PRESENTATION
PARIS • TUESDAY 31 OCTOBER 2023
NINE-MONTH 2023 RESULTS
Colas used Recycol to renovate the RD 926 road at Septfonds in France
This presentation contains rounded figures, forward-looking information and statements about the Bouygues group and its businesses. Forward-looking statements may be identified by the use of words such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates" and similar statements.
Forward-looking statements are statements that are not historical facts, and include, without limitation: financial projections, forecasts and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance of the Group. Although the Group's senior management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Group, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and undue reliance should not be placed on such statements. The following factors, among others set out in the Group's Universal Registration Document (Document d'enregistrement universel) in the chapter headed Risk factors (Facteurs de risques), could cause actual results to differ materially from projections: unfavourable developments affecting the French and international telecommunications, media, construction and property markets; the costs of complying with environmental, health and safety regulations and all other regulations with which Group companies are required to comply; the competitive situation on each of our markets; the impact of tax regulations and other current or future public regulations; exchange rate risks and other risks related to international activities; industrial and environmental risks; aggravated recession risks; compliance failure risks; brand or reputation risks; information systems risks; risks arising from current or future litigation. Except to the extent required by applicable law, the Bouygues group makes no undertaking to update or revise the projections, forecasts and other forward-looking statements contained in this presentation.
2 ● NINE-MONTH 2023 RESULTS - BOUYGUES GROUP - 31 OCTOBER 2023
Contents
Key figures
3 ● NINE-MONTH 2023 RESULTS - BOUYGUES GROUP - 31 OCTOBER 2023
Solid set of nine-month Group key indicators, and marked by Equans' contribution
Group sales (€bn) | Group COPAb(€m) |
+3% | +237 | ||||
39.7 | 40.9 | 1,386 | 1,623 | ||
29.7 | +38% | 1,240 | +383 | ||
9M 2022 published | 9M 2022 incl. | 9M 2023 | 9M 2022 published | 9M 2022 incl. | 9M 2023 |
Equans proformaa | Equans proforma a |
Net profit attributable to the Group (€m) | Group net debt (-) (€m) | |||||
+133 | End-Sept 2022 | End-Sept 2023 | ||||
665 | ||||||
537 | 532 | +128 | -3,232 | |||
-3,656 | +424 | |||||
-7,006 | Impact of Equans at the acquisition | |||||
date (-€6.5bn), | ||||||
9M 2022 published | 9M 2022 incl. | 9M 2023 | Free Mobile dispute (-€310mc), | |||
a | and Colas squeeze-out offer (-€180m) | |||||
Equans proforma | -10,238 | |||||
(a) Unaudited 9M 2022 proforma figures | ||||||
(b) Current operating profit from activities (COP before amortisation and impairment of intangible assets recognised in acquisitions (PPA)) | ||||||
(c) Equating to €308m plus statutory interest for €2m | ||||||
4 ● NINE-MONTH 2023 RESULTS - BOUYGUES GROUP - 31 OCTOBER 2023 |
Contents
Review of operations
5 ● NINE-MONTH 2023 RESULTS - BOUYGUES GROUP - 31 OCTOBER 2023
REVIEW OF OPERATIONS
Construction businesses
Campus Engie - Bouygues Bâtiment Ile-de-France
6 ● NINE-MONTH 2023 RESULTS - BOUYGUES GROUP - 31 OCTOBER 2023
Backlog in the construction businesses at a record level
With effect from January 2023, Bouygues Energies & Services is included in Equans and therefore no longer in the construction businesses
32.5 | 33.5 | 34.2 | |
31.8 | |||
29.8 | |||
6.3 | 6.6 | 6.6 | |
+8% | |||
6.6 | |||
26.2 26.9 25.2 27.5
End-Sept 2019 End-Sept 2020 End-Sept 2021 End-Sept 2022 End-Sept 2023
The Summit Tower, Bangkok - Bouygues Thai
Bouygues Energies & Services, in €bn Construction businesses, in €bn
7 ● NINE-MONTH 2023 RESULTS - BOUYGUES GROUP - 31 OCTOBER 2023
Backlog up €2.2bn year-on-year, providing visibility on future activity as a whole
Bouygues Construction, backlog up €1.6bn (+12%) yoy
- Order intake of €8.1bn in 9M 2023 supported by:
- Award of major contracts (> €100m) internationally, including in Q3 two contracts in Hong Kong for around €400m, two contracts in Switzerland for around €260m, and one contract in Croatia for around €110m
- Normal course of business remaining steady
- Backlog up abroad (+18%) and stable in France yoy, increase is driven by International Building (+28%) and Civil Works (+12%)
Bouygues Immobilier, backlog down €0.4bn (-22%) yoy
- Highly challenging environment for both residential and commercial property markets
- Volume of residential reservations under pressure, due to fast increase in interest rates impacting customers' creditworthiness
- Commercial property market at a standstill
Colas backlog up €1bn (+8%) yoy
- Order intake of €11.3bn (+8%) in 9M 2023, including in Q3 the award to Colas Rail of a contract worth around €660m in Manilla for the NSCR line expansion
- Backlog up, with Rail +34% and Roads -1%
8 ● NINE-MONTH 2023 RESULTS - BOUYGUES GROUP - 31 OCTOBER 2023
Backlog in the construction businesses (in €bn)
+8% a | ||||||
29.8 | ||||||
27.5 | ||||||
1.2 | ||||||
-22%b | ||||||
1.6 | 13.4 | |||||
+8% c | ||||||
12.4 |
13.6 | 15.1 | +12% d |
End-Sept 2022 | End-Sept 2023 | |||
e | ||||
Bouygues Construction (B/CW) | Colas | Bouygues Immobilier |
- Up 10% at constant exchange rates and excluding principal disposals and acquisitions
- Down 22% at constant exchange rates and excluding principal disposals and acquisitions
- Up 11% at constant exchange rates and excluding principal disposals and acquisitions
- Up 13% at constant exchange rates and excluding principal disposals and acquisitions
- Excluding Bouygues Energies & Services in 2022 (Bouygues Energies & Services was transferred to Equans at the start of 2023)
Sales and profitability on the up in the construction businesses
9M 2023 sales up €323m (+2%) yoy
- Bouygues Construction +€377m or +6%
- Growth essentially driven by International Building (+14%)
- Bouygues Immobilier -€257m or -19%(-18%incl. share of co-promotions)
- Reflecting difficult market conditions
- Colas +€281m or +2%
- Growth driven both by Rail (+7%) and by Roads (+2%), notably in EMEA
9M 2023 COPA up €65m yoy
- Bouygues Construction: COPA of €190m, close to that of 9M 2022
- COPA margin of 2.6%, notably related to the non-linear progress of worksites
- Q3 COPA margin at 2.8%, up versus H1 2023
- Bouygues Immobilier: COPA at breakeven
- COPA including share of co-promotions of €21m
- Colas: COPA of €308m, up €89m yoy, and COPA margin at 2.6%
- Q3 2023 COPA margin up 1.2 pts, the level of this improvement not being indicative of the full-year, including notably the sale of some land in the US
9 ● NINE-MONTH 2023 RESULTS - BOUYGUES GROUP - 31 OCTOBER 2023
€m | 9M 2023 | 9M 2022 | a | ||
Change | |||||
Sales b | c | ||||
19,996 | 19,673 | +2% | |||
o/w Bouygues Construction | 7,210 | 6,833 | +6% | ||
o/w Bouygues Immobilier | 1,109 | 1,366 | -19% | ||
o/w Colas | 11,805 | 11,524 | +2% | ||
o/w France | 8,490 | 8,869 | -4% | ||
o/w international | 11,506 | 10,804 | +6% | ||
Current operating profit/(loss) | 499 | 434 | +65 | ||
from activities | |||||
o/w Bouygues Construction | 190 | 198 | -8 | ||
o/w Bouygues Immobilier | 1 | 17 | -16 | ||
o/w Colas | 308 | 219 | +89 | ||
Margin from activities | 2.5% | 2.2% | +0.3 pts | ||
Current operating profit/(loss)d | 493 | 428 | +65 | ||
Operating profit/(loss)e | 426 | 396 | +30 | ||
NB: Bouygues Immobilier includes share of co-promotion companies
Sales incl. share of co-promotions | 1,224 | 1,495 | -18% |
COPA incl. share of co-promotions | 21 | 34 | -13 |
- Excludes Bouygues Energies & Services
- Total of the sales contributions after eliminations within the construction businesses
- Up 3% like-for-like and at constant exchange rates
- Includes PPA amortisation of €6m at Colas in 9M 2023 and in 9M 2022
- Includes non-current charges of €60m at Bouygues Construction in 9M 2023 vs €32m in 9M 2022 and
of €7m at Colas in 9M 2023 vs €0m in 9M 2022
REVIEW OF OPERATIONS
Equans
Upgrading of a street lighting network, Washington D.C. - Equans
10 ● NINE-MONTH 2023 RESULTS - BOUYGUES GROUP - 31 OCTOBER 2023
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Bouygues SA published this content on 31 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2023 08:11:42 UTC.