Bouygues Sa · EURONEXT:EN
Bouygues Sa — H1 2022 Earnings Presentation
51 slides from Bouygues Sa's earnings presentation, Aug 2, 2022
Slide 1: First-Half 2022 Results
PRESENTATION 2 AUGUST 2022 FIRST-HALF 2022 RESULTS The gravity-base foundations of the Fécamp offshore windfarm under construction
Slide 2: Forward-looking statements
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 ● FIRST-HALF 2022 RESULTS - BOUYGUES GROUP - 2 AUGUST 2022
Slide 4: Milestones completed for the Equans acquisition
Milestones completed for the Equans acquisition Signing of the Equans Share Purchase Agreement ● Agreement signed on 12 May 2022 after the employee representative bodies of Equans and Engie gave their opinions European Antitrust authorization ● On 19 July, the European Commission cleared the acquisi
Slide 5: Proposed merger between TF1 and M6
Proposed merger between TF1 and M6 Report issued by the French competition authority’s investigation teams ● In their report, which in no way predicts the final decision of the authority’s board, the investigation teams consider that the deal raises a number of significant competition concerns (espe
Slide 6: H1 2022 highlights and key figures for the Group
H1 2022 highlights and key figures for the Group Strong H1 results against a complex backdrop €m H1 2022 H1 2021 Change ● Sales up 6% Sales 18,531 17,417 +6% a > Sales growth mainly driven by Colas o/w France 11,121 10,852 +2% > Exchange rate and scope effects of 3% o/w international 7,410 6,565 +13
Slide 7: Placement of a €2bn bond issue
Placement of a €2bn bond issue First step taken on 17 May for the refinancing of the December 2021 €6bn syndicated loan contracted to finance the acquisition of Equans ● Bond issue totalling €2bn, comprising two tranches: > €1bn, for 7 years, with a coupon of 2.25%. The economic cost, after factorin
Slide 8: Contents: Sustainable and responsible initiatives
Contents Sustainable and responsible initiatives 8 ● FIRST-HALF 2022 RESULTS - BOUYGUES GROUP - 2 AUGUST 2022
Slide 9: Examples of CSR initiatives in each of our business segments
Examples of CSR initiatives in each of our business segments Launch of Cœur de Vie, a TF1 wins 8 prizes at the Roll-out of BYSprong, new offering of more Deauville Green Awards, a a solution for sustainable residential A day dedicated to the festival dedicated to Application to obtain large-scale pr
Slide 10: Contents: Review of operations
Contents Review of operations 10 ● FIRST-HALF 2022 RESULTS - BOUYGUES GROUP - 2 AUGUST 2022
Slide 11: Construction & services businesses
REVIEW OF OPERATIONS Construction & services businesses Thailand – Construction of runway 3 at Bangkok Airport – Colas 11 ● FIRST-HALF 2022 RESULTS - BOUYGUES GROUP - 2 AUGUST 2022
Slide 12: Backlog in the construction & services businesses
Backlog in the construction & services businesses Backlog up 6% Backlog in the construction & services businesses (€bn) ● Backlog at Colas +25% (+14% like-for-like and constant exchange rates) a > Order intake +27%a +6% > Good momentum in roads activities, in particular in the United States and in F
Slide 13: Key figures in the construction & services businesses
Key figures in the construction & services businesses Sales up 7% €m H1 2022 H1 2021 Change a Sales 13,717 12,822 +7% ● Colas +17% (+9% like-for-like and at constant exchange rates) o/w Bouygues Construction 6,413 6,337 +1% > Strong growth internationally (+28%) o/w Bouygues Immobilier 869 981 -11%
Slide 14: Media
REVIEW OF OPERATIONS Media TF1’s coverage of the French presidential elections (Gilles Bouleau/Anne-Claire Coudray) 14 ● FIRST-HALF 2022 RESULTS - BOUYGUES GROUP - 2 AUGUST 2022
Slide 15: Key figures at TF1 group
Key figures at TF1 group Good operating performance ● Sales up 5% €m H1 2022 H1 2021 Change > Media +5%, of which advertising revenue +2% (June 2021 benefited from the Sales 1,187 1,129 +5% a Euro soccer tournament broadcast) Current operating profit/(loss) 189 169 +20 > Newen Studios +9%, mainly th
Slide 16: 2022 outlook for TF1 group
2022 outlook for TF1 group ● The current macroeconomic situation, marked by inflation and the Ukraine conflict, has not had a significant effect on the TF1 group’s H1 2022 results. In the second half of the year, the group TF1 will continue to adapt its costs in line with market developments ● The M
Slide 17: Telecoms
REVIEW OF OPERATIONS Telecoms REVIEW OF OPERATIONS Légende de la photo 17 ● FIRST-HALF 2022 RESULTS - BOUYGUES GROUP - 2 AUGUST 2022 17 ● FIRST-HALF 2022 RESULTS - BOUYGUES GROUP - 2 AUGUST 2022
Slide 18: Good commercial performance in mobile and fixed
Good commercial performance in mobile and fixed Mobile plan customer base excl. MtoM (millions of customers) 15.0 14.5 15 million mobile plan customers excluding MtoMa at end-June 2022 11.8 11.2 10.6 ● +193,000 customers in H1 2022, of which +96,000 in Q2 2022 Q2 2018 Q2 2019 Q2 2020 Q2 2021 Q2 2022
Slide 19: Key figures at Bouygues Telecom
Key figures at Bouygues Telecom Sales billed to customers +6% ● Positive volume and price effects €m H1 2022 H1 2021 Change > Mobile ABPU of €19.8a, up €0.2 year-on-year a > Fixed ABPU of €28.7, up €1 year-on-year Sales 3,636 3,471 +5% o/w sales from services 2,824 2,743 +3% o/w sales billed to cust
Slide 20: 5G for industrial uses: an opportunity to boost productivity and safety
5G for industrial uses: an opportunity to boost productivity and safety Signing of a strategic partnership with Ericsson for the integration of a new network backbone called 5G Stand Alone ● Bouygues Telecom starts the second phase of its 5G roll-out strategy ● New private mobile network solutions,
Slide 21: 2022 outlook for Bouygues Telecom
2022 outlook for Bouygues Telecom Bouygues Telecom replaces its sales from services growth target with a sales billed to customers growth target, which is more representative of its performance ● Unlike sales billed to customers, sales from services (+3% in H1 2022) are subject to the structural and
Slide 22: Contents: Financial statements
Contents Financial statements 22 ● FIRST-HALF 2022 RESULTS - BOUYGUES GROUP - 2 AUGUST 2022
Slide 23: Condensed consolidated income statement
Condensed consolidated income statement €m H1 2022 H1 2021 Change a Sales 18,531 17,417 +6% Current operating profit/(loss) 492 471 +21 Other operating income and expenses (44) b 80 c -124 Operating profit/(loss) 448 551 -103 Cost of net debt (73) (75) +2 Interest expense on lease obligations (29) (
Slide 24: Group financial structure
Group financial structure End-June End-Dec End-June €m Change Change 2022 2021 2021 a Shareholders' equity 12,974 12,789 +185 11,779 +1,195 Group net debt (-)/net surplus cash (+) (3,705) (941) -2,764 (2,813) -892 As % of shareholders' equity 29% 7% +22 pts 24% +5 pts Net debt of €3,705m at end-June
Slide 25: Change in net debt position in H1 2022 (1/2)
Change in net debta position in H1 2022 (1/2) Net debt at 31/12/2021 Net debt at 30/06/2022 €m (941) Exercise of stock options and other 0 Swapsc -172 (979) -1 -104 Fair value of pre-hedging swaps Alstom Buyback of +€38m Acquisitions/ treasury disposals sharesb -775 +769 o/w €130m paid to Engie (3,7
Slide 26: Change in net debt position in H1 2022 (2/2)
Change in net debta position in H1 2022 (2/2) Breakdown of operations €m Repayment of Net cash flowb lease obligations Net capex +1,226 -206 Change in operating WCR -1,064 and other -2,437 -2,481 +1,020 Net cash flow including lease expenses H1 2021 +1,300 -178 -790 -1,398 -1,066 +1,122 Net cash flo
Slide 27: Contents: Outlook
Contents Outlook 27 ● FIRST-HALF 2022 RESULTS - BOUYGUES GROUP - 2 AUGUST 2022
Slide 28: 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 or the merger between TF1 and M6 ● In 2022, the Group is expecting a further in
Slide 29: Calendar
Calendar ● 17 November 2022 Nine-month 2022 results (7.30am CET) 29 ● FIRST-HALF 2022 RESULTS - BOUYGUES GROUP - 2 AUGUST 2022
Slide 30: Questions & answers
PRESENTATION 2 AUGUST 2022 Questions & answers Cycle paths in Obersteinbach
Slide 31: Contents: Annexes
Contents Annexes 31 ● FIRST-HALF 2022 RESULTS - BOUYGUES GROUP - 2 AUGUST 2022
Slide 32: Key figures at Bouygues Construction
ANNEX Key figures at Bouygues Construction Order intakea (€bn) Backlog by region (end-June 2022) International +7% France 5.4 5.0 9% 3.1 France 2% 38% Asia-Pacific 3.0 +4% Europe (excl. France) 36% Americas 2.0 2.2 Africa and Middle East +10% 15% H1 2021 H1 2022 For execution in over 5 years Backlog
Slide 33: Key figures at Bouygues Immobilier
ANNEX Key figures at Bouygues Immobilier Reservationsa (€bn) Residential property Commercial property -14% 1.0 0.1 0.9 0.0 nm 1.0 0.9 -11% H1 2021 H1 2022 Les Sentes de Bailly – Bouygues Immobilier Backlogb (€bn) Bouygues Immobilier – key figures Residential property -12% €m H1 2022 H1 2021 Change C
Slide 34: Key figures at Colas
ANNEX Key figures at Colas Backlog (€bn) International and French a overseas territories +25% Mainland France 12.9 10.3 9.6 +37% b 7.0 3.4 3.4 = End-June 2021 End-June 2022 BMW Future Development Center – Colas – Czech Republic H1 2022 sales by activity Colas – key figures Road construction Railways
Slide 35: Key indicators at Bouygues Telecom
ANNEX Key indicators at Bouygues Telecom €m Q2 2022 Q1 2022 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Sales billed to customers (€m) 1,379 1,368 5,318 1,370 1,355 1,304 1,289 Sales from mobile services (€m) 954 941 3,855 981 982 952 940 Sales from fixed services (€m) 469 461 1,731 448 432 427 423 Mobile
Slide 36: FTTH premises marketed (millions)
ANNEX FTTHa premises marketedb (millions) Bouygues Telecom Bouygues Telecom Bouygues Telecom at end-Dec 2021 at end-June 2022 target for end-2026 35.0 +2.9 27.2 24.3 6.2 5.9 13.5 12.9 5.5 7.4 Very Dense Area Medium Dense Area (AMII zone)c Medium Dense Area (PIN zone)c (a) Fiber-To-The-Home: optical
Slide 37: Sales by sector of activity
ANNEX Sales by sector of activity Lfl & €m H1 2022 H1 2021 Change a constant fx Construction and services businesses b 13,717 12,822 +7% +3% o/w Bouygues Construction 6,413 6,337 +1% - 1% o/w Bouygues Immobilier 869 981 - 11% - 11% o/w Colas 6,517 5,591 +17% +9% TF1 1,187 1,129 +5% +3% Bouygues Tele
Slide 38: Contribution to Group EBITDA after Leases by sector of activity
ANNEX Contribution to Group EBITDA after Leasesa by sector of activity €m H1 2022 H1 2021 Change Construction and services businesses 97 357 -260 o/w Bouygues Construction 142 254 -112 o/w Bouygues Immobilier 22 27 -5 o/w Colas (67) 76 -143 TF1 326 322 +4 Bouygues Telecom 830 758 +72 Bouygues SA and
Slide 39: Contribution to Group current operating profit by sector of activity
ANNEX Contribution to Group current operating profit by sector of activity €m H1 2022 H1 2021 Change Construction and services businesses 41 83 -42 o/w Bouygues Construction 185 166 +19 o/w Bouygues Immobilier 16 17 -1 o/w Colas (160) (100) -60 TF1 189 169 +20 Bouygues Telecom 295 244 +51 Bouygues S
Slide 40: Contribution to Group operating profit by sector of activity
ANNEX Contribution to Group operating profit by sector of activity €m H1 2022 H1 2021 Change Construction and services businesses 28 77 -49 o/w Bouygues Construction 172 166 +6 o/w Bouygues Immobilier 16 11 +5 o/w Colas (160) (100) -60 TF1 182 167 +15 Bouygues Telecom 305 335 -30 Bouygues SA and oth
Slide 41: Contribution to net profit attributable to the Group by sector
ANNEX Contribution to net profit attributable to the Group by sector of activity €m H1 2022 H1 2021 Change Construction and services businesses 16 5 +11 o/w Bouygues Construction 135 119 +16 o/w Bouygues Immobilier 9 (6) +15 o/w Colas (128) (108) -20 TF1 56 47 +9 Bouygues Telecom 174 199 -25 Alstom
Slide 42: Contribution to Group net cash flow by sector of activity
ANNEX Contribution to Group net cash flowa by sector of activity €m H1 2022 H1 2021 Change Construction and services businesses 162 277 -115 o/w Bouygues Construction 227 222 +5 o/w Bouygues Immobilier 21 18 +3 o/w Colas (86) 37 -123 TF1 287 299 -12 Bouygues Telecom 841 746 +95 Bouygues SA and other
Slide 43: Contribution to net capital expenditure by sector of activity
ANNEX Contribution to net capital expenditure by sector of activity €m H1 2022 H1 2021 Change Construction and services businesses 71 86 -15 o/w Bouygues Construction 23 45 -22 o/w Bouygues Immobilier 1 2 -1 o/w Colas 47 39 +8 TF1 139 122 +17 Bouygues Telecom 837 582 +255 Bouygues SA and other 17 -
Slide 44: Contribution to Group free cash flow by sector of activity
ANNEX Contribution to Group free cash flowa by sector of activity €m H1 2022 H1 2021 Change Construction and services businesses (17) 94 -111 o/w Bouygues Construction 169 136 +33 o/w Bouygues Immobilier 17 12 +5 o/w Colas (203) (54) -149 TF1 137 166 -29 Bouygues Telecom (82) 93 -175 Bouygues SA and
Slide 45: Net surplus cash / Net debt
ANNEX Net surplus cash (+)/Net debt (-)a End-June End-Dec €m Change 2022 2021 Bouygues Construction 2,558 3,521 -963 Bouygues Immobilier (381) (142) -239 Colas (1 434) (33) -1,401 TF1 245 198 +47 Bouygues Telecom (2,503) (1,734) -769 Bouygues SA and other (2,190) (2,751) +561 a a Group net surplus c
Slide 46: Group liquidity
ANNEX Group liquidity AVAILABLE CASH AT END-JUNE 2022: €17.9BN Available cash (€bn) Debt maturity schedule at end-June 2022 (€bn) excl. syndicated loan 3 4.7 Evenly spread debt 2 maturity schedule 8.2 €17.9bn 1 5.0 No covenants or rating clause on medium/long- 0 term facilities and 2022 2023 2024 20
Slide 47: Condensed consolidated balance sheet
Condensed consolidated balance sheeta End-June End-Dec €m Change 2022 2021 Non-current assets 22,827 21,675 +1,152 Current assets 24,542 22,933 +1,609 Held-for-sale assets and operations 275 34 +241 TOTAL ASSETS 47,644 44,642 +3,002 Shareholders' equity 12,974 12,789 +185 Non-current liabilities 11,
Slide 48: 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 49: 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 50: 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 51: Bouygues SA contact details
Bouygues SA 32 avenue Hoche • 75378 Paris CEDEX 08 bouygues.com