Bouygues Sa · EURONEXT:EN
Bouygues Sa — Q3 2022 Earnings Presentation
53 slides from Bouygues Sa's earnings presentation, Nov 17, 2022
Slide 1: Nine-Month 2022 Results
PRESENTATION 17 NOVEMBER 2022 NINE-MONTH 2022 RESULTS Extension of Port-la-Nouvelle harbour in south-west France by Bouygues Travaux Publics 1 ● NINE-MONTH 2022 RESULTS - BOUYGUES GROUP - 17 NOVEMBER 2022
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: Highlights and key figures
Contents Highlights and key figures 3 ● NINE-MONTH 2022 RESULTS - BOUYGUES GROUP - 17 NOVEMBER 2022
Slide 4: Strategic move in the promising energies & services market
Strategic move in the promising energies & services market Equans acquisition completed on 4 October 2022 ● All authorizations under competition and foreign investment laws obtained ● Disposal of Colas Rail Belgium on 30 September 2022 Creation of a new world leader in the energies & services busine
Slide 5: Equans integration launched – Together programme initiated
Equans integration launched – “Together” programme initiated Global communication and management kick-off meetings ● Eight joint-employee live chats (by region) completed on 5 October ● Joint management seminar on 18, 19 and 20 October Bringing Bouygues Energies & Services and Equans “Together” ● Fi
Slide 6: New major milestone completed for Equans' syndicated loan refinancing
New major milestone completed for Equans’ syndicated loan refinancing Successful €2.25bn bond issue on 24 October 2022 comprised of two tranches: ● €1.25bn for 10 years, with a coupon of 4.625%. The economic cost for the Group, after factoring in pre-hedging, comes to slightly below 2.05%. ● €1bn fo
Slide 7: 9M 2022 key figures for the Group
9M 2022 key figures for the Group Strong 9M results demonstrating resilience against a complex backdrop €m 9M 2022 9M 2021 Change ● Strong backlog in construction and services businesses offering good a Sales 29,677 27,517 +8% visibility o/w France 16,757 16,471 +2% ● Sales up 8% o/w International 1
Slide 8: Contents: Sustainable and responsible initiatives
Contents Sustainable and responsible initiatives 8 ● NINE-MONTH 2022 RESULTS - BOUYGUES GROUP - 17 NOVEMBER 2022
Slide 9: People are Bouygues' greatest resource
People are Bouygues’ greatest resource Easing the impact of inflation on the cost of living for its lowest earning employees in its business segments ● In France, measures implemented in the past 12 months > Wage increases in December 2021, March 2022 and September 2022 > “Special one-off bonus” pai
Slide 10: Contents: Review of operations
Contents Review of operations 10 ● NINE-MONTH 2022 RESULTS - BOUYGUES GROUP - 17 NOVEMBER 2022
Slide 11: Construction & services businesses
REVIEW OF OPERATIONS Construction & services businesses Use of wooden scaffolding to build road bridges near Helsinki– Destia– Colas 11 ● NINE-MONTH 2022 RESULTS - BOUYGUES GROUP - 17 NOVEMBER 2022
Slide 12: Backlog in the construction & services businesses
Backlog in the construction & services businesses Backlog up 7% driven by Colas Backlog in the construction & services businesses (€bn) ● Bouygues Construction's backlog offers good visibility on activity a > Order intake up 9%, o/w international up 12% +7% > Good momentum driven by the normal cours
Slide 13: Key figures in the construction & services businesses
Key figures in the construction & services businesses Sales up 9% ● Bouygues Construction +2%, driven by solid international growth (+5%) €m 9M 2022 9M 2021 Change > B&CWa: +3% > E&S: -1.5% (stable excluding activities transferred to B&CW), contract selectivity impacting a Sales 22,415 20,598 +9% gr
Slide 14: Outlook for the Colas group
Outlook for the Colas group The Colas group is replacing its target of a 4% current operating margin in 2023 with a target for an increase in 2023 current operating profit compared to 2022. ● The Colas group, which does not operate in Russia or Ukraine, is not directly impacted by the current milita
Slide 15: Media
REVIEW OF OPERATIONS Media Romeo and Juliet ballet, La Seine Musicale - Paris 15 ● NINE-MONTH 2022 RESULTS - BOUYGUES GROUP - 17 NOVEMBER 2022
Slide 16: Key figures and highlights at the TF1 group
Key figures and highlights at the TF1 group Good operating performance ● Sales up 5% €m 9M 2022 9M 2021 Change > Media +1%, of which advertising revenue -2% (strong 2021 basis of comparison) a > Newen Studios +35% (o/w +87% in Q3 2022 versus Q3 2021) mainly thanks to Sales 1,740 1,651 +5% strong lev
Slide 17: 2022 outlook for the TF1 group
2022 outlook for the TF1 group ● In the Media operating segment, the TF1 group will accelerate its transformation to meet changing video consumption uses, notably by allocating its content between linear and non-linear. Strengthened by a powerful line-up, particularly with the 2022 FIFA World Cup an
Slide 18: Telecoms
REVIEW OF OPERATIONS Telecoms The “Donate a gigabyte” campaign 18 ● NINE-MONTH 2022 RESULTS - BOUYGUES GROUP - 17 NOVEMBER 2022
Slide 19: Recognition of Bouygues Telecom's quality
Recognition of Bouygues Telecom’s quality 2nd operator on mobile Excellent scores in ARCEP 2022 surveya in mobile in France ● 2nd operator in voice & text and data for 9 years in a row ● #1 in voice in subwaysb (Lille, Lyon, Marseille, Paris, Rennes and Toulouse) ● #1 in voice and text in the very d
Slide 20: Good commercial performance in mobile and fixed
Good commercial performance in mobile and fixed Mobile plan customer base excl. MtoM (millions of customers) 15.1 14.6 15.1 million mobile plan customers excluding MtoMa 2.1 12.0 11.4 10.8 ● +368,000 customers in 9M 2022, of which +175,000 in Q3 2022 12.5 Q3 2018 Q3 2019 Q3 2020 Q3 2021 Q3 2022 Over
Slide 21: Key figures at Bouygues Telecom
Key figures at Bouygues Telecom Sales billed to customers up 6% ● Good commercial performance €m 9M 2022 9M 2021 Change ● Continued upward trend in Mobile and Fixed ABPU a Sales 5,531 5,273 +5% > Mobile ABPU of €20.1a, up €0.3 year-on-year > Fixed ABPU of €29.0, up €1 year-on-year Sales from Service
Slide 22: Contents: Financial statements
Contents Financial statements 22 ● NINE-MONTH 2022 RESULTS - BOUYGUES GROUP - 17 NOVEMBER 2022
Slide 23: Condensed consolidated income statement
Condensed consolidated income statement €m 9M 2022 9M 2021 Change a Sales 29,677 27,517 +8% Current operating profit/(loss) 1,207 1,141 +66 Other operating income and expenses (106) b 90 c -196 Operating profit/(loss) 1,101 1,231 -130 Cost of net debt (123) (114) -9 Interest expense on lease obligat
Slide 24: Group financial structure
Group financial structure End-Sept End-Dec End-Sept €m Change Change 2022 2021 2021 a Shareholders' equity 13,609 12,789 +820 12,198 +1,411 Group net debt (-)/ net surplus cash (+) (3,656) (941) -2,715 (2,637) -1,019 As % of shareholders' equity 27% 7% +20 pts 22% +5 pts Net debt of €3,656m at end-S
Slide 25: Change in net debt position in 9M 2022 (1/2)
Change in net debta position in 9M 2022 (1/2) Net debt at 31/12/2021 Net debt at 30/09/2022 €m Exercise of (941) stock options and other 0 -140 Swapsd 0 Fair value of (979) -183 pre-hedging swaps +€38m Alstom Acquisitions/ disposalsb Buyback of +935 treasury -776 o/w €130m paid to Engie sharesc Divi
Slide 26: Change in net debt position in 9M 2022 (2/2)
Change in net debta position in 9M 2022 (2/2) Breakdown of operations €m Repayment of Net cash flowb lease obligations Net capex +2,384 -309 Change in -1,569 operating WCR and other -2,551 -3,057 +2,075 Net cash flow including lease expenses 9M 2021 +2,368 -266 -1,297 -1,658 -853 +2,102 Net cash flo
Slide 27: New financial indicator
New financial indicator Current Operating Profit from Activities (COPA) = Current Operating Profit / (Loss) before amortization of intangible assets recognized from acquisitions ● Equans acquisition will lead to the recognition by Bouygues of amortization of intangible assets (Purchase Price Allocat
Slide 28: Equans' contribution to Bouygues' disclosure
Equans’ contribution to Bouygues’ disclosure Equans’ contribution to Bouygues’ financial statements ● Consolidation of Equans into the Bouygues group’s accounts starting in October 2022 within a new energies & services business segment ● Bouygues Energies & Services will join this new business segme
Slide 29: Contents: Outlook
Contents Outlook 29 ● NINE-MONTH 2022 RESULTS - BOUYGUES GROUP - 17 NOVEMBER 2022
Slide 30: Outlook for the Group
Outlook for the Group Outlook for 2022 confirmed This outlook is based on information known to date. It excludes any further deterioration in the situation due to Covid-19 and does not factor in the acquisition of Equans ● In 2022, the Group is expecting a further increase in sales and current opera
Slide 31: Calendar
Calendar ● 23 February 2023 Full-year 2022 results (7.30am CET) 31 ● NINE-MONTH 2022 RESULTS - BOUYGUES GROUP - 17 NOVEMBER 2022
Slide 32: Questions & answers
PRESENTATION 17 NOVEMBER 2022 Questions & answers Eole station - Porte Maillot, Paris – Bouygues Construction
Slide 33: Contents: Annexes
Contents Annexes 33 ● NINE-MONTH 2022 RESULTS - BOUYGUES GROUP - 17 NOVEMBER 2022
Slide 34: Key figures at Bouygues Construction
ANNEX Key figures at Bouygues Construction Order intakea (€bn) Backlog by region (end-September 2022) International +9% France 8.1 7.4 9% France 2% 4.2 4.7 38% Asia-Pacific +12% Europe (excl. France) 37% Americas 3.2 3.4 +5% Africa and Middle East 14% 9M 2021 9M 2022 For execution in over 5 years Ba
Slide 35: Key figures at Bouygues Immobilier
ANNEX Key figures at Bouygues Immobilier Reservationsa (€bn) Residential property Commercial property -6% 1.4 1.3 0.1 0.2 nm 1.3 1.1 -14% 9M 2021 9M 2022 Bouygues Immobilier employees in front of Ilot D - Châtillon Backlogb (€bn) Bouygues Immobilier – key figures Residential property -16% Commercial
Slide 36: Key figures at Colas
ANNEX Key figures at Colas Backlog (€bn) International and French a overseas territories +30% Mainland France 12.4 9.6 +41% b 9.2 6.5 3.1 3.2 +5% End-Sept 2021 End-Sept 2022 Rail pulling – Colas Rail – Jakarta 9M 2022 sales by activity Colas – key figures Road construction Railways and €m 9M 2022 9M
Slide 37: Key indicators at Bouygues Telecom
ANNEX Key indicators at Bouygues Telecom €m Q3 2022 Q2 2022 Q1 2022 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Sales billed to customers (€m) 1,426 1,379 1,368 5,318 1,370 1,355 1,304 1,289 Sales from mobile services (€m) 982 954 941 3,855 981 982 952 940 Sales from fixed services (€m) 473 469 461 1,731 4
Slide 38: FTTH premises marketed (millions)
ANNEX FTTHa premises marketedb (millions) Bouygues Telecom Bouygues Telecom Bouygues Telecom at end-Dec 2021 at end-Sept 2022 target for end-2026 35.0 +4.0 28.3 24.3 6.4 5.9 13.8 12.9 5.5 8.2 Very Dense Area Medium Dense Area (AMII)c Public Initiative Network Area (PIN)c (a) Fiber-To-The-Home: optic
Slide 39: Group sales by sector of activity
ANNEX Group sales by sector of activity Lfl & €m 9M 2022 9M 2021 Change constant fx a b Construction and services businesses 22,415 20,598 +9% +4% o/w Bouygues Construction 9,651 9,499 +2% -1% o/w Bouygues Immobilier 1,366 1,433 -5% -5% o/w Colas 11,524 9,787 +18% +10% TF1 1,740 1,651 +5% +4% Bouygu
Slide 40: Contribution to Group EBITDA after Leases by sector of activity
ANNEX Contribution to Group EBITDA after Leasesa by sector of activity €m 9M 2022 9M 2021 Change Construction and services businesses 636 971 -335 o/w Bouygues Construction 213 387 -174 o/w Bouygues Immobilier 20 50 -30 o/w Colas 403 534 -131 TF1 522 441 +81 Bouygues Telecom 1,308 1,201 +107 Bouygue
Slide 41: Contribution to Group current operating profit by sector of activity
ANNEX Contribution to Group current operating profit by sector of activity €m 9M 2022 9M 2021 Change Construction and services businesses 517 515 +2 o/w Bouygues Construction 287 255 +32 o/w Bouygues Immobilier 17 27 -10 o/w Colas 213 233 -20 TF1 239 223 +16 Bouygues Telecom 500 434 +66 Bouygues SA
Slide 42: Contribution to Group operating profit by sector of activity
ANNEX Contribution to Group operating profit by sector of activity €m 9M 2022 9M 2021 Change Construction and services businesses 474 509 -35 o/w Bouygues Construction 244 255 -11 o/w Bouygues Immobilier 17 21 -4 o/w Colas 213 233 -20 TF1 224 218 +6 Bouygues Telecom 507 541 -34 Bouygues SA and other
Slide 43: Contribution to net profit attributable to the Group by sector
ANNEX Contribution to net profit attributable to the Group by sector of activity €m 9M 2022 9M 2021 Change Construction and services businesses 332 295 +37 o/w Bouygues Construction 187 173 +14 o/w Bouygues Immobilier 10 (1) +11 o/w Colas 135 123 +12 TF1 67 65 +2 Bouygues Telecom 290 325 -35 Alstom
Slide 44: Contribution to Group net cash flow by sector of activity
ANNEX Contribution to Group net cash flowa by sector of activity €m 9M 2022 9M 2021 Change Construction and services businesses 738 824 -86 o/w Bouygues Construction 359 329 +30 o/w Bouygues Immobilier 20 30 -10 o/w Colas 359 465 -106 TF1 447 410 +37 Bouygues Telecom 1,309 1,181 +128 Bouygues SA and
Slide 45: Contribution to Group net capital expenditure by sector of activity
ANNEX Contribution to Group net capital expenditure by sector of activity €m 9M 2022 9M 2021 Change Construction and services businesses 137 195 -58 o/w Bouygues Construction 51 91 -40 o/w Bouygues Immobilier 2 4 -2 o/w Colas 84 100 -16 TF1 213 223 -10 Bouygues Telecom 1,199 878 +321 Bouygues SA and
Slide 46: Contribution to Group free cash flow by sector of activity
ANNEX Contribution to Group free cash flowa by sector of activity €m 9M 2022 9M 2021 Change Construction and services businesses 437 486 -49 o/w Bouygues Construction 255 181 +74 o/w Bouygues Immobilier 13 20 -7 o/w Colas 169 285 -116 TF1 218 171 +47 Bouygues Telecom (19) 196 -215 Bouygues SA and ot
Slide 47: Net surplus cash (+)/ Net debt (-)
ANNEX Net surplus cash (+)/ Net debt (-)a End-Sept End-Dec €m Change 2022 2021 Bouygues Construction 2,420 3,521 -1,101 Bouygues Immobilier (280) (142) -138 Colas (1,384) (33) -1,351 TF1 296 198 +98 Bouygues Telecom (2,554) (1,734) -820 Bouygues SA and other (2,154) b (2,751) b +597 b b Group net su
Slide 48: Group liquidity
ANNEX Group liquidity AVAILABLE CASH AT END-SEPT 2022: €17.7BN Available cash (€bn) Debt maturity schedule at end-Sept 2022 (€bn) excl. syndicated loan 3 Evenly spread debt maturity schedule 4.7 2 7.9 €17.7bn 1 5.1 0 2022 2023 2024 2025 2026 2027 2028 2029 2030 2037 No covenants or rating Undrawn ML
Slide 49: Condensed consolidated balance sheet
Condensed consolidated balance sheet End-Sept End-Dec €m Change 2022 2021 Non-current assets 22,889 21,675 +1,214 Current assets 25,079 22,933 +2,146 Held-for-sale assets and operations 369 34 +335 TOTAL ASSETS 48,337 44,642 +3,695 Shareholders' equity 13,609 12,789 +820 Non-current liabilities 11,5
Slide 50: Glossary (1/3)
Glossary (1/3) Sales from services (Bouygues Telecom) comprise: ● Sales billed to customers, which include: > In mobile: ▪ For BtoC customers: sales from outgoing call charges (voice, texts and data), connection fees, and value-added services ▪ For BtoB customers: sales from outgoing call charges (v
Slide 51: 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 52: Glossary (3/3)
Glossary (3/3) Free cash flow ● Net cash flow (determined after (i) cost of net debt, (ii) interest expense on lease obligations and (iii) income taxes paid), minus net capital expenditure and repayments of lease obligations. It is calculated before changes in working capital requirements (WCR) rela
Slide 53: Bouygues SA contact details
Bouygues SA 32 avenue Hoche • 75378 Paris CEDEX 08 bouygues.com