Bouygues Group - FIRST-HALF 2019 RESULTS
PRESS RELEASE – PARIS – 29/08/2019
FIRST-HALF 2019 RESULTS
- GOOD COMMERCIAL performance IN THE THREE SECTORS OF
ACTIVITY
- STRONG GROWTH IN RESULTS AT bouygues telecom
- INCREASE IN SECOND-QUARTER CURRENT OPERATING PROFIT IN THE
CONSTRUCTION BUSINESSES YEAR-ON-YEAR
- SIGNIFICANT IMPROVEMENT IN FIRST-HALF GROUP PROFITABILITY
- OUTLOOK CONFIRMED
THE CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE
2019 ARE PRESENTED IN COMPARISON WITH THE FINANCIAL STATEMENTS AT
30 JUNE 2018, RESTATED TO TAKE ACCOUNT OF THE APPLICATION FROM
1 JANUARY 2019 OF IFRS 16 ON LEASES. BECAUSE OF THE
RECLASSIFICATION OF LEASE PAYMENTS AS AMORTIZATION EXPENSE AND
INTEREST EXPENSE, AND THE NEW PRESENTATION OF LEASE EXPENSES IN THE
FINANCIAL STATEMENTS, THE GROUP HAS ADOPTED NEW FINANCIAL
INDICATORS TO CONTINUE TO REFLECT THE OPERATING NATURE OF LEASE
EXPENSES (SEE GLOSSARY ON PAGE 13): “EBITDA AFTER LEASES”, “CURRENT
OPERATING PROFIT AFTER LEASES” AND “OPERATING PROFIT AFTER LEASES”.
FURTHERMORE, “FREE CASH FLOW”, “FREE CASH FLOW AFTER WCR” AND “NET
DEBT” HAVE ALSO BEEN REDEFINED.
KEY FIGURES (€ million) |
H1 2018restated |
H1 2019 |
Change |
Sales |
15,743 |
17,446 |
+11%a |
Current operating
profit |
333 |
453 |
+€120m |
Current operating
profit after Leasesb |
306 |
424 |
+€118m |
Operating profit |
413c |
495d |
+€82m |
Operating profit after Leasesb |
386 |
466 |
+€80m |
Net profit
attributable to the Group |
261 |
225 |
-€36m |
|
|
|
|
Net surplus cash (+)/Net debt (-) at 30 June |
(5,030) |
(6,205) |
-€1,175m |
(a) Up 5% like-for-like and at constant exchange rates(b) See
glossary on page 13 for new definition(c) Including non-current
income of €91m at Bouygues Telecom and non-current charges of
€11m at TF1(d) Including non-current income of €50m at Bouygues
Telecom and non-current charges of €8m at Bouygues Construction
First-half 2019 highlights:
- Good commercial performance in all sectors of
activity
- Bouygues Telecom gained 280,000 new mobile plan customers
excluding MtoM, of which 132,000 were in second-quarter 2019, and
176,000 new FTTH customers, of which 82,000 were in second-quarter
2019;
- The backlog in the construction businesses reached the high
level of €33.8 billion at end-June 2019, stable
year-on-year;
- TF1’s audience share of the target market of women under 50 who
are purchasing decision-makers rose 0.2 points year-on-year to
32.7% and increased by 0.4 points to 29.6% for individuals
aged 25 to 49.
- Significant improvement in Group profitability
year-on-year
- Bouygues Telecom reported strong growth in results;
- 14% increase in total sales and 7% growth in sales from
services
- EBITDA margin after Leases of 29.3%, a significant increase of
2.7 points
- Current operating profit in the construction businesses was up
4% in second-quarter 2019;
- Current operating margin at TF1 was up 4.8 points to
14.2%.
The Group reported sales of €17.4 billion
in first-half 2019, up 11% year-on-year and up 5% like-for-like and
at constant exchange rates.
The Group reported a significant €120-million
year-on-year improvement in its current operating profit to
€453 million in first-half 2019, despite an unfavorable
comparison impact at Colas. Miller McAsphalt reported a €28-million
loss in January and February 2019 due to the usual seasonal effect
in Canada, whereas the loss in those two months was not
consolidated in 2018. The Group’s current operating margin rose
0.5 points year-on-year to 2.6%.
The Group reported an €82-million year-on-year
rise in operating profit to €495 million. Non-current income
fell to €42 million in first-half 2019 from €80 million
in first-half 2018, due to lower capital gains on the sale of
mobile sites at Bouygues Telecom.
Net profit attributable to the Group was
€225 million in first-half 2019, down €36 million
year-on-year, notably due to a lower contribution from Alstom
(€33 million in first-half 2019, versus €73 million in
first-half 2018).
OUTLOOK
The Group confirmed its outlook:
- In 2019, to improve Group profitability and
generate €300 million of free cash flow1Fa at
Bouygues Telecom;
- Within two years, to increase
Group free cash flow generation after WCRb
to €1 billion thanks to the contribution of the three
sectors of activity.
DETAILED ANALYSIS BY SECTOR OF
ACTIVITY
CONSTRUCTION BUSINESSES
The backlog in the construction businesses at
end-June 2019 stabilized at the high level of
€33.8 billion.
In France, the backlog in the
construction businesses at 30 June 2019 was down 4% at
€14.5 billion excludingAxionec and Smacd.The backlog at
Bouygues Construction at end-June 2019 was €8.7 billion, down
2% excluding Axionec. In first-half 2019, it included the
construction of the new Issy Cœur de Ville eco-neighborhood for
€258 million.The backlog at Bouygues Immobilier at 30 June
2019, down 14% year-on-year at €2.2 billion, reflects a
decline in the residential property market and the rescheduling of
commercial property projects that are expected to be finalized in
fourth-quarter 2019.The backlog at Colas was €3.6 billion at
30 June 2019, up 9% year-on-year excluding Smacd, driven by growth
in the roads backlog in France (up 10%) favored by the
pre-electoral environment. Order intakes include the widening of
the A10 motorway south of Tours, a joint project with Bouygues
Construction worth €150 million.
Internationally, the Group is
well-positioned in upbeat markets. The backlog was
€19.2 billion at end-June 2019, up 8% versus end-June 2018 and
virtually stable at constant exchange rates and excluding main
acquisitions and disposals. Bouygues Construction notably won an
€89-million contract to build an office tower in Hong Kong.At
end-June 2019, international business represented 61% of the
backlog at Bouygues Construction and Colas, versus 57% at end-June
2018.
The construction businesses
reported sales of €13,398 million, up 11% year-on-year and up
4% like-for-like and at constant exchange rates.
Current operating profit in first-half 2019 was
€72 million, versus €84 million in first-half 2018.
However, it rose €11 million in second-quarter 2019
year-on-year thanks to Colas and Bouygues Construction.
At Colas, current operating loss improved by
€31 million despite an unfavorable comparison impact (Miller
McAsphalt reported seasonal losses of €28 million in January
and February 2019, whereas the loss in those two months was not
consolidated in 2018). This good performance reflects strong growth
in business activity and the contribution of the mainland France
roads activity, the disposal of non-strategic activities (Smac) and
the first results of recovery measures in the rail activity in
France.
Current operating profit at Bouygues
Construction in first-half 2019 rose €6 million year-on-year
to €179 million.
Current operating profit at Bouygues Immobilier
in first-half 2019 fell €49 million to €29 million. As in
first-quarter 2019, the decline was due to very low activity in the
commercial property segment and the higher cost of works following
a peak in residential property reservations in the market in
2017.
TF1
TF1 posted good commercial
performance, increasing its audience share by 0.2 points
year-on-year to 32.7% of the target market of women under 50 who
are purchasing decision-makers, and by 0.4 points to 29.6% for
individuals aged 25 to 49.
TF1 reported sales of €1,145 million, up 6%
versus first-half 2018. Advertising revenue was €836 million,
up 3% year-on-year.
Current operating profit reached
€163 million in first-half 2019, up €61 million
year-on-year. The current operating margin improved significantly
to 14.2% in first-half 2019, an increase of 4.8 points versus
first-half 2018. This growth is mainly the result of tight control
of the cost of programs at the five free-to-air channels in
first-half 2019 (down €53 million year-on-year) and the
screening in 2018 of the Men’s Soccer World Cup.
BOUYGUES TELECOM
Bouygues Telecom reported
strong growth in its commercial and financial results in first-half
2019.
The company added 280,000 new mobile plan
customers excluding MtoM in first-half 2019, of which 132,000 were
in the second quarter, for a total of 11.2 million mobile plan
customers excluding MtoM at end-June 2019.
In the fixed segment, FTTH continued to grow,
with 176,000 new customers added in first-half 2019, of which
82,000 were in the second quarter. The FTTH penetration rate
reached 20% at end-June 2019 versus 11% a year earlier. The company
had 745,000 FTTH customers and a total of 3.8 million fixed
customers at 30 June 2019.
The churn rate continued to decrease in both the
mobile plan and the fixed segments, declining by 48% and 17%
respectively, in second-quarter 2019 versus first-quarter 2018.
Bouygues Telecom reported sales of
€2,913 million in first-half 2019, up 14% year-on-year and up
13% like-for-like and at constant exchange rates. Growth in sales
from services accelerated, rising 7% to €2,226 million. This
increase reflected growth in the mobile and fixed customer base and
the stabilization of ABPU.
EBITDA after Leases showed sharp growth of
€102 million year-on-year, to €653 million. The EBITDA
after Leases margin was 29.3%, up 2.7 points from first-half
2018.
Current operating profit was €230 million
in first-half 2019, up €67 million year-on-year.
Operating profit was €280 million in
first-half 2019, up €26 million year-on-year. Non-current
income was €50 million in first-half 2019, versus
€91 million in first-half 2018, mainly due to lower capital
gains on the sale of mobile sites to Cellnex.
Gross capital expenditure was €530 million,
down €91 million year-on-year.
These good results reflect Bouygues Telecom’s
differentiation strategy, based on the quality of its mobile and
fixed networks as well as the customer experience. Bouygues Telecom
is the No.1 mobile network in rural areas in Francee. It expects to
have more than 28,000 mobile sites in 2023 and, in the fixed
segment, 12 million FTTH premises marketed by the end of
2019.
Bouygues Telecom obtained an annual customer
experience surveyf score of 161 in 2019, versus 157 in 2017.
Bouygues Telecom’s growth momentum is likely to
continue, due to these major growth drivers:
- In the BtoC market, the operator is gaining market share in the
mobile segment in the less dense area as a result of network
sharing and the gradual strengthening of its local distribution
network through the opening of around 50 stores, and the
partnership with Fnac Connect.
In
the fixed segment, the ramp-up of fiber roll-out gives Bouygues
Telecom access to a growing source of new customers. It had
9.1 million premises marketed at end-June 2019, up
3.6 million year-on-year. Its network covers 83 departments
and over 2,600 municipalities.
- Bouygues Telecom plans to increase its share of the mobile and
fixed segments in the BtoB market, supported by the acquisitions of
SME specialists Keyyo and Nerim in first-quarter 2019.
ALSTOM
As announced on 7 May 2019, Alstom’s
contribution to the Group’s net profit was €33 million in
first-half 2019, versus a contribution of €73 million in
first-half 2018.
At the Alstom general meeting on 10 July 2019,
Alstom’s shareholders approved a dividend of €5.50 per share. As a
result, the Bouygues group received a dividend of €341 million
on 17 July 2019.
FINANCIAL SITUATION
On 12 July 2019, Standard and Poor’s upgraded
Bouygues’ credit rating from BBB+, with a positive outlook, to A-,
with a stable outlook.Moody’s maintained Bouygues’ credit rating at
A3, with a stable outlook.
Net debt at end-June 2019 was €6.2 billion,
versus €3.6 billion at end-December 2018 and €5.0 billion
at end‑June 2018. The €1.2-billion year-on-year increase was mainly
due to the acquisitions of Alpiq Engineering Services by Bouygues
Construction and Colas and of Keyyo and Nerim by Bouygues Telecom.
The difference with end‑December 2018 is mainly due to the usual
seasonal nature of Colas’ business.
Net debt at end-June 2019 does not include the
€341 million paid by Alstom on 17 July 2019 resulting from the
€5.50-per-share dividend payment.
APPOINTMENT
Philippe Marien, Deputy CEO and Chief Financial
Officer of the Bouygues group, has decided to retire following the
publication of Full-year 2019 results.
In order to prepare for this, Pascal Grangé will
be appointed Group Senior Vice-President and Chief Financial
Officer from 1 October 2019. Until now Pascal Grangé was Deputy CEO
at Bouygues Construction with responsibility for strategy and
finance.
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FINANCIAL
CALENDAR
- 14 November 2019: Nine-month 2019 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 First-half 2019 Financial Report, the full
financial statements and notes to the financial statements on
bouygues.com
INVESTORS AND ANALYSTS
CONTACT:INVESTORS@bouygues.com • Tel.: +33 (0)1 44 20 10
79
PRESS CONTACT:presse@bouygues.com • Tel.: +33
(0)1 44 20 12 01
BOUYGUES SA • 32 avenue Hoche • 75378 Paris CEDEX
08 • bouygues.com |
|
The results presentation to financial analysts will be webcast
live on 29 August 2019 at 11am (CET) at bouygues.com
FIRST-HALF 2019 BUSINESS
ACTIVITY
BACKLOGAT THE CONSTRUCTION
BUSINESSES(€ million) |
End-June |
|
2018 |
2019 |
Change |
Bouygues
Construction |
21,426 |
21,511 |
0% |
Bouygues Immobilier |
2,696 |
2,304 |
-15% |
Colas |
9,540 |
9,942 |
+4% |
Total |
33,662 |
33,757 |
0% |
BOUYGUES CONSTRUCTIONORDER
INTAKE(€ million) |
First-half |
|
2018 |
2019 |
Change |
France |
3,023 |
2,385 |
-21% |
International |
3,022 |
2,918 |
-3% |
Total |
6,045 |
5,303 |
-12% |
BOUYGUES
IMMOBILIERRESERVATIONS(€ million) |
First-half |
|
2018 |
2019 |
Change |
Residential
property |
1,075 |
964 |
-10% |
Commercial property |
76 |
25 |
-67% |
Total |
1,151 |
989 |
-14% |
COLASBACKLOG(€ million) |
End-June |
|
2018 |
2019 |
Change |
Mainland
France |
3,644 |
3,633 |
0% |
International and French overseas territories |
5,896 |
6,309 |
+7% |
Total |
9,540 |
9,942 |
+4% |
TF1AUDIENCE SHAREa |
End-June |
|
2018 |
2019 |
Change |
Total |
32.5% |
32.7% |
+0.2 pts |
(a) Source: Médiamétrie – women under 50 who are purchasing
decision-makers
BOUYGUES TELECOMCUSTOMER BASE
(‘000) |
|
End-Dec 2018 |
End-June 2019 |
Change |
Mobile customer
base excl. MtoM |
11,414 |
11,632 |
+218 |
Mobile plan base excl. MtoM |
10,890 |
11,171 |
+280 |
Total mobile customers |
16,351 |
17,070 |
+719 |
Total fixed customers |
3,676 |
3,766 |
+90 |
FIRST-HALF 2019 FINANCIAL
PERFORMANCE
|
|
|
CONDENSED CONSOLIDATED INCOME STATEMENT
(€ million) |
H1 2018 restated |
H1 2019 |
Change |
Sales |
15,743 |
17,446 |
+11%a |
Current operating
profit |
333 |
453 |
+€120m |
Current operating profit after Leasesb |
306 |
424 |
+€118m |
Other
operating income and expenses |
80 |
42 |
-€38m |
Operating profit |
413 |
495 |
+€82m |
Operating profit after Leasesb |
386c |
466d |
+€80m |
Cost of net debt |
(107) |
(107) |
€0m |
Interest expense on lease
obligations |
(27) |
(29) |
-€2m |
Other financial income and
expenses |
4 |
11 |
+€7m |
Income tax |
(58) |
(132) |
-€74m |
Share of
net profit of joint ventures and associates |
88 |
59 |
-€29m |
o/w Alstom |
73 |
33 |
-€40m |
Net
profit from continuing operations |
313 |
297 |
-€16m |
Net profit
attributable to non-controlling interests |
(52) |
(72) |
-€20m |
Net
profit attributable to the Group |
261 |
225 |
-€36m |
(a) Up 5% like-for-like and at constant exchange rates (b) See
glossary on page 13 for new definition
(c) Including non-current charges of €11m at TF1
corresponding to amortization of audiovisual rights remeasured as
part of the acquisition of Newen Studios and non-current
income of €91m at Bouygues Telecom (of which essentially
non-current income of €104m related to the capital gain on the sale
of mobile sites and non-current charges of €18m related to network
sharing)(d) Including non-current charges of €8m at Bouygues
Construction corresponding to restructuring costs and non-current
income of €50m at Bouygues Telecom (of which essentially
non-current income of €47m related to the capital gain on the sale
of mobile sites and non-current charges of €4m related to network
sharing)
|
|
|
CALCULATION OF EBITDA AFTER LEASESa
(€ million) |
H1 2018 restated |
H1 2019 |
Change |
Current operating profit after Leases |
306 |
424 |
+€118m |
Net depreciation and amortization
expense on property, plant and equipment and intangible assets |
803 |
818 |
+€15m |
Charges to provisions and impairment
losses, net of reversals due to utilization |
34 |
92 |
+€58m |
Reversals of unutilized provisions and
impairment losses and other |
(208) |
(116) |
+€92m |
EBITDA after Leasesa |
935 |
1,218 |
+€283m |
(a) See glossary on page 13 for new definition
|
|
|
|
|
|
SALES BY SECTOR OF ACTIVITY (€ million) |
H1 2018 restated |
H1 2019 |
Change |
Forex effect |
Scope effect |
lfl & |
constant fx |
Construction businessesa |
12,115 |
13,398 |
10.6% |
-1.3% |
-5.2% |
4.1% |
o/w
Bouygues Construction |
5,726 |
6,539 |
14.2% |
-1.8% |
-11.3% |
1.0% |
o/w
Bouygues Immobilier |
1,140 |
1,086 |
-4.7% |
0.1% |
0.0% |
-4.7% |
o/w
Colas |
5,361 |
5,834 |
8.8% |
-1.0% |
0.5% |
8.2% |
TF1 |
1,084 |
1,145 |
5.7% |
0.0% |
-4.0% |
1.7% |
Bouygues Telecom |
2,563 |
2,913 |
13.7% |
- |
-0.9% |
12.8% |
Bouygues SA and other |
76 |
98 |
nm |
- |
- |
nm |
Intra-Group eliminationsb |
(207) |
(169) |
nm |
- |
- |
nm |
Group sales |
15,743 |
17,446 |
10.8% |
-1.0% |
-4.4% |
5.4% |
o/w
France |
10,143 |
10,553 |
4.0% |
0.0% |
2.2% |
6.2% |
o/w
international |
5,600 |
6,893 |
23.1% |
-2.8% |
-16.3% |
4.0% |
(a) Total of the sales contributions (after eliminations within
the construction businesses)(b) Including intra-Group eliminations
of the construction businesses
|
|
|
CONTRIBUTION TO GROUP EBITDA AFTER LEASES BY SECTOR OF
ACTIVITY (€ million) |
H1 2018 restated |
H1 2019 |
Change |
Construction businesses |
181 |
312 |
+€131m |
o/w Bouygues
Construction |
174 |
267 |
+€93m |
o/w
Bouygues Immobilier |
53 |
16 |
-€37m |
o/w Colas |
(46) |
29 |
+€75m |
TF1 |
222 |
264 |
+€42m |
Bouygues Telecom |
551 |
653 |
+€102m |
Bouygues SA and other |
(19) |
(11) |
+€8m |
Group EBITDA after Leases |
935 |
1,218 |
+€283m |
|
|
|
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT BY SECTOR OF
ACTIVITY (€ million) |
H1 2018 restated |
H1 2019 |
Change |
Construction businesses |
84 |
72 |
-€12m |
o/w Bouygues
Construction |
173 |
179 |
+€6m |
o/w
Bouygues Immobilier |
78 |
29 |
-€49m |
o/w Colas |
(167) |
(136) |
+€31m |
TF1 |
102 |
163 |
+€61m |
Bouygues Telecom |
163 |
230 |
+€67m |
Bouygues SA and other |
(16) |
(12) |
+€4m |
Group current operating profit |
333 |
453 |
+€120m |
|
|
|
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT AFTER LEASES
BY SECTOR OF ACTIVITY
(€ million) |
H1 2018 restated |
H1 2019 |
Change |
Construction businesses |
72 |
57 |
-€15m |
o/w Bouygues
Construction |
168 |
173 |
+€5m |
o/w
Bouygues Immobilier |
77 |
28 |
-€49m |
o/w Colas |
(173) |
(144) |
+€29m |
TF1 |
100 |
161 |
+€61m |
Bouygues Telecom |
150 |
217 |
+€67m |
Bouygues SA and other |
(16) |
(11) |
+€5m |
Group current operating profit after leases |
306 |
424 |
+€118m |
|
|
|
CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF
ACTIVITY (€ million) |
H1 2018 restated |
H1 2019 |
Change |
Construction businesses |
84 |
64 |
-€20m |
o/w Bouygues
Construction |
173 |
171 |
-€2m |
o/w
Bouygues Immobilier |
78 |
29 |
-€49m |
o/w Colas |
(167) |
(136) |
+€31m |
TF1 |
91 |
163 |
+€72m |
Bouygues Telecom |
254 |
280 |
+€26m |
Bouygues SA and other |
(16) |
(12) |
+€4m |
Group operating profit |
413a |
495b |
+€82m |
(a) Including non-current charges of €11m at TF1
corresponding to amortization of audiovisual rights remeasured as
part of the acquisition of Newen Studios and non-current
income of €91m at Bouygues Telecom (of which essentially
non-current income of €104m related to the capital gain on the sale
of mobile sites and non-current charges of €18m related to network
sharing)(b) Including non-current charges of €8m at Bouygues
Construction corresponding to restructuring costs and non-current
income of €50m at Bouygues Telecom (of which essentially
non-current income of €47m related to the capital gain on the sale
of mobile sites and non-current charges of €4m related to network
sharing)
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|
|
CONTRIBUTION TO GROUP OPERATING PROFIT AFTER LEASES BY
SECTOR OF ACTIVITY (€ million) |
H1 2018 restated |
H1 2019 |
Change |
Construction businesses |
72 |
49 |
-€23m |
o/w Bouygues
Construction |
168 |
165 |
-€3m |
o/w
Bouygues Immobilier |
77 |
28 |
-€49m |
o/w Colas |
(173) |
(144) |
+€29m |
TF1 |
89 |
161 |
+€72m |
Bouygues Telecom |
241 |
267 |
+€26m |
Bouygues SA and other |
(16) |
(11) |
+€5m |
Operating profit after Leases |
386a |
466b |
+€80m |
(a) Including non-current charges of €11m at TF1
corresponding to amortization of audiovisual rights remeasured as
part of the acquisition of Newen Studios and non-current
income of €91m at Bouygues Telecom (of which essentially
non-current income of €104m related to the capital gain on the sale
of mobile sites and non-current charges of €18m related to network
sharing)(b) Including non-current charges of €8m at Bouygues
Construction corresponding to restructuring costs and non-current
income of €50m at Bouygues Telecom (of which essentially
non-current income of €47m related to the capital gain on the sale
of mobile sites and non-current charges of €4m related to network
sharing)
CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY
SECTOR OF ACTIVITY (€ million) |
H1 2018 restated |
H1 2019 |
Change |
Construction businesses |
56 |
35 |
-€21m |
o/w Bouygues
Construction |
140 |
121 |
-€19m |
o/w
Bouygues Immobilier |
41 |
13 |
-€28m |
o/w Colas |
(125) |
(99) |
+€26m |
TF1 |
29 |
47 |
+€18m |
Bouygues Telecom |
142 |
150 |
+€8m |
Alstom |
73 |
33 |
-€40m |
Bouygues SA and other |
(39) |
(40) |
-€1m |
Net profit attributable to the Group |
261 |
225 |
-€36m |
NET SURPLUS CASH (+)/NET DEBT (-) BY BUSINESS SEGMENT
(€ million) |
End-Dec 2018 restated |
End-June 2019 |
Change |
Bouygues
Construction |
3,119 |
2,407 |
-€712m |
Bouygues Immobilier |
(238) |
(577) |
-€339m |
Colas |
(475) |
(1,544) |
-€1,069m |
TF1 |
(28) |
(29) |
-€1m |
Bouygues Telecom |
(1,275) |
(1,720) |
-€445m |
Bouygues SA and other |
(4,715) |
(4,742) |
-€27m |
TOTAL |
(3,612) |
(6,205) |
-€2,593m |
IFRS 16 lease obligations |
(1,636) |
(1,642) |
-€6m |
|
|
|
CONTRIBUTION TO NET CAPITAL EXPENDITURE BY SECTOR OF
ACTIVITY (€ million) |
H1 2018 restated |
H1 2019 |
Change |
Construction businesses |
220 |
209 |
-€11m |
o/w Bouygues
Construction |
64 |
106 |
+€42m |
o/w
Bouygues Immobilier |
4 |
6 |
+€2m |
o/w Colas |
152 |
97 |
-€55m |
TF1 |
88 |
114 |
+€26m |
Bouygues Telecom |
461 |
454 |
-€7m |
Bouygues SA and other |
2 |
1 |
-€1m |
TOTAL |
771 |
778 |
+€7m |
|
|
|
CONTRIBUTION TO GROUP FREE CASH FLOW
BEFORE WCRa BY SECTOR OF ACTIVITY
(€ million) |
H1 2018 restated |
H1 2019 |
Change |
Construction businesses |
(22) |
(98) |
-€76m |
o/w Bouygues
Construction |
129 |
80 |
-€49m |
o/w
Bouygues Immobilier |
29 |
(20) |
-€49m |
o/w Colas |
(180) |
(158) |
+€22m |
TF1 |
73 |
113 |
+€40m |
Bouygues Telecom |
33 |
73 |
+€40m |
Bouygues SA and other |
(38) |
(50) |
-€12m |
TOTAL |
46 |
38 |
-€8m |
(a) See glossary on page13 for new definition
GLOSSARY
4G consumption: data consumed
on 4G cellular networks, excluding Wi-Fi.
4G users: customers who have
used the 4G network during the last three months (Arcep
definition).
ABPU (Average Billing Per
User):- In the mobile segment, it is equal to the total of
mobile sales billed to customers (B2C or B2B) divided by theaverage
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 B2B) divided by
theaverage number of customers over the period.
B2B (business to business):
when one business makes a commercial transaction with another.
Backlog (Bouygues Construction,
Colas): 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 notarized sales plus total sales from signed
reservations that have still to be notarized.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 after
Leases: current operating profit after taking account of
the interest expense on lease obligations.
EBITDA after Leases: current
operating profit after Leases (i.e. current operating profit after
taking account of the interest expense on lease obligations),
before (i) net depreciation and amortization expense on property,
plant and equipment and intangible assets, (ii) net charges to
provisions and impairment losses, and (iii) effects of acquisitions
of control or losses of control. Those effects relate to the impact
of remeasuring previously-held interests or retained interests.
EBITDA margin after Leases (Bouygues
Telecom): EBITDA after Leases as a proportion of sales
from services.
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.
Free cash flow after WCR: 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,
and after changes in working capital requirements (WCR) related to
operating activities. A calculation of free cash flow by business
segment is presented in Note 11 “Segment information” to the
consolidated financial statements at 30 June 2019, available at
bouygues.com.
FTTH (Fiber to the Home):
optical fiber 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
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 theexchange 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 30 June 2019,
available at bouygues.com.
Operating profit after Leases:
operating profit after taking account of the interest expense on
lease obligations.
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.
PIN: Public-Initiative
Network.
Reservations by value (Bouygues
Immobilier): the € amount of the value of properties
reserved over a givenperiod.- Residential properties: the sum of
the value of unit and block reservation contracts signed by
customers andapproved by Bouygues Immobilier, minus registered
cancellations.- Commercial properties: these are registered as
reservations on notarized 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 B2C customers: sales from outgoing call charges (voice,
texts and data), connection fees, and value-added services.
- For B2B 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 B2C 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 B2B 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 withIFRS 15.- Capitalization 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
Very-high-speed: subscriptions
with peak downstream speeds higher or equal to 30 Mbit/s. Includes
FTTH, FTTLA, 4G box and VDSL2 subscriptions (Arcep definition).
a 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)
b Free cash flow after WCR = 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 after changes in working capital requirements (WCR)
related to operating activities and excluding 5G frequencies
c After restatement in 2018 of Axione’s backlog for €0.7bn,
following the deconsolidation of Axione in 2018 (divestment of 49%
of Axione to Mirova on 31 December 2018)
d After restatement in 2018 of Smac’s backlog for €0.3bn
following the divestment of Smac in May 2019
e Arcep survey in October 2018
f Annual average of the customer experience survey, carried out
each quarter. Customer satisfaction score out of 200 (100 for
mobile, 100 for fixed)
- Bouygues-first-half-results-press-release
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