Bouygues Sa · EURONEXT:EN
Bouygues Sa — H1 2024 Earnings Presentation
56 slides from Bouygues Sa's earnings presentation, Jul 26, 2024
Slide 1: First-Half 2024 Results
PRESENTATION PRESENTATION 26 JULY 2024 PARIS • FRIDAY 26 JULY 2024 FIRST-HALF 2024 RESULTS Porte Maillot train station was built by Bouygues Travaux Publics as part of the westward extension of the RER Line E (Eole project)
Slide 2: Forward-looking statements disclaimer
This presentation contains rounded figures, 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 sim
Slide 3: Contents: Highlights and key figures
Contents Highlights and key figures 3 ● FIRST-HALF 2024 RESULTS – BOUYGUES GROUP – 26 JULY 2024
Slide 4: H1 2024 Highlights
H1 2024 Group outlook for 2024 confirmed: sales and HIGHLIGHTS COPA expected to be slightly up on 2023 Construction businesses: backlog at a very high level, providing visibility on future activity Equans: yoy increase in COPA and margin from activities, reflecting the continued successful execution
Slide 5: Key figures in H1 2024
Key figures in H1 2024 As each year, the Group’s H1 results are not indicative of full-year results, mainly due to the seasonal nature of business at Colas, and to a lesser extent, at Equans a Group sales (€bn) Group COPA (€m) +0.4 +20 26.1 26.5 727 747 +1% +3% H1 2023 H1 2024 H1 2023 H1 2024 Net pr
Slide 6: Contents: Sustainable and responsible initiatives
Contents Sustainable and responsible initiatives 6 ● FIRST-HALF 2024 RESULTS – BOUYGUES GROUP – 26 JULY 2024
Slide 7: Bouygues teams up with Solar Impulse Foundation
Bouygues teams up with Solar Impulsea Foundation to address the climate emergency A partnership to identify, evaluate and scale up cost-effective solutions for the ecological and energy transitions ● A 4-year partnership ● 3 areas of collaboration: developing joint innovation and sustainable develop
Slide 8: Construction businesses innovative and committed to sustainability
The construction businesses are innovative and committed to a sustainable approach The circular economy, the central theme of Colas’ 4th Environment Daya • An awareness-raising event on reuse and recycling at all Colas sites worldwide to support the roll-out of actions in the field • Colas is helpin
Slide 9: Carbon Shift, Equans' low-carbon transition approach
Carbon Shifta, Equans' new approach to supporting clients with their low-carbon transition Carbon Shift consolidates Equans' decarbonisation expertise ● Carbon Shift brings together experts capable of supporting commercial and industrial customers of all sizes with their low-carbon transition ● Carb
Slide 10: Contents: Review of operations
Contents Review of operations 10 ● FIRST-HALF 2024 RESULTS – BOUYGUES GROUP – 26 JULY 2024
Slide 11: Construction businesses
REVIEW OF OPERATIONS Construction businesses For over 25 years, Bouygues Travaux Publics has carried out works on the Istrian motorway in Croatia 11 ● FIRST-HALF 2024 RESULTS – BOUYGUES GROUP – 26 JULY 2024
Slide 12: Backlog in the construction businesses at a very high level
Backlog in the construction businesses at a very high level Yoy increase in backlog for France, reflecting good momentum in activities at Bouygues Construction (+13% yoy) and at Colas (+6% yoy) Backlog in the construction businesses by geography (€bn) 30.8 31.0 +1% 28.4 26.7 21.0 20.7 16.5 18.6 10.2
Slide 13: Backlog at a very high level, providing visibility
Backlog at a very high level, providing visibility on future activity Bouygues Construction backlog, +4% yoy ● Order intake of €5.5bn factors in: > Good momentum in normal course of business (contracts < €100m), representing 59% of total Backlog in the construction businesses order intake in H1 (€bn
Slide 14: Key figures in the construction businesses (1/2)
Key figures in the construction businesses (1/2) €m H1 2024 H1 2023 Change a b Sales up 1% yoy to €12.3bn Sales 12,328 12,194 +1% o/w Bouygues Construction 4,945 4,746 +4% ● Bouygues Construction, +4% yoy (+5% lfl and at constant exchange o/w Bouygues Immobilier 614 743 -17% rates) o/w Colas 6,856 6
Slide 15: Key figures in the construction businesses (2/2)
Key figures in the construction businesses (2/2) €m H1 2024 H1 2023 Change a b H1 2024 COPA, not indicative of full-year results, as Sales 12,328 12,194 +1% usual o/w Bouygues Construction 4,945 4,746 +4% o/w Bouygues Immobilier 614 743 -17% ● Bouygues Construction and Colas improving o/w Colas 6,85
Slide 16: Equans
REVIEW OF OPERATIONS Equans New CERN data centre in Switzerland developed out by Equans 16 ● FIRST-HALF 2024 RESULTS – BOUYGUES GROUP – 26 JULY 2024
Slide 17: Key figures at Equans
Key figures at Equans Robust commercial activity • Order intake at €10.2bn in H1 2024, up in France and internationally > Significant order intake in France in the Navy, Nuclear, Transport and Building sectors; and internationally in data centres, solar farms and in the smart- factory sector > Good
Slide 18: Equans to continue rolling out its strategic plan
In 2024, Equans will continue to roll out its strategic plan 2024 OUTLOOK CONFIRMED It will remain focused on improving performance in a supportive environment and will continue to prioritise margins over volume growth The 2024 sales figure will be close to that of 2023, because it will factor in bo
Slide 19: Media
REVIEW OF OPERATIONS Media The TV series "Plus belle la vie, encore plus belle" – TF1 19 ● FIRST-HALF 2024 RESULTS – BOUYGUES GROUP – 26 JULY 2024
Slide 20: Key figures at the TF1 group
Key figures at the TF1 group Strong growth in audience share ● Audience share of 34.6% for WPDM<50a, up 1.0 pt yoy ● Audience share of 31.5% among 25 to 49-year-olds, up 1.3 pts yoy Sales up 6% yoy €m H1 2024 H1 2023 Change ● Media a > Advertising revenues: up 7% yoy, driven by better performance in
Slide 21: 2024 outlook for TF1 group
2024 outlook for TF1 group 2024 OUTLOOK confirmed: CONFIRMED • Keep growing in digital, building on the promising launch of TF1+ • Maintain a broadly stable current operating margin from activities, close to that of 2023 • Continue to generate solid cash flow, enabling the TF1 group to aim for a gro
Slide 22: Telecoms
REVIEW OF OPERATIONS Telecoms The Bbox 5G router 22 ● FIRST-HALF 2024 RESULTS – BOUYGUES GROUP – 26 JULY 2024
Slide 23: Moderate growth in Mobile customer base
Moderate growth in Mobile customer base in a highly competitive environment Mobile plan customer base excl. MtoM (millions of customers) 15.3 15.6 15.6 million Mobile plan customers excluding MtoMa at 14.5 15.0 end-June 2024 ● 76,000 new adds in H1 2024 (o/w 59,000 in Q2 2024), vs 109,000 in 11.8 H1
Slide 24: Continued growth in Fixed customer base and ABPU
Continued growth in Fixed customer base, better-than-expected growth in Fixed ABPU Fixed customer base (millions of customers) and FTTH customer share % FTTH 3.8 million FTTHa customers at end-June 2024 Total 5.0 5.0 4.8 4.5 ● 249,000 new FTTH adds in H1 2024, o/w 115,000 in Q2 2024 4.5 4.3 77% 4.0
Slide 25: Key figures at Bouygues Telecom
Key figures at Bouygues Telecom Sales billed to customers rose 5% yoy ● Total sales were down 1%, impacted by lower Other sales, which mainly consist of Handset, Accessories and Built-to-Suit sales €m H1 2024 H1 2023 Change a Sales 3,785 3,806 -1% EBITDA after Leases up 3% yoy Sales from services 3,
Slide 26: Bouygues Telecom 2024 outlook confirmed
In 2024, Bouygues Telecom confirms it is aiming for: 2024 OUTLOOK CONFIRMED • An increase in sales billed to customers • EBITDA after Leases of above €2bn • Gross capital expenditure excluding frequencies at around €1.5bn Bouygues Telecom working for the broadcast of the 24 Hours of Le Mans 26 ● FIR
Slide 27: Contents: Financial statements
Contents Financial statements 27 ● FIRST-HALF 2024 RESULTS – BOUYGUES GROUP – 26 JULY 2024
Slide 28: Condensed consolidated income statement
Condensed consolidated income statement €m H1 2024 H1 2023 Change a Sales 26,516 26,136 +1% Current operating profit/(loss) from activities 747 727 +20 Amortisation and impairment of intangible assets recognised b c (45) (46) +1 in acquisitions (PPA) Current operating profit/(loss) 702 681 +21 e Oth
Slide 29: Change in net debt position in H1 2024 (1/2)
Change in net debta position in H1 2024 (1/2) in €m Net debt at 31/12/2023 Net debt at 30/06/2024 Change in Acquisitions/ shareholders’ disposalsb equity and Dividendsd otherc -120 -50 Operations and (6,251) other -811 -1,502 (8,734) H1 2023 (7,455)g -310e -60 +121 -741 -2,143f (10,588)g (a) See glo
Slide 30: Change in net debt position in H1 2024 (2/2)
Change in net debta position in H1 2024 (2/2) in €m Breakdown of operations Net cash flowb Net capexc Free cash flow -294 before WCR Change in Frequencies operating WCR 1,636 Repayment of -1,131 and other lease obligations 205 -6 -1,707 -1,502 +1,342 Net cash flow including lease expenses H1 2023 +1
Slide 31: A robust financial structure (1/2)
A robust financial structure (1/2) Very high level of liquidity at end-June 2024 Well-spread debt maturity schedule Liquidity (€bn) Debt maturity schedule at end-June 2024 (€bn) No covenants or rating clause on medium/long- 3 term facilities 2.4 2 €13.6bn 1 11.1 0 2024 2025 2026 2027 2028 2029 2030
Slide 32: A robust financial structure (2/2)
A robust financial structure (2/2) Net debt of €8.7bn at end-June 2024, a yoy improvement of close to €1.9bn ● Net debt at the end of H1 impacted by usual seasonality of business Credit ratings ● Net gearing improved 13 pts vs end-June 2023 A-, negative outlook confirmed on 11 December 2023 End-June
Slide 33: Contents: Outlook
Contents Outlook 33 ● FIRST-HALF 2024 RESULTS – BOUYGUES GROUP – 26 JULY 2024
Slide 34: 2024 outlook for the Group confirmed
2024 outlook for the Group confirmed 2024 OUTLOOK The outlook below is based on information known to date CONFIRMED • Equans will continue to improve its results in line with its strategic Perform Plan • Bouygues Immobilier will continue to face a challenging market environment, with low visibility
Slide 35: Calendar
Calendar 9M 2024 results ● Tuesday 5 November 2024, 7.30am Equans in the Netherlands manages the energy facilities at the Brainport Industries Campus (BIC) 35 ● FIRST-HALF 2024 RESULTS – BOUYGUES GROUP – 26 JULY 2024
Slide 36: Questions & answers
PRESENTATION PARIS • FRIDAY 26 JULY 2024 Questions & answers One Ayala Avenue in Manila (Philippines) built by Bouygues Bâtiment International
Slide 37: Contents: Annexes
Contents Annexes 37 ● FIRST-HALF 2024 RESULTS – BOUYGUES GROUP – 26 JULY 2024
Slide 38: Key figures at Bouygues Construction
Key figures at Bouygues Construction Order intakea (€bn) Backlog by region (end-June 2024) International -7% France 6.0 5.5 6% 10% France -16% 35% Asia-Pacific 3.9 3.2 Europe (excl. France) 31% Americas +11% Africa and Middle East 2.1 2.3 18% H1 2023 H1 2024 For execution in over 3 years For executi
Slide 39: Key figures at Bouygues Immobilier
Key figures at Bouygues Immobilier Reservationsa (€bn) Residential property Commercial property +3% 0.7 0.7 0.0 0.0 nm IntenCity Campus developed for Schneider Electric in Grenoble by Bouygues Immobilier 0.6 0.7 +6% Bouygues Immobilier – key figures €m H1 2024 H1 2023 Change H1 2023 H1 2024 a Sales
Slide 40: Key figures at Colas
Key figures at Colas Backlog (€bn) International and a French overseas territories 0% Mainland France 14.1 14.1 10.5 10.3 -2% b 3.6 3.8 +6% Wattway solar road in Japan – Colas End-June 2023 End-June 2024 H1 2024 sales by activity Colas – key figures Road construction €m H1 2024 H1 2023 Change Railwa
Slide 41: Key indicators at Bouygues Telecom
Key indicators at Bouygues Telecom Sales in €m/base in thousands/ABPU in € Q2 2024 Q1 2024 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Sales billed to customers 1,541 1,522 5,912 1,506 1,492 1,470 1,444 5,619 1,445 1,426 1,379 1,368 Sales from services 1,543 1,523 5,979
Slide 42: Sales by sector of activity
Sales by sector of activity Lfl & €m H1 2024 H1 2023 Change a constant fx Construction businesses b 12,328 12,194 +1% +1% o/w Bouygues Construction 4,945 4,746 +4% +5% o/w Bouygues Immobilier 614 743 -17% -18% o/w Colas 6,856 6,788 +1% +1% Equans 9,351 9,138 +2% +3% TF1 1,104 1,038 +6% +6% Bouygues
Slide 43: Contribution to Group EBITDA after Leases by sector
Contribution to Group EBITDA after Leasesa by sector of activity €m H1 2024 H1 2023 Change Construction businesses (34) 99 -133 o/w Bouygues Construction 36 131 -95 o/w Bouygues Immobilier (28) (11) -17 o/w Colas (42) (21) -21 Equans 349 286 +63 TF1 266 277 -11 Bouygues Telecom 959 928 +31 Bouygues
Slide 44: Contribution to Group COPA by sector of activity
Contribution to Group current operating profit from activitiesa (COPA) by sector of activity €m H1 2024 H1 2023 Change Construction businesses (21) (7) -14 o/w Bouygues Construction 134 120 +14 o/w Bouygues Immobilier (36) 0 -36 o/w Colas (119) (127) +8 Equans 300 243 +57 TF1 129 152 -24 Bouygues Te
Slide 45: Contribution to Group COP by sector of activity
Contribution to Group current operating profit (COP) by sector of activity €m H1 2024 H1 2023 Change Construction businesses (25) (11) -14 o/w Bouygues Construction 134 120 +14 o/w Bouygues Immobilier (36) 0 -36 o/w Colas (123) (131) +8 Equans 300 243 +57 TF1 128 150 -23 Bouygues Telecom 344 352 -8
Slide 46: Contribution to Group operating profit by sector
Contribution to Group operating profit by sector of activity €m H1 2024 H1 2023 Change Construction businesses (51) (65) +14 o/w Bouygues Construction 131 74 +57 o/w Bouygues Immobilier (59) 0 -59 o/w Colas (123) (139) +16 Equans 254 224 +30 TF1 115 131 -16 Bouygues Telecom 331 363 -32 Bouygues SA a
Slide 47: Contribution to net profit attributable to the Group
Contribution to net profit attributable to the Group by sector of activity €m H1 2024 H1 2023 Change Construction businesses (94) (53) -41 o/w Bouygues Construction 109 79 +30 o/w Bouygues Immobilier (53) 0 -53 o/w Colas (150) (132) -18 Equans 194 148 +46 TF1 44 46 -2 Bouygues Telecom 147 192 -45 Bo
Slide 48: Contribution to Group net cash flow by sector
Contribution to Group net cash flowa by sector of activity €m H1 2024 H1 2023 Change Construction businesses 111 92 +19 o/w Bouygues Construction 172 141 +31 o/w Bouygues Immobilier (53) (5) -48 o/w Colas (8) (44) +36 Equans 396 337 +59 TF1 223 228 -5 Bouygues Telecom 933 899 +34 Bouygues SA and oth
Slide 49: Contribution to net capital expenditure by sector
Contribution to net capital expenditure by sector of activity €m H1 2024 H1 2023 Change Construction businesses 144 79 +65 o/w Bouygues Construction 54 7 +47 o/w Bouygues Immobilier 1 1 = o/w Colas 89 71 +18 Equans 70 110 -40 TF1 141 112 +29 Bouygues Telecom 774 855 -81 Bouygues SA and other 2 (25)
Slide 50: Contribution to Group free cash flow by sector
Contribution to Group free cash flowa by sector of activity €m H1 2024 H1 2023 Change Construction businesses (155) (91) -64 o/w Bouygues Construction 95 112 -17 o/w Bouygues Immobilier (57) (9) -48 o/w Colas (193) (194) +1 Equans 252 158 +94 TF1 76 100 -24 Bouygues Telecom 67 (37) +104 Bouygues SA
Slide 51: Net surplus cash/net debt
Net surplus cash (+)/net debt (-)a €m End-June 2024 End-Dec 2023 Change Bouygues Construction 3,111 3,435 -324 Bouygues Immobilier (392) (150) -242 Colas (674) 623 -1,297 Equans 901 981 -80 TF1 446 505 -59 Bouygues Telecom (3,267) (2,625) -642 Bouygues SA and other (8,859) (9,020) +161 Net surplus c
Slide 52: Condensed consolidated balance sheet
Condensed consolidated balance sheet End-June End-Dec €m Change 2024 2023 Non-current assets 31,842 31,789 +53 Current assets 28,840 28,957 -117 Held-for-sale assets and operations 104 0 +104 TOTAL ASSETS 60,786 60,746 +40 Shareholders' equity 13,510 14,112 -602 Non-current liabilities 16,171 16,277
Slide 53: 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 54: 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 55: 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 cash/(net debt) does not include non-current and current l
Slide 56: Bouygues SA contact details
Bouygues SA 32 avenue Hoche • 75378 Paris CEDEX 08 bouygues.com