Bouygues: First-quarter 2023 results
Press release
Paris, 16/05/2023
FIRST-QUARTER
2023 RESULTS
- Backlog in the construction
businesses up 6% year-on-year
- Group sales up 46%
year-on-year, up 4%
like-for-like and at constant exchange rates
- Group current operating
profit from activities up €75 million
year-on-year
- Integration of Bouygues
Energies & Services within
Equans on track and Perform plan
launched in most
of Equans’
business units
- All 2023 guidance for the
Group and its business
segments confirmed
The Board of Directors, chaired by Martin
Bouygues, met on 15 May 2023 to close off the financial statements
for first-quarter 2023.
KEY FIGURES
With regard to the financial information
presented in this press release, the income statement includes the
financial statements of Equans only for first-quarter 2023. Equans
was acquired on 4 October 2022 and Equans’ quarterly proforma
financial statements are not available for 2022.
(€ million) |
Q1 2023 |
|
Q1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Sales |
12,007 |
|
8,204 |
|
+46% |
a |
Current operating profit/(loss) from
activities |
9 |
|
(66) |
|
+75 |
|
Margin from activities |
0.1% |
|
-0.8% |
|
+0.9 pts |
|
Current operating profit/(loss) ᵇ |
(14) |
|
(77) |
|
+63 |
|
Operating profit/(loss) ᶜ |
(38) |
|
(93) |
|
+55 |
|
Financial result |
(98) |
|
(47) |
|
-51 |
|
Net profit/(loss) attributable to the Group |
(134) |
|
(131) |
|
-3 |
|
(a) Up 4% like-for-like and at constant exchange
rates.(b) Includes PPA amortisation of €23m in first-quarter 2023
and of €11m in first-quarter 2022.(c) Includes net non-current
charges of €24m in first-quarter 2023 and of €16m in first-quarter
2022.
(€ million) |
End-March 2023 |
|
End-Dec 2022 |
|
End-March 2022 |
|
|
|
|
|
|
|
|
Net surplus cash (+)/net debt (-) |
(8,779) |
|
(7,440) |
|
(2,111) |
|
As each year, the Group’s first-quarter results
are not indicative of full-year performance, mainly due to the
seasonal nature of business at Colas, and to a lesser extent, at
Equans.
-
Sales in first-quarter 2023 were
€12 billion, up 46% versus first-quarter 2022. Sales growth
was driven mainly by Equans contribution, as well as by commercial
performance in the business segments and by inflation.
Like-for-like and at constant exchange rates, sales growth was
4%.
- Current
operating profit from activities (COPA) was
€9 million, compared with a current operating loss from
activities of €66 million in first-quarter 2022, giving a
positive margin from activities of 0.1% (versus -0.8% in
first-quarter 2022).
- The net loss attributable
to the Group was €134 million. This includes:
- net non-current charges1 of
€24 million, which are not indicative of business. As a
reminder, net non-current charges in first-quarter 2022 were
€16 million;
- financial result of
-€98 million versus -€47 million in first-quarter 2022,
mainly due to a higher cost of net debt (-€69 million versus
-€35 million in first-quarter 2022) related to the acquisition
of Equans;
- income tax expense of
€3 million compared with an income tax gain of
€27 million in first-quarter 2022;
- a share of net profits of joint
ventures amounting to €15 million versus a €3 million
loss in first-quarter 2022, driven by Tipco Asphalt’s contribution
and the absence of a loss from Salto;
- Net
debt was €8.8 billion versus €7.4 billion at
end-December 2022, a change of around €1.3 billion due to
usual seasonal effect in the beginning of the year. Net gearing2
was 64% (versus 53% at end-2022).
OUTLOOK FOR 2023
The outlook below is based on information known
to date.
Outlook for the Group
In an unstable environment, marked by inflation,
rising interest rates and currency volatility, Bouygues confirms
that it is aiming for 2023 sales close to those of 2022, as well as
an increase in its current operating profit from activities
(COPA).This outlook is based on 2022 proforma financial information
that assumes the Equans acquisition was completed on 1 January
2022, namely sales of €54.4 billion and current operating
profit from activities of €2,164 million.
Outlook for Colas
In an unstable environment marked by inflation,
rising interest rates and currency volatility, the Colas group has
strong fundamentals and will continue to benefit from the positive
impacts of the transformation plans that it has undertaken.Colas
confirms its target of increasing current operating profit from
activities (COPA) and current operating profit in 2023 compared
with 2022.
Outlook for
Equans
In 2023, Equans is aiming for:
- a slight increase in sales, as a
result of its selective approach strategy;
- a current operating margin from
activities (COPA margin) between 2.5% and 3%;
- a cash conversion rate
(COPA-to-cash flow3) before WCR of between 80% and 100%.
Outlook for Bouygues
Telecom
As it continues to grow its customer base,
particularly in the fixed segment, and maintains its investments to
boost its mobile network capacity, Bouygues Telecom’s confirms its
2023 guidance as follows:
- an increase in sales billed to
customers;
- EBITDA after Leases of around
€1.9 billion;
- gross capital expenditure at around
€1.5 billion excluding frequencies.
Outlook for the TF1 group
In 2023, the TF1 group will cement its
leadership position and maintain a broadly stable current operating
margin of activities. The TF1 group will continue to generate cash
flow in order to aim for a growing or stable dividend policy over
the next few years.
DETAILED ANALYSIS BY SECTOR OF
ACTIVITY
CONSTRUCTION BUSINESSES
As a reminder, Bouygues Energies & Services
has been consolidated within Equans since the start of 2023. For
easier comparison, the first-quarter 2022 data for the construction
businesses presented below have been restated for Bouygues Energies
& Services, as it contributed to Bouygues Construction’s
figures.At end-March 2023, the backlog in the construction
businesses (Bouygues Construction excluding Bouygues Energies &
Services, Bouygues Immobilier and Colas) rose 6% to
€29.4 billion (up 7% at constant exchange rates and excluding
principal disposals and acquisitions).At €15.0 billion (up
8%), the backlog at Bouygues Construction (excluding Bouygues
Energies & Services) offers good visibility on future activity.
This growth was driven by International Building. In first-quarter
2023, Bouygues Construction saw a 93% increase in order intake
relative to first-quarter 2022, lifted by the gain of several
significant contracts, particularly outside France (the Abidjan
metro for around €770 million, a hospital in the United
Kingdom for around €330 million, and a hospital in Morocco for
around €130 million), and also by the gain in France of two
contracts for the Toulouse metro for around €350 million.
In property market, customers remain in a
wait-and-see mode, in both the residential and commercial segments,
due to inflation and rising interest rates. Bouygues Immobilier
decided to postpone the construction and marketing phases of
certain projects, which further reduced new housing units for sale
and reservations. As a consequence, Bouygues Immobilier’s backlog
was 20% lower than in first-quarter 2022.Last, the backlog at Colas
was €13.0 billion, up 8% year-on-year (up 10% at constant
exchange rates and excluding principal disposals and acquisitions).
It benefited from a 17% increase in the order intake versus
first-quarter 2022 and a particularly strong order intake in
international rail activities (notably the Abidjan metro,
representing around €330 million).
The construction businesses reported sales of
€5.2 billion in first-quarter 2023, up 5% year-on-year, driven
by Colas and Bouygues Construction. Like-for-like and at constant
exchange rates, sales increased also by 5%. Bouygues Construction’s
sales rose by 6%, lifted by a strong performance from International
Building and Civil Works. Bouygues Immobilier’s sales, if the share
of co-promotions were included, would have declined by 15%
(excluding the share of co-promotions, sales were down 17% versus
first-quarter 2022 reflecting market conditions). Sales at Colas
were partially impacted by inflation, increasing by 9%.
The current operating loss from activities in
the construction businesses was €243 million, down
€10 million year-on-year. Bouygues Construction’s COPA4 was
stable over the period at €58 million. Amid a slow commercial
and residential property market, Bouygues Immobilier’s COPA, if the
share of co-promotions were included, would be €7 million
(excluding the share of co-promotions, it was €0 million). At
Colas, current operating loss from activities continued to benefit
from the effects of action plans implemented during 2022 to cope
with inflation. In addition, Colas sold Branscome in the United
States in first-quarter 2023 with a view to streamlining its
business, which had a negative impact on COPA. Current operating
loss from activities was €301 million in first-quarter 2023.
As a reminder, Colas’ first-quarter results are not indicative of
half-year and full-year results, due to the seasonality of its
activities.
EQUANS
Equans’ figures include
Bouygues Energies & Services with effect from
January 2023. Figures for first-quarter 2022 comprise only Bouygues
Energies & Services, as it contributed to Bouygues
Construction. As a reminder, 2022 Equans’ quarterly proforma
financial data are not available.First-quarter 2023 is therefore
the first quarter that Bouygues Energies & Services is
consolidated by Equans. The integration is going according to
expectations, with an organisational structure now in place in the
main countries and the Perform plan launched in most business
units.
Equans’ backlog at 31 December 2022, excluding
Bouygues Energies & Services, was adjusted from
€18.7 billion (figure reported on 23 February 2023) to
€19.5 billion following the standardisation of the calculation
methods used for multi-year contracts in Belgium. The backlog at
Equans, including that of Bouygues Energies & Services for €6.5
billion, was €25.9 billion at 31 December 2022 (vs €25.2 billion
reported on 23 February 2023).The backlog at Equans at end-March
2023 was €26.7 billion, offering good visibility on future
activity. It should also be noted that the underlying margin of the
order intake improved, highlighting the first positive impacts of
the Perform plan.In first-quarter 2023, Equans recorded sales of
€4.4 billion and current operating profit from activities of
€98 million, representing a margin from activities (COPA
margin) of 2.2%, in line notably with seasonality of business.
TF1
The TF1 group reported sales of
€480 million in first-quarter 2023, decreasing as anticipated
(down 14% year-on-year and down 11% like-for-like and at constant
exchange rates):
- Sales in the Media segment
decreased by 14%, reflecting a 10% year-on-year decline in
advertising revenue, due to the deconsolidation of Unify’s
activities and uncertainties related to the macro-economic
environment and sector-specific tensions (financial institutions,
retail and food) impacting advertisers’ spending. Like-for-like and
at constant exchange rates, advertising revenue was down 7%.
- Sales at Newen Studios declined by
20% year-on-year. The decline was due especially to an unfavourable
base effect linked to the delivery of a large-scale production in
Germany during first-quarter 2022.
As a result of lower business, current operating
profit from activities (COPA) was €40 million, down
€21 million year-on-year. Change in COPA reflected the tight
control over cost of programmes, which amounted to
€201 million (down €19 million year-on-year), largely
mitigating the decline in advertising revenue and further
demonstrating the TF1 group’s ability to adapt its costs while
increasing its audience share5 on commercial targets. The lower
level of business at Newen Studios and the expenses related to the
digital acceleration plan notably weighed on quarterly
profitability. Altogether, the COPA margin was 8.3%.
BOUYGUES TELECOM
Bouygues Telecom continued expanding in both
mobile and fixed segments during first-quarter 2023. At end-March
2023, mobile plan customers excluding MtoM totalled
15.2 million, thanks to the gain of 27,000 new customers
during the quarter. In fixed, FTTH customers were 3.1 million
at end-March 2023, thanks to 148,000 new adds during the quarter.
The proportion of fixed customers subscribing to a FTTH plan
continued to increase, reaching 67% versus 55% one year earlier.
The fixed customer base was 4.7 million.
Sales billed to customers were
€1.4 billion, up 6% versus first-quarter 2022, lifted by solid
mobile and fixed customer bases and growth in ABPU6 (mobile ABPU
rose €0.2 to €19.7 per customer per month, while fixed ABPU
increased by €1.7 to €30.3 per customer per month).Sales from
services rose 4% year-on-year, still held back by the decrease in
sales from incoming traffic. Other sales increased 20%
year-on-year, driven mainly by growth in built-to-suit sales. In
total, the operator’s sales increased 8% versus end-March 2022.
EBITDA after Leases rose €45 million
year-on-year, driven by sales growth and tight control on costs.
EBITDA after Leases margin continued improving, rising to 27.3% (up
2.0 points versus end-March 2022).
Current operating profit from activities (COPA)
was €126 million, up €32 million year-on-year.Gross
capital expenditure excluding frequencies was €522 million at
end-March 2023, up slightly year-on-year, mainly related to
continued network rollout investments.
FINANCIAL SITUATION
- At €12 billion, the Group
maintained a high level of available cash compared
with €14.7 billion at end-2022. Cash available comprised
€3 billion cash and equivalents, supplemented by €9 billion
undrawn medium- and long-term credit facilities, of which
€1.85 billion related to the syndicated loan signed in
December 2021;
- Net
debt at end-March 2023 was €8.8 billion versus
€7.4 billion at end-December 2022 and €2.1 billion at
end-March 2022. The change between end-March 2022 and end-March
2023 reflects mainly the acquisition of Equans and, to a lesser
extent, Bouygues share buybacks. The change versus 31 December
2022 is mainly impacted by usual seasonal effects;
- In first-quarter 2023, the change
in working capital requirements (WCR) related to operating
activities and other was a negative €943 million, reflecting a
lesser seasonal change than in first-quarter 2022;
- Net
gearing7 was 64% (versus 53% at end-2022).
In first-quarter 2023, Bouygues renewed its
medium- and long-term credit facilities as they expired, without
financial covenants or rating clauses. In first-quarter 2023,
Bouygues repaid a €700-million bond issue. At end-March 2023, the
average maturity of the Group’s bonds was 9.6 years, and the
average coupon was 3.00% (average effective rate of 2.17%). The
debt maturity schedule is evenly spread.
The long-term credit ratings assigned to the
Group by Moody’s and Standard & Poor’s are A3, stable outlook,
and A-, negative outlook, respectively.
FINANCIAL CALENDAR
- 28 July 2023: First-half 2023
results (7.30am CET)
- 31 October 2023: Nine-month 2023
results (7.30am CET)
The financial statements have been subject to a
limited review by the statutory auditors and the corresponding
report has been issued.
You can find the full financial statements and
notes to the financial statements on www.bouygues.com/results.
The results presentation conference call for
analysts will start at 9.00am (CET) on 16 May 2023.Details on how
to connect are available on www.bouygues.com.
The results presentation will be available before
the conference call startson www.bouygues.com/results.
ABOUT
BOUYGUESBouygues is a diversified services group
operating in over 80 countries with 200,000 employees all working
to make life better every day. Its business activities in
construction (Bouygues Construction, Bouygues
Immobilier, Colas); energies
& services (Equans);
media (TF1) and telecoms
(Bouygues Telecom) are able to drive growth since they all satisfy
constantly changing and essential needs.
INVESTORS AND ANALYSTS
CONTACT:investors@bouygues.com • Tel.: +33 (0)1 44
20 12 29
PRESS
CONTACT:presse@bouygues.com • Tel.: +33 (0)1 44 20
12 01
BOUYGUES SA • 32 avenue Hoche •
75378 Paris CEDEX 08 • bouygues.com
FIRST-QUARTER 2023 BUSINESS
ACTIVITY
BACKLOG IN THE CONSTRUCTION
BUSINESSES
In order to facilitate analysis, Bouygues
Construction’s backlog at end-March 2023 and end-March 2022 only
includes the Building & Civil Works’ backlog.
(€ million) |
End-March 2023 |
End-March 2022 |
Change |
|
|
|
|
|
|
Bouygues Construction |
15,040 |
13,967 |
+8% |
a |
Bouygues Immobilier |
1,367 |
1,717 |
-20% |
b |
Colas |
12,961 |
12,039 |
+8% |
c |
Total |
29,368 |
27,723 |
+6% |
d |
(a) Up 8% at constant exchange rates and
excluding principal disposals and acquisitions.
(b) Down 20% at constant exchange rates and
excluding principal disposals and acquisitions.
(c) Up 10% at constant exchange rates and
excluding principal disposals and acquisitions.
(d) Up 7% at constant exchange rates and
excluding principal disposals and acquisitions.
BOUYGUES CONSTRUCTION ORDER
INTAKE
In order to facilitate analysis, Bouygues
Construction’s order intake in Q1 2023 and Q1 2022 only includes
the Building & Civil Works’ order intake.
(€ million) |
Q1 2023 |
Q1 2022 |
Change |
|
|
|
|
France |
1,223 |
777 |
+57% |
International |
1,865 |
823 |
+127% |
Total |
3,088 |
1,600 |
+93% |
BOUYGUES IMMOBILIER
RESERVATIONS
(€ million) |
Q1 2023 |
Q1 2022 |
Change |
|
|
|
|
Residential property |
268 |
395 |
-32% |
Commercial property |
3 |
5 |
-42% |
Total |
271 |
400 |
-32% |
COLAS BACKLOG
(€ million) |
End-March 2023 |
End-March 2022 |
Change |
|
|
|
|
Mainland France |
3,735 |
3,372 |
+11% |
International and French overseas territories |
9,226 |
8,667 |
+6% |
Total |
12,961 |
12,039 |
+8% |
EQUANS BACKLOG
In order to facilitate analysis, Equans’ backlog
at end-March 2023 and end-December 2022 includes Bouygues Energies
& Services’ backlog.
(€ million) |
End-March 2023 |
End-Dec 2022 |
Change |
|
|
|
|
Total |
26,657 |
25,927 |
+3% |
TF1 AUDIENCE SHARE
a
(%) |
End-March 2023 |
End-March 2022 |
Change |
|
|
|
|
Total |
33.2% |
33.1% |
+0.1 pts |
(a) Source Médiamétrie – Women under 50 who are
purchasing decision-makers.
BOUYGUES TELECOM CUSTOMER BASE
(‘000) |
End-March 2023 |
End-Dec 2022 |
Change |
|
|
|
|
Mobile customer base excl. MtoM |
15,513 |
15,499 |
+14 |
Mobile plan base excl. MtoM |
15,249 |
15,222 |
+27 |
Total mobile customers |
22,643 |
22,455 |
+188 |
FTTH customers |
3,141 |
2,993 |
+148 |
Total fixed customers |
4,716 |
4,670 |
+46 |
FIRST-QUARTER 2023 FINANCIAL
PERFORMANCE
As announced, Bouygues Energies & Services
is consolidated by Equans with effect from the start of
January 2023. For easier comparison, 2022 data for Bouygues
Energies & Services, as it contributed to Bouygues
Construction’s figures, have been re-classified from Bouygues
Construction to Equans.
GROUP CONDENSED CONSOLIDATED INCOME
STATEMENT
(€ million) |
Q1 2023 |
|
Q1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Sales |
12,007 |
|
8,204 |
|
+46% |
a |
Current operating profit/(loss) from
activities |
9 |
|
(66) |
|
+75 |
|
Amortisation and impairment of intangible assets recognised in
acquisitions (PPA) ᵇ |
(23) |
|
(11) |
|
-12 |
|
Current operating profit/(loss) |
(14) |
|
(77) |
|
+63 |
|
Other operating income and expenses |
(24) |
c |
(16) |
d |
-8 |
|
Operating profit/(loss) |
(38) |
|
(93) |
|
+55 |
|
Cost of net debt |
(69) |
|
(35) |
|
-34 |
|
Interest expense on lease obligations |
(18) |
|
(15) |
|
-3 |
|
Other financial income and expenses |
(11) |
|
3 |
|
-14 |
|
Income tax |
(3) |
|
27 |
|
-30 |
|
Share of net profits of joint ventures and associates |
15 |
|
(3) |
|
+18 |
|
Net profit/(loss) from
continuing operations |
(124) |
|
(116) |
|
-8 |
|
Net profit/(loss) attributable to non-controlling interests |
(10) |
|
(15) |
|
+5 |
|
Net profit/(loss) attributable to the Group |
(134) |
|
(131) |
|
-3 |
|
(a) Up 4% like-for-like and at constant exchange
rates.
(b) Purchase Price Allocation.
(c) Includes non-current charges of €19m at
Bouygues Construction, of €4m at Colas, of €5m at Equans and of €5m
at TF1; and non-current income of €9m at Bouygues Telecom.
(d) Includes non-current charges of €5m at
Equans (Bouygues Energies & Services), of €3m at TF1 and of
€13m at Bouygues SA; and non-current income of €5m at Bouygues
Telecom.
GROUP SALES BY SECTOR OF
ACTIVITY
(€ million) |
Q1 2023 |
Q1 2022 |
Change |
Forex effect |
Scope effect |
Lfl & constant
fx ᶜ |
|
|
|
|
|
|
|
Construction businesses a |
5,209 |
4,963 |
+5% |
+0% |
+0% |
+5% |
o/w Bouygues Construction |
2,310 |
2,179 |
+6% |
-0% |
+0% |
+6% |
o/w Bouygues Immobilier |
331 |
399 |
-17% |
+0% |
+0% |
-17% |
o/w Colas |
2,613 |
2,406 |
+9% |
+0% |
+0% |
+9% |
Equans |
4,398 |
898 |
nm |
nm |
nm |
nm |
TF1 |
480 |
561 |
-14% |
+0% |
+3% |
-11% |
Bouygues Telecom |
1,937 |
1,796 |
+8% |
+0% |
+0% |
+8% |
Bouygues SA and other |
58 |
48 |
nm |
- |
- |
nm |
Intra-Group eliminations
ᵇ |
(120) |
(83) |
nm |
- |
- |
nm |
Group sales |
12,007 |
8,204 |
+46% |
+0% |
-42% |
+4% |
o/w France |
6,390 |
5,236 |
+22% |
+0% |
-23% |
-1% |
o/w International |
5,617 |
2,968 |
+89% |
+0% |
-77% |
+13% |
(a) Total of the sales contributions (after
eliminations within the construction businesses).
(b) Including intra-Group eliminations of the
construction businesses.
(c) Like-for-like and at constant exchange
rates.
CALCULATION OF GROUP EBITDA AFTER
LEASES a
(€ million) |
Q1 2023 |
|
Q1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Group current operating profit/(loss) from
activities |
9 |
|
(66) |
|
+75 |
|
Amortisation and impairment of intangible assets recognised in
acquisitions (PPA) |
(23) |
|
(11) |
|
-12 |
|
Interest expense on lease obligations |
(18) |
|
(15) |
|
-3 |
|
Net charges for depreciation, amortisation and impairment losses on
property, plant and equipment and intangible assets |
518 |
|
478 |
|
+40 |
|
Charges to provisions and other impairment losses, net of reversals
due to utilisation |
4 |
|
(8) |
|
+12 |
|
Reversals of unutilised provisions and impairment losses and
other |
(76) |
|
(55) |
|
-21 |
|
Group EBITDA after Leases |
414 |
|
323 |
|
+91 |
|
(a) See glossary for definitions.
CONTRIBUTION TO GROUP EBITDA AFTER
LEASES a BY SECTOR OF
ACTIVITY
(€ million) |
Q1 2023 |
|
Q1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
(216) |
|
(187) |
|
-29 |
|
o/w Bouygues Construction |
68 |
|
63 |
|
+5 |
|
o/w Bouygues Immobilier |
(9) |
|
8 |
|
-17 |
|
o/w Colas |
(275) |
|
(258) |
|
-17 |
|
Equans |
135 |
|
21 |
|
+114 |
|
TF1 |
101 |
|
147 |
|
-46 |
|
Bouygues Telecom |
399 |
|
354 |
|
+45 |
|
Bouygues SA and other |
(5) |
|
(12) |
|
+7 |
|
Group EBITDA after Leases |
414 |
|
323 |
|
+91 |
|
(a) See glossary for definitions.
CONTRIBUTION TO GROUP CURRENT OPERATING
PROFIT/(LOSS) FROM ACTIVITIES
(COPA) a BY SECTOR OF
ACTIVITY
(€ million) |
Q1 2023 |
|
Q1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
(243) |
|
(233) |
|
-10 |
|
o/w Bouygues Construction |
58 |
|
58 |
|
0 |
|
o/w Bouygues Immobilier |
0 |
|
0 |
|
0 |
|
o/w Colas |
(301) |
|
(291) |
|
-10 |
|
Equans |
98 |
|
27 |
|
+71 |
|
TF1 |
40 |
|
61 |
|
-21 |
|
Bouygues Telecom |
126 |
|
94 |
|
+32 |
|
Bouygues SA and other |
(12) |
|
(15) |
|
+3 |
|
Group current operating profit/(loss) from
activities |
9 |
|
(66) |
|
+75 |
|
(a) See glossary for definitions.
RECONCILIATION OF CURRENT OPERATING
PROFIT/(LOSS) FROM ACTIVITIES
(COPA) TO CURRENT OPERATING PROFIT/(LOSS)
(COP) FOR FIRST-QUARTER 2023
(€ million) |
COPA |
|
PPA amortisation ᵃ |
|
COP |
|
|
|
|
|
|
|
|
Construction businesses |
(243) |
|
-2 |
|
(245) |
|
o/w Bouygues Construction |
58 |
|
0 |
|
58 |
|
o/w Bouygues Immobilier |
0 |
|
0 |
|
0 |
|
o/w Colas |
(301) |
|
-2 |
|
(303) |
|
Equans |
98 |
|
0 |
|
98 |
|
TF1 |
40 |
|
-1 |
|
39 |
|
Bouygues Telecom |
126 |
|
-7 |
|
119 |
|
Bouygues SA and other |
(12) |
|
-13 |
|
(25) |
|
Total |
9 |
|
-23 |
|
(14) |
|
(a) Amortisation and impairment of intangible
assets recognised in acquisitions.
RECONCILIATION OF CURRENT OPERATING
PROFIT/(LOSS) FROM ACTIVITIES
(COPA) TO CURRENT OPERATING PROFIT/(LOSS)
(COP) FOR FIRST-QUARTER 2022
(€ million) |
COPA |
|
PPA amortisation ᵃ |
|
COP |
|
|
|
|
|
|
|
|
Construction businesses |
(233) |
|
-2 |
|
(235) |
|
o/w Bouygues Construction |
58 |
|
0 |
|
58 |
|
o/w Bouygues Immobilier |
0 |
|
0 |
|
0 |
|
o/w Colas |
(291) |
|
-2 |
|
(293) |
|
Equans |
27 |
|
0 |
|
27 |
|
TF1 |
61 |
|
-1 |
|
60 |
|
Bouygues Telecom |
94 |
|
-7 |
|
87 |
|
Bouygues SA and other |
(15) |
|
-1 |
|
(16) |
|
Total |
(66) |
|
-11 |
|
(77) |
|
(a) Amortisation and impairment of intangible
assets recognised in acquisitions.
CONTRIBUTION TO GROUP CURRENT OPERATING
PROFIT/(LOSS) (COP) BY SECTOR OF
ACTIVITY
(€ million) |
Q1 2023 |
|
Q1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
(245) |
|
(235) |
|
-10 |
|
o/w Bouygues Construction |
58 |
|
58 |
|
0 |
|
o/w Bouygues Immobilier |
0 |
|
0 |
|
0 |
|
o/w Colas |
(303) |
|
(293) |
|
-10 |
|
Equans |
98 |
|
27 |
|
+71 |
|
TF1 |
39 |
|
60 |
|
-21 |
|
Bouygues Telecom |
119 |
|
87 |
|
+32 |
|
Bouygues SA and other |
(25) |
|
(16) |
|
-9 |
|
Group current operating profit/(loss) |
(14) |
|
(77) |
|
+63 |
|
CONTRIBUTION TO GROUP OPERATING
PROFIT/(LOSS) BY SECTOR OF
ACTIVITY
(€ million) |
Q1 2023 |
|
Q1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
(268) |
|
(235) |
|
-33 |
|
o/w Bouygues Construction |
39 |
|
58 |
|
-19 |
|
o/w Bouygues Immobilier |
0 |
|
0 |
|
0 |
|
o/w Colas |
(307) |
|
(293) |
|
-14 |
|
Equans |
93 |
|
22 |
|
+71 |
|
TF1 |
34 |
|
57 |
|
-23 |
|
Bouygues Telecom |
128 |
|
92 |
|
+36 |
|
Bouygues SA and other |
(25) |
|
(29) |
|
+4 |
|
Group operating profit |
(38) |
a |
(93) |
b |
+55 |
|
(a) Includes non-current charges of €19m at
Bouygues Construction, of €4m at Colas, of €5m at Equans and of €5m
at TF1; and non-current income of €9m at Bouygues Telecom.
(b) Includes non-current charges of €5m at
Equans (Bouygues Energies & Services), of €3m at TF1 and of
€13m at Bouygues SA; and non-current income of €5m at Bouygues
Telecom.
CONTRIBUTION TO NET
PROFIT/(LOSS) ATTRIBUTABLE TO THE
GROUP BY SECTOR OF ACTIVITY
(€ million) |
Q1 2023 |
|
Q1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
(220) |
|
(177) |
|
-43 |
|
o/w Bouygues Construction |
24 |
|
49 |
|
-25 |
|
o/w Bouygues Immobilier |
1 |
|
(1) |
|
+2 |
|
o/w Colas |
(245) |
|
(225) |
|
-20 |
|
Equans |
62 |
|
16 |
|
+46 |
|
TF1 |
13 |
|
15 |
|
-2 |
|
Bouygues Telecom |
65 |
|
54 |
|
+11 |
|
Bouygues SA and other |
(54) |
|
(39) |
|
-15 |
|
Net profit/(loss) attributable to the Group |
(134) |
|
(131) |
|
-3 |
|
NET SURPLUS CASH (+)/NET DEBT (-) BY
BUSINESS SEGMENT
(€ million) |
End-March 2023 |
|
End-Dec 2022 |
|
Change |
|
|
|
|
|
|
|
|
Bouygues Construction |
3,191 |
|
3,612 |
|
-421 |
|
Bouygues Immobilier |
(250) |
|
(156) |
|
-94 |
|
Colas |
(769) |
|
(292) |
|
-477 |
|
Equans |
55 |
|
181 |
|
-126 |
|
TF1 |
468 |
|
326 |
|
+142 |
|
Bouygues Telecom |
(2,712) |
|
(2,303) |
|
-409 |
|
Bouygues SA and other |
(8,762) |
|
(8,808) |
|
+46 |
|
Net surplus cash (+)/net debt (-) |
(8,779) |
|
(7,440) |
|
-1,339 |
|
Current and non-current lease obligations |
(2,618) |
|
(2,605) |
|
-13 |
|
CONTRIBUTION TO GROUP NET CAPITAL
EXPENDITURE BY SECTOR OF ACTIVITY, EXCLUDING
FREQUENCIES
(€ million) |
Q1 2023 |
|
Q1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
3 |
|
19 |
|
-16 |
|
o/w Bouygues Construction |
(12) |
|
6 |
|
-18 |
|
o/w Bouygues Immobilier |
1 |
|
0 |
|
+1 |
|
o/w Colas |
14 |
|
13 |
|
+1 |
|
Equans |
62 |
|
1 |
|
+61 |
|
TF1 |
63 |
|
66 |
|
-3 |
|
Bouygues Telecom |
521 |
|
492 |
|
+29 |
|
Bouygues SA and other |
(26) |
|
0 |
|
-26 |
|
Group net capital expenditure |
623 |
|
578 |
|
+45 |
|
CONTRIBUTION TO GROUP FREE CASH FLOW BY
SECTOR OF ACTIVITY
(€ million) |
Q1 2023 |
|
Q1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
(220) |
|
(218) |
|
-2 |
|
o/w Bouygues Construction |
106 |
|
90 |
|
+16 |
|
o/w Bouygues Immobilier |
(2) |
|
0 |
|
-2 |
|
o/w Colas |
(324) |
|
(308) |
|
-16 |
|
Equans |
41 |
|
16 |
|
+25 |
|
TF1 |
21 |
|
59 |
|
-38 |
|
Bouygues Telecom |
(166) |
|
(156) |
|
-10 |
|
Bouygues SA and other |
(16) |
|
(46) |
|
+30 |
|
Group free cash flow ᵃ |
(340) |
|
(345) |
|
+5 |
|
(a) See glossary for definitions.
GLOSSARY
ABPU (Average Billing Per
User):- In the mobile segment, it is
equal to the total of mobile sales billed to customers (BtoC and
BtoB) divided by the average number of customers over the period.
It excludes MtoM SIM cards and free SIM cards.- In the fixed
segment, it is equal to the total of fixed sales billed to
customers (excluding BtoB) divided by the average number of
customers over the period.
BtoB (business to
business): when one business makes a
commercial transaction with another.
Backlog (Bouygues Construction,
Colas,
Equans): the amount of work still
to be done on projects for which a firm order has been taken, i.e.
the contract has been signed and has taken effect (after notice to
proceed has been issued and suspensory clauses have been
lifted).
Backlog (Bouygues
Immobilier): sales outstanding
from notarised sales plus total sales from signed reservations that
have still to be notarised.Under IFRS 11, Bouygues Immobilier’s
backlog does not include sales from reservations taken via
companies accounted for by the equity method (co-promotion
companies where there is joint control).
Construction
businesses: Bouygues Construction,
Bouygues Immobilier and Colas.
Current operating profit/(loss) from
activities: current operating profit from
activities (COPA) equates to current operating profit before
amortisation and impairment of intangible assets recognised in
acquisitions (PPA).
EBITDA after
Leases: current operating profit after
taking account of the interest expense on lease obligations, before
(i) net charges for depreciation, amortisation and impairment
losses on property, plant and equipment and intangible assets, (ii)
net charges to provisions and other impairment losses and (iii)
effects of losses of control. Those effects relate to the impact of
remeasuring retained interests.
EBITDA margin after Leases (Bouygues
Telecom): EBITDA after Leases as a proportion of sales
from services.
Energies & services:
Equans.
Free cash flow: net cash flow
(determined after (i) cost of net debt, (ii) interest expense on
lease obligations and (iii) income taxes paid), minus net capital
expenditure and repayments of lease obligations. It is calculated
before changes in working capital requirements (WCR) related to
operating activities and excluding frequencies.
FTTH (Fibre
to the Home): optical fibre from
the central office (where the operator’s transmission equipment is
installed) all the way to homes or business premises (Arcep
definition).
FTTH premises
secured: the connectable sockets, i.e.
the horizontal deployed, being deployed or ordered up to the
concentration point.
FTTH premises
marketed: the connectable sockets, i.e.
the horizontal and vertical deployed and connected via the
concentration point.
Growth in sales like-for-like and at
constant exchange rates:- at constant exchange rates:
change after translating foreign-currency sales for the current
period at the exchange rates for the comparative period;- on a
like-for-like basis: change in sales for the periods compared,
adjusted as follows:
- for acquisitions, by deducting from
the current period those sales of the acquired entity that have no
equivalent during the comparative period;
- for divestments, by
deducting from the comparative period those sales of the divested
entity that have no equivalent during the current period.
MtoM: machine
to machine communication. This refers to direct communication
between machines or smart devices or between smart devices and
people via an information system using mobile communications
networks, generally without human intervention.
Net surplus
cash/(net debt): the
aggregate of cash and cash equivalents, overdrafts and short-term
bank borrowings, non-current and current debt, and financial
instruments. Net surplus cash/(net debt) does not include
non-current and current lease obligations. A positive figure
represents net surplus cash and a negative figure represents net
debt. The main components of change in net debt are presented in
Note 7 to the consolidated financial statements at
31 March 2023, available at bouygues.com.
Order intake (Bouygues Construction,
Colas): a project is included under order intake when the
contract has been signed and has taken effect (the notice to
proceed has been issued and all suspensory clauses have been
lifted) and the financing has been arranged. The amount recorded
corresponds to the sales the project will generate.
Reservations by value (Bouygues
Immobilier): the € amount of the
value of properties reserved over a given period.- Residential
properties: the sum of the value of unit and block reservation
contracts signed by customers and approved by Bouygues Immobilier,
minus registered cancellations.- Commercial properties: these are
registered as reservations on notarised sale.For co-promotion
companies:
- if Bouygues Immobilier has exclusive
control over the co-promotion company (full consolidation), 100% of
amounts are included in reservations;
- if joint control is
exercised (the company is accounted for by the equity method),
commercial activity is recorded according to the amount of the
equity interest in the co-promotion company.
Sales from services (Bouygues
Telecom) comprise: - Sales billed to customers, which
include:- In Mobile:
- For BtoC customers: sales from
outgoing call charges (voice, texts and data), connection fees, and
value-added services.
- For BtoB customers: sales from
outgoing call charges (voice, texts and data), connection fees, and
value-added services, plus sales from business services.
-
Machine-To-Machine (MtoM) sales.
- Visitor roaming
sales.
- Sales generated
with Mobile Virtual Network Operators (MVNOs).
- In Fixed:
- For BtoC customers:
sales from outgoing call charges, fixed broadband services, TV
services (including Video on Demand and catch-up TV), and
connection fees and equipment hire.
- For BtoB customers: sales from
outgoing call charges, fixed broadband services, TV services
(including Video on Demand and catch-up TV), and connection fees
and equipment hire, plus sales from business services.
- Sales from bulk
sales to other fixed line operators.
- Sales from incoming voice and texts.-
Spreading of handset subsidies over the projected life of the
customer account, required to comply with IFRS 15.-
Capitalisation of connection fee sales, which is then spread over
the projected life of the customer account.
Other sales (Bouygues Telecom):
difference between Bouygues Telecom’s total sales and sales from
services.It comprises:- sales from handsets, accessories and
other;
- roaming sales;- non-telecom services
(construction of sites or installation of FTTH lines);
- co-financing of advertising.
Wholesale: wholesale market for
telecoms operators.
1 Includes non-current charges of €19m at
Bouygues Construction, of €4m at Colas, of €5m at Equans and of €5m
at TF1; and non-current income of €9m at Bouygues Telecom.2 Net
debt/shareholders’ equity.3 Free cash flow before cost of net debt,
interest expense on lease obligations and tax paid.4 Current
operating profit from activities.5 33.2% among women under 50 who
are purchasing-decision makers (+0.1 points year-on-year) and 29.9%
among the 25-49 age group (+0.1 points year-on-year).6 ABPU is no
longer restated for the roaming impact. ABPU restated for roaming
impact would be €19.9 up €0.2 year-on-year.7 Net debt/shareholders’
equity.
- PR_financial-results_Bouygues_Q1-2023
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