Bouygues Sa · EURONEXT:EN
Bouygues Sa — Q1 2024 Earnings Presentation
50 slides from Bouygues Sa's earnings presentation, May 7, 2024
Slide 1: Q1 2024 Results
PRESENTATION PARIS • TUESDAY 7 MAY 2024 Q1 2024 RESULTS Bouygues Travaux Publics on the HS2 high-speed line between London and Birmingham 1 ● FIRST QUARTER 2024 - BOUYGUES GROUP - 7 MAY 2024
Slide 2: Disclaimer
Disclaimer This presentation contains rounded figures and 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”, “believe
Slide 3: Contents: Highlights and key figures
Contents Highlights and key figures 3 ● FIRST QUARTER 2024 - BOUYGUES GROUP - 7 MAY 2024
Slide 4: Group highlights in Q1 2024
Group highlights in Q1 2024 Group outlook for 2024 confirmed Very solid backlog in construction businesses at end-March 2024, providing visibility on activity Equans’ COPA and COPA margin improving year-on-year, in line with the strategic Perform plan Bouygues Immobilier pursuing its adaptation to t
Slide 5: Group key figures in Q1 2024
Group key figures in Q1 2024 Like every year, due to seasonality, Q1 results are not indicative of H1 and full-year results Group sales (€bn) Group COPAa (€m) 26 12.0 12.3 +0.3 (+3%) +17 9 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Net profit/(loss) attributable to the Group (€m) Group net debt (-) in €m -134
Slide 6: Contents: Review of operations
Contents Review of operations 6 ● FIRST QUARTER 2024 - BOUYGUES GROUP - 7 MAY 2024
Slide 7: Construction businesses
REVIEW OF OPERATIONS Construction businesses At Clarens, near Montreux, Colas is renovating a section of road 7 ● FIRST QUARTER 2024 - BOUYGUES GROUP - 7 MAY 2024
Slide 8: Sustained backlog growth in the construction businesses
Sustained backlog growth in the construction businesses ● 70% of the backlog at Bouygues Construction and Colas in international markets, a proportion that is growing gradually each year. At end-March 2021, this proportion was 65%. Backlog in the construction businesses by geography (€bn) 29.4 30.4
Slide 9: Backlog in the construction businesses
Backlog in the construction businesses Backlog up 4% ● Bouygues Construction’s backlog, up 4% year-on-year (+~€700m) Backlog in the construction businesses > Order intake of €2.9bn including: by business segment (€bn) o Good momentum in the normal course of business (contracts < €100m) a representin
Slide 10: Key figures in the construction businesses
Key figures in the construction businesses Like every year, due to seasonality, Q1 results are not indicative of H1 and full-year results €m Q1 2024 Q1 2023 Change Sales up 2% year-on-year (+3% like-for-like and at constant Sales a 5,325 5,209 +2% b exchange rates) o/w Bouygues Construction 2,444 2,
Slide 11: Energies & Services
REVIEW OF OPERATIONS Energies & Services Equans has installed an eco-friendly cooling system and a high-temperature heat pump at the Ennstal dairy in Austria 11 ● FIRST QUARTER 2024 - BOUYGUES GROUP - 7 MAY 2024
Slide 12: Key figures at Equans
Key figures at Equans Solid commercial activity ● Strong order intake at €5.7bn, with continued momentum in: > Data centres, smart buildings, solar farms, and industrial projects (gigafactories, biotechnology sites), mainly in Europe and in the US > Recurrent maintenance contracts for industrial sit
Slide 13: Equans 2024 outlook confirmed
Equans 2024 outlook confirmed In 2024, Equans will continue to roll out its strategic plan. It will remain focused on improving performance in a supportive environment and will continue to prioritise margins over volume growth The 2024 sales figure will be close to that of 2023, because it will fact
Slide 14: Media
REVIEW OF OPERATIONS Media Bonjour ! is TF1’s new breakfast show hosted by Bruce Toussaint 14 ● FIRST QUARTER 2024 - BOUYGUES GROUP - 7 MAY 2024
Slide 15: Key figures at the TF1 group
Key figures at the TF1 group Strengthening leadership of target audiences and promising launch of TF1+ ● Total audience share of 34.5% among women under 50 who are purchasing decision-makers, up 1.3 pts year-on-year ● Total audience share of 31.4% among individuals aged 25-49, €m Q1 2024 Q1 2023 Cha
Slide 16: TF1 group 2024 outlook confirmed
TF1 group 2024 outlook confirmed The TF1 group's outlook for 2024 is the following: Keep growing in digital, building on the promising launch of TF1+ Maintain a broadly stable current operating margin from activities close to that of 2023 Continue to generate solid cash flow, enabling the TF1 group
Slide 17: Telecoms
REVIEW OF OPERATIONS Telecoms Fibre being rolled out in France 17 ● FIRST QUARTER 2024 - BOUYGUES GROUP - 7 MAY 2024
Slide 18: Commercial performance in mobile and fixed
Commercial performance in mobile and fixed Mobile plan customer base excl. MtoM (millions of customers) 15.5 15.5 million mobile plan customers excluding MtoMa 14.3 14.9 15.2 at end-March 2024 ● +17,000 customers in Q1 2024 (vs +27,000 in Q1 2023), in a more modest 11.7 growth market Q1 2020 Q1 2021
Slide 19: Key figures at Bouygues Telecom
Key figures at Bouygues Telecom Sales billed to customers up 5% year-on-year ● Good momentum in sales billed to customers with positive volume and value effects, particularly in fixed €m Q1 2024 Q1 2023 Change a > Mobile ABPU of €19.7, stable year-on-year Sales 1,899 1,937 -2% o Migration of some cu
Slide 20: Bouygues Telecom 2024 outlook confirmed
Bouygues Telecom 2024 outlook confirmed As it continues to grow its customer base, particularly in the fixed segment, and maintains its investments to boost its mobile network, Bouygues Telecom’s guidance is as follows: an increase in sales billed to customers EBITDA after Leases of above €2bn gross
Slide 21: Contents: Financial statements
Contents Financial statements 21 ● FIRST QUARTER 2024 - BOUYGUES GROUP - 7 MAY 2024
Slide 22: Condensed consolidated income statement
Condensed consolidated income statement €m Q1 2024 Q1 2023 Change a Sales 12,314 12,007 +3% Current operating profit/(loss) from activities 26 9 +17 Amortisation and impairment of intangible assets recognised b c (23) (23) 0 in acquisitions (PPA) Current operating profit/(loss) 3 (14) +17 d e Other
Slide 23: Change in net debt position in Q1 2024 (1/2)
Change in net debta position in Q1 2024 (1/2) in €m Net debt at 31/12/2023 Net debt at 31/03/2024 Capital transactions Acquisitions/ and otherc disposalsb Operations -70 -24 (6,251) -1,380 (7,725) Q1 2023 (7,455)d -38 -18 -1,283 (8,794)d (a) See glossary for definition (b) Including acquisitions at
Slide 24: Change in net debt position in Q1 2024 (2/2)
Change in net debta position in Q1 2024 (2/2) in €m Breakdown of operations Net cash flowb Repayment of Net capexc Change in lease obligations operating WCR and other -145 +477 -633 -1,380 +332 Net cash flow including lease -1,079 expenses Q1 2023 +427 -144 -623 -943 -1,283 +283 Net cash flow includ
Slide 25: A robust financial structure (1/2)
A robust financial structure (1/2) High level of liquidity at end-March 2024 Well-spread debt maturity schedule Liquidity (€bn) Debt maturity schedule at end-March 2024 (€bn) No covenants or rating 3 clause on medium/long- term facilities 3.5 2 €13.1bn 1 9.6 0 2024 2025 2026 2027 2028 2029 2030 2031
Slide 26: A robust financial structure (2/2)
A robust financial structure (2/2) Net debt of €7.7bn at end-March 2024, improving vs end-March 2023 ● Change in net debt is impacted by seasonal effects between Credit ratings end-December and end-March ● Gearing improving by 9 points compared to end-March 2023 A-, negative outlook confirmed on 11
Slide 27: Contents: Outlook
Contents Outlook 27 ● FIRST QUARTER 2024 - BOUYGUES GROUP - 7 MAY 2024
Slide 28: Group 2024 outlook confirmed
Group 2024 outlook confirmed The outlook below is based on information known to date ● Equans will continue to improve its results in line with its strategic Perform plan ● Bouygues Immobilier will continue to face a challenging market environment, with low visibility on the timetable for recovery ●
Slide 29: Calendar
Calendar All times are CET H1 2024 results ● Friday 26 July 2024, 7.30am 9M 2024 results ● Tuesday 5 November 2024, 7.30am The Palet'Ease robot is one of the solutions developed by Equans Digital for its industrial customers 29 ● FIRST QUARTER 2024 - BOUYGUES GROUP - 7 MAY 2024
Slide 30: Questions & answers
PRESENTATION 7 MAY 2024 Questions & answers CBNA, a Bouygues Travaux Publics subsidiary in the United States, is building a tunnel in Rhode Island to evacuate wastewater 30 ● FIRST QUARTER 2024 - BOUYGUES GROUP - 7 MAY 2024
Slide 31: Contents: Annexes
Contents Annexes 31 ● FIRST QUARTER 2024 - BOUYGUES GROUP - 7 MAY 2024
Slide 32: Key figures at Bouygues Construction
Key figures at Bouygues Construction Order intakea (€bn) Backlog by region (end-March 2024) International -7% France 3.1 2.9 11% France 6% 32% +10% Asia-Pacific 1.9 2.0 Europe (excl. France) 31% Americas -33% 1.2 20% Africa and Middle East 0.8 Q1 2023 Q1 2024 For execution in over 3 years For execut
Slide 33: Key figures at Bouygues Immobilier
Key figures at Bouygues Immobilier Reservationsa (€bn) Residential property Commercial property +1% 271 273 3 0 nm 268 273 +2% Q1 2023 Q1 2024 Bouygues Immobilier – key figures €m Q1 2024 Q1 2023 Change a Backlogb (€bn) Sales 281 331 -15% o/w residential 276 321 -14% Residential property o/w commerc
Slide 34: Key figures at Colas
Key figures at Colas Backlog (€bn) International and a French overseas territories +6% Mainland France 13.0 13.8 9.2 10.1 +9% b 3.7 3.7 -1% End-March 2023 End-March 2024 “Atlantic Narval”, a bitumen tanker belonging to Continental Bitumen, a Colas subsidiary Q1 2024 sales by activity Colas – key fig
Slide 35: Key indicators at Bouygues Telecom
Key indicators at Bouygues Telecom Sales in €m/base in thousands/ABPU in € Q1 2024 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Sales billed to customers 1,522 5,912 1,506 1,492 1,470 1,444 5,619 1,445 1,426 1,379 1,368 Sales from services 1,523 5,979 1,524 1,507 1,486 1
Slide 36: Sales by sector of activity
Sales by sector of activity Lfl & €m Q1 2024 Q1 2023 Change constant fx a b Construction businesses 5,325 5,209 +2% +3% o/w Bouygues Construction 2,444 2,310 +6% +7% o/w Bouygues Immobilier 281 331 -15% -16% o/w Colas 2,644 2,613 +1% +2% Equans 4,602 4,398 +5% +5% TF1 512 480 +7% +6% Bouygues Teleco
Slide 37: Contribution to Group EBITDA after Leases by sector
Contribution to Group EBITDA after Leasesa by sector of activity €m Q1 2024 Q1 2023 Change Construction businesses (291) (216) -75 o/w Bouygues Construction 25 68 -43 o/w Bouygues Immobilier (23) (9) -14 o/w Colas (293) (275) -18 Equans 156 135 +21 TF1 106 101 +5 Bouygues Telecom 429 399 +30 Bouygue
Slide 38: Contribution to Group COPA by sector of activity
Contribution to Group current operating profit from activitiesa (COPA) by sector of activity €m Q1 2024 Q1 2023 Change Construction businesses (264) (243) -21 o/w Bouygues Construction 62 58 +4 o/w Bouygues Immobilier (26) 0 -26 o/w Colas (300) (301) +1 Equans 133 98 +35 TF1 37 40 -3 Bouygues Teleco
Slide 39: Contribution to Group COP by sector of activity
Contribution to Group current operating profit (COP) by sector of activity €m Q1 2024 Q1 2023 Change Construction businesses (266) (245) -21 o/w Bouygues Construction 62 58 +4 o/w Bouygues Immobilier (26) 0 -26 o/w Colas (302) (303) +1 Equans 133 98 +35 TF1 37 39 -2 Bouygues Telecom 124 119 +5 Bouyg
Slide 40: Contribution to Group operating profit by sector
Contribution to Group operating profit by sector of activity €m Q1 2024 Q1 2023 Change Construction businesses (271) (268) -3 o/w Bouygues Construction 62 39 +23 o/w Bouygues Immobilier (31) 0 -31 o/w Colas (302) (307) +5 Equans 111 93 +18 TF1 34 34 0 Bouygues Telecom 115 128 -13 Bouygues SA and oth
Slide 41: Contribution to net profit attributable to the Group by sector
Contribution to net profit attributable to the Group by sector of activity €m Q1 2024 Q1 2023 Change Construction businesses (218) (220) +2 o/w Bouygues Construction 61 24 +37 o/w Bouygues Immobilier (24) 1 -25 o/w Colas (255) (245) -10 Equans 80 62 +18 TF1 14 13 +1 Bouygues Telecom 38 65 -27 Bouygu
Slide 42: Contribution to Group net cash flow by sector
Contribution to Group net cash flowa by sector of activity €m Q1 2024 Q1 2023 Change Construction businesses (197) (165) -32 o/w Bouygues Construction 101 105 -4 o/w Bouygues Immobilier (27) 1 -28 o/w Colas (271) (271) 0 Equans 197 148 +49 TF1 92 90 +2 Bouygues Telecom 430 396 +34 b Bouygues SA and
Slide 43: Contribution to net capital expenditure by sector
Contribution to net capital expenditure by sector of activity €m Q1 2024 Q1 2023 Change Construction businesses 62 3 +59 o/w Bouygues Construction 22 (12) +34 o/w Bouygues Immobilier 0 1 -1 o/w Colas 40 14 +26 Equans 34 62 -28 TF1 62 63 -1 Bouygues Telecom 474 521 -47 Bouygues SA and other 1 (26) +2
Slide 44: Contribution to Group free cash flow by sector
Contribution to Group free cash flowa by sector of activity €m Q1 2024 Q1 2023 Change Construction businesses (319) (220) -99 o/w Bouygues Construction 68 106 -38 o/w Bouygues Immobilier (29) (2) -27 o/w Colas (358) (324) -34 Equans 127 41 +86 TF1 28 21 +7 Bouygues Telecom (90) (166) +76 Bouygues SA
Slide 45: Net surplus cash (+)/Net debt (-)
Net surplus cash (+)/Net debt (-)a €m End-March 2024 End-Dec 2023 Change Bouygues Construction 3,165 3,435 -270 Bouygues Immobilier (336) (150) -186 Colas (8) 623 -631 Equans 1,087 981 +106 TF1 564 505 +59 Bouygues Telecom (3,066) (2,625) -441 Bouygues SA and other (9,131) (9,020) -111 Net surplus c
Slide 46: Condensed consolidated balance sheet
Condensed consolidated balance sheet End-March End-Dec €m Change 2024 2023 Non-current assets 31,983 31,789 +194 Current assets 28,119 28,957 -838 Held-for-sale assets and operations 0 0 0 TOTAL ASSETS 60,102 60,746 -644 Shareholders' equity 13,965 14,112 -147 Non-current liabilities 16,277 16,277 0
Slide 47: Glossary (1/3)
Glossary (1/3) ABPU (Average Billing Per User) ● Sales billed to customers divided by the average number of customers over the period Sales from services (Bouygues Telecom) comprise: ● Sales billed to customers, which include: > In mobile: ▪ For B2C customers: sales from outgoing call charges (voice
Slide 48: 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 49: Glossary (3/3)
Glossary (3/3) Net surplus cash(+)/Net debt (-) ● Net debt (or net surplus cash) is obtained by aggregating cash and cash equivalents, overdrafts and short-term bank borrowings, non-current and current debt, and financial instruments. Net surplus/(net debt) does not include non-current and current l
Slide 50: Bouygues SA contact details
Bouygues SA 32 avenue Hoche • 75378 Paris CEDEX 08 bouygues.com