BOUYGUES (EPA:EN) Bouygues. First-quarter 2011 results
Transparency directive : regulatory news
16/05/2011 17:46
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Paris, 16 May 2011Bouygues press release
First-quarter 2011
Sales up 4%
Good commercial activity
Net profit of EUR34 million impacted by non-recurring items
2011 sales target revised upwards to EUR31.9 billion
The first quarter of 2011 was in line with expectations. The Construction
division started the year well, the recovery at TF1 was confirmed and Bouygues
Telecom continued its growth strategy.
The Bouygues group's consolidated first-quarter sales amounted to EUR6.7
billion, up 4% (1% like-for-like and at constant exchange rates). Current
operating profit stood at EUR153 million, down 10%. Net profit came to EUR34
million, EUR147 million less than in Q1 2010. This was essentially due to two
factors: a fall in Alstom's contribution (EUR23 million in Q1 2011 compared with
EUR115 million in Q1 2010) and the inclusion in the Q1 2010 figure of a
non-recurring net financial gain of EUR41 million from the Alstom Hydro Holding
transaction.
The net debt and net gearing were stable on end-March 2010, confirming the very
sound financial situation.
Key figures
(EUR million) Q1 Q1
2010 2011 Change
Sales 6,443 6,686 +4%
Current operating profit 170(1) 153 -10%
Operating profit 162 153 -6%
Net profit attributable to the Group 181 34 -81%
Net debt(2) 3,230 3,293 +EUR63m
Net gearing(2) 32% 31% -1 pts
(1) The published figure on 1 June 2010 was EUR162 million. -EUR8 million were
reclassified as other operating income and expenses at Colas
(2) End of period
Business areas
Bouygues Construction reported stable sales at EUR2,169 million, up 9% in France
and down 10% internationally. The operating margin of 3.6% was unchanged on Q1
2010 and net profit amounted to EUR46 million.
Commercial activity was strong in Q1 2011: the order intake, which includes
Leadbitter's order book, amounted to EUR2.8 billion. Bouygues Construction's
order book continued to grow, standing at EUR14.7 billion, 4% more than at
end-December 2010 and 15% more than at end-March 2010. These figures do not yet
include the Balard project, for which Bouygues Construction has been designated
preferred bidder.
Bouygues Immobilier's performance in Q1 2011 is not representative of
expectations for the year as a whole, given a particularly unfavourable
comparison basis with Q1 2010. Sales amounted to EUR443 million, a decrease of
29% (down 14% in residential property, down 73% in commercial property).
Operating profit was down 36% at EUR36 million and net profit down 27% at EUR22
million. The operating margin held up well at 8.1%, in line with the level in
FY2010.
After a record year in 2010, commercial activity in the residential property
segment remained at a good level in Q1 2011, with reservations amounting to
EUR406 million. Reservations in the commercial property segment remained low in
a market that should gradually start to pick up again. Total reservations in Q1
2011 were down 13% at EUR433 million. The order book stood at EUR2.3 billion, 8%
higher than at end-March 2010.
Colas benefited from good weather in France. Sales in Q1 2011 rose 16% to EUR2.1
billion, up 21% in France and 5% internationally. Results, traditionally
negative in the first quarter, showed an improvement. The current operating loss
amounted to EUR165 million, compared with a loss of EUR194 million in Q1 2010,
and the net loss to EUR117 million, compared with a loss of EUR129 million in Q1
2010. While these results are not representative of the year as a whole, given
the strong seasonal nature of Colas' activities, they bolster expectations of
improved profitability in 2011.
Good commercial activity in Q1 2011 kept the order book high at EUR7 billion,
the same level as at end-March 2010, despite the sharp rise in sales.
TF1 reported a 3% increase in sales in Q1 2011 to EUR614 million. The operating
margin improved significantly, by 2.7 points to 10.1%, and net profit jumped 39%
to EUR46 million. In keeping with 2010, TF1 is reaping the benefit of the
adaptation of its business model and its cost control policy.
Bouygues Telecom reported a 5% rise in sales to EUR1,404 million and a 2%
increase in sales from network to EUR1,264 million. Stripping out the effect of
the cut in voice and SMS call termination rates, growth in sales from network
would have reached 10%. As expected, EBITDA reflects the commercial growth
strategy (including the decision not to pass on the rise in VAT to customers)
and is affected by the cut in the call termination rate differentials. EBITDA
fell 10% to EUR321 million and net profit declined 23% to EUR99 million.
In a particularly competitive environment, Bouygues Telecom has continued to
gain market share in both the mobile and fixed segments. 121,000 new mobile
contract customers signed up with Bouygues Telecom in Q1 2011, representing 30%
of net market growth(1). Bouygues Telecom had a total of 11,191,000 customers at
31 March 2011, 79.4% of them on call plans, up 1.7 points over one year.
The company achieved an excellent performance on the fixed broadband market.
Bouygues Telecom led the way in terms of net growth for the fourth consecutive
quarter, gaining 132,000 new customers(2). Bouygues Telecom had 940,000 fixed
broadband customers at 31 March 2011.
(1) Arcep data
(2) The number of fixed broadband customers includes xDSL and cable
subscriptions.
Alstom
Alstom's financial contribution to Bouygues' net profit in the first quarter of
2011 was heavily impacted by nonrecurring expenses booked by Alstom in the
second half of FY2010/2011. It amounted to EUR23 million, compared with EUR115
million in Q1 2010.
On the basis of currently available information, Alstom's financial contribution
to Bouygues' net profit in Q2 2011 is estimated at EUR71 million, compared with
EUR101 million in Q2 2010.
Alstom bounced back in terms of commercial performance in the second half of
FY2010/2011, winning major contracts in emerging countries that accounted for
about 60% of its total order intake for the year.
Alstom has confirmed an operating margin target of between 7% and 8% for
FY2011/2012.
Financial situation
Cash flow was stable at EUR458 million. As expected, net capital expenditure
rose 37% to EUR273 million, generating free cash flow(1) of EUR82 million.
Net debt was stable in relation to end-March 2010 at EUR3.3 billion. The Group
bought back 4.6 million Bouygues shares in Q1 2011 at a total cost of EUR150
million.
(1) Before change in working capital requirement
Highlights since 1 January 2011
11 January 2011: Alstom and Bouygues, the latter through Bouygues
Immobilier and ETDE, announced the creation of Embix, a joint venture that
will develop and provide energy management services for eco-communities.
13 January 2011: Bouygues Telecom announced its decision not to pass on
the rise in VAT, effective from 1 January 2011, to its mobile contract
customers.
24 January 2011: The French government and the Atlandes consortium, which
includes Colas, signed a 40-year concession contract for the financing,
design, development, widening, maintenance and operation of a section of the
A63 motorway in southwest France.
17 February 2011: The consortium led by Bouygues Construction was
designated by the Ministry of Defence as the preferred bidder for the
project to bring together the Ministry's central administration and the
armed forces general staff on the Balard site in the south of Paris.
24 February 2011: A consortium including Bouygues Construction subsidiary
Bouygues Bâtiment Ile-de-France signed a contract to build the Paris
Philharmonia concert hall in La Villette Park in the north of Paris and to
operate and maintain it for a period of 15 years. The project's total cost is
EUR219 million, of which EUR107 million for Bouygues Bâtiment Ile-de-France.
8 April 2011: TF1 signed an agreement to sell 100% of the shares of its
online gaming and betting company SPS to SOLFIVE.
2011 sales target
Sales 2011 target
by business area 2010 Published Published %
(EUR million) actual in March in May change
Bouygues Construction 9,235 9,400 9,600 +4%
Bouygues Immobilier 2,418 2,440 2,440 +1%
Colas 11,661 11,800 11,800 +1%
TF1 2,622 2,630 2,630 =
Bouygues Telecom 5,636 5,730 5,730 +2%
Holding company and other 132 120 120 -9%
Intra-Group elimination (479) (420) (420) ns
TOTAL 31,225 31,700 31,900 +2%
o/w France 21,576(1) 22,000 22,100 +2%
o/w international 9,649(1) 9,700 9,800 +2%
(1) Following the change in status of Mayotte, which has become a French
département, sales there have been reclassified as sales in France.
Financial calendar:
30 August 2011: first-half 2011 results (5.45pm CET)
31 August 2011: first-half 2011 results presentation
The financial statements have been subject to a limited review by the statutory
auditors and the corresponding report has been issued.
Find the full financial statements and notes to the financial statements on
www.bouygues.com.
Press contact: Investors & analysts contact:
+33 (0)1 44 20 12 01 - +33 (0)1 44 20 10 79 -
presse@bouygues.com investors@bouygues.com
www.bouygues.com
Condensed consolidated
income statement First quarter %
(EUR million) 2010 2011 change
Sales 6,443 6,686 +4%
Current operating profit 170(1) 153 -10%
Other operating income and expenses (8) 0 ns
Operating profit 162 153 -6%
Cost of net debt (82) (74) -10%
Other financial income and expenses 33 (5) ns
Income tax expense (24) (29) +21%
Share of profits and losses from associates 121 24 -80%
Net profit 210 69 -67%
Minority interests (29) (35) +21%
Net profit attributable to the Group 181 34 -81%
(1) The published figure on 1 June 2010 was EUR162 million. -EUR8 million were
reclassified as other operating income and expenses at Colas.
Change
like-for-like
and at
constant
Sales by business area First quarter % exchange
(EUR million) 2010 2011 change rates
Bouygues Construction 2,161 2,169 = -1%
Bouygues Immobilier 624 443 -29% -29%
Colas 1,828 2,119 +16% +10%
TF1 597 614 +3% -1%
Bouygues Telecom 1,340 1,404 +5% +5%
Holding company and other 38 35 ns ns
Intra-Group elimination (145) (98) ns ns
Total 6,443 6,686 +4% +1%
France 4,718(1) 5,037 +7% +5%
International 1,725(1) 1,649 -4% -8%
(1) Following the change in status of Mayotte, which has become a French
département, sales there have been reclassified as sales in France.
Contribution of business areas to
EBITDA First quarter %
(EUR million) 2010 2011 change
Bouygues Construction 113 112 -1%
Bouygues Immobilier 47 25 -47%
Colas (129) (85) ns
TF1 58 94 +62%
Bouygues Telecom 357 321 -10%
Holding company and other (12) (10) ns
TOTAL 434 457 +5%
Contribution of business areas to
Current operating profit First quarter %
(EUR million) 2010 2011 change
Bouygues Construction 76 77 +1%
Bouygues Immobilier 56 36 -36%
Colas (194)(1) (165) ns
TF1 44 62 +41%
Bouygues Telecom 197 153 -22%
Holding company and other (9) (10) ns
TOTAL 170(1) 153 -10%
(1) Published on 1 June 2010: EUR162 million for the Group and -EUR202 million
for Colas. -EUR8 million were reclassified as other operating income and
expenses at Colas.
Contribution of business areas to
Net profit attributable to the Group First quarter %
(EUR million) 2010 2011 change
Bouygues Construction 47 46 -2%
Bouygues Immobilier 30 22 -27%
Colas (125) (113) ns
TF1 14 20 +43%
Bouygues Telecom 115 89 -23%
Alstom 115 23 -80%
Holding company and other (15) (53) ns
TOTAL 181 34 -81%
Net cash by business area First quarter Change
(EUR million) 2010 2011 EURm
Bouygues Construction 3,202 2,615 -EUR587m
Bouygues Immobilier 108 346 +EUR238m
Colas (407) (509) -EUR102m
TF1 167 133 -EUR34m
Bouygues Telecom (270) (201) +EUR69m
Holding company and other (6,030) (5,677) +EUR353m
TOTAL (3,230) (3,293) -EUR63m
Contribution of business areas to
Cash flow First quarter %
(EUR million) 2010 2011 change
Bouygues Construction 119 118 -1%
Bouygues Immobilier 51 34 -33%
Colas (116) (79) ns
TF1 58 79 +36%
Bouygues Telecom 357 311 -13%
Holding company and other (7) (5) ns
TOTAL 462 458 -1%
Contribution of business areas to
Net capital expenditure First quarter Change
(EUR million) 2010 2011 EURm
Bouygues Construction 61 44 -EUR17m
Bouygues Immobilier 1 2 +EUR1m
Colas 33 71 +EUR38m
TF1 14 8 -EUR6m
Bouygues Telecom 90 148 +EUR58m
Holding company and other 1 0 -EUR1m
TOTAL 200 273 +EUR73m
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