Bouygues: Nine-month 2024 results
NINE-MONTH 2024 RESULTS
- Group
outlook for 2024 confirmed: sales and current operating profit from
activities (COPA) expected to be slightly up on 2023
-
Construction businesses: backlog at a very high level,
providing visibility on future activity
- Equans:
year-on-year increase in sales, COPA, margin from activities and
net cash, reflecting the continued successful execution of the
strategic Perform plan
- Bouygues
Telecom: strong performance in Fixed, and still a competitive
market environment in Mobile. Launch of the new B.iG brand and the
new B&YOU Pure fibre offer on the B2C market. Completion of the
La Poste Telecom transaction expected before the end of the
year
- Net debt
at €8.5bn at end-September 2024, improving versus end-September
2023
The Board of Directors, chaired by Martin
Bouygues, met on 4 November 2024 to close off the financial
statements for the first nine months of 2024.
KEY FIGURES
|
(€ million) |
9M 2024 |
|
9M 2023 |
|
Change |
|
|
|
|
|
|
|
|
|
|
Sales |
41,492 |
|
40,888 |
|
+1% |
a |
|
Current operating profit/(loss) from
activities |
1,719 |
|
1,623 |
|
+96 |
|
|
Margin from activities |
4.1% |
|
4.0% |
|
+0.1 pts |
|
|
Current operating profit/(loss) ᵇ |
1,651 |
|
1,546 |
|
+105 |
|
|
Operating profit/(loss) ᶜ |
1,474 |
|
1,400 |
|
+74 |
|
|
Financial result |
(287) |
|
(316) |
|
+29 |
|
|
Net profit/(loss) attributable to the Group |
687 |
d |
665 |
|
+22 |
|
(a) Up 2% like-for-like and at constant exchange
rates.
(b) Includes PPA amortisation of €68m in 9M 2024 and of €77m in 9M
2023.
(c) Includes net non-current charges of €177m in 9M 2024 and of
€146m in 9M 2023.
(d) Excluding the future increase in the tax rate for 2024 which
would result from the new French Finance Act.
|
(€ million) |
End-Sept 2024 |
|
End-Dec 2023 |
|
End-Sept 2023 |
|
|
|
|
|
|
|
|
|
|
Net surplus cash (+)/net debt (-) |
(8,474) |
|
(6,251) |
|
(10,238) |
|
-
Nine-month 2024 sales were €41.5 billion, up
1% versus nine-month 2023, driven mainly by Equans and Bouygues
Construction. Like-for-like and at constant exchange rates, sales
increased 2% year-on-year.
-
Current operating profit from activities (COPA)
was €1,719 million, up €96 million year-on-year, driven
mainly by Equans, where COPA increased €97 million
year-on-year, and to a lesser extent by Bouygues Construction and
Bouygues Telecom. COPA declined €50 million year-on-year at
Bouygues Immobilier, resulting in a current operating loss from
activities of €49 million, in particular due to a sharp
decline in its business activity. The adaptation measures put in
place are expected to begin producing results in fourth-quarter
2024.
- Net profit attributable to
the Group was €687 million1, up
€22 million year-on-year. This includes:
- amortisation and impairment of
intangible assets recognised in acquisitions (PPA) of
€68 million (of which €40 million at Bouygues SA related
to the acquisition of Equans), versus €77 million in
nine-month 2023;
- net non-current charges2
of €177 million, which do not reflect the operational
performance of the business segments. This mainly includes the
Management Incentive Plan at Equans, which was recognised this year
over the first nine months whereas it was not implemented until the
second quarter in 2023, the impact on Bouygues Construction of a
regulatory change in the UK, and the cost of adaptation measures at
Bouygues Immobilier. TF1 and Bouygues Telecom recognised lower
amounts of net non-current charges;
- financial result of
-€287 million, compared with -€316 million in nine-month
2023. This improvement was mainly due to the combined effect of a
higher level of net cash and the return on net cash, given that
debt is at fixed rates;
- income tax expense of
€392 million, versus €363 million in the first nine
months of 2023.
- Net debt was
€8.5 billion at end-September 2024, improving versus
end-September 2023. Net gearing3 was 61% at
end-September 2024 (versus 74% at end-September 2023).
OUTLOOK FOR 2024 CONFIRMED
The outlook below is based on information
known to date.
Outlook for the Group
In 2024, Equans will continue to improve its
results in line with its strategic Perform plan. Bouygues
Immobilier will continue to face a challenging market environment,
with low visibility on the timetable for recovery.
In an uncertain economic and geopolitical environment, and after a
year of strong growth, Bouygues is targeting sales and current
operating profit from activities (COPA) for 2024 that are slightly
up on 2023.
Outlook for Equans
In 2024, Equans will continue to roll out its
strategic plan. It will remain focused on improving performance in
a supportive environment and will continue to prioritise margins
over volume growth. The 2024 sales figure will be close to, yet
slightly above, that of 2023. It will factor in both the effects of
growth in Equans’ markets and the scope effect related to the
asset-based activity disposals at end-2023, and the selective
approach to contracts strategy.
As a reminder, Equans is aiming for:
- Sales: from 2025 onwards, an
acceleration in organic sales growth to align with that of market
peers
- Margin:
- In 2025, a current operating margin
from activities (COPA margin) close to 4%
- In 2027, a current operating margin
from activities (COPA margin) of 5%
- Cash: a cash conversion rate
(COPA-to-cash flow4) before working capital requirements
(WCR) of between 80% and 100%
Outlook for the TF1 group
The TF1 group maintains its outlook for 2024,
despite a more challenging economic environment for the rest of the
year:
- keep growing in digital, building
on the promising launch of TF1+;
- maintain a broadly stable current
operating margin from activities, close to that of 2023;
- continue to generate solid cash
flow, enabling the TF1 group to aim for a growing dividend policy
over the next few years.
Outlook for Bouygues
Telecom
In 2024, Bouygues Telecom confirms it is aiming
for:
- an increase in sales billed to
customers;
- EBITDA after Leases of above
€2 billion;
- Gross capital expenditure at around
€1.5 billion (excluding frequencies).
DETAILED ANALYSIS BY SECTOR OF
ACTIVITY
CONSTRUCTION BUSINESSES
At end-September 2024, the backlog in the
construction businesses (Bouygues Construction,
Colas and Bouygues Immobilier) reached the very high level of
€31.8 billion, up 7% year-on-year (up 8% at constant exchange
rates and excluding principal disposals and acquisitions), and
provides visibility on future activity. The international backlog
increased 6% year-on-year, driven notably by the award of major
contracts at Bouygues Construction, reflecting good momentum in
Civil Works. The backlog for France was up 9% year-on-year, driven
by both Bouygues Construction and Colas.
In the first nine months of 2024, Bouygues
Construction’s order intake was €10.1 billion,
supported by good momentum in the normal course of business
(contracts of less than €100 million), representing 47% of
total order intake in the first nine months of 2024. Order intake
was also driven by major contract awards, such as, in the third
quarter, contracts to build the Torrens to Darlington highway
tunnel (for over €2 billion), and redevelop Ryde Hospital (for
around €250 million) in Australia, to build a hotel complex in
the Dominican Republic (for around €120 million) and a
residential building in Florida (for around €100 million).
Bouygues Construction’s backlog stood at €17.9 billion at
end-September 2024, up 18% year-on-year (up 19% at constant
exchange rates and excluding principal disposals and acquisitions).
This growth was driven by Civil Works, where the backlog increased
43% year-on-year, while the Building backlog was broadly stable
year-on-year (up 1%).
Colas recorded an order intake of
€9.8 billion in the first nine months of 2024. In Roads, the
order intake increased slightly in France and was down
internationally year-on-year, related notably to the completion of
major projects and some delayed projects in North America, as well
as the geographic repositioning of activities in certain countries.
In Rail, the order intake was lower year-on-year, but is not
representative of business activity due to an unfavourable
comparison basis, and the disposal of Colas Rail Italy (which had
an order intake and backlog of around €0.4 billion). Colas’
backlog totalled €12.8 billion, almost stable at constant
exchange rates and excluding principal disposals and acquisitions.
The backlog as published was down 4% year-on-year, with Roads down
5% and Rail down 2% year-on-year5. The Rail backlog for
Colas at end-September 2024 had yet to include the renovation
contract for Line 1 of the Cairo metro.
Bouygues Immobilier still has to contend with a
challenging market environment. In France, Residential property
unit reservations showed some improvement. Commercial property
activity remains at a standstill. The backlog was 18% lower than at
end-September 2023.
The construction businesses reported sales of
€20.2 billion in the first nine months of 2024, up 1%
year-on-year, driven by Bouygues Construction. Like-for-like and at
constant exchange rates, sales also increased 1%. Bouygues
Construction’s sales rose 5% year-on-year. Sales rose slightly for
Civil Works (up 2% year-on-year). Sales for International Building
increased very sharply (up 17% year-on-year) while decreasing
slightly for France Building (down 3% year-on-year). Sales at Colas
were stable year-on-year, driven by Rail (up 5% year-on-year),
while Roads was stable year-on-year, as slightly higher sales in
France were offset by a slight decrease internationally. Bouygues
Immobilier’s sales declined 13%6 versus the first nine
months of 2023, reflecting the challenging market environment.
Sales from Residential property were down 11% year-on-year and
sales from Commercial property were very low.
The COPA in the construction businesses was
€476 million in the first nine months of 2024, down
€23 million year-on-year, and the COPA margin in the
construction businesses decreased slightly (down 0.1 point) over
the period to 2.4%.
Bouygues Construction’s COPA increased €29 million to
€219 million at end-September 2024 and its margin from
activities was 2.9%, improving by 0.3 points year-on-year. At
Colas, COPA was €306 million, almost stable year-on-year, and
its margin from activities was 2.6%, stable year-on-year. As a
reminder, COPA in third-quarter 2023 at Colas included a
significant gain on a land sale in the United States. COPA declined
€50 million year-on-year at Bouygues Immobilier, resulting in
a current operating loss from activities of €49 million,
notably due to a sharp decline in its business activity.
EQUANS
Equans posted an order intake of
€14.1 billion in the first nine months of 2024, up both in
France and internationally. Significant orders were booked in the
third quarter, including notably an electrical and mechanical works
contract for the healthcare sector in Canada and a contract to fit
out and install equipment in a UK data centre. Each contract is
worth approximately €140 million. Order intake also reflected
good momentum in recurrent maintenance contracts and in the normal
course of business. The underlying margin of the order intake
continued improving. Equans’ backlog was €25.8 billion at
end-September 2024, rising by 4% versus end-December 2023 but down
slightly year-on-year. This reflects the selective approach to
contracts strategy and the gradual exit from the new-build business
in the UK (building of new homes, notably social housing) due to
unfavourable market conditions.
Equans posted a 3% year-on-year increase in sales to
€14.1 billion for the first nine months of 2024, lifted by
overall solid momentum in France and abroad. This was despite the
divestment of activities in late 2023 and the gradual exit from the
new-build business in the UK. Sales were also driven by the major
growth posted by the speciality activities, particularly solar
power, data centres and smart factories. Current operating profit
from activities was €474 million, an increase of
€97 million versus the first nine months of 2023. The margin
from activities was therefore 3.4%, up 0.6 points versus the first
nine months of 2023, reflecting the continued successful roll-out
of the Perform plan in all of Equans’ operating units.
TF1
TF1 group’s audience ratings remained at a high
level for the first nine months of 2024, with an audience share of
33% in the WPDM 507 category and of 30% among
individuals aged 25-49.
TF1 group reported sales of €1.6 billion in the first nine
months of 2024, representing a 3% increase year-on-year (up 2%
like-for-like and at constant exchange rates):
- Media sales rose by 4%
year-on-year, with advertising revenue up 5% year-on-year, driven
notably by digital, namely the performance of TF1+, where
advertising revenue increased 40% year-on-year, confirming the
platform’s appeal to advertisers. In linear TV, advertising revenue
rose 2% year-on-year;
- Sales at Newen Studios totalled
€192 million, down 3% versus the first nine months of 2023.
Johnson Production Group (JPG), a TV film production and
distribution company acquired in late July, added €8 million
to third-quarter sales. As previously announced, Newen’s business
will be concentrated on the fourth quarter, with the delivery of
flagship shows such as the second seasons of
Marie-Antoinette and Memento Mori.
Current operating profit from activities (COPA)
was €198 million, close to the nine-month 2023 figure,
reflecting a €43 million year-on-year increase in the
programming costs, exceptional expenditure related to the launch of
TF1+ and the positive impact of a brand licence divestment in the
third quarter. The margin from activities was 12.4%, a decrease of
0.7 points year-on-year.
BOUYGUES TELECOM
In Fixed, FTTH customers totalled
four million at end-September 2024, thanks to 408,000 new adds
in the first nine months of 2024, of which 159,000 in the third
quarter. The Fixed customer base was 5.1 million, of which
82,000 new adds in the third quarter. The share of Fixed customers
subscribing to a FTTH plan continued to increase, reaching 79%
versus 71% one year earlier. Bouygues Telecom continued extending
its geographical reach, with national coverage at around 90% and
with 37.5 million FTTH premises marketed to date. Bouygues
Telecom is targeting around 40 million by the end of 2026.
Year-on-year, Fixed ABPU increased €2.3 to €33.2 per customer
per month.
Mobile plan customers excluding MtoM totalled
15.8 million, thanks to 246,000 new adds in the first nine
months of the year (of which 170,000 in the third quarter),
compared with new adds of 217,000 in the first nine months of 2023
(of which 108,000 in the third quarter of 2023). As expected, ABPU
Mobile decreased €0.2 year-on-year to €19.6 per customer per month,
due to sustained competition in the low-end segment and the rising
cost of living, which has been leading some customers to migrate to
cheaper plans.
Sales billed to customers reached €4.6 billion, up 5% versus
the first nine months of 2023. Sales from services rose 4%
year-on-year. In total, Bouygues Telecom’s sales were stable
year-on-year, impacted by the decline in Other sales (down 13%
year-on-year), which mainly consist of Handset, Accessories and
Built-to-suit sales.
EBITDA after Leases came to €1,506 million
in the first nine months of 2024, rising by €55 million
year-on-year. This was driven by higher sales billed to customers
combined with sustained efforts to control costs amid the rising
operating expenses associated with the sharp growth in the FTTH
customer base. EBITDA after Leases margin was 32.5%, almost
unchanged versus end-September 2023.
Current operating profit from activities (COPA) was
€603 million, up €18 million year-on-year. The increase
in EBITDA after Leases was partially offset by the increase in
depreciation and amortisation over the period. A review of some
depreciation periods for certain assets has nonetheless led to a
one-off positive effect on COPA in third-quarter 2024. Operating
profit was €571 million and included net non-current charges
of €14 million.
Gross capital expenditure excluding frequencies amounted to
€1,084 million at end-September 2024, in line with full-year
outlook.
Acquisition of La Poste
Telecom
In its press release dated 29 May 2024, Bouygues
Telecom stated that it had been informed by SFR and La Poste of
divergences between them concerning the terms and conditions of the
transaction provided for in the exclusivity agreement signed by
Bouygues Telecom with the La Poste group for the acquisition of La
Poste Telecom.
Bouygues Telecom was informed that these
divergences have been resolved on 4 November 2024.
In addition, as the necessary administrative
authorisations have been obtained and SFR has waived its
pre-emption right, the parties have agreed to complete the
transaction before the end of the year.
Bouygues Telecom will adapt its guidance to
factor in the acquisition of La Poste Telecom in the months
following completion of the transaction at the latest.
FINANCIAL SITUATION
At €13.9 billion, the Group maintained a
very high level of liquidity, which comprised €2.7 billion in
cash and equivalents, supplemented by €11.2 billion in undrawn
medium- and long-term credit facilities.
Net debt at end-September 2024 was
€8.5 billion, versus €6.3 billion at end-December 2023
and €10.2 billion at end-September 2023. The change between
end-December 2023 and end-September 2024 reflected mainly:
- payment of dividends for
-€813 million;
- acquisitions and disposals for
-€214 million; and
- net cash used in operating
activities, which amounted to -€1.1 billion.
In the first nine months of 2024, the change in
working capital requirements (WCR) related to operating activities
and other was a negative €2.0 billion, representing an
improvement relative to the prior-year period, in which this change
was a negative €2.2 billion.
Net gearing8 was 61%, an improvement
versus end-September 2023 (74%). Net gearing at end-December 2023
was 44%.
At end-September 2024, the average maturity of
the Group’s bonds was 7.6 years, and the average coupon was
3.01% (average effective rate of 2.25%). The debt maturity schedule
is well spread over time, and the next bond redemption will be in
October 2026.
The long-term credit ratings assigned to the
Group by Moody’s and Standard & Poor’s are: A3, stable outlook,
and A-, negative outlook, respectively.
FINANCIAL CALENDAR
6 March 2025: Full-year 2024 results (7.30am
CET)
The financial statements have been subject to a limited review
by the statutory auditors and the corresponding report has
been issued.
You can find the full financial statements and
notes to the financial statements on www.bouygues.com/results.
The results presentation conference call for analysts will start at
9.00am (CET) on 5 November 2024.
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/results.
ABOUT BOUYGUES
Bouygues is a diversified services group operating in over 80
countries with 201,500 employees all working to make life better
every day. Its business activities in construction
(Bouygues Construction, Bouygues Immobilier, Colas);
energies & services (Equans);
media (TF1) and telecoms
(Bouygues Telecom) are able to drive growth since they all satisfy
constantly changing and essential needs.
INVESTORS AND ANALYSTS
CONTACT:
investors@bouygues.com • Tel.: +33 (0)1 44 20 11 01
PRESS CONTACT:
presse@bouygues.com • Tel.: +33 (0)1 44 20 12 01
BOUYGUES SA • 32 avenue Hoche •
75378 Paris Cedex 08 • bouygues.com
NINE-MONTH 2024 BUSINESS
ACTIVITY
BACKLOG IN THE CONSTRUCTION
BUSINESSES
|
(€ million) |
End-Sept 2024 |
End-Sept 2023 |
Change |
|
|
|
|
|
|
|
|
Bouygues Construction |
17,924 |
15,147 |
+18% |
a |
|
Bouygues Immobilier |
1,005 |
1,226 |
-18% |
b |
|
Colas |
12,827 |
13,403 |
-4% |
c |
|
Total |
31,756 |
29,776 |
+7% |
d |
(a) Up 19% at constant exchange rates and
excluding principal disposals and acquisitions.
(b) Down 18% at constant exchange rates and
excluding principal disposals and acquisitions.
(c) Down 1% at constant exchange rates and
excluding principal disposals and acquisitions.
(d) Up 8% at constant exchange rates and
excluding principal disposals and acquisitions.
BOUYGUES CONSTRUCTION ORDER
INTAKE
|
(€ million) |
9M 2024 |
9M 2023 |
Change |
|
|
|
|
|
|
|
|
France |
3,011 |
2,722 |
+11% |
|
|
International |
7,054 |
5,418 |
+30% |
|
|
Total |
10,065 |
8,140 |
+24% |
|
BOUYGUES IMMOBILIER
RESERVATIONS
|
(€ million) |
9M 2024 |
9M 2023 |
Change |
|
|
|
|
|
|
|
|
Residential property |
1,024 |
878 |
+17% |
|
|
Commercial property |
7 |
30 |
-77% |
|
|
Total |
1,031 |
908 |
+14% |
|
COLAS BACKLOG
|
(€ million) |
End-Sept 2024 |
End-Sept 2023 |
Change |
|
|
|
|
|
|
|
|
Mainland France |
3,631 |
3,303 |
+10% |
|
|
International and French overseas territories |
9,196 |
10,100 |
-9% |
|
|
Total |
12,827 |
13,403 |
-4% |
|
EQUANS BACKLOG
|
(€ million) |
End-Sept 2024 |
End-Sept 2023 |
Change |
|
|
|
|
|
|
|
|
Total |
25,778 |
25,985 |
-1% |
|
TF1 AUDIENCE
SHARE a
|
(%) |
End-Sept 2024 |
End-Sept 2023 |
Change |
|
|
|
|
|
|
|
|
Total |
33.0% |
33.3% |
-0.3 pts |
|
(a) Source Médiamétrie – Women under 50 who are
purchasing decision-makers.
BOUYGUES TELECOM CUSTOMER BASE
|
(‘000) |
End-Sept 2024 |
End-Dec 2023 |
Change |
|
|
|
|
|
|
|
|
Mobile customer base excl. MtoM |
15,945 |
15,733 |
+212 |
|
|
Mobile plan base excl. MtoM |
15,756 |
15,510 |
+246 |
|
|
Total mobile customers |
24,196 |
23,451 |
+745 |
|
|
FTTH customers |
3,975 |
3,567 |
+408 |
|
|
Total fixed customers |
5,054 |
4,902 |
+152 |
|
NINE-MONTH 2024 FINANCIAL
PERFORMANCE
GROUP CONDENSED CONSOLIDATED INCOME
STATEMENT
|
(€ million) |
9M 2024 |
|
9M 2023 |
|
Change |
|
|
|
|
|
|
|
|
|
|
Sales |
41,492 |
|
40,888 |
|
+1% |
a |
|
Current operating profit/(loss) from
activities |
1,719 |
|
1,623 |
|
+96 |
|
|
Amortisation and impairment of intangible assets recognised in
acquisitions (PPA) ᵇ |
(68) |
|
(77) |
|
+9 |
|
|
Current operating profit/(loss) |
1,651 |
|
1,546 |
|
+105 |
|
|
Other operating income and expenses |
(177) |
c |
(146) |
d |
-31 |
|
|
Operating profit/(loss) |
1,474 |
|
1,400 |
|
+74 |
|
|
Cost of net debt |
(185) |
|
(231) |
|
+46 |
|
|
Interest expense on lease obligations |
(77) |
|
(59) |
|
-18 |
|
|
Other financial income and expenses |
(25) |
|
(26) |
|
+1 |
|
|
Income tax |
(392) |
|
(363) |
|
-29 |
|
|
Share of net profits/(losses) of joint ventures and associates |
5 |
|
50 |
|
-45 |
|
|
Net profit/(loss) from continuing operations |
800 |
|
771 |
|
+29 |
|
|
Net profit/(loss) attributable to non-controlling interests |
(113) |
|
(106) |
|
-7 |
|
|
Net profit/(loss) attributable to the Group |
687 |
|
665 |
|
+22 |
|
(a) Up 2% like-for-like and at constant exchange
rates.
(b) Purchase Price Allocation.
(c) Includes net non-current charges of €33m at Bouygues
Construction, of €27m at Bouygues Immobilier, of €67m at Equans, of
€19m at TF1, of €14m at Bouygues Telecom and of €17m at
Bouygues SA.
(d) Includes net non-current charges of €60m at Bouygues
Construction, of €7m at Colas, of €47m at Equans, of €24m at TF1,
of €7m at Bouygues Telecom and of €1m at Bouygues SA.
GROUP SALES BY SECTOR OF
ACTIVITY
|
(€ million) |
9M 2024 |
9M 2023 |
Change |
Forex effect |
Scope effect |
Lfl &
constant fx ᶜ |
|
|
|
|
|
|
|
|
|
Construction businesses ᵃ |
20,187 |
19,996 |
+1% |
0% |
0% |
+1% |
|
o/w Bouygues Construction |
7,569 |
7,210 |
+5% |
0% |
+1% |
+5% |
|
o/w Bouygues Immobilier |
963 |
1,109 |
-13% |
0% |
0% |
-14% |
|
o/w Colas |
11,794 |
11,805 |
0% |
0% |
0% |
0% |
|
Equans |
14,084 |
13,726 |
+3% |
0% |
+1% |
+3% |
|
TF1 |
1,591 |
1,548 |
+3% |
0% |
-1% |
+2% |
|
Bouygues Telecom |
5,714 |
5,700 |
0% |
0% |
0% |
0% |
|
Bouygues SA and other |
163 |
176 |
nm |
- |
- |
nm |
Intra-Group
eliminations ᵇ |
(386) |
(386) |
nm |
- |
- |
nm |
|
Group sales |
41,492 |
40,888 |
+1% |
0% |
0% |
+2% |
|
o/w France |
20,099 |
19,987 |
+1% |
0% |
0% |
0% |
|
o/w international |
21,393 |
20,901 |
+2% |
0% |
+1% |
+3% |
(a) Total of the sales contributions (after
eliminations within the construction businesses).
(b) Including intra-Group eliminations of the construction
businesses.
(c) Like-for-like and at constant exchange rates.
CALCULATION OF GROUP EBITDA AFTER
LEASES a
|
(€ million) |
9M 2024 |
|
9M 2023 |
|
Change |
|
|
|
|
|
|
|
|
|
|
Group current operating profit/(loss) from
activities |
1,719 |
|
1,623 |
|
+96 |
|
|
Amortisation and impairment of intangible assets recognised in
acquisitions (PPA) |
(68) |
|
(77) |
|
+9 |
|
|
Interest expense on lease obligations |
(77) |
|
(59) |
|
-18 |
|
|
Net charges for depreciation, amortisation and impairment losses on
property, plant and equipment and intangible assets |
1,667 |
|
1,668 |
|
-1 |
|
Charges to provisions and other impairment losses,
net of reversals due to utilisation |
52 |
|
1 |
|
+51 |
|
|
Reversals of unutilised provisions and impairment losses and
other |
(220) |
|
(177) |
|
-43 |
|
|
Group EBITDA after Leases |
3,073 |
|
2,979 |
|
+94 |
|
(a) See glossary for definitions.
CONTRIBUTION TO GROUP EBITDA AFTER
LEASES a BY
SECTOR OF ACTIVITY
|
(€ million) |
9M 2024 |
|
9M 2023 |
|
Change |
|
|
|
|
|
|
|
|
|
|
Construction businesses |
638 |
|
727 |
|
-89 |
|
|
o/w Bouygues Construction |
181 |
|
210 |
|
-29 |
|
|
o/w Bouygues Immobilier |
(38) |
|
(8) |
|
-30 |
|
|
o/w Colas |
495 |
|
525 |
|
-30 |
|
|
Equans |
555 |
|
442 |
|
+113 |
|
|
TF1 |
402 |
|
375 |
|
+27 |
|
|
Bouygues Telecom |
1,506 |
|
1,451 |
|
+55 |
|
|
Bouygues SA and other |
(28) |
|
(16) |
|
-12 |
|
|
Group EBITDA after Leases |
3,073 |
|
2,979 |
|
+94 |
|
(a) See glossary for definitions.
CONTRIBUTION TO GROUP CURRENT OPERATING
PROFIT FROM ACTIVITIES
(COPA) a BY
SECTOR OF ACTIVITY
|
(€ million) |
9M 2024 |
|
9M 2023 |
|
Change |
|
|
|
|
|
|
|
|
|
|
Construction businesses |
476 |
|
499 |
|
-23 |
|
|
o/w Bouygues Construction |
219 |
|
190 |
|
+29 |
|
|
o/w Bouygues Immobilier |
(49) |
|
1 |
|
-50 |
|
|
o/w Colas |
306 |
|
308 |
|
-2 |
|
|
Equans |
474 |
|
377 |
|
+97 |
|
|
TF1 |
198 |
|
204 |
|
-6 |
|
|
Bouygues Telecom |
603 |
|
585 |
|
+18 |
|
|
Bouygues SA and other |
(32) |
|
(42) |
|
+10 |
|
|
Group current operating profit/(loss) from
activities |
1,719 |
|
1,623 |
|
+96 |
|
(a) See glossary for definitions.
RECONCILIATION OF CURRENT OPERATING PROFIT
FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT (COP) FOR THE
FIRST NINE MONTHS OF 2024
|
(€ million) |
COPA |
|
PPA amortisation ᵃ |
|
COP |
|
|
|
|
|
|
|
|
|
|
Construction businesses |
476 |
|
-8 |
|
468 |
|
|
o/w Bouygues Construction |
219 |
|
-2 |
|
217 |
|
|
o/w Bouygues Immobilier |
(49) |
|
0 |
|
(49) |
|
|
o/w Colas |
306 |
|
-6 |
|
300 |
|
|
Equans |
474 |
|
0 |
|
474 |
|
|
TF1 |
198 |
|
-2 |
|
196 |
|
|
Bouygues Telecom |
603 |
|
-18 |
|
585 |
|
|
Bouygues SA and other |
(32) |
|
-40 |
|
(72) |
|
|
Total |
1,719 |
|
-68 |
|
1,651 |
|
(a) Amortisation and impairment of intangible
assets recognised in acquisitions.
RECONCILIATION OF CURRENT OPERATING PROFIT
FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT (COP) FOR THE
FIRST NINE MONTHS OF 2023
|
(€ million) |
COPA |
|
PPA amortisation ᵃ |
|
COP |
|
|
|
|
|
|
|
|
|
|
Construction businesses |
499 |
|
-6 |
|
493 |
|
|
o/w Bouygues Construction |
190 |
|
0 |
|
190 |
|
|
o/w Bouygues Immobilier |
1 |
|
0 |
|
1 |
|
|
o/w Colas |
308 |
|
-6 |
|
302 |
|
|
Equans |
377 |
|
0 |
|
377 |
|
|
TF1 |
204 |
|
-3 |
|
201 |
|
|
Bouygues Telecom |
585 |
|
-22 |
|
563 |
|
|
Bouygues SA and other |
(42) |
|
-46 |
|
(88) |
|
|
Total |
1,623 |
|
-77 |
|
1,546 |
|
(a) Amortisation and impairment of intangible
assets recognised in acquisitions.
CONTRIBUTION TO GROUP CURRENT OPERATING
PROFIT (COP) BY SECTOR OF ACTIVITY
|
(€ million) |
9M 2024 |
|
9M 2023 |
|
Change |
|
|
|
|
|
|
|
|
|
|
Construction businesses |
468 |
|
493 |
|
-25 |
|
|
o/w Bouygues Construction |
217 |
|
190 |
|
+27 |
|
|
o/w Bouygues Immobilier |
(49) |
|
1 |
|
-50 |
|
|
o/w Colas |
300 |
|
302 |
|
-2 |
|
|
Equans |
474 |
|
377 |
|
+97 |
|
|
TF1 |
196 |
|
201 |
|
-5 |
|
|
Bouygues Telecom |
585 |
|
563 |
|
+22 |
|
|
Bouygues SA and other |
(72) |
|
(88) |
|
+16 |
|
|
Group current operating profit/(loss) |
1,651 |
|
1,546 |
|
+105 |
|
CONTRIBUTION TO GROUP OPERATING PROFIT BY
SECTOR OF ACTIVITY
|
(€ million) |
9M 2024 |
|
9M 2023 |
|
Change |
|
|
|
|
|
|
|
|
|
|
Construction businesses |
408 |
|
426 |
|
-18 |
|
|
o/w Bouygues Construction |
184 |
|
130 |
|
+54 |
|
|
o/w Bouygues Immobilier |
(76) |
|
1 |
|
-77 |
|
|
o/w Colas |
300 |
|
295 |
|
+5 |
|
|
Equans |
407 |
|
330 |
|
+77 |
|
|
TF1 |
178 |
|
177 |
|
+1 |
|
|
Bouygues Telecom |
571 |
|
556 |
|
+15 |
|
|
Bouygues SA and other |
(90) |
|
(89) |
|
-1 |
|
|
Group operating profit/(loss) |
1,474 |
a |
1,400 |
b |
+74 |
|
(a) Includes net non-current charges of €33m at
Bouygues Construction, of €27m at Bouygues Immobilier, of €67m at
Equans, of €19m at TF1, of €14m at Bouygues Telecom and of €17m at
Bouygues SA.
(b) Includes net non-current charges of €60m at Bouygues
Construction, of €7m at Colas, of €47m at Equans, of €24m at TF1,
of €7m at Bouygues Telecom and of €1m at Bouygues SA.
CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO
THE GROUP BY SECTOR OF ACTIVITY
|
(€ million) |
9M 2024 |
|
9M 2023 |
|
Change |
|
|
|
|
|
|
|
|
|
|
Construction businesses |
235 |
|
288 |
|
-53 |
|
|
o/w Bouygues Construction |
157 |
|
130 |
|
+27 |
|
|
o/w Bouygues Immobilier |
(76) |
|
(2) |
|
-74 |
|
|
o/w Colas |
154 |
|
160 |
|
-6 |
|
|
Equans |
303 |
|
213 |
|
+90 |
|
|
TF1 |
67 |
|
63 |
|
+4 |
|
|
Bouygues Telecom |
263 |
|
279 |
|
-16 |
|
|
Bouygues SA and other |
(181) |
|
(178) |
|
-3 |
|
|
Net profit/(loss) attributable to the Group |
687 |
|
665 |
|
+22 |
|
NET SURPLUS CASH (+)/NET DEBT (-) BY
BUSINESS SEGMENT
|
(€ million) |
End-Sept 2024 |
|
End-Dec 2023 |
|
Change |
|
|
|
|
|
|
|
|
|
|
Bouygues Construction |
3,178 |
|
3,435 |
|
-257 |
|
|
Bouygues Immobilier |
(475) |
|
(150) |
|
-325 |
|
|
Colas |
(437) |
|
623 |
|
-1,060 |
|
|
Equans |
1,101 |
|
981 |
|
+120 |
|
|
TF1 |
364 |
|
505 |
|
-141 |
|
|
Bouygues Telecom |
(3,278) |
|
(2,625) |
|
-653 |
|
|
Bouygues SA and other |
(8,927) |
|
(9,020) |
|
+93 |
|
|
Net surplus cash (+)/net debt (-) |
(8,474) |
|
(6,251) |
|
-2,223 |
|
|
Current and non-current lease obligations |
(2,948) |
|
(3,017) |
|
+69 |
|
CONTRIBUTION TO GROUP NET CAPITAL
EXPENDITURE BY SECTOR OF ACTIVITY
|
(€ million) |
9M 2024 |
|
9M 2023 |
|
Change |
|
|
|
|
|
|
|
|
|
|
Construction businesses |
215 |
|
128 |
|
+87 |
|
|
o/w Bouygues Construction |
84 |
|
31 |
|
+53 |
|
|
o/w Bouygues Immobilier |
1 |
|
3 |
|
-2 |
|
|
o/w Colas |
130 |
|
94 |
|
+36 |
|
|
Equans |
115 |
|
146 |
|
-31 |
|
|
TF1 |
183 |
|
184 |
|
-1 |
|
|
Bouygues Telecom |
1,079 |
|
1,103 |
|
-24 |
|
|
Bouygues SA and other |
3 |
|
46 |
|
-43 |
|
|
Group net capital expenditure – excluding
frequencies |
1,595 |
|
1,607 |
|
-12 |
|
|
Frequencies |
6 |
|
0 |
|
+6 |
|
|
Group net capital expenditure – including
frequencies |
1,601 |
|
1,607 |
|
-6 |
|
CONTRIBUTION TO GROUP FREE CASH FLOW BY
SECTOR OF ACTIVITY
|
(€ million) |
9M 2024 |
|
9M 2023 |
|
Change |
|
|
|
|
|
|
|
|
|
|
Construction businesses |
290 |
|
402 |
|
-112 |
|
|
o/w Bouygues Construction |
181 |
|
185 |
|
-4 |
|
|
o/w Bouygues Immobilier |
(75) |
|
(9) |
|
-66 |
|
|
o/w Colas |
184 |
|
226 |
|
-42 |
|
|
Equans |
363 |
|
221 |
|
+142 |
|
|
TF1 |
109 |
|
112 |
|
-3 |
|
|
Bouygues Telecom |
245 |
|
153 |
|
+92 |
|
|
Bouygues SA and other |
(82) |
|
(223) |
|
+141 |
|
|
Group free cash flow ᵃ – excluding
frequencies |
925 |
|
665 |
|
+260 |
|
|
Frequencies |
(6) |
|
0 |
|
-6 |
|
|
Group free cash flow ᵃ – including
frequencies |
919 |
|
665 |
|
+254 |
|
(a) See glossary for definitions.
GLOSSARY
ABPU (Average Billing Per
User):
- In the mobile segment, it is equal
to the total of mobile sales billed to customers (BtoC and BtoB)
divided by the average number of customers over the period. It
excludes MtoM SIM cards and free SIM cards.
- In the fixed segment, it is equal
to the total of fixed sales billed to customers (excluding BtoB)
divided by the average number of customers over the period.
Available cash: the aggregate
of cash and cash equivalents and the positive fair value of hedging
instruments.
BtoB (business to business):
when one business makes a commercial transaction with another.
Backlog:
- Bouygues Construction,
Colas, Equans: the amount of work still to be done on
projects for which a firm order has been taken, i.e. the contract
has been signed and has taken effect (after notice to proceed has
been issued and suspensory clauses have been lifted).
- Bouygues
Immobilier: sales outstanding from notarised sales plus
total sales from signed reservations that have still to be
notarised.
Under IFRS 11, Bouygues Immobilier’s backlog
does not include sales from reservations taken via companies
accounted for by the equity method (co-promotion companies where
there is joint control).
Business segment: designates
each one of the Bouygues group’s six main subsidiaries, namely
Bouygues Construction, Bouygues Immobilier, Colas, Equans, TF1 and
Bouygues Telecom.
Change in sales like-for-like and at
constant exchange rates:
- At constant exchange rates: change
after translating foreign-currency sales for the current period at
the exchange rates for the comparative period.
- On a like-for-like basis: change in
sales for the periods compared, adjusted as follows:
- For acquisitions, by deducting from
the current period those sales of the acquired entity that have no
equivalent during the comparative period.
- For divestments, by deducting from
the comparative period those sales of the divested entity that have
no equivalent during the current period.
Construction businesses:
Bouygues Construction, Bouygues Immobilier and Colas.
Current operating profit/(loss) from
activities (COPA): current operating profit from
activities equates to current operating profit before amortisation
and impairment of intangible assets recognised in acquisitions
(PPA).
EBITDA after Leases: current
operating profit after taking account of the interest expense on
lease obligations, before (i) net charges for depreciation,
amortisation and impairment losses on property, plant and equipment
and intangible assets, (ii) net charges to provisions and other
impairment losses and (iii) effects of losses of control. Those
effects relate to the impact of remeasuring retained interests.
EBITDA margin after Leases (Bouygues
Telecom): EBITDA after Leases as a proportion of sales
from services.
Energies & services:
Equans.
Free cash flow: net cash flow
(determined after (i) cost of net debt, (ii) interest expense on
lease obligations and (iii) income taxes paid), minus net capital
expenditure and repayments of lease obligations. It is calculated
before changes in working capital requirements (WCR) related to
operating activities and excluding frequencies.
FTTH (Fibre to the Home):
optical fibre from the central office (where the operator’s
transmission equipment is installed) all the way to homes or
business premises (Arcep definition).
FTTH premises secured: premises
for which the horizontal is 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.
Group (or the Bouygues group):
designates Bouygues SA and all the entities that are controlled
directly or indirectly by Bouygues SA as defined in Article
L. 233-3 of the French Commercial Code.
Liquidity: the aggregate of
available cash, the fair value of hedging instruments and undrawn,
confirmed medium- and long-term credit facilities.
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 the
fair value of 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 2024, available at bouygues.com.
Order intake (Bouygues Construction,
Colas, Equans): a project is included under order intake
when the contract has been signed and has taken effect (the notice
to proceed has been issued and all suspensory clauses have been
lifted) and the financing has been arranged. The amount recorded
corresponds to the sales the project will generate.
Reservations by value (Bouygues
Immobilier): the € amount of the value of properties
reserved over a given period.
- Residential properties: the sum of
the value of unit and block reservation contracts signed by
customers and approved by Bouygues Immobilier, minus registered
cancellations.
- Commercial properties: these are
registered as reservations on notarised sale.
For co-promotion companies:
- If Bouygues Immobilier has
exclusive control over the co-promotion company (full
consolidation), 100% of amounts are included in reservations.
- If joint control is exercised (the
company is accounted for by the equity method), commercial activity
is recorded according to the amount of the equity interest in the
co-promotion company.
Sales from services (Bouygues
Telecom) comprise:
- Sales billed to customers, which
include:
- In Mobile:
- For BtoC customers: sales from
outgoing call charges (voice, texts and data), connection fees, and
value-added services.
- For BtoB customers: sales from
outgoing call charges (voice, texts and data), connection fees, and
value-added services, plus sales from business services.
- Machine-To-Machine (MtoM)
sales.
- Visitor roaming sales.
- Sales generated with Mobile Virtual
Network Operators (MVNOs).
- In Fixed:
- For BtoC customers: sales from
outgoing call charges, fixed broadband services, TV services
(including Video on Demand and catch-up TV), and connection fees
and equipment hire.
- For BtoB customers: sales from
outgoing call charges, fixed broadband services, TV services
(including Video on Demand and catch-up TV), and connection fees
and equipment hire, plus sales from business services.
- Sales from bulk sales to other
fixed line operators.
- Sales from incoming
Voice and Texts.
- Spreading of handset subsidies over
the projected life of the customer account, required to comply with
IFRS 15.
- Capitalisation of connection fee
sales, which is then spread over the projected life of the customer
account.
Other sales (Bouygues Telecom):
difference between Bouygues Telecom’s total sales and sales from
services.
It comprises:
- Sales from handsets, accessories
and other.
- Roaming sales.
- Non-telecom services (construction
of sites or installation of FTTH lines).
- Co-financing of advertising.
Wholesale: wholesale market for
telecoms operators.
1 Excluding the future increase in the tax rate
for 2024 which would result from the new French Finance Act.
2 Includes non-current charges of €33m at Bouygues Construction, of
€27m at Bouygues Immobilier, of €67m at Equans, of €19m at TF1, of
€14m at Bouygues Telecom and of €17m at Bouygues SA.
3 Net debt/shareholders’ equity.
4 Free cash flow before cost of net debt, interest expense on lease
obligations and income taxes paid.
5 The Rail backlog was up 8% at constant exchange rates and
excluding principal disposals and acquisitions.
6 Excluding the share of co-promotions.
7 Women under 50 who are purchasing-decision makers.
8 Net debt/shareholders’ equity.
- PR_Bouygues_financial_results-9M-2024_EN
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