Bouygues Sa · EURONEXT:EN
Bouygues Sa — 9M 2013 Earnings Presentation
54 slides from Bouygues Sa's earnings presentation, Nov 13, 2013
Slide 1: Nine-month 2013 results presentation
1 Nine-month 2013 results presentation Paris – 32 Hoche 13 November 2013 BUILDING THE FUTURE IS OUR GREATEST ADVENTURE 1
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: Highlights and key figures
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS ALSTOM FINANCIAL STATEMENTS OUTLOOK ANNEXES 3
Slide 4: Highlights
Highlights Q3 2013 confirmed Q2 2013 trends Good commercial performance in the construction businesses Strong order book at €27.4bn at end-September 2013, up 2% year-on-year and up 12% versus end-September 2011 In a very competitive environment, TF1 and Bouygues Telecom continued to innovate a
Slide 5: Group key figures (1/2)
Group key figures (1/2) € million Q3 2012 Q3 2013 Change 9M 2012 9M 2013 Change Sales 9,092 9,048 =1 24,597 24,255 -1%1 Current operating profit 478 542 +€64m 954 898 -€56m Operating profit 383(2) 542 +€159m 859(2) 898 +€39m Net profit attributable to the 286 360 +€74m 564 548 -€16m Group (1) Stable
Slide 6: Group key figures (2/2)
Group key figures (2/2) Current operating profit/(loss) Change Change Change Change € million Q3 2013 vs. 2012 Q2 2013 vs. 2012 Q1 2013 vs. 2012 9M 2013 vs. 2012 Construction 445 +€38m 289 +€5m (79) -€7m 655 +€36m businesses TF1 33 +€13m 87 +€9m (16) -€72m 104 -€50m Bouygues Telecom 69 +€11m 63 +€22
Slide 7: Group free cash flow
Group free cash flow € million 9M 2012 9M 2013 Change Cash flow 2,115 2,002 -€113m - Cost of net debt (212) (226) -€14m - Income tax expense (232) (249) -€17m - Net capital expenditure (958)1 (865)2 +€93m Free cash flow1 713(1) 662(2) -€51m Limited free cash flow decline thanks to tight control of
Slide 8: Group financial position
Group financial position End-September € million 2012 2013 Change Shareholders’ equity 9,624 9,953 +€329m Net debt 5,832 5,593 -€239m Net gearing 61% 56% -5 pts Excluding €426m of asset disposals1 at the end of 2012, net debt increased by €187m vs. the end of September 2012, in line with expectati
Slide 9: Business areas
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS ALSTOM FINANCIAL STATEMENTS OUTLOOK ANNEXES 9
Slide 10: Construction businesses
Construction businesses Bouygues Immobilier i
Slide 11: Good commercial performance of the construction businesses
Good commercial performance of the construction businesses Continued resilience of the order books in the construction Order books (€m) businesses: €27.4bn, up 2% vs. end-September 2012 and up 12% Bouygues Construction Bouygues Immobilier vs. end-September 2011 Colas +2% €26.9bn €27.4bn €24.6n 7,0
Slide 12: Business activity at Bouygues Construction
Business activity at Bouygues Construction Excellent level of order intakes: €8.6bn in the 9-month 2013 Dynamic of international activities offsetting the expected decrease in France Strong order book providing good visibility: €17.7bn at end-September 2013, up 4% year-on-year The order book
Slide 13: Business activity at Bouygues Immobilier
Business activity at Bouygues Immobilier Reservations (€m)1 Residential property reservations up 5% year-on-year in a declining market Commercial property Residential property Commercial property reservations at a good level in a sluggish market 1,398 -7% Nine-month 2012 included the Rehagreen
Slide 14: Business activity at Colas
Business activity at Colas Order book (€m) International and French overseas territories Mainland France 7,006 7,094 6,669 +1% 3,298 3,571 3,310 +8% 3,359 3,708 3,523 -5% A63 motorway, End-Sept. End-Sept. End-Sept. France 2011 2012 2013 High-level order book at €7.1bn, up 1% year-on-year The ord
Slide 15: Financial results of the construction businesses (1/2)
Financial results of the construction businesses (1/2) € million Q3 2012 Q3 2013 Change 9M 2012 9M 2013 Change Sales 7,277 7,354 +1% 18,827 19,094 +1% Current operating profit/(loss) 407 445 +€38m 619 655 +€36m o/w Bouygues Construction 97 107 +€10m 260 309 +€49m o/w Bouygues Immobilier 40 39 -€1m 1
Slide 16: Financial results of the construction businesses (2/2)
Financial results of the construction businesses (2/2) In line with the first half, Bouygues Construction’s operating profit reflected the good execution of ongoing projects As expected the operating profit at Bouygues Immobilier was stable, with a limited decline in operating margin thanks to o
Slide 17: TF1
17
Slide 18: 9-month 2013 overview at TF1
9-month 2013 overview at TF1 Leadership in audience share strengthened thanks to programming renewal and innovation TF1 group audience: 28.8%1 (+0.6 pts vs. 9-month 2012) TF1 is the only major broadcaster to post audience growth: 22.7%1 (+0.2 pts vs. 9-month 2012) In a difficult economic and
Slide 19: Bouygues Telecom
Bouygues Telecom
Slide 20: Business activity at Bouygues Telecom
Business activity at Bouygues Telecom Mobile commercial performance reflects priority given to 4G in Q4 332,000 new plan subscribers in the 9-month 2013 610,000 new B&YOU customers1 in the 9-month 2013 More than half of the B&YOU subscriber base is on the €19.99 plan at end-September 2013
Slide 21: Business model evolution
Business model evolution The business model evolution is being confirmed The decrease in mobile sales is coming from both a 1 Mobile sales exc. MTR effect decrease in value and an increase in SIM-only sales Mobile sales exc. MTR 1 effect minus mobile marketing costs The growth in SIM-only sale
Slide 22: Transformation plan
Transformation plan Confirming Q2 2013 trend, the results of the transformation plan exceed expectations €455m of savings on mobile costs since end-2011 Transformation materializing both in marketing and operating costs Change in mobile costs: 9m 2013 vs. 9m 2011 Cost savings in the mobile act
Slide 23: Financial results of Bouygues Telecom
Financial results of Bouygues Telecom In keeping with Q2 2013, Q3 2013 further demonstrated the effectiveness of the transformation plan Q3 2013 EBITDA is up €10m vs. Q3 2012 Change vs. Change vs. Change vs. € million Q3 2013 Q2 2013 Q1 2013 Q3 2012 Q2 2012 Q1 2012 Sales from network 1,056 -7% 1
Slide 24: Strong initiatives in Q4
Strong initiatives in Q4 Bouygues Telecom implemented strong initiatives in both mobile and fixed segments in order to restore brand differentiation and leadership Democratizing 4G • 63% of the population has access to 4G since 1 October 2013 • About 500,000 active 4G customers1 at beginning Novembe
Slide 25: Alstom
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS ALSTOM FINANCIAL STATEMENTS OUTLOOK ANNEXES 25
Slide 26: ALSTOM H1 2013/14 results
ALSTOM H1 2013/14 results €9.4bn of new orders booked in H1 2013/14 and backlog at €51bn at end-September 2013, representing 30 months of sales H1 2013/14 results Sales: €9.7bn, up 4% organically versus H1 2012/13 Operating margin: 7.1% (-0.1 pt year-on-year) Free cash flow: -€511m Italo
Slide 27: Financial statements
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS ALSTOM FINANCIAL STATEMENTS OUTLOOK ANNEXES 27
Slide 28: Condensed consolidated income statement (1/2)
Condensed consolidated income statement (1/2) € million 9M 2012 9M 2013 Change Sales 24,597 24,255 -1% Current operating profit 954 898 -6% Other operating income and expenses (95)1 0 nm Operating profit 859 898 +5% Cost of net debt (212) (226) +7% o/w financial income 45 44 -2% o/w financial expens
Slide 29: Condensed consolidated income statement (2/2)
Condensed consolidated income statement (2/2) € million 9M 2012 9M 2013 Change Income tax expense (232) (249) +7% Share of profits and losses from associates 210 203 -3% Net profit 633 611 -3% Net profit/(loss) attributable to non-controlling (69) (63) -9% interests1 Net profit attributable to the G
Slide 30: Change in net cash position in nine-month 2013 (1/2)
Change in net cash position in nine-month 2013 (1/2) Net cash at Net cash at 31/12/2012 €m 30/09/2013 (4,172) Acquisitions/ Dividends Issue & Disposals1 (5,593) paid buyback of Bouygues -103 -591 shares Operations -74 -620 4G frequencies -33(2) 9M 2012 (3,862) -77 -607 -2 -569 -715 (5,832) (1) Inclu
Slide 31: Change in net cash position in nine-month 2013 (2/2)
Change in net cash position in nine-month 2013 (2/2) Breakdown of operations Net cash flow1 Net capital expenditure €m -865(2) Change in the operating WCR3 and other +1,527 -1,282 -620(2) 9M 2012 +1,671 -958(4) -1,282 -569(4) (1) Net cash flow = cash flow - cost of net debt - income tax expense (2)
Slide 32: Contribution of business areas to Group net capital expenditure
Contribution of business areas to Group net capital expenditure € million 9M 2012 9M 2013 Change Bouygues Construction 117 96 -€21m Bouygues Immobilier 10 7 -€3m Colas 223 170 -€53m TF1 18 30 +€12m Bouygues Telecom 586(1) 561(2) -€25m Holding company and other 4(1) 1(2) -€3m Total excluding frequenc
Slide 33: Net cash by business area
Net cash by business area End-Sept. End-Sept. End-Dec € million Change 2012 2013 2012 Bouygues Construction 2,700 2,697 -€3m 3,093 Bouygues Immobilier 168 155 -€13m 358 Colas (786) (834) -€48m (170) TF1 (18) 189 +€207m 237 Bouygues Telecom (1,475) (745) +€730m (650) Holding company and other (6,421)
Slide 34: Outlook
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS ALSTOM FINANCIAL STATEMENTS OUTLOOK ANNEXES 34
Slide 35: 2013 outlook
2013 outlook The Group’s 2013 outlook shared in August 2013 is confirmed The Group's consolidated sales are expected to range between flat and -1% vs. 2012 level 2012 should mark a low point in the Bouygues group’s profitability 35
Slide 36: Annexes
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS ALSTOM FINANCIAL STATEMENTS OUTLOOK ANNEXES 36
Slide 37: Key figures at Bouygues Construction
ANNEX Key figures at Bouygues Construction International France Order book (€m) Order intake1 Long-term order book (beyond Y+5) For execution in Y+1 8,706 8,980 8,611 8,313 For execution from Y+2 to Y+5 For execution in Y €m +4% 6,477 3,286 3,284 17,051 17,711 4,930 4,752 15,262 2,654 2,708 14,293 2
Slide 38: Key figures at Bouygues Immobilier
ANNEX Key figures at Bouygues Immobilier Reservations1 Order book 1,868 Commercial property 1,730 -7% Residential property 2,879 -9% 72 338 2,630 2,615 1,369 1,398 €m 2,186 170 498 1,300 528 109 75 358 210 1,658 1,530 2,111 2,460 2,381 2,087 1,260 1,090 1,040 End-Sept End-Sept End-Sept End-Sept 9M 2
Slide 39: Key figures at Colas
ANNEX Key figures at Colas Order book (€m) International and French overseas territories Mainland France 7,856 7,570 +1% 7,531 7,254 7,094 € million 9M 2012 9M 2013 Change 7,006 6,704 Sales 9,670 9,664 =1 +8% 3,537 3,835 3,629 o/w France 5,455 5,543 +2% 3,676 3,298 3,571 3,237 o/w international 4,21
Slide 40: Key figures at TF1
ANNEX Key figures at TF1 In % Group audience share1 TF1 9M 2012 22.5 3.6 2.1 28.2 TMC NT1 HD1 9M 2013 22.7 3.5 2.1 28.8 0.5 (1) Individuals aged 4 and over – Source: Médiamétrie € million 9M 2012 9M 2013 Change Sales 1,853 1,746 -6%2 o/w group advertising 1,248 1,160 -7% Current operating profit 154
Slide 41: Mobile business performance at Bouygues Telecom
ANNEX Mobile business performance at Bouygues Telecom Net plan subscriber adds1 '000 285 Total mobile subscriber base at 188 190 184 55 11.1 million customers -42 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 -210 B&YOU subscriber base2 1,634 1,509 1,334 '000 1,024 Net B&YOU subscriber
Slide 42: Fixed broadband business performance at Bouygues Telecom
ANNEX Fixed broadband business performance at Bouygues Telecom Net growth of the fixed broadband business2 '000 359(3) Total fixed broadband subscriber base of 1.9 million at end-September 2013 88 70 88 45 Very-high-speed1 subscriber base of 334,000 10 40 customers at end-September 2013 Q1 12 Q1
Slide 43: Key figures at Bouygues Telecom
ANNEX Key figures at Bouygues Telecom € million 9M 2012 9M 2013 Change Sales 3,951 3,453 -13%2 Sales from network 3,518 3,169 -10% EBITDA 807 727 -€80m EBITDA/sales from network 22.9% 22.9% = Current operating profit 206 160 -€46m Operating profit 136(1) 160 +€24m Net profit attributable to the Grou
Slide 44: Key indicators at Bouygues Telecom
ANNEX Key indicators at Bouygues Telecom Plan Prepaid Total subscriber base Q2 2013 Q3 2013 Q2 2013 Q3 2013 Q2 2013 Q3 2013 Subscribers SIM cards (‘000) 9,802 9,760 1,484 1,334 11,286 11,094 SIM cards (% mix) 86.9% 88.0% 13.1% 12.0% Fixed broadband subscriber base1 (‘000) 1,901 1,941 Unit data – mob
Slide 45: Mobile termination rates
ANNEX Mobile termination rates Text termination Voice termination rates rates € cents/minute for voice € cents/text At 1 July At 1 Jan At 1 July At 1 Jan At 1 July At 1 July At 1 July 2011 2012 2012 2013 2013 2011 2012 Rates to 2.00 1.50 1.00 0.80 0.80 1.50 1.00 Bouygues Telecom % change -41% -25% -
Slide 46: Sales by business area
ANNEX Sales by business area € million 9M 2012 9M 2013 Change Bouygues Construction 7,748 7,999 +3% Bouygues Immobilier 1,631 1,710 +5% Colas 9,670 9,664 = Sub-total of the construction businesses1 18,827 19,094 +1% TF1 1,853 1,746 -6% Bouygues Telecom 3,951 3,453 -13% Holding company and other 94 8
Slide 47: Contribution of business areas to Group EBITDA
ANNEX Contribution of business areas to Group EBITDA € million 9M 2012 9M 2013 Change Bouygues Construction 432 396 -€36m Bouygues Immobilier 117 131 +€14m Colas 538 497 -€41m TF1 201 146 -€55m Bouygues Telecom 807 727 -€80m Holding company and other (24) (19) +€5m TOTAL 2,071 1,878 -€193m EBITDA =
Slide 48: Contribution of business areas to Group current operating profit
ANNEX Contribution of business areas to Group current operating profit € million 9M 2012 9M 2013 Change Bouygues Construction 260 309 +€49m Bouygues Immobilier 123 123 = Colas 236 223 -€13m Sub-total of the construction businesses 619 655 +€36m TF1 154 104 -€50m Bouygues Telecom 206 160 -€46m Holdin
Slide 49: Contribution of business areas to Group net profit
ANNEX Contribution of business areas to Group net profit Attributable to the Group € million 9M 2012 9M 2013 Change Bouygues Construction 174 204 +€30m Bouygues Immobilier 75 70 -€5m Colas 172 181 +€9m Sub-total of the construction businesses 421 455 +€34m TF1 38 27 -€11m Bouygues Telecom 68 86 +€
Slide 50: Condensed consolidated balance sheet
ANNEX Condensed consolidated balance sheet End-Dec. End-Sept. End-Sept. € million Change 2012 2013 2012 Non-current assets 20,170 20,117 -€53m 20,216 Current assets 16,584 16,523 -€61m 16,421 TOTAL ASSETS 36,754 36,640 -€114m 36,637 Shareholders' equity 10,078 9,953 -€125m 9,624 Non-current liabilit
Slide 51: Contribution of business areas to Group net cash flow
ANNEX Contribution of business areas to Group net cash flow € million 9M 2012 9M 2013 Change Bouygues Construction 320 356 +€36m Bouygues Immobilier 82 85 +€3m Colas 519 466 -€53m TF1 127 115 -€12m Bouygues Telecom 670 595 -€75m Holding company and other (47) (90) -€43m TOTAL 1,671 1,527 -€144m Net
Slide 52: Contribution of business areas to Group free cash flow
ANNEX Contribution of business areas to Group free cash flow € million 9M 2012 9M 2013 Change Bouygues Construction 203 260 +€57m Bouygues Immobilier 72 78 +€6m Colas 296 296 = Sub-total of the construction businesses 571 634 +€63m TF1 109 85 -€24m Bouygues Telecom 84(1) 34(2) -€50m Holding company
Slide 53: Financing
ANNEX Financing €m Available cash: €7.5 billion 10,000 9,000 Debt maturity schedule at end-September 2013 8,000 7,000 Undrawn MLT credit 6,000 facilities €4.8bn 5,000 4,000 3,000 Cash 2,000 1,704 €2.7bn 831 906 964 996 696 1,000 248 794 30 510 589 19 0 0 47 0 0 53
Slide 54: Building the future is our greatest adventure
BUILDING THE FUTURE IS OUR GREATEST ADVENTURE 54