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BOUYGUES : CORRECTION: BOUYGUES: Full-year 2012 results press release



    BOUYGUES : CORRECTION: BOUYGUES: Full-year 2012 results press release

This is a correction of the announcement from 07:00 27.02.2013 CET. Reason for
the correction: For Bouygues Telecom, you should read a 2012 network revenue
of €4,631m.

Paris, 27 February 2013

                            Bouygues press release

                      Full-year 2012 results

  * Sales up 3% at €33.5 billion, exceeding the initial target 

  * Results affected by Bouygues Telecom  

  * Excellent commercial activity in the construction businesses 

  * Net debt under tight control 

Key figures

(€ million)                           2011    2012   Change
Sales                                 32,706  33,547   +3%
Current operating profit               1,819   1,286    -29%
Operating profit                     1,857^1 1,120^2    -40%
Net profit attributable to the Group   1,070     633    -41%
Free cash flow                         862^3   724^3  -€138m
Net debt^4                             3,862   4,172  +€310m
Net gearing^4                            40%     41%   +1 pt

^1Including €38 million of non-current income relating to an asset disposal at
Bouygues Telecom
^2Including non-current charges of €200 million at Bouygues Telecom and TF1
and €34 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 €228 million. In 2012, excluding exceptional
items related to Bouygues Telecom: 4G frequencies (800 MHz band) for €726
million (acquisition cost and capitalised interest) and asset disposals for
€207 million
^4At 31 December

The Bouygues group's sales in 2012 exceeded their initial target and  amounted 
to €33.5 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 €1,286 million, down  by 
€533 million, of which €439 million was attributable to the telecoms business.
Operating profit amounted to €1,120 million, including non-current charges  of 
€200 million related to the adaptation  plans at Bouygues Telecom and TF1  and 
€34 million of capital gains on asset disposals at Bouygues Telecom.
Net profit  attributable to  the Group  amounted to  €633 million,  down  €437 
million on 2011,  with Bouygues Telecom  accounting for €345  million of  this 
decrease. As announced, the figure includes, in the fourth-quarter, a dilution
loss of €53 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 €26.8 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 €10,640 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 
€267 million.
Order intake stood at  a very high level,  rising 9% on 2011  to a record  €12 
billion. Ensuring excellent  visibility, the order  book at end-December  2012 
stood 12% higher  than a  year earlier  at €17.1  billion, with  international 
markets accounting for 45%.

Bouygues Immobilier reported  a 3%  decline in  sales to  €2,396 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 €107 million.
In a sharply contracting French market, residential property reservations fell
30% on  2011 to  €1,687 million.  Commercial property  reservations  reflected 
Bouygues Immobilier's expertise in green property developments, reaching  €581 
million despite a sluggish market.
The order  book  at  end-December  2012 stood  at  €2,957  million,  down  3%. 
Representing 15 months' sales, it offers good visibility.

Colas recorded sales of €13,036 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 €406 million, down €60  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 €302 million, 10% down on 2011.
The order book at 31 December 2012 stood at €6.7 billion, up 4%, and rose both
in mainland France (up 5%) and on international markets (up 2%).

TF1's sales  were stable  at  €2,621 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  €258 
million. Operating profit  amounted to €210  million and included  non-current 
charges of €48 million in connection with  phase II of the optimisation  plan. 
Net profit amounted to €136 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 €5,226  million and €4,631  million respectively. Fixed  broadband 
sales from network  rose 51%  on 2011 to  €627 million.  Results fell  sharply 
following upheaval on the French mobile market  in 2012 but were in line  with 
expectations. EBITDA was on target  at €908 million. Current operating  profit 
amounted to  €122  million  and  reflected  the  fall  in  EBITDA  and  higher 
amortisation expense and provisions. Operating profit stood at €4 million  and 
included non-current charges of €152 million in connection with the adaptation
plan and capital gains on  asset disposals of €34  million. 2012 ended with  a 
loss of €16 million.
All the measures in the transformation  plan scheduled in 2012 were taken  and 
savings of €151 million have already been made on the mobile activity in 2012.
The €300 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 subscribers^1 at end-2012.

^1Encompasses both broadband and very-high-speed subscriptions.

Alstom

As announced, Alstom contributed €240 million to Bouygues' net profit in 2012,
compared with €190 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  €17.2 billion.  The 
order book at 31 December 2012  stood at €52 billion, representing  30 months' 
sales.

Financial situation

The Group's free cash flow^1, excluding exceptional items at Bouygues  Telecom 
(purchase of 4G frequencies and asset disposals), amounted to €724  million^2, 
€138 million less than in 2011.
A €207-million  increase in  free  cash flow  at the  construction  businesses 
largely offset the decline in free  cash flow at Bouygues Telecom, which  fell 
by €297 million^2.

Despite the purchase of 4G frequencies for  €726 million in 2012, net debt  at 
end-December  2012  stood  at  €4.2  billion,  €310  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  (€9.7  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 €726  million 
at Bouygues group level  and for €696 million  at Bouygues Telecom level)  and 
asset disposals for €207 million

Dividend

The Board of Directors will ask the Annual General Meeting on 25 April 2013 to
approve the payment of a dividend of €1.60 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 €20.  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                                       2013    Change
by business area                2012       target     %
(€ 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
                            33,547         33,450         
                                                          
TOTAL                                                
                            22,308         22,250         
                                                          
o/w France                                           
                            11,239         11,200         
                                                          
o/w international                                    

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, 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 www.bouygues.com.

The full-year results presentation to financial analysts will be webcast  live 
on 27 February 2013 at 11am on www.bouygues.com.

           Press contact:                                 
       +33 (0)1 44 20 12 01 -
         presse@bouygues.com              Investors and analysts contact:
                                               +33 (0)1 44 20 10 79 -
                                               investors@bouygues.com
                               www.bouygues.com

Condensed consolidated                                         %
income statement                              2011   2012    change
(€ million)
Sales                                        32,706  33,547     +3%
Current operating profit                      1,819   1,286    -29%
Other operating income and expenses            38^1 (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   217^3    +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 €200 million at Bouygues Telecom and TF1
and €34 million of capital gains on asset disposals at Bouygues Telecom
^3Including non-current charges of €53 million related to the dilution loss
further to the capital increase at Alstom

Fourth-quarter consolidated           Fourth-quarter    %
income statement                                      change
(€ million)                            2011    2012
Sales                                   8,987  8,950       =
Current operating profit                  481    332    -31%
Operating profit                          481  261^1    -46%
Net profit attributable to the Group      276     69    -75%

^1Including non-current charges of €105 million at Bouygues Telecom and TF1
and €34 million of capital gains on asset disposals at Bouygues Telecom

Condensed consolidated balance sheet   End-2011  End-2012
(€ 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
(€ million)                               change   at constant exchange rates
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     120      123       nm                            nm
other
Intra-Group              (454)    (495)       nm                            nm
elimination
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                 %
EBITDA                          2011  2012   change
(€ 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   change
(€ million)
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                 %
operating profit                   2011  2012   change
(€ 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                      %
net profit attributable to the Group  2011   2012    change
(€ 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 €53 million related to the dilution loss
further to the capital increase at Alstom

Net cash by business area  End-2011 End-2012    Change
(€ million)                                   (€ million)
Bouygues Construction         2,869    3,093       +€224m
Bouygues Immobilier             507      358       -€149m
Colas                            28    (170)       -€198m
TF1                            (40)      237       +€277m
Bouygues Telecom              (581)    (650)        -€69m
Holding company and other   (6,645)  (7,040)       -€395m
TOTAL                       (3,862)  (4,172)       -€310m

Contribution of business areas to                   Change
cash flow^2                        2011   2012    (€ million)
(€ million)
Bouygues Construction                157     327       +€170m
Bouygues Immobilier                  134     107        -€27m
Colas                                314     378        +€64m
TF1                                  150     161        +€11m
Bouygues Telecom                   208^3  (89)^4       -€297m
Holding company and other          (101) (160)^5        -€59m
TOTAL                              862^3   724^4       -€138m

^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                     Change
net capital expenditure             2011    2012    (€ million)
(€ million)
Bouygues Construction                  268     159       -€109m
Bouygues Immobilier                     12      13         +€1m
Colas                                  414     345        -€69m
TF1                                    108      45        -€63m
Bouygues Telecom                     859^3   869^4        +€10m
Holding company and other              (3)     2^5         +€5m
TOTAL EXCL.EXCEPTIONAL ITEMS       1,658^3 1,433^4       -€225m
EXCEPTIONAL ITEMS                      228     519       +€291m
TOTAL                                1,886   1,952        +€66m

^3Excluding purchase of 4G frequencies in the 2,600 MHz band for €228 million
^4Excluding exceptional items related to Bouygues Telecom: 4G frequencies in
the 800 MHz band (acquisition cost and capitalised interest for €696 million
at Bouygues Telecom level and for €726 million at Bouygues group level) and
asset disposals for €207 million
^5Excluding capitalised interest for the 4G frequencies for €30m

Press release in PFD

------------------------------------------------------------------------------

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(i) the releases contained herein are protected by copyright and other
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(ii) they are solely responsible for the content, accuracy and originality of
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information contained therein.

Source: BOUYGUES via Thomson Reuters ONE
HUG#1681404
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