|By PR Newswire||
|November 14, 2012 11:47 AM EST||
PARIS, November 14, 2012 /PRNewswire/ --
- Sales: €24.6 billion (+4%)
- Net profit: €564 million (-29%), impacted by Bouygues Telecom
- Construction businesses' order book at a high level, up 10% at €26.9 billion
- Alstom's performances validates its roadmap
- Sales target revised upwards to €33.2 billion
The Bouygues group reported a 4% increase in consolidated sales in the first nine months of 2012 to €24.6 billion (up 1% like-for-like and at constant exchange rates).
Current operating profit amounted to €954 million, down 29% on the first nine months of 2011, and operating profit fell 38% to €859 million after the inclusion of non-recurring charges related to adaptation plans at Bouygues Telecom and TF1. Net profit was also down 29% at €564 million. In keeping with the half-year trend, these results are mainly due to the lower profitability at Bouygues Telecom.
The financial structure is sound, with net debt under tight control.
(EUR million) 9-month 2011 9-month 2012 Change Sales 23,719 24,597 +4% Current operating profit 1,338 954 -29% Operating profit 1,376 859 -38% Net profit attributable to the Group 794 564 -29% Net debt 3,808 5,832 +EUR2,024m Net gearing 36% 61% +25 pts
Including €38 million of non-current income relating to an asset disposal at Bouygues Telecom
Including €95 million linked to the cost of the adaptation plans at Bouygues Telecom and TF1
End of period
Net debt of €3,639 million before factoring in two one-off events: the share repurchase tender offer (€1,250 million) and the purchase of
4G frequencies (€943 million)
In keeping with the first-half trend, the construction businesses posted good commercial performances. The order book stood at €26.9 billion, 10% higher than at end-September 2011, giving good visibility on future business activity.
Bouygues Construction reported nine-month sales of €7,748 million, up 9% overall (up 6% in France and 13% on international markets) and 4% like-for-like and at constant exchange rates. The current operating margin was a robust 3.4% and net profit amounted to €174 million, up 9%.
Order intake was very high, both in France and in international markets, growing 8% to reach €9 billion. The order book stood at €17 billion, 12% higher than at end-September 2011, with international markets accounting for 45%.
Bouygues Immobilier reported a 5% increase in sales to €1,631 million for the first nine months of 2012 (up 8% in residential property, down 16% in commercial property). The operating margin stood at 7.5%, reflecting early adjustment measures in response to lower residential property reservations in a contracting French market. Net profit amounted to €75 million.
In an unfavourable economic and tax environment, residential property reservations reflected the wait-and-see stance on the property market and a fall in buy-to-let investment. Reservations were 32% lower than in the first nine months of 2011 at €1,040 million. Commercial property reservations stood at a good level, up 6% to €358 million despite a sluggish market.
Sustained by the commercial property segment, the order book rose 9% in comparison with end-September 2011 to €2,879 million, offering good visibility and representing 14 months of sales.
Colas reported sales of €9,670 million, an increase of 5% overall (up 1% in France and 12% on international markets) and 3% like-for-like and at constant exchange rates. Current operating profit fell €38 million to €236 million, affected by delays in contract execution due to poor weather conditions in mainland France in the first half of 2012 and lower profitability on the sale of refined oil products. The cost of raw materials used in the refining activity has risen sharply and could only be partially passed on to customers.
Net profit amounted to €178 million, €31 million less than in the first nine months of 2011.
The order book grew 5% to €7 billion versus end-September 2011.
TF1 has launched the second phase of its optimisation plan
TF1 reported a 1% rise in sales to €1,853 million. The fall in advertising revenue was offset by the growth of diversification activities, up 6% on the first nine months of 2011, but continued to affect current operating profit, which stood at €154 million, down €41 million. TF1 has launched the second phase of its optimisation plan, designed to make its business model more flexible and to continue cutting costs. The plan aims to generate recurring cost savings of €85 million by end-2014. A non-recurring €25-million charge related to this plan was booked in the third quarter of 2012. Nine-month 2012 operating profit amounted to €129 million and net profit to €87 million, €38 million lower than in the first nine months of 2011.
Bouygues Telecom confirms its 2012 targets and is continuing its adaptation plan
Bouygues Telecom reported an 8% drop in nine-month 2012 sales to €3,951 million and sales from network dropped 8% to €3,518 million. As expected, mobile sales from network continued to decline in the third quarter, while sales in the fixed broadband segment showed strong growth.
EBITDA stood at €807 million, €228 million lower than in the first nine months of 2011, in line with the full-year target of €900 million. Current operating profit amounted to €206 million, reflecting the drop in EBITDA as well as the increase in amortisation expense and provisions. Operating profit for the first nine months of 2012, at €136 million, included a €70-million non-recurring charge related to the adaptation plan, booked in the third quarter. Net profit amounted to €76 million.
The €300-million adaptation and savings plan is being gradually rolled out and is expected to have a full impact in 2013. The voluntary redundancy plan concerning 556 employees is currently under way.
In keeping with the trend of the second quarter, Bouygues Telecom improved its commercial performance in the mobile segment. It acquired 178,000 new mobile customers, with a net gain of 11,000 customers, excluding the impact of integrating Darty Telecom and Simyo. 188,000 new plan customers joined Bouygues Telecom in the third quarter of 2012, including 64,000 Darty Telecom customers.
B&YOU continued to grow, with a total of 625,000 customers at end-September 2012.
Finally, Bouygues Telecom continued to expand on the fixed broadband market, with 359,000 net additions in the third quarter and 77,000 new customers excluding the impact of integrating Darty Telecom. This gave a base of 1.8 million customers at 30 September 2012, up 57% compared with 30 September 2011.
Includes broadband and very-high-speed broadband subscribers. Customers gained following the acquisition of Darty Telecom,
effective as of 24 July 2012, are included in Q3 2012 financial statements.
Alstom's performances validates its roadmap
As announced, Alstom contributed €181 million to the Group's net profit in the first nine months of 2012, compared with €134 million in the first nine months of 2011.
Order intake grew robustly by 19% to €12.1 billion in the first half of FY2012/13. The order book at end-September stood at €52 billion, representing 31 months' sales.
Alstom confirmed that it expects sales to grow by more than 5% per year for the current fiscal year and the next two fiscal years, matched by a steady improvement in the operating margin to around 8% by March 2015. Free cash flow is expected to be positive in each of the next three fiscal years.
Following Alstom's €350-million capital increase, via a private placement, on 4 October 2012, Bouygues' stake in Alstom has fallen to 29.4% from 30.7% on 30 September 2012.
Under IFRS, this event triggers a dilution loss of €53 million, which will be recognised as a non-current operating charge in the fourth quarter of 2012.
A €109-million increase in free cash flow in the construction businesses partly offset the €241-million drop in free cash flow at Bouygues Telecom. Overall, the Group's free cash flow in the first nine months of the year amounted to €713 million, €173 million less than in the same period of 2011.
Net debt amounted to €5.8 billion at end-September 2012. This represents an improvement of €169 million in comparison with end-September 2011, before factoring in the purchase of two blocks of 4G frequencies (€943 million) and the share repurchase tender offer (€1,250 million).
The Group launched a €700-million bond issue in October 2012, redeemable in 2023. The Group has a high level of liquidity (€7.3 billion) and an evenly-spread redemption schedule.
Before the change in working capital requirement
Before investment in 4G frequencies in the first nine months of 2012 (acquisition cost and capitalised interest)
Significant events since 30 June 2012
- 3 July 2012: Bouygues Telecom announces a voluntary redundancy plan concerning 556 jobs.
- 3 July 2012: Bouygues Bâtiment International, a Bouygues Construction subsidiary, takes 100% ownership of Leadbitter.
- 5 July 2012: TF1 signs the agreement for its new HD1 channel with the French broadcasting authority, CSA.
- 28 August 2012: Bouygues Telecom and Darty announce the launch of Bouygues Telecom Edition Darty offers, sold exclusively in Darty's 226 stores.
- 6 September 2012: B&YOU launches the only prepaid card without an expiry date and with the market's lowest prepaid rates for calls, SMS and mobile internet in mainland France.
- 20 September 2012: Launch of the Campus Val de Bièvre project, designed and developed by Bouygues Immobilier under its Rehagreen® initiative.
- 23 October 2012: Colas announces a project to reorganise its roads business in mainland France around seven regional subsidiaries, all under the Colas name.
- 25 October 2012: Colas Rail, in a consortium, wins an €85-million contract to extend Line 1 of the Algiers metro.
- 30 October 2012: Bouygues Construction, in a consortium, wins a €110-million contract to build several sports facilities in Canada.
- 6 November 2012: B&YOU launches new ground-breaking offers on the low-cost mobile market.
2012 sales target and outlook
On the basis of the situation at 30 September, the 2012 sales target has been revised upwards from €32.8 billion to €33.2 billion, 2% higher than in 2011.
Sales by business area 2012 target (EUR million) 2011 Reported Reported Reported Reported % change in March in May in August in November Bouygues Construction 9,802 10,000 10,100 10,200 10,400 +6% Bouygues Immobilier 2,465 2,450 2,450 2,450 2,450 = Colas 12,412 12,500 12,700 12,700 12,900 +4% TF1 2,620 2,620 2,620 2,620 2,620 = Bouygues Telecom 5,741 5,140 5,140 5,180 5,200 -9% Holding company and other 120 120 120 120 120 nm Intra-Group elimination (454) (480) (480) (470) (490) nm TOTAL 32,706 32,350 32,650 32,800 33,200 +2% o/w France 22,601 22,050 21,950 22,050 22,300 -1% o/w international 10,105 10,300 10,700 10,750 10,900 +8%
The amended 2012 Budget Act and the 2013 Budget Act should result in higher taxes and charges of around €70 million in 2012 and about a further €10 million in 2013.
27 February 2013: full-year 2012 results
7.00 am: press release
9.00 am: press conference
11.00 am: analysts' meeting
The financial statements have been subject to a limited review by the statutory auditors and the corresponding report has been issued.
You will find the full financial statements and notes to the financial statements on http://www.bouygues.com.
Condensed consolidated income statement 9-month % change (EUR million) 2011 2012 Sales 23,719 24,597 +4% Current operating profit 1,338 954 -29% Other operating income and expenses 38 (95) nm Operating profit 1,376 859 -38% Cost of net debt (205) (212) +3% Other financial income and expenses (1) 8 nm Income tax expense (395) (232) -41% Share of profits and losses from associates 143 210 +47% Net profit 918 633 -31% Minority interests (124) (69) -44% Net profit attributable to the Group 794 564 -29%
Non-current income relating to an asset disposal at Bouygues Telecom
Cost of the adaptation plans at Bouygues Telecom (for €70 million) and TF1 (for €25 million)
Third-quarter consolidated income statement Third-quarter (EUR million) 2011 2012 % change Sales 8,505 9,092 +7% Current operating profit 586 478 -18% Operating profit 624 383 -39% Net profit attributable to the Group 403 286 -29%
Including €38 million of non-current income relating to an asset disposal at Bouygues Telecom
Including €95 million linked to the cost of the adaptation plans at Bouygues Telecom and TF1
Sales Change by business area like-for-like (EUR million) 9-month % change and at constant exchange rates 2011 2012 Bouygues Construction 7,086 7,748 +9% +4% Bouygues Immobilier 1,548 1,631 +5% +5% Colas 9,168 9,670 +5% +3% TF1 1,839 1,853 +1% = Bouygues Telecom 4,285 3,951 -8% -9% Holding company and other 90 94 nm nm Intra-Group elimination (297) (350) nm nm Total 23,719 24,597 +4% +1% o/w France 16,391 16,367 = -1% o/w international 7,328 8,230 +12% +4%
Export sales of refined oil products were reclassified according to their location
Contribution of business areas to EBITDA (EUR million) 9-month % change 2011 2012 Bouygues Construction 370 432 +17% Bouygues Immobilier 126 117 -7% Colas 595 538 -10% TF1 229 201 -12% Bouygues Telecom 1,035 807 -22% Holding company and other (41) (24) nm TOTAL 2,314 2,071 -11%
Contribution of business areas to current operating profit 9-month % change (EUR million) 2011 2012 Bouygues Construction 266 260 -2% Bouygues Immobilier 127 123 -3% Colas 274 236 -14% TF1 195 154 -21% Bouygues Telecom 512 206 -60% Holding company and other (36) (25) nm TOTAL 1,338 954 -29%
Contribution of business areas to net profit attributable to the Group 9-month % change (EUR million) 2011 2012 Bouygues Construction 159 174 +9% Bouygues Immobilier 78 75 -4% Colas 201 172 -14% TF1 55 38 -31% Bouygues Telecom 316 68 -78% Alstom 134 181 +35% Holding company and other (149) (144) nm TOTAL 794 564 -29%
Net cash by business area 9-month Change (EUR million) (EURm) 2011 2012 Bouygues Construction 2,393 2,700 +EUR307m Bouygues Immobilier 275 168 -EUR107m Colas (823) (786) +EUR37m TF1 87 (18) -EUR105m Bouygues Telecom (440) (1,475) -EUR1,035m Holding company and other (5,300) (6,421) -EUR1,121m TOTAL (3,808) (5,832) -EUR2,024m
Contribution of business areas to cash flow (EUR million) 9-month Change (EURm) 2011 2012 Bouygues Construction 400 419 +EUR19m Bouygues Immobilier 129 121 -EUR8m Colas 620 621 +EUR1m TF1 242 169 -EUR73m Bouygues Telecom 1,052 723 -EUR329m Holding company and other 40 62 +EUR22m TOTAL 2,483 2,115 -EUR368m
Contribution of business areas to net capital expenditure (EUR million) 9-month Change (EURm) 2011 2012 Bouygues Construction 177 117 -EUR60m Bouygues Immobilier 7 10 +EUR3m Colas 252 223 -EUR29m TF1 29 18 -EUR11m Bouygues Telecom 536 586 +EUR50m Holding company and other (4) 4 +EUR8m Total excl. 4G frequencies (800 MHz band) 997 958 -EUR39m 4G frequencies (800 MHz band) 0 715 +EUR715m TOTAL 997 1,673 +EUR676m
Includes acquisition cost and capitalised interest
VoxImplant has announced full WebRTC support in the newest versions of its Android SDK and iOS SDK. The updated SDKs, which enable audio and video calls on mobile devices, are now compatible with the WebRTC standard to allow any mobile app to communicate with WebRTC-enabled browsers, including Google Chrome, Mozilla Firefox, Opera, and, when available, Microsoft Spartan. The WebRTC-updated SDKs represent VoxImplant's continued leadership in simplifying the development of real-time communications (RTC) services for app developers. VoxImplant (built by Zingaya, the real-time communication servi...
Apr. 18, 2015 02:45 AM EDT Reads: 1,750
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquired by Aditi Technologies. He is a Microsoft Regional Director for Hyderabad, India, and one of the f...
Apr. 18, 2015 01:00 AM EDT Reads: 819
SYS-CON Events announced today that BroadSoft, the leading global provider of Unified Communications and Collaboration (UCC) services to operators worldwide, has been named “Gold Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BroadSoft is the leading provider of software and services that enable mobile, fixed-line and cable service providers to offer Unified Communications over their Internet Protocol networks. The Company’s core communications platform enables the delivery of a range of enterprise and consumer calling...
Apr. 17, 2015 09:45 PM EDT Reads: 2,093
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applications - creating more engaging experiences for their customers and boosting collaboration and productiv...
Apr. 17, 2015 08:45 PM EDT Reads: 2,156
SYS-CON Events announced today that Optimal Design, an Internet of Things solution provider, will exhibit at SYS-CON's Internet of @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Optimal Design is an award winning product development firm offering industrial design and engineering services to the consumer, medical, and defense markets.
Apr. 17, 2015 05:30 PM EDT Reads: 1,561
SYS-CON Events announced today that Vicom Computer Services, Inc., a provider of technology and service solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. They are located at booth #427. Vicom Computer Services, Inc. is a progressive leader in the technology industry for over 30 years. Headquartered in the NY Metropolitan area. Vicom provides products and services based on today’s requirements around Unified Networks, Cloud Computing strategies, Virtualization around Software defined Data Ce...
Apr. 17, 2015 02:00 PM EDT Reads: 1,292
SYS-CON Events announced today that Ciqada will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Ciqada™ makes it easy to connect your products to the Internet. By integrating key components - hardware, servers, dashboards, and mobile apps - into an easy-to-use, configurable system, your products can quickly and securely join the internet of things. With remote monitoring, control, and alert messaging capability, you will meet your customers' needs of tomorrow - today! Ciqada. Let your products take flight. For more inform...
Apr. 17, 2015 01:00 PM EDT Reads: 1,447
What exactly is a cognitive application? In her session at 16th Cloud Expo, Ashley Hathaway, Product Manager at IBM Watson, will look at the services being offered by the IBM Watson Developer Cloud and what that means for developers and Big Data. She'll explore how IBM Watson and its partnerships will continue to grow and help define what it means to be a cognitive service, as well as take a look at the offerings on Bluemix. She will also check out how Watson and the Alchemy API team up to offer disruptive APIs to developers.
Apr. 17, 2015 12:00 PM EDT Reads: 1,368
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
Apr. 17, 2015 12:00 PM EDT Reads: 2,039
With IoT exploding, massive data will transform businesses with opportunities to monetize almost anything that can be measured. In this C-Level Roundtable Discussion at @ThingsExpo, Brendan O’Brien, Aria Systems Co-founder and Chief Evangelist, will lead an expert panel of consultants, thought leaders and practitioners who will look at these new monetization trends, discuss the implications, and detail lessons learned from their collective experience. Finally, the panel will point the way forward for enterprises who wish to leverage the resulting complex recurring revenue models, adding valu...
Apr. 17, 2015 11:15 AM EDT Reads: 1,351
How is unified communications transforming the way businesses operate? In his session at WebRTC Summit, Arvind Rangarajan, Director of Product Marketing at BroadSoft, will discuss how to extend unified communications experience outside the enterprise through WebRTC. He will also review use cases across different industry verticals. Arvind Rangarajan is Director, Product Marketing at BroadSoft. He has over 19 years of experience in the telecommunications industry in various roles such as Software Development, Product Management and Product Marketing, applied across Wireless, Unified Communic...
Apr. 17, 2015 09:45 AM EDT Reads: 1,519
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? Join this panel of experts as they peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you’ll have no problem filling in your buzzword bingo cards.
Apr. 16, 2015 05:30 PM EDT Reads: 2,093
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, will discuss how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust I...
Apr. 13, 2015 12:15 PM EDT Reads: 1,868
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this case) takes into account the number and quality of contextual references that a user receives.
Apr. 12, 2015 04:00 PM EDT Reads: 1,890
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
Apr. 11, 2015 09:15 AM EDT Reads: 2,214
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Apr. 11, 2015 09:00 AM EDT Reads: 6,007
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic strategies that utility/cloud computing provides. Whether public, private, or in a hybrid form, clo...
Apr. 8, 2015 02:30 PM EDT Reads: 3,980
The WebRTC Summit 2015 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
Apr. 8, 2015 09:00 AM EDT Reads: 2,269
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, will provide some practical insights on what, how and why when implementing "software-defined" in the datacenter.
Apr. 7, 2015 12:00 PM EDT Reads: 1,485
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of Cloud and Mobile Strategy at GENBAND, will explore what is needed to take a real time communications ...
Apr. 6, 2015 10:00 AM EDT Reads: 1,632