Press Release - Paris - 16/11/2017
- 7.30
RESULTS FOR THE
FIRST NINE MONTHS OF 2017
· sharp
INCREASE year-on-year in group results and
profitability
· VERY
GOOD commercial momentum in all businesses
· OUTLOOK
FOR 2017 CONFIRMED
KEY FIGURES (€ million) |
9-month
2016 |
9-month
2017 |
Change |
Sales |
23,113 |
23,828 |
+3%a |
Current operating
profit |
714 |
976b |
+37% |
Current operating margin |
3.1% |
4.1% |
+1 pt |
Operating profit |
570c |
1,058d |
+86% |
Net profit
attributable to the Group |
345 |
713 |
+107% |
Net profit
attributable to the Group excl. exceptional itemse |
412 |
659 |
+60% |
|
|
|
|
Net debt at
30 September |
(3,890) |
(3,707) |
+€183m |
(a) Up 3% like-for-like and at constant exchange
rates
(b) Including a capital gain of €28m on the sale of 50% of Nextdoor
and on the remeasurement of the residual interest
(c) Including non-current charges of €144m in all
businesses
(d) Including non-current income of €82m (see details on page
7)
(e) See reconciliation on page 10
Sharp improvement
in Group results and profitability in the first nine months of
2017.
Operating profit increased 86% in
the first nine months of 2017 to €1,058 million and
included
non-current income of €82 million, compared with non-current
charges of €144 million in the first nine months of 2016.
All the Group's businesses achieved very good commercial
performance in the first nine months of 2017.
-
The backlog in the construction
businesses stood at the very high level of €30.3 billion
at end-September 2017, up 8% year-on-year (up 9% at constant
exchange rates). Two major international contracts worth a total of
over €560 million were booked by Bouygues Construction in the
third quarter for the construction of the second-tallest tower in
Singapore and for the extension of Line LRT-1 of the Manila metro
in the Philippines. In France, Colas won a number of railway
maintenance contracts worth a total of about
€140 million.
-
Bouygues Telecom confirmed its very good
commercial momentum in the third quarter of 2017. The company added
110,000 new mobile plan customers excluding MtoM and 110,000 new
fixed customers. The third quarter of 2017 was also the best in
terms of FTTH recruitment since the launch of fiber offerings as
the company added 38,000 new customers. FTTH accounted for 36% of
net growth in the first nine months of 2017 compared with 24% over
the same period in the previous year.
The Group maintained a robust financial structure with net debt of
€3.7 billion at end-September 2017, down €183 million
year-on-year.
OUTLOOK
The Group confirms its target to improve profitability in 2017:
-
Current operating profit and the current
operating margin in the construction businesses should continue to improve versus 2016
(excluding the capital gain on the sale of 50% of Nextdoor and on
the remeasurement of the residual interest in the company).
-
Bouygues Telecom raises its
target for the EBITDA margin, which is now expected to be between
26% and 27%, versus its previous target of slightly above 25%.
Furthermore, around €220 million of non-current income related
to Cellnex is expected in 2017.
-
TF1 expects to achieve
€25-30 million of recurring savings[a] starting in
2017.
For 2018 and beyond:
-
TF1 expects to hold the
annual average cost of programs[b] for its
five freeview channels at €980 million over the 2017-2019
period. TF1 should also improve its profitability, targeting a
double-digit current operating margin in 2019.
-
Bouygues Telecom confirms
its target of €300 million of free cash flow in three years'
time.
DETAILED ANALYSIS
BY SECTOR OF ACTIVITY
CONSTRUCTION
BUSINESSES
The backlog in the construction
businesses at end-September 2017 stood at the very high level of
€30.3 billion, 8% higher than at end-September 2016 and up 9%
at constant exchange rates.
In France,
the construction businesses achieved a good commercial performance,
with a backlog up 13% year-on-year at end-September 2017.
Order intake at Bouygues Construction rose 9%
in the first nine months of 2017 with the awarding of contracts
worth over €1 billion for the "Grand Paris Express" rapid
transit project since the start of the year.
Residential property reservations at Bouygues
Immobilier showed strong growth of 21% in the first nine months
of 2017 versus the same period of 2016. This was higher than the
growth of the market, which is still sustained by the Pinel tax
incentive, extension of the zero-interest loan program and low
interest rates.
Colas' backlog at end-September 2017 was up
14% year-on-year, driven by the recovery of the roads activity and
third-quarter orders for railway maintenance worth around
€140 million.
Positive momentum continued in
international markets, with a backlog at
end-September 2017 up 6% at constant exchange rates. The Group won
major contracts in the third quarter of 2017, such as the
construction of the second-tallest tower in Singapore for
€290 million, the extension of Line LRT-1 of the Manila metro
for €273 million and several metro line construction or
extension contracts in the Middle East and Asia worth a total of
about €160 million.
International business represented 56% of the backlog at Bouygues
Construction and Colas at end-September 2017.
The construction
businesses reported sales of €18.7 billion in the first
nine months of 2017, 3% more than in the first nine months of
2016.
Current operating profit was €595 million, up €27 million
year-on-year.
Current operating profit at Bouygues Construction and Bouygues
Immobilier showed strong growth year-on-year. As expected, Bouygues
Immobilier booked a capital gain of €28 million in the third
quarter on the sale of 50% of Nextdoor and on the remeasurement of
the residual interest in the company. At Colas, the sharp
improvement in current operating margin in the roads business in
mainland France did not offset the delay in activity in North
America (due in particular to adverse weather conditions), and
difficulties in the rail activity, for which recovery measures are
being implemented (change of managers, reorganization of activities
in France and asset disposals).
The current operating margin in the construction businesses was
3.2% in the first nine months of 2017, a year-on-year increase of
0.1 points.
Operating profit was €590 million, up €78 million
year-on-year (including non-current charges of €5 million in
the first nine months of 2017 versus €56 million in the first
nine months of 2016).
TF1
TF1 continued to roll out its
multi-channel, multi-business, multi-media strategy in the first
nine months of 2017. The five freeview channels (TF1, TMC, HD1,
NT1, LCI) scored a combined audience share of 32.0% among women
under 50 who are purchasing decision-makers, up 0.6 points
year-on-year.
TF1 reported
sales of €1,466 million, up 3% versus the first nine months of
2016, driven by a 2% year-on-year increase in advertising sales due
to stronger sales from the DTT channels and a very good performance
in sponsorship.
Current operating profit in the
first nine months of 2017 was €115 million, up
€68 million year-on-year. This increase reflects the effects
of the strategy implemented since the fall of 2016, the savings on
recurring costs and the absence of any major sporting event during
the period.
Operating profit was
€98 million compared with a loss of €22 million in the
first nine months of 2016. This includes non-current charges of
€17 million corresponding to amortization charged against
goodwill recorded as part of the acquisition of Newen Studios,
versus non-current charges of €69 million in the first nine
months of 2016.
BOUYGUES
TELECOM
Bouygues Telecom's very good
commercial momentum was confirmed in the third quarter of 2017.
The company added 295,000 mobile
customers in the third quarter of 2017 and 940,000 in the first
nine months of the year, resulting in a total of 13.9 million
customers at end-September 2017.
There were 10.2 million mobile plan customers excluding MtoM
at end-September 2017, with 110,000 new adds in the third quarter
of 2017 and 351,000 in the first nine months of 2017. 4G
penetration within
Bouygues Telecom's customer base continued, with 7.7 million
users at end-September 2017 versus 6.5 million at
end-September 2016.
Bouygues Telecom achieved very
good commercial performance in the fixed market, adding 110,000 new
customers in the third quarter of 2017 and 243,000 in the first
nine months. The company is well-positioned to achieve its target
of 1 million additional fixed customers by end-2017 versus
end-2014.
The third quarter of 2017 was the best in terms of FTTH recruitment
since the launch of fiber offerings, with 38,000 new customers.
FTTH accounted for 36% of net growth in the first nine months of
2017 versus 24% over the same period in the previous year. Bouygues
Telecom had 209,000 FTTH customers at end-September 2017.
Bouygues Telecom is continuing to
roll out FTTH, with 18 million premises secured at
end-September 2017, 2 million more than at end-June 2017,
and 3.1 million premises marketed, 0.5 million more than
at end-June 2017. Bouygues Telecom confirms its target of
12 million premises marketed at end-2019 and 20 million
in 2022.
In all, Bouygues Telecom had 594,000 very-high-speed customers at
end-September 2017.
Bouygues Telecom reported sales of
€3,727 million in the first nine months of 2017, 6% more than
in the first nine months of 2016. Sales from network rose 5% to
€3,179 million (up 6% excluding incoming traffic). This growth
benefited from the first positive effects of the price increases in
the premium mobile and all fixed segments introduced at the end of
May 2017 and the slightly favorable effect from the new roaming
regulation.
EBITDA in the first nine months of
2017 was up 27% versus the first nine months of 2016 to
€882 million.
The EBITDA margin rose by 4.6 points year-on-year to 27.7%.
Operating profit was
€278 million higher year-on-year at €395 million and
includes non-current income of €105 million versus non-current
charges of €7 million in the first nine months of 2016. The
capital gain on the sale of sites to Cellnex more than offset the
non-current charges related to the roll-out of network sharing.
In the first nine months of 2017,
gross capex stood at €860 million, in line with the 2017
full-year gross capex target of €1.2 billion.
ALSTOM
Alstom's contribution to the
Group's net profit in the first nine months of 2017 was
€105 million versus a contribution of €36 million in the
first nine months of 2016.
In accordance with the
announcements made on 26 September 2017, the French state did not
exercise its call option on Alstom's shares lent by Bouygues. The
43.8 million Alstom shares were returned to Bouygues on 17
October 2017, the date of the contractual expiration of the loan.
At 31 October 2017, Bouygues owned 27.99% of Alstom.
highlights since
30 june 2017
-
7 September 2017: Dijon metropolitan authority
awards to the consortium comprised of
Bouygues Energies & Services and Citelum a contract to carry
out and manage for 12 years a connected control center for public
facilities across the 24 municipalities of the metropolitan
area
-
7 September 2017: Colas takes a 50% stake in six
quarry companies in southwest France
-
29 September 2017: Macifimo and Bouygues
Immobilier inaugurate Green Office® Link, an 8,500-m²
positive-energy office building located in the heart of Lyon's
Gerland district
-
2 October 2017: BNP Paribas Real Estate and
Bouygues Immobilier open PSA group's new Management Center in
Rueil-Malmaison
-
5 October 2017: Bouygues Telecom promotes an
initiative to recycle used mobile phones
-
9 October 2017: Bouygues Immobilier starts work
on Sensations in the Îlot Bois residential area in Strasbourg, the
first timber-frame, innovative and low-carbon high-rise
building
-
13 October 2017: Colas Rail files a complaint in
connection with an international project
-
16 October 2017: Bouygues Immobilier lays the
foundation stone of the Saint Ex Office building in
Toulouse
-
18 October 2017: The jury of the "Invent the
Grand Paris metropolitan area" competition selects entries
submitted by Linkcity, Bouygues Construction's property development
subsidiary, and
Bouygues Immobilier for ten urban development projects
-
23 October 2017: Bouygues Immobilier invests in
Spallian to speed up its Smart Data strategy
-
6 November 2017: TF1 and Altice-SFR
reinvent the broadcaster-distributor relationship by signing an
innovative distribution agreement
|
Financial calendar:
22 February 2018: Full-year 2017 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.
Please find the full financial statements and notes to the
financial statements on www.bouygues.com
Investors and analysts
contact:
investors@bouygues.com · Tel.: +33 (0)1 44 20 10 79
Press contact:
presse@bouygues.com · Tel.: +33 (0)1 44 20 12 01
BOUYGUES SA · 32 avenue Hoche · 75378 Paris CEDEX 08 ·
bouygues.com |
|
9-month 2017
business activity
BACKLOG
AT THE CONSTRUCTION BUSINESSES
(€ million) |
End-September |
|
2016 |
2017 |
Change |
Bouygues
Construction |
18,225 |
19,669 |
+8% |
Bouygues
Immobilier |
2,722 |
2,967 |
+9% |
Colas |
7,178 |
7,666 |
+7% |
Total |
28,125 |
30,302 |
+8% |
BOUYGUES CONSTRUCTION
ORDER INTAKE
(€ million) |
9-month |
|
2016 |
2017 |
Change |
France |
3,802 |
4,151 |
+9% |
International |
3,841 |
3,938 |
+3% |
Total |
7,643 |
8,089 |
+6% |
BOUYGUES IMMOBILIER
RESERVATIONS
(€ million) |
9-month |
|
2016 |
2017 |
Change |
Residential
property |
1,443 |
1,717 |
+19% |
Commercial
property |
231 |
194 |
-16% |
Total |
1,674 |
1,911 |
+14% |
COLAS
BACKLOG
(€ million) |
End-September |
|
2016 |
2017 |
Change |
France and overseas
departments |
2,876 |
3,290 |
+14% |
International and French overseas territories |
4,302 |
4,376 |
+2% |
Total |
7,178 |
7,666 |
+7% |
TF1
AUDIENCE SHAREa |
End-September |
|
2016 |
2017 |
Change |
TF1 |
22.3% |
21.8% |
-0.5 pts |
TMC |
3.4% |
4.2% |
+0.8 pts |
NT1 |
3.4% |
3.6% |
+0.2 pts |
HD1 |
2.2% |
2.2% |
0.0 pt |
LCI
b |
0.1% |
0.2% |
+0.1 pts |
Total |
31.4% |
32.0% |
+0.6 pts |
(a) Source: Médiamétrie - women under 50 who are
purchasing decision-makers
(b) LCI was included in TF1's freeview channels on 5 April 2016
BOUYGUES TELECOM
CUSTOMER BASE ('000) |
|
End-Dec 2016 |
End-Sept 2017 |
Change |
Plan customers |
12,130 |
13,229 |
+1,099 |
Prepaid
customers |
866 |
706 |
-160 |
Total mobile customers |
12,996 |
13,935 |
+940 |
Total fixed customers |
3,101 |
3,344 |
+243 |
9-month 2017
financial performance
|
9-month |
|
CONDENSED CONSOLIDATED
INCOME STATEMENT (€ million) |
2016 |
2017 |
Change |
Sales |
23,113 |
23,828 |
+3%a |
Current
operating profit |
714 |
976 |
+€262m |
Other operating income and expensesb |
(144) |
82 |
+€226m |
Operating profit |
570 |
1,058 |
+€488m |
Cost of
net debt |
(171) |
(170) |
+€1m |
Other
financial income and expenses |
3 |
12 |
+€9m |
Income
tax |
(138) |
(257) |
-€119m |
Share of
net profit of joint ventures and associates |
91 |
151 |
+€60m |
o/w Alstom |
36 |
105 |
+€69m |
Net profit from continuing operations |
355 |
794 |
+€439m |
Net profit attributable to non-controlling interests |
(10) |
(81) |
-€71m |
Net profit attributable to the Group |
345 |
713 |
+€368m |
Net profit attributable to the Group excl. exceptional
itemsc |
412 |
659 |
+€247m |
(a) Up 3% like-for-like and at constant exchange
rates (see glossary)
(b) In first nine months of 2016, includes non-current charges of
€69m at TF1, of €39m at Colas, of €15m at Bouygues Construction, of
€7m at Bouygues Telecom and of €2m at Bouygues Immobilier
In first nine months of 2017, includes non-current charges of €17m
at TF1 and of €5m at Colas, and non-current income of €105m at
Bouygues Telecom (of which mainly non-current charges of €48m
essentially related to network sharing and non-current income of
€144m related to the capital gain on the sale of towers)
(c) See reconciliation on page 10
|
9-month |
|
CALCULATION OF EBITDA (€ million) |
2016 |
2017 |
Change |
Current
operating profit |
714 |
976 |
+€262m |
Net depreciation and
amortization expense |
1,144 |
1,182 |
+€38m |
Charges to provisions
and impairment losses, net of reversals due to utilization |
127 |
76 |
-€51m |
Reversals
of unutilized provisions and impairment losses and other items |
(234) |
(247) |
-€13m |
EBITDA |
1,751 |
1,987 |
+€236m |
|
9-month |
|
|
|
|
SALES BY SECTOR OF ACTIVITY (€ million) |
2016 |
2017 |
Change |
Forex effect |
Scope effect |
lfl &
constant fx |
|
Construction businessesa |
18,219 |
18,679 |
+2.5% |
+0.4% |
+0.1% |
+3.0% |
|
o/w
Bouygues Construction |
8,698 |
8,521 |
-2.0% |
+0.8% |
+0.3% |
-0.9% |
|
o/w
Bouygues Immobilier |
1,626 |
1,746 |
+7.4% |
- |
- |
+7.4% |
|
o/w Colas |
8,115 |
8,617 |
+6.2% |
+0.1% |
-0.2% |
+6.1% |
|
TF1 |
1,427 |
1,466 |
+2.7% |
0.0% |
-1.5% |
+1.2% |
|
Bouygues Telecom |
3,503 |
3,727 |
+6.4% |
- |
- |
+6.4% |
|
Holding company and other |
101 |
105 |
nm |
- |
- |
nm |
|
Intra-Group eliminationsb |
(357) |
(354) |
nm |
- |
- |
nm |
|
Group sales |
23,113 |
23,828 |
+3.1% |
+0.3% |
0.0% |
+3.4% |
|
o/w
France |
14,520 |
14,987 |
+3.2% |
0.0% |
0.0% |
+3.2% |
|
o/w international |
8,593 |
8,841 |
+2.9% |
+0.9% |
0.0% |
+3.8% |
|
(a) Total of the sales contributions (after
eliminations within the construction businesses)
(b) Includes intra-Group eliminations of the construction
businesses
|
9-month |
|
CONTRIBUTION TO GROUP EBITDA
BY SECTOR OF ACTIVITY (€ million) |
2016 |
2017 |
Change |
Construction businesses |
891 |
866 |
-€25m |
o/w
Bouygues Construction |
335 |
317 |
-€18m |
o/w
Bouygues Immobilier |
68 |
126 |
+€58m |
o/w Colas |
488 |
423 |
-€65m |
TF1 |
193 |
256 |
+€63m |
Bouygues Telecom |
697 |
882 |
+€185m |
Holding company and other |
(30) |
(17) |
+€13m |
Group EBITDA |
1,751 |
1,987 |
+€236m |
|
9-month |
|
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT BY SECTOR OF
ACTIVITY (€ million) |
2016 |
2017 |
Change |
Construction businesses |
568 |
595 |
+€27m |
o/w
Bouygues Construction |
235 |
277 |
+€42m |
o/w
Bouygues Immobilier |
92 |
139 |
+€47m |
o/w Colas |
241 |
179 |
-€62m |
TF1 |
47 |
115 |
+€68m |
Bouygues Telecom |
124 |
290 |
+€166m |
Holding company and other |
(25) |
(24) |
+€1m |
Group current operating profit |
714 |
976 |
+€262m |
|
9-month |
|
CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF
ACTIVITY (€ million) |
2016 |
2017 |
Change |
Construction businesses |
512 |
590 |
+€78m |
o/w
Bouygues Construction |
220a |
277 |
+€57m |
o/w
Bouygues Immobilier |
90a |
139 |
+€49m |
o/w Colas |
202a |
174b |
-€28m |
TF1 |
(22)a |
98b |
+€120m |
Bouygues Telecom |
117a |
395b |
+€278m |
Holding company and other |
(37)a |
(25) |
+€12m |
Group operating profit |
570 |
1,058 |
+€488m |
(a) In the first nine months of 2016, including
non-current charges of €69m at TF1 related to transformation costs,
the effects of LCI's migration to freeview as well as the impacts
of both Newen Studios and the decree on French drama, of €39m at
Colas essentially related to the discontinuation of activity at the
SRD subsidiary, of €15m at Bouygues Construction related to the new
organization, of €7m at Bouygues Telecom (of which mainly
non-current charges of €65m essentially related to network sharing
and non-current income of €56m related to the capital gain on the
sale of 230 towers to Cellnex), and non-current charges of €2m at
Bouygues Immobilier related to the new organization
(b) In the first nine months of 2017, including non-current charges
of €17m at TF1 corresponding to amortization charged against
goodwill recorded as part of the acquisition of Newen Studios and
of €5m at Colas related to preliminary works for the dismantling of
the Dunkirk site and non-current income of €105m at Bouygues
Telecom (of which mainly non-current charges of €48m essentially
related to network sharing and non-current income of €144m related
to the capital gain on the sale of towers)
|
9-month |
|
CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY
SECTOR OF ACTIVITY (€ million) |
2016 |
2017 |
Change |
Construction businesses |
379 |
468 |
+€89m |
o/w
Bouygues Construction |
165 |
233 |
+€68m |
o/w
Bouygues Immobilier |
53 |
81 |
+€28m |
o/w Colas |
161 |
154 |
-€7m |
TF1 |
(6) |
37 |
+€43m |
Bouygues Telecom |
57 |
229 |
+€172m |
Alstom |
36 |
105 |
+€69m |
Holding company and other |
(121) |
(126) |
-€5m |
Net profit attributable to the Group |
345 |
713 |
+€368m |
Net profit attributable to the Group excl. exceptional
itemsa |
412 |
659 |
+€247m |
(a) See reconciliation below
|
9-month |
|
IMPACT OF EXCEPTIONAL ITEMS ON NET PROFIT ATTRIBUTABLE TO
THE GROUP (€ million) |
2016 |
2017 |
Change |
Net profit attributable to the Group |
345 |
713 |
+€368m |
o/w
non-current income/charges related to Bouygues Telecom (net of
taxes) |
4 |
(64) |
-€68m |
o/w
non-current income/charges related to TF1 (net of taxes) |
19 |
5 |
-€14m |
o/w
non-current income/charges related to the construction businesses
(net of taxes) |
36 |
5 |
-€31m |
o/w
non-current income/charges related to Holding company (net of
taxes) |
8 |
0 |
-€8m |
Net profit attributable to the Group excl. exceptional
items |
412 |
659 |
+€247m |
NET SURPLUS CASH/(NET DEBT)
BY BUSINESS SEGMENT
(€ million) |
End-September |
|
2016 |
2017 |
Change |
Bouygues
Construction |
2,758 |
2,698 |
-€60m |
Bouygues
Immobilier |
(274) |
(409) |
-€135m |
Colas |
(17) |
(270) |
-€253m |
TF1 |
148a |
297 |
+€149m |
Bouygues Telecom |
(1,123)b |
(834)c |
+€289m |
Holding
company and other |
(5,382)d |
(5,189) |
+€193m |
TOTAL |
(3,890) |
(3,707) |
+€183m |
(a) Including the acquisition of Newen Studios for
€293m at 100%
(b) Including the first instalment for the 700 MHz frequencies for
€117m and the proceeds from the disposal of 230 towers to Cellnex
for €80m
(c) Including the proceeds from the disposal of 700 sites to
Cellnex for €198m
(d) Including the positive impact of Alstom's public share buy-back
offer in January 2016 for €996m
|
9-month |
|
CONTRIBUTION TO NET CAPITAL EXPENDITURE BY SECTOR OF
ACTIVITY (€ million) |
2016 |
2017 |
Change |
Construction businesses |
320 |
270 |
-€50m |
o/w
Bouygues Construction |
127 |
65 |
-€62m |
o/w
Bouygues Immobilier |
17 |
12 |
-€5m |
o/w Colas |
176 |
193 |
+€17m |
TF1 |
147 |
154 |
+€7m |
Bouygues Telecom |
605 |
605 |
€0m |
Holding company and other |
3 |
6 |
+€3m |
TOTAL |
1,075 |
1,035 |
-€40m |
|
9-month |
|
CONTRIBUTION TO GROUP FREE CASH FLOW BY SECTOR OF ACTIVITY (€ million) |
2016 |
2017 |
Change |
Construction businesses |
432 |
535 |
+€103m |
o/w
Bouygues Construction |
161 |
227 |
+€66m |
o/w
Bouygues Immobilier |
34 |
67 |
+€33m |
o/w Colas |
237 |
241 |
+€4m |
TF1 |
(5) |
53 |
+€58m |
Bouygues Telecom |
24 |
67 |
+€43m |
Holding company and other |
(115) |
(93) |
+€22m |
Total |
336 |
562 |
+€226m |
GLOSSARY
4G consumption: data consumed
on 4G cellular networks, excluding Wi-Fi.
4G users: customers who have
used the 4G network during the last three months (Arcep
definition).
ARPU (Average Revenue Per
User) - quarterly mobile: the monthly
sales figure per customer. It is calculated by dividing:
- the quarterly sales generated
from incoming and outgoing calls (voice, texts and data),
commissioning expenses, value-added services;
- by the weighted average number of customers
(excluding machine to machine customers) in the quarter. The
weighted average number of customers is the average of monthly
averages during the period under consideration. The monthly average
is the daily average number of customers over the month.
ARPU (Average Revenue Per
User) - quarterly fixed: the monthly sales
figure per customer. It is calculated by dividing:
- the sales generated by incoming and outgoing
calls, broadband services, television services (mainly VOD and
Catch-up TV) and sales from commissioning expenses and equipment
rental;
- by the weighted average number of connections in
the quarter.
The weighted average number of connections is the
average of the monthly averages over the period under
consideration. The monthly average is the arithmetical average of
the number of connections at the beginning and end of the
month.
B2B (business to business):
involves a situation where one business makes a commercial
transaction with another.
Backlog (Bouygues Construction,
Colas): the amount of work still to be done on projects for
which a firm order has been taken, i.e. the contract has been
signed and has taken effect (after notice to proceed has been
issued and suspensory clauses have been lifted)
Backlog (Bouygues
Immobilier): sales outstanding from notarized sales plus total
sales from signed reservations that have still to be notarized.
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:
Bouygues Construction, Bouygues Immobilier and Colas.
EBITDA: current operating
profit + net depreciation and amortization expense + net provisions
and impairment losses - reversals of unutilized provisions and
impairment losses - effects of acquisition/loss of control
EBITDA margin (Bouygues
Telecom): EBITDA/sales from network.
Free cash flow: cash flow
minus cost of net debt minus income tax expense minus net capital
expenditures. It is calculated before changes in WCR.
FTTH (Fiber to the Home):
optical fiber 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: the
horizontal 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. A positive figure represents net
surplus cash and a negative one represents net debt.
Order intake
(Bouygues Construction, Colas): Order intake (Bouygues
Construction, Colas): a project is included under order intake when
the contract has been signed and has taken effect (the notice to
proceed has been issued and all suspensory clauses have been
lifted) and the financing has been arranged. The amount recorded
corresponds to the sales the project will generate.
Sales from network (Bouygues
Telecom) comprise:
-
in the mobile segment: sales from incoming
(voice and texts) and outgoing calls (voice, texts and data),
commissioning expenses, value-added services, machine to machine
(MtoM) sales, roaming sales and sales generated from mobile virtual
network operators (MVNOs);
-
in the fixed segment: sales from incoming and
outgoing calls, fixed broadband services, television services
(especially VOD and Catch-up TV) and sales from commissioning
expenses and equipment rental.
Other sales
(Bouygues Telecom): difference between Bouygues Telecom's book
sales and sales from network. It includes sales of handsets,
accessories, blind spot roaming, non-telecom services and the
co-financing of advertising.
PIN: Public-Initiative
Network.
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 notarized 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.
Very-high-speed: subscriptions with peak downstream
speeds higher or equal to 30 Mbit/s. Includes FTTH, FTTLA, 4G box
and VDSL2 subscriptions (Arcep definition).
([a]) Excluding cost of programs
([b]) Excluding sporting events
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information contained therein.
Source: BOUYGUES via Globenewswire
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