First-Half 2023 Results
FIRST-HALF
2023 RESULTS
Paris, 28/07/2023
- Backlog in the construction
businesses up 9% year-on-year
- Group sales up 41%
year-on-year
- Group current operating
profit from activities up
€214 million
year-on-year
- Net profit attributable to
the Group up €78 million
year-on-year
- All 2023 guidance for the
Group and business segments
confirmed
The Board of Directors, chaired by Martin
Bouygues, met on 27 July 2023 to close off the financial statements
for first-half 2023.
KEY FIGURES
With regard to the financial information
presented in this press release, the income statement includes the
financial statements of Equans only for first-half 2023. Equans was
acquired on 4 October 2022 and Equans’ quarterly proforma financial
statements are not available for 2022.
(€ million) |
H1 2023 |
|
H1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Sales |
26,136 |
|
18,531 |
|
+41% |
a |
Current operating profit/(loss) from
activities |
727 |
|
513 |
|
+214 |
|
Margin from activities |
2.8% |
|
2.8% |
|
= |
|
Current operating profit/(loss) ᵇ |
681 |
|
492 |
|
+189 |
|
Operating profit/(loss) ᶜ |
601 |
|
448 |
|
+153 |
|
Financial result |
(201) |
|
(106) |
|
-95 |
|
Net profit/(loss) attributable to the Group |
225 |
|
147 |
|
+78 |
|
(a) Up 3% like-for-like and at constant exchange
rates.(b) Includes PPA amortisation of €46m in first-half 2023 and
of €21m in first-half 2022.(c) Includes net non-current charges of
€80m in first-half 2023 and of €44m in first-half 2022.
(€ million) |
End-June 2023 |
|
End-Dec 2022 |
|
End-June 2022 |
|
|
|
|
|
|
|
|
Net surplus cash (+)/net debt (-) |
(10,573) |
|
(7,440) |
|
(3,705) |
|
- Sales in
first-half 2023 were €26.1 billion, up 41% versus first-half
2022. Sales growth was driven mainly by Equans’ contribution, as
well as by commercial performance in most of the business segments.
Like-for-like and at constant exchange rates, sales growth was
3%.
- Current operating profit
from activities (COPA) was €727 million, an increase
of €214 million compared with first-half 2022. Margin from
activities was stable year-on-year at 2.8%. As a reminder,
first-half results – especially those of Colas – are not indicative
of full-year results, due to the seasonality of activities.
- Net profit attributable to
the Group was €225 million. This includes mainly:
- amortisation and impairment of
intangible assets recognised in acquisitions (PPA) of
€46 million (including €26 million at Bouygues SA
related to the acquisition of Equans), compared with
€21 million for first-half 2022;
- net non-current charges1 of
€80 million, which are not indicative of business. As a
reminder, net non-current charges in first-half 2022 were
€44 million;
- financial result of
-€201 million, versus -€106 million in first-half 2022,
the change being mainly related to the acquisition of Equans. In
particular, the cost of net debt was -€149 million compared
with -€73 million in first-half 2022;
- income tax expense of
€155 million;
- a share of net profits of joint
ventures amounting to €46 million versus a €8 million
loss in first-half 2022, driven by Tipco’s contribution and the end
of losses from Salto.
- Net debt was
€10.6 billion at 30 June 2023, versus
€7.4 billion at end-December 2022, a change of around
€3.1 billion due to the usual seasonal effect. Net gearing2
was 78% (versus 53% at end-2022).
OUTLOOK FOR 2023
The outlook below is based on information known
to date.
Outlook for the Group
In an unstable environment marked by inflation,
rising interest rates and currency volatility, Bouygues confirms
that it is aiming for 2023 sales close to those of 2022, as well as
an increase in its current operating profit from activities
(COPA).This outlook is based on 2022 proforma financial information
that assumes the Equans acquisition was completed on 1 January
2022, namely sales of €54.4 billion and current operating
profit from activities of €2,164 million.
Outlook for Colas
In an unstable environment marked by inflation,
rising interest rates and currency volatility, the Colas group has
strong fundamentals and will continue to benefit from the positive
impacts of the transformation plans that it has undertaken.Colas
confirms that its current operating profit from activities (COPA)
is expected to increase in 2023 compared with 2022.
Outlook for
Equans
In 2023, Equans is aiming for:
- a slight increase in sales, as a
result of its selective approach strategy;
- a current operating margin from
activities (COPA margin) between 2.5% and 3%;
- a cash conversion rate
(COPA-to-cash flow3) before working capital requirements (WCR) of
between 80% and 100%.
Outlook for Bouygues
Telecom
As it continues to grow its customer base,
particularly in the fixed segment, and maintains its investments to
boost its mobile network capacity, Bouygues Telecom confirms its
2023 guidance as follows:
- an increase in sales billed to
customers;
- EBITDA after Leases of around
€1.9 billion;
- gross capital expenditure at around
€1.5 billion (excluding frequencies).
TF1 group outlook
The TF1 group maintains its outlook, with
different dynamics within its segments:
- in a market that
could gradually return to 2022 levels in the second half of 2023,
advertising revenue in the Media operating segment will notably be
driven by the broadcast of the Rugby World Cup in France, which
will be hosted in France;
- the recently
announced reboot by Newen Studios of the iconic soap opera Plus
belle la vie which will be broadcasted on TF1 channel and streamed
on MYTF1, is part of the TF1 group’s digital acceleration strategy
and reflects the synergies within the TF1 group.
TF1 group will further cement its leadership
position and maintain a broadly stable current operating margin of
activities in 2023. The TF1 group will continue to generate cash
flow in order to aim for a growing or stable dividend policy over
the coming years.
DETAILED ANALYSIS BY SECTOR OF
ACTIVITY
CONSTRUCTION BUSINESSES
As a reminder, Bouygues Energies & Services
has been consolidated within Equans since the start of 2023. For
easier comparison, the first-half 2022 data for the construction
businesses presented below have been restated for Bouygues Energies
& Services, as it contributed to Bouygues Construction’s
figures.
At end-June 2023, the backlog in the
construction businesses (Bouygues Construction
excluding Bouygues Energies & Services, Bouygues Immobilier and
Colas) rose 9% to €30.8 billion (up 10% at constant exchange
rates and excluding principal disposals and acquisitions).
In first-half 2023, Bouygues
Construction saw an 68% increase in order intake relative
to first-half 2022, lifted by the gain of major contracts. In the
second quarter, this chiefly consisted of the extension of the
metro line MTRC 1201 in Hong Kong (for around €470 million),
two data centres in Australia (for a total of around
€350 million) and the Riviera Tower in Greece (for around
€200 million). Order intake from the normal course of business
also held up well. Bouygues Construction’s backlog (excluding
Bouygues Energies & Services) stood at €15.4 billion, up
12%, providing good visibility on future activity. This growth was
driven by both Building and Civil Works. Within the Building
activity, the international backlog rose sharply (up 29%) following
the gain of several significant contracts in the past year, and the
backlog in France was up by around 2%. The Civil Works backlog was
up 7%.
In line with the previous quarters,
Bouygues Immobilier has to
contend with a challenging market environment, mainly related to
the sharply higher interest rates. As such, residential property
reservations were down 26% year-on-year, with the sharp drop in
unit sales nonetheless mitigated by block sales in the second
quarter. Commercial property sales were again weak as investors
remained in wait-and-see mode. In this context, Bouygues Immobilier
is therefore cautious about launching new projects. The backlog at
Bouygues Immobilier was 21% lower than at end-June 2022.
Last, Colas benefited from a
12% increase in order intake versus first-half 2022. Major
contracts were booked during the first six months, such as the
Interstate 26 road rehabilitation contract in the United States
(for around €110 million) and the contract for the
modification of existing lines for the Old Oak Common station in
Greater London (for around €215 million). The backlog at Colas
was €14.1 billion, up 9% year-on-year (up 11% at constant
exchange rates and excluding principal disposals and acquisitions),
driven by Rail (up 21%) and, to a lesser extent, by Roads (up
5%).
The construction businesses reported sales of
€12.2 billion in first-half 2023, up 3% year-on-year, driven
by Colas and Bouygues Construction. Like-for-like and at constant
exchange rates, sales increased by 4%. Bouygues Construction’s
sales rose by 5%, lifted mainly by a strong performance from
International Building. Bouygues Immobilier’s sales declined 14%4
versus first-half 2022, reflecting market conditions (including the
share of co-promotions, sales would have decreased 12%). Sales at
Colas were up 4%, driven both by Rail (up 5%) and by Roads (up 4%)
notably in EMEA, Canada and the United States.
The current operating loss from activities in
the construction businesses was €7 million in first-half 2023,
improving by €7 million year-on-year, and the COPA margin
in the construction businesses was stable over the period at -0.1%.
As a reminder, the first-half COPA and COPA margin of the
construction businesses are not indicative of the full-year
performance, due to the seasonality of Colas’ activities.
In first-half 2023, Bouygues Construction’s COPA
declined by €6 million year-on-year to €120 million. The
margin from activities was 2.5%, notably related to the non-linear
progress of worksites. Against a backdrop of a sharp decline in
sales, Bouygues Immobilier limited the decrease in its COPA5, which
amounted to €0.1 million (including the share of
co-promotions, this figure would have been €15 million). The
current operating loss from activities at Colas, which benefited
from the ongoing positive effects of action plans implemented, was
€127 million, improving €29 million versus first-half
2022.
EQUANS
Equans’ figures include
Bouygues Energies & Services with effect from
January 2023. Figures for first-half 2022 comprise only Bouygues
Energies & Services, as it contributed to Bouygues
Construction. As a reminder, Equans’ proforma first-half 2022
figures are not available.
The integration of Bouygues
Energies & Services within Equans is going according
to expectations, with an organisational structure now in place in
the main countries. The Perform plan has been launched in most
business units.
In line with the strategy outlined at the
Capital Markets Day in February 2023, Equans is prioritising
margins over volume growth, resulting in a continued selective
approach to contracts. The backlog at Equans, including Bouygues
Energies & Services, at end-June 2023 was €26.4 billion,
up 2% on end-December 2022, offering good visibility on future
activity. Order intake was a strong €9.5 billion, in a buoyant
environment that included several contracts for data centres in
Germany and the United Kingdom.
First-half 2023 sales were €9.1 billion,
lifted by strong overall momentum, with €3.1 billion from
France and €6 billion from international markets. Current
operating profit from activities was €243 million,
representing a margin from activities (COPA margin) of 2.7%. The
second-quarter 2023 margin from activities improved versus
first-quarter 2023, highlighting the seasonality of business and
the first positive impacts of the Perform plan.
TF1
The TF1 group reported sales of € 1 billion
in first-half 2023, decreasing as expected (down 13% year-on-year
and down 9% like-for-like and at constant exchange rates):
- media sales fell by 12% (and by 6%
like-for-like and at constant exchange rates). Advertising revenue
continued to reflect lower ad spend in an inflationary
macroeconomic context, decreasing by 5% like-for-like and at
constant exchange rates in second-quarter 2023, although the
decline was lower than in first-quarter 2023. Like-for-like and at
constant exchange rates, advertising revenue was down 6% overall in
the first-half 2023;
- sales at Newen Studios declined by
16% year-on-year. The decline was due especially to an unfavourable
base effect linked to the delivery of a large-scale production in
Germany during first-half 2022 and the closure of Salto.
Like-for-like and at constant exchange rates, the decline is 28% in
first-half 2023.
The margin from activities in the first six
months was 14.7%, making up some of the ground lost in the first
quarter, helped by the solid performance from the Media segment,
for which the COPA margin was 21.6% in second quarter, up 0.4
points relative to second-quarter 2022. This was indicative of
TF1’s very tight control over programme costs, which amounted to
€404 million (down €37 million year-on-year), largely
offsetting the decline in advertising revenue while confirming its
leadership amongst commercial targets6. Current operating profit
from activities (COPA) was €152 million, down €40 million
year-on-year.Current operating profit from activities at Newen
Studios was €6.0 million, resulting in a 4.5% margin from
activities in first-half 2023, while the margin from
activities was 10.4% in second-quarter 2023. In first-half 2023,
TF1 generated free cash flow after WCR of €155 million,
equating to an increase of €34 million relative to first-half
2022.
BOUYGUES TELECOM
The results of nPerf’s fixed and WiFi surveys,
released in July 2023, testify to the very high quality of
Bouygues Telecom’s fixed network and the efficiency of its devices.
It was rated the No. 1 operator for WiFi for the fourth time
in a row and became the No. 1 operator in the fixed segment across
all technologies.
Bouygues Telecom continued expanding in both
mobile and fixed segments during first-half 2023. At
end-June 2023, mobile plan customers excluding MtoM totalled
15.3 million, thanks to the gain of 109,000 new customers in
the first half, of which 82,000 in the second quarter. In fixed,
FTTH customers were 3.3 million at end-June 2023, thanks to
270,000 new adds in the first six months, of which 122,000 in the
second quarter. The proportion of fixed customers subscribing to a
FTTH plan continued to increase, reaching 69% versus 58% one year
earlier. The fixed customer base was 4.8 million, which was
86,000 more than at end-December 2022 and of which 40,000 were
added in the second quarter.
This performance is explained in particular by
the ramp-up of FTTH roll-out. Bouygues Telecom now has over
32 million FTTH premises marketed and is on course to reach
the target of 35 million FTTH premises by end-2026.
Sales billed to customers reflected this
commercial momentum and reached €2.9 billion, up 6% versus
first-half 2022, lifted by the strength of the mobile and fixed
customer bases and solid ABPU7 (year-on-year, mobile ABPU has grown
€0.3 to €19.7 per customer per month, while fixed ABPU has
increased €1.8 to €30.5 per customer per month).
Sales from services rose 4% year-on-year, still
held back by the decrease in sales from incoming traffic. Other
sales increased 6% year-on-year, driven mainly by growth in
built-to-suit sales. In total, the operator’s sales increased 5%
versus first-half 2022.
EBITDA after Leases rose €98 million
year-on-year to €928 million, driven by sales growth and tight
control on costs. The EBITDA after Leases margin continued
increasing, up to 31.5% (up 2.1 points versus end-June
2022).Current operating profit from activities (COPA) was
€366 million, up €57 million year-on-year.Gross capital
expenditure excluding frequencies was €857 million at end-June
2023, which was a similar level to first-half 2022.
FINANCIAL SITUATION
- at €10.5 billion, the Group
maintained a high level of available cash compared
with €14.7 billion at end-2022. Available cash comprised
€1.9 billion in cash and equivalents, supplemented by
€8.6 billion in undrawn medium- and long-term credit
facilities;
- net debt at end-June 2023 was
€10.6 billion versus €7.4 billion at end-December 2022
and €3.7 billion at end-June 2022. The change versus
31 December 2022 is mainly impacted by the usual seasonal
effects and the change between end-June 2022 and end-June 2023
reflected mainly:
- the acquisition of Equans;
- the payment of €310 million8
to Free Mobile, on 16 May 2023, in respect of which Bouygues
Telecom is disputing the ruling and validity of its immediate
execution9;
- and, to a lesser extent, Bouygues
share buybacks.
- the change in WCR related to
operating activities & other, impacted by usual seasonal
effects, was -€2.1 billion, marking an improvement of
€291 million versus end-June 2022, reflecting the efforts made
by all the business segments;
- net
gearing10 was 78% (versus 53% at end-2022).
In the first half of the year, Bouygues:
- renewed its medium- and long-term
credit facilities as they expired, without financial covenants or
rating clauses;
- redeemed a €700-million bond
issue;
- completed a €1-billion, eight-year
bond issue (maturing 17 July 2031), with a coupon of 3.875%. The
economic cost for the Group, after factoring in pre-hedging, comes
to slightly below 1.95%.
At end-June 2023, the average maturity of the
Group’s bonds was 9.0 years, and the average coupon was 3.10%
(average effective rate of 2.16%). The debt maturity schedule is
evenly spread.
The long-term credit ratings assigned to the
Group by Moody’s and Standard & Poor’s are: A3, stable outlook,
and A-, negative outlook, respectively.
CAPITAL INCREASE RESERVED FOR
EMPLOYEES
In June 2023, Bouygues carried out a capital
increase of €150 million, inclusive of share premium, as part
of the Bouygues Confiance no. 12 employee share ownership plan,
which was reserved for the employees of the Group’s French
companies, including for the first time those at Equans. It was
2.25x oversubscribed, demonstrating the high level of employee
loyalty and confidence in the Group. This transaction led to the
creation of 6,845,564 Bouygues shares. The dilutive impact was
offset by the prior buyback and cancellation of shares in 2022.
At 30 June 2023, Bouygues’ capital comprised
381,336,141 shares with a nominal value of €1 each (versus
374,486,777 shares at 31 December 2022).
FURTHER PROGRESS IN SUSTAINABLE AND
RESPONSIBLE INITIATIVES
In first-half 2023, the Group and all its
business segments continued to work towards a more sustainable and
responsible society:
- in January, the
Bouygues group signed a joint undertaking in Paris in support of
#StOpE (Stop Casual Sexism in the Workplace) that covers all its
subsidiaries. This inter-company initiative, created in 2021 by the
AFMD (French Association of Diversity Managers), has 199
signatories who are committed to pooling their resources in the
daily fight against this type of sexism. Bouygues has committed to
implementing specific initiatives in its subsidiaries and has set
up a committee of internal liaison officers to share best practices
and broaden the range of initiatives in place across the
Group;
- in February, the
Group also organised the “Hello Handicap” event with all its
business segments. This digital job fair, aimed at recruiting
people with disabilities, offered candidates over 1,000 permanent,
fixed-term and apprenticeship positions. Out of the 2,000
applications received, all the selected candidates were offered an
interview with one of the Group’s recruitment officers.
The Group’s business segments also showcased
innovations at the forefront of the digital, environmental and
energy transition, at the seventh Viva Technology event in
Paris:
- Colas
demonstrated a system that analyses the condition of road surfaces
by harvesting and processing data to optimise the use of materials
during renovation;
- Bouygues
Construction, amongst other innovations:
- presented
batteries that connect at night to store green energy and
electricity when it is more available;
- announced the
launch, in the second half, a platform dedicated to the re-use of
interior building materials (false ceilings, floors, doors, etc.)
to promote more sustainable construction.
- Equans showcased
a solution for storing thermal energy in aquifers (ATES or Aquifer
Thermal Energy Storage) for more eco-friendly air conditioning, as
well as smart charging software for more efficient and sustainable
battery use in electric buses (adjusting battery charging to what
is strictly necessary);
- Bouygues Telecom
presented:
- a solution from
its subsidiary Apizee (which develops real-time video communication
solutions) that enables patients to undergo fully independent
rehabilitation at home under the remote supervision of a healthcare
professional;
- a self-driving
delivery vehicle, manufactured by TwinswHeel, that can deliver
parcels to homes and businesses or carry out remote surveillance
and which can be controlled remotely in the event of an incident,
using Bouygues Telecom’s 5G network. Other trials are currently in
progress as part of the 5G Open Road programme;
- its latest
eco-designed routers (WiFi 6 Box, 5G Box, TV Bbox 4K decoder). This
eco-design approach aims to rethink products and use more
responsible materials that are easier to recycle while minimising
the weight of products and making them easier to repair or
refurbish.
FINANCIAL CALENDAR:
- 31 October 2023: Nine-month 2023
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 webcast will start at
9am (CET) on 28 July 2023.Details on how to connect are available
on www.bouygues.com.
The results presentation will be available before
the webcast startson www.bouygues.com/results.
ABOUT
BOUYGUESBouygues is a diversified services group
operating in over 80 countries with 200,000 employees all working
to make life better every day. Its business activities in
construction (Bouygues Construction, Bouygues
Immobilier, Colas); energies
& services (Equans);
media (TF1) and telecoms
(Bouygues Telecom) are able to drive growth since they all satisfy
constantly changing and essential needs.
INVESTORS AND ANALYSTS
CONTACT:investors@bouygues.com • Tel.: +33 (0)1 44
20 12 29
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 2023 BUSINESS
ACTIVITY
BACKLOG IN THE CONSTRUCTION
BUSINESSES
In order to facilitate analysis, Bouygues
Construction’s backlog at end-June 2023 and end-June 2022 only
includes the Building & Civil Works backlog.
(€ million) |
End-June 2023 |
End-June 2022 |
Change |
|
|
|
|
|
|
Bouygues Construction |
15,398 |
13,752 |
+12% |
a |
Bouygues Immobilier |
1,353 |
1,713 |
-21% |
b |
Colas |
14,071 |
12,936 |
+9% |
c |
Total |
30,822 |
28,401 |
+9% |
d |
(a) Up 13% at constant exchange rates and
excluding principal disposals and acquisitions.
(b) Down 21% at constant exchange rates and
excluding principal disposals and acquisitions.
(c) Up 11% at constant exchange rates and
excluding principal disposals and acquisitions.
(d) Up 10% at constant exchange rates and
excluding principal disposals and acquisitions.
BOUYGUES CONSTRUCTION ORDER
INTAKE
Bouygues Construction’s order intake in H1 2023
and H1 2022 only includes the Building & Civil Works order
intake.
(€ million) |
H1 2023 |
H1 2022 |
Change |
|
|
|
|
France |
2,066 |
1,566 |
+32% |
International |
3,890 |
1,977 |
+97% |
Total |
5,956 |
3,543 |
+68% |
BOUYGUES IMMOBILIER
RESERVATIONS
(€ million) |
H1 2023 |
H1 2022 |
Change |
|
|
|
|
Residential property |
641 |
868 |
-26% |
Commercial property |
22 |
25 |
-12% |
Total |
663 |
893 |
-26% |
COLAS BACKLOG
(€ million) |
End-June 2023 |
End-June 2022 |
Change |
|
|
|
|
Mainland France |
3,573 |
3,385 |
+6% |
International and French overseas territories |
10,498 |
9,551 |
+10% |
Total |
14,071 |
12,936 |
+9% |
EQUANS BACKLOG
In order to facilitate analysis, Equans’ backlog
at end-June 2023 and end-December 2022 includes Bouygues Energies
& Services’ backlog.
(€ million) |
End-June 2023 |
End-Dec 2022 |
Change |
|
|
|
|
Total |
26,397 |
25,927 |
+2% |
TF1 AUDIENCE
SHARE a
(%) |
End-June 2023 |
End-June 2022 |
Change |
|
|
|
|
Total |
33.6% |
33.5% |
+0.1 pts |
(a) Source Médiamétrie – Women under 50 who are
purchasing decision-makers.
BOUYGUES TELECOM CUSTOMER BASE
(‘000) |
End-June 2023 |
End-Dec 2022 |
Change |
|
|
|
|
Mobile customer base excl. MtoM |
15,600 |
15,499 |
+101 |
Mobile plan base excl. MtoM |
15,331 |
15,222 |
+109 |
Total mobile customers |
22,892 |
22,455 |
+437 |
FTTH customers |
3,263 |
2,993 |
+270 |
Total fixed customers |
4,756 |
4,670 |
+86 |
FIRST-HALF 2023 FINANCIAL
PERFORMANCE
As a reminder, Bouygues Energies & Services
is consolidated by Equans with effect from the start of 2023. For
easier comparison, 2022 data for Bouygues Energies & Services,
as it contributed to Bouygues Construction’s figures, have been
re-classified from Bouygues Construction to Equans.
GROUP CONDENSED CONSOLIDATED INCOME
STATEMENT
(€ million) |
H1 2023 |
|
H1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Sales |
26,136 |
|
18,531 |
|
+41% |
a |
Current operating profit/(loss) from
activities |
727 |
|
513 |
|
+214 |
|
Amortisation and impairment of intangible assets recognised in
acquisitions (PPA) ᵇ |
(46) |
|
(21) |
|
-25 |
|
Current operating profit/(loss) |
681 |
|
492 |
|
+189 |
|
Other operating income and expenses |
(80) |
c |
(44) |
d |
-36 |
|
Operating profit/(loss) |
601 |
|
448 |
|
+153 |
|
Cost of net debt |
(149) |
|
(73) |
|
-76 |
|
Interest expense on lease obligations |
(37) |
|
(29) |
|
-8 |
|
Other financial income and expenses |
(15) |
|
(4) |
|
-11 |
|
Income tax |
(155) |
|
(103) |
|
-52 |
|
Share of net profits of joint ventures and associates |
46 |
|
(8) |
|
+54 |
|
Net profit from continuing operations |
291 |
|
231 |
|
+60 |
|
Net profit attributable to non-controlling interests |
(66) |
|
(84) |
|
+18 |
|
Net profit/(loss) attributable to the Group |
225 |
|
147 |
|
+78 |
|
(a) Up 3% like-for-like and at constant exchange
rates.
(b) Purchase Price Allocation.
(c) Includes non-current charges of €46m at
Bouygues Construction, of €8m at Colas, of €19m at Equans and of
€19m at TF1; and non-current income of €11m at Bouygues Telecom and
of €1m at Bouygues SA.
(d) Includes non-current charges of €6m at
Bouygues Construction (Building & Civil Works), of €7m at
Equans (Bouygues Energies & Services), of €7m at TF1 and of
€34m at Bouygues SA; and non-current income of €10m at Bouygues
Telecom.
GROUP SALES BY SECTOR OF
ACTIVITY
(€ million) |
H1 2023 |
H1 2022 |
Change |
Forex effect |
Scope effect |
Lfl & constant
fx ᶜ |
|
|
|
|
|
|
|
Construction
businessesa |
12,194 |
11,865 |
+3% |
+1% |
+0% |
+4% |
o/w Bouygues Construction |
4,746 |
4,540 |
+5% |
+1% |
+0% |
+5% |
o/w Bouygues Immobilier |
743 |
869 |
-14% |
+0% |
+0% |
-14% |
o/w Colas |
6,788 |
6,517 |
+4% |
+1% |
+0% |
+6% |
Equans |
9,138 |
1,873 |
nm |
nm |
nm |
nm |
TF1 |
1,038 |
1,187 |
-13% |
+0% |
+3% |
-9% |
Bouygues Telecom |
3,806 |
3,636 |
+5% |
+0% |
+0% |
+5% |
Bouygues SA and other |
118 |
99 |
nm |
- |
- |
nm |
Intra-Group eliminations ᵇ |
(241) |
(190) |
nm |
- |
- |
nm |
Group sales |
26,136 |
18,531 |
+41% |
+0% |
-39% |
+3% |
o/w France |
13,339 |
11,121 |
+20% |
+0% |
-22% |
-2% |
o/w international |
12,797 |
7,410 |
+73% |
+1% |
-64% |
+9% |
(a) Total of the sales contributions (after
eliminations within the construction businesses).
(b) Including intra-Group eliminations of the
construction businesses.
(c) Like-for-like and at constant exchange
rates.
CALCULATION OF GROUP EBITDA AFTER
LEASES a
(€ million) |
H1 2023 |
|
H1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Group current operating profit/(loss) from
activities |
727 |
|
513 |
|
+214 |
|
Amortisation and impairment of intangible assets recognised in
acquisitions (PPA) |
(46) |
|
(21) |
|
-25 |
|
Interest expense on lease obligations |
(37) |
|
(29) |
|
-8 |
|
Net charges for depreciation, amortisation and impairment losses on
property, plant and equipment and intangible assets |
1,075 |
|
977 |
|
+98 |
|
Charges to provisions and other impairment losses, net of reversals
due to utilisation |
(20) |
|
(59) |
|
+39 |
|
Reversals of unutilised provisions and impairment losses and
other |
(127) |
|
(149) |
|
+22 |
|
Group EBITDA after Leases |
1,572 |
|
1,232 |
|
+340 |
|
(a) See glossary for definitions.
CONTRIBUTION TO GROUP EBITDA AFTER
LEASES a BY SECTOR OF
ACTIVITY
(€ million) |
H1 2023 |
|
H1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
99 |
|
70 |
|
+29 |
|
o/w Bouygues Construction |
131 |
|
115 |
|
+16 |
|
o/w Bouygues Immobilier |
(11) |
|
22 |
|
-33 |
|
o/w Colas |
(21) |
|
(67) |
|
+46 |
|
Equans |
286 |
|
27 |
|
+259 |
|
TF1 |
277 |
|
326 |
|
-49 |
|
Bouygues Telecom |
928 |
|
830 |
|
+98 |
|
Bouygues SA and other |
(18) |
|
(21) |
|
+3 |
|
Group EBITDA after Leases |
1,572 |
|
1,232 |
|
+340 |
|
(a) See glossary for definitions.
CONTRIBUTION TO GROUP CURRENT OPERATING
PROFIT FROM ACTIVITIES (COPA)a BY
SECTOR OF ACTIVITY
(€ million) |
H1 2023 |
|
H1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
(7) |
|
(14) |
|
+7 |
|
o/w Bouygues Construction |
120 |
|
126 |
|
-6 |
|
o/w Bouygues Immobilier |
0 |
|
16 |
|
-16 |
|
o/w Colas |
(127) |
|
(156) |
|
+29 |
|
Equans |
243 |
|
59 |
|
+184 |
|
TF1 |
152 |
|
192 |
|
-40 |
|
Bouygues Telecom |
366 |
|
309 |
|
+57 |
|
Bouygues SA and other |
(27) |
|
(33) |
|
+6 |
|
Group current operating profit/(loss) from
activities |
727 |
|
513 |
|
+214 |
|
(a) See glossary for definitions.
RECONCILIATION OF CURRENT OPERATING PROFIT
FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT (COP) FOR
FIRST-HALF 2023
(€ million) |
COPA |
|
PPA amortisation ᵃ |
|
COP |
|
|
|
|
|
|
|
|
Construction businesses |
(7) |
|
-4 |
|
(11) |
|
o/w Bouygues Construction |
120 |
|
0 |
|
120 |
|
o/w Bouygues Immobilier |
0 |
|
0 |
|
0 |
|
o/w Colas |
(127) |
|
-4 |
|
(131) |
|
Equans |
243 |
|
0 |
|
243 |
|
TF1 |
152 |
|
-2 |
|
150 |
|
Bouygues Telecom |
366 |
|
-14 |
|
352 |
|
Bouygues SA and other |
(27) |
|
-26 |
|
(53) |
|
Total |
727 |
|
-46 |
|
681 |
|
(a) Amortisation and impairment of intangible
assets recognised in acquisitions.
RECONCILIATION OF CURRENT OPERATING PROFIT
FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT (COP) FOR
FIRST-HALF 2022
(€ million) |
COPA |
|
PPA amortisation ᵃ |
|
COP |
|
|
|
|
|
|
|
|
Construction businesses |
(14) |
|
-4 |
|
(18) |
|
o/w Bouygues Construction |
126 |
|
0 |
|
126 |
|
o/w Bouygues Immobilier |
16 |
|
0 |
|
16 |
|
o/w Colas |
(156) |
|
-4 |
|
(160) |
|
Equans |
59 |
|
0 |
|
59 |
|
TF1 |
192 |
|
-3 |
|
189 |
|
Bouygues Telecom |
309 |
|
-14 |
|
295 |
|
Bouygues SA and other |
(33) |
|
0 |
|
(33) |
|
Total |
513 |
|
-21 |
|
492 |
|
(a) Amortisation and impairment of intangible
assets recognised in acquisitions.
CONTRIBUTION TO GROUP CURRENT OPERATING
PROFIT (COP) BY SECTOR OF ACTIVITY
(€ million) |
H1 2023 |
|
H1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
(11) |
|
(18) |
|
+7 |
|
o/w Bouygues Construction |
120 |
|
126 |
|
-6 |
|
o/w Bouygues Immobilier |
0 |
|
16 |
|
-16 |
|
o/w Colas |
(131) |
|
(160) |
|
+29 |
|
Equans |
243 |
|
59 |
|
+184 |
|
TF1 |
150 |
|
189 |
|
-39 |
|
Bouygues Telecom |
352 |
|
295 |
|
+57 |
|
Bouygues SA and other |
(53) |
|
(33) |
|
-20 |
|
Group current operating profit/(loss) |
681 |
|
492 |
|
+189 |
|
CONTRIBUTION TO GROUP OPERATING PROFIT BY
SECTOR OF ACTIVITY
(€ million) |
H1 2023 |
|
H1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
(65) |
|
(24) |
|
-41 |
|
o/w Bouygues Construction |
74 |
|
120 |
|
-46 |
|
o/w Bouygues Immobilier |
0 |
|
16 |
|
-16 |
|
o/w Colas |
(139) |
|
(160) |
|
+21 |
|
Equans |
224 |
|
52 |
|
+172 |
|
TF1 |
131 |
|
182 |
|
-51 |
|
Bouygues Telecom |
363 |
|
305 |
|
+58 |
|
Bouygues SA and other |
(52) |
|
(67) |
|
+15 |
|
Group operating profit/(loss) |
601 |
a |
448 |
b |
+153 |
|
(a) Includes non-current charges of €46m at
Bouygues Construction, of €8m at Colas, of €19m at Equans and of
€19m at TF1; and non-current income of €11m at Bouygues Telecom and
of €1m at Bouygues SA.
(b) Includes non-current charges of €6m at
Bouygues Construction (Building & Civil Works), of €7m at
Equans (Bouygues Energies & Services), of €7m at TF1 and of
€34m at Bouygues SA; and non-current income of €10m at Bouygues
Telecom.
CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO
THE GROUP BY SECTOR OF ACTIVITY
(€ million) |
H1 2023 |
|
H1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
(53) |
|
(27) |
|
-26 |
|
o/w Bouygues Construction |
79 |
|
92 |
|
-13 |
|
o/w Bouygues Immobilier |
0 |
|
9 |
|
-9 |
|
o/w Colas |
(132) |
|
(128) |
|
-4 |
|
Equans |
148 |
|
43 |
|
+105 |
|
TF1 |
46 |
|
56 |
|
-10 |
|
Bouygues Telecom |
192 |
|
174 |
|
+18 |
|
Bouygues SA and other |
(108) |
|
(99) |
|
-9 |
|
Net profit/(loss) attributable to the Group |
225 |
|
147 |
|
+78 |
|
NET SURPLUS CASH (+)/NET DEBT (-) BY
BUSINESS SEGMENT
(€ million) |
End-June 2023 |
|
End-Dec 2022 |
|
Change |
|
|
|
|
|
|
|
|
Bouygues Construction |
2,731 |
|
3,612 |
|
-881 |
|
Bouygues Immobilier |
(329) |
|
(156) |
|
-173 |
|
Colas |
(1,349) |
|
(292) |
|
-1,057 |
|
Equans |
(127) |
|
181 |
|
-308 |
|
TF1 |
365 |
|
326 |
|
+39 |
|
Bouygues Telecom |
(3,112) |
|
(2,303) |
|
-809 |
|
Bouygues SA and other |
(8,752) |
|
(8,808) |
|
+56 |
|
Net surplus cash (+)/net debt (-) |
(10,573) |
|
(7,440) |
|
-3,133 |
|
Current and non-current lease obligations |
(2,639) |
|
(2,605) |
|
-34 |
|
CONTRIBUTION TO GROUP NET CAPITAL
EXPENDITURE BY SECTOR OF ACTIVITY, EXCLUDING
FREQUENCIES
(€ million) |
H1 2023 |
|
H1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
79 |
|
65 |
|
+14 |
|
o/w Bouygues Construction |
7 |
|
17 |
|
-10 |
|
o/w Bouygues Immobilier |
1 |
|
1 |
|
0 |
|
o/w Colas |
71 |
|
47 |
|
+24 |
|
Equans |
110 |
|
6 |
|
+104 |
|
TF1 |
112 |
|
139 |
|
-27 |
|
Bouygues Telecom |
855 |
|
837 |
|
+18 |
|
Bouygues SA and other |
(25) |
|
17 |
|
-42 |
|
Group net capital expenditure |
1,131 |
|
1,064 |
|
+67 |
|
CONTRIBUTION TO GROUP FREE CASH FLOW BY
SECTOR OF ACTIVITY
(€ million) |
H1 2023 |
|
H1 2022 |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
(91) |
|
(59) |
|
-32 |
|
o/w Bouygues Construction |
112 |
|
127 |
|
-15 |
|
o/w Bouygues Immobilier |
(9) |
|
17 |
|
-26 |
|
o/w Colas |
(194) |
|
(203) |
|
+9 |
|
Equans |
158 |
|
42 |
|
+116 |
|
TF1 |
100 |
|
137 |
|
-37 |
|
Bouygues Telecom |
(37) |
|
(82) |
|
+45 |
|
Bouygues SA and other |
(119) |
|
(82) |
|
-37 |
|
Group free cash flow ᵃ |
11 |
|
(44) |
|
+55 |
|
(a) See glossary for definitions.
GLOSSARY
ABPU (Average Billing Per
User):
- in the mobile segment, it is equal
to the total of mobile sales billed to customers (BtoC and BtoB)
divided by the average number of customers over the period. It
excludes MtoM SIM cards and free SIM cards;
- in the fixed segment, it is equal
to the total of fixed sales billed to customers (excluding BtoB)
divided by the average number of customers over the period.
BtoB (business to
business): when one business makes a commercial
transaction with another.
Backlog (Bouygues Construction,
Colas,
Equans): the amount of work still
to be done on projects for which a firm order has been taken, i.e.
the contract has been signed and has taken effect (after notice to
proceed has been issued and suspensory clauses have been
lifted).
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.
Current operating profit/(loss) from
activities: current operating profit from
activities (COPA) equates to current operating profit before
amortisation and impairment of intangible assets recognised in
acquisitions (PPA).
EBITDA after Leases: current
operating profit after taking account of the interest expense on
lease obligations, before (i) net charges for depreciation,
amortisation and impairment losses on property, plant and equipment
and intangible assets, (ii) net charges to provisions and other
impairment losses and (iii) effects of losses of control. Those
effects relate to the impact of remeasuring retained interests.
EBITDA margin after Leases (Bouygues
Telecom): EBITDA after Leases as a proportion of sales
from services.
Energies & services:
Equans.
Free cash flow: net cash flow
(determined after (i) cost of net debt, (ii) interest expense on
lease obligations and (iii) income taxes paid), minus net capital
expenditure and repayments of lease obligations. It is calculated
before changes in working capital requirements (WCR) related to
operating activities and excluding frequencies.
FTTH (Fibre
to the Home): optical fibre from the central
office (where the operator’s transmission equipment is installed)
all the way to homes or business premises (Arcep definition).
FTTH premises secured: premises
for which the horizontal is deployed, being deployed or ordered up
to the concentration point.
FTTH premises marketed: the
connectable sockets, i.e. the horizontal and vertical deployed and
connected via the concentration point.
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.
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 2023, 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.
Reservations by value (Bouygues
Immobilier): the € amount of the
value of properties reserved over a given period.
- residential properties: the sum of the
value of unit and block reservation contracts signed by customers
and approved by Bouygues Immobilier, minus registered
cancellations;
- commercial properties: these are
registered as reservations on notarised sale;
For co-promotion companies:
- if Bouygues Immobilier has
exclusive control over the co-promotion company (full
consolidation), 100% of amounts are included in reservations;
- if joint control is exercised (the
company is accounted for by the equity method), commercial activity
is recorded according to the amount of the equity interest in the
co-promotion company.
Sales from services (Bouygues
Telecom) comprise:
- sales billed to customers, which
include:
In Mobile:
- for BtoC customers: sales from
outgoing call charges (voice, texts and data), connection fees, and
value-added services;
- for BtoB customers: sales from
outgoing call charges (voice, texts and data), connection fees, and
value-added services, plus sales from business services;
- machine-To-Machine (MtoM)
sales;
- visitor roaming sales;
- sales generated with Mobile Virtual
Network Operators (MVNOs).
In Fixed:
- for BtoC customers: sales from
outgoing call charges, fixed broadband services, TV services
(including Video on Demand and catch-up TV), and connection fees
and equipment hire;
- for BtoB customers: sales from
outgoing call charges, fixed broadband services, TV services
(including Video on Demand and catch-up TV), and connection fees
and equipment hire, plus sales from business services;
- sales from bulk sales to other
fixed line operators.
- sales from incoming
Voice and Texts;
- spreading of handset subsidies over
the projected life of the customer account, required to comply with
IFRS 15;
- capitalisation of connection fee
sales, which is then spread over the projected life of the customer
account.
Other sales (Bouygues Telecom):
difference between Bouygues Telecom’s total sales and sales from
services.It comprises:- sales from handsets, accessories and
other;
- roaming sales;- non-telecom services
(construction of sites or installation of FTTH lines);
- co-financing of advertising.
Wholesale: wholesale market for
telecoms operators.
1 Includes non-current charges of €46m at
Bouygues Construction, of €8m at Colas, of €19m at Equans, of €19m
at TF1; and non-current income of €11m at Bouygues Telecom and of
€1m at Bouygues SA.2 Net debt/shareholders’ equity.3 Free cash flow
before cost of net debt, interest expense on lease obligations and
income taxes paid.4 Excluding the share of co-promotions.5
Excluding the share of co-promotions.6 33.6% among women under 50
who are purchasing-decision makers (+0.1 points year-on-year) and
30.2% among the 25-49 age group (+0.1 points year-on-year).7 Q2
2023 ABPU – Mobile ABPU is no longer restated for the roaming
impact.8 €308m plus statutory interest in relation to the legal
dispute regarding smartphone plus mobile plan bundled offers.9 See
Bouygues Telecom’s press release of 16 May 202310 Net
debt/shareholders’ equity.
Bouygues (EU:EN)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Bouygues (EU:EN)
Gráfica de Acción Histórica
De May 2023 a May 2024