio remained practically unchanged at 46%.

The stock market value of listed securities (Aegis, Havas, Mediobanca, Vivendi, Vallourec, Socfinasia, Socfin, etc.) stands at 1.859 billion euros as at 31 December 2011 and 2.111 billion euros as at 29 February 2012.

***** *** *

Bolloré key consolidated figures	2009	2010	2011
(millions of euros)
Turnover	6,011	7,010	8,491
EBITDA	354	425	500
Operating income	174	243	290
Financial income/loss	(36)	9	146
Share in net income of affiliates companies	72	200	51
Taxes	(79)	(94)	(111)
Income from businesses to be sold	(11)	-	-
Net income	120	358	376
of which Group share	94	317	320
	31 December 2009	31 December 2010	31 December 2011
Shareholders' equity	3,076	4,035	4,117
of which Group share	2,844	3,736	3,799
Net debt	1,317	1,760	1,884
Debt to equity ratio	43 %	44 %	46 %

Operating income by business	2010	2011
(millions of euros)
Transport and logistics (1)	363	412
Fuel distribution	37	28
Industry	(70)	(100)
Media, telecoms, plantations, holding companies	(87)	(50)
Operating income	243	290

(1) before trademark fees

The detailed presentation is available on the website www.bollore.com.

The audit procedures on the 2011 consolidated financial statements have been performed and the certification report will be issued after the management report has been reviewed.