Bouygues Sa · EURONEXT:EN
Bouygues Sa — Q1 2023 Earnings Presentation
54 slides from Bouygues Sa's earnings presentation, May 16, 2023
Slide 1: Q1 2023 Results
PRESENTATION PRESENTATION 23 FEBRUARY 2023 PARIS • TUESDAY 16 MAY 2023 FULL-YEAR 2022 Q1 2023 RESULTS RESULTS Equans technician carrying out maintenance work on an electricity pylon. xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Slide 2: Disclaimer
Disclaimer This presentation contains rounded figures and contains forward-looking information and statements about the Bouygues group and its businesses. Forward-looking statements may be identified by the use of words such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believe
Slide 3: Contents
Contents Highlights and key figures 3 ● FIRST QUARTER 2023 - BOUYGUES GROUP – 16 MAY 2023
Slide 4: Group key figures in Q1 2023
Group key figures in Q1 2023 (Equans standalone figures not included in Q1 2022) Like every year, due to the seasonality, Q1 earnings are not indicative of H1 and full-year results Group sales (€bn) Group COPAa (€m) +75 +46% 12.0 9 8.2 Q1 2022 Q1 2023 -66 Q1 2022 Q1 2023 Net profit attributable to t
Slide 5: Review of operations
Contents Review of operations 5 ● FIRST QUARTER 2023 - BOUYGUES GROUP – 16 MAY 2023
Slide 6: Construction businesses
REVIEW OF OPERATIONS Construction businesses Grand Paris - Line 15 South, T3A package - Bouygues Construction 6 ● FIRST QUARTER 2023 - BOUYGUES GROUP – 16 MAY 2023
Slide 7: Sustained backlog growth in the construction businesses
Sustained backlog growth in the construction businesses From January 2023, Bouygues Energies & Services is included in Equans and therefore no longer in construction 34.4 33.5 34.6 33.4 6.1 6.9 29.4 6.6 6.4 +6% 28.2 27.0 26.9 27.7 End-March 2019 End-March 2020 End-March 2021 End-March 2022 End-March
Slide 8: Backlog in the construction businesses
Backlog in the construction businesses (figures exclude Bouygues Energies & Services) Backlog up 6% Backlog in the construction businesses (€bn) ● Strong growth in Bouygues Construction’s backlog, up 8% > Backlog in France up 3%, supported by public equipment markets, with order a intake up 57%, of
Slide 9: Key figures in the construction businesses
Key figures in the construction businesses Like every year, due to the seasonality, Q1 earnings are not indicative of H1 and full-year results a €m Q1 2023 Q1 2022 Change Sales up 5% b c Sales 5,209 4,963 +5% o/w Bouygues Construction 2,310 2,179 +6% ● Bouygues Construction up 6% o/w Bouygues Immobi
Slide 10: Energies & Services
REVIEW OF OPERATIONS Energies & Services Systecon factory, United States - Equans 10 ● FIRST QUARTER 2023 - BOUYGUES GROUP – 16 MAY 2023
Slide 11: Key figures at Equans
Key figures at Equans Q1 2023 figures comprise Equans, including Bouygues Energies & Services. Q1 2022 figures include exclusively Bouygues Energies & Services (as it contributed to Bouygues Construction). Equans proforma Q1 2022 figures are not available. Perform plan implementation and Bouygues En
Slide 12: Equans 2023 outlook confirmed
Equans 2023 outlook confirmed In 2023, Equans is aiming for: ● a slight increase in sales, as a result of its selective approach strategy ● a COPA margin between 2.5% and 3% ● a cash conversion1 rate before WCR of between 80% to 100% Equans project manager at the design hub manufacturing demineralis
Slide 13: Media
REVIEW OF OPERATIONS Media Anne-Claire COUDRAY – TF1 13 ● FIRST QUARTER 2023 - BOUYGUES GROUP – 16 MAY 2023
Slide 14: Key figures at the TF1 group
Key figures at the TF1 group Agility on cost of programmes partially offsetting lower sales ● Sales down, in line with anticipations > Media down 14% €m Q1 2023 Q1 2022 Change a o Half of decrease due to scope effect associated with the deconsolidation of Unify in Q4 2022 Sales 480 561 -14% o Advert
Slide 15: TF1 group 2023 outlook confirmed
TF1 group 2023 outlook confirmed Within a market offering a low visibility, the TF1 group will maintain in the Media operating segment its agility in programming costs while offering a differentiating and event-driven line-up. After delivering numerous projects in 2022, Newen Studios will draw on th
Slide 16: Telecoms
REVIEW OF OPERATIONS Telecoms 16 ● FIRST QUARTER 2023 - BOUYGUES GROUP – 16 MAY 2023
Slide 17: Commercial performance in mobile and fixed
Commercial performance in mobile and fixed Mobile plan customer base excl. MtoM (millions of customers) 15.2 15.2 million mobile plan customers excluding MtoMa 14.3 14.9 at end-March 2023 11.7 ● +27,000 customers in Q1 2023 11.0 3.1 million FTTHb customers at end-March 2023 Q1 2019 Q1 2020 Q1 2021 Q
Slide 18: Key figures at Bouygues Telecom
Key figures at Bouygues Telecom Sales billed to customers up 6% ● Continued upward trend in ABPU1 > Mobile ABPU of €19.7, up €0.2 year-on-year €m Q1 2023 Q1 2022 Change > Fixed ABPU of €30.3, up €1.7 year-on-year Sales 1,937 1,796 +8% a Sales from services 1,462 1,401 +4% Strong growth in EBITDA aft
Slide 19: Development of Bouygues Telecom Entreprises in cybersecurity, industrial 5G and collaborative tools
Development of Bouygues Telecom Entreprises in cybersecurity, industrial 5G and collaborative tools Acquisition New partnership in Launch of Bflex-Webex of Alleo industrial 5G in cooperation with Cisco ● Activities: ● Aiming at promoting and deploying ● Unique and modular application: > Integration
Slide 20: Bouygues Telecom 2023 outlook confirmed
Bouygues Telecom 2023 outlook confirmed As it continues to grow its customer base, particularly in the fixed segment, and maintains its investments to boost its mobile network capacity, Bouygues Telecom is aiming for: ● an increase in sales billed to customers ● EBITDA after Leases of around €1.9 bi
Slide 21: Financial statements
Contents Financial statements 21 ● FIRST QUARTER 2023 - BOUYGUES GROUP – 16 MAY 2023
Slide 22: Condensed consolidated income statement
Condensed consolidated income statement (Equans standalone not included in Q1 2022) €m Q1 2023 Q1 2022 Cha ng e a Sales 12,007 8,204 +46% Current operating profit/(loss) from activities 9 (66) +75 Amortisation and impairment of intangible assets recognised b c (23) (11) -12 in acquisitions (PPA) Cur
Slide 23: Group financial structure
Group financial structure End- End-Dec €m March Cha ng e 2022 2023 Shareholders' equity 13,773 13,932 -159 Group net debt (-)/net surplus cash (+) (8,779) (7,440) -1,339 As % of shareholders' equity 64% 53% +11 pts Net debt of €8.8bn at end-March 2023 ● Change in net debt is impacted by seasonal imp
Slide 24: Change in net debt position in Q1 2023 (1/2)
Change in net debta position in Q1 2023 (1/2) in €m Net debt at 31/12/2022 Net debt at 31/03/2023 Capital transactions Acquisitions/ and otherc disposalsb Operations -38 -18 (7,440) -1,283 (8,779) Q1 2022 (941) +5 +339 -1,514 (2,111) (a) See glossary for definition (b) Including H&R acquisition by E
Slide 25: Change in net debt position in Q1 2023 (2/2)
Change in net debta position in Q1 2023 (2/2) in €m Breakdown of operations Net cash flowb Repayment of Net capexc Change in lease obligations operating WCR +427 and other -144 -623 -1,283 +283 Net cash flow including lease -943 expenses Q1 2022 +332 -99 -578 -1,169 -1,514 +233 Net cash flow includi
Slide 26: Outlook
Contents Outlook 26 ● FIRST QUARTER 2023 - BOUYGUES GROUP – 16 MAY 2023
Slide 27: Group 2023 outlook confirmed
Group 2023 outlook confirmed The outlook below is based on information known to date ● In an unstable environment, marked by inflation, rising interest rates and currency volatility, Bouygues is aiming for 2023 sales close to those of 2022, as well as an increase in its current operating profit from
Slide 28: Calendar
Calendar All times are CET H1 2023 results ● Friday 28 July 2023, 7.30am Q3 2023 results ● Tuesday 31 October 2023, 7.30am The Rhea tunnel-boring machine - Dragages Hong Kong 28 ● FIRST QUARTER 2023 - BOUYGUES GROUP – 16 MAY 2023
Slide 29: Questions & answers
PRESENTATION 16 MAY 2023 Questions & answers Aquatic olympic centre and its crossing - Bouygues Bâtiment Ile-de-France 29 ● FIRST QUARTER 2023 - BOUYGUES GROUP – 16 MAY 2023
Slide 30: Annexes
Contents Annexes 30 ● FIRST QUARTER 2023 - BOUYGUES GROUP – 16 MAY 2023
Slide 31: Key figures at Bouygues Construction
Key figures at Bouygues Construction (all figures exclude Bouygues Energies & Services) Order intakea (€bn) Backlog by region (end-March 2023) International +93% France 3.1 11% France 5% +127% 34% Asia-Pacific 1.9 1.6 Europe (excl. France) 0.8 32% Americas +57% 1.2 18% Africa and Middle East 0.8 Q1
Slide 32: Key figures at Bouygues Immobilier
Key figures at Bouygues Immobilier Reservationsa (€bn) Residential property Commercial property -32% 400 5 271 nm 3 395 Flore Saint-Aunès Garden - Bouygues Immobilier 268 -32% Q1 2022 Q1 2023 Bouygues Immobilier – key figures €m Q1 2023 Q1 2022 Change Backlogb (€bn) Sales 331 399 -17% a o/w resident
Slide 33: Key figures at Colas
Key figures at Colas Backlog (€bn) International and a French overseas territories +8% Mainland France 13.0 12.0 8.7 9.2 +6% b 3.4 3.7 +11% End-March 2022 End-March 2023 Cairo metro – Colas Reeves Rail collaborators in South Carolina - Colas Q1 2023 sales by activity Colas – key figures Road constru
Slide 34: Key figures at Equans
Key figures at Equans Backlog (€bn) Bouygues Energies & Services Equans +3% 26.7 1 25.9 Systems and data integration at Gare de Lyon - Equans 6.5 Equans – key figures 2 19.5 €m Q1 2023 Q1 2022 Change Sales 4,398 898 nm o/w France 1,518 311 nm End-Dec. 2022 End-March 2023 o/w international 2,880 587
Slide 35: Key indicators at Bouygues Telecom
Key indicators at Bouygues Telecom Sales in €m/base in thousands/ABPU in € Q1 2023 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2022 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Sales billed to customers 1,444 5,619 1,445 1,426 1,379 1,368 5,318 1,370 1,355 1,304 1,289 Sales from services 1,462 5,753 1,474 1,455 1,423 1
Slide 36: FTTH premises marketed (millions)
FTTHa premises marketedb (millions) Bouygues Telecom Bouygues Telecom Bouygues Telecom at end-Dec 2022 at end-March 2023 target for end-2026 35.0 +1.3 31.0 29.7 6.7 6.5 14.1 14.0 9.2 10.1 Very Dense Area Medium Dense Area (AMII zone)c Medium Dense Area (PIN zone)c (a) Fibre-To-The-Home: optical fibr
Slide 37: Sales by sector of activity
Sales by sector of activity Q1 2022 Equans figures only include Bouygues Energies & Services as Equans standalone Q1 2022 proforma is not available. As such, Equans’ change is not meaningful. Lfl & €m Q1 2023 Q1 2022 Cha ng e consta nt fx a Construction b 5,209 4,963 +5% +5% o/w Bouygues Constructio
Slide 38: Contribution to Group EBITDA after Leases by sector of activity
Contribution to Group EBITDA after Leasesa by sector of activity Q1 2022 Equans figures only include Bouygues Energies & Services as Equans standalone Q1 2022 proforma is not available. As such, Equans’ change is not meaningful. €m Q1 2023 Q1 2022 Cha ng e Construction (216) (187) -29 o/w Bouygues C
Slide 39: Contribution to Group COPA by sector of activity
Contribution to Group current operating profit from activitiesa (COPA) by sector of activity Q1 2022 Equans figures only include Bouygues Energies & Services as Equans standalone Q1 2022 proforma is not available. As such, Equans’ change is not meaningful. €m Q1 2023 Q1 2022 Cha ng e Construction (2
Slide 40: Reconciliation of COPA to COP in Q1 2023
Reconciliation of Group current operating profit from activities (COPA) to Group current operating profit (COP) in Q1 2023 PPA €m COPA a COP amortisation Construction (243) -2 (245) o/w Bouygues Construction 58 0 58 o/w Bouygues Immobilier 0 0 0 o/w Colas (301) -2 (303) Equans 98 0 98 TF1 40 -1 39 B
Slide 41: Reconciliation of COPA to COP in Q1 2022
Reconciliation of Group current operating profit from activities (COPA) to Group current operating profit (COP) in Q1 2022 PPA a €m COPA COP amortisation Construction (233) -2 (235) o/w Bouygues Construction 58 0 58 o/w Bouygues Immobilier 0 0 0 o/w Colas (291) -2 (293) Equans 27 0 27 TF1 61 -1 60 B
Slide 42: Contribution to Group current operating profit by sector of activity
Contribution to Group current operating profit (COP) by sector of activity Q1 2022 Equans figures only include Bouygues Energies & Services as Equans standalone Q1 2022 proforma is not available. As such, Equans’ change is not meaningful. €m Q1 2023 Q1 2022 Cha ng e Construction (245) (235) -10 o/w
Slide 43: Contribution to Group operating profit by sector of activity
Contribution to Group operating profit by sector of activity Q1 2022 Equans figures only include Bouygues Energies & Services as Equans standalone Q1 2022 proforma is not available. As such, Equans’ change is not meaningful. €m Q1 2023 Q1 2022 Cha ng e Construction (268) (235) -33 o/w Bouygues Const
Slide 44: Contribution to net profit attributable to the Group by sector
Contribution to net profit attributable to the Group by sector of activity Q1 2022 Equans figures only include Bouygues Energies & Services as Equans standalone Q1 2022 proforma is not available. As such, Equans’ change is not meaningful. €m Q1 2023 Q1 2022 Cha ng e Construction (220) (177) -43 o/w
Slide 45: Contribution to Group net cash flow by sector of activity
Contribution to Group net cash flowa by sector of activity Q1 2022 Equans figures only include Bouygues Energies & Services as Equans standalone Q1 2022 proforma is not available. As such, Equans’ change is not meaningful. €m Q1 2023 Q1 2022 Cha ng e Construction (165) (154) -11 o/w Bouygues Constru
Slide 46: Contribution to net capital expenditure by sector of activity
Contribution to net capital expenditure by sector of activity Q1 2022 Equans figures only include Bouygues Energies & Services as Equans standalone Q1 2022 proforma is not available. As such, Equans’ change is not meaningful. €m Q1 2023 Q1 2022 Cha ng e Construction 3 19 -16 o/w Bouygues Constructio
Slide 47: Contribution to Group free cash flow by sector of activity
Contribution to Group free cash flowa by sector of activity Q1 2022 Equans figures only include Bouygues Energies & Services as Equans standalone Q1 2022 proforma is not available. As such, Equans’ change is not meaningful. €m Q1 2023 Q1 2022 Cha ng e Construction (220) (218) -2 o/w Bouygues Constru
Slide 48: Net surplus cash (+)/Net debt (-)
Net surplus cash (+)/Net debt (-)a End-December 2022 Bouygues Energies & Services figures included within Equans. €m End-March 2023 End-Dec 2022 Cha ng e Bouygues Construction 3,191 3,612 -421 Bouygues Immobilier (250) (156) -94 Colas (769) (292) -477 Equans 55 181 -126 TF1 468 326 +142 Bouygues Tel
Slide 49: Group liquidity
Group liquidity Available cash at end-March 2023: €12bn Available cash (€bn) Debt maturity schedule at end-March 2023 (€bn) Evenly spread debt maturity schedule 4 No covenants or rating 3.0 3 clause on medium/long- term facilities and on syndicated loan €12bn 2 1 9.0 0 2023 2024 2025 2026 2027 2028
Slide 50: Condensed consolidated balance sheet
Condensed consolidated balance sheet End-March End-Dec €m Cha ng e 2023 2022 Non-current assets 31,362 31,013 +349 Current assets 27,877 29,463 -1,586 Held-for-sale assets and operations 0 119 -119 TOTAL ASSETS 59,239 60,595 -1,356 Shareholders' equity 13,773 13,932 -159 Non-current liabilities 16,3
Slide 51: Glossary (1/3)
Glossary (1/3) ABPU (Average Billing Per User) ● Sales billed to customers divided by the average number of customers over the period Sales from services (Bouygues Telecom) comprise: ● Sales billed to customers, which include: > In mobile: For B2C customers: sales from outgoing call charges (voice
Slide 52: Glossary (2/3)
Glossary (2/3) Other sales (Bouygues Telecom): difference between the total sales of Bouygues Telecom and its sales from services. It comprises: ● Sales from handsets, accessories and other ● Roaming sales ● Non-telecom services (construction of sites or installation of FTTH lines) ● Co-financing of
Slide 53: Glossary (3/3)
Glossary (3/3) Net surplus cash(+)/Net debt (-) ● Net debt (or net surplus cash) is obtained by aggregating cash and cash equivalents, overdrafts and short-term bank borrowings, non-current and current debt, and financial instruments. Net surplus/(net debt) does not include non-current and current l
Slide 54: Bouygues SA contact details
Bouygues SA 32 avenue Hoche • 75378 Paris CEDEX 08 bouygues.com