Bolloré SE

Earnings Release • Feb 19, 2013

February 19th, 2013

2012 Turnover: 10.2 billion Euros, 20% rise in gross data, up 9% on a like-for-like basis and constant exchange rates

• 9% turnover growth on a like-for-like basis and at constant exchange rates compared with 2011, benefiting from higher volumes transported worldwide and rising prices and volumes of oil products.
• In gross data, the increase reached 20%, due mainly to the full consolidation of the Havas Group from September 1st, 2012 and the contribution made by LCN (Les Combustibles de Normandie) over the whole of 2012 after its joined the Group in February 2011
• The fourth quarter saw a 31% increase due to the full consolidation of the Havas Group. On a like-for-like basis and at constant exchange rates, the increase was 7% with transport & logistics and fuel distribution activities growing by 9% over the fourth quarter of 2012.

Bolloré's consolidated turnover in the fourth quarter of 2012 reached EUR 3,007 million, up 31% compared with 2011. On a like-for-like basis and at constant exchange rates, the rise was 7%.

For the whole of 2012, turnover rose by 20% to EUR 10,186 million compared with EUR 8,491 million in 2011. On a like-for-like basis and at constant exchange rates, the rise was 9%.

Changes in turnover by business		4th quarter		Cumulative 12-month figures
(in millions of Euros)	2011	2011 (on a like-for like basis and at constant exchange rates)	2012	% variation (on a like for-like basis and at constant exchange rates)	2011	2011 (on a like-for like basis and at constant exchange rates)	2012	% variation (on a like-for like basis and at constant exchange rates)
Transport and Logistics	1,302	1,335	1,406	+5 %	4,872	5,001	5,473	+9 %
Fuel distribution	870	872	989	+13 %	3,186	3,280	3,643	+11 %
Communication (media, telecom, Havas)	47	540	546	+ 1 %	159	804	811	+1 %
Electricity storage and solutions	60	60	57	-7 %	225	228	215	-6 %
Other activities (plantations, holdings)	10	10	9	-11 %	49	49	44	-11 %
Total	2,289	2,817	3,007	+7 %	8,491		9,362 10,186	+9 %

On a like-for-like basis and at constant exchange rates compared with 2011, the major sectors developed as follows:

• Transport and Logistics: annual turnover grew by 9%. It benefited from a strong recovery in activity in Ivory Coast, which suffered from the political crisis at the beginning of 2011 and the dynamism of port terminals in Africa, as well as the rise in transit and logistics activities, in particular driven by the good activity of the platforms of Roissy and Singapore.
• Fuel distribution: turnover rose by 11% compared with 2011 due to the rise in the prices of oil products and in sales volumes. In gross data, the increase reached 14%, thanks to the contribution made by LCN (Les Combustibles de Normandie) over the whole of 2012 after its joined the Group in February 2011.
• Communication (media, telecom, Havas): turnover grew by 1 %. They included four months of Havas, which was fully consolidated from September 1st, 2012, representing a contribution of EUR 671 million (+1%) and just nine months of the Direct 8 and Direct Star TV channels sold to Canal + on September 30th, 2012 (+7%).
• Electricity storage and solutions: turnover from industrial activities (plastic films, electricity storage, dedicated terminals and systems) were down 6%, aware that IER's sales through Autolib' are eliminated from the Bolloré Group figures, which represented an effect of 25 million of euros.
• Other activities (plantations, holdings): turnover was 11% down, due mainly to the decline at the plantations, given the dropl in worldwide rubber prices and the dip in production.

	1st quarter		2nd quarter				3rd quarter		4th quarter
Changes in turnover	2011	2011 (on a like for-like basis, and at constant Exchange Rates)	2012	2011	2011 (on a like for-like basis, and at constant exchange rates)	2012	2011	2011 (on a like for-like basis, and at constant exchange rates)	2012	2011	2011 (on a like for-like basis, and at constant exchange rates)	2012
Transport and logistics	1,160	1,174	1,299	1,175	1,213	1,351	1,235	1,279	1,417	1,302	1,335	1,406
Fuel distribution	785	877	1,024	692	695	793	839	836	837	870	872	989
Communication (media, telecom, Havas)	36	36	40	44	44	44	32	184	181	47	540	546
Electricity storage and solutions	56	57	52	56	57	55	53	54	51	60	60	57
Other activities (plantations, holdings)	14	14	12	14	14	13	11	11	10	10	10	9
Total		2,051 2,158	2,427	1,981	2,023	2,256	2,170	2,364		2,496 2,289	2,817	3,007