Bouygues Sa · EURONEXT:EN
Bouygues Sa — FY2018 Earnings Presentation
69 slides from Bouygues Sa's earnings presentation, Feb 21, 2019
Slide 1: Full-Year 2018 Results Presentation
FULL-YEAR 2018 RESULTS 21 FEBRUARY 2019 PRESENTATION Titre du document - Auteur - Date de diffusion - Niveau de classification (PUBLIC ou INTERNE ou CONFIDENTIEL ou SECRET)
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
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 3
Slide 4: Highlights of 2018
HIGHLIGHTS OF 2018 ◼ Sharp improvement in Q4 Group profitability year-on-year ◼ Increase in current operating profit ◼ Robust commercial momentum in the three sectors of activity ◼ Dividend at €1.70 per sharea TBM with a diameter of 9.87 meters for package T2A of Line 15 South of the Grand Paris Exp
Slide 5: 2018 Group Key Figures
2018 GROUP KEY FIGURES €m 2017 restated 2018 Change ◼ 3% growth in sales like-for-like and Sales 32,923 35,555 +8%c at constant exchange rates o/w France 21,008 21,788 +4% o/w international 11,915 13,767 +16% ◼ Increase in current operating profit Current operating profit 1,406 1,511 +€105m > Up €27
Slide 6: Sharp improvement in Q4 2018 Group current operating profit year-on-year
SHARP IMPROVEMENT IN Q4 2018 GROUP CURRENT OPERATING PROFIT YEAR-ON-YEAR €m Q4 2017 restated Q4 2018 Change Sales 9,171 10,336 +13% Current operating profit 473 691 +€218m o/w construction businesses excluding impact of Axionea 364 403 +€39m o/w TF1 69 72 +€3m o/w Bouygues Telecom 57 117 +€60m o/w i
Slide 7: Robust and healthy financial structure
ROBUST AND HEALTHY FINANCIAL STRUCTURE End-Dec 2017 End-Dec €m Change restated 2018 ⚫ NET DEBT OF €3.7BN AT END-DECEMBER 2018, Shareholders' equity 10,416 11,117 +€701m LOWER THAN EXPECTED Net debt (-)/Net surplus cash (+) (1,917) (3,657) -€1,740m ◼ The increase versus end-December 2017 reflects the
Slide 8: Dividend policy part of the long-term strategy
DIVIDEND POLICY PART OF THE LONG-TERM STRATEGY ⚫ THE BOARD OF DIRECTORS IS PROPOSING A DIVIDEND OF €1.70a PER SHARE FOR FY2018, STABLE YEAR-ON-YEAR Dividend per share (€) ◼ Dividend yieldb in 2018: 5.4% ◼ Total Shareholder Returnc > Over 2 years: 2% (vs 3% for the CAC 40) > Over 5 years: 44% (vs 31%
Slide 9: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 9
Slide 10: Construction Businesses
CONSTRUCTION BUSINESSES Anse du Portier offshore extension – Monaco Xpole – Grenoble – France The Miller McAsphalt group infrastructure – Canada 10
Slide 11: Record backlog
Backloga (€bn) RECORD BACKLOG +5%b 33.1 31.5 -9% 2.5 2.7 ⚫ BACKLOG AT END-DECEMBER 2018: €33.1BN +12% 8.5 7.6 ◼ Up 5% year-on-year and up 7% at constant exchange rates ◼ 61% of the backlog at Bouygues Construction and Colas in international markets 21.2 22.2 +5% End-2017 End-2018 Bouygues Constructi
Slide 12: Stable backlog in France
STABLE BACKLOG IN FRANCE EXAMPLE OF CONTRACTS WON IN Q4 2018 Backloga in France (€bn) -4% 14.9 14.4 0.5 Stable excl. -8% -8% 2.4 Axioneb 2.6 +8% 3.2 3.4 Ivry – Confluences property development – France (€88m) -6% and -1% excl. -1% excl. 8.7 Axionebb 8.6 Axione End-2017 End-2018 Axione Bouygues Immob
Slide 13: Upbeat international markets
UPBEAT INTERNATIONAL MARKETS EXAMPLE OF CONTRACTS WON IN Q4 2018 International backloga (€bn) +13%b 18.8 +X% 0.1 16.5 -20% 0.1 +X% 5.1 +15% 4.4 +X% Widening 28.1 km of motorway to a dual carriageway – Istria – Croatia (€167m) +13% 13.6 12.0 +X% End-2017 End-2018 (a) Restated for IFRS 15 Construction
Slide 14: Increase in Q4 2018 current operating profit in the construction businesses
INCREASE IN Q4 2018 CURRENT OPERATING PROFIT IN THE CONSTRUCTION BUSINESSES YEAR-ON-YEAR ⚫ BOUYGUES CONSTRUCTION Q4 2017 €m Q4 2018 Change restated ◼ Continued good performance in building and Sales 7,162 8,230 +15%a civil works and return to positive contribution Current operating profit 364 509 +€
Slide 15: Key figures in the construction businesses
KEY FIGURES IN THE CONSTRUCTION BUSINESSES €m 2017 restated 2018 Change Sales 25,790 27,966 +8%a o/w France 13,964 14,358 +3% o/w international 11,826 13,608 +15%a Current operating profit 943 915 -€28m o/w impact of Nextdoor in 2017 and Axione in 2018 b 28 106 +€78m Current operating profit excludi
Slide 16: Confident outlook for the construction businesses in the medium to long-term
CONFIDENT OUTLOOK FOR THE CONSTRUCTION BUSINESSES IN THE MEDIUM TO LONG-TERM 4 underlying trends Infrastructure programs in Major infrastructure mature countries maintenance needs Population Climate Digital Changing growth change transformation behavior PERIOD OF STRONG WORLDWIDE DEMAND IN THE LONG-
Slide 17: Adapted positioning and strengths provide robust competitive advantages
ADAPTED POSITIONING AND STRENGTHS PROVIDE ROBUST COMPETITIVE ADVANTAGES DEVELOPER ◼ Ability to develop complex and sophisticated projects ◼ Specific know-how in sustainable construction ◼ Full-service solutions offering the best to customers at each step of the value chain BUILDER ◼ Expertise in man
Slide 18: 2019: a year of integration, transition and adaptation
2019: A YEAR OF INTEGRATION, TRANSITION AND ADAPTATION ⚫ INTEGRATION OF ACQUISITIONS COMPLETED IN 2018 ◼ The Miller McAsphalt group at Colas, Alpiq Engineering Services at Bouygues Construction and Colas, AW Edwards at Bouygues Construction ⚫ CHANGES TO SENIOR MANAGEMENT AT BUSINESS SEGMENTS ◼ New s
Slide 19: TF1 (The Truth About the Harry Quebert Affair)
The Truth About the Harry Quebert Affair
Slide 20: Key figures at TF1 Group
KEY FIGURES AT TF1 GROUP ⚫ SALES UP 7% YEAR-ON-YEAR ◼ Good performance in advertising sales at the 5 unencrypted channels thanks to increased ratings ◼ Impact of premium agreements signed with €m 2017 2018 Change telecom operators and Canal+ restated Sales 2,132 2,288 +7%a ◼ Successful strengthening
Slide 21: TF1 Group strengthened its core business
TF1 GROUP STRENGTHENED ITS CORE BUSINESS ⚫ A UNIQUE POSITION ◼ Unparalleled power > TF1 group’s audience share in its target market was 32.6%a in 2018 with 22.5%a at TF1, its core TV channel ◼ A wealth of content with successes across all genres (news, drama, cinema, sport) ◼ TF1 is the preferred TV
Slide 22: Digital and production: new growth areas
DIGITAL AND PRODUCTION: NEW GROWTH AREAS ⚫ VALUE-CREATING BUSINESS MODELS THAT COMPLEMENT THE CORE BUSINESS ◼ Production > Newen: a major player present in all content genres > Pan-European expansion (Netherlands and Denmark in 2018) > Improved visibility thanks to a longer economic cycle ◼ Digital
Slide 23: Bouygues Telecom
Slide 24: Robust growth in mobile
ROBUST GROWTH IN MOBILE Mobile plan customers excl. MtoMa (millions of customers) ⚫ 16.4 MILLION CUSTOMERS AT END-DECEMBER 2018 ◼ +587,000 customers in Q4 2018 10.9 ◼ +1,963,000 customers in 2018 10.3 9.8 ⚫ OF WHICH 10.9 MILLION MOBILE PLAN CUSTOMERS EXCLUDING MtoMa 9.1 ◼ +121,000 customers in Q4 20
Slide 25: Acceleration of FTTH recruitment
ACCELERATION OF FTTHa RECRUITMENT Fixed customers (‘000 of customers) and share of FTTHa customers ⚫ 3.7 MILLION FIXED CUSTOMERS AT END-DEC 2018 3.7 18, 00% ◼ +73,000 customers in Q4 2018 Total % FTTH 3.4 16, 00% 3.1 ◼ +235,000 customers in 2018 2.8 14, 00% 16% 12, 00% ⚫ TWO-FOLD INCREASE IN FTTH PE
Slide 26: Bringing very-high-speed fixed to as many people as possible
BRINGING VERY-HIGH-SPEED FIXED TO AS MANY PEOPLE AS POSSIBLE ⚫ 30.6 MILLION FTTHa PREMISES SECURED AT END-DEC 2018 FTTHa premises marketed (millions) (+10.6M VS END-DECEMBER 2017) ◼ Partnership agreement signed with Cityfastb in Q4 2018 covering 3.4 million premises ➔ Bouygues Telecom has secured 10
Slide 27: 100% of the very dense areas secured with FTTH
100% OF THE VERY DENSE AREAS SECURED WITH FTTHa Horizontal infrastructure Vertical FTTH rolled out by BOc • Agreement with CityFastb for 50% of Very Dense Area ▪ Bouygues Telecom has guaranteed access to the network • Joint investment: for 30 years acquisition of vertical ▪ Annual opex is fixed, reg
Slide 28: Strong results growth for Bouygues Telecom year-on-year
STRONG RESULTS GROWTH FOR BOUYGUES TELECOM YEAR-ON-YEAR 2017 ⚫ EBITDA MARGIN OF 29.8% (+2.8 POINTS YEAR-ON-YEAR) €m restated 2018 Change ◼ Better-than-expected growth in sales from services in Sales 5,060 5,344 +6%a 2018 (up 5% vs 2017) o/w sales from services 4,070 4,256 +5% o/w sales billed to cus
Slide 29: Strategic priorities
STRATEGIC PRIORITIES ⚫ DIFFERENTIATE VIA QUALITY CUSTOMER EXPERIENCE ⚫ ENSURE CUSTOMERS RELIABLE MOBILE AND FIXED ACCESS THANKS TO QUALITY NETWORKS ⚫ BOOST REGIONAL DEVELOPMENT BY HELPING REDUCE THE DIGITAL DIVIDE ⚫ EXPAND IN B2B The 2018 Christmas advert – 146 million views worldwide 29
Slide 30: Differentiate via quality customer experience
DIFFERENTIATE VIA QUALITY CUSTOMER EXPERIENCE ⚫ DELIVER HIGH-QUALITY CUSTOMER EXPERIENCE ◼ Roll-out a cross-entity program for a more seamless user experience > Over 200 projects initiated > Initial results for customers: • Customers stay connected thanks to the loan of a 4G mini-hub or handset • Cu
Slide 31: Expand in B2B
EXPAND IN B2B ⚫ INCREASE THE FIXED MARKET SHARE WITH LARGE COMPANIES 40,000 customers ◼ Capitalize on the mobile market share with large companies and intermediate-size businessesa to increase the fixed market share 1,300 (around 3% in 2018) employees ◼ Develop a large range of innovative solutions
Slide 32: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 32
Slide 33: Condensed consolidated income statement (1/2)
CONDENSED CONSOLIDATED INCOME STATEMENT (1/2) 2017 €m 2018 Change restated Sales 32,923 35,555 +8%a Current operating profit 1,406 1,511 +€105m Other operating income and expenses 113b 265c +€152m Operating profit 1,519 1,776 +€257m Cost of net debt (226) (216) +€10m o/w financial income 25 29 +€4m
Slide 34: Condensed consolidated income statement (2/2)
CONDENSED CONSOLIDATED INCOME STATEMENT (2/2) 2017 €m 2018 Change restated Income tax (299) (427) -€128m Share of net profit of joint ventures and associates 169 303 +€134m o/w Alstom 105 230 +€125m Net profit from continuing operations 1,201 1,453 +€252m Net profit attributable to non-controlling i
Slide 35: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec End-Dec €m 2017 Change 2018 restated Non-current assets 17,568 19,417 +€1,849m Current assets 18,697 17,945 -€752m Held-for-sale assets and operations 38 332 +€294m TOTAL ASSETS 36,303 37,694 +€1,391m Shareholders' equity 10,416 11,117 +€701m Non-current
Slide 36: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec End-Dec Of which: €m 2017 Change 2018 • Property, plant & equipment: +€774m restated • Goodwill: +€916m of which Non-current assets 17,568 19,417 +€1,849m • +€563m: Alpiq Engineering Services • +€90m: the Miller McAsphalt group Current assets 18,697 17,94
Slide 37: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec End-Dec €m 2017 Change 2018 restated Non-current assets 17,568 19,417 +€1,849m Of which: Current assets 18,697 17,945 -€752m • Current operating assets: +€1,149m • Cash: -€1,892m Held-for-sale assets 38 332 +€294m and operations TOTAL ASSETS 36,303 37,694
Slide 38: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec End-Dec €m 2017 Change 2018 restated Non-current assets 17,568 19,417 +€1,849m Current assets 18,697 17,945 -€752m Held-for-sale assets and operations 38 332 +€294m TOTAL ASSETS 36,303 37,694 +€1,391m Shareholders' equity 10,416 11,117 +€701m Non-current
Slide 39: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec End-Dec €m 2017 Change 2018 restated Non-current assets 17,568 19,417 +€1,849m Current assets 18,697 17,945 -€752m Held-for-sale assets 38 332 +€294m and operations Of which: TOTAL ASSETS 36,303 37,694 +€1,391m • Net profit: +€1,453m • Dividends: -€712m S
Slide 40: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec End-Dec €m 2017 Change 2018 restated Non-current assets 17,568 19,417 +€1,849m Current assets 18,697 17,945 -€752m Held-for-sale assets 38 332 +€294m and operations TOTAL ASSETS 36,303 37,694 +€1,391m Shareholders' equity 10,416 11,117 +€701m Of which: No
Slide 41: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec End-Dec €m Change 2017 restated 2018 Non-current assets 17,568 19,417 +€1,849m Current assets 18,697 17,945 -€752m Held-for-sale assets and operations 38 332 +€294m TOTAL ASSETS 36,303 37,694 +€1,391m Shareholders' equity 10,416 11,117 +€701m Non-current
Slide 42: Change in net debt position in 2018 (1/2)
CHANGE IN NET DEBT POSITION IN 2018 (1/2) €m Net debt at 31/12/2017 Net debt at 31/12/2018 (1,917) (3,657) -1,513 +162 Acquisitions/disposalsa Capital transactionsb -712 -117 +440 Dividends Operations Frequencies 2017 (1,866) -21 +363 -606 -117 +330 (1,917) restated (a) Including the acquisition of
Slide 43: Change in net debt position in 2018 (2/2)
CHANGE IN NET DEBT POSITION IN 2018 (2/2) €m Breakdown of operations Net cashflowa Net capex Change in WCR and otherb -1,573 +2,488 -475 +440 2017 restated +2,286 -1,422 -534 +330 (a) Net cash flow = cash flow - cost of net debt - income tax expense (b) WCR related to operating activities + WCR rela
Slide 44: Contribution to net capital expenditure by sector of activity
CONTRIBUTION TO NET CAPITAL EXPENDITURE BY SECTOR OF ACTIVITY 2017 €m 2018 Change restated Construction businesses 488 497 +€9m o/w Bouygues Construction 119 201 +€82m o/w Bouygues Immobilier 14 8 -€6m o/w Colas 355 288 -€67m TF1 198 204 +€6m Bouygues Telecom 726 865 +€139m Bouygues SA and other 10
Slide 45: Application of IFRS 16 (leases) from 1 January 2019
APPLICATION OF IFRS 16 (LEASES) FROM 1 JANUARY 2019 ⚫ MAIN IMPACTS ON 2018 GROUP FINANCIAL STATEMENTSa 2018 restated after Neutralization of IFRS 16 €m 2018 reported IFRS 16 impacts 2018 adjusted application of IFRS 16 lease impacts EBITDA 3,144 +367 3,511 Current operating profit 1,511 +53 1,564 Op
Slide 46: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 46
Slide 47: The Group's activities operate in markets that offer medium to long-term growth opportunities
THE GROUP’S ACTIVITIES OPERATE IN MARKETS THAT OFFER MEDIUM TO LONG-TERM GROWTH OPPORTUNITIES 4 underlying trends Strong worldwide demand for complex projects, more sophisticated and integrated offers Population growth CONSTRUCTION and maintenance Significant appetite for premium and exclusive Clima
Slide 48: The Group is expanding in strategic, more value-creating activities
THE GROUP IS EXPANDING IN STRATEGIC, MORE VALUE-CREATING ACTIVITIES RELATED TO ITS CORE BUSINESSES ⚫ DEVELOPMENT OF HIGHER VALUE ADDED ACTIVITIES (ORGANIC GROWTH/M&A) ◼ Urban development, eco-neighborhoods, smart cities, energy and services, industrial activities (aggregates and bitumen) and smart r
Slide 49: The Group is anchored on two pillars
THE GROUP IS ANCHORED ON TWO PILLARS BOUYGUES IS RANKED ON THE MAIN SUSTAINABLE DEVELOPMENT INDICES ⚫ THE EXPERTISE OF ITS 129,000 EMPLOYEES ⚫ ITS INNOVATIVE, SOCIALLY AND ENVIRONMENTALLY RESPONSIBLE SOLUTIONS 49 TOP EMPLOYER FOR THE SECOND YEAR RUNNING
Slide 50: Outlook
OUTLOOKa ◼ In 2019, improve Group profitability and generate €300 million of free cash flowb at Bouygues Telecom ◼ Within 2 years, improve Group free cash flow generation after WCRc to €1 billion thanks to the contribution of the three sectors of activity (a) Before application of IFRS 16 Rehabilita
Slide 51: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 51
Slide 52: Items impacting 2018 results
ANNEX ITEMS IMPACTING 2018 RESULTS ⚫ REMINDER: APPLICATION OF IFRS 9 AND IFRS 15 FROM 1 JANUARY 2018 ◼ Slight full-year impact at Group level ◼ Main impacts of IFRS 15: > Bouygues Immobilier: backlog, sales, current operating profit and net profit attributable to the Group > Bouygues Telecom: sales,
Slide 53: Key figures at Bouygues Construction
ANNEX KEY FIGURES AT BOUYGUES CONSTRUCTION France Order intakea (€bn) Backlog by geographic region (at end-Dec 2018) International +11% 6% 14.5 3% 13.1 29% +25% 7.0 8.7 6.2 39% 5.8 -6% 23% 2017 2018 France Asia and Middle East Europe (excl. France) Americas Africa (a) Contracts are booked as order i
Slide 54: Key figures at Bouygues Immobilier
ANNEX KEY FIGURES AT BOUYGUES IMMOBILIER Residential property Reservationsa (€bn) Commercial property 3.1 -15% 2.6 0.4 0.3 -35% 2.6 2.3 -11% 2017 2018 (a) Net of cancellations (residential property) and firm orders which cannot be cancelled Ikea – Nice – France (commercial property) Commercial prope
Slide 55: Key figures at Colas
ANNEX KEY FIGURES AT COLAS 2017 Backlog (€bn) €m 2018 Change restated Sales 11,705 13,190 +13%a +12%a o/w France (incl. French overseas 6,104 6,460 +6% territories) 8.5 o/w international 5,601 6,730 +20% 7.6 +8% Current operating profit 362 359 -€3m 3.4 Current operating margin 3.1% 2.7% -0.4 pts 3.
Slide 56: 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% SOUTHERN EUROPE 1% Spain: +2.2% MIDDLE EAS
Slide 57: 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 restated restated restated restated restated Sales from mobile services (€m) 705 713 750 737 2,904 719 734 779 754 2,986 Sales from fixed services (€m) 278 283 296 309 1,166 312 309 319
Slide 58: FTTH premises marketed (millions)
ANNEX FTTHa PREMISES MARKETEDb (MILLIONS) Total premises on the marketc Bouygues Telecom at end-Dec 2018 Bouygues Telecom at end-2019 Very Dense 6.4 Area 2.8 4.5 Medium Dense Area 13.2 AMIId 6.5 35.5 4.1 7.2 12 Public Initiative 15.9 Network (PIN) Aread 0.3 1 (a) Fiber-To-The-Home – optical fiber fr
Slide 59: A flexible fiber access strategy
ANNEX A FLEXIBLE FIBER ACCESS STRATEGY Number of Zone premises Horizontal infrastructure Vertical infrastructure • 50% of the Very Dense Area with • Joint investment: acquisition of Very Dense CityFasta: fixed annual opex vertical infrastructure (capex) + cost 6.4m Area • 50% of the Very Dense Area
Slide 60: Sales by sector of activity
ANNEX SALES BY SECTOR OF ACTIVITY 2017 Lfl & €m 2018 Change restated constant fxa Construction businessesb 25,790 27,966 +8% +3% o/w Bouygues Construction 11,660 12,358 +6% +1% o/w Bouygues Immobilier 2,749 2,628 -4% -4% o/w Colas 11,705 13,190 +13% +5% TF1 2,132 2,288 +7% +2% Bouygues Telecom 5,060
Slide 61: Contribution to Group EBITDA by sector of activity
ANNEX CONTRIBUTION TO GROUP EBITDAa BY SECTOR OF ACTIVITY 2017 €m 2018 Change restated Construction businesses 1,434 1,427 -€7m o/w Bouygues Construction 472 491 +€19m o/w Bouygues Immobilier 226 161 -€65m o/w Colas 736 775 +€39m TF1 392 470 +€78m Bouygues Telecom 1,097 1,268 +€171m Bouygues SA and
Slide 62: Contribution to Group current operating profit by sector of activity
ANNEX CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT BY SECTOR OF ACTIVITY 2017 €m 2018 Change restated Construction businesses 943 915 -€28m o/w Bouygues Construction 363 368 +€5m o/w Bouygues Immobilier 218 188 -€30m o/w Colas 362 359 -€3m TF1 185 196 +€11m Bouygues Telecom 320 431 +€111m Bouygues
Slide 63: Contribution to Group operating profit by sector of activity
ANNEX CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF ACTIVITY 2017 €m 2018 Change restated Construction businesses 938 880 -€58m o/w Bouygues Construction 363 364 +€1m o/w Bouygues Immobilier 218 188 -€30m o/w Colas 357 328 -€29m TF1 162 174 +€12m Bouygues Telecom 461 753 +€292m Bouygues SA and
Slide 64: Contribution to net profit attributable to the Group by sector of activity
ANNEX CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY SECTOR OF ACTIVITY 2017 €m 2018 Change restated Construction businesses 762 653 -€109m o/w Bouygues Construction 319 296 -€23m o/w Bouygues Immobilier 126 138 +€12m o/w Colas 317 219 -€98m TF1 60 56 -€4m Bouygues Telecom 231 447 +€216m Al
Slide 65: Impacts of exceptional items on net profit attributable to the Group
ANNEX IMPACTS OF EXCEPTIONAL ITEMS ON NET PROFIT ATTRIBUTABLE TO THE GROUP 2017 €m 2018 Change restated Net profit attributable to the Group 1,082 1,311 +€229m o/w non-current income/charges related to the construction businesses (net of taxes) 3 24 +€21m o/w non-current income/charges related to TF
Slide 66: Contribution to Group net cash flow by sector of activity
ANNEX CONTRIBUTION TO GROUP NET CASH FLOWa BY SECTOR OF ACTIVITY 2017 €m 2018 Change restated Construction businesses 1,195 1,106 -€89m o/w Bouygues Construction 393 307 -€86m o/w Bouygues Immobilier 127 134 +€7m o/w Colas 675 665 -€10m TF1 325 363 +€38m Bouygues Telecom 783 1,053 +€270m Bouygues SA
Slide 67: Contribution to Group free cash flow by sector of activity
ANNEX CONTRIBUTION TO GROUP FREE CASH FLOWa BY SECTOR OF ACTIVITY 2017 €m 2018 Change restated Construction businesses 707 609 -€98m o/w Bouygues Construction 274 106 -€168m o/w Bouygues Immobilier 113 126 +€13m o/w Colas 320 377 +€57m TF1 127 159 +€32m Bouygues Telecom 57 188 +€131m Bouygues SA and
Slide 68: Net debt (-)/Net surplus cash (+)
ANNEX NET DEBT (-)/NET SURPLUS CASH (+) End-Dec End-Dec €m 2017 Change 2018 restated Bouygues Construction 3,409 3,119 -€290m Bouygues Immobilier (86) (238) -€152m Colas 433 (517) -€950m TF1 257 (28) -€285m Bouygues Telecom (976) (1,278) -€302m Bouygues SA and other (4,954) (4,715) +€239m TOTAL (1,9
Slide 69: Glossary
ANNEX GLOSSARY SALES FROM SERVICES COMPRISE: - Sales billed to customers, which include: In Mobile: o For B2C customers: sales from outgoing call charges (voice, texts and data), connection fees, and value-added services o For B2B customers: sales from outgoing call charges (voice, texts and data),