BOUYGUES (EPA:EN) Bouygues: Full-year 2011 results
Transparency directive : regulatory news
28/02/2012 17:46
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Paris, 28 February 2012Bouygues press release
Full-year 2011 results
Sales up 5% to EUR32.7 billion, exceeding the target
Stable current operating margin and net profit
Healthy financial structure
Restated earnings per share* up 14%
The Bouygues group had a good year in 2011, turning in a robust operating
performance and recording excellent commercial activity in the construction
businesses.
Sales were higher than expected at EUR32.7 billion, an increase of 5% (3%
like-for-like and at constant exchange rates). Current operating profit was up
3% at EUR1,819 million. Net profit attributable to the Group was stable at
EUR1,070 million despite a lower contribution from Alstom. Following the
cancellation of 52 million shares, net earnings per share calculated on the
basis of the number of shares outstanding at 31 December amounted to EUR3.40 in
2011, 14% higher than in 2010.
Key figures
EUR million 2010 2011 Change
Sales 31,225 32,706 +5%
Current operating profit 1,760 1,819 +3%
Operating profit 1,791(1) 1,857(2) +4%
Net profit attributable to the Group 1,071 1,070 =
Net debt(3) 2,473 3,862 +EUR1,389m
Gearing(3) 23% 40% +17 pts
(1)Including +EUR31 million of other operating income and expenses, namely
+EUR83 million at TF1 and -EUR52 million at Colas
(2)Including +EUR38 million of other operating income and expenses at Bouygues
Telecom
(3)At 31 December
Business areas
The construction businesses had an excellent year in 2011.
Sales rose 6% to EUR24.4 billion and current operating profit 15% to
EUR1 billion. Flourishing commercial activity lifted the order book to a record
EUR24.8 billion at end-December 2011, 10% higher than at the same point in
2010, ensuring good visibility for 2012. This figure does not include either
the Paris law courts complex contract, signed on 15 February 2012, or the
Nimes-Montpellier railway bypass, for which the Bouygues-led consortium has
been named preferred bidder.
* Calculated on the basis of the number of shares outstanding at 31 December
(excluding treasury stock)
Bouygues Construction posted a 6% increase in sales to EUR9,802 million (up 5%
in France and 8% on international markets). Current operating profit advanced
12% to EUR353 million and the current operating margin rose 0.2 points to 3.6%
in a highly competitive environment, reflecting the smooth execution of
contracts in progress. Net profit rose 12% to EUR226 million.
Order intake once more stood at a high level (EUR11 billion) after an excellent
year in 2010, reflecting Bouygues Construction's successful positioning on its
markets. The order book was 8% higher than at end-December 2010 at EUR15.3
billion, with international markets accounting for half of the total.
Bouygues Immobilier reported a 2% rise in sales to EUR2,465 million. Growth
resumed in residential property sales, which rose by 2% overall and 11% in the
second half of the year, while the commercial property business was boosted by
the sale of the Farman building in Issy-les-Moulineaux and Green Office(r) in
Meudon. The current operating margin was firm at 8.2% and net profit rose 11%
to EUR120 million.
Residential property reservations increased 5% to EUR2,419 million, a new
record, representing 14,723 units. Bouygues Immobilier thus consolidated its
leading position on the French residential property market with a growing 14%
market share. Overall reservations grew to EUR3,200 million (+29%) and include
the signing of a number of major commercial property deals despite a sluggish
market. The order book at end-December 2011 came to EUR3.1 billion (+34%).
Colas recorded a 6% rise in sales to EUR12,412 million (up 8% in France and 4%
on international markets). Current operating profit was up 28% to EUR466
million and there was a 0.7-point improvement in the current operating margin
to 3.8% as a result of adaptation and transformation measures begun in 2010,
especially in Central Europe. Net profit advanced 50% to EUR336 million.
The good level of business activity resulted in a 5% increase in the order book
vs. end-December 2010 to EUR6.5 billion. The order book increased both in
mainland France (up 4%) and on international markets (up 7%).
TF1: strategic decisions pay off
TF1's sales were stable at EUR2,620 million. The contraction in advertising
revenues at the TF1 TV channel was offset by advances in other activities,
especially TMC and NT1. Acquiring these two channels has enabled TF1 to
strengthen its position on a growing free-to-air DTT market. Current operating
profit (EUR283 million) was 23% higher than in 2010 and the current operating
margin improved 2 points to 10.8%. Net profit fell 20% to EUR183 million.
Stripping out the effect of non-current items(1) in 2010, it was up 25%.
(1) Non-current income mainly generated by the remeasurement of the
previously-held equity interests following the takeover of TMC and NT1
Bouygues Telecom's results are in line with targets
Bouygues Telecom's sales advanced 2% to EUR5,741 million and sales from network
were stable at EUR5,082 million. As announced, EBITDA was negatively impacted
by the cut in mobile termination rate differentials, falling 7% to EUR1,272
million. Operating profit amounted to EUR599 million and included EUR38 million
of non-current income from an asset disposal. Net profit was down 17% to EUR370
million.
In a fiercely competitive mobile market, Bouygues Telecom gained 369,000 new
mobile plan customers in 2011. The total customer base at end-December 2011
numbered 11.3 million, of whom 80.6% were on mobile plans (a year-on-year
increase of 1.7 points). Thanks to strong momentum in the year, the MVNO
customer base(1) stood at 1.6 million at end-2011.
Performances on the fixed broadband market were very good. Bouygues Telecom led
the field in terms of net market growth, signing up 433,000 new customers in
2011(2). The operator had a total of 1,241,000 fixed broadband customers at
end-December 2011.
(1) An estimate of the MVNO active customer base: customers who have carried
out an outgoing operation during the last month
(2) Encompasses both broadband and very-high-speed plans
Alstom
Alstom contributed EUR190 million to Bouygues' net profit in 2011, compared
with EUR235 million in 2010. The group recorded sustained business activity in
the first nine months of FY 2011/12, with order intake rising 20% to EUR15.1
billion. Alstom confirmed its operating margin target of between 7% and 8% for
FY 2011/12.
Financial situation
Cash flow was up slightly to EUR3,325 million. As expected, net capital
expenditure increased, especially at Bouygues Telecom, rising EUR235 million to
EUR1,658 million(1). Free cash flow(2) came to EUR862 million(1).
Cash flow generation resulted in a slight improvement in net debt compared with
end-2010 (EUR2.5 billion), before factoring in the purchase of a block of 4G
mobile frequencies in the 2.6 GHz band (EUR228 million) and the share repurchase
tender offer (EUR1,250 million). Including these two transactions, net debt
amounted to EUR3,862 million.
The purchase of a block of 4G mobile frequencies in the 800 MHz band for EUR683
million, allocated on 15 February 2012, will be booked in the first quarter of
2012.
With a Moody's credit rating of A3/stable outlook and a Standard & Poor's
rating of BBB+/stable outlook, the Group successfully completed an
EUR800-million bond issue in early 2012.
The Group has a high level of liquidity (EUR8.4 billion) and an evenly-spread
redemption schedule.
(1) Excluding a EUR228 million investment on 4G frequencies
(2) Before change in the working capital requirement
Dividend
The Board of Directors will ask the Annual General Meeting on 26 April 2012 to
approve the payment of a dividend of EUR1.60 per share, stable on 2010. The
ex-date, record date and payment date have been set at 30 April, 3 May and
4 May 2012 respectively.
Board of Directors
The Board of Directors will ask the next Annual General Meeting to renew the
terms of office of Martin Bouygues, François Bertière, Mrs Francis Bouygues
and Georges Chodron de Courcel and propose the appointment of Anne-Marie Idrac
to a seat on the Board.
Outlook
The 2012 sales target reflects the contrasting situations of the Group's
business areas.
The record order book gives the construction businesses good visibility. The
economic and financial environment is uncertain but there are many significant
projects in negotiation.
Despite the continued growth in the fixed broadband activity, Bouygues Telecom
expects a contraction in sales in 2012. This factors in the planned cut in call
termination rates (an impact estimated at around EUR350 million), the growth in
SIM-only offers and the transformation of the mobile market driven notably by
the arrival of a new operator at the start of the year. In this context, a cost
savings plan will have to be implemented in 2012.
As it has demonstrated in recent years, the Bouygues group knows how to adapt
to a changing environment in its different lines of business.
Sales
by business area 2011 2012 Change
EURmillion objective %
Bouygues Construction 9,802 10,000 +2%
Bouygues Immobilier 2,465 2,450 =
Colas 12,412 12,500 +1%
TF1 2,620 2,620 =
Bouygues Telecom 5,741 5,140 -10%
Holding company and other 120 120 =
Intra-Group elimination (454) (480) nm
TOTAL 32,706 32,350 -1%
o/w France 22,601 22,050 -2%
o/w international 10,105 10,300 +2%
Remuneration of executive directors
In accordance with Afep/Medef recommendations, information on the remuneration
of executive directors and the award of stock options will be published today
on www.bouygues.com, under the Finance/Shareholders, Regulated information
section.
Financial calendar:
15 May 2012: first-quarter 2012 sales and earnings (5.45pm CET)
28 August 2012: first-half 2012 results (5.45pm CET)
29 August 2012: first-half 2012 results presentation
The financial statements have been audited and the statutory auditors have
issued a report certifying them without reserve.
Find the full financial statements and notes to the financial statements on
www.bouygues.com.
The full-year 2011 results presentation to financial analysts will be webcast
live on 29 February 2012 at 11am (CET) on www.bouygues.com.
Press contact:
+33 (0)1 44 20 12 01 - presse@bouygues.com
Investors & analysts contact:
+33 (0)1 44 20 10 79 - investors@bouygues.com
www.bouygues.com
Condensed consolidated
income statement 2010 2011 Change
EURmillion %
Sales 31,225 32,706 +5%
Current operating profit 1,760 1,819 +3%
Other operating income and expenses 31(1) 38(2) nm
Operating profit 1,791 1,857 +4%
Cost of net debt (330) (277) -16%
Other financial income and expenses 6 (13) nm
Income tax expense (482) (528) +10%
Share of profits and losses from
associates 278 198 -29%
Net profit 1,263 1,237 -2%
Minority interests (192) (167) -13%
Net profit attributable to the Group 1,071 1,070 =
Net profit per share (in EUR) 3.03 3.06 +1%
Restated net profit per share(3) in EUR 2.97 3.40 +14%
(1) Other operating income and expenses include:
- TF1: non-current income of EUR83 million mainly generated by the
remeasurement of the previously-held equity interests following the takeover of
TMC and NT1 - Colas: non-current items of -EUR52 million mainly relating to
charges for former competition-related matters and write downs of goodwill in
Central Europe
(2) Non-current income relating to an asset disposal at Bouygues Telecom
(3) Calculated on the basis of the number of shares outstanding at
31 December (excluding treasury stock)
Fourth-quarter consolidated 4th quarter Change
income statement 2010 2011 %
EURmillion
Sales 8,158 8,987 +10%
Current operating profit 432 481 +11%
Operating profit 393(1) 481 +22%
Net profit attributable to the Group 148 276 +86%
(1)Including -EUR39 million of other operating income and expenses, namely
-EUR13 million at TF1 and -EUR26 million at Colas
Condensed consolidated balance sheet End-2010 End-2011
EURmillion
Non-current assets 18,620 19,442
Current assets 16,966 15,480
TOTAL ASSETS 35,586 34,922
Shareholders' equity 10,607 9,678
Non-current liabilities 8,732 8,875
Current liabilities 16,247 16,369
TOTAL LIABILITIES 35,586 34,922
Net debt 2,473 3,862
Sales Change
by business area like-for-like
EURmillion 2010 2011 Change and at
% constant
exchange
rates
%
Bouygues Construction 9,235 9,802 +6% +2%
Bouygues Immobilier 2,418 2,465 +2% +2%
Colas 11,661 12,412 +6% +5%
TF1 2,622 2,620 = -2%
Bouygues Telecom 5,636 5,741 +2% +2%
Holding company and other 132 120 nm nm
Intra-Group elimination (479) (454) nm nm
TOTAL 31,225 32,706 +5% +3%
o/w France 21,5761 22,601 +5% +4%
o/w international 9,6491 10,105 +5% +1%
(1)Following the change in status of Mayotte, which has become a French
department, sales were reclassified to France
Contribution of business areas to
EBITDA 2010 2011 Change
EURmillion %
Bouygues Construction 606 549 -9%
Bouygues Immobilier 184 181 -2%
Colas 894 934 +4%
TF1 319 357 +12%
Bouygues Telecom 1,367 1,272 -7%
Holding company and other (40) (51) nm
TOTAL 3,330 3,242 -3%
Contribution of business areas to
current operating profit 2010 2011 Change
EURmillion %
Bouygues Construction 315 353 +12%
Bouygues Immobilier 204 201 -1%
Colas 365 466 +28%
TF1 230 283 +23%
Bouygues Telecom 692 561 -19%
Holding company and other (46) (45) nm
TOTAL 1,760 1,819 +3%
Contribution of business areas to
operating profit 2010 2011 Change
EURmillion %
Bouygues Construction 315 353 +12%
Bouygues Immobilier 204 201 -1%
Colas 313 466 +49%
TF1 313 283 -10%
Bouygues Telecom 692 599 -13%
Holding company and other (46) (45) nm
TOTAL 1,791 1,857 +4%
Contribution of business areas to
net profit attributable to the Group 2010 2011 Change
EURmillion %
Bouygues Construction 201 226 +12%
Bouygues Immobilier 108 120 +11%
Colas 216 324 +50%
TF1 98 80 -18%
Bouygues Telecom 397 331 -17%
Alstom 235 190 -19%
Holding company and other (184) (201) nm
TOTAL 1,071 1,070 =
Net cash by business area End-2010 End-2011 Change
EURmillion EURmillion
Bouygues Construction 2,856 2,869 +EUR13m
Bouygues Immobilier 376 507 +EUR131m
Colas (57) 28 +EUR85m
TF1 17 (40) -EUR57m
Bouygues Telecom (170) (581) -EUR411m
Holding company and other (5,495) (6,645) -EUR1,150m
TOTAL (2,473) (3,862) -EUR1,389m
Contribution of business areas to
cash flow 2010 2011 Change
EURmillion EURmillion
Bouygues Construction 509 546 +EUR37m
Bouygues Immobilier 195 197 +EUR2m
Colas 814 915 +EUR101m
TF1 297 346 +EUR49m
Bouygues Telecom 1,327 1,288 -EUR39m
Holding company and other 102 33 -EUR69m
TOTAL 3,244 3,325 +EUR81m
Contribution of business areas to
net capital expenditure 2010 2011 Change
EURmillion EURmillion
Bouygues Construction 221 268 +EUR47m
Bouygues Immobilier 4 12 +EUR8m
Colas 474 414 -EUR60m
TF1 43 108 +EUR65m
Bouygues Telecom 680 859 +EUR179m
Holding company and other 1 (3) -EUR4m
Total excl. 4G frequencies (2.6 GHz) 1,423 1,658 +EUR235m
4G frequencies (2.6 GHz) 0 228 +EUR228m
TOTAL 1,423 1,886 +EUR463m
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