BOUYGUES (EPA:EN) Bouygues: first-half 2011 results
Transparency directive : regulatory news
31/08/2011 07:00
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Paris, 31 August 2011Bouygues press release
First half 2011
Solid operating performance confirmed by an improvement in Q2 results
Sales: EUR15.2 billion (+4%)
Current operating profit: EUR752 million (+6%)
2011 sales target revised upward to EUR32 billion
Bouygues turned in a solid operating performance in the first half of 2011,
endorsing the full-year roadmap for all the Group's business areas. The
Construction businesses returned to growth and improved profitability, TF1
confirmed its turnaround and Bouygues Telecom continued its growth strategy in a
highly competitive environment.
The Group reported a 4% increase in consolidated sales in the first half of 2011
(1% like-for-like and at constant exchange rates) to EUR1 5.2 billion. Current
operating profit rose 6% to EUR752 million, while net profit was down by EUR141
million to EUR391 million. The decline in net profit was due to a lower
contribution from Alstom (EUR122 million less than in the first half of 2010)
and non-recurring items of EUR41 million in the first quarter of 2010.
Results improved in the second quarter of 2011 compared with the second quarter
of 2010: sales rose by 4%, current operating profit by 11% and net profit by
2%.
The financial structure remains very sound and net debt is virtually stable in
relation to end-June 2010.
Key figures
(EUR million) First half First half Change
2010 2011
Sales 14,655 15,214 +4%
Current operating profit 711(1) 752 +6%
Operating profit 698 752 +8%
Net profit attributable to the Group 532 391 -27%
Net debt(2) 4,205 4,341 +EUR136m
Net gearing(2) 43% 42% -1 pt
(1) The figure reported on 31 August 2010 was EUR698 million. -EUR13 million was
reclassified to other operating income and expenses at Colas.
(2) End of period
Business areas
The Construction businesses returned to growth and improved profitability.
Commercial activity was strong.
Bouygues Construction reported a satisfactory operating performance in the first
half of the year. Sales rose 4% to EUR4,705 million (up 5% in France and 2% on
international markets). The operating margin held up well at 3.5% and net profit
rose 6% to EUR94 million.
Commercial activity was very strong, with order intake of EUR6.1 billion in the
first half of the year, the same as the already high level reported in the year
earlier period. The order book stood at a record EUR15.5 billion, 12% higher
than at 30 June 2010. It includes the French Ministry of Defence Balard project,
worth EUR1 billion.
First-half results at Bouygues Immobilier were in line with the company's
full-year roadmap. Sales declined 16% to EUR1 ,098 million. Commercial property
sales were down 47% squeezed by a tough comparative with the first half of 2010.
Residential property sales dropped 6% overall in the first six months but
started to rise again in the second quarter. The current operating margin and
net profit remained stable at 8.3% and EUR56 million respectively.
After a record year in 2010, residential property reservations remained high at
EUR990 million. Commercial property reservations rose sharply to EUR324 million
in a still hesitant market. Overall, reservations were up 6% on the first half
of 2010 at EUR1,31 4 million.
The order book was 18% higher than at end-June 2010 at EUR2.5 billion.
At Colas, the gradual improvement in profitability was confirmed in the first
half of 2011.
Sales were up 8% to EUR5,400 million (up 15% in France and down 3% on
international markets). After benefiting from favourable weather conditions in
France in the first quarter, sales remained robust in the second quarter. As
expected, current operating profit improved ' it was EUR34 million higher than
in the first half of 2010 ' as the positive effects of the action plan
introduced in 2010 began to show. Net profit amounted to EUR2 million, EUR31
million up on the first half of 2010.
Good business activity in the first half of 2011 kept the order book at a high
level of EUR7.2 billion (the same as at end-June 2010), despite sales growth.
TF1 put in a very good first half and confirmed its turnaround.
Sales at TF1 were virtually stable at EUR1,278 million. The current operating
margin improved substantially to 14.6%, 6.5 points more than in the first half
of 2010, and net profit rose 61% to EUR119 million as TF1 confirmed its capacity
to closely manage costs and adapt its business model.
Standard & Poor's raised TF1's credit rating to BBB+ with a stable outlook,
reflecting the company's healthy financial structure.
Bouygues Telecom continued its growth strategy in a highly competitive environ
ment and performed in line with its expectations.
Bouygues Telecom reported a 5% increase in first-half sales to EUR2,866 million
and a 3% rise in sales from network to EUR2,575 million. As anticipated, EBITDA
remained stable stripping out the effect of the cut in mobile termination rate
differentials, despite fierce competitive pressure. EBITDA amounted to EUR665
million, down 9%, and net profit to EUR213 million, down 19%.
In a very brisk mobile phone market, Bouygues Telecom signed up 206,000 new
mobile contract customers in the first half of 2011, representing 21% of net
market growth(1). Bouygues Telecom had a total customer base of 11,187,000 at 30
June 2011, 80% of them on mobile call plans, a 1.3-point rise over a 12-month
period. On 18 July 2011, the operator innovated once again by launching the new
B&YOU service, a mobile plan that targets the "internet generation".
215,000 new fixed broadband customers joined Bouygues Telecom in the first half
of 2011(2), giving a total of 1,023,000 fixed broadband customers at 30 June
2011.
(1) Arcep (French communications regulator) data
(2) Including broadband and very-high-speed subscribers.
Alstom
Alstom contributed EUR94 million to the Group's first-half net profit, compared
with EUR216 million in the first half of 2010. As announced, after a first
quarter severely hit by non-recurring expenses taken by Alstom in the second
half of FY201 0/2011, Alstom contributed EUR71 million to Group net profit in
the second quarter of 2011 (versus EUR101 million in the second quarter of
2010).
Carrying on from the second half of FY2010/2011, Alstom recorded strong growth
in its order intake in the first quarter of FY2011/2012 and confirmed its
operating margin target of between 7% and 8% for FY2011/2012.
Financial position
Cash flow increased slightly to EUR1 ,502 million, in line with the rise in
operating profit. As anticipated, net capital expenditure rose to EUR651
million, EUR150 million more than in the first half of 2010, generating free
cash flow1 of EUR494 million.
Group net debt was virtually stable in relation to end-June 2010 at EUR4.3
billion.
(1) Before the change in working capital requirement
Cancellation of shares
The Board of Directors decided to cancel 9,973,287 shares, 5,153,093 of which
were acquired in the first half of 2011. Following the cancellation, the number
of shares stood at 356,307,709 and voting rights at 479,801,903.
Sales target
Sales
by business area 2010 2011 %
(EUR million) actual target change
Reported Reported Reported
in March in May in August
Bouygues Construction 9,235 9,400 9,600 9,600 +4%
Bouygues Immobilier 2,418 2,440 2,440 2,440 +1%
Colas 11,661 11,800 11,800 11,900 +2%
TF1 2,622 2,630 2,630 2,630 =
Bouygues Telecom 5,636 5,730 5,730 5,730 +2%
Holding company and other 132 120 120 120 nm
Intra-Group elimination (479) (420) (420) (420) nm
TOTAL 31,225 31,700 31,900 32,000 +2%
o/w France 21,576(1) 22,000 22,100 22,400 +4%
o/w international 9,649(1) 9,700 9,800 9,600 -1%
(1) Following the change in status of Mayotte that has become a French
department, sales were reclassified to France
Financial calendar:
15 November 2011: nine-month 2011 sales and earnings (5.45pm CET)
Find the full financial statements and notes to the financial statements on
www.bouygues.com.
The financial statements have been subject to a limited review by the statutory
auditors and the corresponding report has been issued.
The Half-year Review is accessible at www.bouygues.com.
The first-half 2011 results presentation to financial analysts will be webcast
live on 31 August 2011 from 11am (CET) 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 half %
(EUR million) 2010 2011 change
Sales
14,655 15,214 +4%
Current operating profit 711(1) 752 +6%
Operating profit 698 752 +8%
Cost of net debt (162) (134) -17%
Other financial income and expenses 36 (2) nm
Income tax expense (204) (223) +9%
Share of profits and losses
from associates 237 91 -62%
Net profit 605 484 -20%
Minority interests (73) (93) +27%
Net profit attributable to the Group 532 391 -27%
(1) The figure reported on 31 August 2010 was EUR698 million. -EUR13 million was
reclassified to other operating income and expenses at Colas
First-quarter consolidated
income statement First quarter %
(EUR million) 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%
(1) The figure reported on 1 June 2010 was EUR162 million. -EUR8 million was
reclassified to other operating income and expenses at Colas
Second-quarter consolidated
income statement Second quarter %
(EUR million) 2010 2011 change
Sales 8,212 8,528 +4%
Current operating profit 541(1) 599 +11%
Operating profit 536 599 +12%
Net profit attributable to the Group 351 357 +2%
(1) The figure reported on 31 August 2010 was EUR536 million. -EUR5 million was
reclassified to other operating income and expenses at Colas
Change like-
for-like and at
Sales by business area First half % constant
(EUR million) 2010 2011 change exchange
rates
Bouygues Construction 4,530 4,705 +4% +1%
Bouygues Immobilier 1,313 1,098 -16% -16%
Colas 5,002 5,400 +8% +4%
TF1 1,285 1,278 -1% -4%
Bouygues Telecom 2,732 2,866 +5% +5%
Holding company and other 70 64 nm nm
Intra-Group elimination (277) (197) nm nm
Total 14,655 15,214 +4% +1%
o/w France 10,401(1) 11,064 +6% +4%
o/w international 4,254(1) 4,150 -2% -6%
(1) Following the change in status of Mayotte that has become a French
department, sales were reclassified to France
Contribution of business areas to
EBITDA First half %
(EUR million) 2010 2011 change
Bouygues Construction 307 252 -18%
Bouygues Immobilier 91 86 -5%
Colas 148(1) 190 +28%
TF1 123 234 +90%
Bouygues Telecom 734 665 -9%
Holding company and other (19) (19) nm
TOTAL 1,384(1) 1,408 +2%
Contribution of business areas to
Current operating profit First half %
(EUR million) 2010 2011 change
Bouygues Construction 144 165 +15%
Bouygues Immobilier 109 91 -17%
Colas (34)1 0 nm
TF1 104 187 +80%
Bouygues Telecom 409 331 -19%
Holding company and other (21) (22) nm
TOTAL 711(1) 752 +6%
(1) The figure reported on 31 August 2010: EUR698 million for the Group and
-EUR47 million for Colas. -EUR13 million was reclassified to other operating
income and expenses at Colas
Contribution of business areas to
Net profit attributable to the Group First half %
(EUR million) 2010 2011 change
Bouygues Construction 89 94 +6%
Bouygues Immobilier 56 56 =
Colas (28) 2 nm
TF1 32 51 +59%
Bouygues Telecom 237 191 -19%
Alstom 216 94 -56%
Holding company and other (70) (97) nm
TOTAL 532 391 -27%
Net cash by business area At end-June Change
(EUR million) 2010 2011 EURm
Bouygues Construction 2,922 2,236 -EUR686m
Bouygues Immobilier 58 390 +EUR332m
Colas (952) (1,046) -EUR94m
TF1 (120) 11 +EUR131m
Bouygues Telecom (505) (619) -EUR114m
Holding company and other (5,608) (5,313) +EUR295m
TOTAL (4,205) (4,341) -EUR136m
Contribution of business areas to
Cash flow First half %
(EUR million) 2010 2011 change
Bouygues Construction 245 260 +6%
Bouygues Immobilier 97 94 -3%
Colas 164 220 +34%
TF1 132 220 +67%
Bouygues Telecom 715 659 -8%
Holding company and other 104 49 nm
TOTAL 1,457 1,502 +3%
Contribution of business areas to
Net capital expenditure First half %
(EUR million) 2010 2011 change
Bouygues Construction 114 121 +6%
Bouygues Immobilier 1 4 x4
Colas 135 159 +18%
TF1 21 18 -14%
Bouygues Telecom 227 348 +53%
Holding company and other 3 1 nm
TOTAL 501 651 +30%
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