FIRST-HALF 2023 RESULTS
Paris,
- Backlog in the construction businesses up 9% year-on-year
- Group sales up 41% year-on-year
- Group current operating profit from activities up €214 million year-on-year
- Net profit attributable to the Group up €78 million year-on-year
- All 2023 guidance for the Group and business segments confirmed
The Board of Directors, chaired by
With regard to the financial information presented in this press release, the income statement includes the financial statements of Equans only for first-half 2023. Equans was acquired on
(€ million) | H1 2023 | H1 2022 | Change | |||
Sales | 26,136 | 18,531 | +41% | a | ||
Current operating profit/(loss) from activities | 727 | 513 | +214 | |||
Margin from activities | 2.8% | 2.8% | = | |||
Current operating profit/(loss) ᵇ | 681 | 492 | +189 | |||
Operating profit/(loss) ᶜ | 601 | 448 | +153 | |||
Financial result | (201) | (106) | -95 | |||
Net profit/(loss) attributable to the Group | 225 | 147 | +78 |
(a) Up 3% like-for-like and at constant exchange rates.
(b) Includes PPA amortisation of €46m in first-half 2023 and of €21m in first-half 2022.
(c) Includes net non-current charges of €80m in first-half 2023 and of €44m in first-half 2022.
(€ million) | ||||||
Net surplus cash (+)/net debt (-) | (10,573) | (7,440) | (3,705) |
- Sales in first-half 2023 were €26.1 billion, up 41% versus first-half 2022. Sales growth was driven mainly by Equans’ contribution, as well as by commercial performance in most of the business segments. Like-for-like and at constant exchange rates, sales growth was 3%.
- Current operating profit from activities (COPA) was €727 million, an increase of €214 million compared with first-half 2022. Margin from activities was stable year-on-year at 2.8%. As a reminder, first-half results – especially those of Colas – are not indicative of full-year results, due to the seasonality of activities.
- Net profit attributable to the Group was €225 million. This includes mainly:
- amortisation and impairment of intangible assets recognised in acquisitions (PPA) of €46 million (including €26 million at Bouygues SA related to the acquisition of Equans), compared with €21 million for first-half 2022;
- net non-current charges1 of €80 million, which are not indicative of business. As a reminder, net non-current charges in first-half 2022 were €44 million;
- financial result of -€201 million, versus -€106 million in first-half 2022, the change being mainly related to the acquisition of Equans. In particular, the cost of net debt was -€149 million compared with -€73 million in first-half 2022;
- income tax expense of €155 million;
- a share of net profits of joint ventures amounting to €46 million versus a €8 million loss in first-half 2022, driven by Tipco’s contribution and the end of losses from Salto.
- Net debt was €10.6 billion at
30 June 2023 , versus €7.4 billion atend-December 2022 , a change of around €3.1 billion due to the usual seasonal effect. Net gearing2 was 78% (versus 53% at end-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 that its current operating profit from activities (COPA) is expected to increase 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 flow3) 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).
TF1 group outlook
The TF1 group maintains its outlook, with different dynamics within its segments:
- in a market that could gradually return to 2022 levels in the second half of 2023, advertising revenue in the Media operating segment will notably be driven by the broadcast of the Rugby World Cup in
France , which will be hosted inFrance ; - the recently announced reboot by
Newen Studios of the iconic soap opera Plus belle la vie which will be broadcasted on TF1 channel and streamed on MYTF1, is part of the TF1 group’s digital acceleration strategy and reflects the synergies within the TF1 group.
TF1 group will further 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
In first-half 2023,
In line with the previous quarters, Bouygues Immobilier has to contend with a challenging market environment, mainly related to the sharply higher interest rates. As such, residential property reservations were down 26% year-on-year, with the sharp drop in unit sales nonetheless mitigated by block sales in the second quarter. Commercial property sales were again weak as investors remained in wait-and-see mode. In this context,
Last, Colas benefited from a 12% increase in order intake versus first-half 2022. Major contracts were booked during the first six months, such as the Interstate 26 road rehabilitation contract in
The construction businesses reported sales of €12.2 billion in first-half 2023, up 3% year-on-year, driven by
The current operating loss from activities in the construction businesses was €7 million in first-half 2023, improving by €7 million year-on-year, and the COPA margin in the construction businesses was stable over the period at -0.1%. As a reminder, the first-half COPA and COPA margin of the construction businesses are not indicative of the full-year performance, due to the seasonality of Colas’ activities.
In first-half 2023, Bouygues Construction’s COPA declined by €6 million year-on-year to €120 million. The margin from activities was 2.5%, notably related to the non-linear progress of worksites. Against a backdrop of a sharp decline in sales,
EQUANS
Equans’ figures include Bouygues Energies & Services with effect from
The integration of Bouygues Energies & Services within Equans is going according to expectations, with an organisational structure now in place in the main countries. The Perform plan has been launched in most business units.
In line with the strategy outlined at the Capital Markets Day in
First-half 2023 sales were €9.1 billion, lifted by strong overall momentum, with €3.1 billion from
TF1
The TF1 group reported sales of € 1 billion in first-half 2023, decreasing as expected (down 13% year-on-year and down 9% like-for-like and at constant exchange rates):
- media sales fell by 12% (and by 6% like-for-like and at constant exchange rates). Advertising revenue continued to reflect lower ad spend in an inflationary macroeconomic context, decreasing by 5% like-for-like and at constant exchange rates in second-quarter 2023, although the decline was lower than in first-quarter 2023. Like-for-like and at constant exchange rates, advertising revenue was down 6% overall in the first-half 2023;
- sales at
Newen Studios declined by 16% year-on-year. The decline was due especially to an unfavourable base effect linked to the delivery of a large-scale production inGermany during first-half 2022 and the closure of Salto. Like-for-like and at constant exchange rates, the decline is 28% in first-half 2023.
The margin from activities in the first six months was 14.7%, making up some of the ground lost in the first quarter, helped by the solid performance from the Media segment, for which the COPA margin was 21.6% in second quarter, up 0.4 points relative to second-quarter 2022. This was indicative of TF1’s very tight control over programme costs, which amounted to €404 million (down €37 million year-on-year), largely offsetting the decline in advertising revenue while confirming its leadership amongst commercial targets6. Current operating profit from activities (COPA) was €152 million, down €40 million year-on-year.
Current operating profit from activities at
In first-half 2023, TF1 generated free cash flow after WCR of €155 million, equating to an increase of €34 million relative to first-half 2022.
The results of nPerf’s fixed and WiFi surveys, released in
This performance is explained in particular by the ramp-up of FTTH roll-out.
Sales billed to customers reflected this commercial momentum and reached €2.9 billion, up 6% versus first-half 2022, lifted by the strength of the mobile and fixed customer bases and solid ABPU7 (year-on-year, mobile ABPU has grown €0.3 to €19.7 per customer per month, while fixed ABPU has increased €1.8 to €30.5 per customer per month).
Sales from services rose 4% year-on-year, still held back by the decrease in sales from incoming traffic. Other sales increased 6% year-on-year, driven mainly by growth in built-to-suit sales. In total, the operator’s sales increased 5% versus first-half 2022.
EBITDA after Leases rose €98 million year-on-year to €928 million, driven by sales growth and tight control on costs. The EBITDA after Leases margin continued increasing, up to 31.5% (up 2.1 points versus end-June 2022).
Current operating profit from activities (COPA) was €366 million, up €57 million year-on-year.
Gross capital expenditure excluding frequencies was €857 million at
FINANCIAL SITUATION
- at €10.5 billion, the Group maintained a high level of available cash compared with €14.7 billion at end-2022. Available cash comprised €1.9 billion in cash and equivalents, supplemented by €8.6 billion in undrawn medium- and long-term credit facilities;
- net debt at
end-June 2023 was €10.6 billion versus €7.4 billion atend-December 2022 and €3.7 billion atend-June 2022 . The change versus31 December 2022 is mainly impacted by the usual seasonal effects and the change betweenend-June 2022 andend-June 2023 reflected mainly:- the acquisition of Equans;
- the payment of €310 million8 to Free Mobile, on
16 May 2023 , in respect of whichBouygues Telecom is disputing the ruling and validity of its immediate execution9; - and, to a lesser extent, Bouygues share buybacks.
- the change in WCR related to operating activities & other, impacted by usual seasonal effects, was
-€2.1 billion, marking an improvement of €291 million versusend-June 2022 , reflecting the efforts made by all the business segments; - net gearing10 was 78% (versus 53% at end-2022).
In the first half 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%.
At
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.
CAPITAL INCREASE RESERVED FOR EMPLOYEES
In
The dilutive impact was offset by the prior buyback and cancellation of shares in 2022.
At
FURTHER PROGRESS IN SUSTAINABLE AND RESPONSIBLE INITIATIVES
In first-half 2023, the Group and all its business segments continued to work towards a more sustainable and responsible society:
- in January, the Bouygues group signed a joint undertaking in
Paris in support of #StOpE (Stop Casual Sexism in the Workplace) that covers all its subsidiaries. This inter-company initiative, created in 2021 by the AFMD (French Association of Diversity Managers ), has 199 signatories who are committed to pooling their resources in the daily fight against this type of sexism. Bouygues has committed to implementing specific initiatives in its subsidiaries and has set up a committee of internal liaison officers to share best practices and broaden the range of initiatives in place across the Group; - in February, the Group also organised the “Hello Handicap” event with all its business segments. This digital job fair, aimed at recruiting people with disabilities, offered candidates over 1,000 permanent, fixed-term and apprenticeship positions. Out of the 2,000 applications received, all the selected candidates were offered an interview with one of the Group’s recruitment officers.
The Group’s business segments also showcased innovations at the forefront of the digital, environmental and energy transition, at the seventh Viva Technology event in
- Colas demonstrated a system that analyses the condition of road surfaces by harvesting and processing data to optimise the use of materials during renovation;
Bouygues Construction , amongst other innovations:- presented batteries that connect at night to store green energy and electricity when it is more available;
- announced the launch, in the second half, a platform dedicated to the re-use of interior building materials (false ceilings, floors, doors, etc.) to promote more sustainable construction.
- Equans showcased a solution for storing thermal energy in aquifers (ATES or Aquifer Thermal Energy Storage) for more eco-friendly air conditioning, as well as smart charging software for more efficient and sustainable battery use in electric buses (adjusting battery charging to what is strictly necessary);
Bouygues Telecom presented:- a solution from its subsidiary Apizee (which develops real-time video communication solutions) that enables patients to undergo fully independent rehabilitation at home under the remote supervision of a healthcare professional;
- a self-driving delivery vehicle, manufactured by TwinswHeel, that can deliver parcels to homes and businesses or carry out remote surveillance and which can be controlled remotely in the event of an incident, using Bouygues Telecom’s 5G network. Other trials are currently in progress as part of the
5G Open Road programme; - its latest eco-designed routers (WiFi 6 Box, 5G Box, TV Bbox 4K decoder). This eco-design approach aims to rethink products and use more responsible materials that are easier to recycle while minimising the weight of products and making them easier to repair or refurbish.
FINANCIAL CALENDAR:
31 October 2023 : Nine-month 2023 results (7.30am CET )
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 webcast will start at
Details on how to connect are available on www.bouygues.com.
The results presentation will be available before the webcast 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
FIRST-HALF 2023 BUSINESS ACTIVITY
BACKLOG IN THE CONSTRUCTION BUSINESSES
In order to facilitate analysis, Bouygues Construction’s backlog at
(€ million) | Change | |||
15,398 | 13,752 | +12% | a | |
1,353 | 1,713 | -21% | b | |
Colas | 14,071 | 12,936 | +9% | c |
Total | 30,822 | 28,401 | +9% | d |
(a) Up 13% at constant exchange rates and excluding principal disposals and acquisitions.
(b) Down 21% 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 H1 2023 and H1 2022 only includes the Building & Civil Works order intake.
(€ million) | H1 2023 | H1 2022 | Change |
2,066 | 1,566 | +32% | |
International | 3,890 | 1,977 | +97% |
Total | 5,956 | 3,543 | +68% |
BOUYGUES IMMOBILIER RESERVATIONS
(€ million) | H1 2023 | H1 2022 | Change |
Residential property | 641 | 868 | -26% |
Commercial property | 22 | 25 | -12% |
Total | 663 | 893 | -26% |
COLAS BACKLOG
(€ million) | Change | ||
Mainland | 3,573 | 3,385 | +6% |
International and French overseas territories | 10,498 | 9,551 | +10% |
Total | 14,071 | 12,936 | +9% |
EQUANS BACKLOG
In order to facilitate analysis, Equans’ backlog at
(€ million) | Change | ||
Total | 26,397 | 25,927 | +2% |
TF1 AUDIENCE SHARE a
(%) | Change | ||
Total | 33.6% | 33.5% | +0.1 pts |
(a) Source Médiamétrie – Women under 50 who are purchasing decision-makers.
BOUYGUES TELECOM CUSTOMER BASE
(‘000) | Change | ||
Mobile customer base excl. MtoM | 15,600 | 15,499 | +101 |
Mobile plan base excl. MtoM | 15,331 | 15,222 | +109 |
Total mobile customers | 22,892 | 22,455 | +437 |
FTTH customers | 3,263 | 2,993 | +270 |
Total fixed customers | 4,756 | 4,670 | +86 |
FIRST-HALF 2023 FINANCIAL PERFORMANCE
As a reminder, Bouygues Energies & Services is consolidated by Equans with effect from the start of 2023. For easier comparison, 2022 data for
GROUP CONDENSED CONSOLIDATED INCOME STATEMENT
(€ million) | H1 2023 | H1 2022 | Change | |||
Sales | 26,136 | 18,531 | +41% | a | ||
Current operating profit/(loss) from activities | 727 | 513 | +214 | |||
Amortisation and impairment of intangible assets recognised in acquisitions (PPA) ᵇ | (46) | (21) | -25 | |||
Current operating profit/(loss) | 681 | 492 | +189 | |||
Other operating income and expenses | (80) | c | (44) | d | -36 | |
Operating profit/(loss) | 601 | 448 | +153 | |||
Cost of net debt | (149) | (73) | -76 | |||
Interest expense on lease obligations | (37) | (29) | -8 | |||
Other financial income and expenses | (15) | (4) | -11 | |||
Income tax | (155) | (103) | -52 | |||
Share of net profits of joint ventures and associates | 46 | (8) | +54 | |||
Net profit from continuing operations | 291 | 231 | +60 | |||
Net profit attributable to non-controlling interests | (66) | (84) | +18 | |||
Net profit/(loss) attributable to the Group | 225 | 147 | +78 |
(a) Up 3% like-for-like and at constant exchange rates.
(b) Purchase Price Allocation.
(c) Includes non-current charges of €46m at
(d) Includes non-current charges of €6m at
GROUP SALES BY SECTOR OF ACTIVITY
(€ million) | H1 2023 | H1 2022 | Change | Forex effect | Scope effect | Lfl & constant fx ᶜ |
Construction businessesa | 12,194 | 11,865 | +3% | +1% | +0% | +4% |
o/w | 4,746 | 4,540 | +5% | +1% | +0% | +5% |
o/w Bouygues Immobilier | 743 | 869 | -14% | +0% | +0% | -14% |
o/w Colas | 6,788 | 6,517 | +4% | +1% | +0% | +6% |
Equans | 9,138 | 1,873 | nm | nm | nm | nm |
TF1 | 1,038 | 1,187 | -13% | +0% | +3% | -9% |
3,806 | 3,636 | +5% | +0% | +0% | +5% | |
Bouygues SA and other | 118 | 99 | nm | - | - | nm |
(241) | (190) | nm | - | - | nm | |
Group sales | 26,136 | 18,531 | +41% | +0% | -39% | +3% |
o/w | 13,339 | 11,121 | +20% | +0% | -22% | -2% |
o/w international | 12,797 | 7,410 | +73% | +1% | -64% | +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) | H1 2023 | H1 2022 | Change | |||
Group current operating profit/(loss) from activities | 727 | 513 | +214 | |||
Amortisation and impairment of intangible assets recognised in acquisitions (PPA) | (46) | (21) | -25 | |||
Interest expense on lease obligations | (37) | (29) | -8 | |||
Net charges for depreciation, amortisation and impairment losses on property, plant and equipment and intangible assets | 1,075 | 977 | +98 | |||
Charges to provisions and other impairment losses, net of reversals due to utilisation | (20) | (59) | +39 | |||
Reversals of unutilised provisions and impairment losses and other | (127) | (149) | +22 | |||
Group EBITDA after Leases | 1,572 | 1,232 | +340 |
(a) See glossary for definitions.
CONTRIBUTION TO GROUP EBITDA AFTER LEASES a BY SECTOR OF ACTIVITY
(€ million) | H1 2023 | H1 2022 | Change | |||
Construction businesses | 99 | 70 | +29 | |||
o/w | 131 | 115 | +16 | |||
o/w Bouygues Immobilier | (11) | 22 | -33 | |||
o/w Colas | (21) | (67) | +46 | |||
Equans | 286 | 27 | +259 | |||
TF1 | 277 | 326 | -49 | |||
928 | 830 | +98 | ||||
Bouygues SA and other | (18) | (21) | +3 | |||
Group EBITDA after Leases | 1,572 | 1,232 | +340 |
(a) See glossary for definitions.
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA)a BY SECTOR OF ACTIVITY
(€ million) | H1 2023 | H1 2022 | Change | |||
Construction businesses | (7) | (14) | +7 | |||
o/w | 120 | 126 | -6 | |||
o/w Bouygues Immobilier | 0 | 16 | -16 | |||
o/w Colas | (127) | (156) | +29 | |||
Equans | 243 | 59 | +184 | |||
TF1 | 152 | 192 | -40 | |||
366 | 309 | +57 | ||||
Bouygues SA and other | (27) | (33) | +6 | |||
Group current operating profit/(loss) from activities | 727 | 513 | +214 |
(a) See glossary for definitions.
RECONCILIATION OF CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT (COP) FOR FIRST-HALF 2023
(€ million) | COPA | PPA amortisation ᵃ | COP | |||
Construction businesses | (7) | -4 | (11) | |||
o/w | 120 | 0 | 120 | |||
o/w Bouygues Immobilier | 0 | 0 | 0 | |||
o/w Colas | (127) | -4 | (131) | |||
Equans | 243 | 0 | 243 | |||
TF1 | 152 | -2 | 150 | |||
366 | -14 | 352 | ||||
Bouygues SA and other | (27) | -26 | (53) | |||
Total | 727 | -46 | 681 |
(a) Amortisation and impairment of intangible assets recognised in acquisitions.
RECONCILIATION OF CURRENT OPERATING PROFIT FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT (COP) FOR FIRST-HALF 2022
(€ million) | COPA | PPA amortisation ᵃ | COP | |||
Construction businesses | (14) | -4 | (18) | |||
o/w | 126 | 0 | 126 | |||
o/w Bouygues Immobilier | 16 | 0 | 16 | |||
o/w Colas | (156) | -4 | (160) | |||
Equans | 59 | 0 | 59 | |||
TF1 | 192 | -3 | 189 | |||
309 | -14 | 295 | ||||
Bouygues SA and other | (33) | 0 | (33) | |||
Total | 513 | -21 | 492 |
(a) Amortisation and impairment of intangible assets recognised in acquisitions.
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT (COP) BY SECTOR OF ACTIVITY
(€ million) | H1 2023 | H1 2022 | Change | |||
Construction businesses | (11) | (18) | +7 | |||
o/w | 120 | 126 | -6 | |||
o/w Bouygues Immobilier | 0 | 16 | -16 | |||
o/w Colas | (131) | (160) | +29 | |||
Equans | 243 | 59 | +184 | |||
TF1 | 150 | 189 | -39 | |||
352 | 295 | +57 | ||||
Bouygues SA and other | (53) | (33) | -20 | |||
Group current operating profit/(loss) | 681 | 492 | +189 |
CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF ACTIVITY
(€ million) | H1 2023 | H1 2022 | Change | |||
Construction businesses | (65) | (24) | -41 | |||
o/w | 74 | 120 | -46 | |||
o/w Bouygues Immobilier | 0 | 16 | -16 | |||
o/w Colas | (139) | (160) | +21 | |||
Equans | 224 | 52 | +172 | |||
TF1 | 131 | 182 | -51 | |||
363 | 305 | +58 | ||||
Bouygues SA and other | (52) | (67) | +15 | |||
Group operating profit/(loss) | 601 | a | 448 | b | +153 |
(a) Includes non-current charges of €46m at
(b) Includes non-current charges of €6m at
CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY SECTOR OF ACTIVITY
(€ million) | H1 2023 | H1 2022 | Change | |||
Construction businesses | (53) | (27) | -26 | |||
o/w | 79 | 92 | -13 | |||
o/w Bouygues Immobilier | 0 | 9 | -9 | |||
o/w Colas | (132) | (128) | -4 | |||
Equans | 148 | 43 | +105 | |||
TF1 | 46 | 56 | -10 | |||
192 | 174 | +18 | ||||
Bouygues SA and other | (108) | (99) | -9 | |||
Net profit/(loss) attributable to the Group | 225 | 147 | +78 |
(€ million) | Change | |||||
2,731 | 3,612 | -881 | ||||
(329) | (156) | -173 | ||||
Colas | (1,349) | (292) | -1,057 | |||
Equans | (127) | 181 | -308 | |||
TF1 | 365 | 326 | +39 | |||
(3,112) | (2,303) | -809 | ||||
Bouygues SA and other | (8,752) | (8,808) | +56 | |||
Net surplus cash (+)/net debt (-) | (10,573) | (7,440) | -3,133 | |||
Current and non-current lease obligations | (2,639) | (2,605) | -34 |
CONTRIBUTION TO GROUP NET CAPITAL EXPENDITURE BY SECTOR OF ACTIVITY, EXCLUDING FREQUENCIES
(€ million) | H1 2023 | H1 2022 | Change | |||
Construction businesses | 79 | 65 | +14 | |||
o/w | 7 | 17 | -10 | |||
o/w Bouygues Immobilier | 1 | 1 | 0 | |||
o/w Colas | 71 | 47 | +24 | |||
Equans | 110 | 6 | +104 | |||
TF1 | 112 | 139 | -27 | |||
855 | 837 | +18 | ||||
Bouygues SA and other | (25) | 17 | -42 | |||
Group net capital expenditure | 1,131 | 1,064 | +67 |
CONTRIBUTION TO GROUP FREE CASH FLOW BY SECTOR OF ACTIVITY
(€ million) | H1 2023 | H1 2022 | Change | |||
Construction businesses | (91) | (59) | -32 | |||
o/w | 112 | 127 | -15 | |||
o/w Bouygues Immobilier | (9) | 17 | -26 | |||
o/w Colas | (194) | (203) | +9 | |||
Equans | 158 | 42 | +116 | |||
TF1 | 100 | 137 | -37 | |||
(37) | (82) | +45 | ||||
Bouygues SA and other | (119) | (82) | -37 | |||
Group free cash flow ᵃ | 11 | (44) | +55 |
(a) See glossary for definitions.
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 (Bouygues Immobilier): sales outstanding from notarised sales plus total sales from signed reservations that have still to be notarised.
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.
Growth 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 (Bouygues Immobilier): the € amount of the value of properties reserved over a given period.
- 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 Includes non-current charges of €46m at
2 Net debt/shareholders’ equity.
3 Free cash flow before cost of net debt, interest expense on lease obligations and income taxes paid.
4 Excluding the share of co-promotions.
5 Excluding the share of co-promotions.
6 33.6% among women under 50 who are purchasing-decision makers (+0.1 points year-on-year) and 30.2% among the 25-49 age group (+0.1 points year-on-year).
7 Q2 2023 ABPU – Mobile ABPU is no longer restated for the roaming impact.
8 €308m plus statutory interest in relation to the legal dispute regarding smartphone plus mobile plan bundled offers.
9 See Bouygues Telecom’s press release of
10 Net debt/shareholders’ equity.
Attachment
- Press release - H1 2023
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