Bouygues: Sales Target Raised to EUR31 Billion; Solid Commercial Activity for the Group; Net Profit for the First Nine Months of 2010: EUR923 Million (-10%)
By Bouygues, PRNEWednesday, December 1, 2010
PARIS, December 2, 2010 - Bouygues group sales were stable over the first nine months of
2010 at EUR23,067 million. Current operating profit amounted to EUR1,328
million, down 9%, and operating profit to EUR1,398 million, down 4%.
Operating profit includes non-current items at TF1 and Colas totalling EUR70
million. Net profit amounted to EUR923 million, down 10%.
The financial situation is very sound, with a sharp reduction
in net debt to EUR3.8 billion, EUR1.4 billion less than at end-September
2009.
Key figures
9-month 9-month 2010 Change
2009
(EUR million)
Sales 23,168 23,067 =
Current operating profit 1,461 1,328 -9%
Operating profit 1,461 1,398(1) -4%
Net profit attributable to
the Group 1,024 923 -10%
Net debt(2) 5,186 3,770 -EUR1,416m
Net gearing(2) 57% 37% -20 pts
(1)Including EUR70 million of other operating income and expenses, or
+EUR96 million at TF1 and -EUR26 million at Colas
(2)End of period
Sales at Bouygues Construction at end-September 2010 were in
line with the target for the year at EUR6,801 million, down 5%. The operating
margin was virtually stable at 3.5% over the first nine months of 2010,
continuing the trend in the first half of the year. Net profit declined 23%
to EUR143 million, notably impacted by falling interest rates.
Reminder: Order intakes in the first nine months totalled
EUR8.7 billion, up 34% on end-September 2009. They notably include the
Singapore Sports Hub contract, worth EUR750 million.
The order book rose to a record EUR14.3 billion, up 19% on
end-December 2009 and up 25% on end-September 2009.
Bouygues Immobilier achieved a better-than-expected
performance. Sales fell 18% to EUR1,769 million. The operating margin rose by
1.4 points to 8.5% over the first nine months of the year, boosted by
improved profitability in the residential property segment. Net profit
amounted to EUR77 million, down 10%.
Reminder: Business activity remained strong in the residential
property segment, with reservations rising 32% to EUR1,658 million.
Commercial property reservations were low in a market which is at a cyclical
low. Overall, reservations at end-September 2010 were up 26% at EUR1,729
million.
The order book was stable on end-June 2010 at EUR2.2 billion.
Results at Colas in the first nine months were in line with
the trends announced on 31 August 2010. Sales amounted to EUR8,785 million
(up 1% and down 2% like-for-like and at constant exchange rates). The current
operating margin stood at 2.7%, 1.9 points lower than at end-September 2009,
impacted by the deterioration of activity in Central Europe and by
competitive pressure, especially in France. Operating profit fell 48% to
EUR209 million. This figure includes non-current items of -EUR26 million
relating to charges for former competition-related matters and write-downs of
goodwill in Central Europe. The action plan announced on 31 August 2010 has
been implemented to gradually improve the operating margin from 2011. Net
profit amounted to EUR157 million, down 46%.
Reminder: The order book at end-September 2010 was virtually
stable on end-September 2009, at EUR6.6 billion.
TF1 reported good results in the first nine months of the
year. Sales rose 12% to EUR1,826 million, buoyed by the recovery of the
advertising market. Current operating profit increased fourfold to EUR125
million, showing TF1's capacity to adapt its business model and cut costs.
Following the takeover of TMC and NT1, the previously-held equity interests
in these two entities were remeasured and generated a one-off gain of EUR96
million. Operating profit thus came to EUR221 million and net profit to
EUR170 million.
Bouygues Telecom continued to generate strong organic growth.
Overall sales rose by 5% to EUR4,146 million and sales from network by 4% to
EUR3,763 million. Stripping out the impact of the cut in voice and SMS
termination rates, sales from network would have risen 13%. Bouygues Telecom
has been able to offset the cut in the call termination rate differential and
higher taxes resulting in a 1% increase in EBITDA to EUR1,100 million. Net
profit fell 5% to EUR392 million, reflecting higher depreciation and
amortisation charges linked to the fast-growing fixed broadband business.
Reminder: 201,000 new mobile contract customers signed up with
Bouygues Telecom in the third quarter of 2010, bringing the total number of
new customers since 1 January 2010 to 552,000, representing 23% of net market
growth(1). At 30 September 2010, Bouygues Telecom had 10,721,000 mobile
customers, including 8,478,000 on call plans (79.1% of the total customer
base, an increase of 2.9 points over one year).
The fixed broadband business continued to grow strongly, with
120,000 net activations in the third quarter of 2010. 645,000 Bbox routers
had been activated(2) at 30 September 2010, representing 472,000 additions
over one year.
(1)Arcep (French communications regulator) data
(2)Bbox routers in operation or the number of customers billed
Alstom
Alstom contributed EUR239 million to Group net profit at
end-September 2010, down 9%. Alstom has confirmed an operating margin target
of between 7% and 8% for FY2010/2011 and FY2011/2012.
Financial position
Group net debt at 30 September 2010 amounted to EUR3.8
billion, EUR1.4 billion less than at 30 September 2009. Shareholders' equity
amounted to EUR10.1 billion, an increase of EUR1 billion, and net gearing
stood at 37%, an improvement of 20 points.
Free cash flow before change in working capital requirement
amounted to EUR937 million, EUR173 million less than at end-September 2009,
mainly reflecting the lower level of activity at Colas.
The Group bought back 4.8 million Bouygues shares in the first
nine months of the year at a total cost of EUR155 million.
2010 sales
As a result of solid commercial activity and
better-than-expected sales in the first nine months of the year, the 2010
sales target for each of the Group's business areas has been raised. The
total for the Group as a whole is EUR31.0 billion, compared with the EUR30.4
billion announced in August 2010.
2010 target % change
Sales by business 2009
area(EUR million)
Published Published Published Published
in March in June in August in December
Bouygues 9,546 9,100 9,100 9,100 9,200 -4%
Construction
Bouygues 2,989 2,100 2,150 2,300 2,400 -20%
Immobilier
Colas 11,581 11,500 11,500 11,500 11,600 =
TF1 2,365 2,410 2,460 2,530 2,555 +8%
Bouygues Telecom 5,368 5,370 5,420 5,450 5,600 +4%
Holding company
and other 134 130 130 130 130 ns
Intra-Group (630) (610) (660) (610) (485) ns
elimination
TOTAL 31,353 30,000 30,100 30,400 31,000 -1%
o/w France 21,678 20,600 20,800 21,100 21,500 -1%
o/w international 9,675 9,400 9,300 9,300 9,500 -2%
Financial calendar:
1 March 2011: full-year 2010 results (5.45pm CET)
2 March 2011: full-year 2010 results presentation
The financial statements have been subject to a limited review by the
statutory auditors and the corresponding report has been issued.
You will find the following documents on our website:
- Financial statements for Bouygues
(www.bouygues.com/fr/finances-actionnaires/analystes-et-investisseurs/p)
(balance sheet, income statement, statement of recognised
income and expense, cash flow statement, changes in shareholders' equity)
- Slide presentation of the conference call
(www.bouygues.com/fr/finances-actionnaires/analystes-et-investisseurs/p)
with analysts
- Historic data
(www.bouygues.com/fr/finances-actionnaires/analystes-et-investisseurs/p)
in Excel format
(Due to the length of this URL, it may be necessary to copy and paste
this hyperlink into your Internet browser's URL address field. Remove the
space if one exists.)
www.bouygues.com
Condensed consolidated 9-month % change
income statement 2009 2010
(EUR million)
Sales 23,168 23,067 =
Current operating profit 1,461 1,328 -9%
Other operating income and 0 70(1) ns
expenses
Operating profit 1,461 1,398 -4%
Cost of net debt (260) (251) -3%
Other financial income and
Expenses 14 24 ns
Income tax expense (410) (376) -8%
Share of profits and losses from
Associates 303 279 -8%
Net profit from continuing
Operations 1,108 1,074 -3%
Net profit from discontinued or
held-for-sale operations 15 0 ns
Net profit 1,123 1,074 -4%
Minority interests (99) (151) +53%
Net profit attributable to the
Group 1,024 923 -10%
(1)Other operating income and expenses include:
- TF1: a one-off gain of EUR96 million generated by the remeasurement of
the previously-held equity interests following the takeover of TMC
and NT1
- Colas: non-current items of -EUR26 million relating to charges for
former competition-related matters and write-downs of goodwill in
Central Europe
Third-quarter consolidated
income statement
(EUR million) Third-quarter %
2009 2010 change
Sales 8,378 8,412 =
Current operating profit 689 630 -9%
Operating profit 689 700(1) +2%
Net profit attributable to the
Group 477 391 -18%
(1)Including EUR70 million of other operating income and expenses, or
+EUR96 million at TF1 and -EUR26 million at Colas
Sales by business area 9-month 2009 9-month % Change
(EUR million) 2010 change like-for-like
and at
constant
exchange
rates
Bouygues Construction 7,133 6,801 -5% -7%
Bouygues Immobilier 2,154 1,769 -18% -18%
Colas 8,684 8,785 +1% -2%
TF1 1,628 1,826 +12% +11%
Bouygues Telecom 3,960 4,146 +5% +5%
Holding company and
Other 104 99 ns ns
Intra-Group
Elimination (495) (359) ns ns
Total 23,168 23,067 = -3%
o/w France 15,924 15,838 -1% -1%
o/w international 7,244 7,229 = -5%
Contribution of business areas 9-month %
to EBITDA (EUR million) 2009 2010 change
Bouygues Construction 541 433 -20%
Bouygues Immobilier 203 144 -29%
Colas 757 565 -25%
TF1 114 172 +51%
Bouygues Telecom 1,084 1,100 +1%
Holding company and other (24) (23) ns
TOTAL 2,675 2,391 -11%
Contribution of business areas 9-month %
to 2009 2010 change
Current operating profit
(EUR million)
Bouygues Construction 266 237 -11%
Bouygues Immobilier 153 150 -2%
Colas 402 235 -42%
TF1 33 125 x4
Bouygues Telecom 638 611 -4%
Holding company and other (31) (30) ns
TOTAL 1,461 1,328 -9%
Contribution of business areas 9-month %
to Operating profit 2009 2010 change
(EUR million)
Bouygues Construction 266 237 -11%
Bouygues Immobilier 153 150 -2%
Colas 402 209 -48%
TF1 33 221 x7
Bouygues Telecom 638 611 -4%
Holding company and other (31) (30) ns
TOTAL 1,461 1,398 -4%
Contribution of business areas 9-month %
to Net profit attributable to 2009 2010 change
the Group (EUR million)
Bouygues Construction 186 143 -23%
Bouygues Immobilier 86 77 -10%
Colas 283 152 -46%
TF1 22 73 x3
Bouygues Telecom 369 351 -5%
Alstom 263 239 -9%
Holding company and other (185) (112) ns
TOTAL 1,024 923 -10%
Net cash by business area 9-month Change
(EUR million) 2009 2010 (EUR million)
Bouygues Construction 2,826 2,905 +EUR79m
Bouygues Immobilier (80) 93 +EUR173m
Colas (496) (666) -EUR170m
TF1 (787) (9) +EUR778m
Bouygues Telecom (447) (339) +EUR108m
Holding company and other (6,202) (5,754) +EUR448m
TOTAL (5,186) (3,770) +EUR1,416m
Contribution of business 9-month Change
areas to Cash flow 2009 2010 (EUR million)
(EUR million)
Bouygues Construction 438 375 -EUR63m
Bouygues Immobilier 133 145 +EUR12m
Colas 756 572 -EUR184m
TF1 100 160 +EUR60m
Bouygues Telecom 1,088 1,073 -EUR15m
Holding company and other 92 103 +EUR11m
TOTAL 2,607 2,428 -EUR179m
Contribution of business 9-month Change
areas to Net capital 2009 2010 (EUR million)
expenditure (EUR million)
Bouygues Construction 100 145 +EUR45m
Bouygues Immobilier 5 3 -EUR2m
Colas 217 275 +EUR58m
TF1 60 35 -EUR25m
Bouygues Telecom 438 400 -EUR38m
Holding company and other 7 6 -EUR1m
TOTAL 827 864 +EUR37m
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, December 2, France, Paris
