Bouygues: Full-year 2009 Results
By Bouygues, PRNEMonday, March 1, 2010
PARIS, March 2, 2010 -
- Solid 2009 performance yet affected by the crisis
Sales: EUR31.4 billion (-3%)
Net profit: EUR1.3 billion (-12%)
- Financial structure strengthened
Strong improvement in free cash flow at EUR1.3 billion (+41%)
Net gearing divided by two at 28%
- Dividend stable: EUR1.60
Bouygues posted a solid performance in 2009 in a context of
crisis. Sales totalled EUR31.4 billion, a 3% decline (down 3% like-for-like
and at constant exchange rates). Operating profit stood at EUR1.9 billion,
down 16% and net profit at EUR1.3 billion, down 12%. The financial structure
was significantly stronger with net gearing divided by two at 28% and free
cash flow at a high level of EUR1.3 billion.
Key figures
2008 2009 Change 2008
published
(EUR million) restated
Sales 32,459(1) 31,353 -3% 32,713
Operating profit 2,196(1) 1,855 -16% 2,230
Net profit
attributable to the
Group 1,50(1) 1,319 -12% 1,501
Free cash flow 944(1) 1,329 +41% 954
Net debt(2) 4,916 2,704 -EUR2,212m 4,916
Net gearing(2) 56% 28% -28 pts 56%
(1) Applying the same accounting policy as in 2009, excluding
Finagestion's contributions
(2) End of period
Business areas
Bouygues Construction reported a slight increase in sales of
0.5% to EUR9,546 million - down 0.5% in France and up 2% internationally. The
operating margin was up 0.3 points on 2008, at 3.5%. This increase reflects
the smooth execution of the projects underway, which offset the negative
impact of the Gautrain rail link project in South Africa. Net profit for the
period was EUR240 million, down 19% as lower interest rates weighed on
financial income despite a strong increase in the net cash position.
Order intakes in 2009 amounted to EUR9.4 billion, down 12%,
and were equivalent to the year's sales. The order book stood at EUR12
billion at end-December 2009. At constant exchange rates, it was virtually
stable on end-December 2008, and did not include the Barwa Financial District
project in Qatar.
Bouygues Immobilier recorded sales of EUR2,989 million, a 2%
rise. Residential property sales increased 16% to EUR2,084 million while
commercial property sales declined 20% to EUR905 million after the delivery
of major programmes in first-half 2009. Promotional efforts on housing
programmes made it possible to curb the stock of unsold completed homes but
weighed - as expected - on the operating margin, which stood at 6.8%, down
1.6 points. Net profit was EUR110 million, up 5%.
Reservations for the full year - stable at EUR1,955 million -
reflect a mixed trend. In residential property, Bouygues Immobilier adapted
its offering and performed better than the market with 10,740 reservations in
France, a 39% rise. In commercial property, reservations remained low at
EUR152 million in a sluggish market. Overall, the order book was down 32% to
EUR2.2 billion at end-December 2009.
Sales at Colas declined 9% to EUR11,581 million, down 8% in
France and 12% internationally. This is due to several factors, including a
contraction in global demand, postponements of stimulus plans, tough
comparatives and falling bitumen prices. Against a backdrop of fierce
competitive pressure, the operating margin was down 0.6 points at 4.7%. Net
profit was EUR387 million, down 21%.
Colas is starting 2010 with a 7% rise in the order book to
EUR6.3 billion.
TF1 reported 2009 sales of EUR2,365 million, down 9%. At
end-2009, TF1 channel advertising revenue declined 13% to EUR1,429 million,
due to unsettled economic conditions and stiffer competition from digital
terrestrial television. Operating profit was EUR101 million, down 43% and net
profit EUR115 million, down 30%. Recurring cost savings reached EUR74
million, exceeding cost-cutting targets. TF1 confirmed its leadership with a
26.1% audience share in 2009(1). TF1 adapted to its new environment and took
a number of initiatives to prepare for the future, including the
acquisition(2) of TMC and NT1, greater presence in new media, and agreements
with Sony, UGC, La Française des Jeux, Samsung, etc.
(1) Source: Médiamétrie - Médiamat - Individuals aged 4 and over
squaredSubject to approval by the French broadcasting authority, CSA
Bouygues Telecom posted a 5% increase in sales to EUR5,368
million. Sales from network rose 4% to EUR4,863 million. Stripping out the
impact of the cut in voice termination rates, sales from network would have
grown 6%. EBITDA was EUR1,344 million, down 4%. The decline was due to costs
relating to commercial performance, the development of the fixed-line
business, new taxes and fees, and the reduction in the call termination rate
differential. Net profit decreased 12% to EUR471 million.
In 2009, Bouygues Telecom achieved an excellent commercial
performance, both in its mobile and fixed-line businesses. It attracted
758,000 new mobile customers, 22% of net market growth(1). At 31 December
2009, Bouygues Telecom had 10,352,000 mobile customers, of whom 7,926,000 on
call plans (76.6% of the total customer base, an increase of 1.4 points over
one year).
The fixed-line business confirmed its successful start with
138,000 net activations in fourth-quarter 2009. At 31 December 2009, a total
of 311,000 Bbox routers had been activated(2).
(1) ARCEP (French communications regulator) data
(2) Bbox routers in operation or the number of customers billed
Alstom
Alstom's financial contribution to Group net profit was EUR329
million, a 10% increase that includes a EUR346 million share of Alstom's net
profit and a negative consolidation adjustment of EUR17 million. The two
groups continued their commercial and operational cooperation, notably by
submitting joint bids on major high-speed train projects in France.
Financial situation
Free cash flow increased 41% to a substantial EUR1.3 billion,
with cash flow of EUR3.4 billion, down 3%, and net capital expenditure of
EUR1.3 billion, down 27%. Group net debt totalled EUR2.7 billion, down EUR2.2
billion on end-December 2008. The main reasons for this improvement are the
increase in free cash flow, the exercise of TF1's put option on Canal+ France
and a lower working capital requirement. Net gearing was divided by two at
28%.
On 22 January 2010, Standard & Poor's confirmed its rating,
unchanged since 2001: A- with a stable outlook.
Dividend
The Board of Directors will ask the Annual General Meeting on
29 April 2010 to approve the payment of a dividend of EUR1.60 per share,
stable on 2008. The ex-date, record-date and payment date have been set at 4,
6 and 7 May 2010 respectively.
Board of directors
The Board of Directors will ask the next Annual General
Meeting to approve the election of Colette Lewiner, Vice-President of Cap
Gemini, Michèle Vilain and Sandra Nombret, new Group employee savings
representatives, as directors. It will also ask to renew the terms of office
of Lucien Douroux, Yves Gabriel, Patrick Kron, Jean Peyrelevade,
Francois-Henri Pinault, SCDM and Alain Pouyat (non-voting director).
Outlook
Bouygues has several key assets:
- leading position in four of its five business areas
- diversity in business areas and geographical locations
- corporate culture shared by all
- strong capacity for innovation and adaptation
- solid financial position
Following on from 2009, during which the Group successfully
adapted to a context of crisis, Bouygues is starting 2010 with confidence and
has set a 2010 sales target of EUR30 billion (down 4%).
Sales 2009 2010 target %
change
by business area
(EUR million)
Bouygues 9,546 9,100 -5%
Construction
Bouygues Immobilier 2,989 2,100 -30%
Colas 11,581 11,500 -1%
TF1 2,365 2,410 +2%
Bouygues Telecom 5,368 5,370 =
Holding company and 134 130 ns
other
Intra-Group (630) (610) ns
elimination
TOTAL 31,353 30,000 -4%
o/w France 21,678 20,600 -5%
o/w International 9,675 9,400 -3%
Remuneration of executive directors
In accordance with AFEP-MEDEF recommendations, information on
the remuneration of executive directors and granting of stock options will be
published today on www.bouygues.com, under Finance/Shareholders,
Regulated information.
You can find the full financial statements and notes to the
consolidated financial statements on www.bouygues.com.
These documents have been audited and certified.
The full-year 2009 results presentation to financial analysts will be
webcast live on 3 March 2010 at 11am (CET) on www.bouygues.com.
% change 2008
published
Condensed consolidated income 2008 2009
statement
restated(1)
(EUR million)
Sales 32,459 31,353 -3% 32,713
Operating profit 2,196 1,855 -16% 2,230
Cost of net debt (275) (344) +25% (277)
Other financial income and
expenses (19) 25 ns (19)
Income tax expense (593) (487) -18% (605)
Share of profits and losses from
associates 357 393 +10% 357
Net profit from continuing
operations 1,666 1,442 -13% 1,686
Net profit from discontinued and
held-for-sale operations 20 14 -30% 0
Net profit 1,686 1,456 -14% 1,686
Minority interests (185) (137) -26% (185)
Net profit attributable to the
Group 1,501 1,319 -12% 1,501
(1)Finagestion group's income and expenses reclassified to net profit
from discontinued and held-for-sale operations
Fourth-quarter consolidated
income statement
Fourth quarter % Fourth-quarter
(EUR million) 2008 2009 change 2008 published
restated
Sales 8,544(1) 8,185 -4% 8,609
Operating profit 424(1) 394 -7% 432
Net profit attributable to 299 295 -1% 299
the Group
(1) Applying the same accounting policy as in 2009, excluding
Finagestion's contributions
End-2008 End-2009
Condensed consolidated balance sheet
(EUR million)
Non-current assets 18,670 17,700
Current assets 16,818 16,235
TOTAL ASSETS 35,488 33,935
Shareholders' equity 8,765 9,726
Non-current liabilities 8,796 8,250
Current liabilities 17,927 15,959
TOTAL LIABILITIES 35,488 33,935
Net debt 4,916 2,704
Sales by business 2008 2009 % Change
area like-for-like
actual and at
(EUR million) constant
change exchange rates
Bouygues Construction 9,497 9,546 +1% +1%
Bouygues Immobilier 2,924 2,989 +2% +2%
Colas 12,789 11,581 -9% -9%
TF1 2,595 2,365 -9% -9%
Bouygues Telecom 5,089 5,368 +5% +5%
Holding company and
other 174(1) 134 ns ns
Intra-Group (609)(1) (630) ns ns
elimination
Total 32,459 31,353 -3% -3%
o/w France 22,323 21,678 -3% -3%
o/w International 10,136(1) 9,675 -5% -4%
(1) Applying the same accounting policy as in 2009, excluding
Finagestion's contributions (EUR309 million in 2008 in Holding company and
other and -EUR55 million in Intra-Group elimination)
2008 2009
Contribution of business areas to %
EBITDA change
(EUR million)
Bouygues Construction 534 746 +40%
Bouygues Immobilier 312 269 -14%
Colas 1,219 1,109 -9%
TF1 317 194 -39%
Bouygues Telecom 1,405 1,344 -4%
Holding company and other (37)(1) (46) ns
TOTAL 3,750(1) 3,616 -4%
(1) Applying the same accounting policy as in 2009, excluding
Finagestion's contribution (EUR77 million in 2008)
2008 2009
Contribution of business areas to %
change
Operating profit
(EUR million)
Bouygues Construction 308 335 +9%
Bouygues Immobilier 247 203 -18%
Colas 681 541 -21%
TF1 177 101 -43%
Bouygues Telecom 817 730 -11%
Holding company and other (34)(1) (55) ns
TOTAL 2,196(1) 1,855 -16%
(1) Applying the same accounting policy as in 2009, excluding
Finagestion's contribution (EUR34 million in 2008)
2008 2009
Contribution of business areas to %
change
Net profit attributable to the
Group
(EUR million)
Bouygues Construction 296 240 -19%
Bouygues Immobilier 105 110 +5%
Colas 475 374 -21%
TF1 71 49 -31%
Bouygues Telecom 478 422 -12%
Alstom 317 346 +9%
Holding company and other (241) (222) ns
TOTAL 1,501 1,319 -12%
Net cash by business area 2008 2009
(EUR million) Change
EURm
Bouygues Construction 2,592 3,285 +EUR693m
Bouygues Immobilier 1 146 +EUR145m
Colas (6) 116 +EUR122m
TF1 (699) 73 +EUR772m
Bouygues Telecom (107) (294) -EUR187m
Holding company and other (6,697) (6,030) +EUR667m
TOTAL (4,916) (2,704) +EUR2,212m
Contribution of business areas to 2008 2009
Cash flow %
change
(EUR million)
Bouygues Construction 452 569 +26%
Bouygues Immobilier 222 181 -18%
Colas 1,185 1,066 -10%
TF1 270 186 -31%
Bouygues Telecom 1,409 1,340 -5%
Holding company and other 4(1) 88 ns
TOTAL 3,542(1) 3,430 -3%
(1) Applying the same accounting policy as in 2009, excluding
Finagestion's contribution (EUR73 million in 2008)
2008 2009
Contribution of business areas to %
change
Net capital expenditure
(EUR million)
Bouygues Construction 253 142 -44%
Bouygues Immobilier 8 6 -25%
Colas 537 362 -33%
TF1 58 70 +21%
Bouygues Telecom 872 683 -22%
Holding company and other 2(1) 7 ns
TOTAL 1,730(1) 1,270 -27%
(1) Applying the same accounting policy as in 2009, excluding
Finagestion's contribution (EUR49 million in 2008)
www.bouygues.com
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, March 2, Paris
