Bouygues Sa · EURONEXT:EN
Bouygues Sa — H1 2019 Earnings Presentation
63 slides from Bouygues Sa's earnings presentation, Aug 29, 2019
Slide 1: First Half 2019 Results
FIRST HALF 2019 RESULTS 29 AUGUST 2019 PRESENTATION
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: Application of IFRS 16 (Leases) from 1 January 2019
ANNEX REMINDER: APPLICATION OF IFRS 16 (LEASES) FROM 1 JANUARY 2019 ⚫ RESTATEMENT OF 2018 FINANCIAL STATEMENTS ◼ The 2018 financial statements have been restated following the first-time application of IFRS 16 on Leases from 1 January 2019. For H1 2018, there was a positive impact of €1m on net prof
Slide 4: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 4
Slide 5: H1 2019 Highlights
H1 2019 HIGHLIGHTS ◼ Good commercial performance in the three sectors of activity ◼ Strong growth in results at Bouygues Telecom ◼ Increase in Q2 2019 current operating profit in the construction businesses year-on-year ◼ Significant improvement in H1 2019 Group profitability year-on-year ◼ Outlook
Slide 6: H1 2019 Group Key Figures
H1 2019 GROUP KEY FIGURES ◼ Sales up 11% H1 2018 (+5% like-for-like and at constant exchange rates) €m restated H1 2019 Change Sales 15,743 17,446 +11%a ◼ Significant improvement in profitability year-on-year, o/w France 10,143 10,553 +4% driven by Bouygues Telecom and TF1, despite the o/w internati
Slide 7: Financial Structure
FINANCIAL STRUCTURE ⚫ NET DEBT AT END-JUNE 2019, UP €1.2BN YEAR-ON-YEAR, MAINLY REFLECTS THE ACQUISITIONS OF ALPIQ ES BY BOUYGUES CONSTRUCTION AND COLAS, AND OF KEYYO AND NERIM BY BOUYGUES TELECOM ◼ The increase in net debt vs end-December 2018 essentially reflects the usual seasonal effect of Colas
Slide 8: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 8
Slide 9: Construction Businesses
CONSTRUCTION BUSINESSES Port of Calais extension – France Bouygues Immobilier was awarded the BBCA (low-carbon building) Roadworks at Devils Tower in Wyoming – USA label for Enjoy, the largest timber positive-energy office building in France 9
Slide 10: Backlog stable at the very high level of €33.8bn
Backlog in the construction businesses BACKLOG STABLE AT THE VERY HIGH LEVEL (€bn) OF €33.8BN 33.7 33.8 Stablea 2.7 -15% 2.3 ⚫ GOOD MOMENTUM IN THE ROADS ACTIVITY IN FRANCE 9.5 +4%b 9.9 IN H1 2019 ◼ Backlog for Colas’ mainland France roads activity up 10% year-on-year ⚫ DECLINE IN BACKLOG AT BOUYGUE
Slide 11: Increase in Q2 2019 current operating profit in the construction businesses
INCREASE IN Q2 2019 CURRENT OPERATING PROFIT IN THE CONSTRUCTION BUSINESSES YEAR-ON-YEAR Q1 2018 Q2 2018 H1 2018 €m Q1 2019 Change Q2 2019 Change H2 2019 Change restated restated restated Current operating profit/(loss) (184) (207) -€23m 268 279 +€11m 84 72 -€12m Current operating profit/(loss) afte
Slide 12: Key figures for H1 2019 in the construction businesses
KEY FIGURES FOR H1 2019 IN THE CONSTRUCTION BUSINESSES ◼ Significant year-on-year improvement in Colas’ €m H1 2018 H1 2019 Change restated profitability despite the unfavorable comparison impact from Miller McAsphalt (seasonal losses in January and Sales 12,115 13,398 +11%a February not consolidated
Slide 13: A gradual approach to decarbonize the construction businesses
A GRADUAL APPROACH TO DECARBONIZE THE CONSTRUCTION BUSINESSES 13 Floating solar farm at Piolenc – France
Slide 14: Reduce gray energy in building materials (1/2)
REDUCE GRAY ENERGYa IN BUILDING MATERIALS (1/2) ⚫ CHOOSE INNOVATIVE AND ECO-FRIENDLY MATERIALS ◼ Low-carbon concrete > Partnership with Hoffmann Green Cement Technologies to develop concretes with low-carbon footprint ◼ Timber > Completion of almost 100 timber property developments (new and rehabili
Slide 15: Reduce gray energy in building materials (2/2)
REDUCE GRAY ENERGY IN BUILDING MATERIALS (2/2) ⚫ DEVELOP CIRCULAR ECONOMY SOLUTIONS ◼ Recycle raw materials (concrete, road planings) > 299,000 tons of bitumen recycled by Colas in 2018 (equivalent to the annual bitumen production of a mid-sized refinery) ◼ Optimize the recycling and re-use of mater
Slide 16: Develop renewable and efficient energy production solutions
DEVELOP RENEWABLE AND EFFICIENT ENERGY PRODUCTION SOLUTIONS ⚫ SUPPORT THE ENERGY RENOVATION OF BUILDINGS, AND CONSTRUCT NEW ENERGY-EFFICIENT BUILDINGS ◼ 70% of the total surface area of commercial properties to be either rehabilitationa projects or new low-carbon buildsa by 2020, up from 59% ◼ Large
Slide 17: Facilitate decarbonized mobility
FACILITATE DECARBONIZED MOBILITY ⚫ BUILD PUBLIC TRANSPORTATION AND SOFT TRANSPORT Photo tramway ou piste INFRASTRUCTURE (TRAMS, METROS, BICYCLE PATHS, ETC.) cyclable ⚫ DESIGN ECO-MOBILITY SOLUTIONS INTEGRATED INTO BUILDINGS ◼ 10,000 electric vehicle charge pointsa managed by Bouygues Tram line in Ni
Slide 18: A gradual approach
A GRADUAL APPROACH ⚫ IN 2018, BOUYGUES RETURNED TO THE CARBON DISCLOSURE PROJECT’Sa CLIMATE CHANGE “A LIST” ⚫ BOUYGUES IMMOBILIER AND BOUYGUES CONSTRUCTION HAVE BOTH SET GREENHOUSE GAS EMISSION REDUCTION TARGETS ◼ Bouygues Constructionb: 20% fewer greenhouse gas emissions by 2030 vs 2015 ◼ Bouygues
Slide 19: Women's Soccer World Cup – TF1
19 Women’s Soccer World Cup – 11.8 million TV viewers tuned in to watch the France vs USA match
Slide 20: Key figures at TF1 Group
KEY FIGURES AT TF1 GROUP H1 2018 €m H1 2019 Change ⚫ GOOD PERFORMANCE OF BROADCASTING SEGMENT restated Sales 1,084 1,145 +6%a ◼ Rise in share of target audiences Current operating profit 102 163 +€61m > Up 0.2 pts for “Women aged under 50 Current operating margin 9.4% 14.2% +4.8 pts who are purchasi
Slide 21: Slide 21
Slide 22: Good commercial performance
GOOD COMMERCIAL PERFORMANCE ⚫ 11.2 MILLION MOBILE PLAN CUSTOMERS EXCLUDING MtoMa AT END-JUNE 2019 ◼ +280,000 customers in H1 2019, +132,000 customers in Q2 2019 ⚫ 3.8 MILLION FIXED CUSTOMERS AT END-JUNE 2019 OF WHICH 745,000 FTTH CUSTOMERS ◼ +176,000 FTTH customers in H1 2019, +82,000 customers in Q
Slide 23: Strong growth in sales from services in the last two years
STRONG GROWTH IN SALES FROM SERVICES IN THE LAST TWO YEARS Change in mobile sales Change in fixed sales from services (€m) from services (€m) +6% ⚫ SALES FROM SERVICES: UP 8.5% IN Q2 2019 +3% +15% VS Q2 2018 776 +9% 734 356 ◼ Up 6% for mobile sales from services 713 283 309 ◼ Up 15% for fixed sales
Slide 24: Sharp increase in financial results
SHARP INCREASE IN FINANCIAL RESULTS H1 2018 ⚫ GROWTH IN TOTAL SALES: UP 13% LIKE-FOR-LIKE €m restated H1 2019 Change AND AT CONSTANT EXCHANGE RATES Total sales 2,563 2,913 +14%a o/w Sales from services 2,074 2,226 +7% ⚫ SHARP INCREASE IN EBITDA AFTER LEASES EBITDA after Leasesb 551 653 +€102m ◼ Up €
Slide 25: Differentiation via network quality
DIFFERENTIATION VIA NETWORK QUALITY ⚫ RELIABILITY AND QUALITY OF MOBILE AND FIXED NETWORKS ◼ Bouygues Telecom is the N°1 mobile network in the rural areasa of Franceb ◼ Over 28,000 mobile sites in 2023 ◼ Target of 12 million FTTHc premises marketed at end-2019 (a) Rural areas: urban areas of less th
Slide 26: Differentiation through the quality of customer experience
DIFFERENTIATION THROUGH THE QUALITY OF CUSTOMER EXPERIENCE Customer satisfaction score A SIMPLER AND SEAMLESS CUSTOMER EXPERIENCE 157 159 161 168 2017 a 2018 a H1 2019 a Target Giving your best Proud to belong OUTSTANDING COMMITMENT FROM EMPLOYEES 97%b 94%b (+2 pts vs 2017) (+1 pt vs 2017) 26 (a) Cu
Slide 27: Major growth drivers
MAJOR GROWTH DRIVERS ⚫ BtoC MARKET ◼ Mobile market share gains in the Less Dense Area > Benefits from mobile network sharing: 50% more sitesa > Gradual strengthening of local distribution channels with the opening of around 50 stores and the partnership with Fnac Connect ◼ Growing source of new cust
Slide 28: Key indicators at Bouygues Telecom
ANNEX KEY INDICATORS AT BOUYGUES TELECOM Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018 Q1 2019 Q2 2019 restated restated restated restated restated Sales from Mobile services 705 713 750 737 2,904 719 734 779 754 2,986 751 776 (€m) Sales from Fixed services (€m) 278 283 2
Slide 29: FTTH premises marketed (millions)
ANNEX FTTHa PREMISES MARKETEDb (MILLIONS) Total premises on the marketc Bouygues Telecom at end-June 2019 Bouygues Telecom at end-2019 Very Dense 6.4 Area 3.3 4.5 Medium Dense Area 13.2 AMIId 6.5 35.5 5.3 9.1 12 Public Initiative 15.9 Network (PIN) Aread 0.5 1 (a) Fiber-To-The-Home – optical fiber f
Slide 30: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 30
Slide 31: Condensed consolidated income statement (1/2)
CONDENSED CONSOLIDATED INCOME STATEMENT (1/2) H1 2018 €m H1 2019 Change restated Sales 15,743 17,446 +11%a Current operating profit 333 453 +€120m Current operating profit after Leasesb 306 424 +€118m Other operating income and expenses 80 42 -€38m Operating profit 413 495 +€82m Operating profit aft
Slide 32: Condensed consolidated income statement (2/2)
CONDENSED CONSOLIDATED INCOME STATEMENT (2/2) H1 2018 €m H1 2019 Change restated Income tax (58) (132) -€74m Share of net profit of joint ventures and associates 88 59 -€29m o/w Alstom 73 33 -€40m Net profit from continuing operations 313 297 -€16m Net profit attributable to non-controlling interest
Slide 33: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec 2018 €m End-June 2019 Change restated Non-current assets 20,882 21,298 +€416m Current assets 17,968 19,193 +€1,225m Held-for-sale assets and operations 340 - -€340m TOTAL ASSETS 39,190 40,491 +€1,301m Shareholders' equity 11,040 10,571 -€469m Non-current
Slide 34: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec End-June €m 2018 Change 2019 restated Non-current assets 20,882 21,298 +€416m Of which: • Property, plant & equipment: +€151m Current assets 17,968 19,193 +€1,225m • Goodwill: +€170m, including • +€110m: Keyyo, Nerim and De Mensen Held-for-sale assets and
Slide 35: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec 2018 €m End-June 2019 Change restated Non-current assets 20,882 21,298 +€416m Current assets 17,968 19,193 +€1,225m Held-for-sale assets and operations 340 - -€340m TOTAL ASSETS 39,190 40,491 +€1,301m Shareholders' equity 11,040 10,571 -€469m Non-current
Slide 36: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec End-June €m 2018 Change 2019 restated Non-current assets 20,882 21,298 +€416m Current assets 17,968 19,193 +€1,225m Held-for-sale assets and 340 - -€340m operations TOTAL ASSETS 39,190 40,491 +€1,301m Of which: • Net profit: +€297m Shareholders' equity 11
Slide 37: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec End-June €m 2018 Change 2019 restated Non-current assets 20,882 21,298 +€416m Current assets 17,968 19,193 +€1,225m Held-for-sale assets and 340 - -€340m operations TOTAL ASSETS 39,190 40,491 +€1,301m Shareholders' equity 11,040 10,571 -€469m Of which: •
Slide 38: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec 2018 €m End-June 2019 Change restated Non-current assets 20,882 21,298 +€416m Current assets 17,968 19,193 +€1,225m Held-for-sale assets and operations 340 - -€340m TOTAL ASSETS 39,190 40,491 +€1,301m Shareholders' equity 11,040 10,571 -€469m Non-current
Slide 39: Change in net debt position in H1 2019 (1/2)
CHANGE IN NET DEBTa POSITION IN H1 2019 (1/2) €m Net debta at 31/12/2018 Net debta at 30/06/2019 (3,612) -170 Acquisitions/disposalsa (6,205) -14 -708 Capital transactions Operations and otherc Dividends -1,701 H1 2018 (1,902) -972d -10e -680 -1,466 (5,030) restated (b) See glossary on slide 62 for
Slide 40: Change in net debt position in H1 2019 (2/2)
CHANGE IN NET DEBT POSITION IN H1 2019 (2/2) €m Breakdown of operations Repayment of lease Net cash flowa obligations Net capex -165 Change in WCR and otherb +981 -778 -1,701 +816 Net cash flow including lease expenses -1,739 H1 2018 restated +967 -150 -771 -1,512 -1,466 +817 Net cash flow including
Slide 41: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 41
Slide 42: Outlook confirmed
OUTLOOK CONFIRMED ◼ In 2019, improvement of Group profitability and free cash flowa generation of €300m at Bouygues Telecom ◼ Increase Group free cash flow generation after WCRb to €1bn within two years, thanks to the contribution of the three sectors of activity Work on Tour Alto – Paris-La Défense
Slide 43: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 43
Slide 44: A strong and selective international presence
ANNEX A STRONG AND SELECTIVE INTERNATIONAL PRESENCE BOUYGUES OPERATES IN GROWING COUNTRIES WITH A LOW-RISK PROFILE NORTH AMERICA NORTHERN AND CENTRAL EUROPE United States: +2.5% United Kingdom: +1.5% Canada: +1.9% Switzerland: +1.8% RUSSIA: +1.6% 0% 41% 28% 1% SOUTHERN EUROPE MIDDLE EAST AND NORTH S
Slide 45: Backlog in France
ANNEX BACKLOG IN FRANCE EXAMPLE OF CONTRACTS WON IN H1 2019 Backlog in France (€bn) -8% 15.8 0.7 14.5 0.3 -4% excl. 2.6 -14% 2.2 Axioneb and Smaca +9% 3.3 excl. 3.6 Smaca Widening of the A10 motorway in Indre-et-Loire by Bouygues Construction and Colas – €150m -2% excl. 8.9 Axioneb 8.7 End-June 2018
Slide 46: International backlog
ANNEX INTERNATIONAL BACKLOG EXAMPLE OF CONTRACTS WON IN H1 2019 International backlog (€bn) +8%a +X% 19.2 17.8 -24% 0.1 0.1 +X% +7%b 6.3 5.9 +X% Modernization of Line E59 – Poland – €53m 11.8 +X% +8%c 12.8 End-June 2018 End-June 2019 (a) Down 1% at constant exchange rates excluding main acquisitions
Slide 47: Key figures at Bouygues Construction
ANNEX KEY FIGURES AT BOUYGUES CONSTRUCTION France Backlog by geographic region (at end-June 2019) Axione Order intakea (€bn) International -12% 6% 6.0 3% 5.3 30% 3.0 2.9 -3% 0.3 -21% 40% 2.7 2.4 21% H1 2018 H1 2019 France Asia and Middle East Europe (excl. France) Americas Africa (a) Contracts are b
Slide 48: Key figures at Bouygues Immobilier
ANNEX KEY FIGURES AT BOUYGUES IMMOBILIER Residential property Reservationsa (€bn) Commercial property 1.2 -14% 0.1 1.0 0.0 -67% 1.1 1.0 -10% H1 2018 H1 2019 (a) Net of cancellations (residential property) and firm orders which cannot be cancelled (commercial Emblematik – Aubervilliers – France prope
Slide 49: Key figures at Colas
ANNEX KEY FIGURES AT COLAS Backlog (€bn) €m H1 2018 H1 2019 Change +4%a Sales 5,361 5,834 +9%a 9.9 9.5 o/w France 2,855 3,071 +8% 0.3 o/w international 2,506 2,763 +10% 3.6 Stable Current operating profit (167) (136) +€31m 3.3 (+9% excl. Smac) Current operating profit/(loss) after Leases b (173) (14
Slide 50: Sales by sector of activity
ANNEX SALES BY SECTOR OF ACTIVITY H1 2018 Lfl & €m H1 2019 Change restated constant fxa Construction businessesb 12,115 13,398 +11% +4% o/w Bouygues Construction 5,726 6,539 +14% +1% o/w Bouygues Immobilier 1,140 1,086 -5% -5% o/w Colas 5,361 5,834 +9% +8% TF1 1,084 1,145 +6% +2% Bouygues Telecom 2,
Slide 51: Contribution to Group EBITDA after Leases by sector of activity
ANNEX CONTRIBUTION TO GROUP EBITDA AFTER LEASESa BY SECTOR OF ACTIVITY H1 2018 €m H1 2019 Change restated Construction businesses 181 312 +€131m o/w Bouygues Construction 174 267 +€93m o/w Bouygues Immobilier 53 16 -€37m o/w Colas (46) 29 +€75m TF1 222 264 +€42m Bouygues Telecom 551 653 +€102m Bouyg
Slide 52: Contribution to Group current operating profit by sector of activity
ANNEX CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT BY SECTOR OF ACTIVITY H1 2018 €m H1 2019 Change restated Construction businesses 84 72 -€12m o/w Bouygues Construction 173 179 +€6m o/w Bouygues Immobilier 78 29 -€49m o/w Colas (167) (136) +€31m TF1 102 163 +€61m Bouygues Telecom 163 230 +€67m Bo
Slide 53: Contribution to Group current operating profit after Leases by sector
ANNEX CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT AFTER LEASESa BY SECTOR OF ACTIVITY H1 2018 €m H1 2019 Change restated Construction businesses 72 57 -€15m o/w Bouygues Construction 168 173 +€5m o/w Bouygues Immobilier 77 28 -€49m o/w Colas (173) (144) +€29m TF1 100 161 +€61m Bouygues Telecom 15
Slide 54: Contribution to Group operating profit by sector of activity
ANNEX CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF ACTIVITY H1 2018 €m H1 2019 Change restated Construction businesses 84 64 -€20m o/w Bouygues Construction 173 171 -€2m o/w Bouygues Immobilier 78 29 -€49m o/w Colas (167) (136) +€31m TF1 91 163 +€72m Bouygues Telecom 254 280 +€26m Bouygues SA
Slide 55: Contribution to Group operating profit after Leases by sector
ANNEX CONTRIBUTION TO GROUP OPERATING PROFIT AFTER LEASESa BY SECTOR OF ACTIVITY H1 2018 €m H1 2019 Change restated Construction businesses 72 49 -€23m o/w Bouygues Construction 168 165 -€3m o/w Bouygues Immobilier 77 28 -€49m o/w Colas (173) (144) +€29m TF1 89 161 +€72m Bouygues Telecom 241 267 +€2
Slide 56: Contribution to net profit attributable to the Group by sector
ANNEX CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY SECTOR OF ACTIVITY H1 2018 €m H1 2019 Change restated Construction businesses 56 35 -€21m o/w Bouygues Construction 140 121 -€19m o/w Bouygues Immobilier 41 13 -€28m o/w Colas (125) (99) +€26m TF1 29 47 +€18m Bouygues Telecom 142 150 +€8m
Slide 57: Contribution to Group net cash flow by sector of activity
ANNEX CONTRIBUTION TO GROUP NET CASH FLOWa BY SECTOR OF ACTIVITY H1 2018 €m H1 2019 Change restated Construction businesses 272 202 -€70m o/w Bouygues Construction 231 232 +€1m o/w Bouygues Immobilier 38 (10) -€48m o/w Colas 3 (20) -€23m TF1 168 236 +€68m Bouygues Telecom 562 591 +€29m Bouygues SA a
Slide 58: Contribution to net capital expenditure by sector of activity
ANNEX CONTRIBUTION TO NET CAPITAL EXPENDITURE BY SECTOR OF ACTIVITY H1 2018 €m H1 2019 Change restated Construction businesses 220 209 -€11m o/w Bouygues Construction 64 106 +€42m o/w Bouygues Immobilier 4 6 +€2m o/w Colas 152 97 -€55m TF1 88 114 +€26m Bouygues Telecom 461 454 -€7m Bouygues SA and o
Slide 59: Contribution to Group free cash flow before WCR by sector
ANNEX CONTRIBUTION TO GROUP FREE CASH FLOW BEFORE WCRa BY SECTOR OF ACTIVITY H1 2018 €m H1 2019 Change restated Construction businesses (22) (98) -€76m o/w Bouygues Construction 129 80 -€49m o/w Bouygues Immobilier 29 (20) -€49m o/w Colas (180) (158) +€22m TF1 73 113 +€40m Bouygues Telecom 33 73 +€4
Slide 60: Net surplus cash (+)/net debt (-)
ANNEX NET SURPLUS CASH (+)/NET DEBT (-)a End-Dec End-June €m 2018 Change 2019 restated Bouygues Construction 3,119 2,407 -€712m Bouygues Immobilier (238) (577) -€339m Colas (475) (1,544) -€1,069m TF1 (28) (29) -€1m Bouygues Telecom (1,275) (1,720) -€445m Bouygues SA and other (4,715) (4,742) -€27m T
Slide 61: Debt maturity schedule at end-June 2019
ANNEX DEBT MATURITY SCHEDULE AT END-JUNE 2019 61
Slide 62: Glossary (1/2)
ANNEX GLOSSARY (1/2) EBITDA AFTER LEASES ◼ Current operating profit after Leases (i.e. current operating profit after taking account of interest expense on lease obligations) before (i) net depreciation and amortization expense on property, plant and equipment and intangible assets, (ii) net charges
Slide 63: Glossary (2/2)
ANNEX GLOSSARY (2/2) SALES FROM SERVICES COMPRISE: - Sales billed to customers, which include: In Mobile: o For BtoC customers: sales from outgoing call charges (voice, texts and data), connection fees, and value-added services. o For BtoB customers: sales from outgoing call charges (voice, texts an