Press release
NINE-MONTH 2023 RESULTS
- Solid set of nine-month 2023 Group results, and marked by Equans’ contribution
- Group sales up 38% year-on-year and up 3% versus the nine-month 2022 proforma figure including Equans1
- Group current operating profit from activities up €383m year-on-year and €237m versus the nine-month 2022 proforma figure including Equans1
- Group net debt at
end-September 2023 stood at €10.2bn - The Group confirms its outlook for 2023
- Market environment remains challenging in property sector, with limited visibility on recovery timeline
The Board of Directors, chaired by
The following income statement includes the financial information published for the first nine months of 2022 and Equans proforma financial information (unaudited) for the same period.
(€ million) | 9M 2023 | 9M 2022 published | Change | 9M 2022 proforma | d | |||
Sales | 40,888 | 29,677 | +38% | a | 39,739 | |||
Current operating profit/(loss) from activities | 1,623 | 1,240 | +383 | 1,386 | ||||
Margin from activities | 4.0% | 4.2% | -0.2 pts | 3.5% | ||||
Current operating profit/(loss) ᵇ | 1,546 | 1,207 | +339 | 1,314 | ||||
Operating profit/(loss) ᶜ | 1,400 | 1,101 | +299 | 1,209 | ||||
Financial result | (316) | (170) | -146 | (283) | ||||
Net profit/(loss) attributable to the Group | 665 | 537 | +128 | 532 |
(a) Up 2% like-for-like and at constant exchange rates.
(b) Includes PPA amortisation of €77m in 9-month 2023 and of €33m in 9-month 2022 as published.
(c) Includes net non-current charges of €146m in 9-month 2023 and of €106m in 9-month 2022 as published.
(d) Unaudited 9-month 2022 proforma figures.
(€ million) | a | |||||
Net surplus cash (+)/net debt (-) | (10,238) | (7,455) | (3,656) |
(a) Net debt adjusted following the update to the final purchase price allocation on the Equans acquisition of
- Nine-month 2023 sales were €40.9 billion, up 38% versus the same period in 2022, driven mainly by Equans’ contribution. Sales growth was 3% compared with the nine-month 2022 proforma figure including Equans. Like-for-like and at constant exchange rates, sales increased 2%.
- Current operating profit from activities (COPA) was €1,623 million, an increase of €383 million compared with the first nine months of 2022. This was €237 million higher than the nine-month 2022 proforma figure including Equans. Margin from activities was 4% in the first nine months of 2023.
- Net profit attributable to the Group was €665 million. This includes:
- amortisation and impairment of intangible assets recognised in acquisitions (PPA) of €77 million (including €46 million at Bouygues SA related to the acquisition of Equans), compared with €33 million for the first nine months of 2022 as published;
- net non-current charges2 of €146 million, which are not indicative of business. As a reminder, net non-current charges in first nine months of 2022 as published were €106 million;
- financial result of -€316 million, versus -€170 million in first nine months of 2022 as published, the change being mainly related to the acquisition of Equans. In particular, the cost of net debt was -€231 million compared with -€123 million in first nine months of 2022 as published;
- income tax expense of €363 million;
- a share of net profits of joint ventures amounting to €50 million versus a €7 million loss in first nine months of 2022 as published, driven notably by Tipco’s contribution and the end of losses from Salto.
- Net debt was €10.2 billion at
30 September 2023 versus €3.7 billion atend-September 2022 , a change of around €6.6 billion, mainly reflecting the acquisition of Equans. Net gearing3 was 74% (versus 27% atend-September 2022 ).
OUTLOOK FOR 2023
The outlook below is based on information known to date.
Outlook for the Group
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 profit from activities (COPA).
This outlook is based on 2022 proforma financial information that assumes the Equans acquisition was completed on
Outlook for Colas
In an unstable environment marked by inflation, rising interest rates and currency volatility, the Colas group has strong fundamentals and will continue to benefit from the positive impacts of the transformation plans that it has undertaken.
Colas confirms its target of increasing current operating profit from activities (COPA) and current operating profit in 2023 compared with 2022.
Outlook for Equans
In 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) between 2.5% and 3%;
- a cash conversion rate (COPA-to-cash flow4) before working capital requirements (WCR) of between 80% and 100%.
Outlook for
As it continues to grow its customer base, particularly in the fixed segment, and maintains its investments to boost its mobile network capacity,
- an increase in sales billed to customers;
- EBITDA after Leases of around €1.9 billion;
- gross capital expenditure at around €1.5 billion (excluding frequencies).
Outlook for the TF1 group
The TF1 group confirms its outlook.
TF1 group will cement its leadership position and maintain a broadly stable current operating margin of activities in 2023. The TF1 group will continue to generate cash flow in order to aim for a growing or stable dividend policy over the coming years.
DETAILED ANALYSIS BY SECTOR OF ACTIVITY
CONSTRUCTION BUSINESSES
As a reminder,
At
Bouygues Construction’s order intake in the first nine months of 2023 was €8.1 billion, driven by the award of major contracts, including in the third quarter the extension of the metro line MTRC 1601 and construction of the Anderson Road Quarry multi-use complex, both in
Colas benefited from order intake of €11.3 billion, an 8% increase relative to the first nine months of 2022. Major contracts were booked during this period, including in the third quarter, a contract to extend the
The construction businesses reported sales of €20 billion in the first nine months of 2023, up 2% year-on-year, driven by
3%. Bouygues Construction’s sales rose 6%, lifted mainly by a strong performance from
The current operating profit from activities (COPA) in the construction businesses was €499 million at
In the first nine months of 2023, Bouygues Construction’s COPA was €190 million, close to the €198 million reported for the same period last year. The margin from activities was 2.6%, notably related to the non-linear progress of worksites. Against a backdrop of a sharp decline in sales, Bouygues Immobilier’s COPA6 amounted to €1 million, a lower level than in the first nine months of 2022 (including the share of co-promotions, this figure would have been €21 million). At Colas, COPA was €308 million, an increase of €89 million versus the first nine months of 2022. The margin from activities over the first nine months of 2023 was 2.6%, an improvement of 0.7 points year-on-year. Colas’ third-quarter 2023 margin from activities was up 1.2 points year-on year; the level of this improvement not being indicative of the expected full-year trend, as the third quarter benefited from the sale of some land in
EQUANS
Equans’ figures include Bouygues Energies & Services with effect from
In line with the announcements made at the Capital Markets Day in
Sales for the first nine months of 2023 stood at €13.7 billion, reflecting positive market trends, which allowed it to pursue its selective approach strategy, and factor in the contribution of asset-based activities, which are in the process of being divested. This can be compared with a proforma figure of €12.9 billion (unaudited) for the first nine months of 2022 and represents an increase of 6%. Current operating profit from activities (COPA) in the first nine months of 2023 was €377 million, an increase of €139 million versus nine-month 2022 proforma COPA. It reflects the continued roll-out of the Perform plan to all of Equans’ operating units. The margin from activities was therefore 2.7%, in line with the 2023 target of between 2.5% and 3%.
Equans announced that it had signed an agreement on 15 September to sell its district heating and cooling network activities in the
TF1
The TF1 group reported sales of €1.5 billion in the first nine months of 2023, decreasing 11% year-on-year (and down 8% like-for-like and at constant exchange rates):
- Media sales fell 6% in the first nine months of 2023 but grew 8% in the third quarter, driven by a 7% increase (+10% like-for-like and at constant exchange rates) in advertising revenue, driven notably by the Rugby World Cup. Like-for-like and at constant exchange rates, advertising revenue was down 2% overall in the first nine months of 2023;
- sales at
Newen Studios declined by 34% year-on-year. The decline was due to an unfavourable base effect linked to the delivery of large-scale productions in the first nine months of 2022 (such as Liaison and Marie-Antoinette in Q3 2022), the closure of Salto and the end of PlusBelle la Vie for France Télévisions.
Current operating profit from activities (COPA) was €204 million in the first nine months of 2023, down €39 million year-on-year.
The margin from activities in the first nine months was 13.2%, down year-on-year (-0.8 points). In the third quarter, it benefited notably from the solid performance by the Media segment, where the margin from activities was up 1.1 points relative to third-quarter 2022, thus underlining TF1’s ability to monetise major sporting events. The Media margin from activities for the first nine months of 2023 was almost stable year-on-year. It was also indicative of TF1’s very tight control over programme costs, which amounted to €629 million (down €11 million year-on-year, or 2% lower). At
Sales billed to customers reflected this commercial momentum and reached €4.4 billion, up 6% versus the first nine months of 2022, lifted by the strength of the mobile and fixed customer bases and the increase in ABPU7 (year-on-year, mobile ABPU rose €0.1 to €19.8 per customer per month, while fixed ABPU increased €1.9 to €30.9 per customer per month).
Sales from services rose 4% year-on-year, still impacted by the decrease in sales from incoming traffic. Other sales remained broadly stable year-on-year. In total, Bouygues Telecom’s sales increased 3% versus
EBITDA after Leases rose €143 million year-on-year to €1,451 million, driven by sales growth and tight control on costs. The EBITDA after Leases margin continued increasing, up to 32.6% (up 2 points versus end-September 2022).
Current operating profit from activities (COPA) was €585 million, up €63 million year-on-year.
Gross capital expenditure excluding frequencies was €1,107 million at
DRAFT PUBLIC TENDER OFFER FOLLOWED BY A SQUEEZE-OUT FOR COLAS SHARES
On
The draft offer is intended to simplify the ownership structure of Colas.
As of the date the offer was filed, Bouygues held 96.8% of the share capital of Colas.
The draft offer is under review by the AMF.
Subject to obtaining approval from the AMF (notice of compliance), the offer period and definitive withdrawal from listing are expected to take place before the end of 2023.
FINANCIAL SITUATION
- at €10.9 billion, the Group maintained a high level of available cash compared with €14.7 billion at end-2022. Available cash comprised €1.6 billion in cash and equivalents, supplemented by €9.3 billion in undrawn medium- and long-term credit facilities;
- net debt at
end-September 2023 was €10.2 billion versus €7.5 billion atend-December 2022 8 and €3.7 billion atend-September 2022 . The change versus31 December 2022 is mainly impacted by the usual seasonal effects, including the dividend payment. The change betweenend-September 2022 andend-September 2023 reflected mainly:- the acquisition of Equans;
- the payment of €310 million9 to Free Mobile, on
16 May 2023 , in respect of which the Group is disputing the ruling and validity of its immediate execution10; - the capital increase reserved for Bouygues employees,
- the squeeze-out offer, with the view to delisting Colas, and
- Bouygues share buybacks.
- the change in WCR related to operating activities & other was -€2.2 billion, marking an improvement of over €0.8 billion versus
end-September 2022 , reflecting the efforts made by the business segments; - net gearing11 was 74% (versus 54% at end-2022).
In the first nine months of the year, Bouygues:
- renewed its medium- and long-term credit facilities as they expired, without financial covenants or rating clauses;
- redeemed a €700-million bond issue;
- completed a €1-billion, eight-year bond issue (maturing
17 July 2031 ), with a coupon of 3.875%. The economic cost for the Group, after factoring in pre-hedging, comes to slightly below 1.95%. - repaid €1,950 million of the syndicated loan arranged to finance the acquisition of Equans (out of a used total of €2,450 million as at
end-December 2022 )12.
At
On
- €250 million of nominal value was tapped from the €750-million bond maturing on
7 June 2027 , with a coupon of 1.375%. The economic rate for this tap issue is 3.93%, and the rate for the entire bond issue is now 2.66%; - €200 million of nominal value was tapped from the €800-million bond maturing on
11 February 2030 , with a coupon of 0.50%. The economic rate for this tap issue is 4.18%, and the rate for the entire bond issue is now 1.16%.
Following these two tap issues, the average maturity of the Group’s bonds is 8.5 years, and the average coupon is 3.01% (average effective rate of 2.26%).
The long-term credit ratings assigned to the Group by Moody’s and Standard &Poor’s are: A3, stable outlook, and A-, negative outlook, respectively.
FINANCIAL CALENDAR
The financial statements have been subject to a limited review by the statutory auditors and the corresponding report has been issued.
You can find the full financial statements and notes to the financial statements on www.bouygues.com/results.
The results presentation conference call for analysts will start at
Details on how to connect are available on www.bouygues.com.
The results presentation will be available before the conference call starts
on www.bouygues.com/results.
ABOUT BOUYGUES
Bouygues is a diversified services group operating in over 80 countries with 200,000 employees all working to make life better every day. Its business activities in construction (
INVESTORS AND ANALYSTS CONTACT:
investors@bouygues.com • Tel.: +33 (0)1 44 20 12 29
PRESS CONTACT:
presse@bouygues.com • Tel.: +33 (0)1 44 20 12 01
NINE-MONTH 2023 BUSINESS ACTIVITY
BACKLOG IN THE CONSTRUCTION BUSINESSES
In order to facilitate analysis, Bouygues Construction’s backlog at
(€ million) | Change | |||
15,147 | 13,560 | +12% | a | |
1,226 | 1,578 | -22% | b | |
Colas | 13,403 | 12,407 | +8% | c |
Total | 29,776 | 27,545 | +8% | d |
(a) Up 13% at constant exchange rates and excluding principal disposals and acquisitions.
(b) Down 22% at constant exchange rates and excluding principal disposals and acquisitions.
(c) Up 11% at constant exchange rates and excluding principal disposals and acquisitions.
(d) Up 10% at constant exchange rates and excluding principal disposals and acquisitions.
BOUYGUES CONSTRUCTION ORDER INTAKE
Bouygues Construction’s order intake in 9M 2022 only includes the Building & Civil Works order intake.
(€ million) | 9M 2023 | 9M 2022 | Change | |
2,722 | 2,372 | +15% | ||
International | 5,418 | 3,057 | +77% | |
Total | 8,140 | 5,429 | +50% |
BOUYGUES IMMOBILIER RESERVATIONS
(€ million) | 9M 2023 | 9M 2022 | Change | |
Residential property | 878 | 1,145 | -23% | |
Commercial property | 30 | 173 | -83% | |
Total | 908 | 1,318 | -31% |
COLAS BACKLOG
(€ million) | Change | |||
Mainland | 3,303 | 3,231 | +2% | |
International and French overseas territories | 10,100 | 9,176 | +10% | |
Total | 13,403 | 12,407 | +8% |
EQUANS BACKLOG
In order to facilitate analysis, Equans’ backlog includes Bouygues Energies & Services’ backlog, including at
(€ million) | End-Dec 2022 | Change | ||
Total | 25,985 | 25,927 | = |
TF1 AUDIENCE SHARE a
(%) | Change | |||
Total | 33.3% | 33.2% | +0.1 pts |
(a) Source Médiamétrie – Women under 50 who are purchasing decision-makers.
BOUYGUES TELECOM CUSTOMER BASE
(‘000) | End-Dec 2022 | Change | ||
Mobile customer base excl. MtoM | 15,721 | 15,499 | +222 | |
Mobile plan base excl. MtoM | 15,439 | 15,222 | +217 | |
Total mobile customers | 23,233 | 22,455 | +778 | |
FTTH customers | 3,417 | 2,993 | +425 | |
Total fixed customers | 4,837 | 4,670 | +167 |
9-MONTH 2023 FINANCIAL PERFORMANCE
As announced, Bouygues Energies & Services is consolidated by Equans with effect from the start of 2023. For easier comparison, data for
GROUP CONDENSED CONSOLIDATED INCOME STATEMENT
(€ million) | 9M 2023 | 9M 2022 published | Change | |||
Sales | 40,888 | 29,677 | +38% | a | ||
Current operating profit/(loss) from activities | 1,623 | 1,240 | +383 | |||
Amortisation and impairment of intangible assets recognised in acquisitions (PPA) b | (77) | (33) | -44 | |||
Current operating profit/(loss) | 1,546 | 1,207 | +339 | |||
Other operating income and expenses | (146) | c | (106) | d | -40 | |
Operating profit/(loss) | 1,400 | 1,101 | +299 | |||
Cost of net debt | (231) | (123) | -108 | |||
Interest expense on lease obligations | (59) | (42) | -17 | |||
Other financial income and expenses | (26) | (5) | -21 | |||
Income tax | (363) | (267) | -96 | |||
Share of net profits of joint ventures and associates | 50 | (7) | +57 | |||
Net profit from continuing operations | 771 | 657 | +114 | |||
Net profit attributable to non-controlling interests | (106) | (120) | +14 | |||
Net profit/(loss) attributable to the Group | 665 | 537 | +128 |
(a) Up 2% like-for-like and at constant exchange rates.
(b) Purchase Price Allocation.
(c) Includes non-current charges of €60m at
(d) Includes non-current charges of €32m at
GROUP SALES BY SECTOR OF ACTIVITY
(€ million) | 9M 2023 | 9M 2022 published | Change | Forex effect | Scope effect | Lfl & constant fx ᶜ |
Construction businesses ᵃ | 19,996 | 19,673 | +2% | +1% | 0% | +3% |
o/w | 7,210 | 6,833 | +6% | +1% | 0% | +7% |
o/w | 1,109 | 1,366 | -19% | 0% | 0% | -19% |
o/w Colas | 11,805 | 11,524 | +2% | +2% | 0% | +5% |
Equans | 13,726 | 2,818 | nm | nm | nm | nm |
TF1 | 1,548 | 1,740 | -11% | 0% | +3% | -8% |
5,700 | 5,531 | +3% | 0% | 0% | +3% | |
Bouygues SA and other | 176 | 148 | nm | - | - | nm |
(386) | (283) | nm | - | - | nm | |
Group sales | 40,888 | 29,677 | +38% | +1% | -36% | +2% |
o/w | 19,987 | 16,757 | +19% | 0% | -21% | -2% |
o/w international | 20,901 | 12,920 | +62% | +2% | -55% | +9% |
(a) Total of the sales contributions (after eliminations within the construction businesses).
(b) Including intra-Group eliminations of the construction businesses.
(c) Like-for-like and at constant exchange rates.
CALCULATION OF GROUP EBITDA AFTER LEASES a
(€ million) | 9M 2023 | 9M 2022 published | Change | |||
Group current operating profit/(loss) from activities | 1,623 | 1,240 | +383 | |||
Amortisation and impairment of intangible assets recognised in acquisitions (PPA) | (77) | (33) | -44 | |||
Interest expense on lease obligations | (59) | (42) | -17 | |||
Net charges for depreciation, amortisation and impairment losses on property, plant and equipment and intangible assets | 1,668 | 1,594 | +74 | |||
Charges to provisions and other impairment losses, net of reversals due to utilisation | 1 | (113) | +114 | |||
Reversals of unutilised provisions and impairment losses and other | (177) | (222) | +45 | |||
Group EBITDA after Leases | 2,979 | 2,424 | +555 |
(a) See glossary for definitions.
CONTRIBUTION TO GROUP EBITDA AFTER LEASES a BY SECTOR OF ACTIVITY
(€ million) | 9M 2023 | 9M 2022 published | Change | |||
Construction businesses | 727 | 594 | +133 | |||
o/w | 210 | 171 | +39 | |||
o/w | (8) | 20 | -28 | |||
o/w Colas | 525 | 403 | +122 | |||
Equans | 442 | 42 | +400 | |||
TF1 | 375 | 522 | -147 | |||
1,451 | 1,308 | +143 | ||||
Bouygues SA and other | (16) | (42) | +26 | |||
Group EBITDA after Leases | 2,979 | 2,424 | +555 |
(a) See glossary for definitions.
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA)a BY SECTOR OF ACTIVITY
(€ million) | 9M 2023 | 9M 2022 published | Change | |||
Construction businesses | 499 | 434 | +65 | |||
o/w | 190 | 198 | -8 | |||
o/w | 1 | 17 | -16 | |||
o/w Colas | 308 | 219 | +89 | |||
Equans | 377 | 89 | +288 | |||
TF1 | 204 | 243 | -39 | |||
585 | 522 | +63 | ||||
Bouygues SA and other | (42) | (48) | +6 | |||
Group current operating profit/(loss) from activities | 1,623 | 1,240 | +383 |
(a) See glossary for definitions.
RECONCILIATION OF CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT (COP) FOR THE FIRST NINE MONTHS OF 2023
(€ million) | COPA | PPA amortisation ᵃ | COP | |||
Construction businesses | 499 | -6 | 493 | |||
o/w | 190 | 0 | 190 | |||
o/w | 1 | 0 | 1 | |||
o/w Colas | 308 | -6 | 302 | |||
Equans | 377 | 0 | 377 | |||
TF1 | 204 | -3 | 201 | |||
585 | -22 | 563 | ||||
Bouygues SA and other | (42) | -46 | (88) | |||
Total | 1,623 | -77 | 1,546 |
(a) Amortisation and impairment of intangible assets recognised in acquisitions.
RECONCILIATION OF CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT (COP) FOR THE FIRST NINE MONTHS OF 2022, AS PUBLISHED
(€ million) | COPA | PPA amortisation ᵃ | COP | |||
Construction businesses | 434 | -6 | 428 | |||
o/w | 198 | 0 | 198 | |||
o/w | 17 | 0 | 17 | |||
o/w Colas | 219 | -6 | 213 | |||
Equans | 89 | 0 | 89 | |||
TF1 | 243 | -4 | 239 | |||
522 | -22 | 500 | ||||
Bouygues SA and other | (48) | -1 | (49) | |||
Total | 1,240 | -33 | 1,207 |
(a) Amortisation and impairment of intangible assets recognised in acquisitions.
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT (COP) BY SECTOR OF ACTIVITY
(€ million) | 9M 2023 | 9M 2022 published | Change | |||
Construction businesses | 493 | 428 | +65 | |||
o/w | 190 | 198 | -8 | |||
o/w | 1 | 17 | -16 | |||
o/w Colas | 302 | 213 | +89 | |||
Equans | 377 | 89 | +288 | |||
TF1 | 201 | 239 | -38 | |||
563 | 500 | +63 | ||||
Bouygues SA and other | (88) | (49) | -39 | |||
Group current operating profit/(loss) | 1,546 | 1,207 | +339 |
CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF ACTIVITY
(€ million) | 9M 2023 | 9M 2022 published | Change | |||
Construction businesses | 426 | 396 | +30 | |||
o/w | 130 | 166 | -36 | |||
o/w | 1 | 17 | -16 | |||
o/w Colas | 295 | 213 | +82 | |||
Equans | 330 | 78 | +252 | |||
TF1 | 177 | 224 | -47 | |||
556 | 507 | +49 | ||||
Bouygues SA and other | (89) | (104) | +15 | |||
Group operating profit/(loss) | 1,400 | a | 1,101 | b | +299 |
(a) Includes non-current charges of €60m at
(b) Includes non-current charges of €32m at
CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY SECTOR OF ACTIVITY
(€ million) | 9M 2023 | 9M 2022 published | Change | ||
Construction businesses | 288 | 269 | +19 | ||
o/w | 130 | 124 | +6 | ||
o/w | (2) | 10 | -12 | ||
o/w Colas | 160 | 135 | +25 | ||
Equans | 213 | 63 | +150 | ||
TF1 | 63 | 67 | -4 | ||
279 | 290 | -11 | |||
Bouygues SA and other | (178) | (152) | -26 | ||
Net profit/(loss) attributable to the Group | 665 | 537 | +128 |
(€ million) | Change | |||||
2,769 | 3,612 | -843 | ||||
(377) | (156) | -221 | ||||
Colas | (815) | (292) | -523 | |||
Equans | (71) | 181 | -252 | |||
TF1 | 364 | 326 | +38 | |||
(3,045) | (2,303) | -742 | ||||
Bouygues SA and other | (9,063) | (8,823) | -240 | |||
Net surplus cash (+)/net debt (-) | (10,238) | (7,455) | a | -2,783 | ||
Current and non-current lease obligations | (2,842) | (2,605) | -237 |
(a) Net debt adjusted following the update to the final purchase price allocation on the Equans acquisition of
CONTRIBUTION TO GROUP NET CAPITAL EXPENDITURE BY SECTOR OF ACTIVITY
(€ million) | 9M 2023 | 9M 2022 published | Change | |||
Construction businesses | 128 | 126 | +2 | |||
o/w | 31 | 40 | -9 | |||
o/w | 3 | 2 | +1 | |||
o/w Colas | 94 | 84 | +10 | |||
Equans | 146 | 11 | +135 | |||
TF1 | 184 | 213 | -29 | |||
1,103 | 1,199 | -96 | ||||
Bouygues SA and other | 46 | 20 | +26 | |||
Group net capital expenditure | 1,607 | 1,569 | +38 |
CONTRIBUTION TO GROUP FREE CASH FLOW BY SECTOR OF ACTIVITY
(€ million) | 9M 2023 | 9M 2022 published | Change | |||
Construction businesses | 402 | 382 | +20 | |||
o/w | 185 | 200 | -15 | |||
o/w | (9) | 13 | -22 | |||
o/w Colas | 226 | 169 | +57 | |||
Equans | 221 | 55 | +166 | |||
TF1 | 112 | 218 | -106 | |||
153 | (19) | +172 | ||||
Bouygues SA and other | (223) | (130) | -93 | |||
Group free cash flow ᵃ | 665 | 506 | +159 |
(a) See glossary for definitions.
GROUP CONDENSED CONSOLIDATED INCOME STATEMENT – COMPARISON WITH THE UNAUDITED PROFORMA INCOME STATEMENT FOR THE FIRST NINE MONTHS OF 2022
(€ million) | 9M 2023 | 9M 2022 proforma | Change | |||
Sales | 40,888 | 39,739 | +3% | |||
Current operating profit/(loss) from activities | 1,623 | 1,386 | +237 | |||
Amortisation and impairment of intangible assets recognised in acquisitions (PPA) ᵃ | (77) | (72) | -5 | |||
Current operating profit/(loss) | 1,546 | 1,314 | +232 | |||
Other operating income and expenses | (146) | (105) | -41 | |||
Operating profit/(loss) | 1,400 | 1,209 | +191 | |||
Cost of net debt | (231) | (234) | +3 | |||
Interest expense on lease obligations | (59) | (45) | -14 | |||
Other financial income and expenses | (26) | (4) | -22 | |||
Income tax | (363) | (271) | -92 | |||
Share of net profits of joint ventures and associates | 50 | (2) | +52 | |||
Net profit from continuing operations | 771 | 653 | +118 | |||
Net profit attributable to non-controlling interests | (106) | (121) | +15 | |||
Net profit/(loss) attributable to the Group | 665 | 532 | +133 |
(a) Purchase Price Allocation.
EQUANS CONDENSED INCOME STATEMENT – COMPARISON WITH THE UNAUDITED PROFORMA INCOME STATEMENT FOR THE FIRST NINE MONTHS OF 2022
(€ million) | 9M 2023 | 9M 2022 proforma | Change | |||
Sales | 13,726 | 12,919 | +6% | |||
o/w | 4,568 | n/a | n/a | |||
o/w international | 9,158 | n/a | n/a | |||
Current operating profit/(loss) from activities | 377 | 238 | +139 | |||
Margin from activities | 2.7% | 1.8% | +0.9 pts | |||
Current operating profit/(loss) | 377 | 238 | +139 | |||
Operating profit/(loss) | 330 | 228 | +102 | |||
Net profit/(loss) attributable to the Group | 213 | 149 | +64 |
GLOSSARY
ABPU (Average Billing Per User):
- In the mobile segment, it is equal to the total of mobile sales billed to customers (BtoC and BtoB) divided by the average number of customers over the period. It excludes MtoM SIM cards and free SIM cards.
- In the fixed segment, it is equal to the total of fixed sales billed to customers (excluding BtoB) divided by the average number of customers over the period.
BtoB (business to business): when one business makes a commercial transaction with another.
Backlog (
Backlog (
Under IFRS 11, Bouygues Immobilier’s backlog does not include sales from reservations taken via companies accounted for by the equity method (co-promotion companies where there is joint control).
Construction businesses:
Current operating profit/(loss) from activities: current operating profit from activities (COPA) equates to current operating profit before amortisation and impairment of intangible assets recognised in acquisitions (PPA).
EBITDA after Leases: current operating profit after taking account of the interest expense on lease obligations, before (i) net charges for depreciation, amortisation and impairment losses on property, plant and equipment and intangible assets, (ii) net charges to provisions and other impairment losses and (iii) effects of losses of control. Those effects relate to the impact of remeasuring retained interests.
EBITDA margin after Leases (
Energies & services: Equans.
Free cash flow: net cash flow (determined after (i) cost of net debt, (ii) interest expense on lease obligations and (iii) income taxes paid), minus net capital expenditure and repayments of lease obligations. It is calculated before changes in working capital requirements (WCR) related to operating activities and excluding frequencies.
FTTH (Fibre to the Home): optical fibre from the central office (where the operator’s transmission equipment is installed) all the way to homes or business premises (Arcep definition).
FTTH premises secured: premises for which the horizontal is deployed, being deployed or ordered up to the concentration point.
FTTH premises marketed: the connectable sockets, i.e. the horizontal and vertical deployed and connected via the concentration point.
Change in sales like-for-like and at constant exchange rates:
- At constant exchange rates: change after translating foreign-currency sales for the current period at the exchange rates for the comparative period.
- On a like-for-like basis: change in sales for the periods compared, adjusted as follows:
- For acquisitions, by deducting from the current period those sales of the acquired entity that have no equivalent during the comparative period.
- For divestments, by deducting from the comparative period those sales of the divested entity that have no equivalent during the current period.
MtoM: machine to machine communication. This refers to direct communication between machines or smart devices or between smart devices and people via an information system using mobile communications networks, generally without human intervention.
Net surplus cash/(net debt): the aggregate of 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 current lease obligations. A positive figure represents net surplus cash and a negative figure represents net debt. The main components of change in net debt are presented in Note 7 to the consolidated financial statements at
Order intake (
Reservations by value (
- Residential properties: the sum of the value of unit and block reservation contracts signed by customers and approved by
Bouygues Immobilier , minus registered cancellations. - Commercial properties: these are registered as reservations on notarised sale.
For co-promotion companies:
- If
Bouygues Immobilier has exclusive control over the co-promotion company (full consolidation), 100% of amounts are included in reservations. - If joint control is exercised (the company is accounted for by the equity method), commercial activity is recorded according to the amount of the equity interest in the co-promotion company.
Sales from services (
- Sales billed to customers, which include:
In Mobile:
- For BtoC customers: sales from outgoing call charges (voice, texts and data), connection fees, and value-added services.
- For BtoB customers: sales from outgoing call charges (voice, texts and data), connection fees, and value-added services, plus sales from business services.
- Machine-To-Machine (MtoM) sales.
- Visitor roaming sales.
- Sales generated with Mobile Virtual Network Operators (MVNOs).
In Fixed:
- For BtoC customers: sales from outgoing call charges, fixed broadband services, TV services (including Video on Demand and catch-up TV), and connection fees and equipment hire.
- For BtoB customers: sales from outgoing call charges, fixed broadband services, TV services (including Video on Demand and catch-up TV), and connection fees and equipment hire, plus sales from business services.
- Sales from bulk sales to other fixed line operators.
- Sales from incoming Voice and Texts.
- Spreading of handset subsidies over the projected life of the customer account, required to comply with IFRS 15.
- Capitalisation of connection fee sales, which is then spread over the projected life of the customer account.
Other sales (
It comprises:
- Sales from handsets, accessories and other.
- Roaming sales.
- Non-telecom services (construction of sites or installation of FTTH lines).
- Co-financing of advertising.
Wholesale: wholesale market for telecoms operators.
1 Unaudited 9-month 2022 proforma figures.
2 Includes non-current charges of €60m at
3 Net debt/shareholders’ equity.
4 Free cash flow before cost of net debt, interest expense on lease obligations and income taxes paid.
5 Excluding the share of co-promotions.
6 Excluding the share of co-promotions.
7 Q3 2023 ABPU
8 Net debt adjusted following the update to the final purchase price allocation on the Equans acquisition of
9 €308m plus statutory interest in relation to the legal dispute regarding smartphone plus mobile plan bundled offers.
10 See Bouygues Telecom’s press release of
11 Net debt/shareholders’ equity.
12 The remaining part of the syndicated loan was reimbursed in
Attachment
- Press release - Q3 2023
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