Bouygues: First-half 2022 results
PRESS RELEASE
PARIS
02/08/2022
FIRST-HALF 2022 RESULTS
- Strong first-half results against a complex backdrop
- Group sales up 6% and GROUP current operating profit up
€21 million
- Group OUTLOOK for 2022 confirmed
- Bouygues Telecom replaces its 2022 Sales from services growth
target of around 5% with a Sales billed to customers growth target
of above 5%
- Bouygues Telecom revises ITS target upwards and now expects
EBITDA after Leases GROWTH of over 8% (versus “growth of around 7%”
PREVIOUSLY)
The Board of Directors, chaired by Martin
Bouygues, met on 1 August 2022 to finalize the financial statements
for the first half of 2022.
Key figures
(€ million) |
H1 2022 |
|
H1 2021 |
|
Change |
|
|
|
|
|
|
|
|
Sales |
18,531 |
|
17,417 |
|
+6% |
a |
Current operating profit/(loss) |
492 |
|
471 |
|
+21 |
|
Current operating margin |
2.7% |
|
2.7% |
|
= |
|
Operating profit/(loss) |
448 |
b |
551 |
c |
-103 |
|
Net profit/(loss) attributable to the Group |
147 |
|
408 |
|
-261 |
|
|
|
|
|
|
|
|
Net surplus cash (+)/net debt (-) |
(3,705) |
|
(2,813) |
|
-892 |
|
(a) Up 3% like-for-like and at constant exchange
rates. (b) Including net non-current charges of €44m. (c) Including
net non-current income of €80m.
- Sales totalled €18.5 billion, up 6%, or up 3%
like-for-like and at constant exchange rates. Sales growth was
mainly contributed by Colas.
- Current operating profit increased by €21 million versus
the first half of 2021 to €492 million. The current operating
margin was 2.7%, stable relative to the first half of 2021. The
media and telecom businesses significantly improved their
profitability. Currently impacted by Colas, the profitability of
the construction and services businesses was lower.
- Net profit attributable to the Group was
€147 million. It includes net non-current charges1 of
€44 million, comprising mainly costs relating to the planned
Equans acquisition and the proposed TF1-M6 merger. As a reminder,
net profit attributable to the Group in the first half of 2021
included a €219 million contribution from Alstom, essentially
related to share sales as well as net non-current income of
€80 million, mainly related to the sale of data centers by
Bouygues Telecom.
- Net debt was €3,705 million versus €2,813 million
at end-June 2021, equating to a change of €892 million. Net
gearing2 remained low at 29% (versus 24% at
end-June 2021).
OUTLOOK FOR 2022
The Group confirms its outlook for
2022:
This outlook is based on information known to
date. It excludes any further deterioration in the situation due to
Covid-19 and does not factor in the planned acquisition of Equans
or the proposed merger between TF1 and M6.
- In 2022, the Group is expecting a further increase in
sales and current operating profit vs
2021.
- After the endorsement of Colas’ greenhouse gas emission
reduction targets in 2021, the other business segments are now
looking for the SBTi3 to endorse their own decarbonization
targets.
Bouygues remains very vigilant, looking for any
changes in the macroeconomic situation and their direct or indirect
consequences on the Group’s activities and results.
Bouygues Telecom revises its outlook for
2022:
Bouygues Telecom replaces its 2022 sales from
services growth target of around 5% with a sales billed to
customers growth target of above 5%.
Bouygues Telecom replaces its sales from
services growth target with a sales billed to customers growth
target, which is more representative of its performance. Unlike
sales billed to customers, sales from services (up 3% in
first-half 2022) are subject to the structural and cyclical
performance of sales from "incoming” traffic, whereas this has no
impact on EBITDA after Leases (since sales from “incoming” traffic
are offset by symmetric costs related to “outgoing” traffic).
Bouygues Telecom revises its target upwards
and now expects EBITDA after Leases growth of over 8%.
Previously, Bouygues Telecom was expecting an
EBITDA after Leases growth target of around 7%.
Gross capital expenditure was confirmed at
€1.5 billion (excluding 5G frequencies) in order to keep
pace with growth in the mobile and fixed customer base, and in
usage.
Outlook for TF1:
The current macroeconomic situation marked by
inflation and the Ukraine conflict has not had a significant effect
on the TF1 group’s first-half 2022 results. In the second half of
the year, the TF1 group will continue to adapt its costs in line
with market developments.The media arm will benefit from an
ambitious programme schedule, marked particularly by the Soccer
World Cup at the end of 2022, which will boost its audience figures
and allow it to offer premium ad inventories to its advertiser
customers. The TF1 group will extend its coverage and help meet
rapidly changing customer usage thanks to its efforts to allocate
content between linear and non-linear services. The divestment of
the Publishers business is expected in the second half of
2022.Newen Studios will benefit from major programme deliveries in
the second half and new orders, notably from the platforms, giving
it confidence in its ability to achieve the set targets.
MILESTONES COMPLETED IN THE ACQUISITION OF
EQUANS
On 12 May 2022, Bouygues signed a Share Purchase
Agreement to acquire Equans from Engie, after the employee
representative bodies of Equans and Engie had given their
opinions.
On 19 July 2022, the European Commission cleared
the acquisition of Equans by Bouygues on condition that Bouygues
complies with its commitment to divest Colas Rail Belgium.
On 19 July 2022, the Competition and Markets
Authority (CMA), in the UK, observed that the transaction would
only worsen competitive conditions solely as regards the current
tender relating to catenary systems for the High Speed 2
(HS2) railway line. On 26 July, Bouygues submitted its proposed
remedies on which the CMA should soon give its decision.
As a reminder, closing of this deal is expected
in the second half of 2022.
PROPOSED MERGER BETWEEN THE TF1 AND
M6
The French Competition Authority’s investigation
teams have issued their report on the proposed merger between TF1
and M6. In their report, which in no way predicts the final
decision of the authority’s board, the investigation teams consider
that the deal raises a number of significant competition concerns
(especially in relation to the advertising market). The nature and
extent of the remedies required in the report would mean that the
merger plans would no longer be meaningful for the parties involved
and they would therefore abandon them.
The parties, who do not intend to make any
changes to their original plans, will inform the authority of their
response within the next three weeks; hearings will take place
before the French competition authority’s board on 5 and 6
September.
DETAILED ANALYSIS BY SECTOR OF
ACTIVITY
CONSTRUCTION AND SERVICES BUSINESSES
At end-June 2022, the backlog in the
construction and services businesses (Bouygues Construction,
Bouygues Immobilier and Colas) rose 6% to €35.1 billion,
compared to the end-June 2021 backlog of €33.3 billion. At
constant exchange rates and excluding principal disposals and
acquisitions, the backlog improved slightly by 1%.At €20.5 billion,
the backlog at Bouygues Construction offers good visibility
on future activity. The 5% decline in the backlog for Building and
Civil works (lower level of major contracts booked in the past
year) was partly offset by a rise in order intake in Energies &
Services (up 3% year-on-year). In the first half of 2022, Bouygues
Construction reported a 7% increase in order intake year-on-year,
driven by the normal course of business. The French residential
property market continued to see strong demand. In the commercial
property segment, customers remained cautious. Bouygues
Immobilier benefited from a significant catch-up in obtaining
building permits, which started to translate into new housing units
for sale. However, considering the low supply to date, reservations
were down 14% over the period, hindered by commercial property and
the postponement of block reservations in residential property.
Overall, the backlog at Bouygues Immobilier was 12% lower than at
end-June 2021 but was stable versus 31 December 2021.The backlog at
Colas was €12.9 billion, up 25% year-on-year and up 14%
at constant exchange rates and excluding principal disposals and
acquisitions. Order intake at Colas was very strong in the first
half of 2022 (up 27% year-on-year, including the scope effect
related to Destia). In particular, international rail activities
booked a significant order in the second quarter, corresponding to
a five-year extension of the contract to renew and modernise
railway infrastructure in the United Kingdom. In the first quarter,
Colas had already booked a large order for the Cairo metro in
Egypt. Roads activities also contributed to this good commercial
momentum, in particular in France and in the United States.
The construction and services businesses
reported sales of €13.7 billion in the first half of 2022, up
7% year-on-year and up 3% like-for-like and at constant exchange
rates. This growth was mainly driven by Colas. Bouygues
Construction’s sales were relatively stable. Bouygues Immobilier,
notably hit by the weak commercial property segment, saw an 11%
decline in sales (first six months of 2021 positively impacted by
the progress of work on a specific commercial property
development4). Sales at Colas rose 17% (up 9% like-for-like and at
constant exchange rates), driven primarily by international
business (up 28%).
Current operating profit from the construction
and services businesses totalled €41 million and end-June
2022. As a reminder, like every year, first half current operating
result is not representative of full-year results. The current
operating margin stood at 0.3% versus 0.6% in the first half of
2021. The current operating margin at Bouygues Construction (2.9%
versus 2.6% in the first-half of 2021) was supported by an
improved margin at the Energies & Services arm, which reached
3.2% in the first half of 2022 (versus 2.3% in the first half of
2021) and the resilience of the margin in the Building & Civil
Works arm (stable at 2.8%). The current operating margin at
Bouygues Immobilier benefited from the tight control of its costs
amid weak business. Finally, profitability at Colas was hampered by
a sharp increase in production costs, especially related to energy
and bitumen. These costs could not systematically be passed on to
customers, most notably for the contracts booked before the sudden
price hikes.
TF1
With the TF1 group maintaining its audience
shares at a high level5 in the first half of 2022, sales reported
by TF1 amounted to €1,187 million at end-June 2022,
rising by 5% year-on-year (up 3% like-for-like and at constant
exchange rates). It benefited from:
- 5% growth in media sales. Advertising revenue rose by 2% (high
basis of comparison resulting from the Euro soccer tournament
broadcast in June 2021).
- Robust sales growth at Newen Studios (up 9%), notably driven by
the acquisitions of the iZen (Spain) and Flare Film (Germany)
studios in 2021.
Current operating profit in the first half of
2022 was €189 million, up €20 million year-on-year. This
can be attributed to tight control of programming costs in the
broadcasting activities. Current operating profit at Newen Studios
was lower than in the first six months of 2021 due to the phasing
of programme deliveries, though the weak first quarter was
partially offset by the second quarter. Altogether, the current
operating margin improved to 15.9%, up 0.9 points year-on-year.
In June, TF1 divested Gamned!, a digital
marketing agency specialised in programmatic media buying. It also
announced that an agreement had been signed to divest the
Publishers business. Furthermore, TF1 entered into exclusive
negotiations on 21 July 2022 to sell its interest in Ykone, a
global influencer marketing agency. The closing of this transaction
was announced on 27 July 2022.
BOUYGUES TELECOM
Bouygues Telecom maintained good
commercial momentum throughout the first half of 2022, in both
mobile and fixed.At end-June 2022, mobile plan customers excluding
MtoM were 15 million, thanks to the gain of 193,000 new customers
in the first half. In fixed, the company had 2.6 million FTTH
customers at end-June 2022, thanks to 315,000 new adds in the first
six months. The proportion of fixed customers subscribing to an
FTTH plan continued increasing, rising to 58% versus 45% one year
earlier. The fixed customer base totalled 4.5 million, with
81,000 new adds in the first six months.
Reflecting this good commercial momentum, sales
billed to customers were €2.7 billion, up 6% versus the first
half of 2021, benefiting from continued growth in the mobile and
fixed customer bases and in ABPU6 (mobile ABPU, restated for the
impact of roaming, rose €0.2 year-on-year to €19.8 per customer per
month, while fixed ABPU increased by €1.0 year-on-year to €28.7 per
customer per month).The decrease in sales from incoming traffic
reflected lower voice and text usage and lower regulated per unit
tariffs. However, sales from incoming traffic have no impact on
EBITDA after Leases as this is compensated by symmetric costs
related to outgoing traffic. As a result, sales from services rose
by 3% year-on-year. Other sales rose 12% year-on-year, driven by
growth in sales on handsets and network roll-outs. In total, the
operator’s sales increased by 5% versus the first half of 2021.
Thanks to tight control of costs, EBITDA after
Leases rose €72 million (up 9%) versus end-June 2021 to
€830 million. Therefore the EBITDA after Leases margin
continued recovering (up 1.8 points versus
end-June 2021), on track with the steady margin improvement
target outlined in the Ambition 2026 plan.
Current operating profit was €295 million,
up €51 million year-on-year.
Gross capex at end-June 2022 was €869
million, up €115 million year-on-year, in conjunction with
Bouygues Telecom’s development plans in mobile and fixed.
Disposals, mainly related to the sale of data centers, totalled €32
million at end-June 2022 (versus €172 million at end-June
2021).
FINANCIAL SITUATION
- At €17.9 million, the Group maintained a very high level
of available cash (€20.4 billion at end-2021),
comprising cash and equivalents (€5 billion) supplemented by
undrawn medium- and long-term credit facilities
(€12.9 billion, of which €4.7 billion related to the
syndicated loan signed in December 2021 for the acquisition of
Equans).
- Net debt at end-June 2022 was €3,705 million versus €941
million at end-December 2021 and €2,813 million at end-June
2021. The change between end-December and end-June reflects notably
the usual seasonal nature of business, the payment of the dividend
in May 2022, the share buybacks, the payment of €130 million
to Engie in connection with the signature of the Share Purchase
Agreement on 12 May (to be deducted from amount payable to Engie on
the closing date) and the positive fair-value adjustments on
interest-rate swaps (see below). Additionally, Colas was impacted
by higher inventories connected with increases in material prices,
and trade receivables linked to significantly higher sales in the
first half of 2022.
- Net gearing7 remained low at 29% (versus 24% at end-June
2021).
Between November 2021 and January 2022, to
protect itself against a rise in interest rates, the Group entered
into pre-hedging contracts with a view to refinancing the bond
issue maturing in 2023 and the syndicated loan signed for the
acquisition of Equans. At 30 June 2022, the fair value of these
pre-hedging swaps totalled €765 million versus €38 million at
31 December 2021 and €439 million at 31 March 2022.The €765
million includes the value of contingent swaps (€245 million)
locked in at the time of the below-mentioned bond issues.
On 17 May, the Group passed a first
milestone in refinancing the syndicated loan, issuing
€2 billion in bonds, in two tranches:
- €1 billion for 7 years, with a coupon of 2.25%. The economic
cost for the Group, after factoring in pre-hedging, comes to
slightly below 0.95%.
- €1 billion for 15 years, with a coupon of 3.25%. The economic
cost for the Group, after factoring in pre-hedging, comes to
slightly below 1.90%.
Concerning non-contingent swaps, a €42 million
cash adjustment was collected in connection with the bond
issues.
In the first half of 2022, Bouygues renewed its
medium- and long-term credit facilities as they expired, without
financial covenants or rating clauses. The amount outstanding on
the syndicated loan signed in December 2021, which similarly has no
financial covenants nor rating clauses, was reduced from
€6 billion to €4.7 billion as a result of the
above-mentioned bond issues.
At end-June, the average maturity of the Group’s
bonds was 7.8 years and the average coupon on the bonds was 2.32%.
The debt maturity schedule is evenly spread.
The long-term credit ratings assigned to the
Group by Moody’s and Standard & Poor’s, unchanged since
10 November 2021, are A3, stable outlook, and A-, CreditWatch
Negative, respectively.
NON-FINANCIAL PERFORMANCE
In the first half of 2022, each business segment
pursued actions to fight climate change and protect
biodiversity.
- Bouygues Construction is rolling out its BYSprong offering
after trialling it in several developments. The purpose of this
innovation, developed by the in-house R&D unit, is to carry out
large-scale energy renovations of properties.
- In May, Bouygues Immobilier unveiled “Cœur de Vie”, its new
value proposition for residential property tailored to people’s
wants and needs in the post-pandemic era. It will be available for
all housing projects designed starting this year and will give the
company’s products a more sustainable focus, together with
increased comfort and more flexibility. Bouygues Immobilier also
unveiled its “Jardin pour la Vie” concept in June. The signature
garden will be included in all projects designed from this year as
part of Cœur de Vie, with the aim of reintroducing nature into
urban environments. Ecologists and landscapers will be
systematically consulted during design phases.
- In June, Colas dedicated its second annual Environment Day to
the topic of biodiversity. Other broader actions promoting
biodiversity are being conducted. Back in 2013, Colas set the goal
for each of its gravel pits and quarries to run a biodiversity
initiative by 2030.
- On 20 June, TF1 received eight awards at the 11th Deauville
Green Awards, an international green-themed festival aimed at using
film to raise awareness of sustainable development.
- Bouygues Telecom has filed an application to obtain SBTi
(Science Based Targets Initiative) endorsement of its climate
targets.
FINANCIAL CALENDAR
- 17 November 2022: nine-month 2022 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 for analysts will be
webcast on 2 August 2022 at 11am (CET). Details on how to
connect are available on www.bouygues.com.
The results presentation will be available before
the webcast starts on www.bouygues.com/results.
ABOUT BOUYGUESBouygues is a diversified
services group operating in over 80 countries with 124,600
employees all working to make life better every day. Its business
activities in construction and services (Bouygues
Construction, Bouygues Immobilier, Colas); media (TF1) and
telecoms (Bouygues Telecom) are able to drive growth since
they all satisfy constantly changing and essential needs.
INVESTORS AND ANALYSTS
CONTACT:INVESTORS@bouygues.com • Tel.: +33 (0)1 44 20 10 79
PRESS CONTACT:presse@bouygues.com • Tel.:
+33 (0)1 44 20 12 01
BOUYGUES SA • 32 avenue Hoche • 75378
Paris CEDEX 08 •
bouygues.com
FIRST-HALF 2022 BUSINESS ACTIVITY
BACKLOG IN THE CONSTRUCTION AND SERVICES
BUSINESSES
(€ million) |
End-June 2022 |
End-June 2021 |
Change |
|
|
|
|
|
|
Bouygues Construction |
20,482 |
20,966 |
-2% |
a |
Bouygues Immobilier |
1,713 |
1,954 |
-12% |
b |
Colas |
12,936 |
10,333 |
+25% |
c |
Total |
35,131 |
33,253 |
+6% |
d |
(a) Down 5% at constant exchange rates and
excluding principal disposals and acquisitions.(b) Down 12% at
constant exchange rates and excluding principal disposals and
acquisitions.(c) Up 14% at constant exchange rates and excluding
principal disposals and acquisitions.(d) Up 1% at constant exchange
rates and excluding principal disposals and acquisitions.
BOUYGUES CONSTRUCTION ORDER INTAKE
(€ million) |
H1 2022 |
H1 2021 |
Change |
|
|
|
|
France |
2,223 |
2,016 |
+10% |
International |
3,129 |
2,995 |
+4% |
Total |
5,352 |
5,010 |
+7% |
BOUYGUES IMMOBILIER RESERVATIONS
(€ million) |
H1 2022 |
H1 2021 |
Change |
|
|
|
|
Residential property |
868 |
972 |
-11% |
Commercial property |
25 |
61 |
-59% |
Total |
893 |
1,033 |
-14% |
COLAS BACKLOG
(€ million) |
End-June 2022 |
End-June 2021 |
Change |
|
|
|
|
Mainland France |
3,385 |
3,370 |
+0% |
International and French overseas territories |
9,551 |
6,963 |
+37% |
Total |
12,936 |
10,333 |
+25% |
TF1 AUDIENCE SHARE a
(%) |
End-June 2022 |
End-June 2021 |
Change |
|
|
|
|
Total |
33.5% |
33.5% |
= |
(a) Source Médiamétrie – Women under 50 who are
purchasing decision-makers.
BOUYGUES TELECOM CUSTOMER BASE
(‘000) |
End-June 2022 |
End-Dec 2021 |
Change |
|
|
|
|
Mobile customer base excl. MtoM |
15,261 |
15,067 |
+194 |
Mobile plan base excl. MtoM |
14,966 |
14,774 |
+193 |
Total mobile customers |
22,218 |
21,847 |
+371 |
FTTH customers |
2,634 |
2,318 |
+315 |
Total fixed customers |
4,521 |
4,441 |
+81 |
FIRST-HALF 2022 FINANCIAL PERFORMANCE
GROUP CONDENSED CONSOLIDATED INCOME
STATEMENT
(€ million) |
H1 2022 |
|
H1 2021 |
|
Change |
|
|
|
|
|
|
|
|
Sales |
18,531 |
|
17,417 |
|
+6% |
a |
Current operating profit/(loss) |
492 |
|
471 |
|
+21 |
|
Other operating income and expenses |
(44) |
b |
80 |
c |
-124 |
|
Operating profit/(loss) |
448 |
|
551 |
|
-103 |
|
Cost of net debt |
(73) |
|
(75) |
|
+2 |
|
Interest expense on lease obligations |
(29) |
|
(26) |
|
-3 |
|
Other financial income and expenses |
(4) |
|
(19) |
|
+15 |
|
Income tax |
(103) |
|
(146) |
|
+43 |
|
Share of net profits of joint ventures and associates |
(8) |
|
201 |
|
-209 |
|
o/w Alstom |
0 |
|
219 |
|
-219 |
|
Net profit from continuing operations |
231 |
|
486 |
|
-255 |
|
Net profit attributable to non-controlling interests |
(84) |
|
(78) |
|
-6 |
|
Net profit/(loss) attributable to the Group |
147 |
|
408 |
|
-261 |
|
(a) Up 3% like-for-like and at constant exchange
rates.(b) Including non-current charges of €13m at Bouygues
Construction, of €7m at TF1 and of €34m at Bouygues SA; and
non-current income of €10m at Bouygues Telecom.(c) Including
non-current charges of €6m at Bouygues Immobilier, of €2m at TF1
and of €3m at Bouygues SA; and non-current income of €91m at
Bouygues Telecom.
CALCULATION OF GROUP EBITDA AFTER LEASES
(€ million) |
H1 2022 |
|
H1 2021 |
|
Change |
|
|
|
|
|
|
|
|
Current operating profit/(loss) |
492 |
|
471 |
|
+21 |
|
Interest expense on lease obligations |
(29) |
|
(26) |
|
-3 |
|
Net charges for depreciation, amortisation and impairment losses on
property, plant and equipment and intangible assets |
977 |
|
989 |
|
-12 |
|
Charges to provisions and other impairment losses, net of reversals
due to utilisation |
(59) |
|
127 |
|
-186 |
|
Reversals of unutilised provisions and impairment losses and
other |
(149) |
|
(131) |
|
-18 |
|
Group EBITDA after Leases ᵃ |
1,232 |
|
1,430 |
|
-198 |
|
(a) See glossary for definitions.
GROUP SALES BY SECTOR OF ACTIVITY
(€ million) |
H1 2022 |
H1 2021 |
Change |
Forex effect |
Scope effect |
Lfl & constant fx ᶜ |
|
|
|
|
|
|
|
Construction and services businesses ᵃ |
13,717 |
12,822 |
+7% |
-2% |
-2% |
+3% |
o/w Bouygues Construction |
6,413 |
6,337 |
+1% |
-2% |
-0% |
-1% |
o/w Bouygues Immobilier |
869 |
981 |
-11% |
+0% |
+0% |
-11% |
o/w Colas |
6,517 |
5,591 |
+17% |
-3% |
-4% |
+9% |
TF1 |
1,187 |
1,129 |
+5% |
-0% |
-2% |
+3% |
Bouygues Telecom |
3,636 |
3,471 |
+5% |
+0% |
+0% |
+5% |
Bouygues SA and other |
99 |
104 |
nm |
- |
- |
nm |
Intra-Group eliminations ᵇ |
(190) |
(196) |
nm |
- |
- |
nm |
Group sales |
18,531 |
17,417 |
+6% |
-2% |
-2% |
+3% |
o/w France |
11,121 |
10,852 |
+2% |
+0% |
-0% |
+2% |
o/w international |
7,410 |
6,565 |
+13% |
-5% |
-4% |
+4% |
(a) Total of the sales contributions (after
eliminations within the construction and services businesses).(b)
Including intra-Group eliminations of the construction and services
businesses.(c) Like-for-like and at constant exchange rates.
CONTRIBUTION TO GROUP EBITDA AFTER LEASES BY
SECTOR OF ACTIVITY
(€ million) |
H1 2022 |
|
H1 2021 |
|
Change |
|
|
|
|
|
|
|
|
Construction and services businesses |
97 |
|
357 |
|
-260 |
|
o/w Bouygues Construction |
142 |
|
254 |
|
-112 |
|
o/w Bouygues Immobilier |
22 |
|
27 |
|
-5 |
|
o/w Colas |
(67) |
|
76 |
|
-143 |
|
TF1 |
326 |
|
322 |
|
+4 |
|
Bouygues Telecom |
830 |
|
758 |
|
+72 |
|
Bouygues SA and other |
(21) |
|
(7) |
|
-14 |
|
Group EBITDA after Leases ᵃ |
1,232 |
|
1,430 |
|
-198 |
|
(a) See glossary for definitions.
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT
BY SECTOR OF ACTIVITY
(€ million) |
H1 2022 |
|
H1 2021 |
|
Change |
|
|
|
|
|
|
|
|
Construction and services businesses |
41 |
|
83 |
|
-42 |
|
o/w Bouygues Construction |
185 |
|
166 |
|
+19 |
|
o/w Bouygues Immobilier |
16 |
|
17 |
|
-1 |
|
o/w Colas |
(160) |
|
(100) |
|
-60 |
|
TF1 |
189 |
|
169 |
|
+20 |
|
Bouygues Telecom |
295 |
|
244 |
|
+51 |
|
Bouygues SA and other |
(33) |
|
(25) |
|
-8 |
|
Group current operating profit/(loss) |
492 |
|
471 |
|
+21 |
|
CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR
OF ACIVITY
(€ million) |
H1 2022 |
|
H1 2021 |
|
Change |
|
|
|
|
|
|
|
|
Construction and services businesses |
28 |
|
77 |
|
-49 |
|
o/w Bouygues Construction |
172 |
|
166 |
|
+6 |
|
o/w Bouygues Immobilier |
16 |
|
11 |
|
+5 |
|
o/w Colas |
(160) |
|
(100) |
|
-60 |
|
TF1 |
182 |
|
167 |
|
+15 |
|
Bouygues Telecom |
305 |
|
335 |
|
-30 |
|
Bouygues SA and other |
(67) |
|
(28) |
|
-39 |
|
Group operating profit |
448 |
a |
551 |
b |
-103 |
|
(a) Including non-current charges of €13m at
Bouygues Construction, of €7m at TF1 and of €34m at Bouygues SA;
and non-current income of €10m at Bouygues Telecom.(b) Including
non-current charges of €6m at Bouygues Immobilier, of €2m at TF1
and of €3m at Bouygues SA; and non-current income of €91m at
Bouygues Telecom.
CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE
GROUP BY SECTOR OF ACTIVITY
(€ million) |
H1 2022 |
|
H1 2021 |
|
Change |
|
|
|
|
|
|
|
|
Construction and services businesses |
16 |
|
5 |
|
+11 |
|
o/w Bouygues Construction |
135 |
|
119 |
|
+16 |
|
o/w Bouygues Immobilier |
9 |
|
(6) |
|
+15 |
|
o/w Colas |
(128) |
|
(108) |
|
-20 |
|
TF1 |
56 |
|
47 |
|
+9 |
|
Bouygues Telecom |
174 |
|
199 |
|
-25 |
|
Alstom |
0 |
|
219 |
|
-219 |
|
Bouygues SA and other |
(99) |
|
(62) |
|
-37 |
|
Net profit/(loss) attributable to the Group |
147 |
|
408 |
|
-261 |
|
NET SURPLUS CASH (+)/NET DEBT (-) BY BUSINESS
SEGMENT
(€ million) |
End-June 2022 |
|
End-Dec 2021 |
|
Change |
|
|
|
|
|
|
|
|
Bouygues Construction |
2,558 |
|
3,521 |
|
-963 |
|
Bouygues Immobilier |
(381) |
|
(142) |
|
-239 |
|
Colas |
(1,434) |
|
(33) |
|
-1,401 |
|
TF1 |
245 |
|
198 |
|
+47 |
|
Bouygues Telecom |
(2,503) |
|
(1,734) |
|
-769 |
|
Bouygues SA and other |
(2,190) |
a |
(2,751) |
a |
+561 |
|
Net surplus cash (+)/net debt (-) |
(3,705) |
a |
(941) |
a |
-2,764 |
|
Current and non-current lease obligations |
(2,046) |
|
(1,835) |
|
-211 |
|
(a) Includes fair value of swaps of €38m at
end-December 2021 and €765m at end-June 2022.
CONTRIBUTION TO GROUP NET CAPITAL EXPENDITURE BY
SECTOR OF ACTIVITY
(€ million) |
H1 2022 |
|
H1 2021 |
|
Change |
|
|
|
|
|
|
|
|
Construction and services businesses |
71 |
|
86 |
|
-15 |
|
o/w Bouygues Construction |
23 |
|
45 |
|
-22 |
|
o/w Bouygues Immobilier |
1 |
|
2 |
|
-1 |
|
o/w Colas |
47 |
|
39 |
|
+8 |
|
TF1 |
139 |
|
122 |
|
+17 |
|
Bouygues Telecom |
837 |
|
582 |
|
+255 |
|
Bouygues SA and other |
17 |
|
0 |
|
+17 |
|
Group net capital expenditure |
1,064 |
|
790 |
|
+274 |
|
CONTRIBUTION TO GROUP FREE CASH FLOW BY SECTOR
OF ACTIVITY
(€ million) |
H1 2022 |
|
H1 2021 |
|
Change |
|
|
|
|
|
|
|
|
Construction and services businesses |
(17) |
|
94 |
|
-111 |
|
o/w Bouygues Construction |
169 |
|
136 |
|
+33 |
|
o/w Bouygues Immobilier |
17 |
|
12 |
|
+5 |
|
o/w Colas |
(203) |
|
(54) |
|
-149 |
|
TF1 |
137 |
|
166 |
|
-29 |
|
Bouygues Telecom |
(82) |
|
93 |
|
-175 |
|
Bouygues SA and other |
(82) |
|
(21) |
|
-61 |
|
Group free cash flow ᵃ |
(44) |
|
332 |
|
-376 |
|
(a) See glossary for definitions.
GLOSSARY
4G consumption: data consumed on 4G
cellular networks, excluding Wi-Fi.
4G users: customers who have used the 4G
network during the last three months (Arcep definition).
ABPU (Average Billing Per User):- In the
mobile segment, it is equal to the total of mobile sales billed to
customers (BtoC and BtoB) divided by the average number of
customers over the period. It excludes MtoM SIM cards and free SIM
cards.- In the fixed segment, it is equal to the total of fixed
sales billed to customers (excluding BtoB) divided by the average
number of customers over the period.
BtoB (business to business): when one
business makes a commercial transaction with another.
Backlog (Bouygues Construction, Colas):
the amount of work still to be done on projects for which a firm
order has been taken, i.e. the contract has been signed and has
taken effect (after notice to proceed has been issued and
suspensory clauses have been lifted).
Backlog (Bouygues Immobilier): sales
outstanding from 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).
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 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 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 (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 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 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.
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 2022, 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 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.
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).
Wholesale: wholesale market for telecoms
operators.
1 Including non-current charges of €13m at
Bouygues Construction, of €7m at TF1 and of €34m at Bouygues SA;
and non-current income of €10m related to capital gains on the sale
of data centers at Bouygues Telecom.
2 Net debt/shareholders’ equity.
3 Science Based Target initiative.
4 Contribution from the commercial property
segment of €27m in first-half 2022 versus €88m in first-half
2021.
5 33.5% among women under 50 who are
purchasing-decision makers (stable year-on-year) and 30.1% among
the 25-49 age group (-0.4 points year-on-year).
6 ABPU including BTBD.
7 Net debt/shareholders’ equity.
- PR_Bouygues-H1-2022-results
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