Bouygues Sa · EURONEXT:EN
Bouygues Sa — FY2021 Earnings Presentation
60 slides from Bouygues Sa's earnings presentation, Feb 24, 2022
Slide 1: 2021 Full-Year Results Presentation
2021 FULL-YEAR RESULTS 24 FEBRUARY 2022 PRESENTATION Flowell: Colas’ dynamic luminous roadmarking solution
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: 2021 Highlights
2021 HIGHLIGHTS THE GROUP RETURNS TO ITS GROWTH MOMENTUM Excellent 2021 results Dividend up to €1.80 per sharea reflecting the Group’s confidence in its future Net debt at a historically low level and strong investment capacity Two unique opportunitiesb to enhance the Group’s resilience and expand i
Slide 5: Bouygues' strategy to create and share value
BOUYGUES’ STRATEGY TO CREATE AND SHARE VALUE DIVERSIFIED BUSINESSES THAT DRIVE ⚫ Strengthen and grow the construction and multi-technical services’ businesses GROWTH OVER THE LONG TERM ⚫ Ramp-up the growth of Bouygues Telecom ⚫ Consolidate TF1’s positioning and address the challenges created by the
Slide 6: Two major deals fully in line with our strategy (1/2)
TWO MAJOR DEALS FULLY IN LINE WITH OUR STRATEGY (1/2) PROGRESS IN LINE WITH THE PROJECTED TIMETABLE TO BECOME A LEADER IN Equans Share Purchase purchase offer Agreement MULTI-TECHNICAL SERVICES accepted by Engiea Opinion of ERBb at Syndicated Engie and A growing market loan Equans Closing A resilien
Slide 7: Two major deals fully in line with our strategy (2/2)
TWO MAJOR DEALS FULLY IN LINE WITH OUR STRATEGY (2/2) PROJECTED TIMETABLE CREATION OF A Signing of merger ARCOMb approval MAJOR FRENCH MEDIA GROUP TF1 and M6 enter agreements for the change of into exclusive control between negotiations TF1 and M6 Decision of Favorable French Boosting investment and
Slide 8: 2021 guidance for the Group achieved or exceeded
2021 GUIDANCE FOR THE GROUP ACHIEVED OR EXCEEDED GUIDANCE ACHIEVED SALES VERY CLOSE TO 2019 LEVEL €37.6bn -0.9% vs 2019 GUIDANCE EXCEEDED CURRENT OPERATING PROFIT €1.7bn VERY CLOSE TO 2019 LEVEL +€17m vs 2019 GUIDANCE EXCEEDED CURRENT OPERATING MARGIN 4.5% AT PRE-CRISIS LEVEL +0.1 PTS vs 2019
Slide 9: Group key figures in 2021
GROUP KEY FIGURES IN 2021 Change vs Change vs €m 2021 2020 2019 2020 2019 Sales 37,589 34,694 37,929 +8%a -0.9% o/w France 22,595 20,401 22,446 +11% +1% o/w international 14,994 14,293 15,483 +5% -3% Current operating profit 1,693 1,222 1,676 +471 +17 Current operating margin 4.5% 3.5% 4.4% +1.0 pt
Slide 10: Very robust Group financial structure
VERY ROBUST GROUP FINANCIAL STRUCTURE NET DEBT AT A HISTORICALLY LOW LEVEL Group net debt (€m) ⚫ NET DEBT DOWN BY MORE THAN €1BN YEAR-ON- YEAR MAINLY RESULTING FROM 2,222 -1,040 ◼ Substantial cash generation from operations: +€1.2bn 1,981 ◼ Positive impact of sales of Alstom shares: +€1bn ◼ Dividend
Slide 11: 2021 dividend increase
2021 DIVIDEND INCREASE REFLECTING THE GROUP’S CONFIDENCE IN ITS FUTURE €1.80a €1.70 €1.70 €1.70 €1.70 €1.60 €1.60 €1.60 €1.60 €1.60 €1.60 €1.60 €1.60 €1.60 €1.50 DIVIDEND OF €1.80 PER SHARE, UP 6% VS 2020 €1.20 €0.90 €0.75 2021 DIVIDEND YIELDb OF 5.7% 2004 2005 2006 2007 2008 2009 2010 2011 2012 201
Slide 12: A responsible and committed Group
A RESPONSIBLE AND COMMITTED GROUP 2021 CSR ACTION PLAN ACHIEVED QUALITY OF LIFE AT WORK IMPROVED LAUNCH OF SECOND GENDER BALANCE PLAN FOR 2021-2023 BY GROUP AND BUSINESS SEGMENTS PLEDGES MADE TO PRESERVE AND RESTORE BIODIVERSITY THE GROUP HAS EARMARKED, WITHIN ITS 2022-2024 SPENDING, AN ESTIMA
Slide 13: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK FOR THE GROUP ⚫ ANNEXES 13
Slide 14: Construction businesses
CONSTRUCTION BUSINESSES Birmingham tram system, maintenance of the network by Colas Rail – United Kingdom
Slide 15: Backlog in the construction businesses at a high level at end-2021
BACKLOG IN THE CONSTRUCTION BUSINESSES AT A HIGH LEVEL AT END-2021 ⚫ 65% OF THE BACKLOG AT BOUYGUES CONSTRUCTION AND COLAS IN INTERNATIONAL MARKETS (+3 PTS VS END-2020) Backlog in the construction businesses (€bn) Palmer Lakes Logistics Center – Miami, United States a 33.1 33.0 33.1 33.2 31.5 30.2 b
Slide 16: Backlog in the construction businesses
BACKLOG IN THE CONSTRUCTION Backlog in the construction businesses (€bn) BUSINESSES ◼ 9% increasea year-on-year in the backlog at Colas reflecting the acquisition of 33.1 33.2 b 2.0 -12% 1.7 Destia and good commercial performance in international markets in Q4 2021 > Turnkey design-build contract fo
Slide 17: Key figures in the construction businesses
KEY FIGURES IN THE CONSTRUCTION BUSINESSES Change Change €m 2021 2020 2019 vs 2020 vs 2019 a Sales 27,922 26,208 29,575 +7% -6% o/w Bouygues Construction 12,770 12,047 13,355 +6% -4% o/w Bouygues Immobilier 2,116 2,032 2,706 +4% -22% o/w Colas 13,226 12,297 13,688 +8% -3% Current operating profit 82
Slide 18: Highlights of the Energy & Services arm
HIGHLIGHTS OF THE ENERGY & SERVICES ARM A RECURRING BUSINESS WITH LOW CAPITAL INTENSITY SPANNING THE ENERGY PRODUCTION TRANSPORTATION, STORAGE AND ENTIRE VALUE DISTRIBUTION OF ENERGY AND DATA A DIVERSIFIED CHAIN FROM AND PRODUCTION TO LOW-RISK Approx.€74,000 Approx. 55,000 THE END-USER INDUSTRY TRAN
Slide 19: Bouygues Energies & Services ongoing transformation to improve profitability
BOUYGUES ENERGIES & SERVICES ONGOING TRANSFORMATION TO IMPROVE PROFITABILITY Current operating margin (% of sales) 2.8 >5% 2.1 FOCUSING ON MARGINS RATHER THAN In the VOLUMES IN A GROWING MARKET COVID mid-term -0.4 1.0 2018 2019 2020 2021 GROWING CURRENT OPERATING MARGIN Net cash (€m) +489 594 CASH G
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Slide 21: Key figures at TF1 Group
KEY FIGURES AT TF1 GROUP Change vs Change vs €m 2021 2020 2019 2020 2019 Sales 2,427 2,082 2,337 +17%a +4% Current operating profit 343 190 255 +153 +88 (a) Up 17% like-for-like and at constant exchange rates (b) Including non-current charges of €10m related to the Current operating margin 14.1% 9.1
Slide 22: TF1 Group outlook
TF1 GROUP OUTLOOK ⚫ IN 2022, RECENT MEASURES WILL STRENGTHEN THE TF1 MEDIA BUSINESS MODEL AND CONTINUE TO DRIVE THE GROWTH OF THE PRODUCTION ACTIVITIES ◼ Ramping-up the non-linear content offering (MyTF1, MyTF1 Max, Salto), and a wider range of services for advertiser customers (addressable TV, digi
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Slide 24: Over 500,000 mobile plan customers excluding MtoM every year since 2015
OVER 500,000 MOBILE PLAN CUSTOMERS EXCLUDING MtoM EVERY YEAR SINCE 2015 ⚫ 14.8 MILLION MOBILE PLAN CUSTOMERS EXCLUDING MtoMa AT END-DECEMBER 2021 ◼ +2.6 million customers in 2021 > +2.1 million BTBD customers (integrated on 1 January 2021) > +569,000 customers in 2021 o/w +133,000 in Q4 2021 Mobile
Slide 25: Strong growth in FTTH
STRONG GROWTH IN FTTH Total net growth of FTTH customers (millions of customers) +2.3 +3.0 ⚫ OVER HALF OF FIXED CUSTOMERS SUBSCRIBE TO AN FTTHa OFFER ◼ 2.3 million FTTH customers at end-December 2021 +0.7 ◼ +718,000 customers in 2021 o/w +201,000 in Q4 2021 2021 20 remaining 2026 quarters Fixed cust
Slide 26: Ramp-up of fiber roll-out
RAMP-UP OF FIBER ROLL-OUT ⚫ 24.3 MILLION PREMISES MARKETED AT END-DECEMBER 2021 FTTH premises marketed ◼ +6.6 million year-on-year (millions) ◼ Present in all areas of mainland France 35 ⚫ RAMP-UP OF FTTHa ROLL-OUT TO COVER ALL THE MEDIUM DENSE 27 AREASb AND TO INCREASE COVERAGE IN THE PIN AREAS 24
Slide 27: Growth in ABPU
GROWTH IN ABPU ◼ Annual mobile ABPUa of €20.5, up €0.5 year-on-year ◼ Annual fixed ABPUa of €28.2, up €0.4 year-on-year, against a backdrop of strong customer acquisition in FTTH Annual Mobile ABPUa (€/customer/month) Annual Fixed ABPUa (€/customer/month) +0.5 +1.5 +0.4 +0.5 20.5 * 26.3 27.8 28.2 20
Slide 28: Bouygues Telecom's 2021 guidance achieved
BOUYGUES TELECOM’S 2021 GUIDANCE ACHIEVED GUIDANCE ACHIEVED ORGANIC GROWTH IN SALES FROM SERVICES OF AROUND 5% +5% GUIDANCE ACHIEVED AN INCREASE IN EBITDA AFTER LEASES (INCLUDING BTBD) OF AROUND 7% +7% GUIDANCE ACHIEVED NET CAPEX OF AROUND €1.3BN (EXCLUDING 5G FREQUENCIES) €1.3bn 28
Slide 29: Key figures at Bouygues Telecom
KEY FIGURES AT BOUYGUES TELECOM ⚫ GROWTH IN SALES FROM SERVICES OF 14% €m 2021 2020 Change (5% EXCLUDING BTBD) Sales 7,256 6,438 +13%a ◼ Mobile sales: +17% o/w sales from services 5,586 4,893 +14%a o/w other sales 1,670 1,545 +8% ◼ Fixed sales: +8% EBITDA after Leases 1,612 1,502b +110 EBITDA after
Slide 30: 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 ⚫ FOR 2022, BOUYGUES TELECOM TARGETS: ◼ Growth in sales from services estimated at around 5% ◼ An increase in EBITDA after Leases of around 7%
Slide 31: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 31
Slide 32: Condensed consolidated income statement
CONDENSED CONSOLIDATED INCOME STATEMENT €m 2021 2020 Change Sales 37,589 34,694 +8%a Current operating profit 1,693 1,222 +471 b c Other operating income and expenses 40 (98) +138 Operating profit 1,733 1,124 +609 Cost of net debt (155) (167) +12 Interest expense on lease obligations (52) (53) +1 Ot
Slide 33: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET Of which: Change • Property, plant & equipment: +€562m End-Dec 2020 • Goodwill: +€214m, o/w Destia (+€213m) €m End-Dec 2021 restateda vs 2020 • Investments in JVs and associates: -€665m, o/w Alstom (-€711m) Non-current assets 21,675 21,486 +189 Of which: Current
Slide 34: Change in net debt position in 2021 (1/2)
CHANGE IN NET DEBTa POSITION IN 2021 (1/2) €m Net debt at Net debt at 31/12/2020 31/12/2021 Exercise of Acquisitions/ stock Alstomb disposals options and Share Operations other buybacksc 5G -265 frequencies (941) +49 Dividends -93 -86 +984 +1,189 -738 (1,981) 2020 (2,222) +450 -747d +37e - -87 -687
Slide 35: Change in net debt position in 2021 (2/2)
CHANGE IN NET DEBTa POSITION IN 2021 (2/2) €m Breakdown of operations Net cash flowb Repayment of lease obligations +3,165 Net capex -361 Change in operating WCR +1,189 -1,974 and other +359 +2,804 Net cash flow including lease expenses 2020 +2,709 -372 -1,612c +550 +1,275 +2,337 Net cash flow inclu
Slide 36: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK FOR THE GROUP ⚫ ANNEXES 36
Slide 37: Outlook for the Group
OUTLOOK FOR THE GROUP In 2022, the Group is expecting a further increase in sales and current operating profit After endorsement of Colas’ GHG emissions reduction targets in 2021, the other business segments are now aiming to receive SBTia endorsement of their decarbonization plans This outlook is b
Slide 38: Bouygues is confident in its future
BOUYGUES IS CONFIDENT IN ITS FUTURE A MAJOR NEW MILESTONE FOR THE GROUP “Bouygues is well-positioned for 2022. In addition to its ambitious CSR strategy and positioning in fast-growing markets, the Group enjoys diversified business activities, margin improvement plans and recurring cash generation.
Slide 39: Calendar
CALENDAR ◼ 28 April 2022 Annual General Meeting (2.30PM CET) ◼ 12 May 2022 First-quarter 2022 results (7.30AM CET) ◼ 2 August 2022 First-half 2022 results (7.30AM CET) ◼ 17 November 2022 Nine-month 2022 results (7.30AM CET) Colas 39
Slide 40: Questions & Answers
QUESTIONS & ANSWERS 40
Slide 41: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK FOR THE GROUP ⚫ ANNEXES 41
Slide 42: Key figures at Bouygues Construction
ANNEX KEY FIGURES AT BOUYGUES CONSTRUCTION International Order intakea (€bn) France -13% Backlog by region (end-Dec 2021) 12.3 12.7 11.1 9% 2% France 39% Asia-Pacific 7.2 8.0 6.2 -22% €20.8bn Europe (excl. France) 37% Americas Africa and Middle East 5.1 4.8 4.9 +3% 13% 2019 2020 2021 (a) Contracts a
Slide 43: Key figures at Bouygues Immobilier
ANNEX KEY FIGURES AT BOUYGUES IMMOBILIER Commercial property Reservationsa (€bn) Residential property 2.7 +14% 0.6 2.1 -5% 1.8 0.2 0.2 2.1 1.8 +16% 1.6 2019 2020 2021 (a) Net of cancellations (residential property) and firm orders which cannot be cancelled (commercial property) Handover of first hou
Slide 44: Key figures at Colas
ANNEX KEY FIGURES AT COLAS International and Backlog (€bn) French overseas territories a +17% Mainland France 10.7 9.2 9.2 +28%b 7.7 6.1 6.0 -3%c 3.1 3.1 3.0 End-2019 End-2020 End-2021 Construction of a pedestrian and cycle bridge across Roche-de-Glun dam – France (a) Up 9% at constant exchange rate
Slide 45: Key indicators at Bouygues Telecom
ANNEX KEY INDICATORS AT BOUYGUES TELECOM €m 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2021 2020 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Sales from mobile services (€m) 3,855 981 982 952 940 3,291 840 830 805 816 Sales from fixed services (€m) 1,731 448 432 427 423 1,602 417 402 394 389 Mobile customer base 21,847 21,
Slide 46: SDFAST financial structure
ANNEX SDFASTa FINANCIAL STRUCTURE Bouygues Partners Telecom Finances 51% 49% Debt (banks and investors) SDFAST JV SFR Operations PIN 1 Bouygues Telecom PIN 2 Purchase of FTTH vertical Services contracts Other networks by 5% tranche of operators completed lines PIN n 46 (a) Société de Développement d
Slide 47: Infrastructure management
ANNEX INFRASTRUCTURE MANAGEMENT Zone Number of Horizontal Vertical premisesa • 50% with CityFast: annual fixed • Acquisition of vertical network Very Dense 7.4 million opex (maintenance capex + opex) Area • 50% with SFR or Orange: capex • Or rental (€/month/customer) Medium • Joint investment by tra
Slide 48: FTTH premises marketed (millions)
ANNEX FTTHa PREMISES MARKETEDb (MILLIONS) Bouygues Telecom Bouygues Telecom Bouygues Telecom Bouygues Telecom at end-Dec 2020 at end-Dec 2021 target for end-2022 target for end-2026 35.0 +6.6 27.0 24.3 17.7 5.9 5.1 12.9 10.2 2.3 5.5 Very dense area Medium dense area (AMII)c Public Initiative Network
Slide 49: Sales by sector of activity
ANNEX SALES BY SECTOR OF ACTIVITY €m 2021 2020 Change Lfl & constant fxa Construction businessesb 27,922 26,208 +7% +6% o/w Bouygues Construction 12,770 12,047 +6% +5% o/w Bouygues Immobilier 2,116 2,032 +4% +4% o/w Colas 13,226 12,297 +8% +7% TF1 2,427 2,082 +17% +17% Bouygues Telecom 7,256 6,438 +
Slide 50: Contribution to Group EBITDA after leases by sector of activity
ANNEX CONTRIBUTION TO GROUP EBITDA AFTER LEASESa BY SECTOR OF ACTIVITY €m 2021 2020 Change Construction businesses 1,396 1,300 +96 o/w Bouygues Construction 498 424 +74 o/w Bouygues Immobilier 70 47 +23 o/w Colas 828 829 -1 TF1 695 454 +241 Bouygues Telecom 1,612 1,502 +110 Bouygues SA and other (36
Slide 51: Contribution to Group current operating profit by sector of activity
ANNEX CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT BY SECTOR OF ACTIVITY €m 2021 2020 Change Construction businesses 825 437 +388 o/w Bouygues Construction 342 171 +171 o/w Bouygues Immobilier 43 12 +31 o/w Colas 440 254 +186 TF1 343 190 +153 Bouygues Telecom 572 623 -51 Bouygues SA and other (47)
Slide 52: Contribution to Group operating profit by sector of activity
ANNEX CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF ACTIVITY €m 2021 2020 Change Construction businesses 807 387 +420 o/w Bouygues Construction 342 207 +135 o/w Bouygues Immobilier 35 (5) +40 o/w Colas 430 185 +245 TF1 333 115 +218 Bouygues Telecom 663 651 +12 Bouygues SA and other (70) (29) -
Slide 53: Contribution to net profit attributable to the Group by sector of activity
ANNEX CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY SECTOR OF ACTIVITY €m 2021 2020 Change Construction businesses 534 214 +320 o/w Bouygues Construction 274 152 +122 o/w Bouygues Immobilier 7 (29) +36 o/w Colas 253 91 +162 TF1 98 24 +74 Bouygues Telecom 403 377 +26 Alstom 219 169 +50 Bouy
Slide 54: Contribution to Group net cash flow by sector of activity
ANNEX CONTRIBUTION TO GROUP NET CASH FLOWa BY SECTOR OF ACTIVITY €m 2021 2020 Change Construction businesses 1,111 992 +119 o/w Bouygues Construction 359 355 +4 o/w Bouygues Immobilier 50 (4) +54 o/w Colas 702 641 +61 TF1 583 373 +210 Bouygues Telecom 1,562 1,422 +140 Bouygues SA and other (91) (78)
Slide 55: Contribution to net capital expenditure by sector of activity
ANNEX CONTRIBUTION TO NET CAPITAL EXPENDITURE BY SECTOR OF ACTIVITY €m 2021 2020 Change Construction businesses 311 303 +8 o/w Bouygues Construction 71 114 -43 o/w Bouygues Immobilier 6 5 +1 o/w Colas 234 184 +50 TF1 331 283 +48 Bouygues Telecom 1,331 1,025 +306 Bouygues SA and other 1 1 0 a Sub-tot
Slide 56: Contribution to Group free cash flow by sector of activity
ANNEX CONTRIBUTION TO GROUP FREE CASH FLOWa BY SECTOR OF ACTIVITY €m 2021 2020 Change Construction businesses 606 481 +125 o/w Bouygues Construction 212 141 +71 o/w Bouygues Immobilier 36 (18) +54 o/w Colas 358 358 0 TF1 233 69 +164 Bouygues Telecom 86 254 -168 Bouygues SA and other (95) (79) -16 Gr
Slide 57: Net surplus cash (+)/net debt (-)
ANNEX NET SURPLUS CASH (+)/NET DEBT (-)a €m End-Dec 2021 End-Dec 2020 Change Bouygues Construction 3,521 3,143 +378 Bouygues Immobilier (142) (306) +164 Colas (33) (7) -26 TF1 198 (1) +199 Bouygues Telecom (1,734) (1,740) +6 Bouygues SA and other (2,751) (3,070) +319 Group net surplus cash (+)/net d
Slide 58: Group liquidity at a record level
ANNEX GROUP LIQUIDITY AT A RECORD LEVEL ⚫ AVAILABLE CASH AT END-DEC 2021: €20.4BN Available cash (€bn) Debt maturity schedule at end-Dec 2021 (€bn) excl. syndicated loan 3 6.0 Evenly spread debt 8.2 2 maturity schedule €20.4bn 1 No covenants or rating 6.2 clause on medium/long- 0 term facilities and
Slide 59: 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 60: 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