Slide 1: Full-year 2012 results presentation
Full-year 2012 results presentation Paris – 32 Hoche 27 February 2013 BUILDING THE FUTURE IS OUR GREATEST ADVENTURE 1
Slide 2: Forward-looking statements
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: Agenda
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS ALSTOM FINANCIAL STATEMENTS OUTLOOK AND CONCLUSION 3
Slide 4: Highlights of 2012 (1/2)
Highlights of 2012 (1/2) The Bouygues group's 2012 financial results reflect Upheaval in the mobile telecommunications market A more challenging economic context Yet, the Group has maintained robust fundamentals… A high level of commercial flexibility Strong momentum in the commercial ac
Slide 5: Highlights of 2012 (2/2)
Highlights of 2012 (2/2) The Bouygues group's business areas proved highly responsive in order to adapt Measures were taken at Bouygues Immobilier in order to withstand the strong downturn in the residential property market in France A new organisation for the roads activity was launched at Co
Slide 6: Group key figures
Group key figures € million 2011 2012 Change Sales 32,706 33,547 +3%1 Current operating profit 1,819 1,286 -29% Operating profit 1,857 1,120 -40% Net profit attributable to the Group 1,070 633 -41% (1) Stable like-for-like and at constant exchange rates Sales beat the initial target (€32.35bn) dri
Slide 7: Current operating profit
Current operating profit €m Bouygues Bouygues 1,819 Construction Immobilier Bouygues Colas TF1 Telecom +11 -22 -60 -25 1,286 Titre de l'axe -439 2011 (2) 2012 current Losses related to current EBIT1 the sales of Drop in EBITDA EBIT1 Good Early Decline in refined oil and increase in execution of impl
Slide 8: Group free cash flow
Group free cash flow Free cash flow excluding exceptional items at Bouygues Telecom € million 2011 2012 Change Free cash flow1 862(2) 724(3) -€138m o/w construction businesses 605 812 +€207m o/w TF1 150 161 +€11m o/w Bouygues Telecom 208(2) -89(3) -€297m (1) Before change in WCR (2) Excluding the 4G
Slide 9: Group financial position
Group financial position € million End-2011 End-2012 Change Shareholders' equity 9,678 10,078 +€400m Net debt 3,862 4,172 +€310m Net gearing 40% 41% +1 pt Tight control of net debt, despite the purchase of 4G frequencies (€726m in 2012), thanks to a proactive financial policy Optimisation of WCR
Slide 10: Dividend per share (€)
Dividend per share (€) Dividend for FY20121 of €1.60 Dividend yield2 of 7.7% (1) To be proposed to the AGM on 25 April 2013 (2) Ratio of dividend per share to the average share price over a rolling 12-month period at 21 February 2013 10
Slide 11: Agenda
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS ALSTOM FINANCIAL STATEMENTS OUTLOOK AND CONCLUSION 11
Slide 12: Construction businesses
Construction businesses Bouygues =) ma <u>
Slide 13: Bouygues Construction: 2012 overview
BOUYGUES CONSTRUCTION: 2012 overview Excellent commercial activity 2012 key figures Record order intake with 15 contracts Order book of more than €100m, including three of over €300m €17.1bn (+12%) Significant visibility on future business activity Order intake €8.5bn booked for 2013 €12.0
Slide 14: Bouygues Construction: key figures
ANNEX BOUYGUES CONSTRUCTION: key figures Order intake1 Order book at end-December 2012 International France Contracts >€300m and external growth Long-term order book (beyond Y+5) Contracts <€300m +9% For execution from Y+2 to Y+5 €m 10,934 10,946 11,976 10,946 11,976 For execution in Y+1 +12% 2,276
Slide 15: Bouygues Immobilier: 2012 overview
BOUYGUES IMMOBILIER: 2012 overview A challenging property market in France Residential property reservations (-30% vs 2011) reflect the sharp downturn in the residential 2012 key figures property market Reservations Growth in the commercial property order book €2.3bn (-29%) Order book (+92%
Slide 16: Bouygues Immobilier: key figures
ANNEX BOUYGUES IMMOBILIER: key figures Reservations1 Order book Commercial property -3% 3,200 Residential property 3,051 2,957 2,477 781 -29% 313 2,268 2,280 600 167 €m 64 581 2,419 2,738 2,310 2,216 2,357 1,687 2010 2011 2012 End-Dec 2010 End-Dec 2011 End-Dec 2012 (1) Definition: residential proper
Slide 17: Colas: 2012 overview
COLAS: 2012 overview The order book is high and is up both in mainland France (€3.5bn, +5% vs end-2011) and on international 2012 key figures markets (€3.2bn, +2% vs end-2011) Order book €6.7bn (+4%) Strong international presence: representing 44% of Sales 2012 sales €13.0bn (+5%) Current op
Slide 18: Colas: key figures
ANNEX COLAS: key figures Order book (€m) International and French overseas territories Mainland France 7,856 +4% 6,994 7,254 7,228 7,006 € million 2011 2012 Change 6,669 6,472 6,704 Sales 12,412 13,036 +5%1 3,835 o/w France 7,250 7,363 +2% 3,353 3,676 3,594 3,298 +2% o/w international 5,162 5,673 +1
Slide 19: Colas: change in operating profit
COLAS: change in operating profit The fall in operating profit is due to Expected losses at the sales of refined oil products activity The price hike in reduced crude oil (used as a raw material) could not be fully passed on to the sales price of certain products (oils, fuel oil) A decline i
Slide 20: Colas: action plans
COLAS: action plans At the end of 2012, Colas implemented An action plan in the United States Immediate cessation of the loss-making activity and launch of a targeted savings programme Expected positive impact : US$30m in 2013 Measures aimed at gradually improving the results of the sales
Slide 21: The strengths of the construction businesses
The strengths of the construction businesses In a challenging economic environment, and after a very good year in 2011, the excellent commercial performances of the construction businesses show once again Bouygues' competitiveness Order book at the construction businesses Bouygues Construction Bou
Slide 22: Offering innovative, high value-added solutions
Offering innovative, high value-added solutions Some examples Rail tunnel, MahaNakhon Sporting Renovation Upgrading of Green Office® Australia tower, facilities, of The Ritz roads, Rueil- A restricted Thailand Canada Hotel, Paris London Malmaison, worksite environment where Thailand's tallest Expert
Slide 23: A strong international presence
A strong international presence Main international contracts won since the start of 20121 46% of the order book at Bouygues Construction and Colas to be executed in international markets, o/w nearly 40% in emerging markets UK Property complex in London (€70m) Three tower blocks in Southampton (€60m)
Slide 24: Growth in speciality activities: example of Colas Rail
Growth in speciality activities: example of Colas Rail A good year for Colas Rail 2012 sales: €644m, +10% A diversified activity: railway maintenance, tramways, and large-scale projects Strong growth in the order book, which enjoys increasing maturity with several commercial successes Montpe
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Slide 26: TF1: 2012 overview
TF1: 2012 overview Improved audience ratings for the TF1 group in the second half (including for news programmes) 2012 key figures TF1 group audience share 1 The launch of HD1 strengthened the group's freeview 28.4% offering Sales A strategic alliance was sealed with Discovery €2.6bn (=) Co
Slide 27: TF1: key figures
ANNEX TF1: key figures TF1 group audience share1 29.1 28.4 A 28.4% audience share1 for the TF1 group 1.9 3.5 2.1 3.6 NT1 The best audience share of 2012 TMC (all channels combined) scored by the Les Enfoirés TF1 23.7 22.7 concert with 13.3 million2 TV viewers (1) Individuals aged 4 and over – So
Slide 28: Bouygues Telecom
Bouygues i
Slide 29: Bouygues Telecom: overview of the market in 2012
BOUYGUES TELECOM: overview of the market in 2012 Major upheaval in the French mobile market in 2012 Strong growth posted by a new market segment called "SoWo1" Around 10% of the total mobile subscriber base2 at end-2012 A benchmark price of €20 for "near-unlimited" plans (voice, data, SMS) w
Slide 30: Bouygues Telecom: measures taken in 2012 (1/2)
BOUYGUES TELECOM: measures taken in 2012 (1/2) Implementation of all the measures planned in 2012 to transform Bouygues Telecom. They had 3 main objectives OBJECTIVE IMPLEMENTED IN 2012 1. To remain the most innovative player on the mobile market whilst repositioning and simplifying its plans • 6
Slide 31: Bouygues Telecom: measures taken in 2012 (2/2)
BOUYGUES TELECOM: measures taken in 2012 (2/2) OBJECTIVE IMPLEMENTED IN 2012 3. To adapt the organisation and business model, secure €300m of savings in the mobile business in 2013 and reduce the financial impact of 4G frequency purchases via asset disposals • Disposal of wholesaler Extenso Telecom
Slide 32: Bouygues Telecom: 2012 overview
BOUYGUES TELECOM: 2012 overview Good commercial resilience in an extremely challenging 2012 key figures Mobile subscriber base environment 11,251,000 Stabilisation of mobile subscriber base thanks to very good B&YOU subscriber base momentum at B&YOU 1,078,000 Net plan subscriber adds of 318,
Slide 33: Bouygues Telecom: mobile business performance
ANNEX BOUYGUES TELECOM: mobile business performance Trend in plan subscriber base1 285 Growth in plan subscribers '000 188 Net plan subscriber adds of 318,000 in 2012 55 (+258,000 excluding consolidation of Darty Telecom) Q1 2012 Q2 2012 Q3 2012 Q4 2012 Total mobile base stabilised at 11.3 mil
Slide 34: Bouygues Telecom: fixed broadband business performance
ANNEX BOUYGUES TELECOM: fixed broadband business performance Net growth of fixed broadband business3 Continued momentum at the fixed activity „000 359(4) Net Bbox subscriber adds of 110,000 in Q4 2012 excluding Darty Telecom Total fixed broadband subscriber base of 1.8 million 132 at end-2012
Slide 35: Bouygues Telecom: key figures
ANNEX BOUYGUES TELECOM: key figures € million 2011 2012 Change Sales 5,741 5,226 -9%(1) Sales from network 5,082 4,631 -9% EBITDA 1,272 908 -€364m EBITDA/sales from network 25.0% 19.6% -5.4 pts Current operating profit 561 122 -€439m Operating profit 599(2) 4(3) -€595m Net profit/(loss) attributable
Slide 36: Bouygues Telecom: results of the savings plan in 2012
BOUYGUES TELECOM: results of the savings plan in 2012 Bouygues Telecom is in line with the objectives of its savings plan €151m of cost savings generated in the mobile activity in 2012 The €300m of savings for 2013 have been secured 2012/2011 change Mobile Mobile Fixed marketing operating acti
Slide 37: Bouygues Telecom: outlook for the market in 2013
BOUYGUES TELECOM: outlook for the market in 2013 We note two major developments at the beginning of 2013 The "SoWo1" segment continues to post marked growth Very low-priced plans (€0 to €5) are driving this segment and poaching customers from the pre-paid card and capped plan segments In the l
Slide 38: Bouygues Telecom: strategic priorities for 2013
BOUYGUES TELECOM: strategic priorities for 2013 In this context, Bouygues Telecom intends to continue the transformation started in 2012 and is working on breakthroughs in two domains in particular Technical assets The marketing of plans with services Strategic priorities of 2012 to be pursu
Slide 39: Bouygues Telecom: key indicators
ANNEX BOUYGUES TELECOM: key indicators Plan Prepaid Total subscriber base Q3 2012 Q4 2012 Q3 2012 Q4 2012 Q3 2012 Q4 2012 Subscribers SIM cards („000) 9,143 9,428 1,889 1,823 11,032 11,251 SIM cards (% mix) 82.9% 83.8% 17.1% 16.2% Fixed broadband subscriber base1 („000) 1,758 1,846 Unit data – mobil
Slide 40: Bouygues Telecom: mobile termination rates
ANNEX BOUYGUES TELECOM: mobile termination rates Voice termination rates SMS termination rates € cents/minute for voice At 1 At 1 At 1 At 1 At 1 At 1 At 1 At 1 At 1 € cents/unit for SMS July July January July January July Feb July July 2010 2011 2012 2012 2013 2013 2010 2011 2012 Rates to Bouygues 3
Slide 41: Agenda
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS ALSTOM FINANCIAL STATEMENTS OUTLOOK AND CONCLUSION 41
Slide 42: Alstom
ALSTOM Robust business activity A book-to-bill higher than 1 for the ninth quarter running Key 9-month 2012/13 figures 48% of contracts booked are from emerging countries reported by Alstom Order intake Contribution to the net profit of Bouygues: €240m in 2012 €17.2bn (+14%) (€190m in 2011)
Slide 43: Agenda
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS ALSTOM FINANCIAL STATEMENTS OUTLOOK AND CONCLUSION 43
Slide 44: Condensed consolidated income statement (1/2)
Condensed consolidated income statement (1/2) € million 2011 2012 Change Sales 32,706 33,547 +3% Current operating profit 1,819 1,286 -29% Other operating income and expenses 38(1) (166)2 nm Operating profit 1,857 1,120 -40% Cost of net debt (277) (290) +5% o/w financial income 82 62 -24% o/w financ
Slide 45: Condensed consolidated income statement (2/2)
Condensed consolidated income statement (2/2) € million 2011 2012 Change Income tax expense (528) (330) -38% Share of profits and losses from associates 198 217(1) +10% Net profit 1,237 728 -41% Minority interests (167) (95) -43% Net profit attributable to the Group 1,070 633 -41% (1) Including non-
Slide 46: Sales by business area
Sales by business area € million 2011 2012 Change Bouygues Construction 9,802 10,640 +9% Bouygues Immobilier 2,465 2,396 -3% Colas 12,412 13,036 +5% Sub-total of the sales generated by the construction businesses1 24,375 25,753 +6% TF1 2,620 2,621 = Bouygues Telecom 5,741 5,226 -9% Holding company a
Slide 47: Contribution of business areas to Group EBITDA
ANNEX Contribution of business areas to Group EBITDA € million 2011 2012 Change Bouygues Construction 549 614 +€65m Bouygues Immobilier 181 186 +€5m Colas 934 832 -€102m TF1 357 318 -€39m Bouygues Telecom 1,272 908 -€364m Holding company and other (51) (36) +€15m TOTAL 3,242 2,822 -€420m EBITDA = cu
Slide 48: Contribution of business areas to Group current operating profit
Contribution of business areas to Group current operating profit € million 2011 2012 Change Bouygues Construction 353 364 +€11m Bouygues Immobilier 201 179 -€22m Colas 466 406 -€60m TF1 283 258 -€25m Bouygues Telecom 561 122 -€439m Holding company and other (45) (43) +€2m TOTAL 1,819 1,286 -€533m 48
Slide 49: Contribution of business areas to Group net profit
Contribution of business areas to Group net profit Attributable to the Group € million 2011 2012 Change Bouygues Construction 226 267 +€41m Bouygues Immobilier 120 107 -€13m Colas 324 291 -€33m TF1 80 59 -€21m Bouygues Telecom 331 (14) -€345m Alstom 190 240 +€50m Holding company and other (201) (3
Slide 50: Condensed consolidated balance sheet
Condensed consolidated balance sheet End-Dec End-Dec € million Change 2011 2012 Non-current assets 19,442 20,170 +€728m Current assets 15,480 16,584 +€1,104m TOTAL ASSETS 34,922 36,754 +€1,832m Shareholders‟ equity 9,678 10,078 +€400m Non-current liabilities 8,875 9,845 +€970m Current liabilities 16
Slide 51: Change in net cash position in 2012 (1/2)
Change in net cash position in 2012 (1/2) Net cash at Net cash at 31/12/2011 (€m) 31/12/2012 (3,872) (4,172) (3,862) Issue & buyback of Bouygues Acquisitions/ shares Dividends 4G frequencies disposals1 122 paid Operation 800 MHz2 Exceptional disposals3 -123 -608 599 -726 426 2011 (2,473) -122 -1,345
Slide 52: Change in net cash position in 2012 (2/2)
Change in net cash position in 2012 (2/2) Breakdown of operation Net capital Net cash flow1 expenditure €m +2,157 -1,433(2) Change in the operating WCR3 & other -125 +599(2) 2011 +2,520 -1,658(4) (2) +138 +1,000 (1) Net cash flow = cash flow - cost of net debt - income tax expense (2) Excluding exce
Slide 53: Contribution of business areas to Group net cash flow
ANNEX Contribution of business areas to Group net cash flow € million 2011 2012 Change Bouygues Construction 425 486 +€61m Bouygues Immobilier 146 120 -€26m Colas 728 723 -€5m TF1 258 206 -€52m Bouygues Telecom 1,067 780 -€287m Holding company and other (104) (158) -€54m TOTAL 2,520 2,157 -€363m Net
Slide 54: Contribution of business areas to Group net capital expenditure
Contribution of business areas to Group net capital expenditure € million 2011 2012 Change Bouygues Construction 268 159 -€109m Bouygues Immobilier 12 13 +€1m Colas 414 345 -€69m TF1 108 45 -€63m Bouygues Telecom 859(1) 869(2) +€10m Holding company and other (3) 2(3) +€5m Total excluding exceptional
Slide 55: Contribution of business areas to Group free cash flow
ANNEX Contribution of business areas to Group free cash flow € million 2011 2012 Change Bouygues Construction 157 327 +€170m Bouygues Immobilier 134 107 -€27m Colas 314 378 +€64m Sub-total of the free cash flow of the construction activities 605 812 +€207m TF1 150 161 +€11m Bouygues Telecom 208(1) (
Slide 56: Net cash by business area
Net cash by business area End-Dec End-Dec € million Change 2011 2012 Bouygues Construction 2,869 3,093 +€224m Bouygues Immobilier 507 358 -€149m Colas 28 (170) -€198m TF1 (40) 237 +€277m Bouygues Telecom (581) (650) -€69m Holding company and other (6,645) (7,040) -€395m TOTAL (3,862) (4,172) -€310m
Slide 57: Financing
Financing €m Available cash: €9.7 billion 10,000 9,000 Debt repayment schedule at end-December 2012 8,000 Undrawn MLT 7,000 credit 6,000 facilities €5.4bn 5,000 4,000 3,000 Cash €4.3bn 2,000 1,000 0 57
Slide 58: Agenda
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS ALSTOM FINANCIAL STATEMENTS OUTLOOK AND CONCLUSION 58
Slide 59: Outlook for the construction businesses (1/2)
Outlook for the construction businesses (1/2) The world economic environment remains challenging However, some bright spots in France for 2013 The creation of a public bank to finance local authorities The municipal elections (to be held in 2014) The government's strong backing for new hom
Slide 60: Outlook for the Construction businesses (2/2)
Outlook for the Construction businesses (2/2) Bouygues Construction The sales secured for FY 2013 cover 79% of the sales target 45% of the order book is on international markets, particularly in areas less affected by the crisis such as Hong Kong, Qatar, Canada, etc. Profitability will conti
Slide 61: Outlook
Outlook Outlook for TF1 Advertising spend is expected to fall in a challenging economic environment Phase II of the optimisation plan is to be stepped up Outlook for Bouygues Telecom The market continues to be highly competitive and is continuing to change The continued transformation of
Slide 62: Full-year 2013 sales target
Full-year 2013 sales target € million 2012 2013 Change Bouygues Construction 10,640 10,700 +1% Bouygues Immobilier 2,396 2,500 +4% Colas 13,036 13,200 +1% TF1 2,621 2,540 -3% Bouygues Telecom 5,226 4,850 -7% Holding company and other 123 120 nm Intra-group elimination (495) (460) nm TOTAL 33,547 33,
Slide 63: Conclusion
Conclusion Bouygues has once again proven that it is highly adaptable in a challenging economic and competitive environment The Group will continue to draw on its fundamentals A high level of commercial flexibility The ability of its business areas to generate cash flow on a regular basis
Slide 64: Calendar
ANNEX Calendar 25 April 2013 Annual General Meeting for FY2012 3.30pm 6 May 2013 Dividend payment 14 May 2013 First-quarter 2013 sales and earnings 5.45pm 28 August 2013 First-half 2013 sales and earnings 7am 28 August 2013 First-half 2013 results presentation 11am 13 November 2013 Nine-
Slide 65: Building the future is our greatest adventure
65 BUILDING THE FUTURE IS OUR GREATEST ADVENTURE 65