Bouygues Sa · EURONEXT:EN
Bouygues Sa — FY2019 Earnings Presentation
67 slides from Bouygues Sa's earnings presentation, Feb 20, 2020
Slide 1: Full-Year 2019 Results Presentation
FULL-YEAR 2019 RESULTS 20 FEBRUARY 2020 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 2019 (1/2)
HIGHLIGHTS OF 2019 (1/2) ⚫ ROBUST RESULTS WITH FULL-YEAR TARGETS ACHIEVED ◼ Improvement in Group current operating profit and current operating margina year-on-year ◼ Free cash flowb of €301m generated by Bouygues Telecom Ocean Cay - Bahamas ⚫ HIGH CASH FLOW GENERATION ◼ Two-fold increase in Group f
Slide 5: Highlights of 2019 (2/2)
HIGHLIGHTS OF 2019 (2/2) ⚫ DIVIDEND OF €2.60 PER SHAREa ◼ Of which €0.90 is exceptional Ocean Cay - Bahamas ⚫ GROUP’S TARGET OF €1BN IN FREE CASH FLOW AFTER WCRb CONFIRMED FOR 2020 (a) To be proposed at the Annual General Meeting on 23 April 2020 (b) Free cash flow after WCR = net cash flow (determi
Slide 6: Group key figures for 2019
GROUP KEY FIGURES FOR 2019 2018 €m 2019 Change restated ◼ Sales growth driven by all businesses Sales 35,555 37,929 +7%a o/w France 21,788 22,446 +3% > Up 5% like-for-like and at constant exchange rates o/w international 13,767 15,483 +12% ◼ Increase in current operating profit Current operating pro
Slide 7: Sharp rise in Group free cash flow generation
SHARP RISE IN GROUP FREE CASH FLOW GENERATION Group free cash flow after WCRa ◼ Two-fold increase in Group free cash flow after WCRa, €1,156m €1,000m excluding Alstom dividend 341 > Increase in net cash flow in the three sectors of activity (up €330m) > Stability of net capital expenditure €427m > I
Slide 8: Strengthened financial structure (1/2)
STRENGTHENED FINANCIAL STRUCTURE (1/2) ⚫ DECREASE IN NET DEBT TO €2.2BN AT END-DECEMBER 2019 (VS €3.6BN AT END-DECEMBER 2018) ◼ Positive impact of €1.4bn related to Alstom (dividend and sale of 13% of share capital) ◼ Sharp 14 point decline in net gearing year-on-year End-Dec 2018 End-Dec €m Change
Slide 9: Strengthened financial structure (2/2)
STRENGTHENED FINANCIAL STRUCTURE (2/2) AVAILABLE CASH: €11.6BN Debt maturity schedule at end-December 2019 Reimbursement of €1bn on 29 October 2019 9
Slide 10: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 10
Slide 11: Construction businesses
CONSTRUCTION BUSINESSES ABC development – Grenoble – France Haines Highway – Alaska – United States Font-Pré eco-neighbourhood – Toulon – France 11
Slide 12: Backlog at a high level
BACKLOG AT A HIGH LEVEL Backlog in the construction businesses (€bn) Stablea 33.1 33.0 ⚫ BACKLOG AT END-DECEMBER 2019: €33BN 2.5 -11% 2.2 ◼ Stable year-on-year 8.5 9.2 +9%b ◼ 62% of the backlog at Bouygues Construction and Colas in international markets Backlog in the construction businesses (€bn) -
Slide 13: Example of contracts won in Q4 2019
EXAMPLE OF CONTRACTS WON IN Q4 2019 Trunk Road T2 – Hong Kong Sways – Issy-Val-de-Seine – France Work on railway lines for Network Rail – United Kingdom Rapid Bus Transit system – Cayenne – French Guiana 13
Slide 14: Key figures for 2019 in the construction businesses
KEY FIGURES FOR 2019 IN THE CONSTRUCTION BUSINESSES 2018 €m 2019 Change restated ⚫ INCREASE IN CURRENT OPERATING PROFIT EXCLUDING AXIONE (UP €75M) Sales 27,966 29,575 +6%a o/w France 14,358 14,316 0% ◼ Turnaround in current operating margin in the o/w international 13,608 15,259 +12% Energies and Se
Slide 15: Leadership in sustainable construction
LEADERSHIP IN SUSTAINABLE CONSTRUCTION ◼ A large portfolio of low-carbon solutions: a core part of the Group’s climate strategy focuses on “solutions” as well as reducing its own greenhouse gas emissions Know-how ECO-CONSTRUCTION CONSTRUCTION AND OPERATION OF OPTIMIZATION OF ENERGY AND OPTIMIZATION
Slide 16: CLOTILDE COURAU BRUNO DEBRANOT JULIE DE BONA LANNICK GAUTRY SYLVIE TESTUD CECILE REBBOAH
CLOTILDE COURAU BRUNO DEBRANOT JULIE DE BONA LANNICK GAUTRY SYLVIE TESTUD CECILE REBBOAH SUR LE LAC Fie
Slide 17: Key figures at TF1 Group for 2019
KEY FIGURES AT TF1 GROUP FOR 2019 ⚫ SALES UP 2% YEAR-ON-YEAR, 2018 €m 2019 Change DRIVEN BY EXTERNAL GROWTH restated Sales 2,288 2,337 +2%a ⚫ INCREASE IN CURRENT OPERATING PROFIT Current operating profit 199 255 +€56m ◼ Cost of programs under tight control at €985m Current operating margin 8.7% 10.9
Slide 18: Towards “Total Video”
TOWARDS “TOTAL VIDEO” ⚫ ADJUST CONTENT TO MEET DIVERSE CONSUMER DEMANDS ◼ To keep pace with the way people view content (catch-up TV, enhanced services, etc.) ◼ Salto, an SVOD, catch-up TV and linear channels service, to be launched in September 2020 ◼ To prepare for “addressable” television (target
Slide 19: Slide 19
Slide 20: Continued growth in mobile and fixed customer base
CONTINUED GROWTH IN MOBILE AND FIXED CUSTOMER BASE Mobile plan customers excl. MtoMa (millions of customers) 11.5 ⚫ 11.5 MILLION MOBILE PLAN CUSTOMERS 10.9 EXCLUDING MtoMa AT END-DECEMBER 2019 10.3 9.8 ◼ +653,000 customers in 2019 9.1 ◼ +152,000 customers in Q4 2019 2015 2016 2017 2018 2019 ⚫ 3.9 MI
Slide 21: Strong growth in sales from services
STRONG GROWTH IN SALES FROM SERVICES Change in sales from services (€m) +8% 4,597 ⚫ SALES FROM SERVICES UP 8% 4,070 +5% 4,256 BETWEEN 2018 AND 2019 1,166 1,270 1,448 ◼ Up 5.5% in mobile 2,904 2,986 3,149 ◼ Up 14% in fixed 2017 2018 2019 Mobile sales from services Fixed sales from services Mobile & f
Slide 22: Bouygues Telecom achieves its 2019 guidance
BOUYGUES TELECOM ACHIEVES ITS 2019 GUIDANCE 2018 €m 2019 Change restated ⚫ STRONG YEAR-ON-YEAR GROWTH IN SALES Sales 5,344 6,058 +13%a ◼ Up 12% like-for-like and at constant exchange rates o/w sales from servicesb 4,256 4,597 +8% EBITDA after Leasesb 1,264 1,411 +€147m ⚫ SHARP INCREASE IN EBITDA AFT
Slide 23: Differentiation strategy based on quality
DIFFERENTIATION STRATEGY BASED ON QUALITY ⚫ PROVIDE CUSTOMERS WITH A SIMPLE AND SEAMLESS EXPERIENCE ⚫ OFFER EXCELLENT QUALITY NETWORKS IN MOBILE AND FIXED ⚫ MAKE SERVICES AVAILABLE IN LESS DENSELY POPULATED AREAS ⚫ ENSURE A COMPLETE RANGE OF FIXED AND MOBILE SOLUTIONS FOR BUSINESSES TO ACCELERATE GR
Slide 24: Differentiation through quality customer experience and branding (1/2)
DIFFERENTIATION THROUGH QUALITY CUSTOMER EXPERIENCE AND BRANDING (1/2) New Bbox Fibre ⚫ DELIVER A HIGH-QUALITY CUSTOMER EXPERIENCE modem has the ◼ Over 200 ongoing projects to improve customer experience best WiFi coverage ◼ Improvement in user satisfaction for FTTH customers > Out of all four opera
Slide 25: Differentiation through quality customer experience and branding (2/2)
DIFFERENTIATION THROUGH QUALITY CUSTOMER EXPERIENCE AND BRANDING (2/2) ⚫ BOOST THE BOUYGUES TELECOM BRAND IDENTITY ◼ A new corporate slogan unveiled in January 2020 > The “We are made to be together” media campaign ◼ Extend the brand’s reach in all internal and external points of contact (stores, em
Slide 26: Differentiation via network quality
DIFFERENTIATION VIA NETWORK QUALITY Once more, Bouygues Telecom is the n°1 mobile network in rural areas in France ◼ N°1 mobile network in rural areas a and n°2 on average in France b for the second year in a row ◼ Over 28,000 mobile sites in 2023 ◼ Nearly 12 million FTTHc premises marketed at end-2
Slide 27: Expansion in BtoB
EXPANSION IN BTOB ⚫ THE MAIN CHALLENGES FOR BUSINESSES Very-high-speed required New agile and mobile IT systems undergoing Disruption of production at all sites organizational structures sweeping changes systems ⚫ BOUYGUES TELECOM ENTREPRISES’ GOAL ◼ Be a service operator providing enhanced products
Slide 28: Pragmatic management of infrastructure (1/2)
PRAGMATIC MANAGEMENT OF INFRASTRUCTURE (1/2) ⚫ PROJECT SAINT MALO ◼ Roll-out of nationwide optical fiber infrastructure (FTTAa and FTTOb) ◼ Aiming to satisfy the growth in data usage on networks > Connect Bouygues Telecom’s network equipment (mobile antennas, central offices) > Market very-high-spee
Slide 29: Pragmatic management of infrastructure (2/2)
PRAGMATIC MANAGEMENT OF INFRASTRUCTURE (2/2) ⚫ PROJECT ASTÉRIX ◼ Objective: speed up the roll-out of Bouygues Telecom’s FTTHa in the Medium Dense Area ◼ Currently, Bouygues Telecom accesses Orange’s FTTH vertical network in the Medium Dense Area > via joint investments by 5% tranche of completed lin
Slide 30: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 30
Slide 31: Condensed consolidated income statement (1/2)
CONDENSED CONSOLIDATED INCOME STATEMENT (1/2) 2018 €m 2019 Change restated Sales 35,555 37,929 +7%a Current operating profit 1,564 1,676 +€112m Current operating profit after Leasesb 1,507 1,619 +€112m Other operating income and expenses 265c 20d -€245m Operating profit 1,829 1,696 -€133m Operating
Slide 32: Condensed consolidated income statement (2/2)
CONDENSED CONSOLIDATED INCOME STATEMENT (2/2) 2018 €m 2019 Change restated Income tax (426) (452) -€26m Share of net profit of joint ventures and associates 302 350 +€48m o/w Alstom 230 238 +€8m Net profit from continuing operations 1,450 1,320 -€130m Net profit attributable to non-controlling inter
Slide 33: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec 2018 End-Dec €m Change restated 2019 Non-current assets 20,879 20,239 -€640m Current assets 17,968 19,115 +€1,147m Held-for-sale assets and operations 340 - -€340m TOTAL ASSETS 39,187 39,354 +€167m Shareholders' equity 11,032 11,800 +€768m Non-current lia
Slide 34: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec End-Dec €m 2018 Change 2019 restated Of which: Non-current assets 20,879 20,239 -€640m • Property, plant & equipment: +€175m • Goodwill: +€240m, including: Current assets 17,968 19,115 +€1,147m • Alpiq ES, Keyyo, Nerim, De Mensen, Held-for-sale assets and
Slide 35: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec End-Dec €m 2018 Change 2019 restated Non-current assets 20,879 20,239 -€640m Of which: Current assets 17,968 19,115 +€1,147m • Current operating assets: +€503m • Cash: +€646m Held-for-sale assets and 340 - -€340m operations TOTAL ASSETS 39,187 39,354 +€16
Slide 36: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec 2018 €m End-Dec 2019 Change restated Non-current assets 20,879 20,239 -€640m Current assets 17,968 19,115 +€1,147m Held-for-sale assets and operations 340 - -€340m TOTAL ASSETS 39,187 39,354 +€167m Shareholders' equity 11,032 11,800 +€768m Non-current lia
Slide 37: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec End-Dec €m 2018 Change 2019 restated Non-current assets 20,879 20,239 -€640m Current assets 17,968 19,115 +€1,147m Held-for-sale assets and 340 - -€340m operations TOTAL ASSETS 39,187 39,354 +€167m Of which: Shareholders' equity 11,032 11,800 +€768m • Net
Slide 38: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec End-Dec €m 2018 Change 2019 restated Non-current assets 20,879 20,239 -€640m Current assets 17,968 19,115 +€1,147m Held-for-sale assets and 340 - -€340m operations TOTAL ASSETS 39,187 39,354 +€167m Shareholders' equity 11,032 11,800 +€768m Of which: Non-c
Slide 39: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec 2018 €m End-Dec 2019 Change restated Non-current assets 20,879 20,239 -€640m Current assets 17,968 19,115 +€1,147m Held-for-sale assets and operations 340 - -€340m TOTAL ASSETS 39,187 39,354 +€167m Shareholders' equity 11,032 11,800 +€768m Non-current lia
Slide 40: Change in net debt position in 2019 (1/2)
CHANGE IN NET DEBT POSITION IN 2019 (1/2) €m Net debta at 31/12/2018 Net debta at 31/12/2019 (2,222) (3,612) -180 +182 +1,405 Acquisitions/ -710 +693 disposalsc Capital transactions Dividends and otherd Operations Alstomb 2018 restated (1,902) +22 -1,477e +162f -712 +295g (3,612) (a) See glossary on
Slide 41: Change in net debt position in 2019 (2/2)
CHANGE IN NET DEBT POSITION IN 2019 (2/2) €m Breakdown of operations Repayment of lease Net cash flowa excl. obligations Alstom dividend Net capex -351 Change in WCR relating -1,602 to operating activities +2,991b Otherd +693 -223 -122 +2,640 Net cash flowa including lease expenses and excl. Alstom
Slide 42: Contribution to Group net capital expenditure by sector of activity
CONTRIBUTION TO GROUP NET CAPITAL EXPENDITURE BY SECTOR OF ACTIVITY 2018 €m 2019 Change restated Construction businesses 497 521 +€24m o/w Bouygues Construction 201 189 -€12m o/w Bouygues Immobilier 8 11 +€3m o/w Colas 288 321 +€33m TF1 204 242 +€38m Bouygues Telecom 865 836 -€29m Bouygues SA and ot
Slide 43: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 43
Slide 44: 2020 Outlook (1/2)
2020 OUTLOOK (1/2) ◼ In long-term growth markets, the construction businesses will strengthen their portfolio of low-carbon solutions to maintain their leadership in sustainable construction and benefit from their actions to improve profitability > Increase in current operating margin of the constru
Slide 45: 2020 Outlook (2/2)
2020 OUTLOOK (2/2) ⚫ THE BOUYGUES GROUP TO CONTINUE ITS SUSTAINABLE GROWTH ◼ Free cash flow generation after WCRa of €1 billion in 2020, with contribution from all three sectors of activity ◼ Reduction of the Group’s greenhouse gas emissions by 2030 > Definition of a target compatible with the Paris
Slide 46: Contents
CONTENTS ⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES 46
Slide 47: Bouygues operates in growing countries with a low-risk profile
ANNEX BOUYGUES OPERATES IN GROWING COUNTRIES WITH A LOW-RISK PROFILE NORTHERN AND CENTRAL EUROPE United States: +2.1% United Kingdom: +1.4% Canada: +1.8% Switzerland: +1.3% Czech Republic: +2.6% Poland: +3.1% RUSSIA NORTH AMERICA 41% 0% Russia: +1.9% 27% SOUTHERN EUROPE Spain: +1.8% 2% Italy: +0.5%
Slide 48: Backlogs in the construction businesses
ANNEX BACKLOGS IN THE CONSTRUCTION BUSINESSES International backlog (€bn) Backlog in France (€bn) +3%a -4%a +X% 18.8 19.2 0.1 0.1 -11% 14.4 13.8 5.1 +X% 6.1 +21%b -11% 2.4 2.1 +X% 3.4 -10%b 3.1 13.6 -4%c 13.0 +X% 8.6 Stable 8.6 End-Dec 2018 End-Dec 2019 End-Dec 2018 End-Dec 2019 Bouygues Constructio
Slide 49: Key figures at Bouygues Construction
ANNEX KEY FIGURES AT BOUYGUES CONSTRUCTION France Order intakea (€bn) Backlog by geographic region (at end-Dec 2019) International -15% 6% 14.5 2% 13.1 12.3 29% 7 8.7 7.2 -17% 40% 23% 6.2 5.8 5.1 -13% 2017 2018 2019 France Asia and Middle East Europe (excl. France) Americas Africa (a) Contracts are
Slide 50: Key figures at Bouygues Immobilier
ANNEX KEY FIGURES AT BOUYGUES IMMOBILIER Residential property Reservationsa (€bn) Commercial property +3% 3.1 2.6 2.7 0.4 +126% 0.3 0.6 2.6 2.3 2.1 -11% 2017 2018 2019 (a) Net of cancellations (residential property) and firm orders which cannot be cancelled (commercial property) Mirabeau tower – Mar
Slide 51: Key figures at Colas
ANNEX KEY FIGURES AT COLAS Backlog (€bn) Sales by activity at end-2019 +9%a 9.2 18% 8.5 10% Road construction 7.6 3.1 -10%b Railways/specialized activities 3.4 Sale of road construction materials 72% 3.2 2018 €m 2019 Change restated Sales 13,190 13,688 +4%a 6.1 +21%c o/w France 6,460 6,596 +2% 5.1 4
Slide 52: Key indicators at Bouygues Telecom
ANNEX KEY INDICATORS AT BOUYGUES TELECOM Q1 2018 Q2 2018 Q3 2018 Q4 2018 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 2019 Sales from mobile services 719 734 779 754 2,986 751 776 804 818 3,149 (€m) Sales from fixed services 312 309 319 330 1,270 343 356 367 382 1,448 (€m) Mobile customer base 14,840 15,288
Slide 53: FTTH premises marketed (millions)
ANNEX FTTHa PREMISES MARKETEDb (MILLIONS) Total premises on the marketc Bouygues Telecom at end-December 2019 Very Dense 6.4 Area 4.0 Target of FTTH premises marketed by end-2022 Medium Dense Area 13.2 AMIId 22 35.5 6.8 11.8 Public Initiative 15.9 Network (PIN) Aread 1.0 (a) Fiber-To-The-Home – opti
Slide 54: Reminder: application of IFRS 16 (Leases) from 1 January 2019
ANNEX REMINDER: APPLICATION OF IFRS 16 (LEASES) FROM 1 JANUARY 2019 ⚫ RESTATEMENT OF 2018 FINANCIAL STATEMENTS ◼ The 2018 financial statements have been restated following the first-time application of IFRS 16 on Leases from 1 January 2019. For FY 2018, there is a negative impact of €3m on net profi
Slide 55: Sales by sector of activity
ANNEX SALES BY SECTOR OF ACTIVITY 2018 Lfl & €m 2019 Change restated constant fxa Construction businessesb 27,966 29,575 +6% +4% o/w Bouygues Construction 12,358 13,355 +8% +2% o/w Bouygues Immobilier 2,628 2,706 +3% +3% o/w Colas 13,190 13,688 +4% +5% TF1 2,288 2,337 +2% 0% Bouygues Telecom 5,344 6
Slide 56: Contribution to Group EBITDA after Leases by sector of activity
ANNEX CONTRIBUTION TO GROUP EBITDA AFTER LEASESa BY SECTOR OF ACTIVITY 2018 €m 2019 Change restated Construction businesses 1,427 1,640 +€213m o/w Bouygues Construction 490 591 +€101m o/w Bouygues Immobilier 161 117 -€44m o/w Colas 776 932 +€156m TF1 469 514 +€45m Bouygues Telecom 1,264 1,411 +€147m
Slide 57: Contribution to Group current operating profit by sector of activity
ANNEX CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT BY SECTOR OF ACTIVITY 2018 €m 2019 Change restated Construction businesses 941 910 -€31m o/w Bouygues Construction 378 378 €0m o/w Bouygues Immobilier 190 99 -€91m o/w Colas 373 433 +€60m TF1 199 255 +€56m Bouygues Telecom 454 540 +€86m Bouygues S
Slide 58: Contribution to Group current operating profit after Leases by sector
ANNEX CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT AFTER LEASESa BY SECTOR OF ACTIVITY 2018 €m 2019 Change restated Construction businesses 915 882 -€33m o/w Bouygues Construction 367 367 €0m o/w Bouygues Immobilier 188 97 -€91m o/w Colas 360 418 +€58m TF1 195 251 +€56m Bouygues Telecom 427 515 +€
Slide 59: Contribution to Group operating profit by sector of activity
ANNEX CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF ACTIVITY 2018 €m 2019 Change restated Construction businesses 906 859 -€47m o/w Bouygues Construction 374 355 -€19m o/w Bouygues Immobilier 190 99 -€91m o/w Colas 342 405 +€63m TF1 177 255 +€78m Bouygues Telecom 776 610 -€166m Bouygues SA and
Slide 60: Contribution to Group operating profit after Leases by sector
ANNEX CONTRIBUTION TO GROUP OPERATING PROFIT AFTER LEASESa BY SECTOR OF ACTIVITY 2018 €m 2019 Change restated Construction businesses 880 831 -€49m o/w Bouygues Construction 363 344 -€19m o/w Bouygues Immobilier 188 97 -€91m o/w Colas 329 390 +€61m TF1 173 251 +€78m Bouygues Telecom 749 585 -€164m B
Slide 61: Contribution to net profit attributable to the Group by sector
ANNEX CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY SECTOR OF ACTIVITY 2018 €m 2019 Change restated Construction businesses 653 623 -€30m o/w Bouygues Construction 296 325 +€29m o/w Bouygues Immobilier 137 46 -€91m o/w Colas 220 252 +€32m TF1 55 67 +€12m Bouygues Telecom 444 343 -€101m Als
Slide 62: Contribution to Group net cash flow by sector of activity
ANNEX CONTRIBUTION TO GROUP NET CASH FLOWa BY SECTOR OF ACTIVITY 2018 €m 2019 Change restated Construction businesses 1,205 1,391 +€186m o/w Bouygues Construction 389 491 +€102m o/w Bouygues Immobilier 118 120 +€2m o/w Colas 698 780 +€82m TF1 360 416 +€56m Bouygues Telecom 1,187 1,275 +€88m Bouygues
Slide 63: Contribution to Group free cash flow by sector of activity
ANNEX CONTRIBUTION TO GROUP FREE CASH FLOWa BY SECTOR OF ACTIVITY 2018 €m 2019 Change restated Construction businesses 544 675 +€131m o/w Bouygues Construction 102 204 +€102m o/w Bouygues Immobilier 101 100 -€1m o/w Colas 341 371 +€30m TF1 140 156 +€16m Bouygues Telecom 192 301 +€109m Bouygues SA an
Slide 64: Contribution to Group free cash flow after WCR by sector
ANNEX CONTRIBUTION TO GROUP FREE CASH FLOW AFTER WCRa BY SECTOR OF ACTIVITY 2018 €m 2019 Change restated Construction businesses 440 704 +€264m o/w Bouygues Construction 388 58 -€330m o/w Bouygues Immobilier 6 305 +€299m o/w Colas 46 341 +€295m TF1 157 124 -€33m Bouygues Telecom (90) 135 +€225m Bouy
Slide 65: Net surplus cash (+)/Net debt (-)
ANNEX NET SURPLUS CASH (+)/NET DEBT (-)a End-Dec 2018 End-Dec €m Change restated 2019 Bouygues Construction 3,119 3,113 -€6m Bouygues Immobilier (238) (279) -€41m Colas (475) (367) +€108m TF1 (28) (127) -€99m Bouygues Telecom (1,275) (1,454) -€179m Bouygues SA and other (4,715) (3,108) +€1,607m Grou
Slide 66: Glossary (1/2)
ANNEX GLOSSARY (1/2) SALES FROM SERVICES 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 charges (voice, texts and
Slide 67: Glossary (2/2)
ANNEX GLOSSARY (2/2) EBITDA AFTER LEASES ◼ Current operating profit after Leases (i.e. current operating profit after taking account of the interest expense on lease obligations), before (i) net depreciation and amortization expense on property, plant and equipment and intangible assets, (ii) net ch