BOUYGUES: Full-year 2012 results press release
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For best results when printing this announcement, please click on the link below: http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130227:nHUGcXMw Paris, 27 February 2013 Bouygues press release Full-year 2012 results *Sales up 3% at EUR33.5 billion, exceeding the initial target *Results affected by Bouygues Telecom *Excellent commercial activity in the construction businesses *Net debt under tight control Key figures (EUR million) 2011 2012 Change Sales 32,706 33,547 +3% Current operating profit 1,819 1,286 -29% Operating profit 1,8571 1,1202 -40% Net profit attributable to the Group 1,070 633 -41% Free cash flow 8623 7243 -EUR138m Net debt4 3,862 4,172 +EUR310m Net gearing4 40% 41% +1 pt 1Including EUR38 million of non-current income relating to an asset disposal at Bouygues Telecom 2Including non-current charges of EUR200 million at Bouygues Telecom and TF1 and EUR34 million of capital gains on asset disposals at Bouygues Telecom 3Before change in working capital requirement. In 2011, excluding 4G frequencies (2,600 MHz band) for EUR228 million. In 2012, excluding exceptional items related to Bouygues Telecom: 4G frequencies (800 MHz band) for EUR726 million (acquisition cost and capitalised interest) and asset disposals for EUR207 million 4At 31 December The Bouygues group's sales in 2012 exceeded their initial target and amounted to EUR33.5 billion, up 3% and stable like-for-like and at constant exchange rates. As expected, results reflected the upheaval on the mobile telecoms market and a challenging economic environment. In this context, current operating profit amounted to EUR1,286 million, down by EUR533 million, of which EUR439 million was attributable to the telecoms business. Operating profit amounted to EUR1,120 million, including non-current charges of EUR200 million related to the adaptation plans at Bouygues Telecom and TF1 and EUR34 million of capital gains on asset disposals at Bouygues Telecom. Net profit attributable to the Group amounted to EUR633 million, down EUR437 million on 2011, with Bouygues Telecom accounting for EUR345 million of this decrease. As announced, the figure includes, in the fourth-quarter, a dilution loss of EUR53 million in connection with Alstom's capital increase in October 2012 and the negative effect of a higher tax charge following the 2012 Supplementary Budget Act in France. In this challenging environment the Group managed to maintain robust fundamentals, demonstrating: *commercial flexibility, illustrated by the strong momentum in the construction businesses, where the order book stood at EUR26.8 billion, 8% higher than at end-December 2011, an improvement in the TF1 group's audience ratings over the year, growth in Bouygues Telecom's fixed broadband subscriber base, with the addition of 605,000 new subscribers, and stabilisation of the subscriber base in the mobile segment; *a sound financial structure, with robust free cash flow and tight control of net debt despite the purchase of 4G frequencies. Finally, the Group's business areas were highly responsive in adapting to the situation in 2012: *Bouygues Immobilier took the necessary measures to cope with a sharp fall in the French residential property market, *A new organisation for the roads activity was adopted at Colas in France, *TF1 implemented phase II of its optimisation plan, *Bouygues Telecom took all the measures scheduled for 2012 in its transformation plan. Business areas Bouygues Construction posted sales of EUR10,640 million, up 9% overall (up 5% in France and 13% on international markets) and 4% like-for-like and at constant exchange rates. The current operating margin held up well at 3.4%, reflecting the smooth execution of ongoing contracts. Net profit rose 18% to EUR267 million. Order intake stood at a very high level, rising 9% on 2011 to a record EUR12 billion. Ensuring excellent visibility, the order book at end-December 2012 stood 12% higher than a year earlier at EUR17.1 billion, with international markets accounting for 45%. Bouygues Immobilier reported a 3% decline in sales to EUR2,396 million. The current operating margin of 7.5% reflected the impact of adjustment measures in response to the decline in residential property reservations. Net profit fell 11% to EUR107 million. In a sharply contracting French market, residential property reservations fell 30% on 2011 to EUR1,687 million. Commercial property reservations reflected Bouygues Immobilier's expertise in green property developments, reaching EUR581 million despite a sluggish market. The order book at end-December 2012 stood at EUR2,957 million, down 3%. Representing 15 months' sales, it offers good visibility. Colas recorded sales of EUR13,036 million, an increase of 5% overall (up 2% in France and 10% on international markets) and 3% like-for-like and at constant exchange rates. Current operating profit was EUR406 million, down EUR60 million, due to losses on sales of refined oil products and lower profitability in the United States. However, the objective of breaking even again in Central Europe was achieved. In addition, a good performance by the roads activity in France in the fourth quarter enabled to offset the delays caused by poor weather in the first half of the year and to stabilise the operating margin for the full year. Net profit amounted to EUR302 million, 10% down on 2011. The order book at 31 December 2012 stood at EUR6.7 billion, up 4%, and rose both in mainland France (up 5%) and on international markets (up 2%). TF1's sales were stable at EUR2,621 million. The 3% decline in advertising revenues across the TF1 group was offset by growth in other activities, up 6% on 2011, but dented current operating profit, which fell 9% on 2011 to EUR258 million. Operating profit amounted to EUR210 million and included non-current charges of EUR48 million in connection with phase II of the optimisation plan. Net profit amounted to EUR136 million, a fall of 26%. Audience ratings improved over the year and in 2012 TF1 confirmed its position as the undisputed leader on the freeview TV market in France. Bouygues Telecom reported a 9% drop in both total sales and sales from network, to EUR5,226 million and EUR4,361 million respectively. Fixed broadband sales from network rose 51% on 2011 to EUR627 million. Results fell sharply following upheaval on the French mobile market in 2012 but were in line with expectations. EBITDA was on target at EUR908 million. Current operating profit amounted to EUR122 million and reflected the fall in EBITDA and higher amortisation expense and provisions. Operating profit stood at EUR4 million and included non-current charges of EUR152 million in connection with the adaptation plan and capital gains on asset disposals of EUR34 million. 2012 ended with a loss of EUR16 million. All the measures in the transformation plan scheduled in 2012 were taken and savings of EUR151 million have already been made on the mobile activity in 2012. The EUR300 million of savings announced for 2013 are secured. Bouygues Telecom showed good commercial resilience in an extremely challenging environment. The mobile subscriber base has stabilised at 11.3 million thanks to the very good momentum at B&YOU. 285,000 new plan subscribers joined Bouygues Telecom in the fourth quarter to give net growth of 318,000 plan subscribers over the year as a whole. B&YOU gained 453,000 new subscribers in the fourth quarter to give a total of 1,078,000 subscribers at end-2012. Bouygues Telecom is continuing to grow on the fixed broadband market, with a net increase of 110,000 subscribers under the Bouygues Telecom brand in the fourth quarter and 88,000 subscribers in all. Bouygues Telecom had a total of 1.8 million fixed broadband subscribers1 at end-2012. 1Encompasses both broadband and very-high-speed subscriptions. Alstom As announced, Alstom contributed EUR240 million to Bouygues' net profit in 2012, compared with EUR190 million in 2011. Sustained business activity was confirmed in the first nine months of 2012/13, with order intake rising 14% on the previous period to EUR17.2 billion. The order book at 31 December 2012 stood at EUR52 billion, representing 30 months' sales. Financial situation The Group's free cash flow1, excluding exceptional items at Bouygues Telecom (purchase of 4G frequencies and asset disposals), amounted to EUR724 million2, EUR138 million less than in 2011. A EUR207-million increase in free cash flow at the construction businesses largely offset the decline in free cash flow at Bouygues Telecom, which fell by EUR297 million2. Despite the purchase of 4G frequencies for EUR726 million in 2012, net debt at end-December 2012 stood at EUR4.2 billion, EUR310 million higher than at end-December 2011, and net gearing remained stable at 41% (one point higher than at end-2011). This control over net debt is the result of a proactive financial policy that combined optimisation of the working capital requirement with selected asset disposals and control of capital expenditure. The Group has excellent liquidity (EUR9.7 billion) and an evenly-spread redemption schedule. 1Before change in working capital requirement 2Excluding exceptional items related to Bouygues Telecom: 4G frequencies in the 800 MHz band (acquisition cost and capitalised interest for EUR726 million at Bouygues group level and for EUR696 million at Bouygues Telecom level) and asset disposals for EUR207 million Dividend The Board of Directors will ask the Annual General Meeting on 25 April 2013 to approve the payment of a dividend of EUR1.60 per share, the same as in 2011. The ex-date, record date and payment date have been set at 30 April, 3 May and 6 May 2013 respectively. Board of Directors The Board of Directors will ask the next Annual General Meeting to renew the terms of office of Yves Gabriel, Patrick Kron, Colette Lewiner, Jean Peyrelevade, François-Henri Pinault and SCDM, represented by Olivier Bouygues. The Board will also ask the next Annual General Meeting to appoint Rose-Marie Van Lerberghe as a director in place of Patricia Barbizet, resigning, and Jean-Paul Chifflet as a director in place of Lucien Douroux, whose term of office expires. Cancellation of shares The Board of Directors has decided to cancel 5,074,906 shares. The number of shares after cancellation amounted to 319,157,468 and the number of voting rights to 440,569,746. Outlook In a challenging economic environment, the construction businesses enjoy good visibility thanks to record order books and are backed by a number of major strengths, such as the capacity to offer innovative, high value-added solutions, robust and diversified international operations and expanding speciality activities that help to drive growth. Bouygues Telecom is facing two major developments on the mobile market in early 2013. The first is the continuing strong growth of the SIM-only/Web-only segment. Second, further significant price cuts have already been made in the first quarter and the entry-level prices of plans with services from Bouygues Telecom's competitors are nearing EUR20. In this context, Bouygues Telecom's strategic priorities are confirmed and the transformation of the company begun in 2012 will continue with a breakthrough in two areas in particular: technical assets and the marketing of plans with services. The aim of this next stage in the transformation of Bouygues Telecom will be to stabilise EBITDA and improve the EBITDA minus CAPEX item from 2013. In these conditions, 2012 should mark the low point in Bouygues group's profitability. Sales 2012 2013 Change by business area target % (EUR million) Bouygues Construction 10,640 10,700 +1% Bouygues Immobilier 2,396 2,500 +4% Colas 13,036 13,200 +1% TF1 2,621 2,540 -3% Bouygues Telecom 5,226 4,850 -7% Holding company and other 123 120 nm Intra-Group elimination (495) (460) nm TOTAL 33,547 33,450 o/w France 22,308 22,250 o/w international 11,239 11,200 Remuneration of executive directors In accordance with Afep/Medef recommendations, information on the remuneration of executive directors and granting of stock options will be published today on www.bouygues.com http://www.bouygues.com/ , under Finance/Shareholders, Regulated information. Financial calendar: 14 May 2013: first-quarter 2013 sales and earnings (5.45pm CET) 28 August 2013: first-half 2013 results (7am CET) 28 August 2013: first-half 2013 results presentation The financial statements have been audited and the statutory auditors have issued a report certifying them without reserve. You will find the full financial statements and notes to the financial statements on http://www.bouygues.com/fr/finances-actionnaires/analystes-et-investisseurs/presentations-des-resultats/presentations-des-resultats/ www.bouygues.com http://www.bouygues.com/fr/finances-actionnaires/analystes-et-investisseurs/presentations-des-resultats/presentations-des-resultats/ . The full-year results presentation to financial analysts will be webcast live on 27 February 2013 at 11am on www.bouygues.com http://www.bouygues.com/ . Press contact: Investors and analysts contact: +33 (0)1 44 20 12 01 - email@example.com +33 (0)1 44 20 10 79 - firstname.lastname@example.org www.bouygues.com http://www.bouygues.com/ Condensed consolidated 2011 2012 % income statement change (EUR million) Sales 32,706 33,547 +3% Current operating profit 1,819 1,286 -29% Other operating income and expenses 381 (166)2 nm Operating profit 1,857 1,120 -40% Cost of net debt (277) (290) +5% Other financial income and expenses (13) 11 nm Income tax expense (528) (330) -38% Share of profits and losses from associates 198 2173 +10% Net profit 1,237 728 -41% Minority interests (167) (95) -43% Net profit attributable to the Group 1,070 633 -41% 1Non-current income relating to an asset disposal at Bouygues Telecom 2Including non-current charges of EUR200 million at Bouygues Telecom and TF1 and EUR34 million of capital gains on asset disposals at Bouygues Telecom 3Including non-current charges of EUR53 million related to the dilution loss further to the capital increase at Alstom Fourth-quarter consolidated Fourth-quarter % income statement change (EUR million) 2011 2012 Sales 8,987 8,950 = Current operating profit 481 332 -31% Operating profit 481 2611 -46% Net profit attributable to the Group 276 69 -75% 1Including non-current charges of EUR105 million at Bouygues Telecom and TF1 and EUR34 million of capital gains on asset disposals at Bouygues Telecom Condensed consolidated balance sheet End-2011 End-2012 (EUR million) Non-current assets 19,442 20,170 Current assets 15,480 16,584 TOTAL ASSETS 34,922 36,754 Shareholders' equity 9,678 10,078 Non-current liabilities 8,875 9,845 Current liabilities 16,369 16,831 TOTAL LIABILITIES 34,922 36,754 Net debt 3,862 4,172 Sales by business area 2011 2012 % % change like-for-like and at constant exchange rates (EUR million) change Bouygues Construction 9,802 10,640 +9% +4% Bouygues Immobilier 2,465 2,396 -3% -3% Colas 12,412 13,036 +5% +3% TF1 2,620 2,621 = -1% Bouygues Telecom 5,741 5,226 -9% -10% Holding company and other 120 123 nm nm Intra-Group elimination (454) (495) nm nm Total 32,706 33,547 +3% = o/w France 22,601 22,308 -1% -2% o/w international 10,105 11,239 +11% +4% Contribution of business areas 2011 2012 % EBITDA change (EUR million) Bouygues Construction 549 614 +12% Bouygues Immobilier 181 186 +3% Colas 934 832 -11% TF1 357 318 -11% Bouygues Telecom 1,272 908 -29% Holding company and other (51) (36) nm TOTAL 3,242 2,822 -13% Contribution of business areas to current operating profit 2011 2012 % (EUR million) change Bouygues Construction 353 364 +3% Bouygues Immobilier 201 179 -11% Colas 466 406 -13% TF1 283 258 -9% Bouygues Telecom 561 122 -78% Holding company and other (45) (43) nm TOTAL 1,819 1,286 -29% Contribution of business areas to 2011 2012 % operating profit change (EUR million) Bouygues Construction 353 364 +3% Bouygues Immobilier 201 179 -11% Colas 466 406 -13% TF1 283 210 -26% Bouygues Telecom 599 4 -99% Holding company and other (45) (43) nm TOTAL 1,857 1,120 -40% Contribution of business areas to 2011 2012 % net profit attributable to the Group change (EUR million) Bouygues Construction 226 267 +18% Bouygues Immobilier 120 107 -11% Colas 324 291 -10% TF1 80 59 -26% Bouygues Telecom 331 (14) -104% Alstom 190 240 +26% Holding company and other (201) (317)1 nm TOTAL 1,070 633 -41% 1Including non-current charges of EUR53 million related to the dilution loss further to the capital increase at Alstom Net cash by business area End-2011 End-2012 Change (EUR million) (EUR million) Bouygues Construction 2,869 3,093 +EUR224m Bouygues Immobilier 507 358 -EUR149m Colas 28 (170) -EUR198m TF1 (40) 237 +EUR277m Bouygues Telecom (581) (650) -EUR69m Holding company and other (6,645) (7,040) -EUR395m TOTAL (3,862) (4,172) -EUR310m Contribution of business areas to 2011 2012 Change cash flow2 (EUR million) (EUR million) Bouygues Construction 157 327 +EUR170m Bouygues Immobilier 134 107 -EUR27m Colas 314 378 +EUR64m TF1 150 161 +EUR11m Bouygues Telecom 2083 (89)4 -EUR297m Holding company and other (101) (160)5 -EUR59m TOTAL 8623 7244 -EUR138m 2Free cash flow = cash flow - cost of net debt - income tax expense - net capital expenditure. It is calculated before changes in WCR Contribution of business areas to 2011 2012 Change net capital expenditure (EUR million) (EUR million) Bouygues Construction 268 159 -EUR109m Bouygues Immobilier 12 13 +EUR1m Colas 414 345 -EUR69m TF1 108 45 -EUR63m Bouygues Telecom 8593 8694 +EUR10m Holding company and other (3) 25 +EUR5m TOTAL EXCL.EXCEPTIONAL ITEMS 1,6583 1,4334 -EUR225m EXCEPTIONAL ITEMS 228 519 +EUR291m TOTAL 1,886 1,952 +EUR66m 3Excluding purchase of 4G frequencies in the 2,600 MHz band for EUR228 million 4Excluding exceptional items related to Bouygues Telecom: 4G frequencies in the 800 MHz band (acquisition cost and capitalised interest for EUR696 million at Bouygues Telecom level and for EUR726 million at Bouygues group level) and asset disposals for EUR207 million 5Excluding capitalised interest for the 4G frequencies for EUR30m Press release in PDF http://hugin.info/155933/R/1681291/549593.pdf ---------------------------------------------------------------------------------------------------- This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: BOUYGUES via Thomson Reuters ONE HUG#1681291
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