Bouygues Sa · EURONEXT:EN
Bouygues Sa — Q1 2012 Earnings Presentation
19 slides from Bouygues Sa's earnings presentation, May 15, 2012
Slide 1: First Quarter 2012 Results Presentation
5/15/2012 FIRST QUARTER 2012 RESULTS PRESENTATION 15 May 2012 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, amon
Slide 2: Group sales
5/15/2012 HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OBJECTIVES APPENDIX 3 Group sales € million Q1 2011 Q1 2012 Change Sales 6,686 6,985 +4%1 o/w construction businesses2 4,675 5,000 +7% o/w TF1 614 629 +2% o/w Bouygues Telecom 1,404 1,366 -3% 1Up 2% like-for-like and
Slide 3: Group results (1/2) and (2/2)
5/15/2012 Group results (1/2) € million Q1 2011 Q1 2012 Change Current operating profit 153 82 -€71m o/w construction businesses (52) (72) -€20m o/w TF1 62 56 -€6m o/w Bouygues Telecom 153 107 -€46m Current operating margin 2.3% 1.2% -1.1pts o/w construction businesses -1.1% -1.4% -0.3pts o/w TF1 10
Slide 4: Alstom: FY 2011/12 results; Group financial position (1/2)
5/15/2012 Alstom: FY 2011/12 results A solid commercial performance FY 2011/12 orders: €21.7bn, +14% Book-to-bill ratio above 1 for every quarter and strong fourth quarter Strong order book at €49bn providing good visibility (30 months of sales) FY 2011/12 operating margin at 7.1%, in line
Slide 5: Group financial position (2/2)
5/15/2012 Group financial position (2/2) € million Q1 2011 Q1 2012 Change Cash flow 458 407 -€51m - Cost of net debt (74) (79) -€5m - Income tax expense (29) (5) +€24m - Net capital expenditure (273) (239)2 +€34m Free cash flow1 82 842 +€2m 1Before change in WCR 2Excluding the 4G frequencies (€683 m
Slide 6: Bouygues Construction: commercial activity and key figures
5/15/2012 BOUYGUES CONSTRUCTION: commercial activity Order intake1 € million Order book at end-March 2012 International France Long-term order book (beyond Y+5) For execution in Y+1 +31% 3,689 For execution from Y+2 to Y+5 For execution in Y 3,321 16,727 +14% YoY France 2,813 1,238 15,283 53% 1,171
Slide 7: Bouygues Immobilier: business activity and key figures
5/15/2012 BOUYGUES IMMOBILIER: business activity Reservations1 Commercial property Order book +32% YoY 1,332 Residential property 3,051 3,005 443 313 881 389 2,269 € million 48 -6% 297 554 433 409 14 27 116 889 2,738 2,616 2,221 584 540 406 293 Q1 11 Q1 12 2 Q2 11 3 Q3 11 4 Q4 11 End-March 2011 End-
Slide 8: Colas: order book and key figures
5/15/2012 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 +10% 3,594 3,310 3,183 3,641 3,578 -2% 3,634 3,359 3,289 End- End- End- End- End- End- End- End- March March June June Sept Sept Dec Dec 2011 2012 2011 20
Slide 9: TF1 key figures; Bouygues Telecom mobile commercial performance
5/15/2012 TF1: key figures € million Q1 2011 Q1 2012 Change 2012 target Sales 614 629 +2%1 2,620 o/w Group advertising 419 419 = = Current operating profit 62 56 -€6m Current operating margin 10.1% 8.9% -1.2pts Net profit attributable to the 46 35 -€11m Group 1Up 1% like-for-like and at constant exc
Slide 10: Bouygues Telecom: fixed broadband; agreement with Darty
5/15/2012 BOUYGUES TELECOM: fixed broadband commercial performance Net growth („000)1 132 122 96 Bouygues Telecom continues to expand in the fixed 88 83 broadband market Installed base of more than 1.3 million customers at end Q1 2012 Q1 Q1 Q2 Q3 Q4 11 12 11 11 11 Fixed broadband sales from netw
Slide 11: Bouygues Telecom: key figures and transformation plan
5/15/2012 BOUYGUES TELECOM: key figures € million Q1 2011 Q1 2012 Change 2012 target Sales 1,404 1,366 -3%1 5,140 Sales from network 1,264 1,220 -3% -10% EBITDA 321 296 -€25m EBITDA/sales from network 25.4% 24.3% -1.1pts Current operating profit 153 107 -€46m Net profit attributable to the Group 99
Slide 12: Condensed consolidated income statement (1/2)
5/15/2012 HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OBJECTIVES APPENDIX 23 Condensed consolidated income statement (1/2) € million Q1 2011 Q1 2012 Change Sales 6,686 6,985 +4% Current operating profit 153 82 -46% Other operating income and expenses 0 0 nm Operating pro
Slide 13: Income statement (2/2); Change in cash position (1/2)
5/15/2012 Condensed consolidated income statement (2/2) € million Q1 2011 Q1 2012 Change Income tax expense (29) (5) -83% Share of profits and losses from associates 24 62 x3 Net profit 69 59 -14% Minority interests (35) (24) -31% Net profit attributable to the Group 34 35 +3% 25 Change in cash posi
Slide 14: Change in cash position (2/2); net capital expenditure
5/15/2012 Change in cash position (2/2) Breakdown of operation Net capital € million Net cash flow1 Change in operating expenditure +323 -2392 WCR & other3 -856 -€772m Q1 2011 +355 -273 -776 (2) -€694m 1Net cash flow = cash flow - cost of net debt - income tax expense 2Excluding acquisition of 4G fr
Slide 15: 2012 sales target
5/15/2012 HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OBJECTIVES APPENDIX 29 2012 sales target 2012 target Change € million 2011 In March In May 2012/2011 Bouygues Construction 9,802 10,000 10,100 +3% Bouygues Immobilier 2,465 2,450 2,450 = Colas 12,412 12,500 12,700 +2%
Slide 16: Calendar
5/15/2012 Calendar1 28 August 2012 First-half 2012 sales and earnings 5.45pm 29 August 2012 First-half 2012 results presentation 11.00am 14 November 2012 Nine-month 2012 sales and earnings 5.45pm 1All times are Central European Times 31 HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL
Slide 17: Bouygues Telecom: sales from network, EBITDA, key indicators
5/15/2012 BOUYGUES TELECOM: Q1 2012 sales from network and EBITDA Sales from network EBITDA € million Organic growth Cut in MTR up 6% Reduction in Reduction in termination commercial costs rate differentials +77 Others +23 1,264 321 1,220 296 -121 -47 -1 Q1 2011 Q1 2012 Q1 2011 Q1 2012 33 BOUYGUES T
Slide 18: Bouygues Telecom: fixed sales and mobile termination rates
5/15/2012 BOUYGUES TELECOM: historic fixed sales from network 2010 2011 2012 €m Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Fixed sales from 42 54 65 82 243 89 99 108 118 414 132 network % change y-o-y +112% +83% +66% +44% +70% +48% 35 BOUYGUES TELECOM: mobile termination rates History of cuts ordered by Arc
Slide 19: Financing
5/15/2012 Financing Available cash: €7.8 billion (€m) 9,000 Debt repayment schedule at end March 2012 8,000 7,000 6,000 Undrawn MLT credit 5,000 lines €5,183m 4,000 3,000 Bond 2022 2,000 €800m Cash 1,000 excluding bond 2022 €1,798m 0 37 38 Q1 2012 Presentation results - 15th May 2012 19