Bouygues: Nine-month 2023 results
Press release
Paris, 31/10/2023
NINE-MONTH 2023 RESULTS
- Solid set of nine-month
2023 Group results, and marked by Equans’ contribution
- Group sales up 38%
year-on-year and up 3% versus the nine-month 2022 proforma figure
including Equans1
- Group current operating
profit from activities up €383m year-on-year and €237m versus the
nine-month 2022 proforma figure including
Equans1
- Group net debt at
end-September 2023 stood at €10.2bn
- The Group confirms its
outlook for 2023
- Market environment remains
challenging in property sector, with limited visibility on recovery
timeline
The Board of Directors, chaired by Martin
Bouygues, met on 30 October 2023 to close off the financial
statements for the first nine months of 2023.
KEY FIGURES
The following income statement includes the
financial information published for the first nine months of 2022
and Equans proforma financial information (unaudited) for the same
period.
(€ million) |
9M 2023 |
|
9M 2022 published |
|
Change |
|
9M 2022 proforma |
d |
|
|
|
|
|
|
|
|
|
Sales |
40,888 |
|
29,677 |
|
+38% |
a |
39,739 |
|
Current operating profit/(loss) from
activities |
1,623 |
|
1,240 |
|
+383 |
|
1,386 |
|
Margin from activities |
4.0% |
|
4.2% |
|
-0.2 pts |
|
3.5% |
|
Current operating profit/(loss) ᵇ |
1,546 |
|
1,207 |
|
+339 |
|
1,314 |
|
Operating profit/(loss) ᶜ |
1,400 |
|
1,101 |
|
+299 |
|
1,209 |
|
Financial result |
(316) |
|
(170) |
|
-146 |
|
(283) |
|
Net profit/(loss) attributable to the Group |
665 |
|
537 |
|
+128 |
|
532 |
|
(a) Up 2% like-for-like and at constant exchange
rates.(b) Includes PPA amortisation of €77m in 9-month 2023 and of
€33m in 9-month 2022 as published.(c) Includes net non-current
charges of €146m in 9-month 2023 and of €106m in 9-month 2022 as
published.(d) Unaudited 9-month 2022 proforma figures.
(€ million) |
End-Sept 2023 |
|
End-Dec 2022 |
a |
End-Sept 2022 |
|
|
|
|
|
|
|
|
Net surplus cash (+)/net debt (-) |
(10,238) |
|
(7,455) |
|
(3,656) |
|
(a) Net debt adjusted following the update to
the final purchase price allocation on the Equans acquisition of 4
October 2022.
- Nine-month 2023
sales were €40.9 billion, up 38% versus the
same period in 2022, driven mainly by Equans’ contribution. Sales
growth was 3% compared with the nine-month 2022 proforma figure
including Equans. Like-for-like and at constant exchange rates,
sales increased 2%.
- Current operating profit
from activities (COPA) was €1,623 million, an
increase of €383 million compared with the first nine months
of 2022. This was €237 million higher than the nine-month 2022
proforma figure including Equans. Margin from activities was 4% in
the first nine months of 2023.
- Net profit attributable to
the Group was €665 million. This includes:
- amortisation and impairment of
intangible assets recognised in acquisitions (PPA) of
€77 million (including €46 million at Bouygues SA
related to the acquisition of Equans), compared with
€33 million for the first nine months of 2022 as
published;
- net non-current charges2 of
€146 million, which are not indicative of business. As a
reminder, net non-current charges in first nine months of 2022 as
published were €106 million;
- financial result of
-€316 million, versus -€170 million in first nine months
of 2022 as published, the change being mainly related to the
acquisition of Equans. In particular, the cost of net debt was
-€231 million compared with -€123 million in first nine months of
2022 as published;
- income tax expense of
€363 million;
- a share of net profits of joint
ventures amounting to €50 million versus a €7 million
loss in first nine months of 2022 as published, driven notably by
Tipco’s contribution and the end of losses from Salto.
- Net debt was
€10.2 billion at 30 September 2023 versus €3.7 billion at
end-September 2022, a change of around €6.6 billion,
mainly reflecting the acquisition of Equans. Net gearing3 was 74%
(versus 27% at end-September 2022).
OUTLOOK FOR 2023
The outlook below is based on information known
to date.
Outlook for the Group
In an unstable environment marked by inflation,
rising interest rates and currency volatility, Bouygues confirms
that it is aiming for 2023 sales close to those of 2022, as well as
an increase in its current operating profit from activities
(COPA).This outlook is based on 2022 proforma financial information
that assumes the Equans acquisition was completed on 1 January
2022, namely sales of €54.4 billion and current operating
profit from activities of €2,164 million.
Outlook for Colas
In an unstable environment marked by inflation,
rising interest rates and currency volatility, the Colas group has
strong fundamentals and will continue to benefit from the positive
impacts of the transformation plans that it has undertaken.Colas
confirms its target of increasing current operating profit from
activities (COPA) and current operating profit in 2023 compared
with 2022.
Outlook for Equans
In 2023, Equans is aiming for:
- a slight increase in sales, as a
result of its selective approach strategy;
- a current operating margin from
activities (COPA margin) between 2.5% and 3%;
- a cash conversion rate
(COPA-to-cash flow4) before working capital requirements (WCR) of
between 80% and 100%.
Outlook for Bouygues
Telecom
As it continues to grow its customer base,
particularly in the fixed segment, and maintains its investments to
boost its mobile network capacity, Bouygues Telecom confirms its
2023 guidance as follows:
- an increase in sales billed to
customers;
- EBITDA after Leases of around
€1.9 billion;
- gross capital expenditure at around
€1.5 billion (excluding frequencies).
Outlook for the TF1 group
The TF1 group confirms its outlook. TF1 group
will cement its leadership position and maintain a broadly stable
current operating margin of activities in 2023. The TF1 group will
continue to generate cash flow in order to aim for a growing or
stable dividend policy over the coming years.
DETAILED ANALYSIS BY SECTOR OF
ACTIVITY
CONSTRUCTION BUSINESSES
As a reminder, Bouygues Energies & Services
has been consolidated within Equans since the start of 2023. For
easier comparison, the nine-month 2022 data for the construction
businesses presented below have been restated for Bouygues Energies
& Services, as it contributed to Bouygues Construction’s
figures.At end-September 2023, the backlog in the
construction businesses (Bouygues Construction
excluding Bouygues Energies & Services, Bouygues Immobilier and
Colas) rose 8% year-on-year to €29.8 billion (up 10% at
constant exchange rates and excluding principal disposals and
acquisitions).
Bouygues Construction’s order
intake in the first nine months of 2023 was €8.1 billion,
driven by the award of major contracts, including in the third
quarter the extension of the metro line MTRC 1601 and construction
of the Anderson Road Quarry multi-use complex, both in Hong Kong
(for a total of around €400 million), the Les Acacias residential
district and the Lucerne administrative site in Switzerland (for a
total of around €260 million), and phases 2B2 and 2B3 of the
Istrian motorway in Croatia (for around €110 million). The
normal course of business also remained steady. Bouygues
Construction’s backlog (excluding Bouygues Energies & Services)
stood at €15.1 billion, up 12% (up 13% at constant exchange
rates and excluding principal disposals and acquisitions),
providing good visibility on future activity. This growth was
driven by both Building and Civil Works. Within the Building
activity, the international backlog rose sharply (up 28%) following
the award of several significant contracts in the past year, while
the backlog in France was down by around 5%. The Civil Works
backlog was up 12%. Bouygues Immobilier still has
to contend with a challenging market environment, mainly related to
the sharply higher interest rates. As such, residential property
reservations were down 23% year-on-year, with the steep decline in
unit sales only slightly mitigated by block sales. Commercial
property sales came to a standstill as investors delayed their
decisions. In this context, Bouygues Immobilier is postponing the
launch of a certain number of projects. Its backlog was down 22%
versus end-September 2022.Colas benefited
from order intake of €11.3 billion, an 8% increase relative to
the first nine months of 2022. Major contracts were booked during
this period, including in the third quarter, a contract to extend
the North-South Commuter Railway (NSCR) in Manilla, worth around
€660 million. The backlog at Colas was €13.4 billion, up
8% year-on-year (up 11% at constant exchange rates and excluding
principal disposals and acquisitions), driven by Rail (up 34%). The
Roads backlog decreased marginally by 1%.
The construction businesses reported sales of
€20 billion in the first nine months of 2023, up 2%
year-on-year, driven by Colas and Bouygues Construction.
Like-for-like and at constant exchange rates, sales increased 3%.
Bouygues Construction’s sales rose 6%, lifted mainly by a strong
performance from International Building. Bouygues Immobilier’s
sales declined 19%5 versus the first nine months of 2022,
reflecting difficult market conditions (including the share of
co-promotions, sales would have decreased 18%). Sales at Colas were
up 2%, driven both by Rail (up 7%) and by Roads (up 2%) notably in
EMEA, and rising 5% like-for-like and at constant exchange
rates.
The current operating profit from activities
(COPA) in the construction businesses was €499 million at
end-September 2023, up €65 million year-on-year, and the COPA
margin in the construction businesses increased 0.3 points over the
period to 2.5%.In the first nine months of 2023, Bouygues
Construction’s COPA was €190 million, close to the €198
million reported for the same period last year. The margin from
activities was 2.6%, notably related to the non-linear progress of
worksites. Against a backdrop of a sharp decline in sales, Bouygues
Immobilier’s COPA6 amounted to €1 million, a lower level than
in the first nine months of 2022 (including the share of
co-promotions, this figure would have been €21 million). At Colas,
COPA was €308 million, an increase of €89 million versus
the first nine months of 2022. The margin from activities over the
first nine months of 2023 was 2.6%, an improvement of
0.7 points year-on-year. Colas’ third-quarter 2023 margin from
activities was up 1.2 points year-on year; the level of this
improvement not being indicative of the expected full-year trend,
as the third quarter benefited from the sale of some land in the
United States.
EQUANS
Equans’ figures include
Bouygues Energies & Services with effect from
January 2023. The percentage changes shown below are a comparison
with the proforma data for the first nine months of 2022, which
includes Equans and Bouygues Energies & Services
before eliminations with Bouygues Construction. Equans’ proforma
results for the first nine months of 2022, which are unaudited, are
provided for comparative purposes. In line with the announcements
made at the Capital Markets Day in February 2023, Equans
continued its selective approach to contracts, prioritising margins
over volume growth in a supportive environment for its activities.
Against this backdrop, the year-to-date order intake was robust at
€13.4 billion and included medium-sized contracts awarded in the
third quarter, notably in Belgium, such as the renovation of a
hospital complex in Brussels, and in Sweden, with the construction
of a solar farm at Hultsfred Airport. The backlog at Equans, which
includes Bouygues Energies & Services, of €26.0 billion at
end-September 2023 remained stable versus end-December 2022 and
offered good visibility on future activity.
Sales for the first nine months of 2023 stood at
€13.7 billion, reflecting positive market trends, which allowed it
to pursue its selective approach strategy, and factor in the
contribution of asset-based activities, which are in the process of
being divested. This can be compared with a proforma figure
of €12.9 billion (unaudited) for the first nine months of
2022 and represents an increase of 6%. Current operating profit
from activities (COPA) in the first nine months of 2023 was
€377 million, an increase of €139 million versus
nine-month 2022 proforma COPA. It reflects the continued roll-out
of the Perform plan to all of Equans’ operating units. The margin
from activities was therefore 2.7%, in line with the 2023 target of
between 2.5% and 3%.
Equans announced that it had signed an agreement
on 15 September to sell its district heating and cooling
network activities in the UK. This sale is part of its strategic
plan, disclosed on 23 February 2023, which includes the sale of its
asset-based activities. Early October, Equans also signed an
agreement for the sale of its aquifer thermal energy storage
concessions in the Netherlands. Completion of these asset disposals
is expected in the fourth quarter of 2023, subject to relevant
approvals. These disposals will have no impact on Equans’ sales and
current operating profit from activities (COPA) trajectory as
presented at the Capital Markets Day.
TF1
The TF1 group reported sales of
€1.5 billion in the first nine months of 2023, decreasing 11%
year-on-year (and down 8% like-for-like and at constant exchange
rates):
- Media sales fell 6% in the first
nine months of 2023 but grew 8% in the third quarter, driven by a
7% increase (+10% like-for-like and at constant exchange rates) in
advertising revenue, driven notably by the Rugby World Cup.
Like-for-like and at constant exchange rates, advertising revenue
was down 2% overall in the first nine months of 2023;
- sales at Newen Studios declined by
34% year-on-year. The decline was due to an unfavourable base
effect linked to the delivery of large-scale productions in the
first nine months of 2022 (such as Liaison and Marie-Antoinette in
Q3 2022), the closure of Salto and the end of Plus Belle la
Vie for France Télévisions.
Current operating profit from activities (COPA)
was €204 million in the first nine months of 2023, down
€39 million year-on-year. The margin from activities in the
first nine months was 13.2%, down year-on-year (-0.8 points). In
the third quarter, it benefited notably from the solid performance
by the Media segment, where the margin from activities was up
1.1 points relative to third-quarter 2022, thus underlining
TF1’s ability to monetise major sporting events. The Media margin
from activities for the first nine months of 2023 was almost stable
year-on-year. It was also indicative of TF1’s very tight control
over programme costs, which amounted to €629 million (down
€11 million year-on-year, or 2% lower). At Newen Studios, the
margin from activities in the third quarter was 10.3%, up 0.3
points relative to the same period in 2022 but lower for the first
nine months.
BOUYGUES TELECOM
Bouygues Telecom continued expanding in both
mobile and fixed segments during the first nine months of 2023. At
end-September 2023, mobile plan customers excluding MtoM totalled
15.4 million, thanks to the gain of 217,000 new customers since the
start of the year, of which 108,000 in the third quarter. In fixed,
FTTH customers were 3.4 million at end-September 2023, thanks
to 425,000 new adds in the first nine months, of which 154,000 in
the third quarter. The proportion of fixed customers subscribing to
a FTTH plan continued to increase, reaching 71% versus 61% one year
earlier. The total fixed customer base was 4.8 million, which
was 167,000 more than at end-December 2022, of which 81,000 in the
third quarter. Fibre performance is explained in particular by the
FTTH roll-out. Bouygues Telecom now has over 33 million FTTH
premises marketed and is on course to reach the target of
35 million FTTH premises by end-2026.
Sales billed to customers reflected this
commercial momentum and reached €4.4 billion, up 6% versus the
first nine months of 2022, lifted by the strength of the mobile and
fixed customer bases and the increase in ABPU7 (year-on-year,
mobile ABPU rose €0.1 to €19.8 per customer per month, while fixed
ABPU increased €1.9 to €30.9 per customer per month).Sales from
services rose 4% year-on-year, still impacted by the decrease in
sales from incoming traffic. Other sales remained broadly stable
year-on-year. In total, Bouygues Telecom’s sales increased 3%
versus end-September 2022.
EBITDA after Leases rose €143 million
year-on-year to €1,451 million, driven by sales growth and
tight control on costs. The EBITDA after Leases margin continued
increasing, up to 32.6% (up 2 points versus end-September
2022).Current operating profit from activities (COPA) was
€585 million, up €63 million year-on-year.
Gross capital expenditure excluding frequencies
was €1,107 million at end-September 2023, in line with the
target set for the full year.
DRAFT PUBLIC TENDER OFFER FOLLOWED BY A
SQUEEZE-OUT FOR COLAS SHARES
On 20 September 2023, Bouygues filed with the
AMF (Autorité des Marchés Financiers) a draft public tender offer
followed by a squeeze-out for the Colas shares not yet held by
Bouygues at a price of €175 per share, which is to be followed
immediately by the delisting of Colas.
The draft offer is intended to simplify the
ownership structure of Colas.As of the date the offer was filed,
Bouygues held 96.8% of the share capital of Colas.
The draft offer is under review by the AMF.
Subject to obtaining approval from the AMF
(notice of compliance), the offer period and definitive withdrawal
from listing are expected to take place before the end of 2023.
FINANCIAL SITUATION
- at €10.9 billion, the Group
maintained a high level of available cash compared
with €14.7 billion at end-2022. Available cash comprised
€1.6 billion in cash and equivalents, supplemented by
€9.3 billion in undrawn medium- and long-term credit
facilities;
- net debt at end-September 2023 was
€10.2 billion versus €7.5 billion at end-December 20228
and €3.7 billion at end-September 2022. The change versus
31 December 2022 is mainly impacted by the usual seasonal
effects, including the dividend payment. The change between
end-September 2022 and end-September 2023 reflected mainly:
- the acquisition of Equans;
- the payment of €310 million9
to Free Mobile, on 16 May 2023, in respect of which the Group is
disputing the ruling and validity of its immediate
execution10;
- the capital increase reserved for
Bouygues employees,
- the squeeze-out offer, with the
view to delisting Colas, and
- Bouygues share buybacks.
- the change in WCR related to
operating activities & other was -€2.2 billion, marking an
improvement of over €0.8 billion versus end-September 2022,
reflecting the efforts made by the business segments;
- net gearing11 was
74% (versus 54% at end-2022).
In the first nine months of the year,
Bouygues:
- renewed its medium- and long-term
credit facilities as they expired, without financial covenants or
rating clauses;
- redeemed a €700-million bond
issue;
- completed a €1-billion, eight-year
bond issue (maturing 17 July 2031), with a coupon of 3.875%. The
economic cost for the Group, after factoring in pre-hedging, comes
to slightly below 1.95%.
- repaid €1,950 million of the
syndicated loan arranged to finance the acquisition of Equans (out
of a used total of €2,450 million as at end-December 2022)12.
At end-September 2023, the average maturity of
the Group’s bonds was 8.7 years, and the average coupon was
3.10% (average effective rate of 2.16%). The debt maturity schedule
is well spread over time.
On 2 October 2023, Bouygues issued a combined
nominal debt of €450m, representing total proceeds of €390m
(including an issue discount of €60m, representative of the
difference between current rates and those of coupons), by tapping
two existing bond issues:
- €250 million of nominal value was
tapped from the €750-million bond maturing on 7 June 2027, with a
coupon of 1.375%. The economic rate for this tap issue is 3.93%,
and the rate for the entire bond issue is now 2.66%;
- €200 million of nominal value was
tapped from the €800-million bond maturing on 11 February 2030,
with a coupon of 0.50%. The economic rate for this tap issue is
4.18%, and the rate for the entire bond issue is now 1.16%.
Following these two tap issues, the average
maturity of the Group’s bonds is 8.5 years, and the average coupon
is 3.01% (average effective rate of 2.26%).
The long-term credit ratings assigned to the
Group by Moody’s and Standard &Poor’s are: A3, stable outlook,
and A-, negative outlook, respectively.
FINANCIAL CALENDAR
27 February 2024: Full-year 2023 results (7.30am
CET)
The financial statements have been subject to a
limited review by the statutory auditors and the corresponding
report has been issued.
You can find the full financial statements and
notes to the financial statements on www.bouygues.com/results.
The results presentation conference call for
analysts will start at 9am (CET) on 31 October 2023.Details on how
to connect are available on www.bouygues.com.
The results presentation will be available before
the conference call startson www.bouygues.com/results.
ABOUT BOUYGUESBouygues is a
diversified services group operating in over 80 countries with
200,000 employees all working to make life better every day. Its
business activities in construction (Bouygues
Construction, Bouygues Immobilier, Colas); energies &
services (Equans); media (TF1) and
telecoms (Bouygues Telecom) are able to drive
growth since they all satisfy constantly changing and essential
needs.
INVESTORS AND ANALYSTS
CONTACT:investors@bouygues.com • Tel.: +33 (0)1 44 20 12
29
PRESS CONTACT:presse@bouygues.com
• Tel.: +33 (0)1 44 20 12 01
BOUYGUES SA • 32 avenue Hoche •
75378 Paris Cedex 08 • bouygues.com
NINE-MONTH 2023 BUSINESS
ACTIVITY
BACKLOG IN THE CONSTRUCTION
BUSINESSES
In order to facilitate analysis, Bouygues
Construction’s backlog at end-September 2022 only includes the
Building & Civil Works backlog.
(€ million) |
End-Sept 2023 |
End-Sept 2022 |
Change |
|
|
|
|
|
|
Bouygues Construction |
15,147 |
13,560 |
+12% |
a |
Bouygues Immobilier |
1,226 |
1,578 |
-22% |
b |
Colas |
13,403 |
12,407 |
+8% |
c |
Total |
29,776 |
27,545 |
+8% |
d |
(a) Up 13% at constant exchange rates and
excluding principal disposals and acquisitions.
(b) Down 22% at constant exchange rates and
excluding principal disposals and acquisitions.
(c) Up 11% at constant exchange rates and
excluding principal disposals and acquisitions.
(d) Up 10% at constant exchange rates and
excluding principal disposals and acquisitions.
BOUYGUES CONSTRUCTION ORDER
INTAKE
Bouygues Construction’s order intake in 9M 2022
only includes the Building & Civil Works order intake.
(€ million) |
9M 2023 |
9M 2022 |
Change |
|
|
|
|
|
|
France |
2,722 |
2,372 |
+15% |
|
International |
5,418 |
3,057 |
+77% |
|
Total |
8,140 |
5,429 |
+50% |
|
BOUYGUES IMMOBILIER
RESERVATIONS
(€ million) |
9M 2023 |
9M 2022 |
Change |
|
|
|
|
|
|
Residential property |
878 |
1,145 |
-23% |
|
Commercial property |
30 |
173 |
-83% |
|
Total |
908 |
1,318 |
-31% |
|
COLAS BACKLOG
(€ million) |
End-Sept 2023 |
End-Sept 2022 |
Change |
|
|
|
|
|
|
Mainland France |
3,303 |
3,231 |
+2% |
|
International and French overseas territories |
10,100 |
9,176 |
+10% |
|
Total |
13,403 |
12,407 |
+8% |
|
EQUANS BACKLOG
In order to facilitate analysis, Equans’ backlog
includes Bouygues Energies & Services’ backlog, including at
end-December 2022.
(€ million) |
End-Sept 2023 |
End-Dec 2022 |
Change |
|
|
|
|
|
|
Total |
25,985 |
25,927 |
= |
|
TF1 AUDIENCE
SHARE a
(%) |
End-Sept 2023 |
End-Sept 2022 |
Change |
|
|
|
|
|
|
Total |
33.3% |
33.2% |
+0.1 pts |
|
(a) Source Médiamétrie – Women under 50 who are
purchasing decision-makers.
BOUYGUES TELECOM CUSTOMER BASE
(‘000) |
End-Sept 2023 |
End-Dec 2022 |
Change |
|
|
|
|
|
|
Mobile customer base excl. MtoM |
15,721 |
15,499 |
+222 |
|
Mobile plan base excl. MtoM |
15,439 |
15,222 |
+217 |
|
Total mobile customers |
23,233 |
22,455 |
+778 |
|
FTTH customers |
3,417 |
2,993 |
+425 |
|
Total fixed customers |
4,837 |
4,670 |
+167 |
|
9-MONTH 2023 FINANCIAL
PERFORMANCE
As announced, Bouygues Energies & Services
is consolidated by Equans with effect from the start of 2023. For
easier comparison, data for Bouygues Energies & Services, as it
contributed to Bouygues Construction’s figures, have been
re-classified from Bouygues Construction to Equans in the
nine-month 2022 published figures.
GROUP CONDENSED CONSOLIDATED INCOME
STATEMENT
(€ million) |
9M 2023 |
|
9M 2022 published |
|
Change |
|
|
|
|
|
|
|
|
Sales |
40,888 |
|
29,677 |
|
+38% |
a |
Current operating profit/(loss) from
activities |
1,623 |
|
1,240 |
|
+383 |
|
Amortisation and impairment of intangible assets recognised in
acquisitions (PPA) b |
(77) |
|
(33) |
|
-44 |
|
Current operating profit/(loss) |
1,546 |
|
1,207 |
|
+339 |
|
Other operating income and expenses |
(146) |
c |
(106) |
d |
-40 |
|
Operating profit/(loss) |
1,400 |
|
1,101 |
|
+299 |
|
Cost of net debt |
(231) |
|
(123) |
|
-108 |
|
Interest expense on lease obligations |
(59) |
|
(42) |
|
-17 |
|
Other financial income and expenses |
(26) |
|
(5) |
|
-21 |
|
Income tax |
(363) |
|
(267) |
|
-96 |
|
Share of net profits of joint ventures and associates |
50 |
|
(7) |
|
+57 |
|
Net profit from continuing operations |
771 |
|
657 |
|
+114 |
|
Net profit attributable to non-controlling interests |
(106) |
|
(120) |
|
+14 |
|
Net profit/(loss) attributable to the Group |
665 |
|
537 |
|
+128 |
|
(a) Up 2% like-for-like and at constant exchange
rates.
(b) Purchase Price Allocation.
(c) Includes non-current charges of €60m at
Bouygues Construction, of €7m at Colas, of €47m at Equans, of €24m
at TF1, of €7m at Bouygues Telecom and of €1m at Bouygues SA.
(d) Includes non-current charges of €32m at
Bouygues Construction (Building & Civil Works), of €11m at
Equans (Bouygues Energies & Services), of €15m at TF1 and of
€55m at Bouygues SA; and non-current income of €7m at Bouygues
Telecom.
GROUP SALES BY SECTOR OF
ACTIVITY
(€ million) |
9M 2023 |
9M 2022 published |
Change |
Forex effect |
Scope effect |
Lfl & constant fx ᶜ |
|
|
|
|
|
|
|
Construction businesses ᵃ |
19,996 |
19,673 |
+2% |
+1% |
0% |
+3% |
o/w Bouygues Construction |
7,210 |
6,833 |
+6% |
+1% |
0% |
+7% |
o/w Bouygues Immobilier |
1,109 |
1,366 |
-19% |
0% |
0% |
-19% |
o/w Colas |
11,805 |
11,524 |
+2% |
+2% |
0% |
+5% |
Equans |
13,726 |
2,818 |
nm |
nm |
nm |
nm |
TF1 |
1,548 |
1,740 |
-11% |
0% |
+3% |
-8% |
Bouygues Telecom |
5,700 |
5,531 |
+3% |
0% |
0% |
+3% |
Bouygues SA and other |
176 |
148 |
nm |
- |
- |
nm |
Intra-Group eliminations ᵇ |
(386) |
(283) |
nm |
- |
- |
nm |
Group sales |
40,888 |
29,677 |
+38% |
+1% |
-36% |
+2% |
o/w France |
19,987 |
16,757 |
+19% |
0% |
-21% |
-2% |
o/w international |
20,901 |
12,920 |
+62% |
+2% |
-55% |
+9% |
(a) Total of the sales contributions (after
eliminations within the construction businesses).
(b) Including intra-Group eliminations of the
construction businesses.
(c) Like-for-like and at constant exchange
rates.
CALCULATION OF GROUP EBITDA AFTER
LEASES a
(€ million) |
9M 2023 |
|
9M 2022 published |
|
Change |
|
|
|
|
|
|
|
|
Group current operating profit/(loss) from
activities |
1,623 |
|
1,240 |
|
+383 |
|
Amortisation and impairment of intangible assets recognised in
acquisitions (PPA) |
(77) |
|
(33) |
|
-44 |
|
Interest expense on lease obligations |
(59) |
|
(42) |
|
-17 |
|
Net charges for depreciation, amortisation and impairment losses on
property, plant and equipment and intangible assets |
1,668 |
|
1,594 |
|
+74 |
|
Charges to provisions and other impairment losses, net of reversals
due to utilisation |
1 |
|
(113) |
|
+114 |
|
Reversals of unutilised provisions and impairment losses and
other |
(177) |
|
(222) |
|
+45 |
|
Group EBITDA after Leases |
2,979 |
|
2,424 |
|
+555 |
|
(a) See glossary for definitions.
CONTRIBUTION TO GROUP EBITDA AFTER
LEASES a BY SECTOR OF
ACTIVITY
(€ million) |
9M 2023 |
|
9M 2022 published |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
727 |
|
594 |
|
+133 |
|
o/w Bouygues Construction |
210 |
|
171 |
|
+39 |
|
o/w Bouygues Immobilier |
(8) |
|
20 |
|
-28 |
|
o/w Colas |
525 |
|
403 |
|
+122 |
|
Equans |
442 |
|
42 |
|
+400 |
|
TF1 |
375 |
|
522 |
|
-147 |
|
Bouygues Telecom |
1,451 |
|
1,308 |
|
+143 |
|
Bouygues SA and other |
(16) |
|
(42) |
|
+26 |
|
Group EBITDA after Leases |
2,979 |
|
2,424 |
|
+555 |
|
(a) See glossary for definitions.
CONTRIBUTION TO GROUP CURRENT OPERATING
PROFIT FROM ACTIVITIES (COPA)a BY
SECTOR OF ACTIVITY
(€ million) |
9M 2023 |
|
9M 2022 published |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
499 |
|
434 |
|
+65 |
|
o/w Bouygues Construction |
190 |
|
198 |
|
-8 |
|
o/w Bouygues Immobilier |
1 |
|
17 |
|
-16 |
|
o/w Colas |
308 |
|
219 |
|
+89 |
|
Equans |
377 |
|
89 |
|
+288 |
|
TF1 |
204 |
|
243 |
|
-39 |
|
Bouygues Telecom |
585 |
|
522 |
|
+63 |
|
Bouygues SA and other |
(42) |
|
(48) |
|
+6 |
|
Group current operating profit/(loss) from
activities |
1,623 |
|
1,240 |
|
+383 |
|
(a) See glossary for definitions.
RECONCILIATION OF CURRENT OPERATING PROFIT
FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT (COP) FOR THE
FIRST NINE MONTHS OF 2023
(€ million) |
COPA |
|
PPA amortisation ᵃ |
|
COP |
|
|
|
|
|
|
|
|
Construction businesses |
499 |
|
-6 |
|
493 |
|
o/w Bouygues Construction |
190 |
|
0 |
|
190 |
|
o/w Bouygues Immobilier |
1 |
|
0 |
|
1 |
|
o/w Colas |
308 |
|
-6 |
|
302 |
|
Equans |
377 |
|
0 |
|
377 |
|
TF1 |
204 |
|
-3 |
|
201 |
|
Bouygues Telecom |
585 |
|
-22 |
|
563 |
|
Bouygues SA and other |
(42) |
|
-46 |
|
(88) |
|
Total |
1,623 |
|
-77 |
|
1,546 |
|
(a) Amortisation and impairment of intangible
assets recognised in acquisitions.
RECONCILIATION OF CURRENT OPERATING PROFIT
FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT (COP) FOR THE
FIRST NINE MONTHS OF 2022, AS PUBLISHED
(€ million) |
COPA |
|
PPA amortisation ᵃ |
|
COP |
|
|
|
|
|
|
|
|
Construction businesses |
434 |
|
-6 |
|
428 |
|
o/w Bouygues Construction |
198 |
|
0 |
|
198 |
|
o/w Bouygues Immobilier |
17 |
|
0 |
|
17 |
|
o/w Colas |
219 |
|
-6 |
|
213 |
|
Equans |
89 |
|
0 |
|
89 |
|
TF1 |
243 |
|
-4 |
|
239 |
|
Bouygues Telecom |
522 |
|
-22 |
|
500 |
|
Bouygues SA and other |
(48) |
|
-1 |
|
(49) |
|
Total |
1,240 |
|
-33 |
|
1,207 |
|
(a) Amortisation and impairment of intangible
assets recognised in acquisitions.
CONTRIBUTION TO GROUP CURRENT OPERATING
PROFIT (COP) BY SECTOR OF ACTIVITY
(€ million) |
9M 2023 |
|
9M 2022 published |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
493 |
|
428 |
|
+65 |
|
o/w Bouygues Construction |
190 |
|
198 |
|
-8 |
|
o/w Bouygues Immobilier |
1 |
|
17 |
|
-16 |
|
o/w Colas |
302 |
|
213 |
|
+89 |
|
Equans |
377 |
|
89 |
|
+288 |
|
TF1 |
201 |
|
239 |
|
-38 |
|
Bouygues Telecom |
563 |
|
500 |
|
+63 |
|
Bouygues SA and other |
(88) |
|
(49) |
|
-39 |
|
Group current operating profit/(loss) |
1,546 |
|
1,207 |
|
+339 |
|
CONTRIBUTION TO GROUP OPERATING PROFIT BY
SECTOR OF ACTIVITY
(€ million) |
9M 2023 |
|
9M 2022 published |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
426 |
|
396 |
|
+30 |
|
o/w Bouygues Construction |
130 |
|
166 |
|
-36 |
|
o/w Bouygues Immobilier |
1 |
|
17 |
|
-16 |
|
o/w Colas |
295 |
|
213 |
|
+82 |
|
Equans |
330 |
|
78 |
|
+252 |
|
TF1 |
177 |
|
224 |
|
-47 |
|
Bouygues Telecom |
556 |
|
507 |
|
+49 |
|
Bouygues SA and other |
(89) |
|
(104) |
|
+15 |
|
Group operating profit/(loss) |
1,400 |
a |
1,101 |
b |
+299 |
|
(a) Includes non-current charges of €60m at
Bouygues Construction, of €7m at Colas, of €47m at Equans, of €24m
at TF1, of €7m at Bouygues Telecom and of €1m at Bouygues SA.
(b) Includes non-current charges of €32m at
Bouygues Construction (Building & Civil Works), of €11m at
Equans (Bouygues Energies & Services), of €15m at TF1 and of
€55m at Bouygues SA; and non-current income of €7m at Bouygues
Telecom.
CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO
THE GROUP BY SECTOR OF ACTIVITY
(€ million) |
9M 2023 |
|
9M 2022 published |
|
Change |
|
|
|
|
|
|
Construction businesses |
288 |
|
269 |
|
+19 |
o/w Bouygues Construction |
130 |
|
124 |
|
+6 |
o/w Bouygues Immobilier |
(2) |
|
10 |
|
-12 |
o/w Colas |
160 |
|
135 |
|
+25 |
Equans |
213 |
|
63 |
|
+150 |
TF1 |
63 |
|
67 |
|
-4 |
Bouygues Telecom |
279 |
|
290 |
|
-11 |
Bouygues SA and other |
(178) |
|
(152) |
|
-26 |
Net profit/(loss) attributable to the Group |
665 |
|
537 |
|
+128 |
NET SURPLUS CASH (+)/NET DEBT (-) BY
BUSINESS SEGMENT
(€ million) |
End-Sept 2023 |
|
End-Dec 2022 |
|
Change |
|
|
|
|
|
|
|
|
Bouygues Construction |
2,769 |
|
3,612 |
|
-843 |
|
Bouygues Immobilier |
(377) |
|
(156) |
|
-221 |
|
Colas |
(815) |
|
(292) |
|
-523 |
|
Equans |
(71) |
|
181 |
|
-252 |
|
TF1 |
364 |
|
326 |
|
+38 |
|
Bouygues Telecom |
(3,045) |
|
(2,303) |
|
-742 |
|
Bouygues SA and other |
(9,063) |
|
(8,823) |
|
-240 |
|
Net surplus cash (+)/net debt (-) |
(10,238) |
|
(7,455) |
a |
-2,783 |
|
Current and non-current lease obligations |
(2,842) |
|
(2,605) |
|
-237 |
|
(a) Net debt adjusted following the update to
the final purchase price allocation on the Equans acquisition of 4
October 2022.
CONTRIBUTION TO GROUP NET CAPITAL
EXPENDITURE BY SECTOR OF ACTIVITY
(€ million) |
9M 2023 |
|
9M 2022 published |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
128 |
|
126 |
|
+2 |
|
o/w Bouygues Construction |
31 |
|
40 |
|
-9 |
|
o/w Bouygues Immobilier |
3 |
|
2 |
|
+1 |
|
o/w Colas |
94 |
|
84 |
|
+10 |
|
Equans |
146 |
|
11 |
|
+135 |
|
TF1 |
184 |
|
213 |
|
-29 |
|
Bouygues Telecom |
1,103 |
|
1,199 |
|
-96 |
|
Bouygues SA and other |
46 |
|
20 |
|
+26 |
|
Group net capital expenditure |
1,607 |
|
1,569 |
|
+38 |
|
CONTRIBUTION TO GROUP FREE CASH FLOW BY
SECTOR OF ACTIVITY
(€ million) |
9M 2023 |
|
9M 2022 published |
|
Change |
|
|
|
|
|
|
|
|
Construction businesses |
402 |
|
382 |
|
+20 |
|
o/w Bouygues Construction |
185 |
|
200 |
|
-15 |
|
o/w Bouygues Immobilier |
(9) |
|
13 |
|
-22 |
|
o/w Colas |
226 |
|
169 |
|
+57 |
|
Equans |
221 |
|
55 |
|
+166 |
|
TF1 |
112 |
|
218 |
|
-106 |
|
Bouygues Telecom |
153 |
|
(19) |
|
+172 |
|
Bouygues SA and other |
(223) |
|
(130) |
|
-93 |
|
Group free cash flow ᵃ |
665 |
|
506 |
|
+159 |
|
(a) See glossary for definitions.
GROUP CONDENSED CONSOLIDATED INCOME
STATEMENT – COMPARISON WITH THE UNAUDITED PROFORMA INCOME STATEMENT
FOR THE FIRST NINE MONTHS OF 2022
(€ million) |
9M 2023 |
|
9M 2022 proforma |
|
Change |
|
|
|
|
|
|
|
|
Sales |
40,888 |
|
39,739 |
|
+3% |
|
Current operating profit/(loss) from
activities |
1,623 |
|
1,386 |
|
+237 |
|
Amortisation and impairment of intangible assets recognised in
acquisitions (PPA) ᵃ |
(77) |
|
(72) |
|
-5 |
|
Current operating profit/(loss) |
1,546 |
|
1,314 |
|
+232 |
|
Other operating income and expenses |
(146) |
|
(105) |
|
-41 |
|
Operating profit/(loss) |
1,400 |
|
1,209 |
|
+191 |
|
Cost of net debt |
(231) |
|
(234) |
|
+3 |
|
Interest expense on lease obligations |
(59) |
|
(45) |
|
-14 |
|
Other financial income and expenses |
(26) |
|
(4) |
|
-22 |
|
Income tax |
(363) |
|
(271) |
|
-92 |
|
Share of net profits of joint ventures and associates |
50 |
|
(2) |
|
+52 |
|
Net profit from continuing operations |
771 |
|
653 |
|
+118 |
|
Net profit attributable to non-controlling interests |
(106) |
|
(121) |
|
+15 |
|
Net profit/(loss) attributable to the Group |
665 |
|
532 |
|
+133 |
|
(a) Purchase Price Allocation.
EQUANS CONDENSED INCOME STATEMENT –
COMPARISON WITH THE UNAUDITED PROFORMA INCOME STATEMENT FOR THE
FIRST NINE MONTHS OF 2022
(€ million) |
9M 2023 |
|
9M 2022 proforma |
|
Change |
|
|
|
|
|
|
|
|
Sales |
13,726 |
|
12,919 |
|
+6% |
|
o/w France |
4,568 |
|
n/a |
|
n/a |
|
o/w international |
9,158 |
|
n/a |
|
n/a |
|
Current operating profit/(loss) from
activities |
377 |
|
238 |
|
+139 |
|
Margin from activities |
2.7% |
|
1.8% |
|
+0.9 pts |
|
Current operating profit/(loss) |
377 |
|
238 |
|
+139 |
|
Operating profit/(loss) |
330 |
|
228 |
|
+102 |
|
Net profit/(loss) attributable to the Group |
213 |
|
149 |
|
+64 |
|
GLOSSARY
ABPU (Average Billing Per
User):
- In the mobile segment, it is equal
to the total of mobile sales billed to customers (BtoC and BtoB)
divided by the average number of customers over the period. It
excludes MtoM SIM cards and free SIM cards.
- In the fixed segment, it is equal
to the total of fixed sales billed to customers (excluding BtoB)
divided by the average number of customers over the period.
BtoB (business to business):
when one business makes a commercial transaction with another.
Backlog (Bouygues Construction, Colas,
Equans): 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).
Backlog (Bouygues Immobilier):
sales outstanding from notarised sales plus total sales from signed
reservations that have still to be notarised.Under IFRS 11,
Bouygues Immobilier’s backlog does not include sales from
reservations taken via companies accounted for by the equity method
(co-promotion companies where there is joint control).
Construction businesses:
Bouygues Construction, Bouygues Immobilier and Colas.
Current operating profit/(loss) from
activities: current operating profit from activities
(COPA) equates to current operating profit before amortisation and
impairment of intangible assets recognised in acquisitions
(PPA).
EBITDA after Leases: current
operating profit after taking account of the interest expense on
lease obligations, before (i) net charges for depreciation,
amortisation and impairment losses on property, plant and equipment
and intangible assets, (ii) net charges to provisions and other
impairment losses and (iii) effects of losses of control. Those
effects relate to the impact of remeasuring retained interests.
EBITDA margin after Leases (Bouygues
Telecom): EBITDA after Leases as a proportion of sales
from services.
Energies & services:
Equans.
Free cash flow: net cash flow
(determined after (i) cost of net debt, (ii) interest expense on
lease obligations and (iii) income taxes paid), minus net capital
expenditure and repayments of lease obligations. It is calculated
before changes in working capital requirements (WCR) related to
operating activities and excluding frequencies.
FTTH (Fibre to the Home):
optical fibre from the central office (where the operator’s
transmission equipment is installed) all the way to homes or
business premises (Arcep definition).
FTTH premises secured: premises
for which the horizontal is deployed, being deployed or ordered up
to the concentration point.
FTTH premises marketed: the
connectable sockets, i.e. the horizontal and vertical deployed and
connected via the concentration point.
Change in sales like-for-like and at
constant exchange rates:
- At constant exchange rates: change
after translating foreign-currency sales for the current period at
the exchange rates for the comparative period.
- On a like-for-like basis: change in
sales 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.
MtoM: machine to machine
communication. This refers to direct communication between machines
or smart devices or between smart devices and people via an
information system using mobile communications networks, generally
without human intervention.
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. The main components of change in net debt are presented in
Note 7 to the consolidated financial statements at
30 September 2023, available at bouygues.com.
Order intake (Bouygues Construction,
Colas): a project is included under order intake when the
contract has been signed and has taken effect (the notice to
proceed has been issued and all suspensory clauses have been
lifted) and the financing has been arranged. The amount recorded
corresponds to the sales the project will generate.
Reservations by value (Bouygues
Immobilier): the € amount of the value of properties
reserved over a given period.
- Residential properties: the sum of
the value of unit and block reservation contracts signed by
customers and approved by Bouygues Immobilier, minus registered
cancellations.
- Commercial properties: these are
registered as reservations on notarised sale.
For co-promotion companies:
- If Bouygues Immobilier has exclusive
control over the co-promotion company (full consolidation), 100% of
amounts are included in reservations.
- If joint control is
exercised (the company is accounted for by the equity method),
commercial activity is recorded according to the amount of the
equity interest in the co-promotion company.
Sales from services (Bouygues
Telecom) comprise:
- Sales billed to customers, which
include:
In Mobile:
- For BtoC customers: sales from
outgoing call charges (voice, texts and data), connection fees, and
value-added services.
- For BtoB customers: sales from
outgoing call charges (voice, texts and data), connection fees, and
value-added services, plus sales from business services.
-
Machine-To-Machine (MtoM) sales.
- Visitor roaming
sales.
- Sales generated
with Mobile Virtual Network Operators (MVNOs).
In Fixed:
- For BtoC customers:
sales from outgoing call charges, fixed broadband services, TV
services (including Video on Demand and catch-up TV), and
connection fees and equipment hire.
- For BtoB customers: sales from
outgoing call charges, fixed broadband services, TV services
(including Video on Demand and catch-up TV), and connection fees
and equipment hire, plus sales from business services.
- Sales from bulk
sales to other fixed line operators.
- Sales from incoming Voice and
Texts.
- Spreading of handset subsidies over
the projected life of the customer account, required to comply with
IFRS 15.
- Capitalisation of connection fee
sales, which is then spread over the projected life of the customer
account.
Other sales (Bouygues Telecom):
difference between Bouygues Telecom’s total sales and sales from
services.It comprises:
- Sales from handsets, accessories
and other.
- Roaming sales.
- Non-telecom services (construction
of sites or installation of FTTH lines).
- Co-financing of advertising.
Wholesale: wholesale market for
telecoms operators.
1 Unaudited 9-month 2022 proforma figures.2
Includes non-current charges of €60m at Bouygues Construction, of
€7m at Colas, of €47m at Equans, of €24m at TF1, of €7m at Bouygues
Telecom and of €1m at Bouygues SA.3 Net debt/shareholders’ equity.4
Free cash flow before cost of net debt, interest expense on lease
obligations and income taxes paid.5 Excluding the share of
co-promotions.6 Excluding the share of co-promotions. 7 Q3 2023
ABPU8 Net debt adjusted following the update to the final purchase
price allocation on the Equans acquisition of 4 October 2022.9
€308m plus statutory interest in relation to the legal dispute
regarding smartphone plus mobile plan bundled offers.
10 See Bouygues Telecom’s press release of 16
May 2023.
11 Net debt/shareholders’ equity.12 The
remaining part of the syndicated loan was reimbursed in October
2023.
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