Press release
FIRST-QUARTER 2023 RESULTS
- Backlog in the construction businesses up 6% year-on-year
- Group sales up 46% year-on-year, up 4% like-for-like and at constant exchange rates
- Group current operating profit from activities up €75 million year-on-year
- Integration of
Bouygues Energies & Services within Equans on track and Perform plan launched in most of Equans’ business units - All 2023 guidance for the Group and its business segments confirmed
The Board of Directors, chaired by
With regard to the financial information presented in this press release, the income statement includes the financial statements of Equans only for first-quarter 2023. Equans was acquired on
(€ million) | Q1 2023 | Q1 2022 | Change | |||
Sales | 12,007 | 8,204 | +46% | a | ||
Current operating profit/(loss) from activities | 9 | (66) | +75 | |||
Margin from activities | 0.1% | -0.8% | +0.9 pts | |||
Current operating profit/(loss) ᵇ | (14) | (77) | +63 | |||
Operating profit/(loss) ᶜ | (38) | (93) | +55 | |||
Financial result | (98) | (47) | -51 | |||
Net profit/(loss) attributable to the Group | (134) | (131) | -3 |
(a) Up 4% like-for-like and at constant exchange rates.
(b) Includes PPA amortisation of €23m in first-quarter 2023 and of €11m in first-quarter 2022.
(c) Includes net non-current charges of €24m in first-quarter 2023 and of €16m in first-quarter 2022.
(€ million) | ||||||
Net surplus cash (+)/net debt (-) | (8,779) | (7,440) | (2,111) |
As each year, the Group’s first-quarter results are not indicative of full-year performance, mainly due to the seasonal nature of business at Colas, and to a lesser extent, at Equans.
- Sales in first-quarter 2023 were €12 billion, up 46% versus first-quarter 2022. Sales growth was driven mainly by Equans contribution, as well as by commercial performance in the business segments and by inflation. Like-for-like and at constant exchange rates, sales growth was 4%.
- Current operating profit from activities (COPA) was €9 million, compared with a current operating loss from activities of €66 million in first-quarter 2022, giving a positive margin from activities of 0.1% (versus -0.8% in first-quarter 2022).
- The net loss attributable to the Group was €134 million. This includes:
- net non-current charges1 of €24 million, which are not indicative of business. As a reminder, net non-current charges in first-quarter 2022 were €16 million;
- financial result of -€98 million versus -€47 million in first-quarter 2022, mainly due to a higher cost of net debt (-€69 million versus -€35 million in first-quarter 2022) related to the acquisition of Equans;
- income tax expense of €3 million compared with an income tax gain of €27 million in first-quarter 2022;
- a share of net profits of joint ventures amounting to €15 million versus a €3 million loss in first-quarter 2022, driven by Tipco Asphalt’s contribution and the absence of a loss from Salto;
- Net debt was €8.8 billion versus €7.4 billion at
end-December 2022 , a change of around €1.3 billion due to usual seasonal effect in the beginning of the year. Net gearing2 was 64% (versus 53% at end-2022).
OUTLOOK FOR 2023
The outlook below is based on information known to date.
Outlook for the Group
In an unstable environment, marked by inflation, rising interest rates and currency volatility, Bouygues confirms that it is aiming for 2023 sales close to those of 2022, as well as an increase in its current operating profit from activities (COPA).
This outlook is based on 2022 proforma financial information that assumes the Equans acquisition was completed on
Outlook for Colas
In an unstable environment marked by inflation, rising interest rates and currency volatility, the Colas group has strong fundamentals and will continue to benefit from the positive impacts of the transformation plans that it has undertaken.
Colas confirms its target of increasing current operating profit from activities (COPA) and current operating profit in 2023 compared with 2022.
Outlook for Equans
In 2023, Equans is aiming for:
- a slight increase in sales, as a result of its selective approach strategy;
- a current operating margin from activities (COPA margin) between 2.5% and 3%;
- a cash conversion rate (COPA-to-cash flow3) before WCR of between 80% and 100%.
Outlook for
As it continues to grow its customer base, particularly in the fixed segment, and maintains its investments to boost its mobile network capacity, Bouygues Telecom’s confirms its 2023 guidance as follows:
- an increase in sales billed to customers;
- EBITDA after Leases of around €1.9 billion;
- gross capital expenditure at around €1.5 billion excluding frequencies.
Outlook for the TF1 group
In 2023, the TF1 group will cement its leadership position and maintain a broadly stable current operating margin of activities. The TF1 group will continue to generate cash flow in order to aim for a growing or stable dividend policy over the next few years.
DETAILED ANALYSIS BY SECTOR OF ACTIVITY
CONSTRUCTION BUSINESSES
As a reminder,
At
At €15.0 billion (up 8%), the backlog at
In property market, customers remain in a wait-and-see mode, in both the residential and commercial segments, due to inflation and rising interest rates.
Last, the backlog at Colas was €13.0 billion, up 8% year-on-year (up 10% at constant exchange rates and excluding principal disposals and acquisitions). It benefited from a 17% increase in the order intake versus first-quarter 2022 and a particularly strong order intake in international rail activities (notably the
The construction businesses reported sales of €5.2 billion in first-quarter 2023, up 5% year-on-year, driven by
The current operating loss from activities in the construction businesses was €243 million, down €10 million year-on-year.
Bouygues Construction’s COPA4 was stable over the period at €58 million. Amid a slow commercial and residential property market, Bouygues Immobilier’s COPA, if the share of co-promotions were included, would be €7 million (excluding the share of co-promotions, it was €0 million). At Colas, current operating loss from activities continued to benefit from the effects of action plans implemented during 2022 to cope with inflation. In addition, Colas sold Branscome in
EQUANS
Equans’ figures include Bouygues Energies & Services with effect from
First-quarter 2023 is therefore the first quarter that
Equans’ backlog at
The backlog at Equans at
In first-quarter 2023, Equans recorded sales of €4.4 billion and current operating profit from activities of €98 million, representing a margin from activities (COPA margin) of 2.2%, in line notably with seasonality of business.
TF1
The TF1 group reported sales of €480 million in first-quarter 2023, decreasing as anticipated (down 14% year-on-year and down 11% like-for-like and at constant exchange rates):
- Sales in the Media segment decreased by 14%, reflecting a 10% year-on-year decline in advertising revenue, due to the deconsolidation of Unify’s activities and uncertainties related to the macro-economic environment and sector-specific tensions (financial institutions, retail and food) impacting advertisers’ spending. Like-for-like and at constant exchange rates, advertising revenue was down 7%.
- Sales at
Newen Studios declined by 20% year-on-year. The decline was due especially to an unfavourable base effect linked to the delivery of a large-scale production inGermany during first-quarter 2022.
As a result of lower business, current operating profit from activities (COPA) was €40 million, down €21 million year-on-year. Change in COPA reflected the tight control over cost of programmes, which amounted to €201 million (down €19 million year-on-year), largely mitigating the decline in advertising revenue and further demonstrating the TF1 group’s ability to adapt its costs while increasing its audience share5 on commercial targets. The lower level of business at
Sales billed to customers were €1.4 billion, up 6% versus first-quarter 2022, lifted by solid mobile and fixed customer bases and growth in ABPU6 (mobile ABPU rose €0.2 to €19.7 per customer per month, while fixed ABPU increased by €1.7 to €30.3 per customer per month).
Sales from services rose 4% year-on-year, still held back by the decrease in sales from incoming traffic. Other sales increased 20% year-on-year, driven mainly by growth in built-to-suit sales. In total, the operator’s sales increased 8% versus
EBITDA after Leases rose €45 million year-on-year, driven by sales growth and tight control on costs. EBITDA after Leases margin continued improving, rising to 27.3% (up 2.0 points versus end-March 2022).
Current operating profit from activities (COPA) was €126 million, up €32 million year-on-year.
Gross capital expenditure excluding frequencies was €522 million at
FINANCIAL SITUATION
- At €12 billion, the Group maintained a high level of available cash compared with €14.7 billion at end-2022. Cash available comprised €3 billion cash and equivalents, supplemented by €9 billion undrawn medium- and long-term credit facilities, of which €1.85 billion related to the syndicated loan signed in
December 2021 ; - Net debt at
end-March 2023 was €8.8 billion versus €7.4 billion atend-December 2022 and €2.1 billion atend-March 2022 . The change betweenend-March 2022 andend-March 2023 reflects mainly the acquisition of Equans and, to a lesser extent, Bouygues share buybacks. The change versus31 December 2022 is mainly impacted by usual seasonal effects; - In first-quarter 2023, the change in working capital requirements (WCR) related to operating activities and other was a negative €943 million, reflecting a lesser seasonal change than in first-quarter 2022;
- Net gearing7 was 64% (versus 53% at end-2022).
In first-quarter 2023, Bouygues renewed its medium- and long-term credit facilities as they expired, without financial covenants or rating clauses. In first-quarter 2023, Bouygues repaid a €700-million bond issue. At
The long-term credit ratings assigned to the Group by Moody’s and Standard & Poor’s are A3, stable outlook, and A-, negative outlook, respectively.
FINANCIAL CALENDAR
28 July 2023 : First-half 2023 results (7.30am CET )31 October 2023 : Nine-month 2023 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 200,000 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 12 29
PRESS CONTACT:
presse@bouygues.com • Tel.: +33 (0)1 44 20 12 01
FIRST-QUARTER 2023 BUSINESS ACTIVITY
BACKLOG IN THE CONSTRUCTION BUSINESSES
In order to facilitate analysis, Bouygues Construction’s backlog at
(€ million) | Change | |||
15,040 | 13,967 | +8% | a | |
1,367 | 1,717 | -20% | b | |
Colas | 12,961 | 12,039 | +8% | c |
Total | 29,368 | 27,723 | +6% | d |
(a) Up 8% at constant exchange rates and excluding principal disposals and acquisitions.
(b) Down 20% at constant exchange rates and excluding principal disposals and acquisitions.
(c) Up 10% at constant exchange rates and excluding principal disposals and acquisitions.
(d) Up 7% at constant exchange rates and excluding principal disposals and acquisitions.
BOUYGUES CONSTRUCTION ORDER INTAKE
In order to facilitate analysis, Bouygues Construction’s order intake in Q1 2023 and Q1 2022 only includes the Building & Civil Works’ order intake.
(€ million) | Q1 2023 | Q1 2022 | Change |
1,223 | 777 | +57% | |
International | 1,865 | 823 | +127% |
Total | 3,088 | 1,600 | +93% |
BOUYGUES IMMOBILIER RESERVATIONS
(€ million) | Q1 2023 | Q1 2022 | Change |
Residential property | 268 | 395 | -32% |
Commercial property | 3 | 5 | -42% |
Total | 271 | 400 | -32% |
COLAS BACKLOG
(€ million) | Change | ||
Mainland | 3,735 | 3,372 | +11% |
International and French overseas territories | 9,226 | 8,667 | +6% |
Total | 12,961 | 12,039 | +8% |
EQUANS BACKLOG
In order to facilitate analysis, Equans’ backlog at
(€ million) | Change | ||
Total | 26,657 | 25,927 | +3% |
TF1 AUDIENCE SHAREa
(%) | Change | ||
Total | 33.2% | 33.1% | +0.1 pts |
(a) Source Médiamétrie – Women under 50 who are purchasing decision-makers.
BOUYGUES TELECOM CUSTOMER BASE
(‘000) | Change | ||
Mobile customer base excl. MtoM | 15,513 | 15,499 | +14 |
Mobile plan base excl. MtoM | 15,249 | 15,222 | +27 |
Total mobile customers | 22,643 | 22,455 | +188 |
FTTH customers | 3,141 | 2,993 | +148 |
Total fixed customers | 4,716 | 4,670 | +46 |
FIRST-QUARTER 2023 FINANCIAL PERFORMANCE
As announced,
GROUP CONDENSED CONSOLIDATED INCOME STATEMENT
(€ million) | Q1 2023 | Q1 2022 | Change | |||
Sales | 12,007 | 8,204 | +46% | a | ||
Current operating profit/(loss) from activities | 9 | (66) | +75 | |||
Amortisation and impairment of intangible assets recognised in acquisitions (PPA) ᵇ | (23) | (11) | -12 | |||
Current operating profit/(loss) | (14) | (77) | +63 | |||
Other operating income and expenses | (24) | c | (16) | d | -8 | |
Operating profit/(loss) | (38) | (93) | +55 | |||
Cost of net debt | (69) | (35) | -34 | |||
Interest expense on lease obligations | (18) | (15) | -3 | |||
Other financial income and expenses | (11) | 3 | -14 | |||
Income tax | (3) | 27 | -30 | |||
Share of net profits of joint ventures and associates | 15 | (3) | +18 | |||
Net profit/(loss) from continuing operations | (124) | (116) | -8 | |||
Net profit/(loss) attributable to non-controlling interests | (10) | (15) | +5 | |||
Net profit/(loss) attributable to the Group | (134) | (131) | -3 |
(a) Up 4% like-for-like and at constant exchange rates.
(b) Purchase Price Allocation.
(c) Includes non-current charges of €19m at
(d) Includes non-current charges of €5m at Equans (
GROUP SALES BY SECTOR OF ACTIVITY
(€ million) | Q1 2023 | Q1 2022 | Change | Forex effect | Scope effect | Lfl & constant fx ᶜ | |
Construction businessesa | 5,209 | 4,963 | +5% | +0% | +0% | +5% | |
o/w | 2,310 | 2,179 | +6% | -0% | +0% | +6% | |
o/w Bouygues Immobilier | 331 | 399 | -17% | +0% | +0% | -17% | |
o/w Colas | 2,613 | 2,406 | +9% | +0% | +0% | +9% | |
Equans | 4,398 | 898 | nm | nm | nm | nm | |
TF1 | 480 | 561 | -14% | +0% | +3% | -11% | |
1,937 | 1,796 | +8% | +0% | +0% | +8% | ||
Bouygues SA and other | 58 | 48 | nm | - | - | nm | |
(120) | (83) | nm | - | - | nm | ||
Group sales | 12,007 | 8,204 | +46% | +0% | -42% | +4% | |
o/w | 6,390 | 5,236 | +22% | +0% | -23% | -1% | |
o/w International | 5,617 | 2,968 | +89% | +0% | -77% | +13% |
(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.
CALCULATION OF GROUP EBITDA AFTER LEASESa
(€ million) | Q1 2023 | Q1 2022 | Change | |||
Group current operating profit/(loss) from activities | 9 | (66) | +75 | |||
Amortisation and impairment of intangible assets recognised in acquisitions (PPA) | (23) | (11) | -12 | |||
Interest expense on lease obligations | (18) | (15) | -3 | |||
Net charges for depreciation, amortisation and impairment losses on property, plant and equipment and intangible assets | 518 | 478 | +40 | |||
Charges to provisions and other impairment losses, net of reversals due to utilisation | 4 | (8) | +12 | |||
Reversals of unutilised provisions and impairment losses and other | (76) | (55) | -21 | |||
Group EBITDA after Leases | 414 | 323 | +91 |
(a) See glossary for definitions.
CONTRIBUTION TO GROUP EBITDA AFTER LEASESa BY SECTOR OF ACTIVITY
(€ million) | Q1 2023 | Q1 2022 | Change | |||
Construction businesses | (216) | (187) | -29 | |||
o/w | 68 | 63 | +5 | |||
o/w Bouygues Immobilier | (9) | 8 | -17 | |||
o/w Colas | (275) | (258) | -17 | |||
Equans | 135 | 21 | +114 | |||
TF1 | 101 | 147 | -46 | |||
399 | 354 | +45 | ||||
Bouygues SA and other | (5) | (12) | +7 | |||
Group EBITDA after Leases | 414 | 323 | +91 |
(a) See glossary for definitions.
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT/(LOSS) FROM ACTIVITIES (COPA)a BY SECTOR OF ACTIVITY
(€ million) | Q1 2023 | Q1 2022 | Change | |||
Construction businesses | (243) | (233) | -10 | |||
o/w | 58 | 58 | 0 | |||
o/w Bouygues Immobilier | 0 | 0 | 0 | |||
o/w Colas | (301) | (291) | -10 | |||
Equans | 98 | 27 | +71 | |||
TF1 | 40 | 61 | -21 | |||
126 | 94 | +32 | ||||
Bouygues SA and other | (12) | (15) | +3 | |||
Group current operating profit/(loss) from activities | 9 | (66) | +75 |
(a) See glossary for definitions.
RECONCILIATION OF CURRENT OPERATING PROFIT/(LOSS) FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT/(LOSS) (COP) FOR FIRST-QUARTER 2023
(€ million) | COPA | PPA amortisation ᵃ | COP | |||
Construction businesses | (243) | -2 | (245) | |||
o/w | 58 | 0 | 58 | |||
o/w Bouygues Immobilier | 0 | 0 | 0 | |||
o/w Colas | (301) | -2 | (303) | |||
Equans | 98 | 0 | 98 | |||
TF1 | 40 | -1 | 39 | |||
126 | -7 | 119 | ||||
Bouygues SA and other | (12) | -13 | (25) | |||
Total | 9 | -23 | (14) |
(a) Amortisation and impairment of intangible assets recognised in acquisitions.
RECONCILIATION OF CURRENT OPERATING PROFIT/(LOSS) FROM ACTIVITIES (COPA) TO CURRENT OPERATING PROFIT/(LOSS) (COP) FOR FIRST-QUARTER 2022
(€ million) | COPA | PPA amortisation ᵃ | COP | |||
Construction businesses | (233) | -2 | (235) | |||
o/w | 58 | 0 | 58 | |||
o/w Bouygues Immobilier | 0 | 0 | 0 | |||
o/w Colas | (291) | -2 | (293) | |||
Equans | 27 | 0 | 27 | |||
TF1 | 61 | -1 | 60 | |||
94 | -7 | 87 | ||||
Bouygues SA and other | (15) | -1 | (16) | |||
Total | (66) | -11 | (77) |
(a) Amortisation and impairment of intangible assets recognised in acquisitions.
CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT/(LOSS) (COP) BY SECTOR OF ACTIVITY
(€ million) | Q1 2023 | Q1 2022 | Change | |||
Construction businesses | (245) | (235) | -10 | |||
o/w | 58 | 58 | 0 | |||
o/w Bouygues Immobilier | 0 | 0 | 0 | |||
o/w Colas | (303) | (293) | -10 | |||
Equans | 98 | 27 | +71 | |||
TF1 | 39 | 60 | -21 | |||
119 | 87 | +32 | ||||
Bouygues SA and other | (25) | (16) | -9 | |||
Group current operating profit/(loss) | (14) | (77) | +63 |
CONTRIBUTION TO GROUP OPERATING PROFIT/(LOSS) BY SECTOR OF ACTIVITY
(€ million) | Q1 2023 | Q1 2022 | Change | |||
Construction businesses | (268) | (235) | -33 | |||
o/w | 39 | 58 | -19 | |||
o/w Bouygues Immobilier | 0 | 0 | 0 | |||
o/w Colas | (307) | (293) | -14 | |||
Equans | 93 | 22 | +71 | |||
TF1 | 34 | 57 | -23 | |||
128 | 92 | +36 | ||||
Bouygues SA and other | (25) | (29) | +4 | |||
Group operating profit | (38) | a | (93) | b | +55 |
(a) Includes non-current charges of €19m at
(b) Includes non-current charges of €5m at Equans (
CONTRIBUTION TO NET PROFIT/(LOSS) ATTRIBUTABLE TO THE GROUP BY SECTOR OF ACTIVITY
(€ million) | Q1 2023 | Q1 2022 | Change | |||
Construction businesses | (220) | (177) | -43 | |||
o/w | 24 | 49 | -25 | |||
o/w Bouygues Immobilier | 1 | (1) | +2 | |||
o/w Colas | (245) | (225) | -20 | |||
Equans | 62 | 16 | +46 | |||
TF1 | 13 | 15 | -2 | |||
65 | 54 | +11 | ||||
Bouygues SA and other | (54) | (39) | -15 | |||
Net profit/(loss) attributable to the Group | (134) | (131) | -3 |
(€ million) | Change | |||||
3,191 | 3,612 | -421 | ||||
(250) | (156) | -94 | ||||
Colas | (769) | (292) | -477 | |||
Equans | 55 | 181 | -126 | |||
TF1 | 468 | 326 | +142 | |||
(2,712) | (2,303) | -409 | ||||
Bouygues SA and other | (8,762) | (8,808) | +46 | |||
Net surplus cash (+)/net debt (-) | (8,779) | (7,440) | -1,339 | |||
Current and non-current lease obligations | (2,618) | (2,605) | -13 |
CONTRIBUTION TO GROUP NET CAPITAL EXPENDITURE BY SECTOR OF ACTIVITY, EXCLUDING FREQUENCIES
(€ million) | Q1 2023 | Q1 2022 | Change | |||
Construction businesses | 3 | 19 | -16 | |||
o/w | (12) | 6 | -18 | |||
o/w Bouygues Immobilier | 1 | 0 | +1 | |||
o/w Colas | 14 | 13 | +1 | |||
Equans | 62 | 1 | +61 | |||
TF1 | 63 | 66 | -3 | |||
521 | 492 | +29 | ||||
Bouygues SA and other | (26) | 0 | -26 | |||
Group net capital expenditure | 623 | 578 | +45 |
CONTRIBUTION TO GROUP FREE CASH FLOW BY SECTOR OF ACTIVITY
(€ million) | Q1 2023 | Q1 2022 | Change | |||
Construction businesses | (220) | (218) | -2 | |||
o/w | 106 | 90 | +16 | |||
o/w Bouygues Immobilier | (2) | 0 | -2 | |||
o/w Colas | (324) | (308) | -16 | |||
Equans | 41 | 16 | +25 | |||
TF1 | 21 | 59 | -38 | |||
(166) | (156) | -10 | ||||
Bouygues SA and other | (16) | (46) | +30 | |||
Group free cash flow ᵃ | (340) | (345) | +5 |
(a) See glossary for definitions.
GLOSSARY
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:
Current operating profit/(loss) from activities: current operating profit from activities (COPA) equates to current operating profit before amortisation and impairment of intangible assets recognised in acquisitions (PPA).
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 losses of control. Those effects relate to the impact of remeasuring retained interests.
EBITDA margin after Leases (
Energies & services: Equans.
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 frequencies.
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 premises secured: the connectable sockets, i.e. 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.
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 (
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.
Wholesale: wholesale market for telecoms operators.
1 Includes non-current charges of €19m at
2 Net debt/shareholders’ equity.
3 Free cash flow before cost of net debt, interest expense on lease obligations and tax paid.
4 Current operating profit from activities.
5 33.2% among women under 50 who are purchasing-decision makers (+0.1 points year-on-year) and 29.9% among the 25-49 age group (+0.1 points year-on-year).
6 ABPU is no longer restated for the roaming impact. ABPU restated for roaming impact would be €19.9 up €0.2 year-on-year.
7 Net debt/shareholders’ equity.
Attachment
- PR_financial-results_Bouygues_Q1-2023
© OMX, source