Bouygues Sa · EURONEXT:EN
Bouygues Sa — Q1 2022 Earnings Presentation
48 slides from Bouygues Sa's earnings presentation, May 12, 2022
Slide 1: Q1 2022 Results Presentation
Q1 2022 RESULTS PRESENTATION 12 MAY 2022 C1 stretch of the HS2 high-speed rail line in United Kingdom
Slide 2: Forward-looking statements disclaimer
This presentation 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”, “believes”, “estimates” and similar statements.
Slide 3: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK FOR THE GROUP ⚫ ANNEXES 3
Slide 4: Highlights of Q1 2022
HIGHLIGHTS OF Q1 2022 Group sales up 6% > 4% backlog increase, and solid sales in the construction and services businesses > Good commercial performance in Mobile and Fixed at Bouygues Telecom > Strong sales increase at TF1 Equans acquisition progressing well > All required ERBa opinions received, S
Slide 5: Group key figures in Q1 2022
GROUP KEY FIGURES IN Q1 2022 ⚫ SALES UP 6% TO €8.2BN €m Q1 2022 Q1 2021 Change (UP 3% LIKE-FOR-LIKE AND AT CONSTANT EXCHANGE RATES) a Sales 8,204 7,742 +6% ◼ Good performance in sales at Colas and TF1 o/w France 5,236 5,076 +3% o/w International 2,968 2,666 +11% > Colas up 19% and up 12% like-for-li
Slide 6: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK FOR THE GROUP ⚫ ANNEXES 6
Slide 7: Construction and Services Businesses
CONSTRUCTION AND SERVICES BUSINESSES COLAS - Le Castellet Racetrack
Slide 8: Backlog in the construction and services businesses
BACKLOG IN THE CONSTRUCTION AND SERVICES BUSINESSES ⚫ BACKLOG AT THE HIGH LEVEL OF €34.6BN AT END-MARCH 2022, Backlog in €bn UP 4%a YEAR-ON-YEAR +4% a ◼ Colas backlog at a record level (€11.3bn excluding Destia), and strong 34.6 order intake (up 29%) 33.4 1.7 -13% 2.0 > Good commercial performance i
Slide 9: Key figures in the construction and services businesses
KEY FIGURES IN THE CONSTRUCTION AND SERVICES BUSINESSES ⚫ 7% GROWTH IN SALES Q1 22 VS Q1 21 €m Q1 2022 Q1 2021 Change (UP 3% LIKE-FOR-LIKE AND AT CONSTANT EXCHANGE RATES) b Sales a 5,851 5,491 +7% ◼ International up 11% thanks to Colas, led by EMEA o/w Bouygues Construction 3,077 3,058 +1% (includin
Slide 10: Actions for sustainable and responsible behavior
ACTIONS FOR SUSTAINABLE AND RESPONSIBLE BEHAVIOR CONSTRUCTION & SERVICES BUSINESSES Bouygues Construction awarded “Top Bouygues Immobilier completes walls Partnership between Colas and a Employer France” and “Top Employer in low-carbon white concrete at the Saipol to decarbonize Colas’ truck Europe”
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Slide 12: Key figures at TF1 Group
KEY FIGURES AT TF1 GROUP ⚫ SOLID YEAR-ON-YEAR PERFORMANCE IN Q1 2022 €m Q1 2022 Q1 2021 Change ◼ Sales up 10% vs Q1 2021 (up 7% like-for-like and at constant Sales 561 510 +10% a exchange rates) Current operating profit/(loss) 60 57 +3 > Good momentum in advertising sales which are up 5% Current ope
Slide 13: Actions for sustainable behavior and gender equality
ACTIONS FOR SUSTAINABLE BEHAVIOR AND GENDER EQUALITY TF1 Start of Eco-Funding, a vehicle for Presentation of the second session of financing environmental advertising “Women Experts à la Une” on International campaigns, on 1 January 2022 Women’s day 13 13
Slide 14: TF1 2022 Outlook
TF1 2022 OUTLOOK ⚫ In 2022, taking into account consumers’ new behavior and extending the advertising offering to advertiser customers will help to strengthen the Media business line ⚫ Newen studios’ contribution to operating margin will remain accretive in 2022 against the backdrop of a buoyant mar
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Slide 16: Solid commercial performance in Mobile
SOLID COMMERCIAL PERFORMANCE IN MOBILE ⚫ 14.9 MILLION MOBILE PLAN CUSTOMERS EXCLUDING MtoMa AT END-MARCH 2022 ◼ +97k customers in Q1 2022 Mobile plan customers excl. MtoM Total net growth of mobile customers excl. MtoM (millions of customers) (millions of customers) 14.9 14.3 +1.3 +4.0 11.7 11.0 +2.
Slide 17: Strong growth in FTTH
STRONG GROWTH IN FTTH Total net growth of FTTH customers (millions of customers) ⚫ 2.5 MILLION FTTHa CUSTOMERS AT END-MARCH 2022 +2.1 +3.0 ◼ +172k customers in Q1 2022 +0.9 ⚫ 4.5 MILLION FIXED CUSTOMERS AT END-MARCH 2022 ◼ +52k customers in Q1 2022 Since Jan 2021 19 remaining 2026 quarters Fixed cus
Slide 18: Key figures at Bouygues Telecom
KEY FIGURES AT BOUYGUES TELECOM ⚫ 3% GROWTH IN SALES FROM SERVICES €m Q1 2022 Q1 2021 Change ◼ Impacted by incoming sales, which by nature do not a Sales 1,796 1,743 +3% a contribute to EBITDA after Leases, due to lower incoming Sales from Services b 1,401 1,363 +3% traffic and regulated call termin
Slide 19: Actions for sustainable behavior and innovation
ACTIONS FOR SUSTAINABLE BEHAVIOR AND INNOVATION BOUYGUES TELECOM Launch of “Réparation Express”, an in-store 1st responsible and inclusive mobile plan Enhanced TV experience with the new TV repair service, open to everyone with the launch of “source” decoder “Bbox 4K HDR” 1st operator to announce WI
Slide 20: 2022 Outlook for Bouygues Telecom
2022 OUTLOOK FOR BOUYGUES TELECOM This outlook is based on information known to date and excludes any further deterioration in the situation due to Covid-19 ⚫ AS A REMINDER FOR 2022, BOUYGUES TELECOM TARGETS: ◼ Growth in sales from services estimated at around 5% ◼ An increase in EBITDA after Leases
Slide 21: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK FOR THE GROUP ⚫ ANNEXES 21
Slide 22: Condensed consolidated income statement
CONDENSED CONSOLIDATED INCOME STATEMENT €m Q1 2022 Q1 2021 Change a Sales 8,204 7,742 +6% Current operating profit/(loss) (77) (77) 0 b c Other operating income and expenses (16) 56 -72 Operating profit/(loss) (93) (21) -72 Cost of net debt (35) (39) +4 Interest expense on lease obligations (15) (13
Slide 23: Very robust Group financial structure
VERY ROBUST GROUP FINANCIAL STRUCTURE ⚫ NET DEBT OF €2.1BN AT END-MARCH 2022 Group net debt (€m) ◼ Low net gearing level -532 ◼ Usual seasonal impacts between end-December 2021 2,643 and end-March 2022 2,111 ◼ Positive interest rate swaps mark-to-market impact at end-March 2022 22% 941 16% ⚫ CREDIT
Slide 24: Change in net debt position in Q1 2022 (1/2)
CHANGE IN NET DEBTa POSITION IN Q1 2022 (1/2) Net debt at Net debt at €m 31/12/2021 31/03/2022 Change in interest (941) rate swapsd Exercise of mark-to-market stock options Alstom and other +400 0 +5 +2 -63 (2,111) +€39m interest (980) rate swaps mark-to-market Acquisitions/ Share -1 514 disposals b
Slide 25: Change in net debt position in Q1 2022 (2/2)
CHANGE IN NET DEBTa POSITION IN Q1 2022 (2/2) €m Breakdown of operations Net cash flowb Repayment of lease obligations Change in +332 Net capex -99 operating WCR and other -578 -1,514 +233 Net cash flow including lease expenses -1 169 Q1 2021 +325 -91 -347 -1,041 -1,154 +234 Net cash flow including
Slide 26: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK FOR THE GROUP ⚫ ANNEXES 26
Slide 27: Outlook for the Group
OUTLOOK FOR THE GROUP The following outlook is based on information known to date and excludes any further deterioration in the situation due to covid-19, the acquisition of Equans and the TF1-M6 merger ⚫ AS A REMINDER, THE 2022 GROUP OUTLOOK IS THE FOLLOWING: ◼ In 2022, the Group is expecting a fur
Slide 28: Questions & Answers
QUESTIONS & ANSWERS Les Fabriques - Marseille 28
Slide 29: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK FOR THE GROUP ⚫ ANNEXES 29
Slide 30: Calendar
ANNEX CALENDAR ◼ 2 August 2022 First-half 2022 results (7.30AM CET) ◼ 17 November 2022 Nine-month 2022 results (7.30AM CET) 30
Slide 31: Key figures at Bouygues Construction
ANNEX KEY FIGURES AT BOUYGUES CONSTRUCTION Order intakea (€bn) International Backlog by region (end-March 2022) +8% France 2.6 3% 2.4 8% France 1.4 +13% 39% Asia-Pacific 1.2 €20.8bn Europe (excl. France) 36% Americas Africa and Middle East 1.1 1.2 +2% 14% Q1 2021 Q1 2022 (a) Contracts are booked as
Slide 32: Key figures at Bouygues Immobilier
ANNEX KEY FIGURES AT BOUYGUES IMMOBILIER Commercial property Reservationsa (€m) Residential property -11% 452 9 400 5 -42% 443 395 -11% Q1 2021 Q1 2022 (a) Net of cancellations (residential property) and firm orders which cannot be cancelled (commercial property) Handover of first project under the
Slide 33: Key figures at Colas
ANNEX KEY FIGURES AT COLAS Backlog (€bn) International and a French overseas territories +22% Mainland France 12.0 9.9 +33%b 8.7 6.5 3.3 3.4 +1%c Circular economy techniques being applied in a resurfacing project on Interstate 81 End-March 2021 End-March 2022 that crosses North Syracuse, New York St
Slide 34: FTTH premises marketed (millions)
ANNEX FTTHa PREMISES MARKETED b (MILLIONS) Bouygues Telecom Bouygues Telecom Bouygues Telecom Bouygues Telecom at end-December 2021 at end-March 2022 target for end-2022 target for end-2026 35.0 +1.4 25.7 27.0 24.3 5.9 6.1 12.9 13.2 5.5 6.4 Very dense area Medium dense area (AMII)c Public Initiative
Slide 35: Key indicators at Bouygues Telecom
ANNEX KEY INDICATORS AT BOUYGUES TELECOM €m Q1 2022 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Sales from mobile services (€m) 941 3,855 981 982 952 940 Sales from fixed services (€m) 461 1,731 448 432 427 423 Mobile customer base 22,088 21,847 21,603 21,366 21,043 Mobile customer base excl. MtoM 15,151 1
Slide 36: Sales by sector of activity
ANNEX SALES BY SECTOR OF ACTIVITY Lfl & €m Q1 2022 Q1 2021 Change a constant fx Construction businesses b 5,851 5,491 +7% +3% o/w Bouygues Construction 3,077 3,058 +1% -2% o/w Bouygues Immobilier 399 452 - 12 % - 12 % o/w Colas 2,406 2,020 + 19 % + 12 % TF1 561 510 + 10 % +7% Bouygues Telecom 1,796
Slide 37: Contribution to Group EBITDA after Leases by sector
ANNEX CONTRIBUTION TO GROUP EBITDA AFTER LEASESa BY SECTOR OF ACTIVITY €m Q1 2022 Q1 2021 Change Construction businesses (166) (128) - 38 o/w Bouygues Construction 84 116 - 32 o/w Bouygues Immobilier 8 1 +7 o/w Colas (258) (245) - 13 TF1 147 128 + 19 Bouygues Telecom 354 330 + 24 Bouygues SA and oth
Slide 38: Contribution to Group current operating profit by sector
ANNEX CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT BY SECTOR OF ACTIVITY €m Q1 2022 Q1 2021 Change Construction businesses (208) (192) - 16 o/w Bouygues Construction 85 81 +4 o/w Bouygues Immobilier 0 4 -4 o/w Colas (293) (277) - 16 TF1 60 57 +3 Bouygues Telecom 87 76 + 11 Bouygues SA and other (1
Slide 39: Contribution to Group operating profit by sector
ANNEX CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF ACTIVITY €m Q1 2022 Q1 2021 Change Construction businesses (213) (196) - 17 o/w Bouygues Construction 80 81 -1 o/w Bouygues Immobilier 0 0 0 o/w Colas (293) (277) - 16 TF1 57 57 0 Bouygues Telecom 92 136 - 44 Bouygues SA and other (29) (18) -
Slide 40: Contribution to net profit attributable to the Group by sector
ANNEX CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY SECTOR OF ACTIVITY €m Q1 2022 Q1 2021 Change Construction businesses (161) (170) +9 o/w Bouygues Construction 65 57 +8 o/w Bouygues Immobilier (1) (7) +6 o/w Colas (225) (220) -5 TF1 15 15 0 Bouygues Telecom 54 80 - 26 Alstom 0 120 - 120
Slide 41: Contribution to Group net cash flow by sector
ANNEX CONTRIBUTION TO GROUP NET CASH FLOWa BY SECTOR OF ACTIVITY €m Q1 2022 Q1 2021 Change Construction businesses (130) (101) - 29 o/w Bouygues Construction 130 129 +1 o/w Bouygues Immobilier 2 7 -5 o/w Colas (262) (237) - 25 TF1 131 117 + 14 Bouygues Telecom 377 339 + 38 Bouygues SA and other (46)
Slide 42: Contribution to net capital expenditure by sector
ANNEX CONTRIBUTION TO NET CAPITAL EXPENDITURE BY SECTOR OF ACTIVITY €m Q1 2022 Q1 2021 Change Construction businesses 20 28 -8 o/w Bouygues Construction 7 16 -9 o/w Bouygues Immobilier 0 1 -1 o/w Colas 13 11 +2 TF1 66 49 + 17 Bouygues Telecom 492 269 + 223 Bouygues SA and other 0 1 -1 Group net capi
Slide 43: Contribution to Group free cash flow by sector
ANNEX CONTRIBUTION TO GROUP FREE CASH FLOWa BY SECTOR OF ACTIVITY €m Q1 2022 Q1 2021 Change Construction businesses (202) (179) - 23 o/w Bouygues Construction 106 91 + 15 o/w Bouygues Immobilier 0 4 -4 o/w Colas (308) (274) - 34 TF1 59 63 -4 Bouygues Telecom (156) 34 - 190 Bouygues SA and other (46)
Slide 44: Net surplus cash (+)/net debt (-)
ANNEX NET SURPLUS CASH (+)/NET DEBT (-)a End- End-Dec €m March Change 2021 2022 Bouygues Construction 2,898 3,521 - 623 Bouygues Immobilier (298) (142) - 156 Colas (603) (33) - 570 TF1 378 198 + 180 Bouygues Telecom (2,037) (1,734) - 303 Bouygues SA and other b (2,449) (2,751) + 302 b Group net surp
Slide 45: Condensed consolidated balance sheet
ANNEX CONDENSED CONSOLIDATED BALANCE SHEET End-March End-Dec €m Change 2022 2021 Non-current assets 22,113 21,675 +438 Current assets 22,199 22,933 -734 Held-for-sale assets and operations 49 34 +15 TOTAL ASSETS 44,361 44,642 -281 Shareholders' equity 12,958 12,789 +169 Non-current liabilities 9,760
Slide 46: Group liquidity at a very high level
ANNEX GROUP LIQUIDITY AT A VERY HIGH LEVEL ⚫ AVAILABLE CASH AT END-MARCH 2022: €18.6BN Available cash (€bn) Debt maturity schedule at end-March 2022 (€bn) excl. syndicated loan 3 6.0 Evenly spread debt 2 7.9 maturity schedule €18.6bn 1 No covenantsa or rating 4.7 clause on medium/long- 0 term facili
Slide 47: Glossary (1/2)
ANNEX GLOSSARY (1/2) SALES FROM SERVICES (BOUYGUES TELECOM) COMPRISE: ◼ Sales billed to customers, which include: In mobile: o For BtoC customers: sales from outgoing call charges (voice, texts and data), connection fees, and value-added services o For BtoB customers: sales from outgoing call charge
Slide 48: Glossary (2/2)
ANNEX GLOSSARY (2/2) ABPU (AVERAGE BILLING PER USER) ◼ Sales billed to customers divided by the average number of customers over the period EBITDA AFTER LEASES ◼ Current operating profit after taking account of the interest expense on lease obligations, before (i) net depreciation and amortisation e