Bouygues Sa · EURONEXT:EN
Bouygues Sa — 9M 2012 Earnings Presentation
39 slides from Bouygues Sa's earnings presentation, Nov 14, 2012
Slide 1: Nine-month 2012 results presentation
1 Nine-month 2012 results presentation Paris – 32 Hoche Building the future is our greatest adventure 14 November 2012 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” will , “expects” expects , “anticipates” anticipates , “future” future , “intends” intends , “plans” plan
Slide 3: Highlights and key figures
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OBJECTIVES S APPENDIX 3
Slide 4: Group sales
Group sales € million 9M 2011 9M 2012 Change Sales 23 719 23,719 24 597 24,597 +4%1 o/w construction businesses2 17,614 18,827 +7% o/w TF1 1,839 1,853 +1% o/w Bouygues Telecom 4,285 3,951 -8% 1Up 1% like-for-like and at constant exchange rates 2Bouygues Construction + Bouygues Immobilier + Colas (sa
Slide 5: Group results (1/2)
Group results (1/2) € million 9M 2011 9M 2012 Change Current operating profit 1,338 954 -€384m o/w construction businesses 667 619 -€48m o/w TF1 195 154 -€41m o/w Bouygues Telecom 512 206 -€306m Current operating margin 5 6% 5.6% 3 9% 3.9% -1.7 1 7 pts o/w construction businesses 3.8% 3.3% -0.5 pts
Slide 6: Group results (2/2)
Group results (2/2) 9M 2011 9M 2012 Change Net profit attributable to the Group (€ million) 794 564 -29% Earnings per share (€) 2 23 2.23 1 79 1.79 -20% 20% Alstom’s contribution amounts to €181m in the 9 months of 2012 vs. €134m in the 9 months of 2011 6
Slide 7: Alstom: H1 2012/13 results
Alstom: H1 2012/13 results A sound level of orders in a challenging economic environment Orders up 19% at €12.1bn in H1 2012/13 B k t bill above Book-to-bill b 1 for f the th fourth f th consecutive ti semester t Backlog up 10% at €52bn representing 31 months of sales Alstom delivered acco
Slide 8: Group free cash flow
Group free cash flow € million 9M 2011 9M 2012 Change Free cash flow1 886 7132 -€173m o/w construction businesses 462 571 +€109m o/w TF1 155 109 -€46m yg o/w Bouygues Telecom 325 842 -€241m 1Before change in WCR 2Excluding investment in 4G frequencies (800 MHz band) in the 9-months 2012 (acquisition
Slide 9: Group financial position
Group financial position End Sept End-Sept. End Sept End-Sept. € million Change 2011 2012 Shareholders’ equity Shareholders 10 596 10,596 9 624 9,624 -€972m Net debt 3,808 5,832 +€2,024m Net gearing 36% 61% +25 pts Decrease in shareholder’s equity related to the cancellation of shares in Q4 2011 (
Slide 10: Business areas
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OBJECTIVES S APPENDIX 10
Slide 11: Bouygues Construction: commercial activity
BOUYGUES CONSTRUCTION: commercial activity Order intake1 Order book at end-September p 2012 € million illi Long-term order book (beyond Y+5) For execution in Y+1 International France +8% For execution from Y+2 to Y+5 For execution in Y 8,706 8,980 15,262 17,051 +12% YoY 8,313 14,293 2,654 France 2,4
Slide 12: Bouygues Construction: key figures
BOUYGUES CONSTRUCTION: key figures € million 9M 2011 9M 2012 Change 2012 target Sales 7,086 7,748 +9%1 10,400 o/w France 3,867 , 4,097 , +6% o/w international 3,219 3,651 +13% Current operating profit 266 260 -€6m p g margin Current operating g 3.8% 3.4% -00.44 pts Net profit attributable to the 159
Slide 13: Bouygues Immobilier: business activity
BOUYGUES IMMOBILIER: business activity Reservations1 Commercial property Order book +9% YoY 1,730 1,868 3,051 -25% Residential property 2,879 72 338 2,630 313 1,394 1,369 1,398 170 498 109 442 358 € million 1,658 1,530 2,738 1,260 2,460 2,381 952 1,040 9M 2008 2 9M 2009 2 9M 2010 3 9M 2011 4 9M 2012
Slide 14: Bouygues Immobilier: key figures
BOUYGUES IMMOBILIER: key figures € million 9M 2011 9M 2012 Change 2012 target Sales 1,548 1,631 +5%1 2,450 o/w Residential 1,358 1,472 +8% 8% o/w Commercial 190 159 -16% Current operating profit 127 123 -€4m Current operating p g margin g 8.2% 7.5% -0.7 ppts Net profit attributable to the 78 75 -€3m
Slide 15: Bouygues Immobilier: adjusting to residential market decrease
BOUYGUES IMMOBILIER: adjusting to residential market decrease In light of the decrease in residential property reservations, Bouygues Immobilier is quickly adapting to the new environment while sales are still growing Some measures have therefore been implemented in Q3 2012 with the objective to
Slide 16: Colas: order book
COLAS: order book IInternational i l andd F Frenchh overseas territories i i Mainland France 7,856 +5% 6 994 6,994 7,254 7,227 6,669 7,006 € million 6,472 3,835 3,353 3,676 3,594 3,298 3,310 = 3,183 3 641 3,641 3 578 3,578 3 634 3,634 4,021 3,708 3 359 3,359 +10% 3 289 3,289 End- End- End- End- End-
Slide 17: Colas: key figures
COLAS: key figures € million 9M 2011 9M 2012 Change 2012 target Sales 9,168 9,670 +5%1 12,900 o/w France 5,4062 5,455 +1% 1% o/w international 3,7622 4,215 +12% Current operating profit 274 236 -€38m Current operating margin 3.0% 2.4% -00.66 pts Net profit attributable to the 209 178 Group -€31m 1Up
Slide 18: Colas: operating margin evolution
COLAS: operating margin evolution As planned, continued improvement in Central Europe On track to achieve breakeven target in 2012 9-month current operating margin decrease is equally explained by The road activity in France Delays in contract executions (due to poor weather in H1 2012) st
Slide 19: Colas: new organization in France
COLAS: project to implement a new organization in France The project Implementation of a new organization for the road business in mainland France Current situation: 16 regional g subsidiaries operating p g under three brand names New organization: 7 regional subsidiaries all operating under
Slide 20: TF1: key figures
TF1: key figures € million illi 9M 2011 9M 2012 Ch Change 2012 target t t Sales 1,839 1,853 +1%1 2,620 o/w Group advertising 1,267 1,248 -1% C Current t operating ti profit fit 195 154 -€41m Current operating margin 10.6% 8.3% -2.3 pts Operating profit 195 1292 -€66m Net profit attributable to the 1
Slide 21: TF1: further adapting to the economic environment
TF1: further adapting to the economic environment TF1 is introducing phase II of its optimization plan As in phase I, TF1 will continue to Increase the level of flexibility of its business model Reduce costs The Th measures will ill ffocus on 3 main i areas The TF1 channel programming co
Slide 22: Bouygues Telecom: mobile commercial performance
BOUYGUES TELECOM: mobile commercial performance Contract net growth1 ('000) Continued positive contract net adds trend in Q3 2012 Q1 12 Q2 12 Q3 12 250 188 A net gain of 188K contracts customers 150 55 A net gain of 124K excluding the consolidation of Darty Telecom 50 124 -50 Return to a pos
Slide 23: Bouygues Telecom: fixed broadband commercial performance
BOUYGUES TELECOM: fixed broadband commercial performance N growthh (‘000)1 Net 359 Installed base of 1.8 million customers at 77 end Q3 2012 Consolidation C lid i off 282K Darty D t Telecom Tl 132 282 122 88 96 customers 83 70 A net gain of 77K Bbox customers Q1 11 Q1 12 Q2 11 Q2 12 Q3 11 Q3 1
Slide 24: Bouygues Telecom: key figures
BOUYGUES TELECOM: key figures 9-month Q3 €million 2011 2012 Change 2011 2012 Change Sales 4,285 3,951 -8%1 1,419 1,275 -10% Sales from network 3,831 3,518 -8% 1,256 1,132 -10% EBITDA 1,035 807 -€228m 370 248 -€122m EBITDA/Sales from network 27.0% 22.9% -4.1 pts 29.5% 21.9% -7.6 pts Current operating
Slide 25: Bouygues Telecom: mobile business model evolution
BOUYGUES TELECOM: mobile business model evolution Repricing of the installed base is Cost saving plan target confirmed: progressing €300 million (with full impact in 2013) 40% of the residential contract base on new tariffs vs. 27% at end Q2 €m Change 9m 2012 vs. 9m 2011 Mobile Mobile Fixed ma
Slide 26: Financial statements
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OBJECTIVES S APPENDIX 26
Slide 27: Condensed consolidated income statement (1/2)
Condensed consolidated income statement (1/2) € million 9M 2011 9M 2012 Change Sales 23,719 24,597 +4% Current operating profit 1,338 954 -29% Other operating income and expenses 381 (95)2 nm Operating profit 1,376 859 -38% Cost of net debt (205) (212) +3% o/w financial income 63 45 -29% o/w financi
Slide 28: Condensed consolidated income statement (2/2)
Condensed consolidated income statement (2/2) € million 9M 2011 9M 2012 Change Income tax expense (395) (232) -41% Share of profits and losses from associates 143 210 +47% Net profit 918 633 -31% Minority interests (124) (69) -44% Net profit attributable to the Group 794 564 -29% 28
Slide 29: Change in the net cash position in 9M 2012 (1/2)
Change in the net cash position in 9M 2012 (1/2) Net cash at Net cash at Net cash at 30/09/2011 31/12/2011 €m 30/09/2012 (2 384) (2,384) -89 (3,639) (3,808) Share repurchase Acquisitions/ -607 +12 tender offer -2 disposals (1,250) Dividends Capital Scope -569 (228) paid transactions effects 4G freq.
Slide 30: Change in the net cash position in 9M 2012 (2/2)
Change in the net cash position in 9M 2012 (2/2) Breakdown of operation Net cash flow1 Net capital expenditure €m +1,671 -9582 Change in the operating WCR3 & other -1,282 -5692 (2) 9M 2011 +1,883 1 883 -997 997 -1,334 1 334 -448 448 1Net cash flow = cash flow - cost of net debt - income tax expense
Slide 31: Contribution of business areas to Group net capital expenditure
Contribution of business areas to Group net capital expenditure € million 9M 2011 9M 2012 Change Bouygues Construction 177 117 -€60m Bouygues Immobilier 7 10 +€3m Colas 252 223 -€29m TF1 29 18 -€11m Bouygues Telecom 536 586 +€50m Holding company and other (4) 4 +€8m Total excluding frequencies 997 9
Slide 32: Financing
Financing €m 8,000 Available cash: €7.3 billion 7,000 Debt repayment schedule at 30 September 2012 6,000 Undrawn MLT 5,000 credit lines €5.2 billion 4,000 €700m bond issued on 2 October 2012 and 3,000 not included in the cash available at end- September 2012 2 000 2,000 Cash 1,000 €2.1 billion 0 32
Slide 33: Objectives
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OBJECTIVES S APPENDIX 33
Slide 34: 2012 sales target
2012 sales target 2012 target In Change € million 2011 In March In May In August November 2012/2011 Bouygues Construction 9 802 9,802 10 000 10,000 10 100 10,100 10 200 10,200 10 400 10,400 +6% Bouygues Immobilier 2,465 2,450 2,450 2,450 2,450 = Colas 12,412 12,500 12,700 12,700 12,900 +4% TF1 2,620
Slide 35: Appendix
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OBJECTIVES S APPENDIX 35
Slide 36: Bouygues Telecom: key indicators
BOUYGUES TELECOM: key indicators Contracts C t t Prepaid P id Total T t l customer t base b Q2 2012 Q3 2012 Q2 2012 Q3 2012 Q2 2012 Q3 2012 Customers SIM cards (‘000) 8,955 9,143 1,899 1,889 10,854 11,032 SIM cards (% mix) 82 5% 82.5% 82 9% 82.9% 17 5% 17.5% 17 1% 17.1% No. of fixed broadband custom
Slide 37: Bouygues Telecom: mobile termination rates
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 € cents/unit for SMS July July January July January February July July 2010 2011 2012 2012 2013 2010 2011 2012 Rates to Bouygues Telecom 3 40 3.40
Slide 38: Calendar
Calendar1 27 February 2013 Full-year 2012 sales and earnings 7.00am 27 February 2013 Full-year 2012 results presentation 11.00am 1All times are Central European Times 38
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