BOUYGUES: Nine-month 2020 results
PRESS RELEASE – PARIS, 19/11/2020
Nine-month 2020 results
- GROUP
- Very good Q3 2020
- Current operating profit: €813 million, up 22% vs Q3
2019
- Current operating margin: 8%, up 1.5 pts vs Q3 2019
- Robust financial situation and high liquidity
- Outlook revised upwards for H2 2020
- CONSTRUCTION BUSINESSES
- Backlog at a very high level
- Return to normal levels of activity in most countries
- Significantly positive current operating profit in Q3 2020:
€570 million vs current operating loss of €437 million in
H1 2020
- TF1
- Very good performance of the broadcasting segment in Q3
2020
- BOUYGUES TELECOM
- Good commercial performance
- Sales from services and EBITDA after Leases both up 7%
year-on-year through the first nine months
- Free cash flow objective of around €250 million confirmed
for 2020
|
KEY FIGURES (€ million) |
9-month 2019 |
9-month 2020 |
Change |
|
Q3 2019 |
Q3 2020 |
Change |
|
Sales |
27,601 |
24,948 |
-10%a |
|
10,155 |
10,190 |
0% |
|
Current operating profit |
1,118 |
681 |
-€437m |
|
665 |
813 |
+€148m |
|
Current operating margin |
4.1% |
2.7% |
-1.4 pts |
|
6.5% |
8% |
+1.5 pts |
|
Operating profit |
1,168b |
636c |
-€532m |
|
673 |
812 |
+€139m |
|
Net profit attributable to the Group |
848 |
283 |
-€565m |
|
623 |
527 |
-€96m |
|
|
|
|
|
|
|
|
|
|
Net surplus cash (+)/ net debt (-) |
(4,643) |
(3,661) |
+€982m |
|
|
|
|
(a) Down 9% like-for-like and at constant exchange rates (b)
Including net non-current income of €50m (c) Including net
non-current charges of €45m
The Group’s results in the first nine
months of 2020 reflect a significant improvement in activity and
profitability in the third quarter, after a first half
substantially impacted by the crisis linked to the Covid-19
pandemic.
- Sales were €24.9 billion, down 10%
year-on-year for the first nine months. They improved considerably
in the third quarter (up 1%1 after being down year-on-year 8%1 in
first-quarter 2020 and down 21%1 in second-quarter 2020). This
performance was driven by a catch-up of activity in the
construction businesses and in advertiser spending at TF1, as well
as by sustained growth in sales from services at
Bouygues Telecom.
- Current operating profit in the first nine
months of 2020 was €681 million versus a current operating
loss of €132 million in first-half 2020, and the current
operating margin was 2.7% versus -0.9% in first-half 2020.
- Net profit attributable to the Group recovered
significantly to reach €283 million in the first nine months
of 2020, compared to a first-half net loss of €244 million.
This figure included a contribution of €51 million from
Alstom, versus €238 million in the first nine months of
2019.
Group profitability improved
substantially in third-quarter 2020 and was better than
expectedThe Group reported current operating profit of
€813 million, up €148 million (+22%) from third-quarter
2019. The current operating margin was 8%, up 1.5 points over the
period. This performance reflected:
- A catch-up of activity in the construction
businesses, mainly in France, as well as savings measures
and compensations linked to worksites shutdown in the second
quarter 2020;
- A return in advertiser spending at TF1,
combined with savings on programming costs;
- Robust growth in sales and EBITDA after Leases at
Bouygues Telecom.
The Group benefits from a high level of
liquidity and a particularly robust financial
structure
- Available cash reached €10.1 billion at
end-September 2020, with €2.4 billion in cash and
€7.7 billion in unused medium- and long-term credit
facilities, of which €7.1 billion contain no financial
covenants.
- Net debt was €3.7 billion at
end-September 2020, €982 million less than at end-September
2019. It does not yet include the sale of 11 million Alstom shares
for €450 million, the acquisition of EIT, expected to be
closed by early 2021, and the first installment of €90 million
for 5G frequencies2.
- Net gearing3 was 32% versus 41% at
end-September 2019.
OUTLOOK
In some countries where the Group operates, a
deteriorating public-health situation caused by Covid-19 has
resulted in the reintroduction of lockdown measures, making ongoing
adjustments necessary. To date, the business segments are
continuing their operational activities. The outlook given below
assumes that there will be no further deterioration due to the
health crisis.
The very good third-quarter 2020 results
confirm the Group’s return to significant profitability, allowing
the upgrade of the outlook for the second half of 2020.The
Group now expects the current operating margin in
second-half 2020 to be slightly higher than in second-half
2019. As a reminder, the Group was expecting significant
profitability in the second half of 2020, although without reaching
the particularly high levels of the second half of 2019.
Bouygues Telecom is raising its guidance
for sales from services and maintaining its annual free cash flow
objective, therefore confirming its decision to maintain a high
level of investment to strengthen the quality of its
networks.Its objectives for 2020 are:
- Growth in sales from services estimated
between 5% and 6% (versus around
4% previously), despite the sharp decline in
roaming revenues due to Covid-19;
- Gross capex of
€1.25 billion (including expenditures
necessary for the integration of EIT but excluding the acquisition
of 5G frequencies);
- Free cash flow of around
€250 million.
Given
the ongoing uncertainty of the evolution of the Covid-19 pandemic,
TF1 has not set new guidance for 2020.
The Group will hold its Climate Markets
Day on 16 December 2020, during which it
will issue, for each of its business segments, a 2030 greenhouse
gas emissions reduction target compatible with the Paris Agreement
(limiting global warming to 1.5°C), together with action plans.
DETAILED ANALYSIS BY SECTOR OF ACTIVITY
CONSTRUCTION BUSINESSES
The backlog in the construction
businesses reached the very high level of
€33.5 billion at end-September 2020, up 3%4 year-on-year and
close to the record level of September 2018 (€33.8 billion),
providing good visibility on future activity.
In France, the backlog was
slightly down, by 1%5, to €13.9 billion, impacted by Covid-19
and municipal elections.
- The backlog at Bouygues Construction was stable at
€8.5 billion.
- The slight decrease of 1% in the backlog at Colas reflected
sustained growth in the Rail sector, which almost entirely offsets
an 8% decline in the Roads activities in mainland France. This
decrease is related to the slow restart in bids and contracts
despite government measures to support local authorities.
- The 3% decrease in the backlog at Bouygues Immobilier was
explained by lower reservations due to lower supply, affected by a
slower-than-expected resumption of the issuance of building
permits. Individual buyers have also been hit by tighter terms for
home loans. However, the decrease has been mitigated by the block
sale of 1,749 lots to CDC Habitat (341 lots in third-quarter
2020).
Internationally, the
construction businesses’ backlog was up 6%6 year-on-year to
€19.6 billion at end‑September 2020, boosted by an increase in
the backlogs of Bouygues Construction and Colas of 7% and 4%
respectively, versus end-September 2019. This good commercial
performance was driven by Civil Works (contract extensions in
Australia and the United Kingdom in particular), Energies &
Services, and Rail (including the first urban track contract in
Canada won by Colas). International business represented
62% of the combined backlog of Bouygues Construction and
Colas at end-September 2020, versus 61% a year earlier.
While they were hit hard by the Covid-19
pandemic in first-half 2020, the construction businesses
returned to profitability over the first nine months of
2020.
Sales were €18.9 billion
in the first nine months of 2020, down 12% year-on-year.
Activity rebounded strongly in the third quarter
compared to the first half of the year (down 1% in third-quarter
2020 compared to third-quarter 2019 versus down 19% in first-half
2020 compared to first-half 2019), boosted by both a catch-up in
activity during the summer in France and a return to normal levels
of activity in most countries.
The construction businesses reported
current operating profit of €133 million in
the first nine months of 2020, versus a current operating loss of
€437 million in first-half 2020. The operating margin of the
construction businesses turned positive at 0.7% versus -4% in the
first half. The improvement was due to strong activity in
third-quarter resulting in better fixed costs dilution, as well as
cost-saving measures taken by the business segments, and
compensations for worksites shutdown in second-quarter 2020.
Nine-month 2020 operating
profit of €72 million included non-current charges of
€61 million at Colas related to the reorganization of the
Roads activities in France and the continued dismantling of the
Dunkirk site, versus non-current charges of €10 million in the
first nine months of 2019.
TF1
TF1’s results in the first nine
months of the year included both the effects of the Covid-19
pandemic during the first half and the sharp upturn in the
broadcasting activity in third-quarter.
Sales in the first nine months of the year were
€1,361 million, down 16% year-on-year. Advertising revenue
rose 7.5% in third-quarter 2020 compared to third-quarter 2019,
with a 16‑minute7 year-on-year increase in TV viewing time and a
rebound in advertiser spending in several sectors.
Current operating profit in the first nine
months of 2020 was €126 million, down €58 million
year-on-year, versus a decrease of €95 million in first-half
2020 compared to first-half 2019. This improvement reflected higher
third-quarter sales and additional savings, notably on programming
costs (€138 million over the first nine months of 2020, of
which €31 million in third-quarter).
BOUYGUES TELECOM
Bouygues Telecom continued its
growth over the first nine months of 2020.
The company had 12 million mobile plan
customers excluding MtoM at end-September 2020, an increase of
455,000 new customers since the end of 2019, of which 181,000 were
in the third quarter alone.Bouygues Telecom had 1.4 million
FTTH customers at end-September 2020, with 378,000 new adds since
the end of 2019, of which 169,000 were in the third quarter. The
FTTH penetration rate continued to rise to 34% versus 22% a year
earlier. The company had a total of 4.1 million fixed
customers at end-September 2020.
The roll-out of Bouygues Telecom’s FTTH network
is accelerating with 15.8 million FTTH premises marketed at
end-September 2020 versus 11.8 million at end-2019. The
company is benefiting from its partnerships with CityFast in Very
Dense Area and with Vauban Infrastructure Partners in Medium Dense
Area. In PIN (Public Initiative Networks) area, the company decided
to significantly increase its number of premises marketed. As a
result, Bouygues Telecom raises its target to 27 million
premises marketed by end-2022 versus 22 million previously
announced.
Sales in the first nine months of 2020 were
€4,675 million, up 6%, driven by 7% growth in sales from
services despite a €63-million8 fall in roaming over the period.
This reflects growth in both the mobile and fixed customer base and
a rise in ABPU. Mobile ABPU, restated for the impact of roaming,
rose €0.4 year-on-year to €20.3 per customer per month9, while
fixed ABPU rose €1.5 year-on-year to €28.1 per customer per
month. Other sales were up slightly by 1% in the first nine months
of 2020 versus the first nine months of 2019, following the
resumption of network roll-out and the sales of handsets after the
end of the first lockdown.Sales from services increased 5% in
third-quarter 2020 versus third-quarter 2019, sustained by strong
growth in sales from fixed services, up 10%, and higher sales from
mobile services, up 3%, despite the negative impact of roaming.
EBITDA after Leases was up €73 million
year-on-year at €1,123 million, a rise of 7%. It included
non-recurrent charges of €20 million due to brand
repositioning and related advertising campaigns in first-quarter
2020, plus €20 million of Covid-19-related costs in first-half
2020. Despite the fall in roaming, the EBITDA after Leases margin
was stable versus the first nine months of 2019 at 30.9%. Restated
for the impact of roaming, the EBITDA after Leases margin was
31.9%8.
Current operating profit in the first nine
months of 2020 was €444 million, up €39 million
year-on-year. Operating profit was down slightly by €5 million
year-on-year to €460 million due to lower non-current income
(€16 million in the first nine months of 2020 versus
€60 million a year earlier, mainly related to fewer disposals
of mobile sites).
Gross capex was €837 million in the first
nine months of 2020, up €103 million year-on-year, linked to
the strategy of enhancing network quality. Disposals over the same
period amounted to €222 million, much of which
(€185 million) was related to the sale of FTTH premises to
SDAIF in first-half 2020.
Bouygues Telecom participated in the 5G auction
in September 2020, acquiring a 70 MHz block of 3.5 GHz spectrum
which doubled its portfolio of frequencies for a reasonable price
of €602 million. As a result, Bouygues Telecom now has nearly
a quarter of the available spectrum in France.True to its pragmatic
approach, Bouygues Telecom will roll out its 5G network gradually
in line with benefits to customers which will materialize in two
main stages. In the first stage, the capacity will increase to
maintain good service quality in very dense areas where data
consumption is very intense (+40% a year8). In the second stage, 5G
will facilitate new services for BtoC and especially for BtoB
customers, thanks to its new features (low latency, better
bandwidth, ability to connect many objects, etc.).To roll-out its
5G network, Bouygues Telecom has decided simultaneously to install
new antennas, using the newly acquired 3.5 GHz frequency band,
and to gradually migrate existing 4G frequency bands to 5G.At the
same time, the company will continue to densify its network in
terms of both capacity and coverage, especially in very dense areas
which is necessary for both 5G and 4G. The goal is to have over
28,000 sites by 2023.Bouygues Telecom will open its 5G network for
users on 1 December 2020, with the objective of achieving national
coverage within a
year. Regarding
the acquisition of EIT, employee representative bodies have been
consulted and the French Competition Authority has been notified.
Bouygues Telecom is confident of closing the transaction by early
2021.
ALSTOM
Alstom’s contribution to
Bouygues' net profit in the first nine months of 2020 was
€51 million, versus a contribution of €238 million in the
first nine months of 2019. The contribution in the first nine
months of 2019 included a net capital gain of €172 million on
Bouygues' sale of 13% of Alstom’s share capital on
12 September 2019.
The €87 million net capital gain on Bouygues’
sale of 11 million Alstom shares, representing 4.8% of the
share capital, following settlement on 3 November of the forward
sale transaction with BNP Paribas, was not recorded in the
financial statements for the first nine months of 2020. The capital
gain will be recognized in fourth-quarter 2020.
In addition, on 17 November, Bouygues announced
the sale of a portion of its preferential subscription rights to
participate in the Alstom capital increase, which was announced on
16 November 2020.The proceeds will be fully reinvested by Bouygues
to fund the exercise of its remaining Alstom preferential
subscription rights, therefore limiting the dilutive effect. This
transaction confirms Bouygues’ support for Alstom’s strategy and
for the contemplated acquisition of Bombardier Transportation,
without committing additional capital.It will result in the
recognition of a net dilution profit of around €30 million that
will be booked to Bouygues’ fourth quarter 2020 results. As part of
this transaction, Bouygues has made the commitment to keep its
Alstom shares until 7 March 2021.
Following this capital increase, Bouygues will
retain a stake of around 8% in Alstom.
FINANCIAL SITUATION
During the first nine months of 2020,
Bouygues’ goal has been to secure and
strengthen its cash position, and more broadly, its
financial resources.
It renewed its medium- and long-term credit
facilities as they expired, without financial covenants. It also
successfully completed a €1-billion bond issue in April, and in
July redeemed a bond issue in the same amount that had matured. At
30 September 2020, the average maturity of the Group’s bonds is 5.4
years and the average coupon on the bonds is 2.93%. The debt
maturity schedule is evenly spread.
The Group had €2.4 billion in cash at
end-September 2020. Unused medium- and long-term credit facilities
amounted to €7.7 billion, of which €7.1 billion contained
no financial covenants.Total available cash was €10.1 billion
at end-September 2020 versus €9.9 billion at end-September
2019.
Net debt at 30 September 2020 was
€3.7 billion, compared to €4.6 billion at the end of September
2019 and compared to €2.2 billion at the end of December 2019. In
the first nine months of 2020, the very concerted effort by the
business segments in dealing with the health crisis resulted in:- a
limited €106 million decline in the Group’s free cash flow, which
reached €541 million (compared to €647 million excluding Alstom's
dividends in the first nine months of 2019), in a context where,
over the same period, current operating profit declined by €437
million;- an approximate €1 billion reduction in the consumption of
WCR related to operating activities.
Net debt at 30 September 2020 does not
include Bouygues Telecom’s acquisition of EIT, the first
installment related to the 5G auction (€90 million) and the
proceeds of the partial sale of 11 million Alstom shares
(€450 million).
GOVERNANCE
The Group has decided to make the following
senior executive appointments at Bouygues
Immobilier and Bouygues Construction.
From 7 December 2020, Bernard Mounier, currently
Deputy CEO of Bouygues Construction with responsibility for
Bouygues Bâtiment France Europe, will join Bouygues Immobilier
alongside Pascal Minault, Chairman of Bouygues Immobilier, in order
to prepare to succeed him. Bouygues Immobilier’s Board of Directors
will meet at the appropriate time to appoint him as Chairman as of
1 March 2021.
On 1 April 2021, Pascal Minault will join
Bouygues Construction alongside Philippe Bonnave in order to
prepare to succeed him. Bouygues Construction’s Board of Directors
will then be asked to appoint Pascal Minault as CEO of Bouygues
Construction on 1 July 2021, then as Chairman and CEO at its
meeting in August. Philippe Bonnave will continue to serve as
Chairman of Bouygues Construction between 1 July and the Board
meeting in August.
These transition periods will enable Bernard
Mounier and Pascal Minault to prepare to assume their new
responsibilities in the best possible conditions.
FINANCIAL CALENDAR
- 16 December 2020: Climate Markets Day (2.30pm CET)
- 18 February 2021: Full-year 2020 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/finance/results. The results presentation
conference call for analysts will start at 9am (CET) on 19 November
2020. Details on how to connect are available on
www.bouygues.com.The results presentation will be available before
the conference call starts on www.bouygues.com/finance/investors
presentations.
ABOUT BOUYGUES
Bouygues is a diversified services group
operating in over 90 countries with 130,500 employees all working
to make life better every day. Its business activities in
construction (Bouygues Construction, Bouygues
Immobilier, Colas) media (TF1) and
telecoms (Bouygues Telecom) are able to drive
growth since they all satisfy constantly changing and essential
needs.
INVESTORS AND ANALYSTS
CONTACT:investors@bouygues.com • Tel.: +33 (0)1 44 20 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 2020 BUSINESS ACTIVITY
|
BACKLOGAT THE CONSTRUCTION
BUSINESSES(€ million) |
End-September |
|
|
2019 |
2020 |
Change |
| Bouygues
Construction |
21,160 |
22,063 |
+4% |
| Bouygues
Immobilier |
2,245 |
2,192 |
-2% |
|
Colas |
9,084 |
9,274 |
+2% |
|
Total |
32,489 |
33,529 |
+3% |
|
BOUYGUES CONSTRUCTIONORDER
INTAKE(€ million) |
9-month |
|
|
2019 |
2020 |
Change |
| France |
3,550 |
3,185 |
-10% |
|
International |
4,512 |
5,756 |
+28% |
|
Total |
8,062 |
8,941 |
+11% |
|
BOUYGUES
IMMOBILIERRESERVATIONS(€ million) |
9-month |
|
|
2019 |
2020 |
Change |
| Residential
property |
1,408 |
1,177 |
-16% |
|
Commercial property |
44 |
121 |
Nm |
|
Total |
1,452 |
1,298 |
-11% |
|
COLASBACKLOG(€ million) |
End-September |
|
|
2019 |
2020 |
Change |
| Mainland France |
3,292 |
3,260 |
-1% |
|
International and French overseas territories |
5,792 |
6,014 |
+4% |
|
Total |
9,084 |
9,274 |
+2% |
|
TF1AUDIENCE SHAREa |
End-September |
|
|
2019 |
2020 |
Change |
|
Total |
32.1% |
31.8% |
-0.3 pts |
(a) Source: Médiamétrie – women under 50 who are purchasing
decision-makers
|
BOUYGUES TELECOMCUSTOMER BASE
(‘000) |
|
|
End-Dec 2019 |
End-Sept 2020 |
Change |
| Mobile customer base
excl. MtoM |
11,958 |
12,336 |
+378 |
|
Mobile plan base excl. MtoM |
11,543 |
11,999 |
+455 |
|
Total mobile customers |
17,800 |
18,450 |
+650 |
|
Total fixed customers |
3,916 |
4,053 |
+137 |
9-MONTH 2020 FINANCIAL
PERFORMANCE
|
|
|
|
|
CONDENSED CONSOLIDATED INCOME STATEMENT
(€ million) |
9-month 2019 |
9-month 2020 |
Change |
|
Sales |
27,601 |
24,948 |
-10%a |
| Current operating
profit |
1,118 |
681 |
-€437m |
|
Other operating income and expenses |
50b |
(45)c |
-€95m |
|
Operating profit |
1,168 |
636 |
-€532m |
| Cost of net debt |
(162) |
(132) |
+€30m |
| Interest expense on lease obligations |
(42) |
(40) |
+€2m |
| Other financial income and expenses |
19 |
(19) |
-€38m |
| Income
tax |
(325) |
(203) |
+€122m |
| Share of net profits of joint ventures and
associates |
286 |
109 |
-€177m |
| o/w Alstom |
238 |
51 |
-€187m |
| Net
profit from continuing operations |
944 |
351 |
-€593m |
| Net profit
attributable to non-controlling interests |
(96) |
(68) |
+€28m |
| Net
profit attributable to the Group |
848 |
283 |
-€565m |
(a) Down 9% like-for-like and at constant exchange rates (b)
Including non-current charges of €10m at Bouygues Construction
related to restructuring costs and non-current income of €60m at
Bouygues Telecom mainly related to the disposal of mobile
sites
(c) Including non-current charges of €61m at
Colas related to the reorganization of the roads activities in
France and the continued dismantling of the Dunkirk site and
non-current income of €16m at Bouygues Telecom mainly related to
the disposal of mobile sites
|
|
|
|
|
CALCULATION OF EBITDA AFTER LEASESa
(€ million) |
9-month 2019 |
9-month 2020 |
Change |
|
Current operating profit |
1,118 |
681 |
-€437m |
| Interest expense on lease
obligations |
(42) |
(40) |
+€2m |
| Net depreciation and amortization
expense on property, plant and equipment and intangible assets |
1,278 |
1,342 |
+€64m |
| Charges to provisions and impairment
losses, net of reversals due to utilization |
171 |
119 |
-€52m |
|
Reversals of unutilized provisions and impairment losses and
other |
(173) |
(194) |
-€21m |
|
EBITDA after Leasesa |
2,352 |
1,908 |
-€444m |
(a) See glossary for definitions
|
|
|
|
|
|
|
|
SALES BY SECTOR OF ACTIVITY (€ million) |
9-month 2019 |
9-month 2020 |
Change |
Forex effect |
Scope effect |
lfl & |
|
constant fxc |
|
Construction businessesa |
21,583 |
18,928 |
-12% |
+0.1% |
+0.4% |
-12% |
| o/w Bouygues Construction |
9,899 |
8,611 |
-13% |
-0.4% |
0.0% |
-13% |
| o/w Bouygues Immobilier |
1,610 |
1,323 |
-18% |
+0.1% |
0.0% |
-18% |
| o/w
Colas |
10,182 |
9,085 |
-11% |
+0.5% |
+0.8% |
-9% |
| TF1 |
1,615 |
1,361 |
-16% |
0.0% |
-0.1% |
-16% |
|
Bouygues Telecom |
4,426 |
4,675 |
+6% |
0.0% |
-0.2% |
+6% |
| Bouygues SA and
other |
145 |
137 |
Nm |
- |
- |
Nm |
|
Intra-Group eliminationsb |
(276) |
(244) |
Nm |
- |
- |
Nm |
| Group sales |
27,601 |
24,948 |
-10% |
0.0% |
+0.3% |
-9% |
| o/w France |
16,043 |
14,306 |
-11% |
0.0% |
+0.7% |
-10% |
| o/w
international |
11,558 |
10,642 |
-8% |
+0.1% |
-0.2% |
-8% |
(a) Total of the sales contributions (after eliminations within
the construction businesses)(b) Including intra-Group eliminations
of the construction businesses(c) Like-for-like and at constant
exchange rates
|
|
|
|
|
CONTRIBUTION TO GROUP EBITDA AFTER LEASES BY SECTOR OF
ACTIVITY (€ million) |
9-month 2019 |
9-month 2020 |
Change |
|
Construction businesses |
980 |
546 |
-€434m |
| o/w Bouygues
Construction |
395 |
79 |
-€316m |
| o/w Bouygues
Immobilier |
32 |
(5) |
-€37m |
|
o/w Colas |
553 |
472 |
-€81m |
|
TF1 |
328 |
253 |
-€75m |
| Bouygues
Telecom |
1,050 |
1,123 |
+€73m |
|
Bouygues SA and other |
(6) |
(14) |
-€8m |
|
Group EBITDA after Leases |
2,352 |
1,908 |
-€444m |
|
|
|
|
|
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT/(LOSS) BY
SECTOR OF ACTIVITY (€ million) |
9-month 2019 |
9-month 2020 |
Change |
|
Construction businesses |
545 |
133 |
-€412m |
| o/w Bouygues
Construction |
280 |
19 |
-€261m |
| o/w Bouygues
Immobilier |
42 |
(10) |
-€52m |
|
o/w Colas |
223 |
124 |
-€99m |
|
TF1 |
184 |
126 |
-€58m |
| Bouygues
Telecom |
405 |
444 |
+€39m |
|
Bouygues SA and other |
(16) |
(22) |
-€6m |
|
Group current operating profit |
1,118 |
681 |
-€437m |
|
|
|
|
|
CONTRIBUTION TO GROUP OPERATING PROFIT/(LOSS) BY SECTOR OF
ACTIVITY (€ million) |
9-month 2019 |
9-month 2020 |
Change |
|
Construction businesses |
535 |
72 |
-€463m |
| o/w Bouygues
Construction |
270 |
19 |
-€251m |
| o/w Bouygues
Immobilier |
42 |
(10) |
-€52m |
|
o/w Colas |
223 |
63 |
-€160m |
|
TF1 |
184 |
126 |
-€58m |
| Bouygues
Telecom |
465 |
460 |
-€5m |
|
Bouygues SA and other |
(16) |
(22) |
-€6m |
|
Group operating profit |
1,168a |
636b |
-€532m |
(a) Including non-current charges of €10m at Bouygues
Construction related to restructuring costs and non-current income
of €60m at Bouygues Telecom mainly related to the capital gain
on the sale of mobile sites
(b) Including non-current charges of €61m at
Colas related to the reorganization of the roads activities in
France and the continued dismantling of the Dunkirk site and
non-current income of €16m at Bouygues Telecom mainly related to
the disposal of mobile sites
|
CONTRIBUTION TO NET PROFIT/(LOSS) ATTRIBUTABLE TO THE GROUP
BY SECTOR OF ACTIVITY
(€ million) |
9-month 2019 |
9-month 2020 |
Change |
|
Construction businesses |
381 |
6 |
-€375m |
| o/w Bouygues
Construction |
226 |
5 |
-€221m |
| o/w Bouygues
Immobilier |
20 |
(18) |
-€38m |
|
o/w Colas |
135 |
19 |
-€116m |
|
TF1 |
52 |
34 |
-€18m |
|
Bouygues Telecom |
251 |
253 |
+€2m |
|
Alstom |
238 |
51 |
-€187m |
|
Bouygues SA and other |
(74) |
(61) |
+€13m |
|
Net profit attributable to the Group |
848 |
283 |
-€565m |
|
NET SURPLUS CASH (+)/NET DEBT (-) BY BUSINESS SEGMENT
(€ million) |
End-Dec 2019 |
End-Sept 2020 |
Change |
| Bouygues
Construction |
3,113 |
2,297 |
-€816m |
| Bouygues
Immobilier |
(279) |
(434) |
-€155m |
| Colas |
(367) |
(838) |
-€471m |
| TF1 |
(127) |
(71) |
+€56m |
| Bouygues
Telecom |
(1,454) |
(1,659) |
-€205m |
|
Bouygues SA and other |
(3,108) |
(2,956) |
+€152m |
|
Net surplus cash (+)/Net debt (-) |
(2,222) |
(3,661) |
-€1,439m |
|
Current and non-current lease obligations |
(1,686) |
(1,592) |
+€94m |
(a) See glossary for definitions
|
CONTRIBUTION TO NET CAPITAL EXPENDITURE BY SECTOR OF
ACTIVITY (€ million) |
9-month 2019 |
9-month 2020 |
Change |
|
Construction businesses |
304 |
177 |
-€127m |
| o/w Bouygues
Construction |
149 |
67 |
-€82m |
| o/w Bouygues
Immobilier |
7 |
3 |
-€4m |
|
o/w Colas |
148 |
107 |
-€41m |
|
TF1 |
161 |
169 |
+€8m |
|
Bouygues Telecom |
638 |
615 |
-€23m |
|
Bouygues SA and other |
2 |
2 |
€0m |
|
Group net capital expenditure |
1,105 |
963 |
-€142m |
|
|
|
|
|
CONTRIBUTION TO GROUP FREE CASH
FLOWa BY SECTOR OF ACTIVITY
(€ million) |
9-month 2019 |
9-month 2020 |
Change |
|
Construction businesses |
400 |
172 |
-€228m |
| o/w Bouygues
Construction |
147 |
(24) |
-€171m |
| o/w Bouygues
Immobilier |
(20) |
(18) |
+€2m |
|
o/w Colas |
273 |
214 |
-€59m |
|
TF1 |
117 |
47 |
-€70m |
|
Bouygues Telecom |
205 |
377 |
+€172m |
|
Bouygues SA and other |
266b |
(55) |
-€321m |
| Group free
cash flowa |
988 |
541 |
-€447m |
|
Excluding €341m dividend from Alstom |
647 |
541 |
-€106m |
(a) See glossary for definitions(b) Including €341m dividend
from Alstom
THIRD-QUARTER 2020 FINANCIAL
PERFORMANCE
|
KEY FIGURES (€ million) |
|
Q3 2020 |
Change vs Q3 2019 |
|
Group sales |
|
10,190 |
0% |
| Group current
operating profit |
|
813 |
+€148m |
|
o/w Construction businesses |
|
570 |
+€97m |
|
o/w Bouygues Construction |
|
114 |
+€13m |
|
o/w Bouygues Immobilier |
|
28 |
+€15m |
|
o/w Colas |
|
428 |
+€69m |
| o/w TF1 |
|
58 |
+€37m |
|
o/w Bouygues Telecom |
|
191 |
+€16m |
|
Current operating margin |
|
8% |
+1.5 pts |
|
Group operating profit |
|
812 |
+€139m |
|
Net profit attributable to the Group |
|
527 |
-€96m |
AS A REMINDER: ESTIMATED IMPACT OF COVID-19 IN
FIRST-HALF 2020
|
ESTIMATED IMPACT OF COVID-19 IN FIRST-HALF 2020
(€ million) |
Sales |
Current operating profit |
|
Construction businesses |
-2,460 |
-530 |
| o/w Bouygues
Construction |
-1,250 |
-290 |
| o/w Bouygues
Immobilier |
-400 |
-50 |
|
o/w Colas |
-810 |
-190 |
|
TF1 |
-250 |
-100 |
|
Bouygues Telecom |
-70 |
-20 |
The estimated impact by business segment shown
above is based on first-half 2019 reported figures or the 2020
forecast.
Due to the resumption of the Group’s
activities, it is no longer possible in the third quarter to
quantify separately the impact of Covid-19 on the Group’s
year-on-year performance.
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 the
average number of customers over the period. It excludes MtoM SIM
cards and free SIM cards.- In the fixed segment, it is equal to the
total of fixed sales billed to customers (excluding BtoB) divided
by the average number of customers over the period.
BtoB (business to business):
when one business makes a commercial transaction with another.
Backlog (Bouygues Construction,
Colas): 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.
EBITDA after Leases: 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.
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
2020, available at bouygues.com.
Order intake (Bouygues Construction,
Colas): a project is included under order intake when the
contract has been signed and has taken effect (the notice to
proceed has been issued and all suspensory clauses have been
lifted) and the financing has been arranged. The amount recorded
corresponds to the sales the project will generate.
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).
1 Like-for-like and at constant exchange rates
2 Including the cost of releasing the frequencies
3 Net debt / shareholders’ equity
4 Up 3% at constant exchange rates and excluding principal
disposals and acquisitions
5 Down 1% at constant exchange rates and excluding principal
disposals and acquisitions
6 Up 6% at constant exchange rates and excluding principal
disposals and acquisitions
7 Among individuals aged 4+ (to 3 hours and 18 minutes)
8 Company estimates
9 €19.5 without restatement
- PR_financial results_9M_2020_VDEF
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