BOUYGUES (EPA:EN) First-half 2012
Transparency directive : regulatory news
28/08/2012 17:46
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Paris, 28 August 2012Bouygues press release
First-half 2012
* Sales: EUR15.5 billion (+2%)
* Net profit: EUR278 million (-29%), impacted by Bouygues Telecom
* Order book in the construction businesses at a record level
The Bouygues group reported consolidated sales of EUR1 5.5 billion in the first
half of 2012, a rise of 2% (stable like-for-like and at constant exchange
rates).
Operating profit amounted to EUR476 million, down 37% on the first half of
2011, and net profit to EUR278 million, down 29%. These results are mainly due
to lower profitability at Bouygues Telecom.
The financial position remains very sound and net debt is under tight control.
Key figures
(EUR million) First half First half
2011 2012 Change
Sales 15,214 15,505 +2%
Operating profit 752 476 -37%
Net profit attributable to the Group 391 278 -29%
Net debt(1) 4,341 6,215(2) +EUR1,874m
Net gearing 42% 66% +24 pts
(1) End of period
(2) Net debt of EUR4,033 million before factoring in two one-off events: share
repurchase tender offer (EUR1 ,250 million) and 4G frequencies (EUR932 million)
Business areas
The construction businesses posted a good commercial performance. The order
book stood 13% higher than at end-June 2011 at a new record level of EUR28.6
billion, thus giving significant visibility on future business activity.
Bouygues Construction reported first-half sales of EUR5,028 million, up 7%
overall (up 2% in France and 13% on international markets) and 2% like-for-like
and at constant exchange rates. The current operating margin was a robust 3.2%
and net profit amounted to EUR107 million.
Order intake was very high, both in France and on international markets,
boosted by the contracts for the Nimes-Montpellier high-speed railway bypass
and for the Hong Kong-Macao bridge. Overall, Bouygues Construction took orders
worth EUR6.9 billion in the first half of the year, up 12%. The order book
stood 14% higher than at end-June 2011 at EUR1 7.7 billion, with international
markets accounting for 46%.
Bouygues Immobilier reported first-half sales of EUR1 ,066 million, down 3%
overall (up 5% in residential property, down 46% in commercial property). The
operating margin held up well at 7.8%. Net profit amounted to EUR51 million.
A 26% drop in residential property reservations to EUR728 million in the first
half of 2012 reflected the wait-andsee stance on the property market and a
fall in buy-to-let investment. Commercial property reservations reached a
sound EUR317 million, down only 2% despite a sluggish market.
The order book rose 21% in comparison with end-June 2011 to EUR3,060 million,
increasing by 9% in the residential segment and by a factor of 2.6 in the
commercial segment.
Colas reported an overall 4% increase in first-half sales to EUR5,594 million,
down 3% in France and up 15% on international markets. First-half results, of
limited significance given the seasonal nature of Colas' businesses, were hard
hit by poor weather conditions in Europe, especially in France. The current
operating loss stood at EUR34 million and net loss at EUR19 million, compared
with EUR0 and +EUR2 million respectively in the first half of 2011. A good
commercial performance took the order book to EUR7.9 billion, 9% higher than at
end-June 2011 (up 11% in mainland France and 7% in French overseas territories
and international markets).
TF1 is continuing to adjust its business model
TF1 reported a 2% increase in first-half sales to EUR1,301 million. The fall
in advertising revenue in the second quarter of 2012 was offset by the
buoyancy of diversification activities, up 9% on the first half of 2011.
Current operating profit amounted to EUR134 million, a fall of 28%, due to an
increase in programming costs at the TF1 channel in the first quarter of 2012
and the cost of sporting events in the second quarter of 2012. Net profit
amounted to EUR94 million.
Bouygues Telecom is facing deep-seated changes in the mobile market
Bouygues Telecom reported a 7% drop in first-half 2012 sales to EUR2,676
million. The steeper decline in second-quarter sales, down 10%, reflects the
introduction of new price plans and a smaller customer base in the mobile
segment, while sales in the fixed broadband segment were up 40%.
Current operating profit in the first half of 2012 amounted to EUR148 million.
The EUR183-million fall versus the first half of 2011 was due to a
EUR106-million drop in EBITDA, a context-related increase in provisions in the
first half of 2012 and higher amortisation expense. Net profit amounted to
EUR92 million.
After a net loss of 379,000 mobile customers for Bouygues Telecom in the first
quarter of 2012, the mobile market gradually settled down after a turbulent
start to the year. In this context, the number of Bouygues Telecom's mobile
customers dropped 71,000 in the second quarter. This shrinkage was caused by
the departure of prepaid customers whereas the company added a net 55,000 plan
customers.
B&YOU continued to flourish, with a total of 452,000 customers at end-June
2012.
Bouygues Telecom continued its expansion on the fixed broadband market, with
70,000 net additions in the second quarter to give a base of 1.4 million
customers(1) at 30 June 2012.
(1) Includes broadband and very-high-speed broadband subscribers. Customers
gained following the acquisition of Darty Telecom, effective as of
24 July 2012, will be included in Q3 2012 financial statements
Alstom
As announced, Alstom contributed EUR114 million to the Group's first-half 2012
net profit, compared with EUR94 million in the first half of 2011.
Alstom put in a good commercial performance in the first quarter of FY201 2/13,
recording a 20% rise in order intake in comparison with the first quarter of
FY201 1/12, giving a book-to-bill of 1.3.
Financial position
Free cash flow(1) in the first half of 2012 amounted to EUR410 million(2). The
EUR84-million fall in comparison with the first half of 2011 was mainly due to
lower free cash flow at Bouygues Telecom.
Net debt amounted to EUR6.2 billion at end-June 2012. This represents an
improvement of EUR308 million in comparison with end-June 2011, excluding the
purchase of two blocks of 4G frequencies (EUR932 million) and the share
repurchase tender offer (EUR1 ,250 million). The Group has a high level of
liquidity (EUR6.9 billion) and an evenly-spread redemption schedule.
(1) Before the change in working capital requirement
(2) Before a EUR704-million investment in 4G frequencies in the first half of
2012 (acquisition cost and capitalised interest)
Sales target and outlook
The 2012 sales target has been raised by EUR150 million to EUR32,800 million
to take account of the consolidation of Thomas Vale by Bouygues Construction
and of the acquisition of Darty Telecom by Bouygues Telecom.
Sales
by business area Actual 2012 %
(EUR million) 2011 target change
Reported in Reported in Reported in
March May August
Bouygues Construction 9,802 10,000 10,100 10,200 +4%
Bouygues Immobilier 2,465 2,450 2,450 2,450 =
Colas 12,412 12,500 12,700 12,700 +2%
TF1 2,620 2,620 2,620 2,620 =
Bouygues Telecom 5,741 5,140 5,140 5,180 -10%
Holding company and
other 120 120 120 120 =
Intra-Group
elimination (454) (480) (480) (470) nm
TOTAL 32,706 32,350 32,650 32,800 =
o/w France 22,601 22,050 21,950 22,050 -2%
o/w international 10,105 10,300 10,700 10,750 +6%
Bouygues Telecom is facing deep-seated changes on the mobile market,
significantly denting its financial performance. As a result, Bouygues
Telecom's EBITDA is expected to be around EUR900 million(1) in 2012. In this
context, a EUR300-million adjustment and savings plan to reduce marketing and
operating costs in the mobile business is in progress and is expected to have
a full impact in 2013. A voluntary redundancy plan concerning 556 employees
was proposed to social partners in early July.
At the same time, TF1 is stepping up its adjustment by continuing to cut costs
and by launching a review of processes and organisational structures.
In an uncertain global economic environment, the construction businesses have
a record order book that gives them significant visibility on future activity.
They benefit from a wide range of activities, skills and geographical
locations and, as in the past, will prove capable of adapting.
The Bouygues group has a number of strengths to help it deal with the
challenges facing Bouygues Telecom:
- its position as a diversified industrial group, backed by its strong
construction businesses;
- the ability of its business areas to generate cash flows on a regular basis;
- its very healthy financial position.
(1) Excluding the cost of the adjustment plan, which is estimated to date at
around EUR150 million
Financial calendar:
14 November 2012: nine-month 2012 sales and earnings, 5.45pm (CET)
You will 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 available on www.bouygues.com.
The first-half 2012 results presentation to financial analysts will be webcast
live on 29 August 2012 from 11 am (CET) on www.bouygues.com.
Press contact: Investors and 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 First half %
income statement 2011 2012 change
(EUR million)
Sales 15,214 15,505 +2%
Current operating profit 752 476 -37%
Operating profit 752 476 -37%
Cost of net debt (134) (142) +6%
Other financial income and
expenses (2) 8 nm
Income tax expense (223) (130) -42%
Share of profits and losses
from associates 91 131 +44%
Net profit 484 343 -29%
Minority interests (93) (65) -30%
Net profit attributable to
the Group 391 278 -29%
First-quarter condensed First quarter %
consolidated income statement 2011 2012 change
(EUR million)
Sales 6,686 6,985 +4%
Operating profit 153 82 -46%
Net profit attributable
to the Group 34 35 +3%
Second-quarter condensed Second quarter %
consolidated income statement 2011 2012 change
(EUR million)
Sales 8,528 8,520 =
Operating profit 599 394 -34%
Net profit attributable
to the Group 357 243 -32%
Sales by business area First half % Change
(EUR million) 2011 2012 Change like-for-like
and at constant
exchange rates
Bouygues Construction 4,705 5,028 +7% +2%
Bouygues Immobilier 1,098 1,066 -3% -3%
Colas 5,400 5,594 +4% +2%
TF1 1,278 1,301 +2% +1%
Bouygues Telecom 2,866 2,676 -7% -7%
Holding company and other 64 68 nm nm
Intra-Group elimination (197) (228) nm nm
Total 15,214 15,505 +2% =
o/w France 10,999(1) 10,730 -2% -3%
o/w international 4,215(1) 4,775 +13% +6%
(1) Export sales of refined oil products were reclassified according to their
location
Contribution of business areas to First half %
EBITDA 2011 2012 change
(EUR million)
Bouygues Construction 252 268 +6%
Bouygues Immobilier 86 69 -20%
Colas 190 131 -31%
TF1 234 174 -26%
Bouygues Telecom 665 559 -16%
Holding company and other (19) (21) nm
TOTAL 1,408 1,180 -16%
Contribution of business areas to First half %
current operating profit 2011 2012 change
(EUR million)
Bouygues Construction 165 163 1%
Bouygues Immobilier 91 83 -9%
Colas 0 (34) nm
TF1 187 134 -28%
Bouygues Telecom 331 148 -55%
Holding company and other (22) (18) nm
TOTAL 752 476 -37%
Contribution of business areas to First half %
net profit attributable to the Group 2011 2012 change
(EUR million)
Bouygues Construction 94 107 +14%
Bouygues Immobilier 56 51 -9%
Colas 2 (18) nm
TF1 51 41 -20%
Bouygues Telecom 191 83 -57%
Alstom 94 114 +21%
Holding company and other (97) (100) nm
TOTAL 391 278 -29%
Net cash by business area At end-June Change
(EUR million) 2011 2012 EURm
Bouygues Construction 2,236 2,531 +EUR295m
Bouygues Immobilier 390 305 -EUR85m
Colas (1,046) (1,074) -EUR28m
TF1 11 (91) -EUR102m
Bouygues Telecom (619) (1,462) -EUR843m
Holding company and other (5,313) (6,424) -EUR1,111m
TOTAL (4,341) (6,215) -EUR1,874m
Contribution of business areas to First half %
cash flow 2011 2012 change
(EUR million)
Bouygues Construction 260 266 +2%
Bouygues Immobilier 94 81 -14%
Colas 220 189 -14%
TF1 220 164 -25%
Bouygues Telecom 659 507 -23%
Holding company and other 49 67 nm
TOTAL 1,502 1,274 -15%
Contribution of business areas to First half %
net capital expenditure 2011 2012 change
(EUR million)
Bouygues Construction 121 80 -34%
Bouygues Immobilier 4 6 +50%
Colas 159 125 -21%
TF1 18 13 -28%
Bouygues Telecom 348 366 +5%
Holding company and other 1 2 nm
TOTAL EXCLUDING 4G FREQUENCIES 651 592 -9%
4G FREQUENCIES - 704 nm
TOTAL 651 1,296 x2
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