Bouygues Sa · EURONEXT:EN
Bouygues Sa — Q3 2021 Earnings Presentation
44 slides from Bouygues Sa's earnings presentation, Nov 16, 2021
Slide 1: Nine-Month 2021 Results
NINE-MONTH 2021 RESULTS 16 NOVEMBER 2021 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: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 3
Slide 4: Highlights of 9M 2021
HIGHLIGHTS OF 9M 2021 ⚫ 9M 2021 GROUP RESULTS IN LINE WITH H1 2021 TRENDS ◼ Strong growth in sales and earnings vs 9M 2020, which was affected by the pandemic ◼ 9M 2021 sales and operating results returning to their pre-crisis level ⚫ ROBUST GROUP FINANCIAL STRUCTURE AND STRONG FREE CASH FLOW GENERA
Slide 5: Group key figures
GROUP KEY FIGURES Change Change €m 9M 2020 9M 2021 9M 2019 (vs 2020) (vs 2019) Sales 24,948 27,517 +10%a 27,601 = Current operating profit/(loss) 681 1,141 +€460m 1,118 +€23m Current operating margin 2.7% 4.1% +1.4pt 4.1% = Operating profit/(loss) 636b 1,231c +€595m 1,168d +€63m Net profit/(loss) at
Slide 6: Net debt at end-September at a historical low
NET DEBT AT END-SEPTEMBER AT A HISTORICAL LOW End- End- End-Dec €m September Change September Change 2020 2021 2020 Shareholders' equity 11,803 12,129 +€326m 11,288 +€841m Net surplus cash (+)/Net debt (-)a (1,981) (2,637) -€656m (3,661) +€1,024m Net gearing 17% 22% +5pts 32% -10pts ⚫ THE €1BN REDUC
Slide 7: Group liquidity at a record level
GROUP LIQUIDITY AT A RECORDa LEVEL ⚫ AVAILABLE CASH AT END-SEPTEMBER 2021: €12BN Available cash (€bn) Debt maturity schedule at end-September 2021 (€bn) Evenly spread debt 3 maturity schedule 4.0 2 No covenants on €12bn medium/long-term 1 facilities 8.0 0 Issuance of €800m of 2021 2022 2023 2024 202
Slide 8: Change in net debt position in 9M 2021 (1/2)
CHANGE IN NET DEBTa POSITION IN 9M 2021 (1/2) €m Net debt at Net debt at 31/12/2020 30/09/2021 -34 +51 -66 +984 Acquisitions/ Exercise of Share -738 disposals stock options buybacksc and other (1,981) Dividends Alstomb -853 Operations (2,637) 9M 2020 (2,222) 0 -55d +34e -4 -687 -727 (3,661) 9M 2019
Slide 9: Change in net debt position in 9M 2021 (2/2)
CHANGE IN NET DEBTa POSITION IN 9M 2021 (2/2) €m Breakdown of operations Net cash flowb +2,368 -266 Repayment of Change in lease obligations -1,297 operating WCR and other Net capex -853 -1,658 +2,102 Net cash flow including lease expenses 9M 2020 +1,771 -267 -963 -1,268 -727 +1,504 Net cash flow in
Slide 10: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 10
Slide 11: Construction businesses
CONSTRUCTION BUSINESSES 11 Application of the high environmental quality mix Urbalith - France
Slide 12: Backlog in the construction businesses (1/2)
BACKLOG IN THE CONSTRUCTION BUSINESSES (1/2) ◼ Backlog at a high level: €31.8bn at end-September 2021 ◼ 64% of the backlog at Bouygues Construction and Colas in international markets (+2pts vs end-September 2020) EXAMPLES OF CONTRACTS BOOKED IN Q3 2021 Backlog in the construction businesses (€bn) Th
Slide 13: Backlog in the construction businesses (2/2)
BACKLOG IN THE CONSTRUCTION BUSINESSES (2/2) Backlog in the construction businesses (€bn) ⚫ COLAS b -5% ◼ Good international momentum: international backlog up 9%a year-on-year 33.5 2.2 -15% 31.8 1.9 ⚫ BOUYGUES CONSTRUCTION 9.3 +3%c 9.6 ◼ Fewer major projects processed in 2021 ◼ High basis of compar
Slide 14: Key figures in the construction businesses
KEY FIGURES IN THE CONSTRUCTION BUSINESSES Change Change €m 9M 2020 9M 2021 9M 2019 (vs 2020) (vs 2019) Sales 18,928 20,598 +9%a 21,583 -5% o/w France 8,420 9,754 +16% 10,166 -4% o/w international 10,508 10,844 +3% 11,417 -5% Current operating profit/(loss) 133 515 +€382m 545 -€30m o/w Bouygues Cons
Slide 15: 15
15
Slide 16: Key figures at TF1 Group
KEY FIGURES AT TF1 GROUP €m 9M 2020 9M 2021 Change (vs 2020) 9M 2019 Change (vs 2019) Sales 1,361 1,651 +21%a 1,615 +2% Current operating profit 126 223 +€97m 184 +€39m (a) Up 22% like-for-like and at constant Current operating margin 9.2% 13.5% +4.3pts 11.4% +2.1pts exchange rates (b) Including non
Slide 17: buy
buy
Slide 18: Good commercial performance in mobile
GOOD COMMERCIAL PERFORMANCE IN MOBILE ⚫ 14.6 MILLION MOBILE PLAN CUSTOMERS EXCLUDING MtoMa AT END-SEPTEMBER 2021 ◼ +2.5 million customers in 9M 2021 > +2.1 million BTBD customers (integrated on 1 January 2021) > +436,000 customers in 9M 2021, of which +179,000 in Q3 2021 Mobile plan customers excl.
Slide 19: Continued growth in FTTH
CONTINUED GROWTH IN FTTH Fixed customers (millions of customers) and FTTH customer share 4.5 4.4 ⚫ 4.4 MILLION FIXED CUSTOMERS AT END-SEPTEMBER 2021 % FTTH 4.1 4.0 TOTAL 3.8 48% ◼ +204,000 in 9M 2021 3.6 3.5 3.3 34% ⚫ ALMOST HALF OF THE FIXED CUSTOMER BASE WITH AN FTTH OFFER 3.0 6% 22% ◼ 2.1 million
Slide 20: Upward trend in mobile and fixed ABPU year-on-year
UPWARD TREND IN MOBILEa AND FIXEDb ABPU YEAR-ON-YEAR ⚫ FIXED ABPU BACK TO GROWTH IN Q3 2021 COMPARED TO Q2 2021 AND Q3 2020 Mobile ABPUa (€/customer/month) +0.2 +0.4 +0.3 20.3 20.4 20.2 20.4 20.6 20.3* 20.6 * 19.9 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q3 2019 Q3 2020 Q3 2021 Mobile ABPU excluding
Slide 21: Key figures at Bouygues Telecom
KEY FIGURES AT BOUYGUES TELECOM €m 9M 2020 9M 2021 Change ⚫ 9M 2021 RESULTS IN LINE WITH FULL-YEAR TARGETS Sales 4,675 5,273 +13%a ◼ Sales from services: +14% year-on-year, +5% like-for-like o/w sales from services 3,636 4,157 +14%b ◼ EBITDA after Leases: +€78 million (+7%) o/w other sales 1,039 1,1
Slide 22: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 22
Slide 23: Condensed consolidated income statement
CONDENSED CONSOLIDATED INCOME STATEMENT €m 9M 2020 9M 2021 Change Sales 24,948 27,517 +10%a Current operating profit/(loss) 681 1,141 +€460m Other operating income and expenses (45)b 90c +€135m Operating profit/(loss) 636 1,231 +€595m Cost of net debt (132) (114) +€18m Interest expense on lease obli
Slide 24: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 24
Slide 25: Outlook for the Group confirmed
OUTLOOK FOR THE GROUP CONFIRMED This outlook is based on information known to date and excludes any further deterioration in the situation due to Covid-19 ⚫ BASED ON ITS 9M 2021 RESULTS, THE GROUP IS CONFIRMING ITS GUIDANCE ◼ In 2021, sales and current operating profit should be very close to the 20
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Slide 27: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 27
Slide 28: Key figures at Bouygues Construction
ANNEX KEY FIGURES AT BOUYGUES CONSTRUCTION International Order intakea (€bn) France -17% Backlog by geographic region (at end-September 2021) 8.9 8.1 8% 7.4 2% France 4.5 5.8 38% Asia-Pacific -27% 20.4 €bn Europe (excl. France) 4.2 37% Americas Africa and Middle East 3.6 3.2 3.2 15% +1% 9M 2019 9M 2
Slide 29: Key figures at Bouygues Immobilier
ANNEX KEY FIGURES AT BOUYGUES IMMOBILIER Residential property Reservationsa (€bn) +7% Commercial property 1.5 1.4 0.1 1.3 0.1 -43% 0.1 1.4 1.3 +13% 1.2 9M 2019 9M 2020 9M 2021 (a) Net of cancellations (residential property) and firm orders which cannot be cancelled (commercial property) Oreka housin
Slide 30: Key figures at Colas
ANNEX KEY FIGURES AT COLAS International and Backlog (€bn) French overseas territories a +3% Mainland France 9.6 9.1 9.3 +8%b 5.8 6.0 6.5 3.3 -6%c 3.3 3.1 End-Sept. 2019 End-Sept. 2020 End-Sept. 2021 Renovation of an urban railway - France (a) Up 4% at constant exchange rates and excluding principal
Slide 31: Key indicators at Bouygues Telecom
ANNEX KEY INDICATORS AT BOUYGUES TELECOM Q1 2020 Q2 2020 Q3 2020 Q4 2020 2020 Q1 2021 Q2 2021 Q3 2021 Sales from mobile services (€m) 816 805 830 840 3,291 940 952 982 Sales from fixed services (€m) 389 394 402 417 1,602 423 427 432 Mobile customer base 18,010 18,178 18,450 18,755 21,043 21,366 21,6
Slide 32: FTTH premises marketed (millions)
ANNEX FTTHa PREMISES MARKETEDb (MILLIONS) Bouygues Telecom Bouygues Telecom at Bouygues Telecom Bouygues Telecom at end-Dec 2020 end-September 2021 target for end-2022 target for end-2026 35.0 27.0 +4.8 22.5 17.7 5.7 5.1 12.3 10.2 2.3 4.5 Very dense area Medium dense area (AMII) c Public Initiative
Slide 33: Sales by sector of activity
ANNEX SALES BY SECTOR OF ACTIVITY Lfl & €m 9M 2020 9M 2021 Change constant fxa Construction businessesb 18,928 20,598 +9% +9% o/w Bouygues Construction 8,611 9,499 +10% +10% o/w Bouygues Immobilier 1,323 1,433 +8% +8% o/w Colas 9,085 9,787 +8% +8% TF1 1,361 1,651 +21% +22% Bouygues Telecom 4,675 5,2
Slide 34: Contribution to Group EBITDA after Leases by sector
ANNEX CONTRIBUTION TO GROUP EBITDA AFTER LEASESa BY SECTOR OF ACTIVITY €m 9M 2020 9M 2021 Change Construction businesses 546 971 +€425m o/w Bouygues Construction 79 387 +€308m o/w Bouygues Immobilier (5) 50 +€55m o/w Colas 472 534 +€62m TF1 253 441 +€188m Bouygues Telecom 1,123 1,201 +€78m Bouygues
Slide 35: Contribution to Group current operating profit by sector
ANNEX CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT BY SECTOR OF ACTIVITY €m 9M 2020 9M 2021 Change Construction businesses 133 515 +€382m o/w Bouygues Construction 19 255 +€236m o/w Bouygues Immobilier (10) 27 +€37m o/w Colas 124 233 +€109m TF1 126 223 +€97m Bouygues Telecom 444 434 -€10m Bouygues
Slide 36: Contribution to Group operating profit by sector
ANNEX CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF ACTIVITY €m 9M 2020 9M 2021 Change Construction businesses 72 509 +€437m o/w Bouygues Construction 19 255 +€236m o/w Bouygues Immobilier (10) 21 +€31m o/w Colas 63 233 +€170m TF1 126 218 +€92m Bouygues Telecom 460 541 +€81m Bouygues SA and ot
Slide 37: Contribution to net profit attributable to the Group by sector
ANNEX CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY SECTOR OF ACTIVITY €m 9M 2020 9M 2021 Change Construction businesses 6 295 +€289m o/w Bouygues Construction 5 173 +€168m o/w Bouygues Immobilier (18) (1) +€17m o/w Colas 19 123 +€104m TF1 34 65 +€31m Bouygues Telecom 253 325 +€72m Alstom
Slide 38: Condensed consolidated balance sheet
ANNEX CONDENSED CONSOLIDATED BALANCE SHEET End-September €m End-Dec 2020 Change 2021 Non-current assets 21,497 20,955 -€542m Current assets 19,085 21,762 +€2,677m Held-for-sale assets and operations 41 9 -€32m TOTAL ASSETS 40,623 42,726 +€2,103m Shareholders' equity 11,803 12,129 +€326m Non-current
Slide 39: Contribution to Group net cash flow by sector
ANNEX CONTRIBUTION TO GROUP NET CASH FLOWa BY SECTOR OF ACTIVITY €m 9M 2020 9M 2021 Change Construction businesses 501 824 +€323m o/w Bouygues Construction 119 329 +€210m o/w Bouygues Immobilier (9) 30 +€39m o/w Colas 391 465 +€74m TF1 230 410 +€180m Bouygues Telecom 1,091 1,181 +€90m Bouygues SA an
Slide 40: Contribution to net capital expenditure by sector
ANNEX CONTRIBUTION TO NET CAPITAL EXPENDITURE BY SECTOR OF ACTIVITY €m 9M 2020 9M 2021 Change Construction businesses 177 195 +€18m o/w Bouygues Construction 67 91 +€24m o/w Bouygues Immobilier 3 4 +€1m o/w Colas 107 100 -€7m TF1 169 223 +€54m Bouygues Telecom 615 878 +€263m Bouygues SA and other 2
Slide 41: Contribution to Group free cash flow by sector
ANNEX CONTRIBUTION TO GROUP FREE CASH FLOWa BY SECTOR OF ACTIVITY €m 9M 2020 9M 2021 Change Construction businesses 172 486 +€314m o/w Bouygues Construction (24) 181 +€205m o/w Bouygues Immobilier (18) 20 +€38m o/w Colas 214 285 +€71m TF1 47 171 +€124m Bouygues Telecom 377 196 -€181m Bouygues SA and
Slide 42: Net surplus cash (+)/net debt (-)
ANNEX NET SURPLUS CASH (+)/NET DEBT (-)a End- End-Dec €m September Change 2020 2021 Bouygues Construction 3,143 2,734 -€409m Bouygues Immobilier (306) (428) -€122m Colas (7) (443) -€436m TF1 (1) 37 +€38m Bouygues Telecom (1,740) (2,299) -€559m Bouygues SA and other (3,070) (2,238) +€832m Group net s
Slide 43: Glossary (1/2)
ANNEX GLOSSARY (1/2) SALES FROM SERVICES (BOUYGUES TELECOM) 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 char
Slide 44: Glossary (2/2)
ANNEX GLOSSARY (2/2) ABPU (AVERAGE BILLING PER USER) ◼ Sales billed to customers divided by the average number of customers over the period EBITDA AFTER LEASES ◼ Current operating profit after taking account of the interest expense on lease obligations, before (i) net depreciation and amortization e