BOUYGUES: First-quarter 2020 results
Press release – Paris, 14/05/2020
First-quarter 2020 results
- Initial effects of the Covid-19 pandemic on the Group’s
results
- Very robust financial situation: €10.3 billion of
available cash at end-march
- Backlog in the construction businesses remains at a high
level
- Resilience of Bouygues Telecom: low impact of the Covid-19
crisis on commercial and financial results
KEY FIGURES (€ million) |
Q1 2019 |
Q1 2020 |
Change |
Sales |
7,933 |
7,219 |
-9%a |
Current
operating profit/(loss) |
(58) |
(242) |
-€184m |
Operating profit/(loss) |
(43)b |
(240)c |
-€197m |
Net profit/(loss) attributable to the Group |
(59) |
(204) |
-€145m |
|
|
|
|
Net surplus cash (+)/Net debt (-) at 31
March |
(5,111) |
(3,589) |
+€1,522m |
(a) Down 8% like-for-like and at constant exchange rates (b)
Including non-current income and non-current charges of €15m (c)
Including non-current income and non-current charges of €2m
Martin Bouygues, Chairman and CEO of
Bouygues:
“In the last few weeks, the world has been hit
hard by the Covid-19 pandemic and I share in the grief and
suffering of all those affected by this disease.
In the midst of this crisis, the Group’s
business segments are working hard to continue providing essential
services to the French population. For example, Bouygues Telecom is
ensuring good quality telecom networks, TF1 is providing quality
news information and airing content that is adapted to the lockdown
period, and Bouygues Energies & Services is making sure
that critical sites such as hospitals continue to function
properly.
Given the major efforts asked of its
stakeholders, the Group intends to act responsibly in this crisis.
As a result, the Board of Directors decided to withdraw its
proposal to pay out a dividend at the Combined Annual General
Meeting held on 23 April 2020. The Board will meet in
late July or early August to reassess the situation. Furthermore,
my brother Olivier and I have decided to relinquish 25% of our
fixed and variable remuneration for 2020. Finally, Bouygues is also
working hard to support our caregivers through a number of socially
responsible initiatives.
Wherever the group is present, our business
segments share the same priority of protecting the health and
safety of our employees and partners. This is the essential
precondition for restarting our activities. Based on our successful
experience in resuming work in Hong Kong in February, we can now
gradually reopen our worksites in France, when consented to by
customers. Outside France the situation varies greatly and is
changing rapidly in line with various measures taken by
governments. All our business segments are also implementing action
plans to mitigate the impact of this crisis on the Group’s
profitability.
Bouygues is fully prepared to deal with this
unprecedented crisis thanks to its strategic choices and a culture
founded on good labor relations. All our business segments are able
to drive growth in the mid- to long-term because they meet
essential needs. The resilience of Bouygues Telecom, the
strength of our financial structure and the dedication of our
employees are major advantages. Despite this crisis, the Group has
reiterated its target to cut its greenhouse gas emissions by 2030
and the Group’s business segments are continuing their efforts to
produce as few negative impacts on the environment as possible. I
firmly believe that, after this crisis, the ability to provide
solutions that meet the major climate challenges will be a major
strength, and, in this domain, our business segments are very well
positioned.
I have no doubt that we will come out of this
trial stronger and more effective than before.”
The first-quarter 2020 results reflect
the initial effects of the Covid-19 pandemic on the Group, as well
as the seasonal effect at Colas
- Sales were €7.2 billion, down 9%
year-on-year (down 8% like-for-like and at constant exchange
rates). The good performance of the construction businesses and TF1
in January and February 2020, and Bouygues Telecom’s resilience
were not able to offset the sharp drop in activity in March,
essentially resulting from the lockdown imposed by the French
government. The Group estimates a decline in sales related to
Covid-19 of around €750 million in first-quarter 2020, of
which around €600 million was in France. The decline is due to
the near-total shutdown of worksites in France since mid-March, a
slowdown or shutdown of worksites in around ten other countries,
the gradual increase in cancellations of advertising campaigns at
TF1 and the closures of Bouygues Telecom’s stores.
- The Group reported a current operating loss of
€242 million, a deterioration of €184 million versus
first‑quarter 2019. This change is mainly related to the impact of
Covid-19, estimated at -€170 million in the first quarter,
despite the initial mitigation measures undertaken. This amount
corresponds to the loss of current operating margin in the business
segments due to lower sales and unavoidable costs such as fixed
payroll costs, rent charges and amortization in the three sectors
of activity.
- The Group reported a net loss attributable to the
Group of €204 million, down €145 million versus
first-quarter 2019. It includes a contribution from Alstom of
€35 million in first‑quarter 2020 versus €33 million a
year earlier.
- As in each year, the Group’s first-quarter results were
strongly impacted by the seasonal nature of Colas’ business, and by
the application of IFRIC 21.
The Group has a very high level of
liquidity and a particularly robust financial
structure
- Available cash stood at €10.3 billion at
end-March 2020, of which €4.1 billion was in cash and
€6.2 billion in confirmed medium- and long-term credit
facilities that contain no financial covenants.
- Net debt was €3.6 billion at end-March
2020. This was €1.5 billion less than at end-March 2019
essentially due to the positive €1.4-billion impact from Alstom
(dividends and sale of 13% of the share capital).
- Net gearing1 was 31% versus 47% at end-March
2019.
All the Group’s business segments are
gradually restarting their activities wherever possible and taking
the necessary steps to mitigate the impacts of the crisis on their
profitability
While prioritizing the health and safety of
their employees, subcontractors and customers, the business
segments are taking action on several fronts to mitigate the
impacts of the crisis on their results:
- They introduced teleworking quickly and widely while taking all
the necessary health protection measures against Covid-19 to allow
for a gradual return to work.
- The business segments also planned for and organized the
restart of work ahead of the easing of the lockdown. In France, a
Group-wide collective agreement was concluded, allowing employees
to take their paid leave in April in order to facilitate the
catch-up of activity during the summer months. The construction
businesses gradually restarted work from mid-April, when consented
to by customers. Accordingly, by mid-May, activity had started
again at around 85% of Colas’ Roads worksites, 90% of Bouygues
Construction worksites and 90% of Bouygues Immobilier sites.
Productivity is impacted by the safety precautions, particularly in
Building.
- At the same time, the business segments are mobilized to roll
out cost-saving plans and adjusted their capex. As a reminder, most
of the costs in the construction businesses are variable by
nature.
- The Group also continues to have a high level of available
cash. It carried out a successful €1-billion bond issue in early
April (maturing in 2028 with a 1.125% coupon) and is renewing its
medium- and long‑term credit facilities, without financial
covenants, as they expire.
OUTLOOK
As a reminder, on 1 April 2020 Bouygues:
- withdrew its 2020 guidance for the Group, the construction
businesses and TF1;
- maintained the suspension of Bouygues Telecom’s 2020
guidance;
- reiterated its 2030 greenhouse gas emissions reduction target,
stating that in 2020 it will define a target compatible with the
Paris Agreement2 and that the Group’s five business segments will
prepare an action plan.
As of today, given the lack of visibility on
business reopenings and catch-up of activity, as well as the
uncertain outcome of the current crisis, it is too soon to
issue new 2020 full-year guidance for the Group, the construction
businesses and TF1.
Bouygues Telecom maintains the suspension of its 2020
guidance due to the lack of visibility on roaming usage
and revenues.
While first-quarter 2020 results reflected the
initial effects of the Covid-19 pandemic, we expect a
greater impact on the second quarter results for the Group and in
each activity due to the ongoing health crisis in France
and restrictive measures expanded to additional
countries.
detailed analysis by sector of
activity
CONSTRUCTION businesses
The backlog in the construction
businesses remained at a high level of €33.5 billion
(versus €34.4 billion at the end of first-quarter 2019 and
€33 million at end-2019). At constant exchange rates and
excluding principal disposals and acquisitions, it was down 3%
year-on-year.
In France, the backlog
decreased 3%3 to €14.0 billion, reflecting:
- a 1%3 increase in the backlog at Colas to
€3.5 billion;
- a 3% year-on-year decrease in the backlog at Bouygues
Construction to €8.3 billion;
- an expected decrease in the backlog at Bouygues Immobilier to
€2.1 billion or down 8% due to the ongoing
quarter-after-quarter decline in residential property reservations.
Bouygues Immobilier continued to be affected by lower supply as a
result of delays in obtaining building permits in the run up to the
municipal elections, exacerbated by the Covid-19 crisis.
Internationally, the backlog
was virtually stable year-on-year at €19.5 billion at
end-March 2020 (down 3% at constant exchange rates and excluding
principal disposals and acquisitions). The backlogs at Colas and
Bouygues Immobilier were up 5% and 6% respectively, while the
backlog at Bouygues Construction was 4% lower than at end-March
2019.
The backlog includes some significant
orders taken in first-quarter 2020, both in France and in
international markets. Bouygues Construction won contracts for a
power plant in Germany, worth over €100 million, the control
center for Lines 16 and 17 of the Grand Paris Express rapid transit
system, worth €141 million, and the Grand IDA residential
complex in Monaco, worth €115 million. Colas was chosen to
build two highways and an aircraft taxiway in Alaska, worth
€75 million.Of note, the backlog does not include the
construction portion of the €1.1 billion4 contract to build the C1
stretch of the HS2 rail line in the United Kingdom. Awarded to
Bouygues Construction in April, it will be booked in the second
quarter.International business represented 62% of the combined
backlog of Bouygues Construction and Colas at the end of
first-quarter 2020, versus 61% a year earlier.
Sales in the construction
businesses were €5.2 billion in first-quarter 2020,
down 12% year-on-year (down 11% like-for-like and at constant
exchange rates), despite a good start by Bouygues Construction and
Colas in January and February 2020. The decline reflects the
near-total halt of activities in France in the second half of March
2020 following the lockdown imposed by the French government and,
to a lesser extent, the slowdown or shutdown of activities in
around ten other countries. The impact of Covid-19, estimated at
around -€700 million, is sufficient on its own to explain the
decline in sales over the period.
The construction businesses reported a
current operating loss of €347 million in
first-quarter 2020, versus a current operating loss of
€207 million a year earlier, a deterioration of
€140 million. It includes the initial cost-cutting measures
put in place by the business segments, as well as partial
unemployment in France, which accounted for approximately an
average of one-third of the hours in March at Bouygues Construction
and Colas. The estimated impact of Covid-19 on current operating
profit in the construction businesses is around -€150 million
(loss of current operating margin and unavoidable costs).
Since mid-April, the construction businesses
have gradually restarted their worksites in France, when consented
to by customers. Productivity is impacted by safety precautions,
particularly in Building. Outside of France the situation is mixed
since the impact of prevention measures has varied from one country
to another. Business activity is progressively resuming as the
relevant conditions are satisfied.The construction businesses could
also benefit, both in France and internationally, from potential
economic stimulus plans in infrastructure and sustainable
construction projects, where the Group has developed specific
expertise.
TF1
TF1’s results in first-quarter
2020 reflect the initial effects of the Covid-19 crisis and the
group’s ability to quickly adapt its programming and cost
management.
The audience share of TF1 group’s key targets
remained at a high level in first-quarter 2020, at 31.6% of women
under 50 who are purchasing decision-makers and 28.8% of
individuals aged 25 to 49.
First-quarter sales reached €494 million,
down 11% versus first-quarter 2019 (down 9% like-for-like and at
constant exchange rates), impacted by a gradual increase in
cancellations of advertising campaigns from March and, in the
production activities, the shutdown of shooting since the start of
the lockdown. The loss in sales related to Covid-19 in
first-quarter 2020 is estimated at between €35 million and
€40 million.
Current operating profit in first-quarter 2020
was €42 million, down €21 million year-on-year. The
current operating margin decreased 2.9 points to 8.5% as a result.
TF1 reduced the cost of programs over the period, generating a cost
saving of €23 million. The impact of Covid-19 on current
operating profit is estimated at around -€13 million,
including both a loss of margin and unavoidable costs.
TF1 announced that the ongoing crisis will have
a very strong impact on all the group’s activities in
second‑quarter 2020, due to the extension of the lockdown period,
the impossibility of adjusting variable costs on the same scale
over the longer term and the likelihood of a slow and gradual
resumption of activities.
BOUYGUES TELECOM
Bouygues Telecom’s commercial
and financial results were relatively unaffected by Covid-19 in the
first- quarter of 2020.
Bouygues Telecom maintained strong commercial
momentum during the first quarter despite a marked slowdown in net
growth after the start of the lockdown in France.The company had
11.7 million mobile plan customers excluding MtoM at end-March
2020, an increase of 113,000 new customers since the end of 2019.
It had 1.1 million FTTH customers, with 117,000 new adds since
the end of 2019. The FTTH penetration rate rose to 28% at end-March
2020, versus 18% a year earlier, closing the gap with its
competitors. The company had a total of 4 million fixed
customers at 31 March 2020.
Since the start of lockdown, Bouygues Telecom
has been able to maintain the quality of its networks while usage
increased sharply: mobile voice usage rose 50% versus early-March,
and fixed data usage 30%. In contrast, roaming usage tumbled since
February 2020 as China started to close its borders due to
Covid-19, followed by the United States and the European Union.
Bouygues Telecom reported sales of
€1,487 million in first-quarter 2020, up 2.5% year-on-year.
The impact of Covid-19 on first quarter sales is estimated at
around -€20 million.The overall sales figure includes sales
from services of €1,205 million, a robust 10% increase over
first-quarter 2019. This performance reflects growth in both the
mobile and the fixed customer base, as well as the ongoing rise in
ABPU (mobile ABPU rose €0.4 year-on-year to €19.6 per customer per
month, while fixed ABPU rose €1.3 year-on-year to €27.1 per
customer per month).Sales from mobile services rose 9% in
first-quarter 2020 versus first-quarter 2019, boosted by the
positive impact of revenue from incoming calls (though without any
corresponding increase in margin due to the rise in associated
interconnection costs). Sales from fixed services were up 13% over
the same period.In contrast, other sales declined 21% in
first-quarter 2020 versus first-quarter 2019. This decline was due
to an unfavorable comparison base of sales linked to the
construction of sites and FTTH connections, as well as lower sales
of handsets as stores remained closed since the start of the
lockdown.
EBITDA after Leases was €299 million in
first-quarter 2020, stable versus first-quarter 2019. It included
around €30 million of non‑recurring costs notably related to
spending on brand-repositioning and on advertising campaigns as
well as Covid-19-related costs.It also included the recognition of
taxes under IFRIC 21 and the costs of Nerim, consolidated from
the second quarter of 2019. Those costs represented
€20 million in first-quarter 2020. As a result, the EBITDA
after Leases margin was 24.8%, 2.6 points lower than in
first-quarter 2019.
Current operating profit in first-quarter 2020
was €68 million, down €23 million year-on-year. The
reduction in current operating profit attributable to Covid-19 is
estimated at around €10 million. Operating profit in
first-quarter 2020 decreased €36 million to €70 million.
This decline was due to higher depreciation and amortization
expense due to increased capex and the very small number of site
disposals (the capital gain on the disposal of sites was
€3 million in first-quarter 2020 versus €12 million a
year earlier).
Gross capex was €348 million in the first
the quarter, up €21 million year-on-year.
Even in the crisis, Bouygues Telecom continued
to work on its infrastructure projects:
- Concluding an agreement with Phoenix Tower International on
20 March 2020 for the roll-out of 4,000 sites in
non-dense areas;
- Nearly finalizing the financing of Project Saint-Malo signed
with Cellnex on 26 February 2020, related to the roll-out
of a nationwide optical fiber infrastructure (FTTA and FTTO);
- Concluding an agreement with Vauban Infrastructure Partners on
23 April 2020 for its Project Astérix related to the co-financing
of an FTTH network in medium-dense areas, for which the financing
is currently being arranged.
Bouygues Telecom, which anticipates strong
demand for fiber after the lockdown, has also started to roll out
its FTTH connections again. It has been gradually reopening its
stores since 11 May. BtoB activity is likely to be enhanced by the
increasing importance placed by businesses on the quality and
reliability of the networks they use, although this will depend on
the speed of the recovery. The future of roaming remains uncertain
as it will depend upon the reopening of borders and the willingness
of businesses and individuals to resume traveling abroad.
Alstom
Alstom’s contribution to the Group’s net profit
was €35 million in first-quarter 2020, versus €33 million
in first-quarter 2019.
UPDATE ON THE CYBERATTACK AT BOUYGUES
CONSTRUCTION
On 30 January 2020, Bouygues Construction was
the target of a ransomware attack caused by malware.The necessary
measures were immediately taken to ensure business continuity and
restore the information system. No worksite was halted. Thanks to
the intensive efforts of everyone at the company, as well as
experts from both within and outside the Bouygues group, Bouygues
Construction was able to fulfill its commitments. All major
applications and services are now up and running again.
DIVIDEND
On 1 April 2020, the Board of
Directors decided to withdraw its proposal to pay out a dividend at
the Annual General Meeting held on 23 April. The Board will meet
again in late July or early August in order to reassess the
situation and review the opportunity to propose a dividend pay-out
for the 2019 financial year.
GOVERNANCE
The Annual General Meeting on 23 April 2020:
- renewed Alexandre de Rothschild’s term of office as a director
for three years;
- appointed Benoît Maes as a director for a three-year term, thus
maintaining the ratio of independent directors on the Board, as
Helman Le Pas de Sécheval did not ask for his term of office to be
renewed.
The proportion of independent directors5 is thus
50%, and of women directors6 58%.
The Board of Directors appointed Benoît Maes, an
independent director, Chairman of the Audit Committee and a member
of the Selection and Remuneration Committee, to replace Helman Le
Pas de Sécheval.
The 2019 Integrated Report was
published following the Annual General Meeting and is available at
https://www.bouygues.com/wp-content/uploads/2020/04/2019-integrated-report-1.pdf
|
Financial
calendar
- 27 August 2020: First-half 2020 results (7.30am CET)
- 19 November 2020: Nine-month 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 Integrated Report and the full financial
statements and notes to the financial statements on
www.bouygues.com
About Bouygues
Bouygues is a diversified services group with a
strong corporate culture whose businesses are organized 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 • F-75378 Paris
CEDEX 08 • www.bouygues.com |
|
First-quarter 2020 business activity
BACKLOGAT THE CONSTRUCTION
BUSINESSES(€ million) |
End-March |
|
2019 |
2020 |
Change |
Bouygues
Construction |
21,986 |
21,268 |
-3% |
Bouygues
Immobilier |
2,409 |
2,222 |
-8% |
Colas |
9,988 |
10,030 |
+0% |
Total |
34,383 |
33,520 |
-3% |
BOUYGUES CONSTRUCTIONORDER
INTAKE(€ million) |
First-quarter |
|
2019 |
2020 |
Change |
France |
903 |
845 |
-6% |
International |
1,542 |
1,405 |
-9% |
Total |
2,445 |
2,250 |
-8% |
BOUYGUES
IMMOBILIERRESERVATIONS(€ million) |
First-quarter |
|
2019 |
2020 |
Change |
Residential property |
462 |
388 |
-16% |
Commercial property |
20 |
2 |
-90% |
Total |
482 |
390 |
-19% |
COLASBACKLOG(€ million) |
End-March |
|
2019 |
2020 |
Change |
Mainland
France |
3,803 |
3,549 |
-7% |
International and French overseas territories |
6,185 |
6,481 |
+5% |
Total |
9,988 |
10,030 |
+0% |
TF1AUDIENCE SHAREa |
End-March |
|
2019 |
2020 |
Change |
Total |
32.3% |
31.6% |
-0.7 pts |
(a) Source: Médiamétrie – women under 50 who are purchasing
decision-makers
BOUYGUES TELECOMCUSTOMER BASE
(‘000) |
|
End-Dec 2019 |
End-March 2020 |
Change |
Mobile
customer base excl. MtoM |
11,958 |
12,042 |
+84 |
Mobile plan base excl. MtoM |
11,543 |
11,656 |
+113 |
Total mobile customers |
17,800 |
18,010 |
+210 |
Total fixed customers |
3,916 |
3,964 |
+47 |
FIRST-QUARTER 2020 FINANCIAL
PERFORMANCE
|
|
|
CONDENSED CONSOLIDATED INCOME STATEMENT
(€ million) |
Q1 2019 |
Q1 2020 |
Change |
Sales |
7,933 |
7,219 |
-9%a |
Current operating
profit/(loss) |
(58) |
(242) |
-€184m |
Other operating income and expenses |
15 b |
2 c |
-€13m |
Operating
profit/(loss) |
(43) |
(240) |
-€197m |
Cost of net debt |
(54) |
(43) |
+€11m |
Interest expense on lease
obligations |
(15) |
(14) |
+€1m |
Other financial income and
expenses |
11 |
(10) |
-€21m |
Income
tax |
25 |
85 |
+€60m |
Share of net profits of joint ventures and
associates |
37 |
25 |
-€12m |
o/w Alstom |
33 |
35 |
+€2m |
Net
profit/(loss) from continuing operations |
(39) |
(197) |
-€158m |
Net profit
attributable to non-controlling interests |
(20) |
(7) |
+€13m |
Net
profit/(loss) attributable to the Group |
(59) |
(204) |
-€145m |
(a) Down 8% like-for-like and at constant exchange rates (b)
Including non-current income of €15m at Bouygues Telecom mainly
related to the capital gain on the sale of sites (c)
Including non-current income of €2m at Bouygues Telecom mainly
related to the capital gain on the sale of sites
|
|
|
CALCULATION OF EBITDA AFTER LEASESa
(€ million) |
Q1 2019 |
Q1 2020 |
Change |
Current operating profit/(loss) |
(58) |
(242) |
-€184m |
Interest expense on lease
obligations |
(15) |
(14) |
+€1m |
Net depreciation and
amortization expense on property, plant and equipment and
intangible assets |
377 |
403 |
+€26m |
Charges to provisions and impairment
losses, net of reversals due to utilization |
9 |
(5) |
-€14m |
Reversals of unutilized provisions and impairment losses and
other |
(48) |
(68) |
-€20m |
EBITDA after Leasesa |
265 |
74 |
-€191m |
(a) See glossary on page 15
|
|
ESTIMATED IMPACT OF COVID-19 IN FIRST-QUARTER 2020
(€ million) |
Sales |
Current OperatingProfit |
Construction businesses |
Approx. -700 |
Approx. -150 |
o/w Bouygues
Construction |
Approx. -340 |
Approx.
-55 |
o/w Bouygues
Immobilier |
Approx. -100 |
Approx.
-15 |
o/w Colas |
Approx. -260 |
Approx. -75 |
TF1 |
-35/-40 |
Approx. -13 |
Bouygues Telecom |
Approx. -20 |
Approx. -10 |
|
|
|
|
|
|
SALES BY SECTOR OF ACTIVITY (€ million) |
Q1 2019 |
Q1 2020 |
Change |
Forex effect |
Scope effect |
lfl & |
constant fxc |
Construction businessesa |
5,934 |
5,248 |
-12% |
-1% |
+2% |
-11% |
o/w Bouygues Construction |
3,148 |
2,931 |
-7% |
-1% |
0% |
-8% |
o/w Bouygues Immobilier |
527 |
373 |
-29% |
0% |
0% |
-29% |
o/w
Colas |
2,287 |
1,959 |
-14% |
0% |
+5% |
-10% |
TF1 |
554 |
494 |
-11% |
0% |
+2% |
-9% |
Bouygues Telecom |
1,451 |
1,487 |
+2.5% |
0% |
-0.5% |
+2% |
Bouygues SA and
other |
47 |
47 |
nm |
- |
- |
nm |
Intra-Group eliminationsb |
(81) |
(72) |
nm |
- |
- |
nm |
Group sales |
7,933 |
7,219 |
-9% |
-1% |
+2% |
-8% |
o/w France |
4,995 |
4,399 |
-12% |
0% |
+2% |
-10% |
o/w
international |
2,938 |
2,820 |
-4% |
-2% |
0% |
-6% |
(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) |
Q1 2019 |
Q1 2020 |
Change |
Construction businesses |
(145) |
(303) |
-€158m |
o/w Bouygues
Construction |
105 |
37 |
-€68m |
o/w Bouygues
Immobilier |
(6) |
(26) |
-€20m |
o/w Colas |
(244) |
(314) |
-€70m |
TF1 |
116 |
88 |
-€28m |
Bouygues Telecom |
300 |
299 |
-€1m |
Bouygues SA and other |
(6) |
(10) |
-€4m |
Group EBITDA after Leases |
265 |
74 |
-€191m |
|
|
|
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT/(LOSS) BY
SECTOR OF ACTIVITY (€ million) |
Q1 2019 |
Q1 2020 |
Change |
Construction businesses |
(207) |
(347) |
-€140m |
o/w Bouygues
Construction |
77 |
39 |
-€38m |
o/w Bouygues
Immobilier |
14 |
(16) |
-€30m |
o/w Colas |
(298) |
(370) |
-€72m |
TF1 |
63 |
42 |
-€21m |
Bouygues Telecom |
91 |
68 |
-€23m |
Bouygues SA and other |
(5) |
(5) |
€0m |
Group current operating profit/(loss) |
(58) |
(242) |
-€184m |
|
|
|
CONTRIBUTION TO GROUP OPERATING PROFIT/(LOSS) BY SECTOR OF
ACTIVITY (€ million) |
Q1 2019 |
Q1 2020 |
Change |
Construction businesses |
(207) |
(347) |
-€140m |
o/w Bouygues
Construction |
77 |
39 |
-€38m |
o/w Bouygues
Immobilier |
14 |
(16) |
-€30m |
o/w Colas |
(298) |
(370) |
-€72m |
TF1 |
63 |
42 |
-€21m |
Bouygues Telecom |
106 |
70 |
-€36m |
Bouygues SA and other |
(5) |
(5) |
€0m |
Group operating profit/(loss) |
(43)a |
(240)b |
-€197m |
(a) Including non-current income of €15m at Bouygues Telecom
mainly related to the capital gain on the sale of sites (b)
Including non-current income of €2m at Bouygues Telecom mainly
related to the capital gain on the sale of sites
CONTRIBUTION TO NET PROFIT/(LOSS) ATTRIBUTABLE TO THE GROUP
BY SECTOR OF ACTIVITY
(€ million) |
Q1 2019 |
Q1 2020 |
Change |
Construction businesses |
(158) |
(283) |
-€125m |
o/w Bouygues
Construction |
55 |
22 |
-€33m |
o/w Bouygues
Immobilier |
6 |
(15) |
-€21m |
o/w Colas |
(219) |
(290) |
-€71m |
TF1 |
18 |
11 |
-€7m |
Bouygues Telecom |
53 |
36 |
-€17m |
Alstom |
33 |
35 |
+€2m |
Bouygues SA and other |
(5) |
(3) |
+€2m |
Net profit/(loss) attributable to the Group |
(59) |
(204) |
-€145m |
NET SURPLUS CASH (+)/NET DEBT (-) BY BUSINESS SEGMENT
(€ million) |
End-Dec 2019 |
End-March 2020 |
Change |
Bouygues
Construction |
3,113 |
2,632 |
-€481m |
Bouygues
Immobilier |
(279) |
(406) |
-€127m |
Colas |
(367) |
(944) |
-€577m |
TF1 |
(127) |
(27) |
+€100m |
Bouygues Telecom |
(1,454) |
(1,690) |
-€236m |
Bouygues SA and other |
(3,108) |
(3,154) |
-€46m |
Net surplus cash (+)/Net debt (-) |
(2,222) |
(3,589) |
-€1,367m |
Current and non-current lease obligations |
(1,686) |
(1,637) |
+€49m |
CONTRIBUTION TO NET CAPITAL EXPENDITURE BY SECTOR OF
ACTIVITY (€ million) |
Q1 2019 |
Q1 2020 |
Change |
Construction businesses |
86 |
51 |
-€35m |
o/w Bouygues
Construction |
57 |
14 |
-€43m |
o/w Bouygues
Immobilier |
2 |
2 |
€0m |
o/w Colas |
27 |
35 |
+€8m |
TF1 |
45 |
63 |
+€18m |
Bouygues Telecom |
303 |
344 |
+€41m |
Bouygues SA and other |
2 |
(1) |
-€3m |
Group net capital expenditure |
436 |
457 |
+€21m |
|
|
|
CONTRIBUTION TO GROUP FREE CASH
FLOWa BY SECTOR OF ACTIVITY
(€ million) |
Q1 2019 |
Q1 2020 |
Change |
Construction businesses |
(275) |
(333) |
-€58m |
o/w Bouygues
Construction |
34 |
64 |
+€30m |
o/w Bouygues
Immobilier |
(5) |
(28) |
-€23m |
o/w Colas |
(304) |
(369) |
-€65m |
TF1 |
58 |
14 |
-€44m |
Bouygues Telecom |
(59) |
(64) |
-€5m |
Bouygues SA and other |
(36) |
(19) |
+€17m |
Group free cash flowa |
(312) |
(402) |
-€90m |
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.
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.A calculation of free cash flow after WCR
by business segment is presented in Note 11 “Segment information”
to the consolidated financial statements at 31 March 2020,
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 11 to the consolidated financial statements at 31 March 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 Net debt / shareholders’ equity
2 To keep the global increase in temperatures to below 1.5°C
over the period to 2100
3 At constant exchange rates and excluding principal disposals
and acquisitions
4 This amount does not include preliminary studies and
preparatory works, for which €140 million was booked in March
2020
5 Excluding directors representing employees and employee
shareholders
6 Excluding director representing employees
- CP_results Q1 2020 Bouygues
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