Bouygues Sa · EURONEXT:EN
Bouygues Sa — Q1 2014 Earnings Presentation
47 slides from Bouygues Sa's earnings presentation, May 15, 2014
Slide 1: First quarter 2014 results presentation
First quarter 2014 results presentation 15 May 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: Reminder: changes in accounting methods for 2014
Reminder: changes in accounting methods for 2014 As announced on 26 February 2014 2013 reported figures have been restated for IFRS 11 At the Bouygues level, Eurosport International sales and EBIT will remain included in the TF1 results until the effective sale of the additional 31% to Discovery
Slide 4: Highlights and key figures; business areas; financial statements; outlook; annex
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OUTLOOK ANNEX 4
Slide 5: Highlights of Q1 2014
Highlights of Q1 2014 In keeping with 2013, the Group further demonstrated its competitiveness and the benefits to customers of its innovation capabilities Good commercial activity in the construction businesses Continued traction of 4G, adopted by 13% of Bouygues Telecom’s customers Success
Slide 6: Group key figures
Group key figures Q1 2013 €m Q1 2014 Change restated Sales 6,645 6,841 +3%1 Current operating profit/(loss) (77) (96) -€19m Operating profit/(loss) (77) 100(2) +€177m Net profit/(loss) attributable to the Group (42) 285(3) +€327m (1) Up 4% like-for-like and at constant exchange rates (2) Including n
Slide 7: Group financial position
Group financial position End-Dec. End-March End-March € million Change 2013 restated 2014 2013 restated Shareholders' equity 8,669 8,941 +€272m 9,912 Net debt 4,435 4,725 +€290m 5,014 Net gearing 51% 53% +2 pts 51% The change in net debt between end-December 2013 and end-March 2014 includes The
Slide 8: Change in net cash position (1/2)
Change in net cash position (1/2) Restated net cash Net cash at at 31/12/2013 €m 31/03/2014 (4,435) (4,725) Acquisitions/ Disposals1 Operation Sale of Cofiroute stake2 Other -24 -1,061 15(3) 780 Q1 2013 restated (4,176) -40 -713 -85(4) (5,014) (1) Including scope effects (2) Sale of Colas’ 16.67% st
Slide 9: Change in net cash position (2/2)
Change in net cash position (2/2) Breakdown of operation Net capital Net cash flow1 expenditure Change in the operating +304 -279 WCR2 & other €m -1,086 -1,061 Q1 2013 restated +186 -294(3) -605 -713(3) (1) Net cash flow = cash flow - cost of net debt - income tax expense (2) Operating WCR: WCR rela
Slide 10: Business areas agenda
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OUTLOOK ANNEX 10
Slide 11: Construction businesses
Construction businesses C ESensee CONSTRUCTION: Bouygues Inmobilier = <u> ae
Slide 12: Good commercial performance by the construction businesses
Good commercial performance by the construction businesses Order books (€m) Q1 2014 confirms 2013 commercial trends Bouygues Construction Bouygues Immobilier Colas +4% Continued growth of the order books in the construction €28.8bn €27.0bn €27.8bn businesses: €28.8bn, up 4% vs end-March 2013 7,5
Slide 13: Business activity at Bouygues Construction
Business activity at Bouygues Construction Strong level of order intake Q1 2014 order intake: €3bn, up 7% vs Q1 2013 thanks to the international business Record order book of €18.2bn at end-March 2014, up 5% vs end-March 2013 Strong visibility with €10.9bn of sales secured beyond 2014 Order
Slide 14: Business activity at Bouygues Immobilier
Business activity at Bouygues Immobilier Residential reservations up 6% to €324m in a market that Reservations (€m)1 remains very difficult Commercial property 70 unsold completed homes at end-March 2014, equivalent to two Residential property days of marketing 437 -17% 409 In a sluggish comme
Slide 15: Business activity at Colas
Business activity at Colas Order book at a high level of €8.1bn, up 7% year-on-year Order book (€m) As expected, French order book is down due to impact of local Mainland France elections International and French overseas territories Order book for international and French overseas territories
Slide 16: Financial results of the construction businesses
Financial results of the construction businesses €m Q1 2013 restated Q1 2014 Change Sales 4,942 5,208 +5%1 Current operating profit/(loss) (81) (93) -€12m 86 o/w Bouygues Construction 86 91 +€5m o/w Bouygues Immobilier 39 31 -€8m o/w Colas (206) (215) -€9m Net profit/(loss) attributable to the Group
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Slide 18: Q1 2014 overview at TF1
Q1 2014 overview at TF1 Q1 2013 € million Q1 2014(1) Change restated Sales 563 556 -1%2 o/w TF1 group advertising 368 369 = Current operating profit/(loss) (16) 23 +€39m Net profit/(loss) att. to the Group (6) 15 +€21m (1) At the Bouygues level, Eurosport International sales and EBIT will remain inc
Slide 19: Bouygues Telecom
Bowaues eg)
Slide 20: 2014 strategic priorities
2014 strategic priorities Develop data use by capitalising on 4G and attract customers to value-added plans Launch breakthroughs in the fixed segment to accelerate growth and to expand Internet at-home accessibility to as many people as possible Continue to transform the company €599m of cos
Slide 21: Develop data use thanks to 4G
Develop data use thanks to 4G Continued 4G traction in the customer base 4G users1 (‘000) 13%1 of the subscriber base uses 4G 1,400 Average data consumption: 2 GB per month for 4G users 1,000 Progress in attracting customers to value-added plan2 More than 70% of retail plan subscribers on
Slide 22: Breakthroughs in the fixed segment
Breakthroughs in the fixed segment Successful launch of the new fixed offering Net adds in the fixed broadband Bouygues Telecom number 1 in terms of net growth1 in Q1 2014 business2 (‘000) 100 with 100,000 new fixed customers 40 72 45 10 Continued growth of very-high-speed customers3 Q1 13 Q2
Slide 23: Q1 2014 financial performance at Bouygues Telecom
Q1 2014 financial performance at Bouygues Telecom € million Q1 2013 restated Q1 2014 Change Sales 1,148 1,085 -5%1 Sales from network 1,063 966 -9% EBITDA 212 163 -€49m EBITDA/sales from network 19.9% 16.9% -3.0 pts Current operating profit/(loss) 28 (19) -€47m Operating profit 28 181(2) +€153m Net
Slide 24: Financial statements agenda
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OUTLOOK ANNEX 24
Slide 25: Condensed consolidated income statement (1/2)
Condensed consolidated income statement (1/2) Q1 2013 € million Q1 2014 Change restated Sales 6,645 6,841 +3% Current operating income (77) (96) -€19m Other operating income and expenses 0 196(1) +€196m Operating income (77) 100 +€177m Cost of net debt (79) (81) -€2m o/w financial income 10 10 = o/w
Slide 26: Condensed consolidated income statement (2/2)
Condensed consolidated income statement (2/2) Q1 2013 € million Q1 2014 Change restated Income tax expense 53 (5) -€58m Associates and joint ventures 65 302 +€237m o/w share of profits 65 49 -€16m o/w net capital gain on Cofiroute disposal - 253(1) +€253m Net profit/(loss) from continuing operations
Slide 27: Outlook agenda
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OUTLOOK ANNEX 27
Slide 28: Outlook
Outlook 2014 Group total sales should be close to the 2013 level Operating performances should remain robust for the construction businesses TF1 operating results will be marked by two exceptional events in 2014: the Football World Cup and the probable divestment of Eurosport International B
Slide 29: Annex agenda
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OUTLOOK ANNEX 29
Slide 30: Key figures at Bouygues Construction
ANNEX Key figures at Bouygues Construction Order intake (€m)1 Order book For execution in Y For execution in Y+1 3,689 For execution from Y+2 to Y+5 €m +5% +7% Long-term order book (beyond Y+5) 2,984 YoY 2,800 2,813 2,787 €18.2bn €17.3bn €17.8bn 2,451 -11% 1,497 France 2,742 2,644 1,530 1,594 2,595
Slide 31: Key figures at Bouygues Immobilier
ANNEX Key figures at Bouygues Immobilier Reservations1 Order book 780 26 Commercial property 2,890 Residential property 2,610 2,485 518 646 437 427 366 364 72 345 €m 131 40 7 754 446 2,244 2,183 2,119 306 324 338 Q1 13 Q1 14 Q2 13 Q3 13 Q4 13 End-March End-December End-March 2013 2013 2014 (1) Defin
Slide 32: Key figures at Colas
ANNEX Key figures at Colas Order book (€m) Mainland France International and French overseas territories +7% Q1 2013 € million Q1 2014 Change 8,064 restated 7,531 7,570 7,094 7,088 Sales 2,059 2,165 +5%1 -9% o/w France 1,362 1,389 +2% 3,615 o/w international 697 776 +11% 3,994 3,941 3,523 3,277 Curr
Slide 33: Mobile and fixed business performance at Bouygues Telecom
ANNEX Mobile and fixed business performance at Bouygues Telecom End-March End-June End-Sept End-Dec End-March ‘000 2013 2013 2013 2013 2014 Mobile subscriber base 11,271 11,286 11,094 11,143 11,064 o/w plan subscribers1 9,618 9,802 9,760 9,910 9,940 o/w prepaid customers 1,653 1,484 1,334 1,233 1,12
Slide 34: Key indicators at Bouygues Telecom
ANNEX Key indicators at Bouygues Telecom Plan Prepaid Total subscriber base Q4 2013 Q1 2014 Q4 2013 Q1 2014 Q4 2013 Q1 2014 Subscribers SIM cards (‘000) 9,910 9,940 1,233 1,124 11,143 11,064 SIM cards (% mix) 88.9% 89.8% 11.1% 10.2% Fixed broadband subscriber base1 (‘000) 2,013 2,113 Unit data – mob
Slide 35: Sales by business area
ANNEX Sales by business area € million Q1 2013 restated Q1 2014 Change Bouygues Construction 2,449 2,596 +6% Bouygues Immobilier 526 536 +2% Colas 2,059 2,165 +5% Sub-total of the construction businesses1 4,942 5,208 +5% TF1 563 556 -1% Bouygues Telecom 1,148 1,085 -5% Holding company and other 32 3
Slide 36: Contribution of business areas to Group EBITDA
ANNEX Contribution of business areas to Group EBITDA € million Q1 2013 restated Q1 2014 Change Bouygues Construction 111 86 -€25m Bouygues Immobilier 34 25 -€9m Colas (160) (156) +€4m TF1 (9) 30 +€39m Bouygues Telecom 212 163 -€49m Holding company and other (10) (12) -€2m TOTAL 178 136 -€42m EBITDA
Slide 37: Contribution of business areas to Group current operating profit
ANNEX Contribution of business areas to Group current operating profit € million Q1 2013 restated Q1 2014 Change Bouygues Construction 86 91 +€5m Bouygues Immobilier 39 31 -€8m Colas (206) (215) -€9m Sub-total of the construction businesses (81) (93) -€12m TF1 (16) 23 +€39m Bouygues Telecom 28 (19)
Slide 38: Contribution of business areas to Group net profit
ANNEX Contribution of business areas to Group net profit Attributable to € million Q1 2013 restated Q1 2014 Change the Group Bouygues Construction 60 65 +€5m Bouygues Immobilier 20 20 = Colas (126) 236(1) +€362m Sub-total of the construction businesses (46) 321 +€367m TF1 (3) 6 +€9m Bouygues Telecom
Slide 39: Contribution of business areas to Group net cash flow
ANNEX Contribution of business areas to Group net cash flow €m Q1 2013 restated Q1 2014 Change Bouygues Construction 116 98 -€18m Bouygues Immobilier 24 18 -€6m Colas (84) (78) +€6m Sub-total of the construction businesses 56 38 -€18m TF1 10 35 +€25m Bouygues Telecom 179 288 +€109m Holding company a
Slide 40: Contribution of business areas to Group net capital expenditure
ANNEX Contribution of business areas to Group net capital expenditure € million Q1 2013 restated Q1 2014 Change Bouygues Construction 24 40 +€16m Bouygues Immobilier 2 4 +€2m Colas 53 46 -€7m Sub-total of the construction businesses 79 90 +€11m TF1 6 9 +€3m Bouygues Telecom 209(1) 180 -€29m Holding
Slide 41: Contribution of business areas to Group free cash flow
ANNEX Contribution of business areas to Group free cash flow € million Q1 2013 restated Q1 2014 Change Bouygues Construction 92 58 -€34m Bouygues Immobilier 22 14 -€8m Colas (137) (124) +€13m Sub-total of the construction businesses (23) (52) -€29m TF1 4 26 +€22m Bouygues Telecom (30)1 108 +€138m Ho
Slide 42: Net cash by business area
ANNEX Net cash by business area End-March End-March € million Change 2013 restated 2014 Bouygues Construction 3,215 2,787 -€428m Bouygues Immobilier 292 157 -€135m Colas (768) 184(1) +€952m TF1 248 254 +€6m Bouygues Telecom (802) (894) -€92m Holding company and other (7,199) (7,213) -€14m TOTAL (5,0
Slide 43: Financing
ANNEX Financing (€m) Available cash: €8.5bn 10,000 Debt maturity schedule at end-March 2014 9,000 8,000 7,000 Undrawn 6,000 MLT facilities 5,000 €5.3bn 4,000 3,000 2,000 Cash 1,000 €3.2bn 0
Slide 44: Impacts of the exceptional items on the net result attr. to the Group
ANNEX Impacts of the exceptional items on the net result attr. to the Group Q1 2013 € million Q1 2014 Change restated Net result attributable to the Group (42) 285 +€327m Non-current income of €196m related to Bouygues Telecom, net of taxes - (109) -€109m Net capital gain on the sale of Colas’ stake
Slide 45: P&L impacts of the sale of the Cofiroute stake
ANNEX P&L impacts of the sale of the Cofiroute stake Colas Colas Group € million – Q1 2014 P&L contribution1 P&L Net capital gain 385 385 385 - Goodwill at the Holding company level 0 0 -132 Net capital gain post goodwill 385 385 253 - Net capital gain att. to non-controlling interests2 (3.4%) 0 -13
Slide 46: Calendar
ANNEX Calendar 28 August 2014 First-half 2014 sales and earnings 7.30am 28 August 2014 First-half 2014 results presentation 11.00am 14 November 2014 Nine-month 2014 sales and earnings 7.30am All times are Central European Times 46
Slide 47: Building the future is our greatest adventure
47 BUILDING THE FUTURE IS OUR GREATEST ADVENTURE 47