Bouygues Sa · EURONEXT:EN
Bouygues Sa — FY2023 Earnings Presentation
74 slides from Bouygues Sa's earnings presentation, Feb 27, 2024
Slide 1: Full-Year 2023 Results
PRESENTATION PARIS • TUESDAY 27 FEBRUARY 2024 FULL-YEAR 2023 RESULTS
Slide 2: Forward-looking statements disclaimer
This presentation contains rounded figures, 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 sim
Slide 3: Highlights and key figures
Contents Highlights and key figures 3 ● FULL-YEAR 2023 RESULTS – BOUYGUES GROUP – 27 FEBRUARY 2024
Slide 4: Full-year 2023 guidance achieved
Full-year 2023 guidance achieved ● Group sales and COPA increased 3% and 11% respectively in 2023 vs 2022 proforma ● Equans’ COPA margin at 2.9%, in the upper end of the range announced at the Capital Markets Day in February 2023 ● Significant improvement in Group net debt at €6.3bn at end-2023 (vs
Slide 5: The Group recorded very robust results
The Group recorded very robust results Group sales (€bn) Group COPAb (€m) +1.6 +247 (+3%) (+11%) 54.4 56.0 2,411 +11.7 2,018 2,164 +393 44.3 (+26%) (+19%) 2022 published 2022 incl. Equans 2023 2022 published 2022 incl. Equans 2023 proforma a proforma a Net profit attributable to the Group (€m) Group
Slide 6: News
Contents News 6 ● FULL-YEAR 2023 RESULTS – BOUYGUES GROUP – 27 FEBRUARY 2024
Slide 7: Bouygues Telecom exclusivity agreement for La Poste Telecom acquisition
Bouygues Telecom has signed an exclusivity agreementa for the acquisition of La Poste Telecom and a distribution partnership No. 1 MVNO ON THE FRENCH MARKET 2.3m around 400 around €300m mobile customersb employees salesc A STRONG BRAND: LA POSTE MOBILE ● Recognised for its quality of service, proxim
Slide 8: A transaction fully in line with Bouygues Telecom's strategy
A transaction fully in line with Bouygues Telecom's strategy Strengthen its mobile and Draw on a nationwide Increase EBITDAaL in a fixed business distribution network fixed-cost sector ● Increase Bouygues Telecom's mobile ● Post offices are present throughout ● Migration of customers to customer bas
Slide 9: Acquisition price and next steps
Acquisition price and next steps ACQUISITION PRICE ● The acquisition price for the shares is €950 million, an amount that will be adjusted according to the timetable for completion of the transaction. This corresponds to an enterprise value of €963.4 million NEXT STEPS ● The transaction is to be sub
Slide 10: Strategic review
Contents Strategic review 10 ● FULL-YEAR 2023 RESULTS – BOUYGUES GROUP – 27 FEBRUARY 2024
Slide 11: Putting people first, protecting the environment, being socially responsible (1/4)
The Group aims to combine putting people first, protecting the environment and being socially responsible (1/4) People Contribution to Our stakeholders’ at the heart the ecological and trusted partner of our Group energy transitions ● Respect strict ethical standards ● Ensure health, safety and ● Fo
Slide 12: People at the heart of our Group (2/4)
The Group aims to combine putting people first, protecting the environment and being socially responsible (2/4) People at the heart of our Group ● Around 68,000 Bouygues employee shareholders at end-2023, up around 17,000 year-on-year, reflecting the particularly strong participation by Equans emplo
Slide 13: Contribution to ecological and energy transitions (3/4)
The Group aims to combine putting people first, protecting the environment and being socially responsible (3/4) Contribution to the ecological and energy transitions ● The Group's business segments have developed a portfolio of solutions that either avoid an increase in GHGa emissions or contribute
Slide 14: Our stakeholders' trusted partner (4/4)
Grant-holders of the 19th intake with Martin Bouygues, Jean-François Guillemin, Chairman of the Francis Bouygues Foundation, and their mentors in October 2023 The Group aims to combine putting people first, protecting the environment and being socially responsible (4/4) Our stakeholders' trusted par
Slide 15: Group business segments: 2023 greenhouse gas emissions
Group business segments: 2023 greenhouse gas emissions GHG emissions by business segment (in Mt CO2 eq.) Equans Bouygues Construction 4.1 4.9 GHG emissions from the Group's business segments were 21.2 Mt CO2 eq. in 2023 Bouygues Telecom 0.8 TF1 0.4 0.4 Bouygues Immobilier ● Analysis of our scope 3ba
Slide 16: GHG emissions by business segments between 2022 and 2023
GHG emissions by the Group's business segments between 2022 and 2023 The Group’s greenhouse gas emissions show: ● The extension of scope 3b analysis, except for Colasa ● The integration of Equans into the Group’s scope ● An initial downward trend in the carbon footprint of the business segments on a
Slide 17: Review of operations
Contents Review of operations 17 ● FULL-YEAR 2023 RESULTS – BOUYGUES GROUP – 27 FEBRUARY 2024
Slide 18: Construction businesses
REVIEW OF OPERATIONS Construction businesses CBNA (a US subsidiary of Bouygues Construction) is building a stormwater buffer storage tunnel in Pawtucket (Rhode Island) 18 ● FULL-YEAR 2023 RESULTS – BOUYGUES GROUP – 27 FEBRUARY 2024
Slide 19: SBTi endorses decarbonisation targets of Bouygues Construction and Immobilier
After Colas in 2021, SBTi endorses the decarbonisation targets of Bouygues Construction and Bouygues Immobilier Bouygues Construction has set 3 targets for reducing greenhouse gas emissions by 2030 (vs 2021): ● A 40% reduction in absolutea terms on scopes 1 and 2b ● A 30% reduction on scope 3 (indir
Slide 20: Change in governance at Bouygues Immobilier
Change in governance at Bouygues Immobilier With effect from 19 February 2024, following the separation of the offices of Chairman and Chief Executive Officer Emmanuel Desmaizières Pascal Minault Chief Executive Officer of Bouygues Immobilier Chairman of Bouygues Immobilier 20 ● FULL-YEAR 2023 RESUL
Slide 21: Backlog in the construction businesses up €1.1bn yoy
Backlog in the construction businesses up €1.1bn yoy With effect from January 2023, Bouygues Energies & Services is included in Equans and therefore no longer in the construction businesses 33.0 33.1 33.2 33.8 6.3 6.1 6.7 6.5 28.4 a +4% 26.7 27.0 26.5 27.3 End-Dec 2019 End-Dec 2020 End-Dec 2021 End-
Slide 22: Backlog providing good visibility on future activity
Backlog providing good visibility on future activity Bouygues Construction backlog up €0.9bn (+6%) Backlog in the construction businesses (€bn) ● 2023 order intake at €10.6bn, including Abidjan metro (around €770m), Potomac River Tunnel in the US (around €480m) and a metro line extension in Hong Kon
Slide 23: Key figures in the construction businesses
Key figures in the construction businesses a €m 2023 2022 Change Sales growth of €602m or +2% (+4% lfl and at constant Sales b 27,335 26,733 +2% c exchange rates) o/w Bouygues Construction 9,755 9,304 +5% ● Bouygues Construction +€451m or +5% (+7% lfl and at constant o/w Bouygues Immobilier 1,738 2,
Slide 24: Equans
REVIEW OF OPERATIONS Equans Bouygues Energies & Services working on an electricity pylon – central France (Equans) 24 ● FULL-YEAR 2023 RESULTS – BOUYGUES GROUP – 27 FEBRUARY 2024
Slide 25: Strong improvement in results, in line with its roadmap
Strong improvement in results, in line with its roadmap Equans has achieved its 2023 guidance ● Sales growth of 6%a, higher than expected > 2023 sales factor in the asset-based activities divested at end-2023 ● Margin from activities (COPA margin) at 2.9%, in the upper end of the 2.5%-3% range annou
Slide 26: Key figures at Equans
Key figures at Equans Robust commercial activity • Strong order intake at €17.4bn, o/w 61% internationally > Significant order intake for data centres, construction of solar farms and gigafactories (electric vehicle batteries) in Europe and in the US, as well as €m 2023 2022 a Change 2022 b proforma
Slide 27: Outlook for Equans
Outlook for Equans 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 factor in both
Slide 28: Media
REVIEW OF OPERATIONS Media Filming of the TV series "Plus Belle La Vie, Encore Plus Belle" – France (TF1) 28 ● FULL-YEAR 2023 RESULTS – BOUYGUES GROUP – 27 FEBRUARY 2024
Slide 29: TF1 achieved its guidance
TF1 achieved its guidance TF1 met its margin from activities target ● Margin from activities of 12.5%, close to the 2022 level TF1 benefits from a robust financial position ● Net surplus cash of €505m at end-2023, an increase of €179m vs end-December 2022 TF1’s decarbonisation targets for 2030 (vs 2
Slide 30: Key figures at the TF1 group
Key figures at the TF1 group Advertising revenue rebounded in H2 2023 and tight control of programming costs over the full year ● Sales -8% vs 2022 €m 2023 2022 Change > O/w Media -5% (-2% lfl and at constant exchange rates, related to the disposal of a Unify assets in 2022) Sales 2,297 2,508 -8% o
Slide 31: Outlook for TF1
Outlook for TF1 Dividend ● TF1’s Board of Directors will propose the payment of a dividend of 55 eurocents per share for approval to the Annual General Meeting of 17 April 2024, which is up 5 eurocents per share or by 10% vs 2022 Outlook for 2024 The TF1 group's outlook for 2024 is the following: ●
Slide 32: Telecoms
REVIEW OF OPERATIONS Telecoms Mont Rond TDF mobile site (French Alps) at an altitude of 1,534 m – photo credit F. Piquard 32 ● FULL-YEAR 2023 RESULTS – BOUYGUES GROUP – 27 FEBRUARY 2024
Slide 33: Bouygues Telecom achieves its guidance
Bouygues Telecom achieves its guidance 5,912 For 2023, Bouygues Telecom was aiming for: 5,619 Guidance achieved ● An increase in sales billed to customers €m 2022 2023 1,969 a 1,773 Guidance achieved ● EBITDA after Leases of around €1.9bn €m 2022 2023 1,548 1,475 ● Gross capital expenditure of a
Slide 34: Continued growth in mobile and fixed customer base
Continued growth in mobile and fixed customer base Mobile plan customer base excl. MtoM (millions of customers) 15.2 15.5 14.8 15.5 million mobile plan customers excl. MtoMa at end-2023 12.1 11.5 ● +287,000 customers in 2023 o/w +71,000 in Q4 2023 3.6 million FTTHb customers at end-2023 Q4 2019 Q4 2
Slide 35: Fixed - Bouygues Telecom's main growth driver
Fixed - Bouygues Telecom's main growth driver Best home Wi-Fi Best broadband Internet performances in 2023 performances in 2023 No. 1 operator for WiFi and fixed performance ● Bouygues Telecom is No. 1 for fixed services across all technologies and all criteriaa for the second time in a row, and No.
Slide 36: Key figures at Bouygues Telecom
Key figures at Bouygues Telecom Sales billed to customers up 5% ● Good sales momentum with positive volume and value effects, particularly in fixed €m 2023 2022 Change > Mobile ABPU at €19.7 at end-Q4 2023, stable yoy Sales 7,727 7,532 +3% a o Migration of some customers to cheaper plans, reflecting
Slide 37: 2024 outlook for Bouygues Telecom
2024 outlook for Bouygues Telecom 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 38: Financial statements
Contents Financial statements 38 ● FULL-YEAR 2023 RESULTS – BOUYGUES GROUP – 27 FEBRUARY 2024
Slide 39: Condensed consolidated income statement
Condensed consolidated income statement (2022 presented as published – i.e. includes Equans in Q4 2022 only) 2022 2022 €m 2023 Change published proforma a Sales 56,017 44,322 +26% 54,385 Current operating profit/(loss) from activities 2,411 2,018 +393 2,164 Amortisation and impairment of intangible
Slide 40: Change in net debt position in 2023 (1/2)
Change in net debta position in 2023 (1/2) in €m Net debt at 31/12/2022b Net debt at 31/12/2023 -7,440 Operations and other Swaps net of Buyback of tax on (6,251) Bouygues closed-out Acquisitions/ Colas public Capital increased shares and swaps disposalsc tender offer othere Frequencies Dividends +2
Slide 41: Change in net debt position in 2023 (2/2)
Change in net debta position in 2023 (2/2) in €m Breakdown of operations Net cash flowb Net capexc -559 Change in Repayment of operating WCR lease obligations and other -2,117 3,891 +2,189 974 +3,332 Net cash flow including lease expenses 2022 +3,470 -441 -2,088 -727 +214 +3,029 Net cash flow includ
Slide 42: A robust financial structure (1/2)
A robust financial structure (1/2) High level of liquidity at end-Dec 2023 Well-spread debt maturity schedule Liquidity (€bn) Debt maturity schedule at end-Dec 2023 (€bn) No covenants or rating 3 clause on medium/long- term facilities 4.9 2 €14.6bn 9.7 1 0 2024 2025 2026 2027 2028 2029 2030 2031 203
Slide 43: A robust financial structure (2/2)
A robust financial structure (2/2) Credit ratings A-, negative outlook Net gearing improved yoy at 44% confirmed on 11 December 2023 End-Dec End-Dec €m Change 2023 2022 Shareholders' equity 14,112 13,932 +180 A3, stable outlook a Net surplus cash (+)/net debt (-) (6,251) (7,455) +1,204 confirmed on
Slide 44: Outlook
Contents Outlook 44 ● FULL-YEAR 2023 RESULTS – BOUYGUES GROUP – 27 FEBRUARY 2024
Slide 45: The Group's priorities for 2024
The Group's priorities for 2024 Continue to Continue to improve Implement the CSRD integrate Equans into the operational and regulation and roll the Group and financial out action plans to successfully performance of the achieve implement its business segments SBTi targets strategic plan 45 ● FULL-Y
Slide 46: 2024 outlook for the Group
2024 outlook for the Group 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 ● I
Slide 47: Calendar
Calendar Annual General Meeting ● Thursday 25 April 2024, 3.30pm Dividend payment ● Friday 3 May 2024 Q1 2024 results ● Tuesday 7 May 2024, 7.30am H1 2024 results ● Friday 26 July 2024, 7.30am 9M 2024 results ● Tuesday 5 November 2024, 7.30am An Equans solar farm in the UK 47 ● FULL-YEAR 2023 RESULT
Slide 48: Questions & answers
PRESENTATION PARIS • TUESDAY 27 FEBRUARY 2024 Questions & answers Cairo metro (Egypt). The Sudan station was inaugurated in November 2023 along with five other new stations on line 3 (Bouygues Travaux Publics and Colas Rail)
Slide 49: Annexes
Contents Annexes 49 ● FULL-YEAR 2023 RESULTS – BOUYGUES GROUP – 27 FEBRUARY 2024
Slide 50: Decarbonisation targets of business segments endorsed by SBTi
The decarbonisation targets of the Group's business segments, as endorsed by SBTia Business segments Year of endorsement Targeted for 2023 2023 2021 2023 2022 by SBTi 2024b Scopes 1 and 2 targets -40.0% -42.0% -30.0% n/a -42.0% -29.4% -30.0% on scope 3 upstream downstream (Building) Scope 3 targets
Slide 51: Key figures at Bouygues Construction
Key figures at Bouygues Construction Figures exclude Bouygues Energies & Services Order intakea (€bn) Backlog by region (end-Dec 2023) International +25% France 10.6 9% 8.5 7% France +31% 34% Asia-Pacific 6.6 5.0 Europe (excl. France) 30% Americas +17% Africa and Middle East 3.5 4.1 20% 2022 2023 Fo
Slide 52: Key figures at Bouygues Immobilier
Key figures at Bouygues Immobilier Reservationsa (€bn) Residential property Commercial property -31% 1.9 0.3 1.3 Les Fabriques. Bouygues Construction and Bouygues Immobilier are transforming 0.1 nm a 14-hectare brownfield site into an eco-neighbourhood in Marseille 1.6 1.2 -25% Bouygues Immobilier –
Slide 53: Key figures at Colas
Key figures at Colas Backlog (€bn) International and a French overseas territories +6% Mainland France 11.7 12.4 8.6 9.1 +6%b 3.1 3.3 +7% End-Dec 2022 End-Dec 2023 Rehabilitation of regional road 878 – Poland (Colas) 2023 sales by activity Colas – key figures Road construction €m 2023 2022 Change Ra
Slide 54: Key indicators at Bouygues Telecom
Key indicators at Bouygues Telecom Sales in €m/base in thousands/ABPU in € 2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Sales billed to customers 5,912 1,506 1,492 1,470 1,444 5,619 1,445 1,426 1,379 1,368 Sales from services 5,979 1,524 1,507 1,486 1,462 5,753 1,474 1,4
Slide 55: FTTH premises marketed (millions)
FTTHa premises marketedb (millions) Bouygues Telecom Bouygues Telecom Bouygues Telecom at end-Dec 2022 at end-Dec 2023 target for end-2026 +4.7 35.0 34.5 29.7 6.9 6.5 14.7 14.0 12.8 9.2 Very Dense Area Medium Dense Area (AMII zone)c Medium Dense Area (PIN zone)c (a) Fibre-To-The-Home: optical fibre
Slide 56: Sales by business activity
2023 figures vs 2022 figures as published Sales by business activity Equans’ 2022 figures include Bouygues Energies & Services over the full-year and Equans standalone figures in Q4. Consequently, changes are not representative Lfl & €m 2023 2022 Change a constant fx b Construction businesses 27,335
Slide 57: Contribution to Group EBITDA after Leases by sector
2023 figures vs 2022 figures as published Contribution to Group EBITDA after Leasesa by sector of activity Equans’ 2022 figures include Bouygues Energies & Services over the full-year and Equans standalone figures in Q4. Consequently, changes are not representative €m 2023 2022 Change Construction b
Slide 58: Contribution to Group COPA by sector of activity
2023 figures vs 2022 figures as published Contribution to Group current operating profit from activitiesa (COPA) by sector of activity Equans’ 2022 figures include Bouygues Energies & Services over the full-year and Equans standalone figures in Q4. Consequently, changes are not representative €m 202
Slide 59: Reconciliation of COPA to COP in 2023
Reconciliation of Group current operating profit from activities (COPA) to Group current operating profit (COP) in 2023 PPA €m COPA a COP amortisation Construction businesses 851 -8 843 o/w Bouygues Construction 281 0 281 o/w Bouygues Immobilier 28 0 28 o/w Colas 542 -8 534 Equans 545 0 545 TF1 287
Slide 60: Reconciliation of COPA to COP in 2022
Reconciliation of Group current operating profit from activities (COPA) to Group current operating profit (COP) in 2022 Equans’ 2022 figures include Bouygues Energies & Services over the full-year and Equans standalone figures in Q4 PPA €m COPA a COP amortisation Construction businesses 781 -8 773 o
Slide 61: Contribution to Group current operating profit by sector
2023 figures vs 2022 figures as published Contribution to Group current operating profit (COP) by sector of activity Equans’ 2022 figures include Bouygues Energies & Services over the full-year and Equans standalone figures in Q4. Consequently, changes are not representative €m 2023 2022 Change Cons
Slide 62: Contribution to Group operating profit by sector
2023 figures vs 2022 figures as published Contribution to Group operating profit by sector of activity Equans’ 2022 figures include Bouygues Energies & Services over the full-year and Equans standalone figures in Q4. Consequently, changes are not representative €m 2023 2022 Change Construction busin
Slide 63: Contribution to net profit attributable to the Group by sector
2023 figures vs 2022 figures as published Contribution to net profit attributable to the Group by sector of activity Equans’ 2022 figures include Bouygues Energies & Services over the full-year and Equans standalone figures in Q4. Consequently, changes are not representative €m 2023 2022 Change Cons
Slide 64: Contribution to Group net cash flow by sector
2023 figures vs 2022 figures as published Contribution to Group net cash flowa by sector of activity Equans’ 2022 figures include Bouygues Energies & Services over the full-year and Equans standalone figures in Q4. Consequently, changes are not representative €m 2023 2022 Change Construction busines
Slide 65: Contribution to net capital expenditure by sector
2023 figures vs 2022 figures as published Contribution to net capital expenditure by sector of activity Equans’ 2022 figures include Bouygues Energies & Services over the full-year and Equans standalone figures in Q4. Consequently, changes are not representative €m 2023 2022 Change Construction busi
Slide 66: Contribution to Group free cash flow by sector
2023 figures vs 2022 figures as published Contribution to Group free cash flowa by sector of activity Equans’ 2022 figures include Bouygues Energies & Services over the full-year and Equans standalone figures in Q4. Consequently, changes are not representative €m 2023 2022 Change Construction busine
Slide 67: Net surplus cash/net debt
2023 figures vs 2022 figures as published Net surplus cash (+)/net debt (-)a Bouygues Energies & Services’ data are included in Equans’ data €m End-Dec 2023 End-Dec 2022 Change Bouygues Construction 3,435 3,612 -177 Bouygues Immobilier (150) (156) +6 Colas 623 (292) +915 Equans 981 181 +800 TF1 505
Slide 68: Condensed consolidated balance sheet
Balance sheet at end-2023 vs balance sheet at end-2022 restateda Condensed consolidated balance sheet End-Dec End-Dec €m Change 2023 2022 Non-current assets 31,789 31,085 +704 Current assets 28,957 29,498 -541 Held-for-sale assets and operations 0 119 -119 TOTAL ASSETS 60,746 60,702 +44 Shareholders
Slide 69: Condensed consolidated income statement (2022 proforma)
2023 figures vs 2022 proforma figures Condensed consolidated income statement (2022 proforma figures include Equans in full-year 2022 – unaudited 2022 figures) 2022 €m 2023 Change proforma Sales 56,017 54,385 +3% Current operating profit/(loss) from activities 2,411 2,164 +247 Amortisation and impai
Slide 70: Equans 2023 condensed income statement and 2022 proforma
2023 figures vs 2022 proforma figures Equans 2023 condensed income statement and 2022 proforma (2022 proforma figures include Equans and Bouygues Energies & Services before eliminations within Bouygues Construction – unaudited 2022 figures) 2022 €m 2023 Change proforma Sales 18,761 17,683 +6% o/w Fr
Slide 71: 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 72: 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 73: 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 cash/(net debt) does not include non-current and curr
Slide 74: Bouygues SA contact details
Bouygues SA 32 avenue Hoche • 75378 Paris CEDEX 08 bouygues.com