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Bouygues SA — Earnings Release 2018
Feb 21, 2019
1167_iss_2019-02-21_a808a85e-d22d-4380-bbc5-810f8e517936.pdf
Earnings Release
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- SHARP IMPROVEMENT IN FOURTH QUARTER GROUP PROFITABILITY
- RISE IN CURRENT OPERATING PROFIT AND IN NET PROFIT ATTRIBUTABLE TO THE GROUP
- SOLID COMMERCIAL PERFORMANCE IN THE THREE SECTORS OF ACTIVITY
- DIVIDEND AT €1.70 PER SHARE
The consolidated financial statements at 31 December 2018 are presented in comparison with the financial statements at 31 December 2017, restated to take account of the application of IFRS 15 and of IFRS 9 on 1 January 2018. The impacts on 2017 results are shown in the notes to the 2018 consolidated financial statements (Note 23).
-
TV advertising sales at TF1's five unencrypted channels up 1% in 2018
-
xplosion in B2C and B2B fixed and mobile usage
• trong worldwide demand for complex projects, more sophisticated and integrated offers, and • ignificant appetite for premium and exclusive video content that can be monetized via data analysis
• t Bouygues Telecom, 573,000 new mobile plan customers excluding MtoM and 304,000 new FTTH • backlog in the construction businesses at end December 2018 at a record level of €33.1 billion, up
- In 2019, improve the Group profitability and generate 300 million of free cash flow at Bouygues
- Within two years, increase the Group free cash flow generation after WCR to billion thanks to
DETAILED ANALYSIS BY SECTOR OF ACTIVITY
and stock options granted is released today on the www.bouygues.com website under Finance Shareholders,
- 25 April 2019: Bouygues Annual General Meeting
- 3 May 2019: Dividend payment
- 16 May 2019: First quarter 2019 results (7.30am CET)
- 29 August 2019: First half 2019 results (7.30am CET)
- 14 November 2019: Nine month 2019 results (7.30am CET)
| BACKLOG | End-December | ||
|---|---|---|---|
| AT THE CONSTRUCTION BUSINESSES | 2017 restated | 2018 | Change |
| (€ million | |||
| Bouygues Construction | 21,177 | 22,183 | +5% |
| Bouygues Immobilier | 2,709 | 2,478 | 9% |
| Colas Total |
7,584 31,470 |
8,485 33,146 |
+12% +5% |
| BOUYGUES CONSTRUCTION | |||
| ORDER INTAKE | 2017 | 2018 | Change |
| (€ million France |
6,175 | 5,834 | 6% |
| International | 6,955 | 8,706 | +25% |
| Total | 13,130 | 14,540 | +11% |
| BOUYGUES IMMOBILIER RESERVATIONS |
|||
| (€ million | 2017 | 2018 | Change |
| Residential property | 2,636 | 2,337 | 11% |
| Commercial property | 429 | 277 | 35% |
| Total | 3,065 | 2,614 | -15% |
| COLAS End-December |
|||
| BACKLOG | 2017 | 2018 | Change |
| (€ million | |||
| Mainland France | 3,161 | 3,414 | +8% |
| International and French overseas territories Total |
4,423 7,584 |
5,071 8,485 |
+15% +12% |
| TF1 | |||
| a AUDIENCE SHARE |
2017 | 2018 | Change |
| Total | 32.3% | 32.6% | +0.3 pts |
| (a) Source: Médiamétrie women under 50 who are purchasing decision makers |
|||
| BOUYGUES TELECOM CUSTOMER BASE ('000) |
2017 | End-December 2018 |
Change |
| Mobile customer base excl. MtoM | 10,998 | 11,41 | +41 |
| Mobile plan base excl. MtoM | 10,317 | 10,890 | +573 |
Total mobile customers 14,387 16,351 +1,963 Total fixed customers 3,442 3,676 +234
| CONDENSED CONSOLIDATED INCOME STATEMENT (€ million) 2017 restated |
2018 | Change |
|---|---|---|
| Sales 32,923 |
35,555 | a +8% |
| Current operating profit 1,406 Other operating income and expenses 113 |
1,511 265 |
+€105m +€152m |
| Operating profit 1,519 |
1,776 | +€257m |
| Cost of net debt (226) Other financial income and expenses 38 Income tax (299) Share of net profit of joint ventures and associates 169 o/w Alstom 105 |
(216) 17 (427) 303 230 |
+€10m €21m €128m +€134m +€125m |
| Net profit from continuing operations 1,201 |
1,453 | +€252m |
| Net profit attributable to non controlling interests (119) |
(142) | €23m |
| Net profit attributable to the Group 1,082 |
1,311 | +€229m |
| Net profit attributable to the Group excl. exceptional items 908 |
1,047 | +€139m |
| 2018 | Change Forex Scope lfl & |
|---|---|
| effect effect constant |
|
| fx | |
| 27,966 | 8.4% 1.4% -6.9% 3.0% |
| 12,358 | 6.0% 1.7% 6.5% 1.2% |
| 4.4% 0.0% 0.8% 3.6% |
|
| 13,190 | 12.7% 1.4% 8.9% 5.3% |
| 7.3% 0.0% -5.4% 1.9% |
|
| 5,344 | 5.6% - - 5.6% |
| 168 | nm - - nm |
| (421) | nm - - nm |
| 35,555 | 8.0% 1.1% -5.7% 3.4% |
| 21,788 | 3.7% 0.0% 0.2% 3.5% |
| 13,767 | 15.5% 3.1% 15.4% 3.3% |
| 2,628 2,288 |
| CONTRIBUTION TO GROUP EBITDA | ||
|---|---|---|
| 2017 restated | 2018 | Change |
| BY SECTOR OF ACTIVITY (€ million) | ||
| Construction businesses 1,434 |
1,427 | -€7m |
| o/w Bouygues Construction 472 |
491 | +€19m |
| o/w Bouygues Immobilier 226 |
161 | €65m |
| o/w Colas 736 |
775 | +€39m |
| TF1 392 |
470 | +€78m |
| Bouygues Telecom 1,097 |
1,268 | +€171m |
| Bouygues SA and other (25) |
(21) | +€4m |
| Group EBITDA 2,898 |
3,144 | +€246m |
| CONTRIBUTION TO GROUP CURRENT OPERATING 2017 restated PROFIT BY SECTOR OF ACTIVITY (€ million) |
2018 | Change |
|---|---|---|
| Construction businesses 943 |
915 | -€28m |
| o/w Bouygues Construction 363 |
368 | +€5m |
| o/w Bouygues Immobilier 218 o/w Colas 362 |
188 359 |
€30m €3m |
| TF1 185 |
196 | +€11m |
| Bouygues Telecom 320 Bouygues SA and other (42) |
431 (31) |
+€111m +€11m |
| Group current operating profit 1,406 |
1,511 | +€105m |
| CONTRIBUTION TO GROUP OPERATING PROFIT BY 2017 restated SECTOR OF ACTIVITY (€ million) |
2018 | Change |
|---|---|---|
| Construction businesses 938 |
880 | -€58m |
| o/w Bouygues Construction 363 |
364 | +€1m |
| o/w Bouygues Immobilier 218 o/w Colas 357 |
188 328 |
€30m €29m |
| TF1 162 |
174 | +€12m |
| Bouygues Telecom 461 Bouygues SA and other (42) |
753 (31) |
+€292m +€11m |
| 1,519a Group operating profit |
1,776b | +€257m |
| BY BUSINESS SEGMENT End-Dec 2017 (€ million) restated |
End-Dec 2018 |
Change |
|---|---|---|
| Bouygues Construction 3,409 Bouygues Immobilier (86) |
3,119 (238) |
€290m €152m |
| Colas 433 TF1 |
(517) | €950m |
| 257 Bouygues Telecom (976) |
(28) (1,278) |
€285m €302m |
| Bouygues SA and other (4,954) TOTAL (1,917) |
(4,715) (3,657) |
+€239m -€1,740m |
| CONTRIBUTION TO NET CAPITAL EXPENDITURE BY 2017 restated SECTOR OF ACTIVITY (€ million) |
2018 | Change |
|---|---|---|
| Construction businesses 488 |
497 | +€9m |
| o/w Bouygues Construction 119 o/w Bouygues Immobilier 14 o/w Colas 355 |
201 288 |
+€82m €6m €67m |
| TF1 198 Bouygues Telecom 726 Bouygues SA and other 10 |
204 865 7 |
+€6m +€139m -€3m |
| TOTAL 1,422 |
1,573 | +€151m |
| CONTRIBUTION TO GROUP FREE CASH FLOW BY | ||
|---|---|---|
| 2017 restated | 2018 | Change |
| SECTOR OF ACTIVITY (€ million) | ||
| Construction businesses 707 |
609 | -€98m |
| o/w Bouygues Construction 274 |
106 | €168m |
| o/w Bouygues Immobilier 113 |
126 | +€13m |
| o/w Colas 320 |
377 | +€57m |
| TF1 127 |
159 | +€32m |
| Bouygues Telecom 57 |
188 | +€131m |
| Bouygues SA and other (27) |
(41) | -€14m |
| TOTAL 864 |
915 | +€51m |
GLOSSARY
• for acquisitions, by deducting from the current period those sales of the acquired entity that have no
• for divestments, by deducting from the comparative period those sales of the divested entity that
Note to the consolidated financial statements at 31 December 2018, available at bouygues.com
• if Bouygues Immobilier has exclusive control over the co promotion company (full consolidation),
• if joint control is exercised (the company is accounted for by the equity method), commercial activity
o For BtoC customers: sales from outgoing call charges (voice, texts and data), connection fees,
o For BtoB customers: sales from outgoing call charges (voice, texts and data), connection o Machine To Machine (MtoM) sales. o Visitor roaming sales.
o Sales generated with Mobile Virtual Network Operators (MVNOs). o For BtoC customers: sales from outgoing call charges, fixed broadband services, TV services
o For BtoB customers: sales from outgoing call charges, fixed broadband services, TV services
o Sales from bulk sales to other fixed line operators.