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Bouygues SA — Q1 2009 Earnings Presentation

28 slides from Bouygues SA's earnings presentation, Jun 2, 2009

  1. Slide 1: 1st Quarter 2009 results

    1 1st Quarter 2009 results 2 June 2009 Q1 2009 results

  2. Slide 2: 2 June 2009

    2 This presentation contains projections and forecasts. They express objectives based on the current assessments and estimates of the Group’s senior management which are subject to many factors and uncertainties. The following factors among others set out in the Registration Document (Document de Ré

  3. Slide 3: Highlights and key figures

    3  HIGHLIGHTS AND KEY FIGURES  BUSINESS AREAS  FINANCIAL STATEMENTS  OUTLOOK AND OBJECTIVES Q1 2009 results 2 June 2009

  4. Slide 4: Bouygues Group: key operating figures

    4 BOUYGUES GROUP: key operating figures € million Q1 2008 Q1 2009 Change Sales 6,810(1) 6,655 - 2% Operating profit 387 174 - 55% Net profit attributable to the Group 224 159 - 29% (1)Applying the same accounting policy as in 2008, excluding TF1 third-party sales (€5 million in Q1 2008)  Highlights

  5. Slide 5: Bouygues Group: financial position

    5 BOUYGUES GROUP: financial position End-Q1 End-Q1 € million Change 2008 2009 Shareholders’ equity 8,075 8,839 +€764m Net debt 5,270 5,427 +€157m Gearing ratio 65% 61% - 4 pts  S&P credit rating reiterated on 27 May 2009: A- with a stable outlook  Gearing ratio improving to 61%  Net debt almost s

  6. Slide 6: Business areas

    6  HIGHLIGHTS AND KEY FIGURES  BUSINESS AREAS  FINANCIAL STATEMENTS  OUTLOOK AND OBJECTIVES Q1 2009 results 2 June 2009

  7. Slide 7: Bouygues Construction: business activity

    7 BOUYGUES CONSTRUCTION: business activity € million Order intakes Order Book International For execution in Y For execution in Y+1 Long-term order book (after Y+5) France For execution in Y+2 to Y+5 3,193 At 31 March 2009 12,178 12,255 12,228 2,651 2,581 1,250 1,363 1,358 France 50 % 1,242 2,243 2,

  8. Slide 8: Bouygues Construction: key figures

    8 BOUYGUES CONSTRUCTION: key figures € million Q1 2008 Q1 2009 Change Sales 2,210 2,291 + 4%1 o/w France 1,295 1,293 = o/w international 915 998 + 9% Operating margin 3.4% 2.5% -0.9pts Net profit attributable to the Group 70 48 - 31% 1Up 4% like-for-like and at constant exchange rates First Tower, L

  9. Slide 9: Bouygues Immobilier: reservations

    9 BOUYGUES IMMOBILIER: reservations Reservations Backlog 707 € million 590 3,839 -9% -24% 309 3,212 459 1,415 2,935 233 100 350 Commercial 1,184 972 11 228 Residential 32 359 339 398 357 2,424 2,028 1,963 196 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 08 09 08 09 08 09 08 09 End-March 08 End-Dec 08 End-March 09  Resi

  10. Slide 10: Bouygues Immobilier: key figures

    10 BOUYGUES IMMOBILIER: key figures € million Q1 2008 Q1 2009 Change Sales 564 628 + 11%1 o/w Residential 373 404 + 8% o/w Commercial 191 224 + 17% Operating margin 8.9% 6.7% -2.2 pt Net profit attributable to the Group 24 23 - 4% 1Up 11% like-for-like and at constant exchange rates Green Office® bu

  11. Slide 11: Colas: order book

    11 COLAS: order book International and overseas Mainland France € million -7%  Highlights in Q1 2009  Order book down 5% excluding major, exceptional projects which were not renewed (contracts in Indian Ocean area...)  No impact yet from stimulus plans Q1 2009 results 2 June 2009

  12. Slide 12: Colas: key figures

    12 COLAS: key figures € million Q1 2008 Q1 2009 Change Sales 2,189 1,972 -10%(1) o/w France 1,531 1,299 -15% o/w international 658 673 + 2% Operating profit (67) (115) -72 % Net profit attributable to the Group (27) (70) -159% (1)Down 11% like-for-like and at constant exchange rates Highway in Hunga

  13. Slide 13: TF1 action plan

    13 TF1 action plan  Q1 2009 was characterized by:  Poor financial performance related to a fall in advertising revenue  Stabilization of audience share in Q1 2009 vs. Q4 2008  TF1 is taking further actions to strengthen the business model and to adapt to the current environment:  Necessary tari

  14. Slide 14: Bouygues Telecom: key figures

    14 BOUYGUES TELECOM: key figures € million Q1 2008 Q1 2009 Change Sales(1) 1,200 1,272 + 6% Sales from network (2) 1,124 1,175 + 5% EBITDA(3) 379 348 -8% EBITDA/sales from network 33.7% 29.6% - 4.1 pts Operating profit 229 201 -12% Net profit att. to the Group 151 131 - 13% (1) Up 6% like-for like a

  15. Slide 15: Bouygues Telecom: an innovative fixed-line strategy

    15 BOUYGUES TELECOM: an innovative fixed-line strategy  2007 – 2009 : preparing for an innovative strategy  July 2008: acquiring a DSL network (following the agreement signed with Neuf Cegetel in 2007), ramping up internal competences and processes  20 October 2008: launching the Bbox, firstly ta

  16. Slide 16: Bouygues Telecom: expected ideo benefits

    16 BOUYGUES TELECOM: expected ideo benefits  Address a much wider market, reaching now both individuals and households  Answer customers’ desire to reduce expenses in the current difficult economic environment  Improve churn rate  Develop synergies between mobile and fixed line activities  Dist

  17. Slide 17: Financial statements

    17  HIGHLIGHTS AND KEY FIGURES  BUSINESS AREAS  FINANCIAL STATEMENTS  OUTLOOK AND OBJECTIVES Q1 2009 results 2 June 2009

  18. Slide 18: Condensed consolidated income statement (1/2)

    18 BOUYGUES: condensed consolidated income statement (1/2) € million Q1 2008 Q1 2009 Change Sales 6,810(1) 6,655 - 2% Operating profit 387 174 - 55% Cost of net debt (58) (85) + 47% o/w financial income 39 28 - 28% o/w financial expense (97) (113) + 16% Other financial income and expenses (40) (1) n

  19. Slide 19: Condensed consolidated income statement (2/2)

    19 BOUYGUES: condensed consolidated income statement (2/2) € million Q1 2008 Q1 2009 Change Income tax expense (98) (15) - 85% Share of profits and losses of associates 91 106 +16% Net profit from continuing operations 282 179 - 37% Minority interests (58) (20) - 66% Net profit attributable to the G

  20. Slide 20: Condensed consolidated balance sheet

    20 BOUYGUES: condensed consolidated balance sheet At 31 March 2008 €m At 31 March 2009 32,834 34,649 34,649 Assets Liabilities Assets Liabilities Non-current assets Shareholders’ equity Current assets Non-current liabilities Current liabilities  Net debt at €5,427m in Q1 2009 vs. €5,270m in Q1 2008

  21. Slide 21: Change in cash position in Q1 2009

    21 BOUYGUES: change in cash position in Q1 2009 Net cash at Net cash at end-December end-March 2008 €m 2009 Operation -671 Change in (4,916) Capital WCR (5,427) Acquisitions/ Transactions & other disposals -6 -737 +166 Capital Net cash expenditure flow -282 Of which + 348 Alstom -25 Q1 -777 2008 (4,

  22. Slide 22: Contribution of business areas to Group net cash

    22 Contribution of business areas to Group net cash End-Dec End-March € million Change 2008 2009 Bouygues Construction 2,592 2,823 +€231m Bouygues Immobilier 1 (168) -€169m Colas (6) (451) -€445m TF1 (699) (620) +€79m Bouygues Telecom (107) (177) -€70m Holding company and other (6,697) (6,834) -€137

  23. Slide 23: Contribution of business areas to Group net capital expenditure

    23 Contribution of business areas to Group net capital expenditure  Net capital expenditure € million Q1 2008 Q1 2009 Change Bouygues Construction 74 31 - €43m Bouygues Immobilier 2 1 -€1m Colas 77 56 -€21m TF1 24 33 +€9m Bouygues Telecom 130 132 +€2m Holding company and other 2 29 +€27m TOTAL 309

  24. Slide 24: Bouygues: very substantial liquidity

    24 BOUYGUES: very substantial liquidity Available cash: €7.9 billion €m 9,000 8,000 7,000 Debt repayment schedule 6,000 Undrawn MLT 5,000 credit lines 4,000 3,000 €1 billion-bond reimbursed in May 2009 2,000 1,000 Cash 0 Evenly-spread debt repayment schedule Mainly fixed-rate debt Q1 2009 results 2

  25. Slide 25: Outlook and objectives

    25  HIGHLIGHTS AND KEY FIGURES  BUSINESS AREAS  FINANCIAL STATEMENTS  OUTLOOK AND OBJECTIVES Q1 2009 results 2 June 2009

  26. Slide 26: Bouygues Group: 2009 sales targets

    26 BOUYGUES GROUP: 2009 sales targets 2009 target Change 2008 2009/2008 in February in June Bouygues Construction 9,497 9,300 9,000 -5% Bouygues Immobilier 2,924 2,700 2,700 -8% Colas 12,789 12,300 12,300 -4% TF1 2,595 2,360 2,250 -13% Bouygues Telecom 5,089 5,200 5,200 +2% Holding company and other

  27. Slide 27: Bouygues: calendar

    27 BOUYGUES: calendar (CET1)  27 August 2009 First-half 2009 sales and earnings 5.45pm  28 August 2009 Analysts’ meeting in Paris 11.00am  12 November 2009 Nine-month 2009 sales 5.45pm  1 December 2009 Nine-month 2009 earnings 5.45pm  2 March 2010 Full-year 2009 sales and earnings 5.45pm  3 Ma

  28. Slide 28: Q1 2009 results

    28 Q1 2009 results

Bouygues — Q1 2009 Earnings Presentation on 6ix