FIRST QUARTER 2012 RESULTS PRESENTATION

Transcription

1 FIRST QUARTER 202 RESULTS PRESENTATION 5 May 202 This presentation contains projections and forecasts. They express objectives based on the current assessments and estimates of the Group s senior management which are subject to many factors and uncertainties. The following factors, among others set out in the Registration Document filed with the Autorité des Marchés Financiers (AMF), could cause actual figures to differ significantly from projected figures: unfavourable developments affecting the French and international telecommunications, audiovisual, construction and property markets; the costs of complying with environmental, health and safety regulations and all other regulations with which Group companies are required to comply; the competitive situation on each of our markets; the impact of current or future public regulations; exchange rate risks and other risks related to international activities; and risks arising from current or future litigation. Bouygues gives no commitment to updating or revising the projections and forecasts contained in this presentation. 5 May Q 202 Presentation results - 5th May 202

2 HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OBJECTIVES APPENDIX 3 Group sales million Q 20 Q 202 Change Sales 6,686 6,985 +4% o/w construction businesses 2 4,675 5,000 +7% o/w TF % o/w Bouygues Telecom,404,366-3% Up 2% like-for-like and at constant exchange rates 2 Bouygues Construction + Bouygues Immobilier + Colas (sales contributions) Satisfactory sales performance for the construction businesses and TF Bouygues Telecom sales reflect the decrease in mobile termination rates 6% growth in sales from network excluding the cut in mobile termination rates 4 Q 202 Presentation results - 5th May 202 2

3 Group results (/2) million Q 20 Q 202 Change Current operating profit o/w construction businesses o/w TF o/w Bouygues Telecom Current operating margin o/w construction businesses o/w TF o/w Bouygues Telecom Like every year, Q operating results are not indicative of the Construction businesses yearly performance As expected, Bouygues Telecom operating profit is decreasing 5 53 (52) % -.% 0.% 0.9% 82 (72) % -.4% 8.9% 7.8% - 7m - 20m - 6m - 46m -.pts -0.3pts -.2pts -3.pts Group results (2/2) Q 20 Q 202 Change Net profit attributable to the Group ( million) % Earnings per share ( ) % Q 202 net profit is stable vs. Q 20, benefiting from an increasing contribution from Alstom Alstom s contribution stands at 58m in Q 202 vs. 23m in Q 20 According to Bouygues method of calculation (using Alstom s last published half-year results) and in light of current available information, Q2 202 contribution is estimated at 57m (vs. 7m in Q2 20) 6 Q 202 Presentation results - 5th May 202 3

4 Alstom: FY 20/2 results A solid commercial performance FY 20/2 orders: 2.7bn, +4% Book-to-bill ratio above for every quarter and strong fourth quarter Strong order book at 49bn providing good visibility (30 months of sales) FY 20/2 operating margin at 7.%, in line with guidance A three-year guidance (from 202/3 to 204/5) Sales growth: more than 5% per year over the coming period Operating margin expected to be at around 8% in March 205 Positive free cash flow in each of the next three years 7 Group financial position (/2) million End-March 20 End-March 202 Change Shareholders equity Net debt 0,546 3,293 9,689 5, m + 2,03m Net gearing 3% 55% +24pts Tight control of net debt A 30-million decrease in net debt versus end-march 20 excluding 2 non-recurring events:.25 billion for the share repurchase tender offer and 9 million for the 4G frequencies New 800-million bond successfully issued in February million in Q4 20 for the 2.6 GHz band and 683 million in Q 202 for the 800 MHz band 8 Q 202 Presentation results - 5th May 202 4

5 Group financial position (2/2) million Q 20 Q 202 Change Cash flow m - Cost of net debt (74) (79) - 5m - Income tax expense (29) (5) + 24m - Net capital expenditure (273) (239) m Free cash flow m Before change in WCR 2 Excluding the 4G frequencies ( 683 million for the 800 MHz band) 9 HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OBJECTIVES APPENDIX 0 Q 202 Presentation results - 5th May 202 5

6 BOUYGUES CONSTRUCTION: commercial activity Order intake million Order book at end-march 202 International France Long-term order book (beyond Y+5) For execution in Y+ +3% 3,689 3,32 For execution from Y+2 to Y+5 For execution in Y 6,727 +4% YoY 2,83,238 5,283,7 2,633 4,668 2,736,765 2,40 2,79 Americas, ,45 2,227 5% 5, Africa 4,49 4,890 5% 2,45 2,50,594,8,283 7,795 Asia and 6,257 6,686 Middle East 7% Q Q 2 2 Q2 3 Q3 4 Q4 End-March 20 End-Dec 20 End-March 202 Definition: contracts are booked as order intakes at the date they take effect Excellent commercial performance, both in France and abroad International order intakes are up 64% excluding impact of the Leadbitter acquisition in Q 20 Order book further increasing to a record 6.7bn at end-march 202 The order book does not yet include the Nimes-Montpellier railway bypass International orders represent 47% of order book France 53% Europe (excluding France) 20% BOUYGUES CONSTRUCTION: key figures million Q 20 Q 202 Change 202 target Sales o/w France o/w international Current operating profit Current operating margin Net profit attributable to the Group 2,69, % 2,380,296, % +0% +2% +2% + 2m -0.3pts m 0,00 +3% Up 3% like-for-like and at constant exchange rates The River, Thailand Sales are in line with full year target since Q is the last quarter benefiting from the Leadbitter acquisition impact Solid operating performance 2 Q 202 Presentation results - 5th May 202 6

7 BOUYGUES IMMOBILIER: business activity -6% Reservations , Commercial property Residential property million Order book +32% YoY 3,05 3,005 2, ,22 2,738 2,66 Q Q 2 2 Q2 3 Q3 4 Q4 End-March 20 End-Dec 20 End-March 202 Definition: Residential property reservations are always reported net of cancellations Commercial property reservations are firm orders which cannot be cancelled (notarised deeds of sale) The ability to win turnkey commercial projects largely offsets the expected decline in residential property reservations resulting from the market wait-and-see attitude Strong order book growing 32% vs. end-march 20 3 BOUYGUES IMMOBILIER: key figures million Q 20 Q 202 Change 202 target Sales o/w Residential o/w Commercial Current operating profit Current operating margin Net profit attributable to the Group % Sales growth continues in residential property while new commercial reservations do not yet contribute to revenue Q 202 current operating margin is impacted by higher variable compensation following the excellent 20 performance % +7% +9% -2% - m -0.7pts = 2,450 = Up 7% like-for-like and at constant exchange rates Fort d Issy, Issy-les-Moulineaux 4 Q 202 Presentation results - 5th May 202 7

8 COLAS: order book International and French overseas territories Mainland France +4% million 6,994 7,254 7,227 6,669 6,472 3,353 3,676 +0% 3,594 3,30 3,83 3,64 3,578-2% 3,634 3,359 3,289 End- March 20 End- March 202 End- June 20 End- June 202 End- Sept 20 End- Sept 202 End- Dec 20 End- Dec 202 Solid order intake drives 4% growth in the order book 5 COLAS: key figures million Q 20 Q 202 Change 202 target Sales o/w France o/w international 2,9, ,209, % -% +6% 2,700 +2% Current operating profit (65) (86) - 2m Net profit attributable to the Group (7) (27) - 0m Up 3% like-for-like and at constant exchange rates Satisfactory sales performance for a first quarter The A75 motorway, Southern France Q 202 current operating income impacted by a particularly rainy winter in Europe and by heavier front-end costs due to early start-up in North America Like every year, the first quarter operating results are not indicative of full year performance 6 Q 202 Presentation results - 5th May 202 8

9 TF: key figures million Q 20 Q 202 Change 202 target Sales o/w Group advertising Current operating profit Current operating margin Net profit attributable to the Group % % +2% = - 6m -.2pts m 2,620 = Up % like-for-like and at constant exchange rates MasterChef, the TV show Sales growth is driven by good performance in diversification activities (+% vs. Q 20) In conjunction with TF choice of programs, programming costs are higher than in Q 20, thus impacting current operating profit 7 BOUYGUES TELECOM: mobile commercial performance Bouygues Telecom resisted the 4 th entrant arrival A net loss of 20K contract customers in Q 202 and 69K prepaid customers An improving trend since the beginning of March Positive portability balance for B&YOU vs. Free Mobile in March A return to positive growth for contract customers since the beginning of April The success of B&YOU demonstrates ability to anticipate and adapt to new market conditions 253K B&YOU customers by end Q 202 Successful growth strategy on the MVNO market:.9 million active customers 2 by end Q Contract net growth ('000) Jan 202 Feb 202 Mar 202 Apr B&YOU customers ('000) Jan 202 Feb 202 Mar 202 Apr 202 Contract customers: total customer base without prepaid customers 2 Estimate of active customer base: customers who have carried out an outgoing operation during last month 8 Q 202 Presentation results - 5th May 202 9

10 BOUYGUES TELECOM: fixed broadband commercial performance Bouygues Telecom continues to expand in the fixed broadband market Net growth ( 000) Installed base of more than.3 million customers at end Q 202 Q Q 2 Q2 Q3 Q4 Strong growth of fixed sales from network 32 million in Q % vs. Q 20 m Fixed broadband sales from network The number of fixed broadband customers includes xdsl and cable subscriptions 2 Sales from network excluding ideo discount Q 0 Q Q 2 9 BOUYGUES TELECOM: agreement with Darty Agreement with Darty to reinforce Bouygues Telecom s competitive positioning in the fixed market and accelerate growth Darty will sell Bouygues Telecom s offers in its 226 stores and provide all the customer services Offer the best digital experience to customers thanks to Bouygues Telecom s innovative products and services while leveraging the recognized excellence of Darty s customer service Create a powerful momentum for the new Bbox Sensation (to be launched in coming weeks) Bouygues Telecom acquires Darty Telecom Installed base of 300,000 fixed customers and 40,000 Mobile customers Agreement subject to Competition Authority approval 20 Q 202 Presentation results - 5th May 202 0

11 BOUYGUES TELECOM: key figures million Q 20 Q 202 Change 202 target Sales Sales from network EBITDA EBITDA/sales from network Down 3% like-for-like and at constant exchange rates,404, %,366, % -3% -3% - 25m -.pts Current operating profit m Net profit attributable to the Group m 5,40-0% A B&YOU advert Solid Q 202 sales and EBITDA Expected ARPU decrease will be progressively felt during the year Current operating profit impacted by increase in provision and depreciation expenses 202 guidance confirmed 0% decrease in sales with a negative impact on EBITDA of about 250m 2 BOUYGUES TELECOM: transformation plan status New internal organization in line with mobile market segmentation Monetization of assets Sell and lease back of tower business Savings plan first steps Marketing costs down % in Q 202 vs. Q 20 Ongoing in-depth review of distribution channels strategy Contracts with external customer relation centers under review Savings plan target confirmed: 300 million (from 203 onwards) 22 Q 202 Presentation results - 5th May 202

12 HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OBJECTIVES APPENDIX 23 Condensed consolidated income statement (/2) million Q 20 Q 202 Change Sales 6,686 6,985 +4% Current operating profit % Other operating income and expenses 0 0 nm Operating profit % Cost of net debt o/w financial income o/w financial expenses (74) 7 (9) (79) 3 (92) +7% -24% +% Other financial income and expenses (5) () nm 24 Q 202 Presentation results - 5th May 202 2

13 Condensed consolidated income statement (2/2) million Q 20 Q 202 Change Income tax expense (29) (5) -83% Share of profits and losses from associates x3 Net profit % Minority interests (35) (24) -3% Net profit attributable to the Group % 25 Change in cash position (/2) Net cash at end-march 20 Net cash at end-dec. 20 In m Net cash at end-march 202 Excl. 4G frequencies (800 MHz) Net cash at end- March 202 (3,293) (2,384) (3,63) (3,63) Tender offer (,250) (228) Acquisitions/ Disposals Capital transactions 4G freq. (228) 4G freq. Other Operation Tender offer (,250) Tender offer (,250) G freq. (9) TOTAL 4G freq. 2 (3,862) (4,64) (5,324) Q 20 (2,473) (3,293) million in Q4 20 for the 2.6 GHz band million in Q 202 for the 800 MHz band Q 202 Presentation results - 5th May 202 3

14 Change in cash position (2/2) Breakdown of operation million Net cash flow +323 Net capital expenditure Change in operating WCR & other m (2) Q m Net cash flow = cash flow - cost of net debt - income tax expense 2 Excluding acquisition of 4G frequencies in the 800 MHz band ( 683m) 3 Operating WCR: WCR relating to operating activity and to net liabilities related to property, plant & equipment and intangible assets 27 Contribution of business areas to Group net capital expenditure million Q 20 Q 202 Change Bouygues Construction m Bouygues Immobilier 2 2 = Colas m TF 8 5-3m Bouygues Telecom m Holding company and other 0 () - m Total excluding frequencies m 4G frequencies (800 MHz) m TOTAL with frequencies m 28 Q 202 Presentation results - 5th May 202 4

15 HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OBJECTIVES APPENDIX sales target 202 target million 20 In March In May Change 202/20 Bouygues Construction 9,802 0,000 0,00 +3% Bouygues Immobilier 2,465 2,450 2,450 = Colas 2,42 2,500 2,700 +2% TF 2,620 2,620 2,620 = Bouygues Telecom 5,74 5,40 5,40-0% Holding company and other nm Intra-Group elimination (454) (480) (480) nm TOTAL o/w France o/w international 32,706 22,60 0,05 32,350 22,050 0,300 32,650 2,950 0,700 = -3% +6% 30 Q 202 Presentation results - 5th May 202 5

16 Calendar 28 August 202 First-half 202 sales and earnings 5.45pm 29 August 202 First-half 202 results presentation.00am 4 November 202 Nine-month 202 sales and earnings 5.45pm All times are Central European Times 3 HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OBJECTIVES APPENDIX 32 Q 202 Presentation results - 5th May 202 6

17 BOUYGUES TELECOM: Q 202 sales from network and EBITDA Sales from network EBITDA million Organic growth up 6% Cut in MTR Reduction in commercial costs Reduction in termination rate differentials +77 Others +23,264-2, Q 20 Q 202 Q 20 Q BOUYGUES TELECOM: key indicators Contracts Prepaid Total customer base Q4 20 Q 202 Q4 20 Q 202 Q4 20 Q 202 Customers SIM cards ( 000) 9,0 8,900 2,94 2,025,304 0,925 SIM cards (% mix) 80.6% 8.5% 9.4% 8.5% No. of fixed broadband customers ( 000),24,329 Unit data mobile customers ARPU ( /year/customer) Data usage (MB/month/customer) SMS usage (SMS/month/customer) Voice usage (min/month/customer) Unit data fixed broadband customers ARPU ( /year/customer) Marketing costs 5 Q 20 Q 202 Marketing costs ( m) 24 9 Marketing costs/sales from network (%) 6.9% 5.6% The number of fixed broadband customers includes xdsl and cable subscriptions and do not yet include Darty Telecom customers 2 Rolling 2-month period, excluding machine-to-machine SIM cards for mobile ARPU, stripping out the ideo discount 3 Rolling 2-month period, adjusted on a monthly basis, excluding machine-to-machine SIM cards 4 Rolling 2-month period, adjusted on a monthly basis, excluding machine-to-machine SIM cards and excluding internet SIM cards 5 34 Mobile and fixed subscriber acquisition and loyalty costs Q 202 Presentation results - 5th May 202 7

18 BOUYGUES TELECOM: historic fixed sales from network m Q Q2 Q3 Q4 FY Q Q2 Q3 Q4 FY Q Fixed sales from network % change y-o-y +2% +83% +66% +44% +70% +48% 35 BOUYGUES TELECOM: mobile termination rates History of cuts ordered by Arcep cents/minute for voice cents/unit for SMS At July 200 Voice termination rates At July 20 At Jan 202 At July 202 At Jan 203 SMS termination rates At Feb 200 At July At July Rates to Bouygues Telecom % change -43% -4% -25% -33% -20% -38% -3% -33% Rates to Orange and SFR Differential Q 202 Presentation results - 5th May 202 8

19 Financing Available cash: 7.8 billion ( m) 9,000 8,000 Debt repayment schedule at end March 202 7,000 6,000 5,000 Undrawn MLT credit lines 5,83m 4,000 3,000 2,000,000 0 Bond m Cash excluding bond 2022,798m Q 202 Presentation results - 5th May 202 9