Bouygues Sa · EURONEXT:EN
Bouygues Sa — 9M 2014 Earnings Presentation
96 slides from Bouygues Sa's earnings presentation, November 2014
Slide 1: Bouygues Group presentation
1 Bouygues Group presentation November 2014 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: Agenda
THE BOUYGUES GROUP Slide 4 THE BUSINESSES Slide 13 9M 2014 RESULTS Slide 33 CONCLUSION Slide 71 APPENDIX Slide 73 3
Slide 4: Profile
Profile A diversified industrial group 5 businesses with different cycles focusing on three sectors: construction, telecoms and media 2013 contribution1 by business area Sales2 at €33.1bn Current operating profit2 at €1,319 m Free cash flow2 at €818m3 149 24 (3) 4.6 223 125 2.4 26.1 1,005 819 Co
Slide 5: Key strengths
Key strengths A family company with a stable share ownership structure allowing long-term focus A strong and distinctive corporate culture A positioning on markets underpinned by solid demand A solid operational track record of delivering revenue and earnings growth A sound financial profi
Slide 6: A stable share ownership structure
A stable share ownership structure Shareholder structure at 30 June 2014 Capital Voting rights Foreign shareholders Foreign SCDM shareholders SCDM 20.9% 29.3% 27.8% 38.2% 24.1% 12.9% 30.0% 16.8% Employees Other French shareholders Other French Employees shareholders At 31 June 2014: 335,727,874
Slide 7: A strong and distinctive corporate culture
A strong and distinctive corporate culture Construction is a “good management school” Project management skills and knowhow in complex projects Masan Bay bridge, South Korea Stade de France Bouygues Telecom 3G network Managers have experienced previous crises Strong mobility within the Group
Slide 8: Long-term growth opportunities
Long-term growth opportunities Growing long-term infrastructure needs in both developed and emerging countries Drivers: demographic growth, urbanization, saturated and aging infrastructures… Estimated total cumulative world infrastructure requirements (additions and renewal) to 2030*: 53 trill
Slide 9: A solid operational track record
A solid operational track record 2001 CAGR 2013(1) +4% Sales €20.5bn €33.1bn +3% Operating profit €876m €1,319m +5% Net profit2 €344m €647m3 X 4.4 DPS €0.36 €1.60 9 (1) 2013 figures restated for IFRS 11 (2) Attributable to the Group (3) Before the write-down of Alstom for €1,404m
Slide 10: A healthy financial profile
A healthy financial profile All figures are at end December 2013 Debt under control Low gearing at 51%1 Evenly spread repayment schedule No significant off-balance sheet commitment High level of liquidity Ability to control capex Available Cash = €8.7bn Capex-to-sales ratio2 6% Sustainable cash-flow
Slide 11: Dividend per share
Dividend per share 1 1.5 1.6 1.6 1.6 1.6 1.6 1.2 0.90 0.75 0.5 0.36 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Dividend yield1: 2.7% 2.2% 2.2% 2.5% 2.6% 5.3% 4.4% 5.0% 6.6% 7.1% 5.8% 1Dividend yield based on closing price 11
Slide 12: Agenda
THE BOUYGUES GROUP Slide 4 THE BUSINESSES Slide 13 9M 2014 RESULTS Slide 33 GROUP OUTLOOK Slide 81 CONCLUSION Slide 71 APPENDIX Slide 73 12
Slide 13: Construction businesses
Construction businesses BOUYGUES Bouygues CONSTRUCTION Inmobilier |
Slide 14: Construction businesses: profile
CONSTRUCTION BUSINESSES: profile A world leader: n°7 “top international contractor” according to ENR ranking1 2013 key figures Sales4 by region Sales2: €26.1bn3 Asia & Africa Middle East 6% 8% 12.8 11.1 Americas 11% 2.5 France Europe 59% (excl. Buildings & civil works Real estate Roads France) 1
Slide 15: Construction businesses: profile
CONSTRUCTION BUSINESSES: profile Building & civil works Bouygues Construction is a world leading full service contractor in building & civil works, electrical contracting and maintenance A recognized expertise at every stage of a project from design to construction, operation, maintenance, and
Slide 16: Construction businesses: strengths & opportunities
CONSTRUCTION BUSINESSES: strengths & opportunities The ability to provide innovative, high value-added solutions tailored to customers' requirements The development of specialty activities, which are sources of growth A strong and diversified international presence The Baluarte bridge, Mexico
Slide 17: Construction businesses: high value-added solutions
CONSTRUCTION BUSINESSES: high value-added solutions High-level technical know-how A solid track record valued by customers all around the world Ability to develop high value-added end-to-end offers 20 years of expertise in full service offering contracts Sports Hub, Singapore, 2010-2014 Mo
Slide 18: High value-added solutions: major road projects
CONSTRUCTION BUSINESSES: high value-added solutions Some examples in transport: major road construction projects L2 bypass PPP in New Coastal Road on Marseille, France Reunion Island, France Construction of the longest off-shore viaduct The largest infrastructure project awarded in France (5.4 k
Slide 19: High value-added solutions: airports
CONSTRUCTION BUSINESSES: high value-added solutions Some examples in transport: airports Iqaluit International Airport, Lyon-Saint Exupéry Airport, Zagreb Airport, Canada France Croatia Financing, design and Design and construction of a Financing, design and construction of a new terminal new
Slide 20: Development of specialty activities
CONSTRUCTION BUSINESSES: development of specialty activities Strategy Expand the offering available to customers Develop synergies with existing business areas Penetrate new growth potential markets For example: urban transport, a growing market Increasingly strong demand in large and mi
Slide 21: Main international contracts won in 2013
CONSTRUCTION BUSINESSES: main international contracts won in 2013 Group share – rounded up/down 50% of the order books at Bouygues Construction and Colas is to be executed in international markets Canada UK Switzerland University campus in Hertfordshire (€140m) Erlenmatt eco-neighbourhood in Basel (
Slide 22: Focus on long-term sustainability
CONSTRUCTION BUSINESSES: focus on long-term sustainability A safe and extensive order book providing good visibility on future activity A record order book of €27.5bn at end-December 2013, up 3% year-on-year and up 22% since end-2010 An increase in the depth of the order book, giving time to a
Slide 23: Construction businesses: robust financial profile
CONSTRUCTION BUSINESSES: robust financial profile A solid profitability1 Operating profit (€m) and margin 5,1% 5,3% 5,0% 6,0% 4,6% 4,7% 4,2% 3,7% 3,9% 5,0% 3,7% 3,6% 4,0% 2,7%2,8% 1,236 A recurring FCF generation1 (€m) 966 1,158 3,0% 783 1,079 1,020 949 1,005 2,0% 535 832 1,0% 384 379 0,0% 2002 2003
Slide 24: 24
24
Slide 25: TF1: profile
TF1: profile A strong media group The leading TV channel in France, TF1 Strong position on free-to-air market with 4 channels 12 other pay-TV channels including Eurosport (n°1 sport TV channel in Europe) Diversification activities: audiovisual rights and production, licensing… 2013 key f
Slide 26: TF1: targets
TF1: targets Strengthen core free-to-air business Maintain the group’s leading market position Develop close relationship with TV viewers thanks to strong positions in new media Keep innovating to enhance the efficiency of ad campaigns and increase monetization Continue the development of
Slide 27: Bouygues Telecom
Bouygues Telecom 7 | a ] 27
Slide 28: Bouygues Telecom: profile
BOUYGUES TELECOM: profile Major actor of the French telecom market for more than 17 years Mobile commercial launch in 1996, fixed broadband commercial launch in 2008 11.1 million mobile customers at end-December 2013 for a 15% market share 2.0 million fixed broadband customers at end-Decembe
Slide 29: Facing a challenging mobile market
BOUYGUES TELECOM: facing a challenging mobile market A challenging mobile market since 2012 Strong growth in SIM-only plans transforming the business model Sharp fall in pricing Operators’ profitability squeezed significantly due to more and more customers switching to the new price plans co
Slide 30: Technology and innovation
BOUYGUES TELECOM: technology and innovation A strong mobile network 15,000 sites deployed covering 99% of the French population in 2G and 96% in 3G 4G network open commercially on 1 October 2013: 71%1 of the population having access to 4G Network sharing agreement signed with SFR to signific
Slide 31: Bouygues Telecom: opportunities
BOUYGUES TELECOM: opportunities Average GB consumption per month by Bouygues Telecom customers in 3G vs 4G Creating value by developing mobile data use 4G allows intensive data use making new uses possible Pursuing growth in the fixed broadband business by making services and very-high-speed b
Slide 32: Agenda
THE BOUYGUES GROUP Slide 4 THE BUSINESSES Slide 13 9M 2014 RESULTS Slide 33 CONCLUSION Slide 71 APPENDIX Slide 73 32
Slide 33: Reminder: change of accounting methods in 2014
ANNEX Reminder: change of accounting methods in 2014 As announced The figures published in 2013 have been restated for IFRS 11 TF1's remaining 49% interest in Eurosport International is consolidated by the equity method from 1 June 2014, following the sale of a controlling stake to Discovery Com
Slide 34: Group key figures section
GROUP KEY FIGURES BUSINESS SEGMENTS FINANCIAL STATEMENTS ANNEXES 34
Slide 35: Group key figures (1/2)
Group key figures (1/2) € million 9M 2013 restated 9M 2014 Change Sales 24,088 24,223 +1%a o/w France 16,115 15,664 -3% o/w international 7,973 8,559 +7% Current operating profit 878 554 -€324m Operating profit 878 949b +€71m Net profit attributable to the Group 548 728c +€180m (a) +1% like-for-like
Slide 36: Group key figures (2/2)
Group key figures (2/2) € million 9M 2013 restated 9M 2014 Change Current operating profit 878 554 -€324m of which construction businesses 635 541 -€94m of which TF1 104 58 -€46m of which Bouygues Telecom 160 (26) -€186m Current operating margin 3.6% 2.3% -1.3 pts Current operating profit mainly r
Slide 37: Financial results of the construction businesses
Financial results of the construction businesses €m 9M 2013 restated 9M 2014 Change Sales 18,934 19,347 +2%a o/w France 11,282 10,976 -3% o/w international 7,652 8,371 +9% Current operating profit 635 541 -€94m o/w Bouygues Construction 311 244 -€67m o/w Bouygues Immobilier 123 124 +€1m o/w Colas 20
Slide 38: Financial results of Bouygues Telecom
Financial results of Bouygues Telecom €m 9M 2013 9M 2014 Change Sales 3,453 3,294 -5%a Sales from network 3,169 2,915 -8% EBITDA 727 538 -€189m EBITDA/network sales 22.9% 18.5% -4.4 pts Current operating profit/(loss) 160 (26) -€186m Operating profit 160 60b -€100m EBITDA minus Capex 166c 44 -€122m
Slide 39: Business segments section
GROUP KEY FIGURES BUSINESS SEGMENTS FINANCIAL STATEMENTS ANNEXES 39
Slide 40: Construction businesses
Construction businesses Bouygues Immobilier cd la 40
Slide 41: Solid commercial performance of the construction businesses
Solid commercial performance of the construction businesses High level order book: €27.4bn at end-September 2014, stable year-on-year Order books (€m) Colas Bouygues Immobilier Bouygues Construction €26.9bn €27.4bn €27.4bn €24.6n 7,006 7,094 7,671 6,669 2,879 2,615 2,144 2,630 17,051 17,711 17,626
Slide 42: Update on trading environment
Update on trading environment As expected, the French market got tougher in the 9-month 2014 period Significant slowdown in the French roads activity 9-month 2014 sales down 12% vs 9-month 2013 Order book at end-September 2014 down 11% vs end-September 2013 Scarcity of very large contracts
Slide 43: Strong momentum in international business
Strong momentum in international business Increased international presence 51% of the combined order book at Bouygues Construction and Colas (vs 49% at end-September 2013): €13bn at end-September 2014, up 6% year-on-year At €8.5bn, Bouygues Construction international order book has yet to incl
Slide 44: East West Link contract in Australia
East West Link contract in Australia Project PPP contract to finance, design and construct a new 6.6-kilometre freeway link in northern Melbourne and to operate it for 25 years Customer: the Linking Melbourne Authority Total value: about €4.6bn As part of a consortium, Bouygues Constructio
Slide 45: Strong momentum in international business
Strong momentum in international business Sales generated by Bouygues Construction and Colas in 9M 2014 (and change vs 9M 2013) Europe (excl. France): €3.5bn, +15% International sales France: +13% at constant exchange represented 48% of Americas: €9.1bn, -6% rates Bouygues Construction €2.2bn, +4% +
Slide 46: Diverse mix of offerings and technical expertise
Diverse mix of offerings and technical expertise A diverse mix of offerings and technical expertise provides differentiation leading to outperformance in the French market Strong momentum in the railways activity at Colas Solid French order intake at Bouygues Construction Ex: contract for the
Slide 47: SMA's future head office in Paris
SMA's future head office in Paris SMA, a provider of insurance services, has acquired its future head office from Bouygues Immobilier 35,000-m² turnkey office building, located in the 15th arrondissement of Paris, on the site of the former Hotel Pullman Porte de Sèvres It will benefit from str
Slide 48: Flexible cost structure and ongoing adaptation plans
Flexible cost structure and ongoing adaptation plans Visibility in the order book at Bouygues Construction allowing time to adapt Highly variable cost structure in the construction businesses A cost structure driven by projects Flexibility in personnel costs resulting from subcontracting, te
Slide 49: Bouygues Telecom
Bouygues i 49
Slide 50: Attracting mobile customers to value-added plans
Attracting Mobile customers to value-added plans Active 4Gb subscribers ('000) and share % of retail customers subscribing to a value-added plana of the total mobile subscriber base 2,500 77% 1,800 72% 73% 1,400 68% 64% 1,000 22% 59% 61% 16% 13% 9% End Q1 13 End Q2 13 End Q3 13 End Q4 13 End Q1 14 E
Slide 51: 4G traction in the business segment
4G traction in the business segment Bouygues Telecom business mobile subscriber base Launch of 4G Business mobile subscriber base up 10% since the launch +10% of 4G Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 New major business contract signed with La Poste Postmen will be equipped with con
Slide 52: Increase in data usage thanks to 4G
Increase in data usage thanks to 4G Average data use of a Bouygues Telecom customer 3 Share of 4G handset in the retail plan salesa GB/customer Launch of 4G All customers 74% 64% 67% 2 Active 4G customers 61% 33% 1 0 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Average d
Slide 53: Continued momentum in the fixed activity
Continued momentum in the fixed activity Net growth of the fixed broadband business (‘000)a Share of Bouygues Telecom fixed broadband customers on directly-owned network 100 102 104 72 40 45 55% 10 50% 45% Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 June 2014 September 2014 End 2014 (e) Confirmed su
Slide 54: Bbox Miami: bringing TV and internet content together
Bbox Miami: bringing TV and internet content together Launch of Bbox Miami Commercial launch: beginning 2015 On-going Friendly User Test (FUT) with 300 customers Bouygues Telecom maintains full control over the user interface designed by its partner iFeelSmart company iFeelSmart interface fo
Slide 55: Accelerating transformation while reasserting positioning (1/2)
Accelerating transformation while reasserting positioning (1/2) A positioning focused on customer experience The objective : choose Bouygues Telecom for the best offer and stay for the best experience A set of new simplified offers and a “golden rule” that existing customers will always benefi
Slide 56: Accelerating transformation while reasserting positioning (2/2)
Accelerating transformation while reasserting positioning (2/2) Executing the plan to generate savings of €300m by 2016 vs. 2013, around half of which will occur in 2015 Simplification of organisation and processes On-going redundancy plan of 1,404 jobs 210 departures at end-September 2014
Slide 57: Financial statements section
GROUP KEY FIGURES BUSINESS SEGMENTS FINANCIAL STATEMENTS ANNEXES 57
Slide 58: Condensed consolidated income statement (1/2)
Condensed consolidated income statement (1/2) 9M 2013 € million 9M 2014 Change restated Sales 24,088 24,223 +1% Current operating profit 878 554 -€324m Other operating income and expenses 0 395a +€395m Operating profit 878 949 +€71m Cost of net debt (222) (238) -€16m o/w financial income 40 40 = o/w
Slide 59: Condensed consolidated income statement (2/2)
Condensed consolidated income statement (2/2) 9M 2013 € million 9M 2014 Change restated Income tax expense (242) (185) +€57m Investments in joint ventures and associates 212 407 +€195m o/w share of profits 212 154 -€58m o/w net capital gain on Cofiroute disposal - 253a +€253m Net profit 610 949 +€33
Slide 60: Change in net cash position in Q3 2014 and 9M 2014 (1/2)
Change in net cash position in Q3 2014 and 9M 2014 (1/2) Net cash at €m Net cash at Net cash at 31/12/2013 30/06/2014 30/09/2014 (4,435) (5,174) (4,989) Acquisitions/ Dividends disposalsa paid Operation -11 Exceptional Acquisitions/ disposalsb Operation Otherd -198 Otherc disposalsa +1 -1,600 +10 -7
Slide 61: Change in net cash position in Q3 2014 (2/2)
Change in net cash position in Q3 2014 (2/2) Breakdown of operations Net capital expenditure €m Net cash flowa Change in operating WCRb -323 and other -22 +608 +263 Q3 2013 restated +773 -268c -278 +227c (a) Net cash flow = cash flow - cost of net debt - income tax expense (b) Operating WCR: WCR rel
Slide 62: Annexes section
GROUP KEY FIGURES BUSINESS SEGMENTS FINANCIAL STATEMENTS ANNEXES 62
Slide 63: Key figures at Bouygues Construction
ANNEX Key figures at Bouygues Construction International France Order book (€m) Order intake(a) Long-term order book (beyond Y+5) For execution in Y+1 8,980 8,611 -7% For execution from Y+2 to Y+5 For execution in Y 8,313 8,048 €m = 3,284 17,051 17,711 17,626 3,286 4,752 3,972 -16% 15,262 2,654 2,70
Slide 64: Key figures at Bouygues Immobilier
ANNEX Key figures at Bouygues Immobilier Reservations(a) Order book Commercial property Residential property 2,879 -18% 1,398 1,412 +9% 2,630 2,615 1,300 YoY YoY €m 2,186 170 498 2,144 358 210 420 528 75 366 2,111 2,460 2,381 1,040 1,090 2,087 1,778 992 9M 2012 9M 2013 9M 2014 End-Sept End-Sept End-
Slide 65: Key figures at Colas
ANNEX Key figures at Colas Order book (€m) International and French overseas territories Mainland France 8,242 +8% 8,064 9M 2013 7,531 7,570 7,671 € million 9M 2014 Change 7,094 7,088 restated +24% Sales 9,511 9,184 -3%a 3,537 4,449 3,629 4,727 o/w France 5,509 4,980 -10% 3,571 4,445 3,811 o/w inter
Slide 66: Key figures at TF1
ANNEX Key figures at TF1 In % Group audience share(a) TF1 9M 2014 22.9 3.2 1.8 0.9 28.8 TMC NT1 HD1 9M 2013 22.7 3.5 2.1 0.5 28.8 (a) Individuals aged 4 and over – Source: Médiamétrie € million 9M 2013 restated 9M 2014 Change Sales 1,739 1,613 -7%b o/w group advertising 1,158 1,123 -3% Current opera
Slide 67: Key figures at Bouygues Telecom
ANNEX Key figures at Bouygues Telecom Change vs Change vs Change vs Change vs €m Q1 2014 Q2 2014 Q3 2014 9m 2014 Q1 2013 Q2 2013 Q3 2013 9m 2013 Sales 1,085 -5% 1,092 -4% 1,117 -4% 3,294 -5% Sales from network 966 -9% 974 -7% 975 -8% 2,915 -8% EBITDA 163 -€49m 169 -€88m 206 -€52m 538 -€189m EBITDA/S
Slide 68: Fixed and mobile business and financial performance
ANNEX Fixed and mobile business and financial performance End-Dec End-March End-June End-Sept '000 2013 2014 2014 2014 Mobile customer base 11,143 11,064 11,024 11,048 o/w plan subscribersa 9,910 9,940 9,984 10,031 o/w prepaid customers 1,233 1,124 1,040 1,017 Fixed broadband customer baseb 2,013 2,
Slide 69: Key indicators at Bouygues Telecom
ANNEX Key indicators at Bouygues Telecom Plan Prepaid Total subscriber base Q2 2014 Q3 2014 Q2 2014 Q3 2014 Q2 2014 Q3 2014 Subscribers SIM cards ('000) 9,984 10,031 1,040 1,017 11,024 11,048 SIM cards (% mix) 90.6% 90.8% 9.4% 9.2% Fixed broadband subscriber basea ('000) 2,215 2,319 Unit data – mobi
Slide 70: Agenda
THE BOUYGUES GROUP Slide 4 THE BUSINESSES Slide 13 9M 2014 RESULTS Slide 33 CONCLUSION Slide 71 APPENDIX Slide 73 70
Slide 71: Conclusion
Conclusion Looking ahead, the Bouygues group continues to demonstrate its responsiveness The construction businesses can rely on international momentum, differentiated knowhow and strong adaptation capabilities to cope with the challenging French environment The strategy of Bouygues Telecom is s
Slide 72: Agenda
THE BOUYGUES GROUP Slide 4 THE BUSINESSES Slide 13 9M 2014 RESULTS Slide 33 CONCLUSION Slide 71 APPENDIX Slide 73 72
Slide 73: Condensed consolidated income statement (1/2)
Annex – as published Condensed consolidated income statement (1/2) €m 2012 2013 Change Sales 33,547 33,121 -1% Current operating profit 1,286 1,344 +5% Other operating income and expenses (166)1 (91)2 nm Operating profit 1,120 1,253 +12% Cost of net debt (290) (309) +7% o/w financial income 62 55 -1
Slide 74: Condensed consolidated income statement (2/2)
Annex – as published Condensed consolidated income statement (2/2) €m 2012 2013 Change Income tax expense (330) (367) +11% Associates 217(1) 205(2) -6% Net profit from continuing operations 728 756 +4% Net profit attributable to non-controlling interests3 (95) (109) +15% Net profit attributable to t
Slide 75: Sales by business area
Annex – as published Sales by business area €m 2012 2013 Change Bouygues Construction 10,640 11,111 +4% Bouygues Immobilier 2,396 2,510 +5% Colas 13,036 13,049 = Sub-total of construction businesses1 25,753 26,275 +2% TF1 2,621 2,470 -6% Bouygues Telecom 5,226 4,664 -11% Holding company and other 12
Slide 76: Contribution of business areas to Group EBITDA
Annex – as published Contribution of business areas to Group EBITDA €m 2012 2013 Change Bouygues Construction 614 668 +€54m Bouygues Immobilier 186 191 +€5m Colas 832 823 -€9m TF1 318 300 -€18m Bouygues Telecom 908 880 -€28m Holding company and other (36) (27) +€9m TOTAL 2,822 2,835 +€13m EBITDA = c
Slide 77: Contribution of business areas to Group current operating profit
Annex – as published Contribution of business areas to Group current operating profit €m 2012 2013 Change Bouygues Construction 364 435 +€71m Bouygues Immobilier 179 178 -€1m Colas 406 417 +€11m Sub-total of construction businesses 949 1,030 +€81m TF1 258 223 -€35m Bouygues Telecom 122 125 +€3m Hold
Slide 78: Contribution of business areas to Group net profit/(loss)
Annex – as published Contribution of business areas to Group net profit/(loss) €m Attributable to the Group 2012 2013 Change Bouygues Construction 267 277 +€10m Bouygues Immobilier 107 101 -€6m Colas 291 301 +€10m Sub-total of construction businesses 665 679 +€14m TF1 59 60 +€1m Bouygues Telecom (14
Slide 79: Condensed consolidated balance sheet
Annex – as published Condensed consolidated balance sheet End-Dec End-Dec €m Change 2012 2013 Non-current assets 20,170 17,684(1) -€2,486m Current assets 16,584 15,469 -€1,115m Held-for-sale assets and operations - 1,151(2) +€1,151m TOTAL ASSETS 36,754 34,304 -€2,450m Shareholders' equity 10,078 8,6
Slide 80: Change in net cash position in 2013 (1/2)
Annex – as published Change in net cash position in 2013 (1/2) Net cash at Net cash at 31/12/2012 €m 31/12/2013 (4,172) (4,360) (4,427) (3 872) Acquisitions/ Reclassification Dividends Issue & disposals1 4G frequencies of Eurosport paid buyback of Operation International4 -103 Bouygues -591 shares +
Slide 81: Change in net cash position in 2013 (2/2)
Annex – as published Change in net cash position in 2013 (2/2) Breakdown of operation Net capital Net cash flow1 expenditure €m +2,066 -1,245(2) Change in operating WCR3 and other -211 +610(2) 2012 +2,157 -1,433(4) (2) -125 +599(4) (1) Net cash flow = cash flow - cost of net debt - income tax expens
Slide 82: Contribution of business areas to Group net cash flow
Annex – as published Contribution of business areas to Group net cash flow €m 2012 2013 Change Bouygues Construction 486 488 +€2m Bouygues Immobilier 120 120 = Colas 723 678 -€45m TF1 206 188 -€18m Bouygues Telecom 780 763 -€17m Holding company and other (158) (171) -€13m TOTAL 2,157 2,066 -€91m Net
Slide 83: Contribution of business areas to Group net capital expenditure
Annex – as published Contribution of business areas to Group net capital expenditure €m 2012 2013 Change Bouygues Construction 159 159 = Bouygues Immobilier 13 10 -€3m Colas 345 296 -€49m TF1 45 39 -€6m Bouygues Telecom 869(1) 739(2) -€130m Holding company and other 2(1) 2(2) = Total excluding excep
Slide 84: Contribution of business areas to Group free cash flow
Annex – as published Contribution of business areas to Group free cash flow €m 2012 2013 Change Bouygues Construction 327 329 +€2m Bouygues Immobilier 107 110 +€3m Colas 378 382 +€4m Sub-total of construction businesses 812 821 +€9m TF1 161 149 -€12m Bouygues Telecom (89)1 24(2) +€113m Holding compa
Slide 85: Net cash by business area
Annex – as published Net cash by business area End-Dec End-Dec €m Change 2012 2013 Bouygues Construction 3,093 3,006 -€87m Bouygues Immobilier 358 271 -€87m Colas (170) 39 +€209m TF1 237 188(1) -€49m Bouygues Telecom (650) (783) -€133m Holding company and other (7,040) (7,148) -€108m TOTAL (4,172) (
Slide 86: Financing
Financing €m Available cash: €8.1bn 10,000 Debt maturity schedule at end-June 2014 9,000 8,000 7,000 Undrawn MLT 6,000 facilities 5,000 €5.3bn 4,000 3,000 2,000 Cash €2.8bn 1,000 0 86
Slide 87: Impact of IFRS 11 on the Group's 2013 financial statements
Annex Impact of IFRS 11 on the Group's 2013 financial statements Restatement 2013 2013 €m Bouygues reported Colas TF1 restated Construction Sales 33,345 (10) (204) (10) 33,121 Current operating profit 1,344 2 (27) - 1,319 Operating profit 1,253 2 (27) - 1,228 Cost of net debt (309) - 5 - (304) Other
Slide 88: Impacts of exceptional items on net profit attributable to the Group
Annex Impacts of exceptional items on net profit attributable to the Group €m 9M 2013 restated 9M 2014 Change Net profit attributable to the Group 548 728 +€180m Non-current operating income of €81m related to Bouygues Telecom, net of taxes (45) -€45m Net capital gain on the sale by Colas of its sta
Slide 89: Impacts of the sale of the stake in Cofiroute on the income statement
Annex Impacts of the sale of the stake in Cofiroute on the income statement Colas Bouygues €m Colas income income 9M 2014 contributiona statement statement Net capital gain on disposal 385 385 385 - Goodwill at holding company level 0 0 -132 Net capital gain on disposal after goodwill 385 385 253 -
Slide 90: Impacts of the sale of the 31% stake in Eurosport International
Annex Impacts of the sale of the 31% stake in Eurosport International on the income statement TF1 Bouygues €m TF1 income income 9M 2014 contributiona statement statement Net capital gain on disposal and remeasurementb before tax 329 329 329 - Income tax expense -30 -30 -30 Net capital gain on dispos
Slide 91: Group organisation chart
Annex Group organisation chart Roadworks Building / Civil Engineering Property (1986) (1952) (1956) 96.6 % 100 % 100 % CONSTRUCTION POWER - TRANSPORT 29.3% stake (2006) (1994) (1987) TELECOMS MEDIA 90.5 % 43.5 % 91 Figures as of 31 December 2013
Slide 92: A diversified portfolio
Annex A diversified portfolio Entering new businesses under good conditions Growing market Acquisition of Colas / Screg in 1985 Regulatory or technological changes Acquisition of TF1 in 1987 Launch of Bouygues Telecom in 1994 Favorable financial conditions Investment in Alstom in 200
Slide 93: Construction businesses: 2013 sales breakdown
Annex – as published CONSTRUCTION BUSINESSES: 2013 sales breakdown Building and Civil Works France 4% 14% 7% 53% France 44% 16% Europe (excl. France) Building and Civil Works Asia and Middle east International 42% Americas Electrical Contracting 20% Africa 15% 4% Residential France Commercial Europe
Slide 94: 20 years of know-how in concession and PPP/PFI contracts
Annex 20 years of know-how in concession and PPP/PFI contracts Sport facilities PPPs (Stade Vélodrome in Marseille, Velodrom in Saint-Quentin en Yvelines) A28 motorway concession Hospital PPPs (Bourgoin-Jailleu, Caen etc.) A41 motorway concession Prison PPPs (Réau, Annœullin, Nantes, etc
Slide 95: Calendar
Annex Calendar 25 February 2015 Full year 2014 sales and earnings 7.30am 23 April 2015 Annual General Meeting 3.30pm 95
Slide 96: Building the future is our greatest adventure
96 BUILDING THE FUTURE IS OUR GREATEST ADVENTURE 96