PRESS RELEASE
FIRST-QUARTER 2022 RESULTS
- GROUP SALES UP 6%
- BACKLOG IN THE CONSTRUCTION AND SERVICES BUSINESSES UP 4%
- SOLID COMMERCIAL PERFORMANCE AT
BOUYGUES TELECOM - PLANNED ACQUISITION OF EQUANS AND PROPOSED TF1-M6 MERGER ON SCHEDULE
- LOW NET DEBT LEVEL
The Bouygues Board of Directors, chaired by
(€ million) | Q1 2022 | Q1 2021 | Change | |||
Sales | 8,204 | 7,742 | +6% | a | ||
Current operating profit/(loss) | (77) | (77) | 0 | |||
Current operating margin | -0.9% | -1.0% | +0.1 pts | |||
Operating profit/(loss) | (93) | b | (21) | c | -72 | |
Net profit/(loss) attributable to the Group | (131) | 21 | -152 | |||
Net surplus cash (+)/net debt (-) at end-March | (2,111) | (2,643) | +532 |
(a) Up 3% like-for-like and at constant exchange rates.
(b) Including net non-current charges of €16m.
(c) Including net non-current income of €56m.
Like each year, the Group’s first-quarter results are not indicative of full-year performance, mainly due to the highly seasonal nature of Colas’ businesses.
- Sales totalled €8.2 billion, up 6%, or up 3% like-for-like and at constant exchange rates.
- The current operating loss was stable versus the first quarter of 2021 at €77 million. The current operating margin was -0.9% in the first quarter of 2022 (versus -1.0% in the first quarter of 2021).
- The operating loss was €93 million, which includes net non-current charges of €16 million unrelated to underlying business. These net non-current charges include essentially a capital gain linked to the sale of data centers by
Bouygues Telecom (+€5 million) and costs related to ongoing projects (Equans acquisition and TF1-M6 merger) of -€5 million atBouygues Construction , -€3 million at TF1 and
-€13 million at Bouygues SA. Net non-current income of €56 million was reported for first quarter of 2021, resulting mainly from the capital gain on the sale of data centers byBouygues Telecom . - Bouygues reported a net loss attributable to the Group of €131 million, which does not include any contribution from Alstom. First quarter 2021 benefited from a €120 million contribution from Alstom.
- Net debt was €2,111 million at
end-March 2022 versus €2,643 million atend-March 2021 , marking an improvement of €532 million. It notably included the fair value of pre-hedging interest-rate swaps linked to future bond issues. Net gearing1 remained low for a first quarter at 16% (versus 22% at 31 March 2021).
OUTLOOK FOR 2022
The Group announced the following guidance when reporting full-year 2021 results on
- Growth in sales from services estimated at around 5%.
- Increase in EBITDA after Leases of around 7% in a context of higher expenditure due to the faster roll-out in fixed and improvements to mobile network capacity.
- Gross capex confirmed at €1.5 billion (excluding 5G frequencies) in order to keep pace with growth in the mobile and fixed customer base, and in usage.
Group
In 2022, the Group is expecting a further increase in sales and current operating profit versus 2021.
After endorsement of Colas’ greenhouse gas emissions reduction targets in 2021, the other business segments are now aiming to receive SBTi 2 endorsement of their decarbonization plans.
The above outlook is based on information known to date and excludes any further deterioration in the situation due to Covid-19, the acquisition of Equans and the TF1-M6 merger.
The Group remains very vigilant regarding the indirect consequences of the conflict between
DETAILED ANALYSIS BY SECTOR OF ACTIVITY
CONSTRUCTION AND SERVICES BUSINESSES
The backlog in the construction and services businesses at
The backlog at Colas rose to a record €12 billion, up 22%3 year-on-year. This was driven by Destia’s backlog and a solid commercial performance in the roads activities, in particular in
The backlog at
In a French residential property market still marked by strong customer demand, Bouygues Immobilier continued strengthening its land management, and benefited from a higher volume of building permits obtained in the first quarter, which have not yet translated into new housing units for sale. Commercial property customers remained cautious. Bouygues Immobilier’s backlog was down 13% overall versus
The construction and services businesses reported sales of €5.9 billion in the first quarter of 2022, representing a 7% increase year-on-year (up 3% like-for-like and at constant exchange rates). This increase was driven by international sales, up 11% year-on-year, thanks to Colas and positive exchange rate effects.
Like each year, the current operating profit of the construction and services businesses is marked by the highly seasonal nature of Colas’ businesses. The current operating loss was €208 million in the first quarter of 2022. The current operating margin was -3.6% versus -3.5% in the first quarter of 2021. Bouygues Construction’s margin was slightly higher due to improved margin at Bouygues Energies & Services, while Bouygues Immobilier’s margin was impacted by a weak level of business, especially in commercial property (contribution in sales from commercial property of €13 million in the first quarter of 2022 versus €45 million in the first quarter of 2021).
TF1
In the first quarter of 2022, the TF1 group’s share of target audiences remained high at 33.1% among FRDA4 (down 0.6 points year-on-year) and at 29.8% among the 25-49 age group (down 0.6 points year-on-year).
In this context, TF1 reported sales of €561 million in the first quarter of 2022, an increase of 10% year-on-year (up 7% like-for-like and at constant exchange rates), benefiting from:
- Stronger sales in the media segment, reflecting higher advertising revenue (up 5%), and helped by the gradual return of business sectors that were still impacted by the pandemic in 2021.
- Robust sales growth at Newen, arising primarily from the acquisitions of studios in
Spain andGermany in 2021.
Current operating profit was €60 million in the first quarter of 2022, a slight increase of €3 million year-on-year. This can be attributed to tight control of programming costs but also lower programme deliveries by Newen in the first quarter of 2022 due to a different programme delivery schedule from the first quarter of 2021, which was boosted by a catch-up effect. Consequently, the current operating margin edged down to 10.6%, which was 0.5 points lower year-on-year.
Keeping pace with changing trends in content viewing behavior, and the wider range of services for advertiser customers will contribute this year to strengthening the media segment, which is benefiting from sharp growth in new types of service. In a buoyant market, the contribution from
At
At
In fixed, the company had 2.5 million FTTH customers at
of fiber roll-out continued to accelerate. The number of FTTH premises marketed was 25.7 million at
Reflecting this strong commercial momentum, sales were €1.8 billion, up 3% versus the first quarter of 2021.
Sales from services rose 3%, boosted by a 6% increase in sales billed to customers. This was driven by growth in the mobile and fixed customer base and higher ABPU6 (mobile ABPU, restated for the impact of roaming, rose €0.3 year-on-year to €19.7 per customer per month, while fixed ABPU rose €0.6 year-on-year to €28.6 per customer per month). In contrast, sales from services were negatively impacted by lower incoming sales, affected by traffic (voice and text messaging) and by the mobile regulated termination rate. However, these incoming sales, by definition, have no impact on EBITDA after Leases.
Other sales rose 4% year-on-year, lifted by growth in handset sales.
EBITDA after Leases was €354 million, up €24 million versus the first quarter of 2021, a 7% increase in line with the annual target. As expected, the EBITDA after Leases margin recovered versus the first quarter of 2021
(up 1.1 points), on track for the steady margin improvement of the Ambition 2026 plan.
Current operating profit totalled €87 million, up €11 million year-on-year.
Operating profit was €92 million, which includes net non-current income of €5 million mainly linked to capital gains related to the sale of data centers. In the first quarter of 2021, net non-current income was €60 million, mostly due to capital gains on the sale of data centers.
Gross capex at
FINANCIAL SITUATION
The Group has a very robust financial structure.
- The Group remained at a very high level of available cash, amounting to €18.6 billion (€20.4 billion at end-2021), comprising cash and equivalents (€4.7 billion) supplemented by undrawn medium- and long-term credit facilities (€13.9 billion, of which €6 billion corresponds to a syndicated loan signed in
December 2021 for the acquisition of Equans). - Net debt at
end-March 2022 was €2,111 million versus €941 million atend-December 2021 and €2,643 million atend-March 2021 . The increase between end-December and end-March reflects the usual seasonal nature of business, higher net capex atBouygues Telecom , share buybacks and positive fair-value on interest-rate swaps contracted to cover future bond issues byBouygues SA . - Net gearing7 remained low at 16% (versus 7% at
end-December 2021 and 22% at end-March 2021).
Considering the bond refinancing due in 2023, and the syndicated loan for the Equans acquisition to be refinanced through bond issuances,
During the first quarter of 2022, Bouygues renewed its medium- and long-term credit facilities as they expired, without financial covenants or rating clauses. Similarly, the syndicated loan signed in
At
The long-term credit ratings assigned to the Group by Moody’s and Standard & Poor’s, unchanged since
NON-FINANCIAL PERFORMANCE
In the first quarter of 2022, each business segment continued actions to promote sustainable and responsible development through a varied range of initiatives and projects, such as:
Bouygues Construction , a responsible and committed sustainable construction player, received in February the Top Employer France label fromTop Employers Institute , an independent and international organization, for six years in a row, and the Top Employer Europe label for the fourth year, with additional certification for its entities in theUK ,Switzerland ,Poland and theCzech Republic . This certification recognizes for the initiatives implemented byBouygues Construction over several years to provide the best possible working conditions for its employees through HR innovations.Bouygues Construction is the only construction company involved in the survey.- Bouygues Immobilier’s AL-FA residential development, situated at the heart of the “Les Fabriques” eco-neighbourhood in
Marseille , will be constructed entirely with low-carbon concrete. Low-carbon concrete is produced from recycled materials and results in a 30-70% smaller carbon footprint compared with conventional concrete. The first wall was laid inJanuary 2022 .
- In January, Colas and
Saipol signed an agreement to decarbonize Colas’ truck fleet inFrance via Oleo100, a renewable energy fuel made from 100% French rapeseed. Not only does it reduce greenhouse-gas emissions by 60% compared to diesel, but it also cuts particulate emissions by up to 80%. Once fully rolled out, this initiative will avoid the emission of nearly 46,000 tons of CO2 per year.
- In March, TF1 unveiled the second session of “Expertes à la Une” as it strives towards a more inclusive society. Bringing together women experts from sectors such as health, medical research, justice, police, artificial intelligence and entrepreneurship, the programme aims to increase the proportion of women experts appearing on the TF1 and LCI news broadcasts. In 2021, the proportion of women experts consulted on air in the TF1 news studio (
1pm ,8pm and weekend news) was 44%. Also, as announced inJuly 2021 , TF1 launched inJanuary 2022 the fully eco-friendly advertising fund “Ecofunding”. Brands contribute to this fund every time they advertise products or services with the Ademe8 label. TF1 then tops up the fund, which is then used to finance public-service campaigns raising awareness about sustainability and responsible consumption.
Bouygues Telecom has launched several initiatives since the start of the year, including a new rapid smartphone repair service in its stores – a service which is also available to non-Bouygues Telecom customers. It also unveiled source, the first responsible plan with no minimum term contract, aimed at encouraging digital sustainability. These are just two examples demonstrating howBouygues Telecom is fostering a more responsible digital environment.
FINANCIAL CALENDAR
2 August 2022 : first-half 2022 results (7.30am CET )17 November 2022 : nine-month 2022 results (7.30am CET )
The financial statements have been subject to a limited review by the statutory auditors and the corresponding report has been issued.
You can find the full financial statements and notes to the financial statements on www.bouygues.com/results.
The results presentation conference call for analysts will start at
Details on how to connect are available on www.bouygues.com.
The results presentation will be available before the conference call starts
on www.bouygues.com/results.
ABOUT BOUYGUES
Bouygues is a diversified services group operating in over 80 countries with 124,600 employees all working to make life better every day. Its business activities in construction (
INVESTORS AND ANALYSTS CONTACT:
INVESTORS@bouygues.com • Tel.: +33 (0)1 44 20 10 79
PRESS CONTACT:
presse@bouygues.com • Tel.: +33 (0)1 44 20 12 01
FIRST-QUARTER 2022 BUSINESS ACTIVITY
BACKLOG IN CONSTRUCTION AND SERVICES BUSINESSES
(€ million) | Change | ||
20,838 | 21,544 | -3% | |
1,717 | 1,970 | -13% | |
Colas | 12,039 | 9,854 | +22% |
Total | 34,594 | 33,368 | +4% |
BOUYGUES CONSTRUCTION ORDER INTAKE
(€ million) | Q1 2022 | Q1 2021 | Change |
1,168 | 1,142 | +2% | |
International | 1,399 | 1,241 | +13% |
Total | 2,567 | 2,383 | +8% |
BOUYGUES IMMOBILIER RESERVATIONS
(€ million) | Q1 2022 | Q1 2021 | Change |
Residential property | 395 | 443 | -11% |
Commercial property | 5 | 9 | -42% |
Total | 400 | 452 | -11% |
COLAS BACKLOG
(€ million) | Change | ||
Mainland | 3,372 | 3,348 | +1% |
International and French overseas territories | 8,667 | 6,506 | +33% |
Total | 12,039 | 9,854 | +22% |
TF1 AUDIENCE SHARE a
(%) | Change | ||
Total | 33.1% | 33.7% | -0.6 pts |
(a) Source Médiamétrie – Women under 50 who are purchasing decision-makers.
BOUYGUES TELECOM CUSTOMER BASE
(‘000) | Change | ||
Mobile customer base excl. MtoM | 15,151 | 15,067 | +84 |
Mobile plan base excl. MtoM | 14,871 | 14,774 | +97 |
Total mobile customers | 22,088 | 21,847 | +241 |
FTTH customers | 2,491 | 2,318 | +172 |
Total fixed customers | 4,492 | 4,441 | +52 |
FIRST-QUARTER 2022 FINANCIAL PERFORMANCE
GROUP CONDENSED CONSOLIDATED INCOME STATEMENT
(€ million) | Q1 2022 | Q1 2021 | Change | |||
Sales | 8,204 | 7,742 | +6% | a | ||
Current operating profit/(loss) | (77) | (77) | 0 | |||
Other operating income and expenses | (16) | b | 56 | c | -72 | |
Operating profit/(loss) | (93) | (21) | -72 | |||
Cost of net debt | (35) | (39) | +4 | |||
Interest expense on lease obligations | (15) | (13) | -2 | |||
Other financial income and expenses | 3 | (8) | +11 | |||
Income tax | 27 | 16 | +11 | |||
Share of net profits of joint ventures and associates | (3) | 105 | -108 | |||
o/w Alstom | 0 | 120 | -120 | |||
Net profit from continuing operations | (116) | 40 | -156 | |||
Net profit attributable to non-controlling interests | (15) | (19) | +4 | |||
Net profit/(loss) attributable to the Group | (131) | 21 | -152 |
(a) Up 3% like-for-like and at constant exchange rates.
(b) Including non-current charges of €5m at
(c) Including non-current charges of €4m at
CALCULATION OF GROUP EBITDA AFTER LEASES
(€ million) | Q1 2022 | Q1 2021 | Change | |||
Current operating profit/(loss) | (77) | (77) | 0 | |||
Interest expense on lease obligations | (15) | (13) | -2 | |||
Net charges for depreciation, amortisation and impairment losses on property, plant and equipment and intangible assets | 478 | 462 | +16 | |||
Charges to provisions and other impairment losses, net of reversals due to utilisation | (8) | 7 | -15 | |||
Reversals of unutilised provisions and impairment losses and other | (55) | (54) | -1 | |||
Group EBITDA after Leases ᵃ | 323 | 325 | -2 |
(a) See glossary for definitions.
GROUP SALES BY SECTOR OF ACTIVITY
(€ million) | Q1 2022 | Q1 2021 | Change | Forex effect | Scope effect | Lfl & constant fx ᶜ |
Construction and services businesses ᵃ | 5,851 | 5,491 | +7% | -2% | -2% | +3% |
o/w | 3,077 | 3,058 | +1% | -2% | 0% | -2% |
o/w Bouygues Immobilier | 399 | 452 | -12% | 0% | 0% | -12% |
o/w Colas | 2,406 | 2,020 | +19% | -2% | -6% | +12% |
TF1 | 561 | 510 | +10% | 0% | -3% | +7% |
1,796 | 1,743 | +3% | 0% | 0% | +3% | |
Bouygues SA and other | 48 | 51 | nm | - | - | nm |
(83) | (92) | nm | - | - | nm | |
Group sales | 8,204 | 7,742 | +6% | -1% | -2% | +3% |
o/w | 5,236 | 5,076 | +3% | 0% | 0% | +3% |
o/w international | 2,968 | 2,666 | +11% | -4% | -5% | +3% |
(a) Total of the sales contributions (after eliminations within the construction businesses).
(b) Including intra-Group eliminations of the construction businesses.
(c) Like-for-like and at constant exchange rates.
CONTRIBUTION TO GROUP EBITDA AFTER LEASES BY SECTOR OF ACTIVITY
(€ million) | Q1 2022 | Q1 2021 | Change | |||
Construction and services businesses | (166) | (128) | -38 | |||
o/w | 84 | 116 | -32 | |||
o/w Bouygues Immobilier | 8 | 1 | +7 | |||
o/w Colas | (258) | (245) | -13 | |||
TF1 | 147 | 128 | +19 | |||
354 | 330 | +24 | ||||
Bouygues SA and other | (12) | (5) | -7 | |||
Group EBITDA after Leases ᵃ | 323 | 325 | -2 |
(a) See glossary for definitions.
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT BY SECTOR OF ACTIVITY
(€ million) | Q1 2022 | Q1 2021 | Change | |||
Construction and services businesses | (208) | (192) | -16 | |||
o/w | 85 | 81 | +4 | |||
o/w Bouygues Immobilier | 0 | 4 | -4 | |||
o/w Colas | (293) | (277) | -16 | |||
TF1 | 60 | 57 | +3 | |||
87 | 76 | +11 | ||||
Bouygues SA and other | (16) | (18) | +2 | |||
Group current operating profit/(loss) | (77) | (77) | 0 |
CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF ACIVITY
(€ million) | Q1 2022 | Q1 2021 | Change | |||
Construction and services businesses | (213) | (196) | -17 | |||
o/w | 80 | 81 | -1 | |||
o/w Bouygues Immobilier | 0 | 0 | 0 | |||
o/w Colas | (293) | (277) | -16 | |||
TF1 | 57 | 57 | 0 | |||
92 | 136 | -44 | ||||
Bouygues SA and other | (29) | (18) | -11 | |||
Group operating profit | (93) | a | (21) | b | -72 |
(a) Including non-current charges of €5m at
(b) Including non-current charges of €4m at
CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP
(€ million) | Q1 2022 | Q1 2021 | Change | |||
Construction and services businesses | (161) | (170) | +9 | |||
o/w | 65 | 57 | +8 | |||
o/w Bouygues Immobilier | (1) | (7) | +6 | |||
o/w Colas | (225) | (220) | -5 | |||
TF1 | 15 | 15 | 0 | |||
54 | 80 | -26 | ||||
Alstom | 0 | 120 | -120 | |||
Bouygues SA and other | (39) | (24) | -15 | |||
Net profit/(loss) attributable to the Group | (131) | 21 | -152 |
(€ million) | Change | |||||
2,898 | 3,521 | -623 | ||||
(298) | (142) | -156 | ||||
Colas | (603) | (33) | -570 | |||
TF1 | 378 | 198 | +180 | |||
(2,037) | (1,734) | -303 | ||||
Bouygues SA and other | (2,449) | a | (2,751) | a | +302 | |
Net surplus cash (+)/net debt (-) | (2,111) | a | (941) | a | -1,170 | |
Current and non-current lease obligations | (2,004) | (1,835) | -169 |
(a) Includes fair value of swaps.
CONTRIBUTION TO GROUP NET CAPITAL EXPENDITURE BY SECTOR OF ACTIVITY
(€ million) | Q1 2022 | Q1 2021 | Change | |||
Construction and services businesses | 20 | 28 | -8 | |||
o/w | 7 | 16 | -9 | |||
o/w Bouygues Immobilier | 0 | 1 | -1 | |||
o/w Colas | 13 | 11 | +2 | |||
TF1 | 66 | 49 | +17 | |||
492 | 269 | +223 | ||||
Bouygues SA and other | 0 | 1 | -1 | |||
Group net capital expenditure | 578 | 347 | +231 |
CONTRIBUTION TO GROUP FREE CASH FLOW BY SECTOR OF ACTIVITY
(€ million) | Q1 2022 | Q1 2021 | Change | |||
Construction and services businesses | (202) | (179) | -23 | |||
o/w | 106 | 91 | +15 | |||
o/w Bouygues Immobilier | 0 | 4 | -4 | |||
o/w Colas | (308) | (274) | -34 | |||
TF1 | 59 | 63 | -4 | |||
(156) | 34 | -190 | ||||
Bouygues SA and other | (46) | (31) | -15 | |||
Group free cash flow ᵃ | (345) | (113) | -232 |
(a) See glossary for definitions.
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).
ABPU (Average Billing Per User):
- In the mobile segment, it is equal to the total of mobile sales billed to customers (BtoC and BtoB) divided by the average number of customers over the period. It excludes MtoM SIM cards and free SIM cards.
- In the fixed segment, it is equal to the total of fixed sales billed to customers (excluding BtoB) divided by the average number of customers over the period.
BtoB (business to business): when one business makes a commercial transaction with another.
Backlog (
Backlog (Bouygues Immobilier): sales outstanding from notarised sales plus total sales from signed reservations that have still to be notarised.
Under IFRS 11, Bouygues Immobilier’s backlog does not include sales from reservations taken via companies accounted for by the equity method (co-promotion companies where there is joint control).
Construction businesses:
EBITDA after Leases: current operating profit after taking account of the interest expense on lease obligations, before (i) net charges for depreciation, amortisation and impairment losses on property, plant and equipment and intangible assets, (ii) net charges to provisions and other impairment losses and (iii) effects of acquisitions of control or losses of control. Those effects relate to the impact of remeasuring previously-held interests or retained interests.
EBITDA margin after Leases (
Free cash flow: net cash flow (determined after (i) cost of net debt, (ii) interest expense on lease obligations and (iii) income taxes paid), minus net capital expenditure and repayments of lease obligations. It is calculated before changes in working capital requirements (WCR) related to operating activities and excluding 5G frequencies.
Free cash flow after WCR: net cash flow (determined after (i) cost of net debt, (ii) interest expense on lease obligations and (iii) income taxes paid), minus net capital expenditure and repayments of lease obligations, and after changes in working capital requirements (WCR) related to operating activities.
It is calculated after changes in working capital requirements (WCR) related to operating activities and excluding 5G frequencies.
Fixed churn: the total number of cancellations in a given month, divided by the total number of subscribers at the end of the previous month.
FTTH (Fibre to the Home): optical fibre from the central office (where the operator’s transmission equipment is installed) all the way to homes or business premises (Arcep definition).
FTTH penetration rate: the FTTH share of the total fixed subscriber base (the number of FTTH customers divided by the total number of fixed customers).
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.
Mobile churn: the total number of cancellations in a given month, divided by the total number of subscribers at the end of the previous month.
MtoM: machine to machine communication. This refers to direct communication between machines or smart devices or between smart devices and people via an information system using mobile communications networks, generally without human intervention.
Net surplus cash/(net debt): the aggregate of cash and cash equivalents, overdrafts and short-term bank borrowings, non-current and current debt, and financial instruments. Net surplus cash/(net debt) does not include non-current and current lease obligations. A positive figure represents net surplus cash and a negative figure represents net debt. The main components of change in net debt are presented in Note 7 to the consolidated financial statements at
Order intake (
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
- Commercial properties: these are registered as reservations on notarised sale.
For co-promotion companies:
- if
Bouygues Immobilier has exclusive control over the co-promotion company (full consolidation), 100% of amounts are included in reservations; - if joint control is exercised (the company is accounted for by the equity method), commercial activity is recorded according to the amount of the equity interest in the co-promotion company.
Sales from services (
- Sales billed to customers, which include:
- In Mobile:
- For BtoC customers: sales from outgoing call charges (voice, texts and data), connection fees, and value-added services.
- For BtoB customers: sales from outgoing call charges (voice, texts and data), connection fees, and value-added services, plus sales from business services.
- Machine-To-Machine (MtoM) sales.
- Visitor roaming sales.
- Sales generated with Mobile Virtual Network Operators (MVNOs).
In Fixed:
- For BtoC customers: sales from outgoing call charges, fixed broadband services, TV services (including Video on Demand and catch-up TV), and connection fees and equipment hire.
- For BtoB customers: sales from outgoing call charges, fixed broadband services, TV services (including Video on Demand and catch-up TV), and connection fees and equipment hire, plus sales from business services.
- Sales from bulk sales to other fixed line operators.
- Sales from incoming Voice and Texts.
- Spreading of handset subsidies over the projected life of the customer account, required to comply with IFRS 15.
- Capitalisation of connection fee sales, which is then spread over the projected life of the customer account.
Other sales (
It comprises:
- sales from handsets, accessories and other;
- roaming sales;
- non-telecom services (construction of sites or installation of FTTH lines);
- co-financing of advertising.
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).
Wholesale: wholesale market for telecoms operators.
1 Net debt/shareholders’ equity.
2 Science Based Target initiative.
3 Up 12% at constant exchange rates and excluding principal disposals and acquisitions.
4 Women under 50 who are purchasing decision-makers.
5 The nPerf institute accurately determines internet connection capacities, through its measurement tool of the same name
6 ABPU including BTBD.
7 Net debt/shareholders’ equity.
8 The French environment and energy management agency.
Attachment
- PR_financial-results_Bouygues_Q1 2022 (002)
© OMX, source