Bouygues Sa · EURONEXT:EN
Bouygues Sa — H1 2023 Earnings Presentation
58 slides from Bouygues Sa's earnings presentation, Jul 28, 2023
Slide 1: First-Half 2023 Results
PRESENTATION PARIS • FRIDAY 28 JULY 2023 FIRST-HALF 2023 RESULTS Construction of 4.2 km of rail tunnel for Line 15 South, package T3A – Grand Paris Express rapid transport link (Bouygues Travaux Publics)
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: Contents: Key figures
Contents Key figures 3 ● FIRST-HALF 2023 RESULTS – BOUYGUES GROUP – 28 JULY 2023
Slide 4: Acceleration in the Group's growth
Acceleration in the Group’s growth (Equans standalone figures not included in H1 2022) a Group sales (€bn) Group COPA (€m) +41% +214 26.1 727 18.5 513 H1 2022 H1 2023 H1 2022 H1 2023 Net profit attributable to the Group (€m) Group net debt (-) (€m) +78 End-June 2022 End-June 2023 225 -3,587 147 +118
Slide 5: Contents: Sustainable and responsible initiatives
Contents Sustainable and responsible initiatives 5 ● FIRST-HALF 2023 RESULTS – BOUYGUES GROUP – 28 JULY 2023
Slide 6: Bouygues celebrates 60 years of the Minorange Guild
Bouygues celebrates 60 years of the Minorange Guild’s know-how and excellence The Minorange Guild is a unique workplace community created by Francis Bouygues in 1963 to reward and foster the loyalty of Bouygues Construction’s best workers ● A celebration of its guiding values of respect, exemplarity
Slide 7: Bouygues encourages employee share ownership
Bouygues encourages employee share ownership Bouygues Confiance n°12, the new employee share ownership plan is a success ● A capital increase reserved for employees of French companies belonging to the Group, including those at Equans ● Demand was 2.25x the maximum amount offered, equating to a 125%
Slide 8: Bouygues unveils innovations at Vivatech
Bouygues unveils innovations at Vivatech Reduce the carbon footprint of construction • Colas: analysis of road surface conditions by harvesting and processing data in order to optimise the use of materials during renovation • Bouygues Construction: launch in the second-half of a platform dedicated t
Slide 9: Contents: Review of operations
Contents Review of operations 9 ● FIRST-HALF 2023 RESULTS – BOUYGUES GROUP – 28 JULY 2023
Slide 10: Construction businesses
REVIEW OF OPERATIONS Construction businesses Safety awards ceremony for employees – Future regional teaching hospital near Cotonou, Benin, March 2023 (Bouygues Bâtiment international) 10 ● FIRST-HALF 2023 RESULTS – BOUYGUES GROUP – 28 JULY 2023
Slide 11: Backlog in the construction businesses at a record level
Backlog in the construction businesses at a record level With effect from January 2023, Bouygues Energies & Services is included in Equans and therefore no longer in the construction businesses 35.7 35.1 33.8 33.3 6.9 6.7 30.8 6.5 6.5 +9% 27.3 28.8 26.7 28.4 End-June 2019 End-June 2020 End-June 2021
Slide 12: Backlog up €2.4bn, providing good visibility on future activity
Backlog up €2.4bn, providing good visibility on future activity Bouygues Construction, increase of €1.6bn or +12% ● Order intake +68%: gain of major contracts such as the Abidjan metro in Q1 for Backlog in the construction businesses (in €bn) around €770m or the extension of a metro line in Hong Kon
Slide 13: Key figures in the construction businesses
Key figures in the construction businesses Sales growth of €329m or +3% €m H1 2023 H1 2022 a Change ● Bouygues Construction +€206m, +5% (+5% lfl and at constant exchange b c Sales 12,194 11,865 +3% rates) o/w Bouygues Construction 4,746 4,540 +5% > Growth driven by International Building o/w Bouygue
Slide 14: Equans
REVIEW OF OPERATIONS Equans A Systecon factory, United States – Equans 14 ● FIRST-HALF 2023 RESULTS – BOUYGUES GROUP – 28 JULY 2023
Slide 15: Key figures at Equans
Key figures at Equans H1 2023 figures include Equans and Bouygues Energies & Services H1 2022 figures only include Bouygues Energies & Services (as it contributed to Bouygues Construction). Equans’ proforma H1 2022 figures are not available Robust commercial activity a €m H1 2023 H1 2022 Change • Se
Slide 16: Equans' outlook for 2023 confirmed
Equans’ outlook for 2023 confirmed For 2023, Equans is aiming for: ● a slight increase in sales, as a result of its selective approach strategy ● a current operating margin from activities (COPA margin) of between 2.5% and 3% ● a cash conversion rate (COPA-to-cash flowa) before WCR of between 80% an
Slide 17: Media
REVIEW OF OPERATIONS Media “Romeo and Juliet”, directed by Benjamin Millepied – La Seine Musicale, Seguin Island, Boulogne-Billancourt 17 ● FIRST-HALF 2023 RESULTS – BOUYGUES GROUP – 28 JULY 2023
Slide 18: Key figures at the TF1 group
Key figures at the TF1 group Agility confirmed on programme costs, solid performance in the second quarter ● Sales -9% like-for-like and at constant exchange rates in H1 2023 €m H1 2023 H1 2022 Change > Media a o -6% lfl and at constant exchange rates: scope effect related to the disposal Sales 1,03
Slide 19: TF1's outlook for 2023 confirmed
TF1’s outlook for 2023 confirmed Outlook The TF1 group confirms its outlook, although momentum will vary in each business line In the Media arm, in a market that could gradually return to 2022 levels in the second half of the year, advertising revenues will be boosted by the airing of the Rugby Worl
Slide 20: Telecoms
REVIEW OF OPERATIONS Telecoms New advertising campaign – Bouygues Telecom’s “Rapid Reaction Force” 20 ● FIRST-HALF 2023 RESULTS - BOUYGUES GROUP - 28 JULY 2023
Slide 21: High quality for an excellent fixed customer experience
High quality for an excellent fixed customer experience No. 1 operator for WiFi and fixed performance according to nPerf surveys a ● Bouygues Telecom cements its position as No. 1 operator for WiFi for the fourth No. 1 operator for WiFi and fixed time in a row, and becomes No. 1 operator in the fixe
Slide 22: 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) 15.0 15.3 15.3 million mobile plan customers excluding MtoMa at 14.5 end-June 2023 11.8 ● +109,000 customers in H1 2023, o/w +82,000 in Q2 2023 11.2 3.3 million FTTHb customers at end-June
Slide 23: Key figures at Bouygues Telecom
Key figures at Bouygues Telecom Sales billed to customers +6% ● Good sales momentum in a quieter market €m H1 2023 H1 2022 Change ● Increase in ABPUa in line with the value strategy a > Mobile ABPUb of €19.7, +€0.3 yoy Sales 3,806 3,636 +5% Sales from services 2,948 2,824 +4% > Fixed ABPU of €30.5,
Slide 24: Bouygues Telecom's 2023 outlook confirmed
Bouygues Telecom's 2023 outlook confirmed As it continues to grow its customer base, particularly in the fixed segment, and maintains its investments to boost its mobile network capacity, Bouygues Telecom’s guidance is as follows: ● an increase in sales billed to customers ● EBITDA after Leases of a
Slide 25: Contents: Financial statements
Contents Financial statements 25 ● FIRST-HALF 2023 RESULTS – BOUYGUES GROUP – 28 JULY 2023
Slide 26: Condensed consolidated income statement
Condensed consolidated income statement (Equans standalone figures not included in H1 2022) €m H1 2023 H1 2022 Change a Sales 26,136 18,531 +41% Current operating profit/(loss) from activities 727 513 +214 b Amortisation and impairment of intangible assets recognised b c (46) (21) -25 in acquisition
Slide 27: Group financial structure
Group financial structure End-June End-Dec €m Change 2023 2022 Shareholders' equity 13,572 13,932 -360 Group net surplus cash (+)/net debt (-) (10,573) (7,440) -3,133 As % of shareholders' equity 78% 53% +25 pts Net debt (-) of €10.6bn at end-June 2023 ● Net debt at end-June impacted by usual season
Slide 28: Change in net debt position in H1 2023 (1/2)
Change in net debta position in H1 2023 (1/2) in €m Net debt at 31/12/2022 Net debt at 30/06/2023 Capital Swaps net of transactions tax on Acquisitions/ closed-out disposalsb Capital increasec and otherd swaps Dividends -60 +150 -29 -44 Operations and (7,440) -741 other -2,099 Free Mobile disputee -
Slide 29: Change in net debt position in H1 2023 (2/2)
Change in net debta position in H1 2023 (2/2) in €m Breakdown of operations Net cash flow after eliminating €36m of tax on closed-out swaps, presented netted off the Net cash flowb cash collected on the swaps Net capexc -270 Repayment of Change in 1,448 -1,131 operating WCR lease obligations and oth
Slide 30: Contents: Outlook
Contents Outlook 30 ● FIRST-HALF 2023 RESULTS – BOUYGUES GROUP – 28 JULY 2023
Slide 31: Outlook for the Group
Outlook for the Group The outlook below is based on information known to date ● In an unstable environment, marked by inflation, rising interest rates and currency volatility, Bouygues confirms that it is aiming for 2023 sales close to those of 2022, as well as an increase in its current operating p
Slide 32: Calendar
Calendar Nine-month 2023 results ● Tuesday 31 October 2023, 7.30am Suntop solar farm project – Australia (Bouygues Bâtiment international and Bouygues Energies & Services) 32 ● FIRST-HALF 2023 RESULTS – BOUYGUES GROUP – 28 JULY 2023
Slide 33: Questions & answers
PRESENTATION 28 JULY 2023 Questions & answers Rehabilitation of the Grand Nancy Thermal aquatic complex – Bouygues Bâtiment Nord-Est
Slide 34: Contents: Annexes
Contents Annexes 34 ● FIRST-HALF 2023 RESULTS – BOUYGUES GROUP – 28 JULY 2023
Slide 35: Key figures at Bouygues Construction
Key figures at Bouygues Construction Figures exclude Bouygues Energies & Services Order intakea (€bn) Backlog by region (end-June 2023) International +68% France 6.0 5% 10% France 32% Asia-Pacific 3.5 3.9 +97% Europe (excl. France) 2.0 32% Americas +32% Africa and Middle East 1.6 2.1 21% H1 2022 H1
Slide 36: Key figures at Bouygues Immobilier
Key figures at Bouygues Immobilier Reservationsa (€bn) Residential property Commercial property -26% 0.9 0.0 0.7 0.0 nm Enjoy, an office building in the Batignolles district, Paris (Bouygues Immobilier) 0.9 0.6 -26% Bouygues Immobilier – key figures €m H1 2023 H1 2022 Change H1 2022 H1 2023 a Sales
Slide 37: Key figures at Colas
Key figures at Colas Backlog (€bn) International and a French overseas territories +9% Mainland France 14.1 12.9 9.6 10.5 +10% b 3.4 3.6 +6% End-June 2022 End-June 2023 Urbalith cycle path, quai Claude Bernard, banks of the Rhône in Lyon – Colas H1 2023 sales by activity Colas – key figures Road con
Slide 38: Key figures at Equans
Key figures at Equans Bouygues Energies & Services Backlog (€bn) Equans +2% a 25.9 26.4 Installation/maintenance of high voltage lines in Chile – Equans 6.5 Equans – key figures 19.5 €m H1 2023 H1 2022 Change Sales 9,138 1,873 nm o/w France 3,095 643 nm End-Dec 2022 End-June 2023 o/w international 6
Slide 39: Key indicators at Bouygues Telecom
Key indicators at Bouygues Telecom Sales in €m/base in thousands/ABPU in € Q2 2023 Q1 2023 2022 Q4 2022 Q3 2022 Q2 2022 Q1 2022 2021 Q4 2021 Q3 2021 Q2 2021 Q1 2021 Sales billed to customers 1,470 1,444 5,619 1,445 1,426 1,379 1,368 5,318 1,370 1,355 1,304 1,289 Sales from services 1,486 1,462 5,753
Slide 40: FTTH premises marketed (millions)
FTTHa premises marketedb (millions) Bouygues Telecom Bouygues Telecom Bouygues Telecom at end-Dec 2022 at end-June 2023 target for end-2026 +2.4 35.0 32.1 29.7 6.7 6.5 14.4 14.0 9.2 11.0 Very Dense Area Medium Dense Area (AMII zone)c Medium Dense Area (PIN zone)c (a) Fibre-To-The-Home: optical fibre
Slide 41: Sales by sector of activity
Sales by sector of activity Equans’ H1 2022 figures only include Bouygues Energies & Services, insofar as Equans standalone H1 2022 proforma financial data are not available. Consequently, changes are not representative Lfl & €m H1 2023 H1 2022 Change a constant fx Construction b 12,194 11,865 +3% +
Slide 42: Contribution to Group EBITDA after Leases by sector
Contribution to Group EBITDA after Leasesa by sector of activity Equans’ H1 2022 figures only include Bouygues Energies & Services, insofar as Equans standalone H1 2022 proforma financial data are not available. Consequently, changes are not representative €m H1 2023 H1 2022 Change Construction 99 7
Slide 43: Contribution to Group COPA by sector of activity
Contribution to Group current operating profit from activitiesa (COPA) by sector of activity Equans’ H1 2022 figures only include Bouygues Energies & Services, insofar as Equans standalone H1 2022 proforma financial data are not available. Consequently, changes are not representative €m H1 2023 H1 2
Slide 44: Reconciliation of COPA to COP in H1 2023
Reconciliation of Group current operating profit from activities (COPA) to Group current operating profit (COP) in H1 2023 PPA €m COPA a COP amortisation Construction (7) -4 (11) o/w Bouygues Construction 120 0 120 o/w Bouygues Immobilier 0 0 0 o/w Colas (127) -4 (131) Equans 243 0 243 TF1 152 -2 15
Slide 45: Reconciliation of COPA to COP in H1 2022
Reconciliation of Group current operating profit from activities (COPA) to Group current operating profit (COP) in H1 2022 Equans’ H1 2022 figures only include Bouygues Energies & Services PPA €m COPA a COP amortisation Construction (14) -4 (18) o/w Bouygues Construction 126 0 126 o/w Bouygues Immob
Slide 46: Contribution to Group current operating profit by sector
Contribution to Group current operating profit (COP) by sector of activity Equans’ H1 2022 figures only include Bouygues Energies & Services, insofar as Equans standalone H1 2022 proforma financial data are not available. Consequently, changes are not representative €m H1 2023 H1 2022 Change Constru
Slide 47: Contribution to Group operating profit by sector
Contribution to Group operating profit by sector of activity Equans’ H1 2022 figures only include Bouygues Energies & Services, insofar as Equans standalone H1 2022 proforma financial data are not available. Consequently, changes are not representative €m H1 2023 H1 2022 Change Construction (65) (24
Slide 48: Contribution to net profit attributable to the Group by sector
Contribution to net profit attributable to the Group by sector of activity Equans’ H1 2022 figures only include Bouygues Energies & Services, insofar as Equans standalone H1 2022 proforma financial data are not available. Consequently, changes are not representative €m H1 2023 H1 2022 Change Constru
Slide 49: Contribution to Group net cash flow by sector
Contribution to Group net cash flowa by sector of activity Equans’ H1 2022 figures only include Bouygues Energies & Services, insofar as Equans standalone H1 2022 proforma financial data are not available. Consequently, changes are not representative €m H1 2023 H1 2022 Change Construction 92 100 -8
Slide 50: Contribution to net capital expenditure by sector
Contribution to net capital expenditure by sector of activity Equans’ H1 2022 figures only include Bouygues Energies & Services, insofar as Equans standalone H1 2022 proforma financial data are not available. Consequently, changes are not representative €m H1 2023 H1 2022 Change Construction 79 65 +
Slide 51: Contribution to Group free cash flow by sector
Contribution to Group free cash flowa by sector of activity Equans’ H1 2022 figures only include Bouygues Energies & Services, insofar as Equans standalone H1 2022 proforma financial data are not available. Consequently, changes are not representative €m H1 2023 H1 2022 Change Construction (91) (59)
Slide 52: Net surplus cash (+)/net debt (-)
Net surplus cash (+)/net debt (-)a Bouygues Energies & Services’ data are included in Equans’ data €m End-June 2023 End-Dec 2022 Change Bouygues Construction 2,731 3,612 -881 Bouygues Immobilier (329) (156) -173 Colas (1,349) (292) -1,057 Equans (127) 181 -308 TF1 365 326 +39 Bouygues Telecom (3,112
Slide 53: Group liquidity
Group liquidity Available cash at end-June 2023: €10.5bn Available cash (€bn) Debt maturity schedule at end-June 2023 (€bn) Evenly spread debt maturity schedule 3 No covenants or rating 1.9 clause on medium/long- 2 term facilities and on syndicated loan €10.5bn 1 8.6 0 2023 2024 2025 2026 2027 2028
Slide 54: Condensed consolidated balance sheet
Condensed consolidated balance sheet End-June End-Dec €m Change 2023 2022 Non-current assets 31,811 31,013 +798 Current assets 27,897 29,463 -1,566 Held-for-sale assets and operations 0 119 -119 TOTAL ASSETS 59,708 60,595 -887 Shareholders' equity 13,572 13,932 -360 Non-current liabilities 16,859 16
Slide 55: 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 56: 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 57: 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 58: Bouygues SA contact details
Bouygues SA 32 avenue Hoche • 75378 Paris CEDEX 08 bouygues.com