COLAS (EPA:RE) - PR Colas - Results at the end of September 2019
Transparency directive : regulatory news
14/11/2019 07:30
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PRESS RELEASE
Paris, November 14, 2019
Results at the end of September 2019
* Work-on-hand: EUR9.1 billion, up 4% at constant exchange rates, excluding
Smac
* Revenue : EUR10.2 billion, up 6% at constant scope and exchange rates
* Current operating profit: EUR223 million, up EUR59 million
* Net profit attributable to the Group: EUR140 million (vs EUR111 million)
The Board of Directors of Colas, chaired by Mr. Olivier Roussat, met on
November 12, 2019 to examine the situation as of September 30, 2019 and outlook
for the current year.
Consolidated key figures
in millions of euros At September 30 At
Change constant
scope and
exchange
rates
2018 (a) 2019 (a)
Consolidated revenue 9,602 10,182 +6% +6%
of which France 4,691 4,885 +4% +10%
of which International 4,911 5,297 +8% +2%
Current operating profit 164 223 +59
Current operating profit
after Leases (b) 156 212 +56
Operating profit 164 223 +59
Operating profit after Leases (b) 156 212 +56
Net profit attributable to the Group 111 140 +29
Net surplus cash / (Net debt) (b) (1,262) (1,220) - 42
(a) The consolidated financial statements at September 30, 2019 have been
prepared in accordance with IFRS 16 (Leases) and IFRIC Interpretation 23
(Uncertainty over Income Tax Treatment). The consolidated financial statements
at September 30, 2018 are presented proforma.
(b)See definitions in glossary on page 5.
Revenue
Consolidated revenue at September 30, 2019 amounted to EUR10.2 billion, up 6%
compared to September 30, 2018 (also +6% at constant scope and exchange rates).
France accounted for EUR4.9 billion (+4% and +10% at constant scope and
exchange rates) and the International units accounted for EUR5.3 billion (+8%
and +2 % at constant scope and exchange rates).
Roads:
Consolidated revenue from the Roads segment amounted to EUR9.1 billion at
September 30, 2019, up 8% (+5% at constant scope and exchange rates):
* in a dynamic business environment, revenue in Mainland France was up 10%, in
line with market trends;
* revenue in Europe increased a slight 3% (+2% at constant scope and exchange
rates), boosted by the United Kingdom and Ireland;
* revenue in North America is up 8%. At constant scope and exchange rates,
revenue rose 1%, as an increase in the United States offset a decrease in
Canada, due to the economic slowdown in Alberta;
* in the Rest of the World (International and French Overseas, excluding Europe
and North America), revenue was up 4% (+3% at constant scope and exchange
rates), mainly in Africa and the French Caribbean.
Railways and other Specialties:
Revenue at September 30, 2019 totaled EUR1.1 billion, down 8% but up 11% at
constant scope and exchange rates (Smac was sold to OpenGate Capital in May),
boosted by strong growth at Colas Rail.
Financial Performance
In the first nine months of 2019, current operating profit increased EUR59
million at EUR223 million, compared to EUR164 million in the first nine months
of 2018. Excluding seasonal losses at Miller McAsphalt in January and February
2019 - two months which were not consolidated in 2018, the increase totals
EUR87 million.
This improvement is mainly due to the good performance of Mainland France's
Road segment as well as to Colas Rail's return to a breakeven point.
The share of income from associates and joint ventures amounted to EUR32
million at the end of September 2019 compared to EUR22 million at the end of
September 2018, due to good results of Tipco Asphalt.
Net profit attributable to the Group totaled EUR140 million at September 30,
2019, up EUR29 million from September 30, 2018.
Net surplus cash / Net debt
Net debt at September 30, 2019 amounted to EUR1,220 million, down EUR42 million
compared to September 30, 2018 (EUR1,262 million).
Work-on-hand
Work-on-hand at the end of September 2019 totaled EUR9.1 billion, up 4% at
constant exchange rates, excluding Smac. In Mainland France, work-on-hand
(EUR3.3 billion) is up 7% excluding Smac, whereas work-on-hand in the
international and overseas units (EUR5.8 billion) is up 3% at constant exchange
rates, excluding Alpic Catenaries.
Outlook 2019
Revenue is expected to increase slightly, thanks to the good performance of the
Roads segment, despite the impact of the sale of Smac.
Current operating profit is expected to improve, due to strong business in
France, the recovery of Colas Rail's profitability and the sale of Smac.
Colas (www.colas.com)
Colas, a subsidiary of the Bouygues Group, is a world leader whose mission is
to promote transport infrastructure solutions for sustainable mobility. With
58,000 employees in more than 50 countries on five continents, the Group
performs some 85,000 road construction and maintenance projects each year via
800 construction business units and 2,000 material production units.
In 2018, consolidated revenue at Colas totaled EUR13.2 billion (51% outside of
France). Net profit attributable to the Group amounted to EUR226 million.
For further information:
Delphine Lombard (tel.: +33 6 60 07 76 17) /
Rémi Colin (tel.: +33 7 60 78 25 74) contact-presse@colas.fr
Jean-Paul Jorro (tel.: +33 1 47 61 74 23) /
Zorah Chaouche (tel.: +33 1 47 61 74 36) contact-investors@colas.fr
Condensed consolidated income statement for the third quarter
in millions of euros Third quarter Change
2018 2019
Revenue 4,241 4,348 +3%
Current operating profit 331 359 +28
Current operating profit
after Leases 329 356 +27
Non-current expenses 0 0 0
Operating profit 331 359 +28
Operating profit after
Leases 329 356 +27
Net profit attributable
to the Group 240 242 +2
Revenue at September 30 by business segment
in millions of euros At At Change Change at
30/09/2018 30/09/2019 constant scope
and exchange
rates
Roads Mainland France 3,671 4,052 +10% +10%
Roads Europe 1,336 1,381 +3% +2%
Road North America 2,492 2,689 +8% +1%
Roads Rest of the World 932 968 +4% +3%
Total Roads 8,431 9,090 +8% +5%
Railways and other
Specialized Activities 1,153 1,062 -8% +11%
Parent company 18 29 ns ns
TOTAL 9,602 10,182 +6% +6%
Glossary
Work-on-hand: the amount of work still to be done on projects for which a firm
order has been taken, i.e. the contract has been signed and has taken effect
(after notice to proceed has been issued and suspensory clauses have been
lifted).
Changes in revenue at constant scope and exchange rates:
- at constant exchange rates: change after translating foreign-currency sales
for the current period at the exchange rates for the comparative period;
- at constant scope: change in revenue for the periods compared, adjusted as
follows:
* for acquisitions, by deducting from the current period those sales of the
acquired entity that have no equivalent during the comparative period;
* for divestments, by deducting from the comparative period those sales of
the divested entity that have no equivalent during the current period.
Current operating profit after Leases: current operating profit, after interest
expense on lease obligations.
Operating profit after Leases: operating profit, after interest expense on
lease obligations.
Net surplus cash/(Net debt): the aggregate of cash and cash equivalents,
overdrafts and short-term bank borrowings, non-current and current debt, and
financial instruments. Net surplus cash/(Net debt) does not include non-current
and current lease obligations. A positive figure represents net surplus cash
and a negative figure represents net debt.