BOUYGUES: First-half 2020 results
Press release – Paris, 27/08/2020
First-half 2020 results
- GROUP
- Current operating profit generated in Q2 2020, despite the
strong impact of the Covid-19 crisis
- Robust financial situation and high liquidity with available
cash of €11.1bn at end-June 2020
- CONSTRUCTION BUSINESSES
- Backlog at a record level
- Current operating profit generated at Colas in Q2 2020
- BOUYGUES TELECOM
- Return to sustained commercial momentum after lockdown, strong
year-on-year growth in sales from services (up 8%) and EBITDA after
Leases (up 9%)
- Agreement with Crédit Mutuel for the acquisition of EIT1, the
leading MVNO operator on the French market
- 2020 objectives revised
KEY FIGURES (€ million) |
H1 2019 |
H1 2020 |
Change |
Sales |
17,446 |
14,758 |
-15%a |
Current operating profit/(loss) |
453 |
(132) |
-€585m |
Operating profit/(loss) |
495b |
(176)c |
-€671m |
Net profit/(loss) attributable to the Group |
225 |
(244) |
-€469m |
|
|
|
|
Net surplus cash (+)/Net debt (-) |
(6,205) |
(3,905) |
+€2,300m |
(a) Down 15% like-for-like and at constant exchange rates(b)
Including non-current income of €42m(c) Including non-current
charges of €44m
As expected, the Group’s results in
first-half 2020 were strongly impacted by the consequences of the
Covid-19 crisis
- Sales were €14.8 billion, down 15%
year-on-year (down 15% like-for-like and at constant exchange
rates). The €2.7-billion decrease was entirely attributable to
Covid-19, which had an estimated impact of -€2.8 billion. In
France, sales were down 19% due to the sudden lockdown on
17 March, followed by a gradual restart of the three sectors
of activity. Internationally, sales were down 10% related to the
slowdown in activity and lockdown in geographies (Hong Kong, Italy,
Switzerland, Belgium, Singapore, etc.).
- The Group reported a current operating loss of
€132 million, a deterioration of €585 million versus the
first half of 2019. The difference was entirely due to the impact
of Covid-19, estimated at ‑€650 million in first-half 2020
(loss of current operating margin and unavoidable or additional
costs2). After reaching a low point in April, the Group posted a
current operating profit in June.
- The Group reported an operating loss of
€176 million, a deterioration of €671 million
year-on-year. It includes non-current charges of €44 million,
essentially at Colas, versus non-current income of €42 million
in first-half 2019.
- The net loss attributable to the Group of
€244 million represented a deterioration of €469 million
versus the first half of 2019.
The Group posted current operating
profit of €110 million in second-quarter 2020, demonstrating
the high responsiveness of business segments and the gradual
resumption of activity.
- Bouygues Telecom reported current operating
profit of €185 million, up €46 million year-on-year,
driven by growth in the customer base and in ABPU.
- At Colas, current operating profit of
€66 million reflected the rapid resumption of the roads
activities before the end of the lockdown, mostly in mainland
France and in Canada.
- At TF1, current operating profit of
€26 million included significant savings in programing costs,
softening the impact of the decline in sales.
The Group benefits from a high level of
liquidity and a particularly robust financial
structure
- Available cash reached €11.1 billion at
end-June 2020, comprising €4.4 billion in cash and
€6.7 billion in unused medium- and long-term credit
facilities, of which €6.3 billion contains no financial
covenants.
- Net debt was €3.9 billion at end-June
2020. This was €2.3 billion less than at end-June 2019,
essentially related to the positive €1.4-billion impact from Alstom
(dividends and sale of 13% of the share capital). The figure does
not yet include the payment of a dividend of €1.7 per share3 which
is planned for September 2020.
- Net gearing4 was 34% versus 59% at end-June
2019.
OUTLOOK
The Covid-19 crisis and its consequences
validate the Group’s strategic choices:
- strengthen the more resilient businesses:
ramp-up growth at Bouygues Telecom, develop the Energies &
Services activities;
- continue Colas’ development towards new growth
areas: expand its international network via external growth in
target countries (North America, Northern Europe, etc.) and
optimize its industrial activities (quarries and bitumen);
- pursue the transformation of TF1 and Bouygues
Immobilier: strengthen TF1’s positioning in the value
chain to reduce its dependence on TV advertising, turn sales and
profitability around at Bouygues Immobilier;
- accelerate digital transformation: develop
innovative products and solutions, reshape organizations and work
processes.
The Group maintains its ambition to
implement a new phase in its climate
strategy by reducing the carbon footprint of its
activities while strengthening its portfolio of low-carbon
solutions. It confirms that in 2020 it will define a 2030
greenhouse gas emissions reduction target compatible with the Paris
Agreement (limiting global warming to 1.5°C), and prepare action
plans for its five business segments.
As a reminder, the Group
withdrew its 2020 guidance on 1 April. Due to the
uncertainty of the ongoing Covid-19 crisis and its impact for the
rest of the year, the Group will not issue a new guidance
for 2020.
However, thanks to the responsiveness of its
business segments and the measures taken, the Group
will return to significant
profitability in the second half of
20205, without reaching the particularly high levels of
second-half 2019.
Bouygues Telecom, which is showing its resilience,
is pursuing its growth strategy and is choosing to maintain a high
level of investment in order to strengthen the quality of its
networks against a backdrop of a continued increase in usage. It is
therefore revising its objectives for 20205:
- Growth in sales from services estimated at
around 4 %, despite the sharp decline in roaming
sales due to Covid-19 (vs around 5% beforehand);
- Gross capex that could reach €1.2
billion (includes expenditures necessary for the
integration of EIT but excludes the acquisition of 5G
frequencies);
- Free cash flow of around €250
million (vs over €300 million beforehand).
Commenting on these results, Martin
Bouygues, Chairman and CEO of Bouygues, said:“The
long-term trends on which the Group relies remain buoyant, despite
the current crisis. After a challenging first half of the year, our
fundamentals and our strategy should enable us to return to growth
in all three sectors of activity.5”
DETAILED ANALYSIS BY SECTOR OF ACTIVITY
CONSTRUCTION BUSINESSES
The backlog in the construction
businesses reached a record level of €35.7 billion at
end-June 2020, up 6% year-on-year (up 5% at constant exchange rates
and excluding principal disposals and acquisitions) and up 8%
versus end‑December 2019, providing good visibility on future
activity.The backlog at end-June 2020 rose in all business segments
versus end-June 2019:
- up 8% at Bouygues Construction, linked to a significant
increase in order intake over the period (up 18% year-on-year, of
which 46% in international markets);
- up 4% at Bouygues Immobilier;
- up 1% at Colas.
In France, the backlog rose 2%
to €14.8 billion. This reflected:
- a 2% increase in the backlog at Bouygues Construction to
€8.9 billion;
- a 4% increase in the backlog at Bouygues Immobilier to
€2.3 billion, which included the block sale of 1,408 lots
(social rental housing, rental housing for middle-income earners
and private-sector rental housing) to Caisse des Dépôts et
Consignations in second-quarter 2020;
- a slight 1% decrease in the backlog at Colas to
€3.6 billion, linked to lower order intake in the roads
activities in mainland France (impacts of Covid-19 and context of
municipal elections).
Internationally, the
construction businesses’ backlog was up 9% year-on-year to
€20.9 billion at end-June 2020 (up 8% at constant exchange
rates and excluding principal disposals and acquisitions). The
increase was driven by the backlogs at Bouygues Construction (up
12% to €14.3 billion) and Colas (up 3% to €6.5 billion)
versus end-June 2019.
The backlog includes significant
orders taken in second-quarter 2020, both in France and in
international markets. Bouygues Construction won a €1.1-billion
contract6 to build a section of the HS2 high-speed rail line in the
United Kingdom and a €552-million contract7 to build the Fécamp
offshore wind farm in France, while Colas won contracts worth
€160 million to resurface roads in the United States.
International business represented 63%
of the combined backlog of Bouygues Construction and Colas
at the end of first-half 2020, versus 61% a year earlier.
The Covid-19 pandemic strongly affected
the construction businesses’ financial results in first-half 2020.
After reaching a low point in April, the construction businesses
returned to profitability in June 2020.
Sales in the construction
businesses were €10.8 billion in first-half 2020, down 19%
(-€2.6 billion). The decline was due to the impact of
Covid-19, estimated at -€2.5 billion. France was particularly
hard hit, with sales down 28% over the period (strict lockdown,
then gradual resumption of activity, and the postponement of
municipal elections). The decrease was smaller in international
markets, down 10%.
The construction businesses reported a
current operating loss of €437 million in
first-half 2020, versus a current operating profit of
€72 million a year earlier, a deterioration of
€509 million. The decrease was entirely attributable to
Covid-19, the impact of which was estimated at -€530 million
over the period. A highlight of second-quarter 2020 was the current
operating profit of €66 million generated by Colas, due in
particular to the rapid resumption of the roads activities, mostly
in mainland France and Canada.
The operating loss of €482 million in
first-half 2020 included non-current charges of €45 million at
Colas related to the reorganization of the roads activities in
France and the continued dismantling of the Dunkirk site.
In this unprecedented situation,
Bouygues took a proactive approach to manage the Covid-19
crisis. Drawing on the experience of successfully
restarting worksites in Hong Kong in February 2020, the Group
organized the resumption of its French activities well before the
end of lockdown, allowing for activity to restart gradually from 15
April. This was extended to other countries hit by lockdown during
the second quarter. At the same time, the Group attempted to limit
the impacts of the crisis on its activities, by negotiating with
customers to share Covid-19-related excess costs while partly
offsetting some of the shortfall in activity observed during
lockdown and rolling out cost-cutting measures. Almost all
sites in France had reopened by mid-July 2020 and work was
progressing at a close-to-pre-crisis level.
Activity had also returned to almost normal in many other
geographies, including Switzerland, Hong Kong, Canada and
the United Kingdom. By mid-August, activity had also gradually
resumed in Singapore.
The Group is well-positioned to respond
to the challenges of the stimulus plans announced in major
countries where it has operations, such as the EU, France, the
United Kingdom, Canada and the United States. These plans are
intended in particular to encourage sustainable infrastructure, the
energy transition and the renovation of buildings. They are likely
to offer attractive opportunities for the Group’s businesses,
especially given the extensive portfolio of low-carbon solutions it
has developed and the expertise it has demonstrated for many
years.
TF1
TF1’s results in first-half
2020 reflect both the effects of the Covid-19 crisis and the TF1
group’s ability to promptly adapt its programing and cost
management to soften its impact.
With daily TV viewing time up 26 minutes
year-on-year in first-half 2020, the audience share among key
targets remained at a high level, at 31.9% of women under 50 who
are purchasing decision-makers and 29.6% of individuals aged 25 to
49.
First-half 2020 sales reached €884 million,
down 23% year-on-year, a decrease of €261 million. The impact
of Covid‑19 over the period was estimated at -€250 million.
Sales were affected both by mass cancellations or postponement of
advertising campaigns and by the shutdown and then gradual
resumption of production shooting activities in France and
abroad.
Current operating profit in the first-half of
the year was €68 million, down €95 million year-on-year.
Covid-19 accounted for an impact of around €100 million while
efforts were made to adjust programming schedules to generate
savings of €107 million on the programing costs at the five
free-to-air channels.
The decline in advertising revenue has slowed
since the end of lockdown as some advertisers have returned.
However, given the uncertainty surrounding the progress and the
consequences of the pandemic, TF1 has withdrawn its guidance for
2020 and 2021.
BOUYGUES TELECOM
In first-half 2020, Bouygues
Telecom demonstrated its ability to maintain the quality
and reliability of its mobile and fixed networks, while usage rose
sharply during lockdown, and did its best to meet customers’ needs.
Bouygues Telecom was the first operator to reopen its stores, from
11 May, in strict compliance with health measures. Since reopening,
the level of new adds has been higher than before the
crisis, enabling the company to maintain good
commercial momentum over the first half of 2020.
As a result, the company had 11.8 million
mobile plan customers excluding MtoM at end-June 2020, an increase
of 274,000 new customers since the end of 2019, including 161,000
in the second quarter alone. The share of the premium segment
remained steady in relation to the SIM Only/Web Only segment in
first-half 2020, with a high proportion of customers who returned
to the company’s stores completing a purchase.
Bouygues Telecom had 1.2 million FTTH
customers at end-June 2020, with 210,000 new adds since the end of
2019, including 93,000 in the second quarter. The FTTH
penetration rate rose to 30% at end-June 2020, versus 20%
a year earlier, enabling the company to narrow the gap with its
competitors. It is confirming the strong demand for FTTH as
customers emerge from lockdown. The company had a total of
4 million fixed customers at end‑June 2020.
Thanks to over 6% growth in sales year-on-year
in the second-quarter 2020, Bouygues Telecom has posted the
strongest quarterly growth in the French market since mid-20178,
almost without interruption. This performance has
been driven, in particular, by the increase in sales from services
for the 20th consecutive quarter. Growth of 6% in the
second-quarter 2020 versus second-quarter 2019 was driven by an
increase of 11% in sales from fixed services and of 4% in sales
from mobile services. The rise in sales from mobile services
reflects the increase in services billed to customers excluding
roaming, which more than offset the decline in roaming revenue
caused by the drop in intercontinental travel and the closure of
some borders.
In first-half 2020, Bouygues Telecom reported
sales of €3,042 million, up 4% year-on-year. The impact of
Covid-19 over the period is estimated at
-€70 million.Sales from services rose 8% to
€2,404 million. This reflects growth in both the mobile and
the fixed customer base and a rise in ABPU (mobile ABPU restated
for the impact of roaming rose €0.3 year-on-year to €19.7 per
customer per month9, while fixed ABPU rose €1.3 year-on-year to
€27.2 per customer per month). The 7% year-on-year decline in Other
sales was essentially due to lower sales of handsets as stores
remained closed during lockdown.
EBITDA after Leases was up
€58 million year-on-year at €711 million, a rise
of 9%. It included non-recurrent expenditures of €20 million
related to brand repositioning and advertising campaigns in
first-quarter 2020, plus around €20 million of
Covid‑19-related costs in first-half 2020. The EBITDA after Leases
margin was 29.6%, 0.3 points higher than in first-half 2019.
Current operating profit in first-half 2020 was
€253 million, up €23 million year-on-year. It includes a
capital gain of €17 million on the sale of FTTH premises in
medium-dense areas to SDAIF, the joint venture with Vauban
Infrastructure Partners as part of Project Astérix. First-half 2020
operating profit was down €26 million at €254 million. It
includes non-current income of €1 million, versus
€50 million at end-June 2019 (mainly related to the capital
gain on the disposal of mobile sites).
Gross capex was €581 million in the
first-half of the year, up €51 million year-on-year. Disposals
over the same period amounted to €194 million, much of which
(€185 million) was linked to Project
Astérix.
On 26 June 2020, Bouygues Telecom announced that it had signed an
exclusivity agreement with Euro-Information, a Crédit Mutuel group
company, with a view to acquiring all the capital of its subsidiary
Euro-Information Telecom (EIT), the leading MVNO operator on the
French market, and concluding a distribution partnership. With the
consumer mobile market reaching maturity, the partnership has a
strategic interest for Bouygues Telecom for three reasons: to
ramp-up its growth in the mobile and fixed markets, to benefit from
a complementary and experienced nationwide distribution network
through over 4,200 Crédit Mutuel and CIC bank branches with 30,000
customer advisers, and to improve its profitability and secure its
free cash flow in a fixed-cost industry. Ultimately, based on its
core scenario, Bouygues Telecom expects the acquisition to
make an annual contribution of over €200 million to EBITDA
after Leases and €100 million to free cash flow. The
transaction is expected to close before the end of 2020, subject to
obtaining the necessary administrative approvals, notably from the
French Competition Authority, and the consultation of employee
representative bodies.
Bouygues Telecom continued to work on its
infrastructure projects in first-half 2020, finalizing the closing
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);
- Project Astérix signed with Vauban Infrastructure Partners on
23 April 2020, related to the co-financing of an FTTH network in
medium-dense areas.
ALSTOM
Alstom’s contribution to the
Group’s net profit was €35 million in first-half 2020, versus
€33 million in first-half 2019.
As a reminder, at Alstom’s General Meeting on 8
July 2020, shareholders approved the non-distribution of dividend
in respect of FY2019/2020.
FINANCIAL SITUATION
Since the start of the Covid-19 crisis,
Bouygues aimed to secure and strengthen its cash
position and, more broadly, its financial resources.In
first-half 2020, it
notably:
- issued NEU-CP (commercial paper) for €510 million;
- drew down lines of credit for €1 billion;
- successfully completed a €1-billion bond issue.
As a result, the Group had €4.4 billion in
cash at end-June 2020, a considerable increase from
€1.4 billion at 30 June 2019. The unused medium- and
long-term credit facilities amount to €6.7 billion, of which €6.3
billion contains no financial covenants. Total available cash
amounted to €11.1 billion at end-June 2020.
Net debt at 30 June 2020 was €3.9 billion,
€1.7 billion more than at 31 December 2019 due to the usual
seasonal factors.
Net debt at end-June 2020 does not include the
payment of a dividend of €1.7 per share10 in September 2020 and
Bouygues Telecom’s acquisition of EIT.
GOVERNANCE
The Board of Directors at its 26 August meeting
took note of Olivier Bouygues’ resignation as Deputy CEO, effective
from 31 August 2020.
The Board warmly thanked Olivier Bouygues for
his commitment to serving the Group since 1974 and in his function
as Deputy CEO since 2002, and was pleased to still be able to
benefit from his expertise and experience as a director.
FINANCIAL CALENDAR
- 4 September 2020: Ordinary General Meeting (2.30pm
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 full financial statements
and notes to the financial statements on
www.bouygues.com/finance/resultats. The results presentation
conference call for analysts will start at 11.00am (CET) on
27 August 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 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 • 75378 Paris
CEDEX 08 • www.bouygues.com
FIRST-HALF 2020 BUSINESS ACTIVITY
BACKLOGAT THE CONSTRUCTION
BUSINESSES(€ million) |
End-June |
|
2019 |
2020 |
Change |
Bouygues
Construction |
21,511 |
23,246 |
+8% |
Bouygues
Immobilier |
2,304 |
2,386 |
+4% |
Colas |
9,942 |
10,065 |
+1% |
Total |
33,757 |
35,697 |
+6% |
BOUYGUES CONSTRUCTIONORDER
INTAKE(€ million) |
First-half |
|
2019 |
2020 |
Change |
France |
2,385 |
2,008 |
-16% |
International |
2,918 |
4,249 |
+46% |
Total |
5,303 |
6,257 |
+18% |
BOUYGUES
IMMOBILIERRESERVATIONS(€ million) |
First-half |
|
2019 |
2020 |
Change |
Residential
property |
964 |
887 |
-8% |
Commercial property |
25 |
5 |
nm |
Total |
989 |
892 |
-10% |
COLASBACKLOG(€ million) |
End-June |
|
2019 |
2020 |
Change |
Mainland France |
3,633 |
3,581 |
-1% |
International and French overseas territories |
6,309 |
6,484 |
+3% |
Total |
9,942 |
10,065 |
+1% |
TF1AUDIENCE SHAREa |
End-June |
|
2019 |
2020 |
Change |
Total |
32.7% |
31.9% |
-0.8 pts |
(a) Source: Médiamétrie – women under 50 who are purchasing
decision-makers
BOUYGUES TELECOMCUSTOMER BASE
(‘000) |
|
End-Dec 2019 |
End-June 2020 |
Change |
Mobile customer base
excl. MtoM |
11,958 |
12,169 |
+211 |
Mobile plan base excl. MtoM |
11,543 |
11,817 |
+274 |
Total mobile customers |
17,800 |
18,178 |
+378 |
Total fixed customers |
3,916 |
3,989 |
+73 |
FIRST-HALF 2020 FINANCIAL
PERFORMANCE
|
|
|
CONDENSED CONSOLIDATED INCOME STATEMENT
(€ million) |
H1 2019 |
H1 2020 |
Change |
Sales |
17,446 |
14,758 |
-15%a |
Current operating
profit/(loss) |
453 |
(132) |
-€585m |
Other operating income and expenses |
42b |
(44)c |
-€86m |
Operating profit/(loss) |
495 |
(176) |
-€671m |
Cost of net debt |
(107) |
(94) |
+€13m |
Interest expense on lease
obligations |
(29) |
(25) |
+€4m |
Other financial income and
expenses |
11 |
(13) |
-€24m |
Income tax |
(132) |
12 |
+€144m |
Share of net profits of joint ventures
and associates |
59 |
77 |
+€18m |
o/w Alstom |
33 |
35 |
+€2m |
Net
profit/(loss) from continuing operations |
297 |
(219) |
-€516m |
Net profit
attributable to non-controlling interests |
(72) |
(25) |
+€47m |
Net
profit/(loss) attributable to the Group |
225 |
(244) |
-€469m |
(a) Down 15% like-for-like and at constant exchange rates (b)
Including non-current charges of €8m at Bouygues Construction and
non-current income of €50m at Bouygues Telecom mainly related to
the disposal of mobile sites
(c) Including non-current income of €1m at
Bouygues Telecom and non-current charges of €45m at Colas related
to the reorganization of the roads activities in France and the
continued dismantling of the Dunkirk site
|
|
|
CALCULATION OF EBITDA AFTER LEASESa
(€ million) |
H1 2019 |
H1 2020 |
Change |
Current operating profit/(loss) |
453 |
(132) |
-€585m |
Interest expense on lease
obligations |
(29) |
(25) |
+€4m |
Net depreciation and amortization
expense on property, plant and equipment and intangible assets |
812 |
851 |
+€39m |
Charges to provisions and impairment
losses, net of reversals due to utilization |
98 |
76 |
-€22m |
Reversals of unutilized provisions and impairment losses and
other |
(116) |
(147) |
-€31m |
EBITDA after Leasesa |
1,218 |
623 |
-€595m |
(a) See glossary for definitions
|
|
ESTIMATED IMPACT OF COVID-19 IN FIRST-HALF 2020
(€ million) |
Sales |
Current operating profit/(loss) |
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
the H1 2019 reported figures or the 2020 forecast.
|
|
|
|
|
|
SALES BY SECTOR OF ACTIVITY (€ million) |
H1 2019 |
H1 2020 |
Change |
Forex effect |
Scope effect |
lfl & |
|
constant fxc |
|
Construction businessesa |
13,398 |
10,842 |
-19% |
-0.4% |
+0.6% |
-19% |
|
o/w Bouygues
Construction |
6,539 |
5,321 |
-19% |
-0.9% |
0% |
-19% |
|
o/w Bouygues
Immobilier |
1,086 |
701 |
-35% |
0.1% |
0% |
-35% |
|
o/w Colas |
5,834 |
4,870 |
-17% |
0% |
+1.4% |
-15% |
|
TF1 |
1,145 |
884 |
-23% |
0% |
+0.2% |
-23% |
|
Bouygues Telecom |
2,913 |
3,042 |
+4% |
0% |
-0.2% |
+4% |
|
Bouygues SA
and other |
98 |
93 |
nm |
- |
- |
nm |
|
Intra-Group eliminationsb |
(169) |
(153) |
nm |
- |
- |
nm |
|
Group
sales |
17,446 |
14,758 |
-15% |
-0.3% |
+0.5% |
-15% |
|
o/w France |
10,553 |
8,533 |
-19% |
0% |
+1% |
-18% |
|
o/w
international |
6,893 |
6,225 |
-10% |
-0.8% |
-0.3% |
-11% |
|
(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) |
H1 2019 |
H1 2020 |
Change |
Construction businesses |
312 |
(232) |
-€544m |
o/w Bouygues
Construction |
267 |
(62) |
-€329m |
o/w Bouygues
Immobilier |
16 |
(37) |
-€53m |
o/w Colas |
29 |
(133) |
-€162m |
TF1 |
264 |
160 |
-€104m |
Bouygues Telecom |
653 |
711 |
+€58m |
Bouygues SA and other |
(11) |
(16) |
-€5m |
Group EBITDA after Leases |
1,218 |
623 |
-€595m |
|
|
|
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT/(LOSS) BY
SECTOR OF ACTIVITY (€ million) |
H1 2019 |
H1 2020 |
Change |
Construction businesses |
72 |
(437) |
-€509m |
o/w Bouygues
Construction |
179 |
(95) |
-€274m |
o/w Bouygues
Immobilier |
29 |
(38) |
-€67m |
o/w Colas |
(136) |
(304) |
-€168m |
TF1 |
163 |
68 |
-€95m |
Bouygues Telecom |
230 |
253 |
+€23m |
Bouygues SA and other |
(12) |
(16) |
-€4m |
Group current operating profit/(loss) |
453 |
(132) |
-€585m |
|
|
|
CONTRIBUTION TO GROUP OPERATING PROFIT/(LOSS) BY SECTOR OF
ACTIVITY (€ million) |
H1 2019 |
H1 2020 |
Change |
Construction businesses |
64 |
(482) |
-€546m |
o/w Bouygues
Construction |
171 |
(95) |
-€266m |
o/w Bouygues
Immobilier |
29 |
(38) |
-€67m |
o/w Colas |
(136) |
(349) |
-€213m |
TF1 |
163 |
68 |
-€95m |
Bouygues Telecom |
280 |
254 |
-€26m |
Bouygues SA and other |
(12) |
(16) |
-€4m |
Group operating profit/(loss) |
495a |
(176)b |
-€671m |
(a) Including non-current charges of €8m at Bouygues
Construction and non-current income of €50m at Bouygues Telecom
mainly related to the disposal of mobile sites
(b) Including non-current income of €1m at
Bouygues Telecom and non-current charges of €45m at Colas related
to the reorganization of the roads activities in France and the
continued dismantling of the Dunkirk site
CONTRIBUTION TO NET PROFIT/(LOSS) ATTRIBUTABLE TO THE GROUP
BY SECTOR OF ACTIVITY (€ million) |
H1 2019 |
H1 2020 |
Change |
Construction businesses |
35 |
(384) |
-€419m |
o/w Bouygues
Construction |
121 |
(66) |
-€187m |
o/w Bouygues
Immobilier |
13 |
(33) |
-€46m |
o/w Colas |
(99) |
(285) |
-€186m |
TF1 |
47 |
17 |
-€30m |
Bouygues Telecom |
150 |
142 |
-€8m |
Alstom |
33 |
35 |
+€2m |
Bouygues SA and other |
(40) |
(54) |
-€14m |
Net profit/(loss) attributable to the Group |
225 |
(244) |
-€469m |
NET SURPLUS CASH (+)/NET DEBT (-)a BY BUSINESS SEGMENT
(€ million) |
End-Dec 2019 |
End-June 2020 |
Change |
Bouygues
Construction |
3,113 |
2,599 |
-€514m |
Bouygues
Immobilier |
(279) |
(548) |
-€269m |
Colas |
(367) |
(1,065) |
-€698m |
TF1 |
(127) |
(22) |
+€105m |
Bouygues
Telecom |
(1,454) |
(1,659) |
-€205m |
Bouygues SA and other |
(3,108) |
(3,210) |
-€102m |
Net surplus cash (+)/Net debt (-) |
(2,222) |
(3,905) |
-€1,683m |
Current and non-current lease obligations |
(1,686) |
(1,608) |
+€78m |
(a) See glossary for definitions
CONTRIBUTION TO NET CAPITAL EXPENDITURE BY SECTOR OF
ACTIVITY (€ million) |
H1 2019 |
H1 2020 |
Change |
Construction businesses |
209 |
111 |
-€98m |
o/w Bouygues
Construction |
106 |
37 |
-€69m |
o/w Bouygues
Immobilier |
6 |
2 |
-€4m |
o/w Colas |
97 |
72 |
-€25m |
TF1 |
114 |
107 |
-€7m |
Bouygues Telecom |
454 |
387 |
-€67m |
Bouygues SA and other |
1 |
2 |
+€1m |
Group net capital expenditure |
778 |
607 |
-€171m |
|
|
|
CONTRIBUTION TO GROUP FREE CASH FLOWa BY SECTOR OF ACTIVITY
(€ million) |
H1 2019 |
H1 2020 |
Change |
Construction businesses |
(98) |
(454) |
-€356m |
o/w Bouygues
Construction |
80 |
(135) |
-€215m |
o/w Bouygues
Immobilier |
(20) |
(50) |
-€30m |
o/w Colas |
(158) |
(269) |
-€111m |
TF1 |
113 |
22 |
-€91m |
Bouygues Telecom |
73 |
233 |
+€160m |
Bouygues SA and other |
(50) |
(25) |
+€25m |
Group free cash flowa |
38 |
(224) |
-€262m |
(a) See glossary for definitions
SECOND-QUARTER 2020 FINANCIAL
PERFORMANCE
KEY FIGURES (€ million) |
|
Q2 2020 |
Change vs. Q2 2019 |
Group sales |
|
7,539 |
-21% |
Group current
operating profit/(loss) |
|
110 |
-€401m |
o/w Bouygues Construction |
|
(134) |
-€236m |
o/w Bouygues
Immobilier |
|
(22) |
-€37m |
o/w Colas |
|
66 |
-€96m |
o/w TF1 |
|
26 |
-€74m |
o/w Bouygues Telecom |
|
185 |
+€46m |
Group operating profit/(loss) |
|
64 |
-€474m |
Net profit/(loss) attributable to the Group |
|
(40) |
-€324m |
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.
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 June 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 Euro-Information Telecom
2 Mainly the wage costs of employees working part-time or not at
all (net of compensation received from the State if any), cost of
unused equipment or premises and security measure costs
3 Proposed to the Ordinary General Meeting on 4 September
2020
4 Net debt / shareholders’ equity
5 Based on information known to date and excluding any further
deterioration in the situation due to Covid-19
6 Excluding €140 million related to preliminary studies and
preparatory works booked previously
7 Amount of the contract awarded to the consortium comprising
Bouygues Travaux Publics (40.5%), Saipem (40.5%) and Boskalis
(19%)
8 Based on total sales compared with the French sales of its
competitors; except for the first quarter 2020 and based on the
company’s estimates for the second quarter 2020
9 €19.0 excluding restatement
10 Proposed to the Ordinary General Meeting on 4 September
2020
- PR_H1 2020 Bouygues results
Bouygues (EU:EN)
Historical Stock Chart
From Feb 2024 to Mar 2024
Bouygues (EU:EN)
Historical Stock Chart
From Mar 2023 to Mar 2024