PRESS RELEASE –
FULL-YEAR 2021 RESULTS
GROUP RETURNS TO ITS GROWTH MOMENTUM
- EXCELLENT 2021 RESULTS: FULL-YEAR GUIDANCE ACHIEVED OR EXCEEDED
- DIVIDEND UP TO €1.801 PER SHARE, REFLECTING THE GROUP’S CONFIDENCE IN ITS FUTURE
- NET DEBT AT A HISTORICALLY LOW LEVEL AND STRONG INVESTMENT CAPACITY
- TWO UNIQUE OPPORTUNITIES SEIZED TO ENHANCE THE GROUP’S RESILIENCE AND EXPAND ITS REACH2 (EQUANS AND TF1-M6 MERGER)
- IN 2022, THE GROUP
IS EXPECTING A FURTHER INCREASE IN SALES AND CURRENT OPERATING PROFIT VERSUS 2021
The Bouygues Board of Directors, chaired by
(€ million) | 2021 | 2020 | 2019 | Change vs 2020 | Change vs 2019 | ||||
Sales | 37,589 | 34,694 | 37,929 | +8% | a | -0.9% | |||
Current operating profit/(loss) | 1,693 | 1,222 | 1,676 | +€471m | +17m | ||||
Current operating margin | 4.5% | 3.5% | 4.4% | +1.0 pt | +0.1 pts | ||||
Operating profit/(loss) | 1,733 | b | 1,124 | c | 1,696 | d | +€609m | +37m | |
Net profit/(loss) attributable to the Group | 1,125 | 696 | 1,184 | +€429m | -€59m | ||||
Net surplus cash (+)/net debt (-) | (941) | (1,981) | (2,222) | +€1,040m | +€1,281m |
(a) Up 7% like-for-like and at constant exchange rates.
(b) Including net non-current income of €40m.
(c) Including net non-current charges of €98m.
(d) Including net non-current income of €20m.
2021 guidance for the Group achieved or exceeded.
- At €37.6 billion, sales were very close to the 2019 level (-0.9%), as expected.
- Current operating profit and current operating margin were higher than the level of 2019 (up €17 million and up 0.1 points, respectively), and exceeded the guidance for 2021.
The Group’s 2021 results demonstrated strong improvement year-on-year and returned to their pre-crisis level.
- Sales were €37.6 billion, at a level comparable to 2019. Sales increased 8% versus 2020 (up 7% like-for-like and at constant exchange rates).
- Current operating profit was €1,693 million, €17 million higher than 2019.
- Current operating margin was 4.5% in 2021, exceeding the 2019 level.
- Operating profit was €1,733 million, up €37 million versus 2019. It includes net non-current income of €40 million (versus net non-current income of €20 million at
end-December 2019 ). - Net profit attributable to the Group was €1,125 million, comparable to the 2019 level, including the contribution from Alstom (€219 million versus €238 million in 2019) and €31 million of non-current charges related to the planned acquisition of Equans and the planned merger between TF1 and M6.
- Net debt was at historically low level of €941 million, versus €1,981 million at end-2020. Net gearing3 was particularly low at 7% (versus 17% at end-2020).
The Group, which views its corporate social and environmental responsibility to be of strategic importance, deployed its 2021 roadmap.
- The 2021-2023 second worldwide plan aimed at improving gender balance at all levels of the Group and business segments was launched in
May 2021 . Improvements were also made to the quality of life at work. - As part of its climate strategy, the Group has earmarked an estimated €2.2 billion, for the 2022-2024 period, to reduce its carbon footprint4.
- A Group-wide committee was set up to identify the impacts of the Group’s businesses on biodiversity. Commitments were undertaken to preserve and restore biodiversity while specific action plans were outlined for each business segment.
In 2021, the Group seized two major opportunities5 aligned with its strategy.
- The acquisition of Equans will help the Group become No. 2 worldwide in the multi-technical services market. This growing market is at the core of industrial, digital and energy transitions. Combining Equans and Bouygues’ Energies & Services arm will enhance its expertise, and generate substantial synergies and significant levels of cash flow.
- The merger between TF1 group and M6 group will create the French media group with the broadest TV, radio, digital, content production and technology offering, to the benefit of viewers and the French broadcast media industry as a whole. The combination of these two French media groups will enhance their investment and innovation capability, and ramp up the roll-out of a French streaming platform.
These two unique strategic transactions will enable the Group to enhance its resilience and to expand its reach to a higher level and therefore, in line with its strategy, to create and share value with all its stakeholders, especially its shareholders.
DIVIDEND
Relying on a very robust financial structure, the Group is confident in its future.
The Board of Directors will ask at the Annual General Meeting on
OUTLOOK
The following 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.
For 2022,
- Growth in sales from services estimated at around 5%.
- An 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 capital expenditure 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 SBTi6 endorsement of their decarbonization plans.
Commenting on the Group’s results,
“Bouygues is well-positioned for 2022. In addition to its ambitious CSR strategy and positioning in fast-growing markets, the Group enjoys diversified business activities, margin improvement plans and recurring cash generation. The plans to acquire Equans and to merge TF1 with M6 are major milestones in the Group’s history that will make it even more resilient and expand its reach. Bouygues’ excellent momentum makes us confident about our future and ability to create value for our stakeholders.”
DETAILED ANALYSIS BY SECTOR OF ACTIVITY
CONSTRUCTION BUSINESSES
The backlog in the construction businesses at end-2021 remained high at €33.2 billion, providing good visibility on future activity. This includes the backlog at
The backlog at Colas was a record €10.7 billion, up 9%7 year-on-year. This was driven by solid commercial performance in international markets. In particular, in the fourth quarter 2021, Colas won a turnkey design-build contract for the
The backlog at
€100 million). The backlog was nonetheless 6% lower than the end-2020 level (high basis of comparison and lower backlog drawdown on major contracts in 2021).
Commercial activity at Bouygues Immobilier remained strong, with a 16% year-on-year increase in residential property reservations, reflecting the robustness of the French residential property market and strong customer demand. In this context,
The construction businesses reported sales of €27.9 billion in 2021, representing a 7% increase year-on-year (up 6% like-for-like and at constant exchange rates).
The increase was driven by
Compared to 2019, sales were 6% lower due to a high basis of comparison.
The construction businesses reported a very strong improvement in current operating profit year-on-year (up €388 million) to €825 million. This was €85 million lower than in 2019. At 3.0%, the current operating margin was far higher than in 2020 (1.7%) and almost returned to its 2019 level (3.1%).
Operating profit reported by the construction businesses was €807 million, up €420 million year-on-year. This included net non-current charges of €18 million (versus net non-current charges of €50 million in 2020) related to adaptation measures at
At Colas, the good performance of current operating profit and current operating margin versus 2020 and 2019 came from the first positive effects of plans to optimize the industrial activities and the new organization at Colas France. Colas reaffirms therefore its ambitions to achieve a current operating margin of 4% in 2023.
Within
its transformation plan, which, against the backdrop of an expanding market, aims at improving the current operating margin (over 5% in the medium term) and at boosting the cash generation. Sales at the Energies & Services arm were €3.9 billion, 3% more than in 2019. Current operating margin stood at 2.8% in 2021 versus 2.1% in 2019 (and -0.4% in 2018). At the same time, measures on cash flow produced significant results, with net cash increasing by €489 million in the space of two years to reach €594 million at end-2021.
TF1
At end-2021, TF1 group’s audience share of target audiences was high at 33.5% among FRDA9 (up 1.1 points) and 30.2% among the 25-49 age group (up 0.3 points).
In this context, TF1 reported sales of €2.4 billion at
- Strong growth in advertising revenues, driven by strong demand for advertising space on television and digital media.
- Solid growth in sales at the Newen production business.
Current operating profit stood at €343 million at
year-on-year and up 3.2 points versus end-2019). TF1 therefore reached its guidance of current operating margin of more than 12% in 2021.
Operating profit included non-current charges of €10 million related to the proposed merger between TF1 and M6.
In 2022, recent measures will strengthen TF1’s media business model and continue to drive the growth of the production activities. TF1 plans to ramp-up the non-linear content offering (MyTF1, MyTF1 Max, Salto) and a wider range of services for advertiser customers (addressable TV, digital inventories, etc.), and capitalize on the sustained demand for local content, particularly from the platforms in which Newen benefits from well-established expertise and customer knowledge.
Business momentum at
At
In 2021, the operator also added 569,000 new customers. Mobile has grown strongly since 2015, with more than 500,000 new plan customers won annually, excluding MtoM.
In fixed, it had 2.3 million FTTH customers at
The rate of fiber roll-out continued to accelerate. The number of FTTH premises marketed was 24.3 million at end-2021, in line with the “Ambition 2026” strategy (27 million targeted for end-2022 and 35 million for
end-2026). The operator is now active in all areas of mainland
Concurrently,
Reflecting this strong commercial momentum, sales at
end-2020 (up 5% like-for-like).
Sales from services were up 14% (up 5% excluding the integration of BTBD), thanks to the growth in the mobile and fixed customer base and higher ABPU10 (annual mobile ABPU, restated for roaming impact, rose €0.5
year-on-year to €20.5 per customer per month, while annual fixed ABPU rose €0.4 year-on-year to €28.2 per customer per month against a backdrop of strong customer acquisition in FTTH). Other sales rose 8%
year-on-year, driven by growth in handset sales.
EBITDA after Leases was €1,612 million, up €110 million versus end-2020, a 7% increase. As expected, EBITDA after Leases margin was 1.8 points lower than at end-2020 due to the dilutive effect of integrating BTBD and a mix effect with the ramp-up of FTTH.
Operating profit in 2021 was €663 million, up €12 million year-on-year. This improvement includes net non-current income of €91 million (versus €28 million in 2020), essentially related to the capital gain on the sale of data centers.
Net capex at end-2021 was €1,331 million, up €306 million year-on-year, related to the strategy of enhancing network quality as well as the investments needed for the BTBD integration and for the 5G and fiber roll-out.
FINANCIAL SITUATION
The Group enjoys a very robust financial structure.
- The Group had a record €20.4 billion of available cash at end-2021 (€12 billion at end-2020), comprising cash and equivalents (€6.2 billion) supplemented by unused medium- and long-term credit facilities (€14.2 billion, of which €6 billion corresponds to a syndicated loan signed in
December 2021 for the acquisition of Equans). - Net debt at
end-December 2021 stood at the historically low level of €941 million (versus €1,981 million at end-2020). - Net gearing11 was 7% (versus 17% at end-2020).
During 2021, 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 end-December, the average maturity of the Group’s bonds was 5.1 years and the average coupon was 2.51%. The debt maturity schedule is evenly spread and includes the €800-million bond issue (maturing
Net debt at
The most recent long-term credit ratings assigned to the Group by Moody’s and Standard & Poor’s were A3, stable outlook and A-, CreditWatch Negative, respectively. These ratings, both dated
GOVERNANCE
In its meeting of
- Renewing the terms of office of
Olivier Bouygues , ofSCDM represented byEdward Bouygues and of SCDM Participations represented byCyril Bouygues , for a period of three years. - Renewing the terms of office of two independent directors, Clara Gaymard and
Rose-Marie Van Lerberghe, for a period of three years. - Appointing Félicie Burelle as an independent director for a period of three years, replacing
Colette Lewiner, whose total terms of office would have exceeded 12 years at the end of the Annual General Meeting, making her lose her independent director status.
The Board of Directors warmly thanked Colette Lewiner for her contribution to the Board’s and the Selection and Remuneration Committee’s work during her directorship.
Additionally, the renewal of the terms for two directors representing employee shareholders, for a period of three years, will also be submitted for approval at the Annual General Meeting.
Assuming that all the resolutions are approved by the Annual General Meeting on
- The composition of the Board of Directors would remain at 14 directors, including two directors representing employees and two directors representing employee shareholders.
- The proportion of independent directors would remain at 50% and the proportion of women at 40% (directors representing employees and employee shareholders are not included in the calculation of these percentages).
FINANCIAL CALENDAR
28 April 2022 : Annual General Meeting (2.30pm CET )12 May 2022 : first-quarter 2022 results (7.30am CET )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 audited and the statutory auditors have issued a report
certifying them without reserve.
You can find the full financial statements and notes to the financial statements on www.bouygues.com/finance/results.
The results presentation for analysts will be webcast on
Details on how to connect are available on www.bouygues.com.
The results presentation will be available before the webcast starts
on www.bouygues.com/finance/investors presentations.
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
2021 BUSINESS ACTIVITY
BACKLOG AT THE CONSTRUCTION BUSINESSES
(€ million) | Change | ||
20,759 | 21,987 | -6% | |
1,739 | 1,981 | -12% | |
Colas | 10,726 | 9,152 | 17% |
Total | 33,224 | 33,120 | 0% |
BOUYGUES CONSTRUCTION ORDER INTAKE
(€ million) | 2021 | 2020 | Change |
4,911 | 4,774 | 3% | |
International | 6,183 | 7,952 | -22% |
Total | 11,094 | 12,726 | -13% |
BOUYGUES IMMOBILIER RESERVATIONS
(€ million) | 2021 | 2020 | Change |
Residential property | 1,849 | 1,589 | 16% |
Commercial property | 236 | 248 | -5% |
Total | 2,085 | 1,837 | 14% |
COLAS BACKLOG
(€ million) | Change | ||
Mainland | 3,030 | 3,122 | -3% |
International and French overseas territories | 7,696 | 6,030 | 28% |
Total | 10,726 | 9,152 | 17% |
TF1 AUDIENCE SHARE a
(%) | Change | ||
Total | 33.5% | 32.4% | +1.1 pts |
(a) Source Médiamétrie – Women under 50 who are purchasing decision-makers.
BOUYGUES TELECOM CUSTOMER BASE
(‘000) | Change | ||
Mobile customer base excl. MtoM | 15,067 | 12,473 | +2,594 |
Mobile plan base excl. MtoM | 14,774 | 12,149 | +2,625 |
Total mobile customers | 21,847 | 18,755 | +3,092 |
FTTH customers | 2,318 | 1,600 | +718 |
Total fixed customers | 4,441 | 4,163 | +278 |
2021 FINANCIAL PERFORMANCE
GROUP CONDENSED CONSOLIDATED INCOME STATEMENT
(€ million) | 2021 | 2020 | Change | |||
Sales | 37,589 | 34,694 | +8% | a | ||
Current operating profit/(loss) | 1,693 | 1,222 | +€471m | |||
Other operating income and expenses | 40 | b | (98) | c | +€138m | |
Operating profit/(loss) | 1,733 | 1,124 | +€609m | |||
Cost of net debt | (155) | (167) | +€12m | |||
Interest expense on lease obligations | (52) | (53) | +€1m | |||
Other financial income and expenses | (11) | (33) | +€22m | |||
Income tax | (432) | (317) | -€115m | |||
Share of net profits of joint ventures and associates | 222 | 216 | +€6m | |||
o/w Alstom | 219 | 169 | +€50m | |||
Net profit from continuing operations | 1,305 | 770 | +€535m | |||
Net profit attributable to non-controlling interests | (180) | (74) | -€106m | |||
Net profit/(loss) attributable to the Group | 1,125 | 696 | +€429m |
(a) Up 7% like-for-like and at constant exchange rates.
(b) Including non-current charges of €8m at
(c) Including non-current charges of €17m at
CALCULATION OF GROUP EBITDA AFTER LEASES
(€ million) | 2021 | 2020 | Change | |||
Current operating profit/(loss) | 1,693 | 1,222 | +€471m | |||
Interest expense on lease obligations | (52) | (53) | +€1m | |||
Net charges for depreciation, amortization and impairment losses on property, plant and equipment and intangible assets | 2,065 | 1,832 | +€233m | |||
Charges to provisions and other impairment losses, net of reversals due to utilization | 405 | 558 | -€153m | |||
Reversals of unutilized provisions and impairment losses and other | (444) | (326) | -€118m | |||
Group EBITDA after Leases ᵃ | 3,667 | 3,233 | +€434m |
(a) See glossary for definitions.
GROUP SALES BY SECTOR OF ACTIVITY
(€ million) | 2021 | 2020 | Change | Forex effect | Scope effect | Lfl & constant fx ᶜ | |
Construction businesses ᵃ | 27,922 | 26,208 | 7% | 0% | 0% | 6% | |
o/w | 12,770 | 12,047 | 6% | -1% | 0% | 5% | |
o/w Bouygues Immobilier | 2,116 | 2,032 | 4% | 0% | 0% | 4% | |
o/w Colas | 13,226 | 12,297 | 8% | 0% | 0% | 7% | |
TF1 | 2,427 | 2,082 | 17% | 0% | 0% | 17% | |
7,256 | 6,438 | 13% | 0% | -8% | 5% | ||
Bouygues SA and other | 213 | 180 | nm | - | - | nm | |
(419) | (382) | nm | - | - | nm | ||
Group sales | 37,589 | 34,694 | 8% | 0% | -1% | 7% | |
o/w | 22,595 | 20,401 | 11% | 0% | -2% | 8% | |
o/w international | 14,994 | 14,293 | 5% | -1% | 0% | 4% |
(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) | 2021 | 2020 | Change | |||
Construction businesses | 1,396 | 1,300 | +€96m | |||
o/w | 498 | 424 | +€74m | |||
o/w Bouygues Immobilier | 70 | 47 | +€23m | |||
o/w Colas | 828 | 829 | -€1m | |||
TF1 | 695 | 454 | +€241m | |||
1,612 | 1,502 | +€110m | ||||
Bouygues SA and other | (36) | (23) | -€13m | |||
Group EBITDA after Leases ᵃ | 3,667 | 3,233 | +€434m |
(a) See glossary for definitions.
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT BY SECTOR OF ACTIVITY
(€ million) | 2021 | 2020 | Change | |||
Construction businesses | 825 | 437 | +€388m | |||
o/w | 342 | 171 | +€171m | |||
o/w Bouygues Immobilier | 43 | 12 | +€31m | |||
o/w Colas | 440 | 254 | +€186m | |||
TF1 | 343 | 190 | +€153m | |||
572 | 623 | -€51m | ||||
Bouygues SA and other | (47) | (28) | -€19m | |||
Group current operating profit/(loss) | 1,693 | 1,222 | +€471m | |||
Group current operating profit/(loss) excl. purchase price allocation | 1,744 | 1,251 | +€493m |
CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF ACIVITY
(€ million) | 2021 | 2020 | Change | |||
Construction businesses | 807 | 387 | +€420m | |||
o/w | 342 | 207 | +€135m | |||
o/w Bouygues Immobilier | 35 | (5) | +€40m | |||
o/w Colas | 430 | 185 | +€245m | |||
TF1 | 333 | 115 | +€218m | |||
663 | 651 | +€12m | ||||
Bouygues SA and other | (70) | (29) | -€41m | |||
Group operating profit | 1,733 | a | 1,124 | b | +€609m |
(a) Including non-current charges of €8m at
(b) Including non-current charges of €17m at
CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP
(€ million) | 2021 | 2020 | Change | |||
Construction businesses | 534 | 214 | +€320m | |||
o/w | 274 | 152 | +€122m | |||
o/w Bouygues Immobilier | 7 | (29) | +€36m | |||
o/w Colas | 253 | 91 | +€162m | |||
TF1 | 98 | 24 | +€74m | |||
403 | 377 | +€26m | ||||
Alstom | 219 | 169 | +€50m | |||
Bouygues SA and other | (129) | (88) | -€41m | |||
Net profit/(loss) attributable to the Group | 1,125 | 696 | +€429m |
(€ million) | 2021 | 2020 | Change | |||
3,521 | 3,143 | +€378m | ||||
Bouygues Immobilier | (142) | (306) | +€164m | |||
Colas | (33) | (7) | -€26m | |||
TF1 | 198 | (1) | +€199m | |||
(1,734) | (1,740) | +€6m | ||||
Bouygues SA and other | (2,751) | (3,070) | +€319m | |||
Net surplus cash (+)/net debt (-) | (941) | (1,981) | +€1,040m | |||
Current and non-current lease obligations | (1,835) | (1,733) | -€102m |
CONTRIBUTION TO GROUP NET CAPITAL EXPENDITURE BY SECTOR OF ACTIVITY
(€ million) | 2021 | 2020 | Change | |||
Construction businesses | 311 | 303 | +€8m | |||
o/w | 71 | 114 | -€43m | |||
o/w Bouygues Immobilier | 6 | 5 | +€1m | |||
o/w Colas | 234 | 184 | +€50m | |||
TF1 | 331 | 283 | +€48m | |||
1,331 | 1,025 | +€306m | ||||
Bouygues SA and other | 1 | 1 | €0m | |||
Sub-total ᵃ | 1,974 | 1,612 | +€362m | |||
5G frequencies | - | 608 | b | -€608m | ||
Group net capital expenditure | 1,974 | 2,220 | -€246m |
(a) Excluding 5G frequencies.
(b) Including €6m of spectrum clearing costs.
CONTRIBUTION TO GROUP FREE CASH FLOW BY SECTOR OF ACTIVITY
(€ million) | 2021 | 2020 | Change | |||
Construction businesses | 606 | 481 | +€125m | |||
o/w | 212 | 141 | +€71m | |||
o/w Bouygues Immobilier | 36 | (18) | +€54m | |||
o/w Colas | 358 | 358 | €0m | |||
TF1 | 233 | 69 | +€164m | |||
86 | 254 | -€168m | ||||
Bouygues SA and other | (95) | (79) | -€16m | |||
Group free cash flow ᵃ | 830 | 725 | +€105m |
(a) See glossary for definitions.
REMINDER OF 2019 FINANCIAL PERFORMANCE
(€ million) | 2019 |
Group sales | 37,929 |
Group current operating profit/(loss) | 1,676 |
o/w construction businesses | 910 |
378 | |
Bouygues Immobilier | 99 |
Colas | 433 |
o/w TF1 | 255 |
o/w | 540 |
Current operating margin | 4.4% |
Group operating profit | 1,696 |
Net profit/(loss) attributable to the Group | 1,184 |
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 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:
EBITDA after Leases: current operating profit after taking account of the interest expense on lease obligations, before (i) net charges for depreciation, amortization 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 (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 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 9 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 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.
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.
- Capitalization 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 To be proposed to the Annual General Meeting on
2 Subject to obtaining the necessary administrative authorizations under competition and foreign investment law.
3 Net debt/shareholders’ equity.
4 See specific press release on the Group’s climate strategy, published on
5 Subject to obtaining the necessary administrative authorizations under competition and foreign investment law.
6 Science Based Target initiative.
7 At constant exchange rates and excluding principal disposals and acquisitions (
8 At constant exchange rates and excluding principal disposals and acquisitions (
9 Women under 50 who are purchasing decision-makers.
10 ABPU excluding BTBD.
11 Net debt/shareholders’ equity.
Attachment
- Press Release
© OMX, source