Press release - Paris -
7.30am
FULL-YEAR 2017 RESULTS
- sharp
increase in group results and profitability year-on-year
- all 2017 targets
met or exceeded
- dividend of €1.70
per share for 2017, up by €0.10
- further improvement IN
the group's profitability in 2018
KEY FIGURES (€ million) |
2016 |
2017 |
Change |
Sales |
31,768 |
32,904 |
+4%a |
Current operating
profit |
1,121 |
1,420 |
+27% |
Current operating margin |
3.5% |
4.3% |
+0.8 pts |
Operating profit |
947b |
1,533c |
+62% |
Net profit
attributable to the Group |
732d |
1,085 |
+48% |
Net profit
attributable to the Group excl.
exceptional itemse |
632 |
936 |
+48% |
Free cash
flow |
395 |
828 |
+€433m |
Net debt
(-)/net cash surplus (+) at 31 December |
(1,866) |
(1,914) |
-€48m |
(a) Up 4% like-for-like and at constant exchange
rates
(b) Including non-current charges of €174m
(c) Including non-current income of €113m (see details on page
9)
(d) Including a capital gain of €189m on the sale of stakes in the
highway concession companies Adelac (A41) and Atlandes
(A63)
(e) See reconciliation on page 10
In line with the
first nine months, the Group saw a sharp improvement in its results
and profitability in 2017.
-
Sales were up 4% versus 2016 at
€32.9 billion.
-
Current operating profit rose 27% year-on-year
to €1,420 million.
-
The current operating margin rose 0.8 points to
4.3% in 2017, driven by good operating performances in all three of
the Group's activities (Construction, Media and Telecoms).
-
Operating profit rose 62% year-on-year to
€1,533, and included non-current income of €113 million
(versus non-current charges of €174 million in 2016).
-
Net profit attributable to the Group was
€1,085 million, a year-on-year increase of 48%.
-
Group free cash flow more than doubled versus
2016 to €828 million, to the same level as in 2013. 2017
therefore confirms a return to durable growth.
All the Group's
businesses contributed to this performance by meeting or exceeding
their targets:
-
As expected, the current operating margin of the
construction businesses improved by 0.2 points in 2017 (up 0.1
points excluding Nextdoor[a]).
-
TF1's savings plan generated €27 million of
recurring savings in 2017, compared with an annual target of
€25-30 million.
-
Bouygues Telecom had an excellent 2017 and met
or exceeded all the targets disclosed at the October 2015 Capital
Markets Day. The company added 1.7 million mobile plan
customers excluding MtoM and 1 million new fixed customers
between end-2014 and end-2017, compared with a target of
1 million in each of these two markets. Its EBITDA margin was
27.2%, growing strongly by 4.6 points versus 2016 and significantly
outperforming the target of 25%, which had been raised to between
26% and 27% at the nine-month 2017 results release.
The Group's
businesses strengthened their positions in their respective markets
in 2017:
-
The construction businesses posted excellent
commercial performances both in France and on international markets
while remaining highly selective. The backlog reached a record
level at end December 2017. In particular, they strengthened their
key position in the sustainable neighborhood and smart city
markets. They also continued to expand in countries where the Group
has a long-term presence, such as Canada and Australia.
-
TF1 developed its production activity at the
European level and accelerated its growth in digital media, in
particular with the ongoing acquisition of aufeminin.
-
Bouygues Telecom increased market share in fixed
and is ramping up the roll-out of its FTTH network and the
marketing of its fiber offers.
The Group
maintained a very robust financial structure and therefore has all
the means to ensure its development.
Net debt was €1.9 billion at
end-December 2017, stable year-on-year. That stability notably
reflects the sharp improvement in cash flow year-on-year, up
€380 million. Net debt at 31 December 2017 does not include
the ongoing acquisition of Miller and McAsphalt group by Colas and
of aufeminin by TF1.
DIVIDEND
As a result of these good results,
the Group is able to offer its shareholders a dividend increase of €0.10 per share for the 2017
financial year. The Board of Directors will therefore ask the
Annual General Meeting of 26 April 2018 to approve a dividend payment of €1.70 per share.
The ex-date, record date and
payment date have been set at 2, 3 and 4 May 2018 respectively.
outlook
Martin Bouygues, Chairman and CEO
of Bouygues, said: "The Group is very well positioned in
high-growth potential activities, which ensures a promising outlook
for all its businesses".
The Group expects to continue to
gradually improve its profitability in
2018.
-
Benefiting from an upbeat environment in France
and on international markets, the construction
businesses will continue to be selective and focus on
profitability rather than volumes. The current operating
profita and current
operating margina of the
construction businesses are expected to improve versus 2017.
-
TF1 confirmed its targets
to improve profitability:
-
In 2018, a higher current
operating margin, excluding major sporting events;
-
In 2019, a double-digit current
operating margin and the non-advertising activities of the five
unencrypted channels that should contribute at least one third of
consolidated sales;
-
The annual average cost of
programs reduced to €960 million[b] over
the 2018-2020 period for the five unencrypted channels.
-
Bouygues Telecom is
experiencing a profitable growth momentum with a free cash flow
target of €300 million for 2019. Sales from services are
expected to grow by more than 3% in 2018 versus 2017, with a higher
EBITDA/sales from services margin than in 2017 and gross capex of
around €1.2 billion.
detailed analysis
by sector of activity
CONSTRUCTION
businesses
The backlog in the construction
businesses at end-December 2017 reached a record level of
€31.9 billion, up 6% year-on-year and up 8% at constant
exchange rates, offering them good visibility on future
activity.
In France,
the good commercial momentum continued, with the backlog up 9%
year-on-year.
The backlog was at the highest level in three years, rising 8% and
9% respectively at Bouygues Construction and
Colas versus 2016. Bouygues Construction won
contracts worth over €1 billion for the Grand Paris Express
rapid transit project in 2017, plus a €128-million contract in
fourth-quarter 2017 for the extension of the 3 Fontaines
shopping center in Cergy. Higher order intake at Colas was driven
by the recovery of the roads activity and substantial orders for
railway maintenance.
Bouygues Immobilier increased market share in
2017, recording a 14% rise in residential property reservations,
outperforming growth in the market sustained by the Pinel tax
incentive, extension of the zero-interest loan program and low
interest rates.
The Group has strong international presence, while applying a highly
selective approach to its choice of projects. The backlog at
end-2017 was up 3% year-on-year (up 7% at constant exchange rates).
It includes a number of significant orders booked in fourth-quarter
2017, including the €1.1 billion contract for the construction of
the Melbourne metro tunnel in Australia, won by Bouygues Construction, major road and rail projects for
Colas, which won three motorway contracts in
Hungary worth a total of €330 million and a seven-year rail
maintenance contract in the UK worth €255 million.
International business represented 57% of the backlog at Bouygues
Construction and Colas at end-December 2017.
The construction
businesses reported sales of €25.8 billion, up 3% versus
2017 and up 4% at constant exchange rates.
Current operating profit was €948 million, up €69 million
year-on-year. The current operating margin improved 0.2 points to
3.7% (up 3.6% excluding Nextdoor).
The current operating margins at Bouygues
Immobilier and Bouygues Construction
improved significantly in 2017, reaching 7.2% excluding Nextdoor
(up 0.7 points year-on-year) and 3.1% (up 0.3 points year-on-year)
respectively.
At Colas, current operating profit growth in
fourth-quarter 2017 (up 26% year-on-year) offset part of the delay
in activity in the first nine months of 2017, versus the first nine
months of 2016, which was the result of the late start of
operations in North America caused by adverse weather conditions
especially in Canada, and of the difficulties in the rail activity.
However, the current operating margin in 2017 was still lower than
in 2016.
Operating profit was €943 million, €162 million more than
in 2016. It includes non-current charges of €5 million in 2017
versus €98 million in 2016.
TF1
TF1 continued
to roll out its multi-channel, multi-business, multi-media strategy
in 2017. The five unencrypted channels (TF1, TMC, TFX, TF1 Séries
Films, LCI) scored a combined audience share of 32.3% among women
under 50 who are purchasing decision-makers, up 0.2 points
year-on-year.
TF1 reported
sales of €2,125 million, up 3% versus 2016, driven by a 2%
year-on-year increase in advertising sales and a 6% rise in sales
from other activities.
Current operating profit was
€185 million, up €56 million year-on-year. The current
operating margin grew strongly by 2.4 points year-on-year to
8.7%. This increase is a result of the strategy pursued since the
fall of 2016, savings on recurring costs and the absence of any
major sporting event during the period.
Operating profit was
€162 million, and included non-current charges of
€23 million related to amortization of audiovisual rights
remeasured as part of the acquisition of Newen Studios.
BOUYGUES
TELECOM
Bouygues
Telecom had an excellent year due to the strategy pursued since
2014 and met or exceeded all the targets disclosed at the October
2015 Capital Markets Day.
The company had 14.4 million
mobile customers at end-December 2017. It added 500,000 mobile plan
customers excluding MtoM in 2017, including 150,000 in
fourth-quarter 2017. Bouygues Telecom added 1.7 million mobile
plan customers excluding MtoM over a three-year period,
considerably outperforming the target of 1 million new mobile
customers excluding MtoM at end-2017 versus end-2014. 4G
penetration within Bouygues Telecom's customer base continued, with
7.9 million users at end-December 2017, 1 million more
than at end-December 2016.
Bouygues
Telecom posted a very good commercial performance in the fixed
market, adding 340,000 new customers in 2017, including 98,000 in
the fourth quarter, for a total of 3.4 million customers at
end-December 2017. The company therefore achieved its target
of 1 million additional fixed customers by end-2017 versus
end-2014.
FTTH recruitment accelerated, accounting for 58% of net growth in
fourth-quarter 2017, the best quarter since the launch of fiber
offers. Bouygues Telecom had 265,000 FTTH customers at end-December
2017, up 2.2 times year-on-year.
The company also stepped up its roll-out of FTTH, with
20 million premises secured at end-December 2017, up
11 million versus end-2016, and 4 million premises
marketed, up 2 million versus end-2016. Bouygues Telecom
confirms its target of 12 million premises marketed at
end-2019 and of 20 million by 2022.
Bouygues
Telecom reported sales of €5,086 million in 2017, 7% more
than in 2016. Sales from network rose 5% to €4,272 million (up
6% excluding incoming traffic). This reflected growth in the
customer base and the full impact of price increases on Premium
mobile offers and all fixed offers introduced at the end of May
2017.
EBITDA was €1,162 million, up
€246 million year-on-year. The EBITDA margin rose 4.6 points
year-on-year to 27.2%, exceeding the target set for 2017.
Operating profit was
€470 million, up €301 million year-on-year. It included
non-current income of €223 million related to the capital gain
on the sale of sites to Cellnex and non-current charges of
€79 million related to network sharing.
Net profit attributable to the
Group was €260 million, up €168 million versus 2016, and
included a charge of €33 million due to an exceptional income
tax payment.
Gross capex in 2017 stood at
€1,208 million.
Alstom
As announced on 14 November 2017,
Alstom's financial contribution to the Group's net profit was
€105 million in 2017, after a contribution of €36 million
in 2016.
BOARD OF
DIRECTORS
The Board of Directors will ask at
the Annual General Meeting of 26 April 2018 to renew the terms of
office of Martin Bouygues and Anne-Marie Idrac as directors.
REMUNERATION OF
CORPORATE OFFICERS
In accordance with Afep-Medef
recommendations, information about the remuneration of corporate
officers and stock options granted is released today on the
www.bouygues.com website under Finance/Shareholders, Regulated
information.
|
FINANCIAL CALENDAR:
-
26 April 2018: Bouygues
Annual General Meeting
-
4 May 2018: Dividend
payment
-
17 May 2018: First-quarter
2018 results (7.30am CET)
-
30 August 2018: First-half
2018 results (7.30am CET)
-
15 November 2018:
Nine-month 2018 results (7.30am CET)
|
|
The financial statements have been
audited and the statutory auditors have issued a report certifying
them without reserve.
Please find the full financial statements and notes to the
financial statements on www.bouygues.com
The full-year results presentation to financial analysts will be
webcast live on 22 February 2018 at 11am (CET) 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 ·
France · bouygues.com |
|
2017 BUSINESS
ACTIVITY
BACKLOG
AT THE CONSTRUCTION BUSINESSES
(€ million) |
End-December |
|
2016 |
2017 |
Change |
Bouygues
Construction |
20,177 |
21,177 |
+5% |
Bouygues
Immobilier |
2,966 |
3,162 |
+7% |
Colas |
7,058 |
7,584 |
+7% |
Total |
30,201 |
31,923 |
+6% |
BOUYGUES CONSTRUCTION
ORDER INTAKE
(€ million) |
|
|
2016 |
2017 |
Change |
France |
5,761 |
6,175 |
+7% |
International |
6,872 |
6,955 |
+1% |
Total |
12,633 |
13,130 |
+4% |
BOUYGUES IMMOBILIER
RESERVATIONS
(€ million) |
|
|
2016 |
2017 |
Change |
Residential
property |
2,343 |
2,636 |
+13% |
Commercial
property |
495 |
429 |
-13% |
Total |
2,838 |
3,065 |
+8% |
COLAS
BACKLOG
(€ million) |
End-December |
|
2016 |
2017 |
Change |
Mainland France |
2,891 |
3,161 |
+9% |
International and French overseas territories |
4,167 |
4,423 |
+6% |
Total |
7,058 |
7,584 |
+7% |
TF1
AUDIENCE SHARE |
|
|
2016 |
2017 |
Change |
Total |
32.1% |
32.3% |
+0.2 pts |
(a) Source: Médiamétrie - women
under 50 who are purchasing decision-makers
BOUYGUES TELECOM
CUSTOMER BASE ('000) |
|
End-Dec 2016 |
End-Dec 2017 |
Change |
Plan customers |
12,130 |
13,706 |
+1,576 |
Prepaid
customers |
866 |
681 |
-185 |
Total mobile customers |
12,996 |
14,387 |
+1,391 |
Total fixed customers |
3,101 |
3,442 |
+341 |
2017 FINANCIAL
PERFORMANCE
|
|
|
CONDENSED CONSOLIDATED INCOME STATEMENT
(€ million) |
2016 |
2017 |
Change |
Sales |
31,768 |
32,904 |
+4%a |
Current
operating profit |
1,121 |
1,420 |
+€299m |
Other operating income and expensesb |
(174) |
113 |
+€287m |
Operating profit |
947 |
1,533 |
+€586m |
Cost of
net debt |
(222) |
(226) |
-€4m |
Other
financial income and expenses |
41c |
38 |
-€3m |
Income
tax |
(249) |
(303) |
-€54m |
Share of
net profit of joint ventures and associates |
267d |
163 |
-€104m |
o/w Alstom |
36 |
105 |
+€69m |
Net profit from continuing operations |
784 |
1,205 |
+€421m |
Net profit attributable to non-controlling interests |
(52) |
(120) |
-€68m |
Net profit attributable to the Group |
732 |
1,085 |
+€353m |
Net profit attributable to the Group excl. exceptional
itemse |
632 |
936 |
+€304m |
(a) Up 4% like-for-like and at constant exchange
rates
(b) In 2016, including non-current charges of €84m at TF1, €62m at
Colas, €23m at Bouygues Construction, €13m at Bouygues Immobilier
and non-current income of €20m at Bouygues Telecom (of which
non-current charges of €84m related to the roll-out of network
sharing and non-current income of €104m related to the capital gain
on the sale of towers). In 2017, including non-current charges of
€23m at TF1, €5m at Colas and non-current income of €141m at
Bouygues Telecom (of which mainly non-current charges of €79m
essentially related to network sharing and non-current income of
€223m related to the capital gain on the sale of sites)
(c) Including the impact of the sale of Colas' stake in the A63
highway concession company
(d) Including the impact of the sale of Bouygues Construction's and
Colas' stake in the A41 highway concession company
(e) See reconciliation on page 11
|
|
|
CALCULATION OF EBITDA (€ million) |
2016 |
2017 |
Change |
Current
operating profit |
1,121 |
1,420 |
+€299m |
Net depreciation and
amortization expense |
1,599 |
1,655 |
+€56m |
Charges to provisions
and impairment losses, net of reversals due to utilization |
461 |
330 |
-€131m |
Reversals
of unutilized provisions and
impairment losses |
(424) |
(437) |
-€13m |
EBITDA |
2,757 |
2,968 |
+€211m |
|
|
|
|
|
SALES BY SECTOR OF ACTIVITY (€ million) |
2016 |
2017 |
Change |
Forex effect |
Scope effect |
lfl &
constant fx |
|
Construction businessesa |
25,001 |
25,753 |
+3.0 % |
+0.9 % |
0.0 % |
+3.9 % |
o/w
Bouygues Construction |
11,815 |
11,660 |
-1.3 % |
+1.3 % |
+0.3 % |
+0.3 % |
o/w
Bouygues Immobilier |
2,568 |
2,712 |
+5.6 % |
0.0 % |
+0.1% |
+5.7 % |
o/w Colas |
11,006 |
11,705 |
+6.4 % |
+0.6 % |
-0.3 % |
+6.7 % |
TF1 |
2,063 |
2,125 |
+3.0 % |
0.0 % |
-1.5 % |
+1.5 % |
Bouygues Telecom |
4,761 |
5,086 |
+6.8 % |
- |
- |
+6.8 % |
Holding company and other |
133 |
142 |
Ns |
- |
- |
ns |
Intra-Group eliminationsb |
(578) |
(526) |
Ns |
- |
- |
ns |
Group sales |
31,768 |
32,904 |
+3.6 % |
+0.7 % |
-0.1 % |
+4.2 % |
o/w
France |
20,071 |
20,989 |
+4.6 % |
0.0 % |
0.0 % |
+4.6 % |
o/w international |
11,697 |
11,915 |
+1.9 % |
+1.9 % |
-0.2 % |
+3.6 % |
(a) Total of the sales contributions (after
eliminations within the construction businesses)
(b) Includes intra-Group eliminations of the construction
businesses
|
|
|
CONTRIBUTION TO GROUP EBITDA
BY SECTOR OF ACTIVITY (€ million) |
2016 |
2017 |
Change |
Construction businesses |
1,516 |
1,439 |
-€77m |
o/w
Bouygues Construction |
537 |
472 |
-€65m |
o/w
Bouygues Immobilier |
178 |
231 |
+€53m |
o/w Colas |
801 |
736 |
-€65m |
TF1 |
364 |
392 |
+€28m |
Bouygues Telecom |
916 |
1,162 |
+€246m |
Holding company and other |
(39) |
(25) |
+€14m |
Group EBITDA |
2,757 |
2,968 |
+€211m |
|
|
|
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT BY SECTOR OF
ACTIVITY (€ million) |
2016 |
2017 |
Change |
Construction businesses |
879 |
948 |
+€69m |
o/w
Bouygues Construction |
326 |
363 |
+€37m |
o/w
Bouygues Immobilier |
167 |
223 |
+€56m |
o/w Colas |
386 |
362 |
-€24m |
TF1 |
129 |
185 |
+€56m |
Bouygues Telecom |
149 |
329 |
+€180m |
Holding company and other |
(36) |
(42) |
-€6m |
Group current operating profit |
1,121 |
1,420 |
+€299m |
|
|
|
CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF
ACTIVITY (€ million) |
2016 |
2017 |
Change |
Construction businesses |
781 |
943 |
+€162m |
o/w
Bouygues Construction |
303a |
363 |
+€60m |
o/w
Bouygues Immobilier |
154a |
223 |
+€69m |
o/w Colas |
324a |
357b |
+€33m |
TF1 |
45a |
162b |
+€117m |
Bouygues Telecom |
169a |
470b |
+€301m |
Holding company and other |
(48) |
(42) |
+€6m |
Group operating profit |
947 |
1,533 |
+€586m |
(a) In 2016, including non-current charges of €84m
at TF1, €62m at Colas, €23m at Bouygues Construction, €13m at
Bouygues Immobilier and non-current income of €20m at Bouygues
Telecom (of which non-current charges of €84m related to the
roll-out of network sharing and non-current income of €104m related
to the capital gain on the sale of towers)
(b) In 2017, including non-current charges of €23m at TF1
corresponding to amortization of audiovisual rights remeasured 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 €141m at Bouygues Telecom (of which
mainly non-current charges of €79m essentially related to network
sharing and non-current income of €223m related to the capital gain
on the sale of sites)
|
|
|
CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY
SECTOR OF ACTIVITY (€ million) |
2016 |
2017 |
Change |
Construction businesses |
754 |
761 |
+€7m |
o/w
Bouygues Construction |
320 |
319 |
-€1m |
o/w
Bouygues Immobilier |
91 |
125 |
+€34m |
o/w Colas |
343 |
317 |
-€26m |
TF1 |
18 |
60 |
+€42m |
Bouygues Telecom |
83 |
236 |
+€153m |
Alstom |
36 |
105 |
+€69m |
Holding company and other |
(159) |
(77) |
+€82m |
Net profit attributable to the Group |
732a |
1,085 |
+€353m |
Net profit attributable to the Group excl. exceptional
itemsb |
632 |
936 |
+€304m |
(a) Including the capital gains
on the sale of stakes in the A63 and A41 highway concession
companies and on the sale of towers
(b) See reconciliation on page 10
|
|
|
IMPACT OF EXCEPTIONAL ITEMS ON NET PROFIT ATTRIBUTABLE TO
THE GROUP (€ million) |
2016 |
2017 |
Change |
Net profit attributable to the Group |
732 |
1,085 |
+€353m |
o/w
non-current income/charges related to the construction businesses
(net of taxes) |
69 |
3 |
-€66m |
o/w
non-current income/charges related to TF1 (net of taxes) |
24 |
7 |
-€17m |
o/w
non-current income/charges related to Holding company (net of
taxes) |
8 |
0 |
-€8m |
o/w
non-current income/charges related to Bouygues Telecom (net of
taxes) |
(12) |
(72) |
-€60m |
o/w
net capital gains on the sale of Bouygues Construction' stakes
in the A41 motorway |
(110) |
0 |
+€110m |
o/w
net capital gains on the sale of Colas' stakes in the A63 and A41
motorways |
(79)a |
0 |
+€79m |
o/w
reimbursement of the 3% tax on dividends |
0 |
(87) |
-€87m |
Net profit attributable to the Group excl. exceptional
items |
632 |
936 |
+€304m |
(a) The capital gain on the A41 motorway
concession company includes a €9m restatement at Group level
NET SURPLUS CASH/(NET DEBT)
BY BUSINESS SEGMENT
(€ million) |
End-December |
|
|
2016 |
2017 |
Change |
Bouygues
Construction |
3,387a |
3,409 |
+€22m |
Bouygues
Immobilier |
(124)a |
(86) |
+€38m |
Colas |
517a |
433 |
-€84m |
TF1 |
187 |
257 |
+€70m |
Bouygues Telecom |
(1,012) |
(976) |
+€36m |
Holding
company and other |
(4,821)b |
(4,951) |
-€130m |
TOTAL |
(1,866) |
(1,914) |
-€48m |
(a) Including a 2016 interim dividend of €250m
paid by Bouygues Construction, of €178m by Colas and of €90m by
Bouygues Immobilier
(b) Including a 2016 interim dividend of €512m
|
|
|
CONTRIBUTION TO NET CAPITAL EXPENDITURE BY SECTOR OF
ACTIVITY (€ million) |
2016 |
2017 |
Change |
Construction businesses |
585 |
488 |
-€97m |
o/w
Bouygues Construction |
173 |
119 |
-€54m |
o/w
Bouygues Immobilier |
28 |
14 |
-€14m |
o/w Colas |
384 |
355 |
-€29m |
TF1 |
209 |
198 |
-€11m |
Bouygues Telecom |
802 |
830 |
+€28m |
Holding company and other |
42 |
11 |
-€31m |
TOTAL |
1,638 |
1,527 |
-€111m |
|
|
|
CONTRIBUTION TO GROUP FREE CASH FLOW BY SECTOR OF ACTIVITY (€ million) |
2016 |
2017 |
Change |
Construction businesses |
530 |
712 |
+€182m |
o/w
Bouygues Construction |
256 |
274 |
+€18m |
o/w
Bouygues Immobilier |
80 |
118 |
+€38m |
o/w Colas |
194 |
320 |
+€126m |
TF1 |
51 |
127 |
+€76m |
Bouygues Telecom |
3 |
17a |
+€14m |
Holding company and other |
(189) |
(28) |
+€161m |
TOTAL |
395 |
828 |
+€433m |
(a) Stripping out exceptional
income tax of €33m, Bouygues Telecom's free cash flow is €50m
IMPACT OF IFRS 15 ON 2017 FINANCIAL STATEMENTS
(M€) |
2017 reported |
o/w Bouygues Immobilier |
o/w Bouygues Telecom |
o/w
TF1 |
2017 restated |
Sales |
32,904 |
+37 |
-26 |
+7 |
32,923 |
Current operating profit |
1,420 |
-5 |
-9 |
0 |
1,406 |
Operating profit |
1,533 |
-5 |
-9 |
0 |
1,519 |
Income tax |
(303) |
0 |
+4 |
0 |
(299) |
Share of net profit of joint ventures and
associates |
163 |
+6 |
0 |
0 |
169 |
Net profit from continuing operations |
1,205 |
+1 |
-5 |
0 |
1,201 |
Net profit attributable to non-controlling
interests |
(120) |
0 |
+1 |
0 |
(119) |
Net profit attributable to the Group |
1,085 |
+1 |
-4 |
0 |
1,082 |
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.
BtoB (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 before net depreciation and amortization
expense, net provisions and impairment losses, reversals of
unutilized provisions and impairment losses and before 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. The
calculation of free cash flow by business segment is set out in
Note 16 "Segment information" to the consolidated financial
statements at 31 December 2017, available on the www.bouygues.com
website.
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.
Following the
first-time application of the revenue recognition principles of
IFRS 15, "sales from services" will replace "sales from network"
from 1 January 2018.
Sales from
services (Bouygues Telecom) comprises:
- Sales billed to customers, which includes:
-
In Mobile:
-
For B2C customers: sales from outgoing call
charges (voice, texts and data), connection fees, and value-added
services.
-
For B2B customers: sales from outgoing call
charges (voice, texts and data), connection fees, and value-added
services, plus sales from business services.
-
Machine-To-Machine (M2M) sales.
-
Visitor roaming sales.
-
In Fixed:
-
For B2C 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 B2B 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 are then spread
over the projected life of the customer account.
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 a capital gain of €28 million
in 2017 on the sale of 50% of Nextdoor and remeasurement of the
residual interest
([b]) Excluding major sporting events
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Source: BOUYGUES via Globenewswire
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