BOUYGUES: Nine-month 2019 results
PRESS RELEASE – PARIS, 14/11/2019
NINE-MONTH 2019 RESULTS IMPROVEMENT IN CURRENT OPERATING
PROFIT, CURRENT OPERATING MARGIN AND NET PROFIT ATTRIBUTABLE TO THE
GROUPSOLID PERFORMANCE OF THE CONSTRUCTION
BUSINESSES, WITH A YEAR-ON-YEAR INCREASE IN CURRENT OPERATING
PROFITVERY GOOD COMMERCIAL AND FINANCIAL
PERFORMANCE AT BOUYGUES TELECOMOUTLOOK
CONFIRMED
THE CONSOLIDATED FINANCIAL STATEMENTS AT 30
SEPTEMBER 2019 ARE PRESENTED IN COMPARISON WITH THE FINANCIAL
STATEMENTS AT 30 SEPTEMBER 2018 AND AT 31 DECEMBER 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”. “FREE CASH FLOW”, “FREE CASH FLOW
AFTER WCR” AND “NET DEBT” HAVE ALSO BEEN REDEFINED.
KEY FIGURES (€ million) |
9-month 2018restated |
9-month 2019 |
Change |
Sales |
25,219 |
27,601 |
+9%a |
Current
operating profit |
858 |
1,118 |
+€260m |
Current operating margin |
3.4% |
4.1% |
+0.7pts |
Current operating profit after Leasesb |
818 |
1,076 |
+€258m |
Operating profit |
1,056c |
1,168d |
+€112m |
Operating profit after Leasesb |
1,016 |
1,126 |
+€110m |
Net profit
attributable to the Group |
771 |
848 |
+€77m |
|
|
|
|
Net surplus cash (+)/Net debt (-) at 30 September |
(5,465) |
(4,643) |
-€822m |
(a) Up 5% like-for-like and at constant exchange rates (b) See
glossary on page 13 for new definitions(c) Including non-current
income of €214m at Bouygues Telecom and non-current charges of €16m
at TF1 (d) Including non-current income of €60m at Bouygues Telecom
and non-current charges of €10m at Bouygues Construction
IN LINE WITH FIRST-HALF 2019, THE GROUP
IMPROVED ITS RESULTS AND ITS PROFITABILITY.
- Sales in the first nine months of 2019 were €27.6 billion,
up 9% year-on-year (up 5% like-for-like and at constant exchange
rates).
- Current operating profit was €1,118 million, a
€260-million improvement over the first nine months of 2018,
boosted by good performances in the three sectors of activity.
Current operating margin rose by 0.7 points over the period to
4.1%.
- Operating profit was €1,168 million, up €112 million
year-on-year. Non-current income was €50 million in the first
nine months of 2019, a decrease from €198 million in the first
nine months of 2018, mainly at Bouygues Telecom.
- Net profit attributable to the Group rose by €77 million
year-on-year to €848 million.
THE CONSTRUCTION BUSINESSES DELIVERED A
SOLID PERFORMANCE.
- The backlog stood at the very high level of €32.5 billion
at end-September 2019.
- Current operating profit was €545 million, a €122-million
increase versus the first nine months of 2018.
- The current operating margin rose 0.4 points year-on-year.
BOUYGUES TELECOM CONTINUED TO POST A
VERY GOOD COMMERCIAL AND FINANCIAL PERFORMANCE.
- Bouygues Telecom gained 220,000 new mobile plan customers
excluding MtoM, and 110,000 new FTTH customers in third-quarter
2019.
- Sales rose by 13% (up 11% like-for-like and at constant
exchange rates) versus the first nine months of 2018. Sales from
services were up 7% over the period.
- EBITDA after Leases showed sharp growth of 13% year-on-year.
The EBITDA margin after Leases was 30.9%, a significant
year-on-year increase of 1.6 points.
THE GROUP CONFIRMED ITS
OUTLOOK:
- In 2019, improvement in Group profitability
and generation of €300 million of free cash
flow1 at Bouygues Telecom.
- Within two years, increase of
Group free cash flow generation after
WCR2F2 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, down
4% versus end-September 2018, remained at the very high level of
€32.5 billion at 30 September 2019.
In France, the backlog in the
construction businesses at end-September 2019 decreased slightly by
2%3 to €14 billion. This reflects:
- A 7%3 rise in the backlog at Colas to €3.3 billion at
end-September 2019, driven by growth in the roads backlog in
mainland France (up 8%).
- A slight decrease of 2%3 in the backlog at Bouygues
Construction to €8.5 billion at end-September 2019. This
includes, in third-quarter 2019, a €199-million contract to extend
the harbor of Port-la-Nouvelle in the south of France. In 2020, new
calls for tender are expected as part of the Grand Paris Express
rapid transit project.
- An 11% decrease in the backlog at Bouygues Immobilier to
€2.2 billion, reflecting the absence of commercial property
order intakes in the first nine months 2019, and a decline in
residential property reservations in a slightly contracting housing
market.
Internationally, the backlog in
the construction businesses was €18.5 billion at end-September
2019, stable year-on-year and down 7% at constant exchange rates,
and restated for main acquisitions and disposals. Order intake in
third-quarter 2019 included a €364-million contract at
Bouygues Construction for the excavation of a 4‑km tunnel in
Hong Kong, and a €75-million contract at Colas for the construction
of a 1.1‑km taxiway at Los Angeles International Airport. Further
significant contracts are expected in fourth-quarter 2019 and in
2020.At end-September 2019, international business represented
61% of the backlog at Bouygues Construction and Colas, versus 59%
at end-September 2018.
The construction businesses
reported sales of €21,583 million in the first nine months of
2019, up 9% year-on-year and up 4% like-for-like and at constant
exchange rates.
Current operating profit in the first nine
months of 2019 was €545 million, versus €423 million in
the first nine months of 2018 (up €122 million). This increase
was driven by a positive contribution from Energies and Services
(€51 million in the first nine months of 2019 versus a loss of
€139 million in the first nine months of 2018), the return to
breakeven at Colas Rail and the strong momentum of Colas’ roads
activity in mainland France. Current operating profit at Bouygues
Immobilier declined in the first nine months of 2019 due to higher
cost of works in the residential segment following a peak in
reservations in the market in 2017, and very low activity in the
commercial segment.
TF1
The TF1 group’s audience share
among key targets remained high, at 32.1% of women under 50 who are
purchasing decision-makers, and 29.1% of individuals aged 25 to
49.
Sales in the first nine months of 2019 reached
€1,615 million, up 2.5% from the first nine months of 2018.
Like‑for‑like and at constant exchange rates sales remained stable
over the period. Advertising revenue was €1,158 million, up 1%
year-on-year.
Current operating profit in the first nine
months of 2019 was €184 million, a year-on-year increase of
€57 million. Current operating margin increased sharply over
the period to 11.4%, up 3.4 points year-on-year. The improvement
was mainly due to savings of €66 million in the cost of
programs on the five free-to-air channels in the first nine months
of 2019, due to the screening of the men’s Soccer World Cup in
2018.
BOUYGUES TELECOM
Bouygues Telecom reported
strong growth in its commercial and financial results in the first
nine months of 2019.
The company added 501,000 new mobile plan
customers excluding MtoM in the first nine months of 2019, of which
220,000 were in the third quarter, for a total of 11.4 million
mobile plan customers at end‑September 2019 excluding MtoM.
FTTH continued to grow, with 286,000 new
customers added in the first nine months of 2019, of which 110,000
were in the third quarter. The FTTH penetration rate reached 22% at
end-September 2019 versus 13% a year earlier. The company had
855,000 FTTH customers and a total of 3.8 million fixed
customers at 30 September 2019.
Bouygues Telecom reported sales of
€4,426 million in the first nine months of 2019, up 13%
year-on-year and up 11% like-for-like and at constant exchange
rates. In line with first-half 2019, sales from services rose 7% in
third-quarter 2019 to reach €3,396 million for the first nine
months of 2019. This increase reflected growth in both the mobile
and fixed customer base, with a mobile ABPU that has been stable at
€19.9 for the last two years, and a €1.1 year-on-year increase in
fixed ABPU to €26.6 in third-quarter 2019.
EBITDA after Leases showed a sharp €122-million
increase year-on-year reaching €1,050 million in the first
nine months of 2019. The EBITDA margin after Leases was 30.9%, up
1.6 points versus the first nine months of 2018.
Current operating profit was €405 million
in the first nine months of 2019, up €74 million
year-on-year.
Operating profit in the first nine months of
2019 decreased €80 million year-on-year to €465 million
due to lower capital gains on the sale of mobile sites
(€58 million in the first nine months of 2019 versus
€127 million in the first nine months of 2018) and non-current
income of €110 million booked in third-quarter 2018 related to
the cancellation of fees paid for the use of 1800 MHz frequencies
prior to 2018.
Gross capex in the first nine months of 2019 was
€734 million, down €186 million year-on-year.
Free cash flow reached €205 million in the first
nine months 2019, a year-on-year increase of €27 million.
These very good results reflect Bouygues
Telecom’s differentiation strategy, based on the quality of its
mobile and fixed networks and customer experience. For the second
year in a row, Bouygues Telecom was recognized by the French
telecoms regulator Arcep4 as the leading mobile operator in rural
areas in France and second on average nationwide. Bouygues
Telecom’s goal is to increase the number of its mobile sites from
over 21,000 at the end of 2018 to over 28,000 in 2023 and, in the
fixed segment, to have 12 million FTTH premises marketed by
the end of 2019.
Bouygues Telecom’s growth momentum is likely to
continue, due to the following three major growth drivers:
- Increased 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, notably through the opening of
around 50 stores;
- Access to a growing source of potential customers in the fixed
segment through the ramp-up of fiber roll-out. Bouygues Telecom had
10.2 million FTTH premises marketed at end-September 2019,
up 3.9 million year-on-year. Its network covers 85 French
departments and more than 3,090 municipalities;
- In BtoB, a market share increase in the mobile and fixed
segments, boosted by the acquisitions of SME specialists Keyyo and
Nerim.
ALSTOM
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.
On 12 September 2019, Bouygues announced the
successful sale of 29,150,000 Alstom shares, representing 13% of
the share capital, at the price of €37 per share (i.e. a total
amount of €1,079 million), through an accelerated
book-building reserved for institutional investors. Following this
sale, Bouygues retains a 14.7% stake in Alstom.
As announced on 6 November, Alstom’s
contribution to the Group’s net profit was €238 million in the
first nine months of 2019, versus a contribution of
€230 million in the first nine months of 2018. The
contribution in the first nine months of 2019 included a net
capital gain of €172 million on the sale of the 13% of the
share capital in Alstom.
FINANCIAL SITUATION
Net debt at end-September 2019 was
€4.6 billion, compared to €5.5 billion at end-September 2018
and €3.6 billion at end-December 2018.
In the first 9 months 2019, the Group free cash
flow generation before WCR improved by €167 million (€647 million
excluding Alstom’s dividend versus €480 million in the first 9
months 2018) while the WCR has increased by around €400 million.
The improvement in Colas and Bouygues Immobilier’s WCR did not
offset the deterioration in operating WCR at Bouygues Construction,
which is linked to progress on major projects.
|
FINANCIAL
CALENDAR·20 February 2020: Full-year 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 full financial statements and notes to the
financial statements on www.bouygues.com
ABOUT BOUYGUES
Bouygues is a diversified services group with a
strong corporate culture whose businesses are organised around
three sectors of activity: Construction, with Bouygues Construction
(building & civil works and energies & services),
Bouygues Immobilier (property development) and Colas (roads);
Telecoms, with Bouygues Telecom, and Media, with TF1.
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 • www.bouygues.com |
|
NINE-MONTH 2019 BUSINESS ACTIVITY
BACKLOGAT THE CONSTRUCTION
BUSINESSES(€ million) |
End-September |
|
2018 |
2019 |
Change |
Bouygues
Construction |
22,518 |
21,160 |
-6% |
Bouygues Immobilier |
2,567 |
2,245 |
-13% |
Colas |
8,688 |
9,084 |
+5% |
Total |
33,773 |
32,489 |
-4% |
BOUYGUES CONSTRUCTIONORDER
INTAKE(€ million) |
9-month |
|
2018 |
2019 |
Change |
France |
4,365 |
3,550 |
-19% |
International |
5,816 |
4,512 |
-22% |
Total |
10,181 |
8,062 |
-21% |
BOUYGUES
IMMOBILIERRESERVATIONS(€ million) |
9-month |
|
2018 |
2019 |
Change |
Residential
property |
1,527 |
1,408 |
-8% |
Commercial property |
218 |
44 |
-80% |
Total |
1,745 |
1,452 |
-17% |
COLASBACKLOG(€ million) |
End-September |
|
2018 |
2019 |
Change |
Mainland
France |
3,395 |
3,292 |
-3% |
International and French overseas territories |
5,293 |
5,792 |
+9% |
Total |
8,688 |
9,084 |
+5% |
TF1AUDIENCE SHAREa |
End-September |
|
2018 |
2019 |
Change |
Total |
32.4% |
32.1% |
-0.3 pts |
(a) Source: Médiamétrie – women under 50 who are purchasing
decision-makers
BOUYGUES TELECOMCUSTOMER BASE
(‘000) |
|
End-Dec 2018 |
End-Sept 2019 |
Change |
Mobile customer
base excl. MtoM |
11,414 |
11,831 |
+417 |
Mobile plan base excl. MtoM |
10,890 |
11,391 |
+501 |
Total mobile customers |
16,351 |
17,505 |
+1,154 |
Total fixed customers |
3,676 |
3,831 |
+155 |
NINE-MONTH 2019 FINANCIAL
PERFORMANCE
|
|
|
CONDENSED CONSOLIDATED INCOME STATEMENT
(€ million) |
9-month 2018 restated |
9-month 2019 |
Change |
Sales |
25,219 |
27,601 |
+9%a |
Current operating
profit |
858 |
1,118 |
+€260m |
Current operating profit after Leasesb |
818 |
1,076 |
+€258m |
Other
operating income and expenses |
198 |
50 |
-€148m |
Operating profit |
1,056c |
1,168d |
+€112m |
Operating profit after Leasesb |
1,016 |
1,126 |
+€110m |
Cost of net debt |
(163) |
(162) |
+€1m |
Interest expense on lease
obligations |
(40) |
(42) |
-€2m |
Other financial income and
expenses |
26 |
19 |
-€7m |
Income tax |
(265) |
(325) |
-€60m |
Share of
net profit of joint ventures and associates |
252 |
286 |
+€34m |
o/w Alstom |
230 |
238 |
+€8m |
Net
profit from continuing operations |
866 |
944 |
+€78m |
Net profit
attributable to non-controlling interests |
(95) |
(96) |
-€1m |
Net
profit attributable to the Group |
771 |
848 |
+€77m |
(a) Up 5% like-for-like and at constant exchange rates (b) See
glossary for new definitions
(c) Including non-current charges of €16m at TF1
corresponding to amortization of audiovisual rights remeasured as
part of the acquisition of Newen Studios and non-current
income of €214m at Bouygues Telecom (essentially non-current
income of €127m related to the capital gain on the sale of sites
and non-current income of €110m related to the cancellation of fees
paid for the use of 1800 MHz frequencies prior to 2018 and
non-current charges of €28m related to network sharing)(d)
Including non-current charges of €10m at Bouygues Construction
related to restructuring costs and non-current income of €60m at
Bouygues Telecom essentially related to the capital gain on the
sale of sites
|
|
|
CALCULATION OF EBITDA AFTER LEASESa
(€ million) |
9-month 2018 restated |
9-month 2019 |
Change |
Current operating profit after Leasesa |
818 |
1,076 |
+€258m |
Net depreciation and amortization
expense on property, plant and equipment and intangible assets |
1,244 |
1,284 |
+€40m |
Charges to provisions and impairment
losses, net of reversals due to utilization |
112 |
165 |
+€53m |
Reversals of unutilized provisions and
impairment losses and other |
(252) |
(173) |
+€79m |
EBITDA after Leasesa |
1,922 |
2,352 |
+€430m |
(a) See glossary for new definitions
|
|
|
|
|
|
SALES BY SECTOR OF ACTIVITY (€ million) |
9-month 2018 restated |
9-month 2019 |
Change |
Forex effect |
Scope effect |
lfl & |
constant fx |
Construction businessesa |
19,736 |
21,583 |
9.4% |
-1.2% |
-4.0% |
4.2% |
o/w Bouygues Construction |
8,589 |
9,899 |
15.3% |
-1.5% |
-10.3% |
3.5% |
o/w Bouygues Immobilier |
1,716 |
1,610 |
-6.2% |
0.1% |
0.0% |
-6.1% |
o/w
Colas |
9,602 |
10,182 |
6.0% |
-1.1% |
1.1% |
5.9% |
TF1 |
1,576 |
1,615 |
2.5% |
0.0% |
-2.4% |
0.1% |
Bouygues Telecom |
3,934 |
4,426 |
12.5% |
0.0% |
-1.0% |
11.5% |
Bouygues SA and other |
118 |
145 |
nm |
- |
- |
nm |
Intra-Group eliminationsb |
(316) |
(276) |
nm |
- |
- |
nm |
Group sales |
25,219 |
27,601 |
9.4% |
-0.9% |
-3.4% |
5.1% |
o/w
France |
15,646 |
16,043 |
2.5% |
0.0% |
2.8% |
5.3% |
o/w
international |
9,573 |
11,558 |
20.7% |
-2.5% |
-13.5% |
4.7% |
(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) |
9-month 2018 restated |
9-month 2019 |
Change |
Construction businesses |
716 |
980 |
+€264m |
o/w Bouygues
Construction |
222 |
395 |
+€173m |
o/w
Bouygues Immobilier |
85 |
32 |
-€53m |
o/w Colas |
409 |
553 |
+€144m |
TF1 |
299 |
328 |
+€29m |
Bouygues
Telecom |
928 |
1,050 |
+€122m |
Bouygues SA and other |
(21) |
(6) |
+€15m |
Group EBITDA after Leases |
1,922 |
2,352 |
+€430m |
|
|
|
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT BY SECTOR OF
ACTIVITY (€ million) |
9-month 2018 restated |
9-month 2019 |
Change |
Construction businesses |
423 |
545 |
+€122m |
o/w Bouygues
Construction |
146 |
280 |
+€134m |
o/w
Bouygues Immobilier |
113 |
42 |
-€71m |
o/w Colas |
164 |
223 |
+€59m |
TF1 |
127 |
184 |
+€57m |
Bouygues
Telecom |
331 |
405 |
+€74m |
Bouygues SA and other |
(23) |
(16) |
+€7m |
Group current operating profit |
858 |
1,118 |
+€260m |
|
|
|
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT AFTER
LEASESa BY SECTOR OF
ACTIVITY (€ million) |
9-month 2018 restated |
9-month 2019 |
Change |
Construction businesses |
407 |
525 |
+€118m |
o/w
Bouygues Construction |
139 |
272 |
+€133m |
o/w
Bouygues Immobilier |
112 |
41 |
-€71m |
o/w Colas |
156 |
212 |
+€56m |
TF1 |
124 |
181 |
+€57m |
Bouygues Telecom |
311 |
387 |
+€76m |
Bouygues SA and other |
(24) |
(17) |
+€7m |
Group current operating profit after Leasesa |
818 |
1,076 |
+€258m |
(a) See glossary for new definitions |
|
|
CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF
ACTIVITY (€ million) |
9-month 2018 restated |
9-month 2019 |
Change |
Construction businesses |
423 |
535 |
+€112m |
o/w Bouygues
Construction |
146 |
270 |
+€124m |
o/w
Bouygues Immobilier |
113 |
42 |
-€71m |
o/w Colas |
164 |
223 |
+€59m |
TF1 |
111 |
184 |
+€73m |
Bouygues
Telecom |
545 |
465 |
-€80m |
Bouygues SA and other |
(23) |
(16) |
+€7m |
Group operating profit |
1,056a |
1,168b |
+€112m |
(a) Including non-current charges of €16m at TF1 corresponding
to amortization of audiovisual rights remeasured as part of the
acquisition of Newen Studios and non-current income of €214m
at Bouygues Telecom (essentially non-current income of €127m
related to the capital gain on the sale of sites and non-current
income of €110m related to the cancellation of fees paid for the
use of 1800 MHz frequencies prior to 2018 and non-current charges
of €28m related to network sharing)(b) Including non-current
charges of €10m at Bouygues Construction related to restructuring
costs and non-current income of €60m at Bouygues Telecom
essentially related to the capital gain on the sale of sites
|
|
|
CONTRIBUTION TO GROUP OPERATING PROFIT AFTER
LEASESa BY SECTOR OF
ACTIVITY (€ million) |
9-month 2018 restated |
9-month 2019 |
Change |
Construction businesses |
407 |
515 |
+€108m |
o/w Bouygues
Construction |
139 |
262 |
+€123m |
o/w
Bouygues Immobilier |
112 |
41 |
-€71m |
o/w Colas |
156 |
212 |
+€56m |
TF1 |
108 |
181 |
+€73m |
Bouygues
Telecom |
525 |
447 |
-€78m |
Bouygues SA and other |
(24) |
(17) |
+€7m |
Operating profit after Leasesa |
1,016b |
1,126c |
+€110m |
(a) See glossary for new definitions(b) Including non-current
charges of €16m at TF1 corresponding to amortization of audiovisual
rights remeasured as part of the acquisition of Newen Studios
and non-current income of €214m at Bouygues Telecom
(essentially non-current income of €127m related to the capital
gain on the sale of sites and non-current income of €110m related
to the cancellation of fees paid for the use of 1800 MHz
frequencies prior to 2018 and non-current charges of €28m related
to network sharing)(c) Including non-current charges of €10m at
Bouygues Construction related to restructuring costs and
non-current income of €60m at Bouygues Telecom essentially related
to the capital gain on the sale of sites
CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY
SECTOR OF ACTIVITY (€ million) |
9-month 2018 restated |
9-month 2019 |
Change |
Construction businesses |
279 |
381 |
+€102m |
o/w Bouygues
Construction |
110 |
226 |
+€116m |
o/w
Bouygues Immobilier |
61 |
20 |
-€41m |
o/w Colas |
108 |
135 |
+€27m |
TF1 |
36 |
52 |
+€16m |
Bouygues
Telecom |
309 |
251 |
-€58m |
Alstom |
230 |
238 |
+€8m |
Bouygues SA and other |
(83) |
(74) |
+€9m |
Net profit attributable to the Group |
771 |
848 |
+€77m |
NET SURPLUS CASH (+)/NET DEBT (-) BY BUSINESS SEGMENT
(€ million) |
End-Dec 2018 restated |
End-Sept 2019 |
Change |
|
Bouygues
Construction |
3,119 |
2,196 |
-€923m |
|
Bouygues Immobilier |
(238) |
(633) |
-€395m |
|
Colas |
(475) |
(1,220) |
-€745m |
|
TF1 |
(28) |
(53) |
-€25m |
|
Bouygues
Telecom |
(1,275) |
(1,689) |
-€414m |
|
Bouygues SA and other |
(4,715) |
(3,244) |
+€1,471m |
|
Net surplus cash (+)/Net debt (-) |
(3,612) |
(4,643) |
-€1,031m |
|
IFRS 16 lease obligations |
(1,644) |
(1,647) |
-€3m |
|
|
|
|
CONTRIBUTION TO NET CAPITAL EXPENDITURE BY SECTOR OF
ACTIVITY (€ million) |
9-month 2018 restated |
9-month 2019 |
Change |
Construction businesses |
314 |
304 |
-€10m |
o/w Bouygues
Construction |
97 |
149 |
+€52m |
o/w
Bouygues Immobilier |
6 |
7 |
+€1m |
o/w Colas |
211 |
148 |
-€63m |
TF1 |
129 |
161 |
+€32m |
Bouygues
Telecom |
714 |
638 |
-€76m |
Bouygues SA and other |
6 |
2 |
-€4m |
Net capital expenditure |
1,163 |
1,105 |
-€58m |
|
|
|
CONTRIBUTION TO GROUP FREE CASH FLOW
BEFORE WCRa BY SECTOR OF ACTIVITY
(€ million) |
9-month 2018 restated |
9-month 2019 |
Change |
Construction businesses |
247 |
400 |
+€153m |
o/w Bouygues
Construction |
55 |
147 |
+€92m |
o/w
Bouygues Immobilier |
43 |
(20) |
-€63m |
o/w Colas |
149 |
273 |
+€124m |
TF1 |
94 |
117 |
+€23m |
Bouygues
Telecom |
178 |
205 |
+€27m |
Bouygues SA and other |
(39) |
266b |
+€305m |
Group Free
Cash Flow before WCR |
480 |
988 |
+€508m |
Excluding €341m dividend from Alstom |
480 |
647 |
+€167m |
(a) See glossary on page 13 for new definition(b) Including
€341m dividend from Alstom
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 September 2019, available
at bouygues.com.
Fixed churn: the total number of cancellations
in a given month, divided by the total number of subscribers at the
end of the previous month
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 penetration rate: the FTTH
share of the total fixed subscriber base (the number of FTTH
customers divided by the total number of fixed customers)
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.
-
Mobile churn: the total number
of cancellations in a given month, divided by the total number of
subscribers at the end of the previous month
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 September
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).
1 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)
2 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
3 At constant exchange rates excluding main acquisitions and
disposals
4 Arcep survey of October 2018 and October 2019
- PR_9M 2019_results_Bouygues
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