Bouygues - First-quarter 2010: Net Profit Attributable to the Group: EUR181 Million (+14%); Sales: EUR6.4 Billion (-2%); Operating Profit: EUR162 Million (-2%)
By Bouygues, PRNEMonday, May 31, 2010
PARIS, June 1, 2010 - The Bouygues group reported consolidated sales of EUR6.4
billion in the first quarter of 2010, down 2% year-on-year. Operating profit
amounted to EUR162 million, down 2%, and net profit to EUR181 million, up
14%. The financial situation is sound, with EUR2.2 billion less net debt than
at the end of March 2009, in keeping with the improvement noted at
end-December 2009.
Key figures
First-quarter First-quarter Change First-quarter
2009 2010 2009
(EUR million) restated published
Sales 6,579(1) 6,443 -2% 6,655
Operating profit 165(1) 162 -2% 174
Net profit 159 181 +14% 159
attributable to the
Group
Net debt(2) 5,427 3,230 -EUR2,197m 5,427
Net gearing(2) 61% 32% -29 pts 61%
(1) Applying the same accounting policy as in 2010, excluding
Finagestion's contributions
(2) End of period
Bouygues Construction reported a 6% drop in sales (-10% in
France and stable on international markets). The operating margin was 3.5%, 1
point higher than in the first quarter of 2009, which was particularly
affected by the Gautrain rail link project. Despite an increase in net cash,
financial income continues to be hit by falling interest rates. Net profit
amounted to EUR47 million, down 2%.
Reminder: The order intake in the first quarter rose by 25%
compared with the same period in 2009, to EUR2.8 billion. This figure
includes the Barwa Financial District project in Qatar. The order book stood
at a record level of EUR12.7 billion, up 6% on end-December 2009 and 4% on
end-March 2009.
Sales at Bouygues Immobilier were almost stable, with a 16%
rise in residential property and a 30% decline in commercial property. The
operating margin was 9.0%, 2.3 points higher than in the first quarter of
2009, which was affected by promotional efforts on residential operations.
Net profit came to EUR30 million, up 30%.
Reminder: Business activity in the first quarter of 2010
reflected the same trend as in 2009. Residential property reservations rose
46% to EUR494 million, while the commercial property market remained
sluggish. Overall, first-quarter 2010 reservations were up 43% at EUR500
million. The order book stood at EUR2.1 billion, 4% less than at end-December
2009 and 29% lower than at end-March 2009.
Colas recorded a 7% decline in sales, down 6% in France and
10% internationally, hit by a particularly severe winter. For that reason
operating income, usually negative in the first quarter, came to -EUR202
million, down EUR87 million on the first three months of 2009. Given the
strong seasonal nature of Colas' activities, first-quarter results are not
representative of the entire year.
Reminder: The order book at end-March 2010 remained high at
EUR7.0 billion, up 13% on end-December 2009 and 4% on end-March 2009.
Sales at TF1 rose by 11%, reflecting an upturn in the
advertising market in a still uncertain economic environment. Operating
profit rose by EUR56 million on the first quarter of 2009 to EUR44 million
and net profit amounted to EUR33 million. TF1 is benefiting from the
adaptation of its business model and its cost-cutting policy.
Bouygues Telecom posted a 5% increase in sales. Sales from
network grew 5% to EUR1,237 million. Stripping out the impact of the cut in
voice and SMS termination rates, growth would have been 13%. EBITDA amounted
to EUR357 million, up 3% despite new taxes and the initial effects of falling
voice and SMS termination rate differentials. Net profit fell 2% to EUR128
million.
Reminder: At 31 March 2010, Bouygues Telecom had 10,394,000
mobile customers, 8,075,000 of whom were on call plans, or 77.7% of the total
customer base, an increase of 2.3 points over one year. 149,000 new mobile
customers on call plans joined Bouygues Telecom in the first quarter of 2010,
representing 24% of net market growth in this segment.(1)
The fixed-line business continued to perform strongly,
registering 117,000 net activations in the first quarter of 2010. At 31 March
2010, 428,000 Bbox routers had been activated(2), a year-on-year increase of
399,000.
(1) Arcep (French communications regulator) data.
(2) Bbox routers in operation or the number of customers billed.
Alstom
Alstom contributed EUR115 million to Group net profit in the
first quarter of 2010, an increase of 21%.
Moreover, 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.
2010 sales target
The 2010 sales target has been revised to EUR30.1 billion,
compared with EUR30.0 billion announced in March 2010.
2010
target
Sales 2009 %
by business area actual change
(EUR million)
Published Published
in March in June
Bouygues 9,546 9,100 9,100 -5%
Construction
Bouygues Immobilier 2,989 2,100 2,150 -28%
Colas 11,581 11,500 11,500 -1%
TF1 2,365 2,410 2,460 +4%
Bouygues Telecom 5,368 5,370 5,420 +1%
Holding company and 134 130 130 ns
other
Intra-Group (630) (610) (660) ns
elimination
TOTAL 31,353 30,000 30,100 -4%
o/w France 21,678 20,600 20,800 -4%
o/w International 9,675 9,400 9,300 -4%
Upcoming financial releases:
31 August 2010: first-half 2010 sales and earnings (5.45pm CET)
1 September 2010: first-half 2010 results presentation
You can find the full financial statements and notes to the
consolidated financial statements at www.bouygues.com.
These documents have been subject to a limited review.
First quarter % change First-quarter
2009
Condensed consolidated 2009 2010 published
income statement restated(1)
(EUR million)
Sales 6,579 6,443 -2% 6,655
Operating profit 165 162 -2% 174
Cost of net debt (85) (82) -4% (85)
Other financial income and
expenses (1) 33 ns (1)
Income tax expense (11) (24) ns (15)
Share of profits and losses of
associates 106 121 +14% 106
Net profit from continuing
operations 174 210 +21% 179
Net profit from discontinued
and
held-for-sale operations 5 0 ns 0
Net profit 179 210 +17% 179
Minority interests (20) (29) +45% (20)
Net profit attributable to the
Group 159 181 +14% 159
(1)Finagestion group's income and expenses reclassified to net profit
from discontinued and held-for-sale operations
Sales by business area
(EUR million) Change
like-for-like
and at
% constant
First quarter change exchange
rates
2009 2010
Bouygues Construction 2,291 2,161 -6% -7%
Bouygues Immobilier 628 624 -1% -1%
Colas 1,972 1,828 -7% -8%
TF1 538 597 +11% +11%
Bouygues Telecom 1,272 1,340 +5% +5%
Holding company and 40(1) 38 ns ns
other
Intra-Group (162)(1) (145) ns ns
elimination
Total 6,579(1) 6,443 -2% -3%
France 4,783 4,702 -2% -2%
International 1,796(1) 1,741 -3% -4%
(1) Applying the same accounting policy as in 2010, excluding
Finagestion's sales (EUR91 million in Holding company and other, -EUR15
million in Intra-Group elimination)
Contribution of business areas to
EBITDA
%
(EUR million) First quarter change
2009 2010
Bouygues Construction 117 113 -3%
Bouygues Immobilier 39 47 +21%
Colas (31) (129) x4
TF1 12 58 x5
Bouygues Telecom 348 357 +3%
Holding company and other (11)(1) (12) ns
TOTAL 474(1) 434 -8%
(1) Applying the same accounting policy as in 2010, excluding
Finagestion's contribution (EUR32 million in 2009)
Contribution of business areas to
Operating profit
(EUR million) First quarter %
2009 2010 change
Bouygues Construction 57 76 +33%
Bouygues Immobilier 42 56 +33%
Colas (115) (202) +76%
TF1 (12) 44 ns
Bouygues Telecom 201 197 -2%
Holding company and other (8)(1) (9) ns
TOTAL 165(1) 162 -2%
(1) Applying the same accounting policy as in 2010, excluding
Finagestion's contribution (EUR9 million in 2009)
Contribution of business areas to
Net profit attributable to the
Group
(EUR million) First quarter %
2009 2010 change
Bouygues Construction 48 47 -2%
Bouygues Immobilier 23 30 +30%
Colas (68) (125) +84%
TF1 3 14 x5
Bouygues Telecom 117 115 -2%
Alstom 95 115 +21%
Holding company and other (59) (15) ns
TOTAL 159 181 +14%
Net cash by business area First quarter Change
EURm
(EUR million)
2009 2010
Bouygues Construction 2,823 3,202 +EUR379m
Bouygues Immobilier (168) 108 +EUR276m
Colas (451) (407) +EUR44m
TF1 (620) 167 +EUR787m
Bouygues Telecom (177) (270) -EUR93m
Holding company and other (6,834) (6,030) +EUR804m
TOTAL (5,427) (3,230) +EUR2,197m
Contribution of business areas to
Cash flow
(EUR million) First quarter %
2009 2010 change
Bouygues Construction 77 119 +55%
Bouygues Immobilier 33 51 +55%
Colas (31) (116) x4
TF1 12 58 x5
Bouygues Telecom 345 357 +3%
Holding company and other (4)(1) (7) ns
TOTAL 432(1) 462 +7%
(1) Applying the same accounting policy as in 2010, excluding
Finagestion's contribution (EUR16 million in 2009)
Contribution of business areas to
Net capital expenditure
(EUR million) First quarter Change
2009 2010 EURm
Bouygues Construction 31 61 +EUR30m
Bouygues Immobilier 1 1 =
Colas 56 33 -EUR23m
TF1 33 14 -EUR19m
Bouygues Telecom 132 90 -EUR42m
Holding company and other 5(1) 1 -EUR4m
TOTAL 258(1) 200 -EUR58m
(1) Applying the same accounting policy as in 2010, excluding
Finagestion's contribution (EUR24 million in 2009)
Press contact: +33(0)1-44-20-12-01 - presse at bouygues.com; Investor and analyst contact: +33(0)1-44-20-10-79 - investors at bouygues.com
Tags: Bouygues, France, June 1, Paris
