BOUYGUES (EPA:EN) Bouygues : Sales target raised to €31 billion ; Solid commercial activity for the Group ; Net profit for the first nine months of 2010: €923 million (-10%)

Transparency directive : regulatory news

02/12/2010 17:46

Paris, 2 December 2010

                                 Bouygues press release

      * Sales target raised to EUR31 billion
      * Solid commercial activity for the Group
      * Net profit for the first nine months of 2010: EUR923 million (-10%)

Bouygues group sales were stable over the first nine months of 2010 at
EUR23,067 million. Current operating profit amounted to EUR1,328 million,
down 9%, and operating profit to EUR1,398 million, down 4%. Operating profit
includes non-current items at TF1 and Colas totalling EUR70 million. Net
profit amounted to EUR923 million, down 10%. The financial situation is very
sound, with a sharp reduction in net debt to EUR3.8 billion, EUR1.4 billion
less than at end-September 2009.

Key figures

(EUR million)               9-month            9-month
                                2009               2010       Change
Sales                        23,168           23,067 =

Current operating profit        1,461            1,328       -9%
Operating profit         1,461            1,398(1)    -4%
Net profit attributable
to the Group                 1,024      923      -10%

Net debt(2)                 5,186            3,770   -EUR1,416m
Net gearing(2)                  57%              37%    -20 pts

(1)Including EUR70 million of other operating income and expenses, or +EUR96
   million at TF1 and -EUR26 million at Colas
(2)End of period

Sales at Bouygues Construction at end-September 2010 were in line with the
target for the year at EUR6,801 million, down 5%. The operating margin was
virtually stable at 3.5% over the first nine months of 2010, continuing the
trend in the first half of the year. Net profit declined 23% to EUR143 million,
notably impacted by falling interest rates.
Reminder: Order intakes in the first nine months totalled EUR8.7 billion, up
34% on end-September 2009. They notably include the Singapore Sports Hub
contract, worth EUR750 million.
The order book rose to a record EUR14.3 billion, up 19% on end-December 2009
and up 25% on end- September 2009.

Bouygues Immobilier achieved a better-than-expected performance. Sales fell 18%
to EUR1,769 million. The operating margin rose by 1.4 points to 8.5% over the
first nine months of the year, boosted by improved profitability in the
residential property segment. Net profit amounted to EUR77 million, down 10%.
Reminder: Business activity remained strong in the residential property
segment, with reservations rising 32% to EUR1,658 million. Commercial property
reservations were low in a market which is at a cyclical low. Overall,
reservations at end-September 2010 were up 26% at EUR1,729 million.
The order book was stable on end-June 2010 at EUR2.2 billion.

Results at Colas in the first nine months were in line with the trends
announced on 31 August 2010. Sales amounted to EUR8,785 million (up 1% and
down 2% like-for-like and at constant exchange rates). The current operating
margin stood at 2.7%, 1.9 points lower than at end-September 2009, impacted by
the deterioration of activity in Central Europe and by competitive pressure,
especially in France. Operating profit fell 48% to EUR209 million. This figure
includes non-current items of -EUR26 million relating to charges for former
competition-related matters and write-downs of goodwill in Central Europe. The
action plan announced on 31 August 2010 has been implemented to gradually
improve the operating margin from 2011. Net profit amounted to EUR157 million,
down 46%.
Reminder: The order book at end-September 2010 was virtually stable on
end-September 2009, at EUR6.6 billion.

TF1 reported good results in the first nine months of the year. Sales rose 12%
to EUR1,826 million, buoyed by the recovery of the advertising market. Current
operating profit increased fourfold to EUR125 million, showing TF1's capacity
to adapt its business model and cut costs. Following the takeover of TMC and
NT1, the previously-held equity interests in these two entities were
remeasured and generated a one-off gain of EUR96 million. Operating profit
thus came to EUR221 million and net profit to EUR170 million.

Bouygues  Telecom continued to generate strong organic growth. Overall
sales rose by 5% to EUR4,146 million and sales from network by 4% to EUR3,763
million. Stripping out the impact of the cut in voice and SMS termination
rates, sales from network would have risen 13%. Bouygues Telecom has been able
to offset the cut in the call termination rate differential and higher taxes
resulting in a 1% increase in EBITDA to EUR1,100 million. Net profit fell 5%
to EUR392 million, reflecting higher depreciation and amortisation charges
linked to the fast-growing fixed broadband business.
Reminder: 201,000 new mobile contract customers signed up with Bouygues Telecom
in the third quarter of 2010, bringing the total number of new customers since
1 January 2010 to 552,000, representing 23% of net market growth(1). At 30
September 2010, Bouygues Telecom had 10,721,000 mobile customers, including
8,478,000 on call plans (79.1% of the total customer base, an increase of
2.9 points over one year).
The fixed broadband business continued to grow strongly, with 120,000 net
activations in the third quarter of 2010. 645,000 Bbox routers had been
activated(2) at 30 September 2010, representing 472,000 additions over
one year.

(1)Arcep (French communications regulator) data
(2)Bbox routers in operation or the number of customers billed

Alstom

Alstom contributed EUR239 million to Group net profit at end-September 2010,
down 9%. Alstom has confirmed an operating margin target of between 7% and 8%
for FY2010/2011 and FY2011/2012.

Financial position

Group net debt at 30 September 2010 amounted to EUR3.8 billion, EUR1.4 billion
less than at 30 September 2009. Shareholders' equity amounted to EUR10.1
billion, an increase of EUR1 billion, and net gearing stood at 37%, an
improvement of 20 points.
Free cash flow before change in working capital requirement amounted to EUR937
million, EUR173 million less than at end-September 2009, mainly reflecting the
lower level of activity at Colas.
The Group bought back 4.8 million Bouygues shares in the first nine months of
the year at a total cost of EUR155 million.

2010 sales

As a result of solid commercial activity and better-than-expected sales in the
first nine months of the year, the 2010 sales target for each of the Group's
business areas has been raised. The total for the Group as a whole is EUR31.0
billion, compared with the EUR30.4 billion announced in August 2010.

Sales by
business area                               2010
(EUR million)     2009                      target                       %
                         Published  Published   Published  Published   change

Bouygues
Construction      9,546    9,100      9,100       9,100      9,200       -4
Bouygues
Immobilier        2,989    2,100      2,150       2,300      2,400      -20%
Colas            11,581   11,500     11,500      11,500     11,600        =
TF1               2,365    2,410      2,460       2,530      2,555       +8%
Bouygues Telecom  5,368    5,370      5,420       5,450      5,600       +4%
Holding company
and other           134      130        130         130        130       ns

Intra-Group        (630)    (610)      (660)       (610)      (485)      ns
elimination

TOTAL             31,353   30,000     30,100      30,400     31,000     -1%
o/w France        21,678   20,600     20,800      21,100     21,500     -1%
o/w international  9,675    9,400      9,300       9,300      9,500     -2%

                                Financial calendar:

              1 March 2011: full-year 2010 results (5.45pm CET)
              2 March 2011: full-year 2010 results presentation

The financial statements have been subject to a limited review by the
statutory auditors and the corresponding report has been issued.

You will find the following documents on our website:

  - Financial statements for Bouygues (balance sheet, income statement,
    statement of recognised income and expense, cash flow statement, changes
    in shareholders' equity)
  - Slide presentation of the conference call with analysts
  - Historic data in Excel format

Press contact:
+33 (0)1 44 20 12 01 - presse@bouygues.com

Investor and analyst contact:
+33 (0)1 44 20 10 79 - investors@bouygues.com

                            www.bouygues.com

Condensed consolidated               9-month                     %
income statement                                              change
(EUR million)                    2009       2010

Sales                           23,168     23,067                =
Current operating profit         1,461      1,328               -9%
Other operating income and
expenses                             0      70(1)                ns
Operating profit                 1,461      1,398               -4%
Cost of net debt                 (260)      (251)               -3%
Other financial
income and expenses                14         24                ns
Income tax
expense                         (410)       (376)               -8
Share of profits and losses
from associates                   303        279                -8%
Net profit from continuing
operations                      1,108      1,074                -3%
Net profit from discontinued
or held-for-sale operations        15          0                 ns
Net profit                      1,123      1,074                -4%
Minority interests               (99)      (151)               +53%
Net profit attributable to the
Group                           1,024       923                -10%

(1)Other operating income and expenses include:
   - TF1: a one-off gain of EUR96 million generated by the remeasurement of
     the previously-held equity interests following the takeover of TMC and
     NT1
   - Colas: non-current items of -EUR26 million relating to charges for former
     competition-related matters and write-downs of goodwill in Central Europe

Third-quarter consolidated                Third-quarter        %
income statement                                            change
(EUR million)                            2009   2010

Sales                                  8,378 8,412         =
Current operating profit    689    630       -9%
Operating profit            689   700(1)      +2%
Net profit attributable to the Group       477    391      -18%

(1)Including EUR70 million of other operating income and expenses, or +EUR96
  million at TF1 and -EUR26 million at Colas

                                                                  Change
                                                               like-for-like
Sales by business area        9-month      9-month     %           and at
(EUR million)                   2009        2010     change       constant
                                                                  exchange
                                                                   rates

Bouygues Construction         7,133     6,801      -5%     -7%
Bouygues Immobilier         2,154     1,769     -18%    -18%
Colas                         8,684     8,785      +1%     -2%
TF1                         1,628     1,826     +12%    +11%
Bouygues Telecom         3,960     4,146      +5%     +5%
Holding company and other   104        99      ns     ns

Intra-Group elimination          (495)      (359)     ns     ns

Total                         23,168     23,067     =     -3%
o/w France                 15,924     15,838    -1%     -1%
o/w international 7,244      7,229     =     -5%

Contribution of business                   9-month                %
areas to EBITDA                                                change
( million)                             2009      2010

Bouygues Construction                    541       433          -20%
Bouygues Immobilier                      203       144          -29%
Colas                                    757       565          -25%
TF1                                      114       172          +51%
Bouygues Telecom                       1,084     1,100           +1%
Holding company and other               (24)      (23)           ns
TOTAL                                  2,675     2,391          -11%

Contribution of business                      9-month                %
areas to                                                          change
Current operating profit                  2009      2010
( million)

Bouygues Construction                     266       237            -11%
Bouygues Immobilier                       153       150             -2%
Colas                                     402       235            -42%
TF1                                        33       125              x4
Bouygues Telecom                          638       611             -4%
Holding company and other                 (31)     (30)              ns
TOTAL                                    1,461    1,328             -9%

Contribution of business areas to            9-month                %
Operating profit                                                  Change
( million)                             2009      2010

Bouygues Construction                    266      237              -11%
Bouygues Immobilier                      153      150               -2%
Colas                                    402      209              -48%
TF1                                       33      221                x7
Bouygues Telecom                         638      611               -4%
Holding company and other               (31)     (30)                ns
TOTAL                                  1,461    1,398               -4%

Contribution of business areas              9-month                %
to Net profit attributable                                      change
to the Group                            2009      2010
( million)

Bouygues Construction                   186       143            -23%
Bouygues Immobilier                      86        77            -10%
Colas                                   283       152            -46%
TF1                                      22        73              x3
Bouygues Telecom                        369       351             -5%
Alstom                                  263       239             -9%
Holding company and other              (185)     (112)             ns
TOTAL                                 1,024       923            -10%

Net cash by business area                  9-month
( million)                                                      Change
                                      2009           2010      ( million)

Bouygues Construction                2,826          2,905        +79m
Bouygues Immobilier                    (80)            93       +173m
Colas                                 (496)          (666)      -170m
TF1                                   (787)            (9)      +778m
Bouygues Telecom                      (447)          (339)      +108m
Holding company and other            (6,202)        (5,754)     +448m
TOTAL                                (5,186)        (3,770)    +1,416m

Contribution of business             9-month
areas to Cash flow                                               Change
( million)                     2009         2010              ( million)

Bouygues Construction           438           375                -63m
Bouygues Immobilier             133           145                +12m
Colas                           756           572               -184m
TF1                             100           160                +60m
Bouygues Telecom              1,088         1,073                -15m
Holding company and other        92           103                +11m
TOTAL                         2,607         2,428               -179m

Contribution of business             9-month
Net capital expenditure                                          Change
( million)                     2009         2010              ( million)

Bouygues Construction            100          145                 +45m
Bouygues Immobilier                5            3                  -2m
Colas                            217          275                 +58m
TF1                               60           35                 -25m
Bouygues Telecom                 438          400                 -38m
Holding company and other          7            6                  -1m
TOTAL                            827          864                 +37m

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22/03/2024 13:06

BOUYGUES (EPA:EN) Bouygues : Sales target raised to €31 billion ; Solid commercial activity for the Group ; Net profit for the first nine months of 2010: €923 million (-10%)

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