BOUYGUES (EPA:EN) First-half 2010. Sales: €14.7 billion (-1%). Net profit: €532 million (-3%). A satisfactory operating performance in four business areas, a more difficult first half for Colas. 2010 sales target revised upward to €30.4 billion
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31/08/2010 17:45
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Paris, 31 August 2010Bouygues press release
First-half 2010
* Sales: EUR14.7 billion (-1%)
* Net profit: EUR532 million (-3%)
* A satisfactory operating performance in four business areas,
A more difficult first half for Colas
* 2010 sales target revised upward to EUR30.4 billion
The Group reported better-than-expected sales of EUR14.7 billion in the first
half of 2010, down 1% on the first half of 2009 and 2% like-for-like and at
constant exchange rates. Operating profit amounted to EUR698 million (-10%)
and net profit to EUR532 million (-3%). The financial structure is very
healthy and net debt is in keeping with the improvement seen at
end-December 2009.
Key figures
(EUR million) First-half 2009 First-half 2010 Change First-half 2009
restated published
Sales 14,790(1) 14,655 -1% 14,929
Operating profit 772(1) 698 -10% 789
Net profit attributable
to the Group 547 532 -3% 547
Net debt(2) 6,259 4,205 -EUR2,054m 6,259
Net gearing(2) 72% 43% -29 pts 72%
(1)Applying the same accounting policy as in 2010, excluding contributions
from Finagestion
(2)End of period
Business areas
Bouygues Construction had a satisfactory first half. Sales were in line with
the full-year target and amounted to EUR4,530 million, a drop of 5% (down 6% in
France and 3% on international markets).
The operating margin was virtually stable at 3.2% in the first half of 2010.
Low interest rates continued to impact net profit, down 26% at EUR89 million.
In the first half of 2010, order intakes reached an all-time high of EUR6.1
billion, a 38% increase on the first half of 2009 (up 12% in France and 73%
internationally). The order book rose to a record EUR13.9 billion, 16% higher
than at end-December 2009. It does not as yet include the Singapore Sports Hub
project signed in August 2010 for EUR770 million.
Bouygues Immobilier did better than expected in the first half of the year.
Sales stood at EUR1,313 million, down 8% overall (up 5% in the residential
segment, down 33% in the commercial segment). The operating margin improved one
point to 8.3% compared with the first half of 2009 due to the restoration of
margins in the residential property business. Net profit fell 7% to EUR56
million.
In the first half of 2010, business activity remained buoyant in the
residential property segment, with reservations rising 39% to
EUR1,175 million. Commercial property reservations remained low in a market
which is at a cyclical low. Overall, reservations totalled EUR1,243 million,
32% higher than at end-June 2009. The order book was up 3% on 31 March 2010,
to EUR2.2 billion.
First-half 2010 was more difficult for Colas. Improved business activity in the
second quarter made up for some of the lag accumulated in the first quarter.
Sales amounted to EUR5,002 million, 2% lower than in the first half of a 2009
(down 3% in France and 1% on international markets). A deteriorated economic
situation in Central Europe and fierce competitive pressure weighed on
profitability, with an operating loss of EUR47 million (including a loss of
EUR57 million in Central Europe) versus operating profit of EUR75 million at
end-June 2009. In the first half of 2010, net loss was EUR29 million compared
with net profit of EUR58 million at end-June 2009. In this context, Colas is
continuing the measures begun in 2009 and is introducing a tougher action plan
in Central Europe and France to return to operating margin growth in 2011.
The order book at end-June 2010 stood at EUR7,198 million, stable compared
with end-June 2009, with an increase of 4% in France and a decline of 4% on
international markets.
TF1 performed well in the first half of 2010 as its strategy is bearing fruit.
Sales rose 14% to EUR1,285 million, driven by a pick-up in advertising spend.
Operating profit tripled to EUR104 million and net profit rose by 51% to EUR74
million. The acquisition of TMC and NT1 was finalised on 11 June 2010 and the
companies will be fully consolidated in TF1's financial statements from 1 July
2010.
As a result of its commercial performance, Bouygues Telecom generated strong
organic growth. Overall sales rose by 4% to EUR2,732 million and sales from
network by the same figure to EUR2,506 million. Stripping out the impact of the
cut in voice and SMS termination rates, the growth rate of sales from network
would have been 13%. EBITDA amounted to EUR734 million, up 5%, and net profit
to EUR264 million, down 1%.
Commercial performance remained strong. 351,000 new mobile contract customers
joined Bouygues Telecom in the first half of 2010, representing 24% of net
market growth(1). Bouygues Telecom had 10,514,000 mobile customers at end-June
2010, 8,277,000 of them on call plans (78.7% of the total customer base, a
year-on-year increase of 3.1 points). The fixed-line business continued to
grow, with 214,000 net activations in the first half of the year (of which
97,000 in the second quarter) and 525,000 Bbox routers activated(2) at
30 June 2010. These good results confirm the success of Bouygues Telecom's
growth strategy.
(1)Arcep (French communications regulator) data
(2)Bbox routers in operation or the number of customers billed
Alstom
Alstom contributed EUR216 million to Group first-half 2010 net profit*, an
increase of 19%.
Alstom announced an order book of EUR42 billion at end-June 2010, or 27 months
of sales, and an operating margin target of between 7% and 8% for FY2010/2011
and FY2011/2012. In a challenging short-term commercial environment, Alstom
still has solid potential in its three businesses.
Reminder: Bouygues received 4.4 million Alstom shares in return for its 50%
stake in the Alstom Hydro Holding joint venture. As a result of the
transaction, the Group booked financial income included in net profit for
EUR41 million in the first quarter of 2010.
*Contribution calculated on the basis of Alstom's net profit published at
31 March 2010
Financial position
Group net debt at 30 June 2010 came to EUR4.2 billion, EUR2.1 billion less than
at 30 June 2009. Shareholders' equity increased EUR1 .2 billion to EUR9.9
billion. Net gearing stood at 43%, an improvement of 29 points. Free cash flow
amounted to EUR590 million, stable compared with the first half of 2009.
In July 2010, Standard & Poor's confirmed its rating of A- with a stable
outlook.
2010 sales target revised upward to EUR30.4 billion
The 2010 sales target has been revised upward to EUR30.4 billion from the
EUR30.1 billion announced in June 2010, as a result of good commercial
performance and better-than-expected sales in the first half of the year.
The first half of 2010 confirmed the Group's ability to react and adapt
in each of its business areas. With a robust financial structure, Bouygues is
well-placed to grasp opportunities for growth in its markets.
Sales by business area 2009 2010 %
(EUR million) target change
Published Published Published
in March in June in August
Bouygues
Construction 9,546 9,100 9,100 9,100 -5%
Bouygues
Immobilier 2,989 2,100 2,150 2,300 -23%
Colas 11,581 11,500 11,500 11,500 -1%
TF1 2,365 2,410 2,460 2,530 +7%
Bouygues
Telecom 5,368 5,370 5,420 5,450 +2%
Holding
company and other 134 130 130 130 ns
Intra-Group elimination (630) (610) (660) (610) ns
TOTAL 31,353 30,000 30,100 30,400 -3%
o/w France 21,678 20,600 20,800 21,100 -3%
o/w international 9,675 9,400 9,300 9,300 -4%
You can find the full financial statements and notes to the consolidated
financial statements on: www.bouygues.com.
These documents 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 2010 results presentation to financial analysts will be webcast
live on 1 September 2010 at 11 am (CET) on www.bouygues.com.
Press contact: Investor and analyst contact:
+33 (0)1 44 20 12 01 - presse@bouygues.com +33 (0)1 44 20 10 79 -
investors@bouygues.com
www.bouygues.com
Condensed consolidated First-half % First-half 2009
income statement 2009 2010 change published
(EUR million) restated(1)
Sales 14,790 14,655 -1% 14,929
Operating profit 772 698 -10% 789
Cost of net debt (170) (162) -5% (171)
Other financial income and
expenses 3 36 ns 3
Income tax expense (203) (204) = (208)
Share of profits and losses
from associates 206 237 +15% 206
Net profit from continuing
operations 608 605 = 619
Net profit from discontinued
and held-for-sale operations 11 0 ns 0
Net profit 619 605 -2% 619
Minority interests (72) (73) +1% (72)
Net profit attributable to
the Group 547 532 -3% 547
(1)Finagestion group's income and expenses reclassified to net profit from
discontinued and held-for-sale operations
First-quarter consolidated First-quarter % First-quarter
income statement 2009 2010 change 2009 published
(EUR million) restated
Sales 6,579(1) 6,443 -2% 6,655
Operating profit 165(1) 162 -2% 174
Net profit attributable
to the Group 159 181 +14% 159
(1)Applying the same accounting policy as in 2010, excluding contributions from
Finagestion
Second-quarter consolidated Second-quarter % Second-quarter
income statement 2009 2010 change 2009 published
(EUR million) restated
Sales 8,211(1) 8,212 = 8,274
Operating profit 607(1) 536 -12% 615
Net profit attributable to
the Group 388 351 -10% 388
(1) Applying the same accounting policy as in 2010, excluding contributions
from Finagestion
Sales by business area First-half % Change like-for-like and
(EUR million) 2009 2010 change at constant exchange
rates
Bouygues Construction 4,758 4,530 -5% -6%
Bouygues Immobilier 1,433 1,313 -8% -9%
Colas 5,116 5,002 -2% -3%
TF1 1,130 1,285 +14% +13%
Bouygues Telecom 2,625 2,732 +4% +4%
Holding company and other 731 70 ns ns
Intra-Group elimination (345)(1) (277) ns ns
Total 14,790(1) 14,655 -1% -2%
o/w France 10,496 10,369 -1% -1%
o/w international 4,294(1) 4,286 = -3%
(1)Applying the same accounting policy as in 2010, excluding sales from
Finagestion (EUR175 million in Holding company and other, -EUR36 million in
Intra-Group elimination)
Contribution of business areas First-half %
to EBITDA 2009 2010 change
(EUR million)
Bouygues Construction 304 307 +1%
Bouygues Immobilier 132 91 -31%
Colas 286 142 -50%
TF1 90 123 +37%
Bouygues Telecom 702 734 +5%
Holding company and other (22)(1) (19) ns
TOTAL 1,492(1) 1,378 -8%
(1)Applying the same accounting policy as in 2010, excluding contribution from
Finagestion (EUR43 million in 2009)
Contribution of business areas to First-half %
Operating profit 2009 2010 change
(EUR million)
Bouygues Construction 164 144 -12%
Bouygues Immobilier 104 109 +5%
Colas 75 (47) ns
TF1 38 104 x2.7
Bouygues Telecom 415 409 -1%
Holding company and other (24)(1) (21) ns
TOTAL 772(1) 698 -10%
(1)Applying the same accounting policy as in 2010, excluding contribution from
Finagestion (EUR17 million in 2009)
Contribution of business areas to First-half %
Net profit attributable to the Group 2009 2010 change
(EUR million)
Bouygues Construction 121 89 -26%
Bouygues Immobilier 60 56 -7%
Colas 57 (28) ns
TF1 21 32 +52%
Bouygues Telecom 240 237 -1%
Alstom 182 216 +19%
Holding company and other (134) (70) ns
TOTAL 547 532 -3%
Net cash by business area At end-June Change
(EUR million) 2009 2010 EURm
Bouygues Construction 2,500 2,922 +EUR422m
Bouygues Immobilier (138) 58 +EUR196m
Colas (919) (952) -EUR33m
TF1 (820) (120) +EUR700m
Bouygues Telecom (681) (505) +EUR176m
Holding company and other (6,201) (5,608) +EUR593m
TOTAL (6,259) (4,205) +EUR2,054m
Contribution of business areas First-half %
to Cash flow 2009 2010 change
(EUR million)
Bouygues Construction 242 245 +1%
Bouygues Immobilier 89 97 +9%
Colas 289 164 -43%
TF1 85 132 +55%
Bouygues Telecom 707 715 +1%
Holding company and other 781 104 ns
TOTAL 1,490(1) 1,457 -2%
(1) Applying the same accounting policy as in 2010, excluding contribution
from Finagestion (EUR26 million in 2009)
Contribution of business areas First-half %
to Net capital expenditure 2009 2010 change
(EUR million)
Bouygues Construction 64 114 +78%
Bouygues Immobilier 2 1 -50%
Colas 136 135 -1%
TF1 45 21 -53%
Bouygues Telecom 285 227 -20%
Holding company and other 71 3 ns
TOTAL 539(1) 501 -7%
(1)Applying the same accounting policy as in 2010, excluding contribution from
Finagestion (EUR32 million in 2009)
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