Bouygues : Net Profit for the First Nine Months of 2009: EUR1.02 Billion (-15%)
By Bouygues, PRNEMonday, November 30, 2009
PARIS, December 1 - In the first nine months of 2009, the Bouygues group reported
operating profit of EUR1,461 million (down 18%) and net profit of EUR1,024
million (down 15%). Sales totalled EUR23,168 million, a drop of 3%.
Key figures 9-month 2008 9-month 2009 Change 9-month 2008
(EUR million) restated published
Sales 23,915(1) 23,168 -3% 24,120
Operating profit 1,772(1) 1,461 -18% 1,798
Net profit attri
butable to the Group 1,202 1,024 -15% 1,202
Net debt(2) 5,662 5,186 -EUR476m 5,662
Net gearing(2) 66% 57% -9 pts 66%
(1)Applying the same accounting policy as in 2009: excluding TF1
third-party sales and Finagestion's contributions
(2)End of period
Bouygues Construction reported a 2% increase in sales. The
operating margin was stable for the first nine months compared with the first
nine months of 2008. Difficulties with the Gautrain project were offset by
the proper execution of the works on other contracts. Net profit declined 20%
to EUR186 million, still impacted by falling interest rates, which are
weighing on financial income despite an increase in the net cash position.
Reminder: order intakes in the first nine months decreased 23%
to EUR6.5 billion. At EUR11.5 billion, the order book was down 8% on
end-September 2008. However, it does not yet include the major contracts
signed recently.
Bouygues Immobilier recorded an 8% increase in sales, up 15%
for residential property and down 2% for commercial property. As in the first
half of 2009, promotional efforts for housing programmes continued to weigh
on the operating margin, which came to 7.1% - down 2.4 points on the first
nine months of 2008. Net profit stood at EUR86 million, down 7%.
Reminder: residential reservations were up 32% to EUR1,260
million at end-September 2009. Commercial reservations remain very low in a
market that has ground to a halt. The order book stood at EUR2.5 billion,
down 29% on end-September 2008.
At Colas, sales decreased 10% owing to the postponement in the
implementation of stimulus plans in France and the US, a highly unfavourable
economic situation in Eastern Europe and falling asphalt prices. Against a
backdrop of increasingly fierce competition, operating profit was down 19%.
Net profit stood at EUR293 million, down 22%.
Reminder: the order book remained high at end-September 2009
at EUR6.7 billion, up 5% on end-September 2008, or an increase of 3% in
France and 8% internationally.
Sales at TF1 dropped 13% over the first nine months of 2009.
Operating profit was EUR33 million and net profit EUR51 million. Measures
taken in recent months produced a significant improvement in third-quarter
results.
Reminder: TF1's audience ratings held up well. In
third-quarter 2009, the audience share of individuals aged four and over
stood at 26.3%, versus 25.9% in second-quarter and 26.6% in first-quarter
2009.
Sales at Bouygues Telecom rose 5% in the first nine months.
Both the mobile and fixed-line businesses achieved excellent commercial
performance. EBITDA for the first nine months of 2009 was EUR1,084 million,
down 6%. This drop can be attributed to costs related to commercial
performance, the development of the fixed-line business, and new taxes and
fees. Net profit fell 13% to EUR412 million.
Reminder: Bouygues Telecom attracted 172,000 new mobile
customers in third-quarter 2009, compared with 9,000 in third-quarter 2008 -
or 35% of net market growth(1). At 30 September 2009, Bouygues Telecom had
10,066,000 mobile customers, of whom 7,666,000 on call plans (76.2% of the
total customer base, an increase of 0.7 points over one year). The fixed-line
business confirmed its successful start with 103,000 net subscriptions(2) in
the third quarter. At end-September, 173,000 Bbox routers had been
activated(3), or 89,000 additions.
(1) ARCEP data (French communications regulator)
(2) Number of new contracts signed during the quarter, less the
number of cancellations
(3) Bbox routers in operation or the number of customers billed
Alstom
Alstom contributed EUR263 million to Group net profit to
end-September 2009, an increase of 10%.
In accordance with the agreements signed in 2006, Bouygues has
exercised its option to swap its 50% stake in the Alstom Hydro Holding joint
venture for 4.4 million Alstom shares. The transaction will take place
following approval from the competition authorities.
Financial situation
Cash flow was EUR2.6 billion, a 4% decrease. Investments
totalled EUR827 million, down EUR466 million on the high level of 2008. Free
cash flow thus rose EUR403 million to EUR1,110 million. Group net debt
amounted to EUR5,186 million, down EUR476 million on end-September 2008. Net
gearing was 57%, an improvement of 9 points on end-September 2008.
Employee share ownership
The new employee share ownership scheme, Bouygues Partage 2,
authorised by the Board of Directors on 2 June 2009, was a great success. In
November 2009, 55,326 employees joined the scheme, 72.5% of the eligible
workforce. A EUR193-million capital increase took place on 30 November 2009.
As a result of this operation and following the share
cancellation (see below), employees are Bouygues' second largest shareholder,
with 18.3% of the capital and 22.1% of voting rights. Bouygues is the CAC 40
company with the highest level of employee share ownership.
Share cancellation
The Board of Directors decided to cancel the 574,710 shares
acquired between 27 August and 30 November 2009, as part of the share buyback
programme. Following this cancellation, the number of shares totalled
353,915,679 and the number of voting rights 466,920,840.
2009 sales
The sales target for 2009 has been confirmed at EUR31,150
million (after excluding Finagestion's sales).
Sales by 2009 target
business area
2008 March June August YoY
(EUR million) restated restated restated restated December change
(1) (1) (1) (1)
Bouygues 9,497 9,300 9,000 9,200 9,450 =
Construction
Bouygues 2,924 2,700 2,700 2,700 2,870 -2%
Immobilier
Colas 12,789 12,300 12,300 12,300 11,700 -9%
TF1 2,595 2,360 2,250 2,250 2,320 -11%
Bouygues Telecom 5,089 5,200 5,200 5,200 5,300 +4%
Holding company 174 160 170 180 160 ns
and other
Intra-Group (609) (610) (640) (680) (650) ns
elimination
TOTAL 32,459 31,410 30,980 31,150 31,150 -4%
o/w France 22,323 21,350 21,200 21,100 21,500 -4%
o/w International 10,136 10,060 9,780 10,050 9,650 -5%
(1) Applying the same accounting policy as in 2009: excluding TF1
third-party sales and Finagestion's contributions
Financial calendar:
2 March 2010: full-year 2009 results (5.45pm CET)
3 March 2010: full-year 2009 results presentation
You will find the following documents on our website:
- Financial statements for Bouygues (balance sheet, income statement,
statement of recognised income and expense, cash flow statement,
change in shareholders' equity)
- Slide presentation of the conference call with analysts
- Historic data in Excel format
www.bouygues.com/fr/finances-actionnaires/analystes-et-investisseurs/presentations-des-resultats/presentations-des-resultats/
Condensed consolidated
income statement
(EUR million) 9-month 9-month
2008 2009 % 2008
restated(1) change published
Sales 23,915 23,168 -3% 24,120
Current operating profit 1,772 1,461 -18% 1,798
Operating profit 1,772 1,461 -18% 1,798
Cost of net debt (209) (260) +24% (211)
Other financial income and
expenses (25) 14 ns (25)
Income tax expense (494) (410) -17% (501)
Share of profits and losses from 283 303 +7% 283
associates
Net profit from continuing 1,327 1,108 -17% 1,344
operations
Net profit from discontinued and 17 15 -12% 0
held-for-sale operations
Net profit 1,344 1,123 -16% 1,344
Minority interests (142) (99) -30% (142)
Net profit attributable to the 1,202 1,024 -15% 1,202
Group
(1) Applying the same accounting policy as in 2009: excluding TF1
third-party sales and Finagestion's contributions (except for net profit,
minority interests and net profit attributable to the Group)
Third-quarter consolidated
income statement
(EUR million) Q3
2008 2009 % Q3 2008
restated change published
Sales 8,741(1) 8,378 -4% 8,810
Current operating profit 692(1 689 = 699
Net profit attributable to the 501 477 -5% 501
Group
(1) Applying the same accounting policy as in 2009: excluding TF1
third-party sales and Finagestion's contributions
Sales
by business area 9-month 9-month %
(EUR million) 2008 2009 change
Bouygues Construction 6,971 7,133 +2%
Bouygues Immobilier 1,988 2,154 +8%
Colas 9,615 8,684 -10%
TF1 1,864(1) 1,628 -13%
Bouygues Telecom 3,762 3,960 +5%
Holding company and 127(2) 104 ns
other
Intra-Group (412)(2) (495) ns
elimination
Total 23,915 23,168 -3%
o/w France 16,499(1) 15,924 -3%
o/w International 7,416(2) 7,244 -2%
Applying the same accounting policy as in 2009:
(1) excluding TF1 third-party sales (EUR16 million)
(2) impact of the exclusion of sales of Finagestion, which is currently
being sold (EUR227 million in Holding company and other, -EUR38 million in
Intra-Group elimination)
Contribution of business 9-month 9-month %
areas to 2008 2009 change
Sales
(EUR million)
Bouygues Construction 6,746(3) 6,832 +1%
Bouygues Immobilier 1,988 2,137 +7%
Colas 9,569 8,627 -10%
TF1 1,851(1) 1,612 -13%
Bouygues Telecom 3,750 3,947 +5%
Holding company and other 11(2) 13 ns
Total 23,915 23,168 -3%
o/w France 16,499(1) 15,924 -3%
o/w International 7,416(2 & 3) 7,244 -2%
Applying the same accounting policy as in 2009:
(1) excluding TF1 third-party sales (EUR16 million)
(2) impact of the exclusion of sales of Finagestion, which is currently
being sold (EUR205 million in Holding company and other);
(3) reintegration of Bouygues Construction sales to Finagestion (EUR16
million)
Contribution of business areas
to EBITDA 9-month %
(EUR million) 2008 2009 change
Bouygues Construction 387 541 +40%
Bouygues Immobilier 217 203 -6%
Colas 822 757 -8%
TF1 220 114 -48%
Bouygues Telecom 1,155 1,084 -6%
Holding company and other (33)(1) (24) ns
TOTAL 2,768(1) 2,675 -3%
(1) Applying the same accounting policy as in 2009: excluding
Finagestion's contribution (EUR50 million in 2008)
Contribution of business areas
to Operating profit 9-month %
(EUR million) 2008 2009 change
Bouygues Construction 259 266 +3%
Bouygues Immobilier 188 153 -19%
Colas 493 402 -18%
TF1 130 33 -75%
Bouygues Telecom 726 638 -12%
Holding company and other (24)(1) (31) ns
TOTAL 1,772(1) 1,461 -18%
(1) Applying the same accounting policy as in 2009: excluding
Finagestion's contribution (EUR26 million in 2008)
Contribution of business areas
to Net profit attributable to the
Group 9-month %
(EUR million) 2008 2009 change
Bouygues Construction 232 186 -20%
Bouygues Immobilier 92 86 -7%
Colas 364 283 -22%
TF1 47 22 -53%
Bouygues Telecom 425 369 -13%
Alstom 239 263 +10%
Holding company and other (197) (185) ns
TOTAL 1,202 1,024 -15%
Net cash by business area 9-month Change
(EUR million) (EUR
million)
2008 2009
Bouygues Construction 2,429 2,826 +EUR397m
Bouygues Immobilier (365) (80) +EUR285m
Colas (412) (496) -EUR84m
TF1 (715) (787) -EUR72m
Bouygues Telecom (143) (447) -EUR304m
Holding company and other (6,456) (6,202) +EUR254m
TOTAL (5,662) (5,186) +EUR476m
Contribution of business
areas to
Cash flow 9-month Change
(EUR million) 2008 2009 (EUR million)
Bouygues Construction 333 438 +EUR 105m
Bouygues Immobilier 178 133 -EUR 45m
Colas 818 756 -EUR 62m
TF1 208 100 -EUR 108m
Bouygues Telecom 1,162 1,088 -EUR 74m
Holding company and other 4(1) 92 +EUR 88m
TOTAL 2,703(1) 2,607 -EUR 96m
(1)Applying the same accounting policy as in 2009: excluding
Finagestion's contribution (EUR47 million in 2008)
Contribution of business
areas to Net capital
expenditure 9-month Change
(EUR million) 2008 2009 (EUR million)
Bouygues Construction 188 100 -EUR 88m
Bouygues Immobilier 7 5 -EUR 2m
Colas 364 217 -EUR 147m
TF1 109 60 -EUR 49m
Bouygues Telecom 627 438 -EUR 189m
Holding company and other (2)(1) 7 +EUR 9m
TOTAL 1,293(1) 827 -EUR 466m
(1)Applying the same accounting policy as in 2009: excluding
Finagestion's contribution (EUR34 million in 2008)
www.bouygues.com
Press contact: +33-(0)1-44-20-12-01, presse at bouygues.com; Investors and analysts contact: +33-(0)1-44-20-12-77, investors at bouygues.com
