BOUYGUES: 2019 Full-year results
Press release – Paris, 20/02/2020
2019 Full-year results
- ROBUST RESULTS WITH FULL-YEAR TARGETS ACHIEVED
- Improvement in Group current operating profit and current
operating margin1 year-on-year
- Free cash flow of €301m generated by Bouygues Telecom
- TWO-FOLD INCREASE IN GROUP FREE CASH FLOW AFTER WCR TO €815m2
YEAR-ON-YEAR
- DECREASE IN NET DEBT TO €2.2bn AT END-2019 VS €3.6bn AT
END-2018
- DIVIDEND OF €2.60 PER SHARE3, OF WHICH €0.90 IS
EXCEPTIONAL
- GROUP'S TARGET OF €1bN IN FREE CASH FLOW AFTER WCR4 CONFIRMED
FOR 2020
1 Restated for the capital gain related to the partial
divestment of shares and remeasurement of the residual interest in
Axione in 20182 Restated for Alstom dividends (€341m in 2019 versus
€22m in 2018)3 To be proposed to the Annual General Meeting on 23
April 20204 See glossary on page 14
The consolidated financial statements at
31 December 2019 are presented in comparison with the
financial statements at 31 December 2018, restated to
take account of the application from 1 January 2019 of IFRS 16 on
leases.
KEY FIGURES (€ million) |
2018 restated |
2019 |
Change |
Sales |
35,555 |
37,929 |
+7%a |
Current
operating profit |
1,564 |
1,676 |
+€112m |
o/w impact of Axione |
106 |
- |
-€106m |
Current operating margin excl. Axione |
4.1% |
4.4% |
+0.3 pts |
Current operating profit after Leases4 |
1,507 |
1,619 |
+€112m |
Operating
profit |
1,829b |
1,696c |
-€133m |
Operating profit after Leases4 |
1,772b |
1,639c |
-€133m |
Net profit
attributable to the Group |
1,308 |
1,184 |
-€124m |
Free cash flow after WCR4 (excl. Alstom
dividends2) |
405 |
815 |
+€410m |
Net surplus cash (+)/Net debt (-) |
(3,612) |
(2,222) |
+€1,390m |
(a) Up 5% like-for-like and at constant exchange rates (b)
Including non-current income and non-current charges of €265m (c)
Including non-current income and non-current charges of €20m
The Group achieved its full-year targets
in 2019 with robust results in its three sectors of activity and a
high level of cash generation.
- Sales were up 7% year-on-year (up 5%
like-for-like and at constant exchange rates) to
€37.9 billion, driven by all businesses.
- As expected, Group profitability improved. Current
operating profit increased €112 million to
€1,676 million versus 2018. Excluding the impact of Axione5,
it was up €218 million year-on-year, resulting in a 0.3-point
year-on-year increase in the current operating
margin to 4.4% in 2019.
- Net profit attributable to the Group in 2019
was down €124 million year-on-year to €1,184 million due
to a decline in non-current income (€20 million in 2019 versus
€265 million in 2018), mainly at Bouygues Telecom.
- Group free cash flow, restated for the
dividends paid by Alstom in 2018 and 20196, rose €234 million
year-on-year to €1,038 million. It notably benefited from a
€109-million increase in free cash flow generation at Bouygues
Telecom, which achieved its target of €300 million in
2019.
- Group free cash flow after
WCR of €815 million excluding Alstom dividends
increased two-fold versus 2018. This reflects net cash flow growth
in all three sectors of activity (up €330 million), stable net
capex and a €176-million improvement in the Group’s WCR7.
The Group strengthened its financial
structure.
- The Group substantially reduced its net debt
at end‑2019 to €2.2 billion versus €3.6 billion at
end-2018, benefiting from the positive €1.4-billion impact of
Alstom (dividends and sale of 13% of share capital).
- Net gearing8 improved 14 points to 19% at
end-2019 versus 33% at end-2018.
DIVIDEND
The Board of Directors will ask at the Annual General Meeting on
23 April 2020 for the approval of a dividend of €2.60 per
share, of which €0.90 is exceptional.
The ex-date, record date and payment date have
been set at 5 May, 6 May and 7 May 2020 respectively.
OUTLOOK
In long-term growth markets, the
construction businesses will strengthen their
portfolio of low-carbon solutions to maintain
their leadership in sustainable construction and
benefit from their actions to improve
profitability.Expected improvement in the current
operating margin of the construction businesses in 2020
versus 2019.
TF1 is benefiting from
long-term growth to position itself as a major player in
the video market:
- Double-digit current operating margin in
2020;
- Cost of programs at
€985 million in 2020.
5 Restated for the capital gain related to the partial
divestment of shares and remeasurement of the residual interest in
Axione in 20186 €341m in 2019 versus €22m in 20187 WCR related to
operating activities8 Net debt / shareholders’
equity
Bouygues Telecom will continue
to leverage its differentiation
strategy (quality of networks and customer experience, as
well as brand appeal). In 2020, it is aiming
for: Growth in
sales from services at around 5%;
Free cash
flow9 of over €300 million, with
increasing investment (expected gross capex of €1.1 to
€1.2 billion excluding frequencies) required to expand 4G
mobile capacity and start rolling out 5G.
In 2020, the Bouygues
group will continue to pursue its sustainable
growth strategy:
- Free cash flow generation after WCR10 of
€1 billion with the contribution from all
three sectors of activity;
- Reduction of greenhouse gas emissions by 2030.
Definition of a target compatible with the Paris Agreement (to keep
the global temperature increase below 1.5°C) and preparation of an
action plan by the Group’s five business segments
in 2020.
DETAILED ANALYSIS BY SECTOR OF
ACTIVITY
CONSTRUCTION BUSINESSES
The backlog in the construction
businesses remained stable at a very high level of €33 billion
(versus €33.1 billion at end-2018). At constant exchange rates
and excluding main disposals and acquisitions, it was slightly down
by 1%.
In France, the backlog
decreased 2%11 to €13.8 billion. This reflects:
- A stable backlog at Bouygues Construction of €8.6 billion
at end-2019;
- A 2%11 decrease in the backlog at Colas to €3.1 billion at
end-2019 due to a slowdown in order intake in the latter part of
the year linked to the forthcoming municipal elections in March
2020;
- An 11% decrease in the backlog at Bouygues Immobilier to
€2.1 billion, due to a decline in residential property
reservations in a stable housing market. Bouygues Immobilier was
affected by a lower supply in a market hit by delays in obtaining
building permits linked to the forthcoming municipal elections in
March 2020.
Internationally, the backlog
was €19.2 billion at end-2019, a year-on-year increase of
1%11. It includes some significant orders taken in fourth-quarter
2019: the construction by Bouygues Construction of a 3.4‑kilometer
subsea road tunnel in Hong Kong, worth €756 million, the
construction and maintenance by Colas of a network of Rapid Bus
Transit system in French Guiana, worth €180 million, and the
execution by Colas Rail of the first phase of work on railway lines
for Network Rail in the United Kingdom, worth
€553 million.International business represented 62% of the
combined backlog of Bouygues Construction and Colas at end-2019,
versus 61% at end-2018.
9 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 excludes 5G frequencies. It is
calculated before changes in working capital requirements (WCR)
related to operating activities and excluding 5G frequencies.
10 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 frequencies11 At constant
exchange rates and excluding main disposals and acquisitions
Sales in the construction
businesses were €29.6 billion in 2019, up 6% year-on-year and
up 4% like-for-like and at constant exchange rates.
Current operating profit was
€910 million in 2019, versus €941 million in 2018.
Excluding Axione, it was up €75 million year-on-year and the
current operating margin improved slightly to 3.1%, versus 3% in
2018.
Current operating profit improved sharply at
Colas, up €60 million year-on-year, driven by the good
performance of the roads activity in mainland France and the return
to breakeven at Colas Rail. As a result, Colas’ current operating
margin increased 0.4 points to 3.2% year-on-year.
Current operating profit at Bouygues
Construction was stable in 2019 versus 2018, and up
€106 million restated for Axione. This improvement was due to
recovery of the current operating margin at the
Energies and Services arm (2.1% in 2019 versus -0.4% in
2018) following the adjustment measures introduced in the last
year.
At Bouygues Immobilier, commercial property
deals signed at the end of the year significantly boosted current
operating profit and current operating margin in fourth-quarter
2019 (5.2% versus 2.6% in the first nine months of 2019).
The Bouygues group has been building up an
extensive portfolio of sustainable construction solutions for more
than 15 years. It has focused its climate strategy on seeking
innovative, low-carbon solutions for its customers as well as
reducing the greenhouse gas emissions associated with its
activities.The construction businesses continued to innovate in
2019 and consolidated their leadership position in sustainable
construction. In Strasbourg, for example, Bouygues Immobilier
delivered France’s tallest apartment building made entirely out of
timber. The company was awarded the BBCA low-carbon label for the
Enjoy project, France’s largest timber-frame positive-energy office
building. The first smart city project in France was inaugurated in
Dijon, operated by a consortium led by Bouygues Energies &
Services. In Lyon, Bouygues Construction started work on Office
Switch Home, a circular-economy project for a reversible building
with offices that can easily be converted into homes. Colas started
to market Wattway Pack, a turnkey solution for an autonomous power
outlet installed on the road. Using solar power, it provides an
energy supply for a range of road-related services such as power
charging stations and connected services.
TF1
The TF1 group’s audience share
among key targets stabilized at a high level in 2019, with 32.6% of
women under 50 who are purchasing decision-makers and 29.4% of
individuals aged 25 to 49.
2019 sales reached €2,337 million, up 2%
versus 2018, supported by external growth. Advertising sales were
almost stable at €1,658 million, while sales from other
activities rose €53 million to €679 million versus
2018.
Current operating profit in 2019 was
€255 million, a year-on-year increase of €56 million. The
current operating margin rose 2.2 points to 10.9%, allowing TF1 to
achieve its 2019 target of double-digit current operating margin.
The increase in current operating profit reflected not only sales
growth but also TF1’s ability to keep the cost of programs under
tight control (€985 million at end-2019, versus
€1,014 million in 2018).
BOUYGUES TELECOM
Bouygues Telecom maintained
strong commercial momentum.The company had 11.5 million mobile
plan customers excluding MtoM at end-December 2019, an increase of
653,000 new customers during the year, of which 152,000 were in the
fourth-quarter 2019.
Bouygues Telecom had 1 million FTTH
customers, with 427,000 new adds over the year, of which 142,000
were in the fourth-quarter 2019 alone. The FTTH penetration rate
rose to 25% at end-2019, versus 16% a year earlier. The company had
a total of 3.9 million fixed customers at
31 December 2019.
Bouygues Telecom reported sales of
€6,058 million in 2019, up 13% year-on-year and up 12%
like-for-like and at constant exchange rates. It includes an 8%
increase in sales from services to €4,597 million versus 2018.
This increase reflected growth in both the mobile and the fixed
customer base, as well as higher ABPU. For the first time since
2011, mobile ABPU increased in fourth-quarter 2019 year-on-year (up
€0.5 to €19.7 per customer per month). Fixed ABPU rose €1.1
year-on-year to €27.0 per customer per month.
EBITDA after Leases showed a sharp €147-million
increase year-on-year to €1,411 million in 2019. The EBITDA
margin after Leases was 30.7%, up 1 point versus 2018.
Current operating profit was €540 million
in 2019, up €86 million year-on-year.Operating profit
decreased €166 million year-on-year to €610 million due
to lower capital gains on the disposal of sites (€63 million
in 2019 versus €250 million in 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 was €940 million in 2019, down
€302 million year-on-year.
Free cash flow reached €301 million in
2019, a year-on-year increase of €109 million.
Bouygues Telecom therefore achieved its free cash flow target
announced in 2017.
For over 20 years, the teams at Bouygues Telecom
have made every effort to ensure that technology brings friends and
family closer together, strengthens ties and creates new ones. By
leveraging its differentiation strategy, Bouygues Telecom offers
customers high-quality mobile and fixed networks, as well as a
simple, seamless experience.Mobile network sharing in less dense
area ensures that Bouygues Telecom’s services are accessible in the
least densely populated parts of the country. For the second year
in a row, Bouygues Telecom was recognized by the French telecom
regulator Arcep12 as the number one mobile operator in rural areas
in France and the second one on average nationwide.Bouygues Telecom
is keeping pace with new usage developments and covers 99% of
the population with 4G from 21,000 mobile sites at the end of 2019.
It expects to have over 28,000 sites by the end of 2023.In the
fixed segment, Bouygues Telecom had nearly 12 million FTTH
premises marketed at the end of 2019 and has raised its target for
the end of 2022 from 20 million to 22 million.Bouygues
Telecom also intends to accelerate its development in the BtoB
segment, offering a comprehensive range of fixed and mobile
solutions to meet the needs of business customers. Building
strategic partnerships to develop innovative services and taking
advantage of its share of the mobile market, it seeks to increase
its market share among major accounts and mid-size businesses.
Bouygues Telecom also aims to increase its market share among SMEs
and micro businesses by capitalizing on FTTO13 infrastructure in
very dense area and the recent acquisitions of Keyyo and Nerim.
12 Arcep surveys of October 2018 and October 201913
Fiber-To-The-Office
Continuing its strategy of optimizing
infrastructure management, Bouygues Telecom has launched two
projects.
- Project Saint Malo aims at rolling out a nationwide optical
fiber infrastructure (FTTA14 and FTTO) to address the data usage
growth of its networks. The goal is to connect Bouygues Telecom’s
network equipment (mobile antennas and central offices) with
optical fiber so the company can offer very-high-speed broadband
services to business users. Bouygues Telecom is negotiating with a
partner to roll-out, market and manage the infrastructure
operations in a joint venture with Bouygues Telecom as a minority
shareholder. The project is worth around €1 billion over seven
years. A long-term service agreement will then be concluded between
Bouygues Telecom and the joint venture.
- The aim of the second project, Asterix, is to accelerate
Bouygues Telecom’s FTTH roll-out in medium dense area. A joint
venture with Bouygues Telecom as a minority shareholder will buy
from Orange the FTTH connections in tranches of 5% of completed
lines on one area in keeping with growth in the number of
customers. Bouygues Telecom will have access to this infrastructure
through a long-term service agreement with the joint venture.
Bouygues Telecom will also transfer existing co-investment
contracts to the joint venture, that will buy the FTTH connections
currently leased by Bouygues Telecom from Orange. A call for
tenders has been launched in order to choose a partner.
14 Fiber-To-The-Antenna
ALSTOM
As announced, Alstom’s contribution to the
Group’s net profit was €238 million for the year, versus a
contribution of €230 million in 2018. The contribution
included a net capital gain of €172 million on the sale of 13%
of Alstom’s share capital in September 2019.
Furthermore, on 17 February 2020, Alstom
announced the signature of a memorandum of understanding with
Bombardier Inc. and Caisse de dépôt et placement du Québec to
acquire Bombardier Transportation. Bouygues has expressed its
support for the deal and has committed to:
- maintain its stake in Alstom until the Extraordinary general
meeting related to the transaction or, at the latest, until 31
October 2020;
- vote in favour of all related resolutions at that Extraordinary
general meeting to be held no later than 31 October 2020.
UPDATE ON THE CYBER-ATTACK AT BOUYGUES
CONSTRUCTION
On 30 January 2020, Bouygues Construction was
the target of a ransomware attack caused by malware.Bouygues
Construction initially shut down its IT system as a precaution to
prevent the virus from spreading, and specific measures were taken
to ensure business continuity in France and abroad.A number of
hardware and software systems were put back into service very
quickly. As these were being restored, the security of the entire
IT system was strengthened with help from experts both within and
outside the Group.There was a very low impact on the operational
and commercial activity of worksites.The relevant insurance
policies have been activated and a complaint has been filed with
the competent authorities.
BOARD OF DIRECTORS
At the Annual General Meeting on 23 April 2020,
the Board of Directors will seek:
- the renewal of the term of office of Alexandre de
Rothschild,
- the appointment of Benoît Maes as an independent director in
order to maintain the ratio of independent directors on the Board,
since Helman le Pas de Sécheval’s term of office expires at the
conclusion of the Annual General Meeting.
Subject to approval by the Annual General
Meeting, the ratio of independent directors15 will continue to be
50% and of women directors16 58%.
15 Excluding directors representing employees and employee
shareholders16 Excluding director representing employees
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FINANCIAL
CALENDAR
- 23 April 2020: Bouygues Annual General Meeting
- 7 May 2020: Dividend payment
- 14 May 2020: First-quarter 2020 results (7.30am)
- 27 August 2020: First-half 2020 results (7.30am)
- 19 November 2020: Nine-month 2020 results (7.30am CET)
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The financial statements have been audited and the statutory
auditors have issued a report certifying them without reserve.You
can find the full financial statements and notes to the financial
statements on bouygues.comThe full-year results presentation to
financial analysts will be webcast live on 20 February 2020 at 11am
(CET) on bouygues.com
About Bouygues
Bouygues is a diversified services group with a
strong corporate culture whose businesses are ouygues 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 • bouygues.com |
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2019 BUSINESS ACTIVITY
BACKLOGAT THE CONSTRUCTION
BUSINESSES(€ million) |
End-December |
|
2018 |
2019 |
Change |
Bouygues
Construction |
22,183 |
21,600 |
-3% |
Bouygues
Immobilier |
2,478 |
2,213 |
-11% |
Colas |
8,485 |
9,209 |
+9% |
Total |
33,146 |
33,022 |
0% |
BOUYGUES CONSTRUCTIONORDER
INTAKE(€ million) |
|
|
2018 |
2019 |
Change |
France |
5,834 |
5,070 |
-13% |
International |
8,706 |
7,238 |
-17% |
Total |
14,540 |
12,308 |
-15% |
BOUYGUES
IMMOBILIERRESERVATIONS(€ million) |
|
|
2018 |
2019 |
Change |
Residential
property |
2,337 |
2,074 |
-11% |
Commercial property |
277 |
625 |
+126% |
Total |
2,614 |
2,699 |
+3% |
COLASBACKLOG(€ million) |
End-December |
|
2018 |
2019 |
Change |
Mainland France |
3,414 |
3,071 |
-10% |
International and French overseas territories |
5,071 |
6,138 |
+21% |
Total |
8,485 |
9,209 |
+9% |
TF1AUDIENCE SHAREa |
|
|
2018 |
2019 |
Change |
Total |
32.6% |
32.6% |
0 pt |
(a) Source: Médiamétrie – women under 50 who are purchasing
decision-makers
BOUYGUES TELECOMCUSTOMER BASE
(‘000) |
End-December |
2018 |
2019 |
Change |
Mobile customer base
excl. MtoM |
11,414 |
11,958 |
+544 |
Mobile plan base excl. MtoM |
10,890 |
11,543 |
+653 |
Total mobile customers |
16,351 |
17,800 |
+1,449 |
Total fixed customers |
3,676 |
3,916 |
+240 |
2019 FINANCIAL PERFORMANCE
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 14):
“EBITDA after Leases”, “Current operating profit after Leases” and
“Operating profit after Leases”. “Free cash flow”, “Free cash flow
after WCR” and “Net financial debt” have also been redefined.
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CONDENSED CONSOLIDATED INCOME STATEMENT
(€ million) |
2018 restated |
2019 |
Change |
Sales |
35,555 |
37,929 |
+7%a |
Current operating
profit |
1,564 |
1,676 |
+€112m |
Current operating profit after Leasesb |
1,507 |
1,619 |
+€112m |
Other
operating income and expenses |
265c |
20d |
-€245m |
Operating profit |
1,829 |
1,696 |
-€133m |
Operating
profit after Leasesb |
1,772 |
1,639 |
-€133m |
Cost of net debt |
(216) |
(207) |
+€9m |
Interest
expense on lease obligations |
(57) |
(57) |
€0m |
Other financial income and
expenses |
18 |
(10) |
-€28m |
Income
tax |
(426) |
(452) |
-€26m |
Share of net
profit of joint ventures and associates |
302 |
350 |
+€48m |
o/w Alstom |
230 |
238 |
+€8m |
Net
profit from continuing operations |
1,450 |
1,320 |
-€130m |
Net profit
attributable to non-controlling interests |
(142) |
(136) |
+€6m |
Net
profit attributable to the Group |
1,308 |
1,184 |
-€124m |
(a) Up 5% like-for-like and at constant exchange rates (b) See
glossary on page 14
(c) Including non-current charges of €31m at
Colas related mainly to works for the dismantling of the Dunkirk
site and the one-year-end employee bonus and non-current charges of
€22m at TF1 corresponding to amortization of audiovisual rights
remeasured as part of the acquisition of Newen Studios and
non-current income of €322m at Bouygues Telecom (essentially
non-current income of €250m related to the capital gain on disposal
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 €47m related to network
sharing)(d) Including non-current income of €70m at Bouygues
Telecom essentially related to the capital gain on the disposal of
sites, non-current charges of €28m at Colas related to the
continued dismantling of the Dunkirk site and to adaptation costs
at structures, and non-current charges of €23m at Bouygues
Construction related to restructuring costs
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CALCULATION OF EBITDA AFTER LEASESa
(€ million) |
2018 restated |
2019 |
Change |
Current operating profit after
Leasesa |
1,507 |
1,619 |
+€112m |
Net depreciation and amortization expense on
property, plant and equipment and intangible assets |
1,703 |
1,777 |
+€74m |
Charges to provisions and impairment losses,
net of reversals due to utilization |
417 |
516 |
+€99m |
Reversals of unutilized provisions and
impairment losses and other |
(487) |
(364) |
+€123m |
EBITDA after Leasesa |
3,140 |
3,548 |
+€408m |
(a) See glossary on page 14
SALES BY SECTOR OF ACTIVITY (€ million) |
2018 restated |
2019 |
Change |
Forex effect |
Scope effect |
lfl & |
constant fx |
Construction
businessesa |
27,966 |
29,575 |
5.8% |
-1.1% |
-1.1% |
3.5% |
o/w Bouygues Construction |
12,358 |
13,355 |
8.1% |
-1.4% |
-4.6% |
2.0% |
o/w Bouygues Immobilier |
2,628 |
2,706 |
3.0% |
0.0% |
0.0% |
3.0% |
o/w
Colas |
13,190 |
13,688 |
3.8% |
-1.1% |
2.0% |
4.7% |
TF1 |
2,288 |
2,337 |
2.1% |
-0.1% |
-2.4% |
-0.3% |
Bouygues Telecom |
5,344 |
6,058 |
13.4% |
0.0% |
-1.0% |
12.3% |
Bouygues SA and
other |
168 |
202 |
nm |
- |
- |
nm |
Intra-Group eliminationsb |
(421) |
(417) |
nm |
- |
- |
nm |
Group sales |
35,555 |
37,929 |
6.7% |
-0.9% |
-1.1% |
4.6% |
o/w
France |
21,788 |
22,446 |
3.0% |
0.0% |
3.0% |
6.1% |
|
o/w
international |
13,767 |
15,483 |
12.5% |
-2.3% |
-7.7% |
2.4% |
(a) Total of the sales contributions (after eliminations within
the construction businesses)(b) Including intra-Group eliminations
of the construction businesses
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CONTRIBUTION TO GROUP EBITDA AFTER LEASES BY SECTOR OF
ACTIVITY (€ million) |
2018 restated |
2019 |
Change |
Construction businesses |
1,427 |
1,640 |
+€213m |
o/w Bouygues
Construction |
490 |
591 |
+€101m |
o/w Bouygues
Immobilier |
161 |
117 |
-€44m |
o/w Colas |
776 |
932 |
+€156m |
TF1 |
469 |
514 |
+€45m |
Bouygues
Telecom |
1,264 |
1,411 |
+€147m |
Bouygues SA and other |
(20) |
(17) |
+€3m |
Group EBITDA after Leases |
3,140 |
3,548 |
+€408m |
|
|
|
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT BY SECTOR OF
ACTIVITY (€ million) |
2018 restated |
2019 |
Change |
Construction businesses |
941 |
910 |
-€31m |
o/w Bouygues
Construction |
378 |
378 |
€0m |
o/w Bouygues
Immobilier |
190 |
99 |
-€91m |
o/w Colas |
373 |
433 |
+€60m |
TF1 |
199 |
255 |
+€56m |
Bouygues
Telecom |
454 |
540 |
+€86m |
Bouygues SA and other |
(30) |
(29) |
+€1m |
Group current operating profit |
1,564 |
1,676 |
+€112m |
|
|
|
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT AFTER
LEASESA BY SECTOR OF ACTIVITY
(€ million) |
2018 restated |
2019 |
Change |
Construction businesses |
915 |
882 |
-€33m |
o/w
Bouygues Construction |
367 |
367 |
€0m |
o/w
Bouygues Immobilier |
188 |
97 |
-€91m |
o/w Colas |
360 |
418 |
+€58m |
TF1 |
195 |
251 |
+€56m |
Bouygues Telecom |
427 |
515 |
+€88m |
Bouygues SA and other |
(30) |
(29) |
+€1m |
Group current operating profit after Leasesa |
1,507 |
1,619 |
+€112m |
(a) See glossary on page 14 |
|
|
CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF
ACTIVITY (€ million) |
2018 restated |
2019 |
Change |
Construction businesses |
906 |
859 |
-€47m |
o/w Bouygues
Construction |
374 |
355 |
-€19m |
o/w Bouygues
Immobilier |
190 |
99 |
-€91m |
o/w Colas |
342 |
405 |
+€63m |
TF1 |
177 |
255 |
+€78m |
Bouygues
Telecom |
776 |
610 |
-€166m |
Bouygues SA and other |
(30) |
(28) |
+€2m |
Group operating profit |
1,829a |
1,696b |
-€133m |
(a) Including non-current charges of €31m at
Colas related mainly to works for the dismantling of the Dunkirk
site and the one-year-end employee bonus and non-current charges of
€22m at TF1 corresponding to amortization of audiovisual rights
remeasured as part of the acquisition of Newen Studios and
non-current income of €322m at Bouygues Telecom (essentially
non-current income of €250m related to the capital gain on the
disposal 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 €47m related to network
sharing)(b) Including non-current income of €70m at Bouygues
Telecom essentially related to the capital gain on the disposal of
sites, non-current charges of €28m at Colas related to the
continued dismantling of the Dunkirk site and to adaptation costs
at structures, and non-current charges of €23m at Bouygues
Construction related to restructuring costs
|
|
|
CONTRIBUTION TO GROUP OPERATING PROFIT AFTER
LEASESa BY SECTOR OF
ACTIVITY (€ million) |
2018 restated |
2019 |
Change |
Construction businesses |
880 |
831 |
-€49m |
o/w Bouygues
Construction |
363 |
344 |
-€19m |
o/w Bouygues
Immobilier |
188 |
97 |
-€91m |
o/w Colas |
329 |
390 |
+€61m |
TF1 |
173 |
251 |
+78 M€ |
Bouygues
Telecom |
749 |
585 |
-164 M€ |
Bouygues SA and other |
(30) |
(28) |
+€2m |
Group operating profit after Leasesa |
1,772b |
1,639c |
-€133m |
(a) See glossary on page 14
(b) Including non-current charges of €31m at
Colas related mainly to works for the dismantling of the Dunkirk
site and the one-year-end employee bonus and non-current charges of
€22m at TF1 corresponding to amortization of audiovisual rights
remeasured as part of the acquisition of Newen Studios and
non-current income of €322m at Bouygues Telecom (essentially
non-current income of €250m related to the capital gain on the
disposal 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 €47m related to network
sharing)(c) Including non-current income of €70m at Bouygues
Telecom essentially related to the capital gain on the disposal of
sites, non-current charges of €28m at Colas related to the
continued dismantling of the Dunkirk site and to adaptation costs
at structures, and non-current charges of €23m at Bouygues
Construction related to restructuring costs
CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY
SECTOR OF ACTIVITY (€ million) |
2018 restated |
2019 |
Change |
Construction businesses |
653 |
623 |
-€30m |
o/w Bouygues
Construction |
296 |
325 |
+€29m |
o/w Bouygues
Immobilier |
137 |
46 |
-€91m |
o/w Colas |
220 |
252 |
+€32m |
TF1 |
55 |
67 |
+€12m |
Bouygues
Telecom |
444 |
343 |
-€101m |
Alstom |
230 |
238 |
+€8m |
Bouygues SA and other |
(74) |
(87) |
-€13m |
Net profit attributable to the Group |
1,308 |
1,184 |
-€124m |
NET SURPLUS CASH (+)/NET DEBT (-) BY BUSINESS SEGMENT
(€ million) |
End-Dec 2018 restated |
End-Dec 2019 |
Change |
|
Bouygues
Construction |
3,119 |
3,113 |
-€6m |
|
Bouygues
Immobilier |
(238) |
(279) |
-€41m |
|
Colas |
(475) |
(367) |
+€108m |
|
TF1 |
(28) |
(127) |
-€99m |
|
Bouygues Telecom |
(1,275) |
(1,454) |
-€179m |
|
Bouygues SA and other |
(4,715) |
(3,108) |
+€1,607m |
|
Net surplus cash (+)/Net debt (-) |
(3,612) |
(2,222) |
+€1,390m |
|
Current and non-current lease obligations |
(1,644) |
(1,686) |
-€42m |
|
|
|
|
|
|
CONTRIBUTION TO NET CAPITAL EXPENDITURE BY SECTOR OF
ACTIVITY (€ million) |
2018 restated |
2019 |
Change |
Construction businesses |
497 |
521 |
+€24m |
o/w Bouygues
Construction |
201 |
189 |
-€12m |
o/w Bouygues
Immobilier |
8 |
11 |
+€3m |
o/w Colas |
288 |
321 |
+€33m |
TF1 |
204 |
242 |
+€38m |
Bouygues
Telecom |
865 |
836 |
-€29m |
Bouygues SA and other |
7 |
3 |
-€4m |
Group Net capex |
1,573 |
1,602 |
+€29m |
|
|
|
CONTRIBUTION TO GROUP FREE CASH
FLOWa BY SECTOR OF ACTIVITY
(€ million) |
2018 restated |
2019 |
Change |
Construction businesses |
544 |
675 |
+€131m |
o/w Bouygues
Construction |
102 |
204 |
+€102m |
o/w Bouygues
Immobilier |
101 |
100 |
-€1m |
o/w Colas |
341 |
371 |
+€30m |
TF1 |
140 |
156 |
+€16m |
Bouygues
Telecom |
192 |
301 |
+€109m |
Bouygues SA and other |
(50) |
247 |
+€297m |
Group free
cash flowa |
826 |
1,379 |
+€553m |
Excluding Alstom dividends: €22m in 2018 and €341m in 2019 |
804 |
1,038 |
+€234m |
(a) See glossary on page 14
|
|
|
CONTRIBUTION TO GROUP FREE CASH FLOW AFTER
WCRa BY SECTOR OF ACTIVITY (€ million) |
2018 restated |
2019 |
Change |
Construction businesses |
440 |
704 |
+€264m |
o/w Bouygues
Construction |
388 |
58 |
-€330m |
o/w Bouygues
Immobilier |
6 |
305 |
+€299m |
o/w Colas |
46 |
341 |
+€295m |
TF1 |
157 |
124 |
-€33m |
Bouygues
Telecom |
(90) |
135 |
+€225m |
Bouygues SA and other |
(80) |
193 |
+€273m |
Group free
cash flow after WCRa |
427 |
1,156 |
+€729m |
Excluding Alstom dividends: €€22m in 2018 and 341m in 2019 |
405 |
815 |
+€410m |
(a) See glossary on page 14
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 (BtoC and BtoB) 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 BtoB)
divided by theaverage number of customers over the period.
BtoB (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. It is
calculated before changes in working capital requirements (WCR)
related to operating activities and excluding 5G frequencies.
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.It is calculated after changes in working
capital requirements (WCR) related to operating activities and
excluding 5G frequencies.A calculation of free cash flow after WCR
by business segment is presented in Note 17 “Segment information”
to the consolidated financial statements at 31 December 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 9 to the consolidated financial statements at 31 December
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 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 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).
Your data is collected by Bouygues so that you may receive
information relating to the Group’s activity and other news. Your
data will be kept for a period of 3 years. You have data access,
amendment, portability and deletion rights. You also have the right
to restrict data processing and the right to object. These rights
can be exercised upon request to Bouygues SA, 32 avenue Hoche,
75008 Paris, France, or by email to: presse@bouygues.com.
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