BOUYGUES (EPA:EN) 2008: a solid performance : . Sales: 32.7 billion euros (up 11%) .Net profit: 1.5 billion euros (up 9%) .Dividend: 1.60 euros (up 7%)

Transparency directive : regulatory news

03/03/2009 17:46

Paris, 3 March 2009

Bouygues press release

2008: a solid performance
Sales: 32.7 billion euros (up 11%)
Net profit: 1.5 billion euros (up 9%)
Dividend: 1.60 euros (up 7%)

Bouygues posted a solid performance in 2008, in terms of both sales and profit.
Sales rose 11% to 32.7 billion euros and net profit 9% to 1.5 billion euros. The
financial structure is sound, with net gearing of 56%.

Key figures                2007      2008   Change
(EUR million)
Sales                     29,588(1) 32,713  +11%(2)
Current operating profit   2,163     2,230   +3%
Net profit attributable
to the Group               1,376     1,501   +9%
Earnings per share     4.06      4.38   +8%
Cash flow            3,519     3,615   +3%
Net gearing(3)              52%       56%   +4pts

(1)Applying the same accounting policy as in 2008, excluding TF1 third-party
sales (EUR25 million in 2007)
(2)Up 9% like-for-like and at constant exchange rates
(3)End of year

Business areas

Bouygues Construction reported a sharp 14% increase in sales to 9,497 million
euros - up 13% like-for-like and at constant exchange rates. Sales in France
rose 9% to 5,384 million euros, while international sales jumped 21% to 4,113
million euros. Net profit was up 4% at 297 million euros.
Business activity remained strong: order intakes amounted to 10.7 billion euros
compared with a record high of 11.1 billion euros in 2007. The order book rose
by a further 9% to 12.3 billion euros.

Bouygues Immobilier recorded a steep increase in sales - up 41% to 2,924 million
euros - due to the high level of reservations in 2006 and 2007. Residential
property sales rose by 15% to 1,797 million euros, while commercial property
sales more than doubled to 1,127 million euros.

Reservations (housing and commercial property) plunged 45% to 1,985 million
euros. Housing reservations dropped 30% in a French residential market that
contracted by 38% in volume terms. The order book at end- December 2008 stood at
3,212 million euros, 21% lower than the previous year, and represents 13 months'
sales.

Net profit fell 15% to 105 million euros. The decline in profitability, more
evident in the fourth quarter, was due to the effects of the crisis and the
launch of an action plan that gives priority to selling off existing residential
programmes, adjusting operating costs and adapting supply to changed market
conditions.

Colas reported a 10% increase in sales - or 8% like-for-like and at constant
exchange rates - to 12,789 million euros. Sales in France rose by 5% to 7,328
million euros and international sales by 16% to 5,461 million euros. Net profit
rose 3% to 490 million euros.
The order book at end-2008 remained at a high level at 5,823 million euros, down
11% year-on-year due in particular to the non-renewal of some large-scale
international contracts. Stripping out these exceptional major contracts, the
fall was only 7%. Government stimulus measures, especially in the US and Canada,
could soon work in Colas' favour, since it generated 17% of its sales in North
America in 2008.

TF1 recorded a 5% decline in sales to 2,595 million euros. TV advertising sales
dropped 4% to 1,647 million euros, while net profit attributable to the Group
contracted 28% to 164 million euros. TF1 confirmed its position as France's
most-watched TV channel in France in 2008, attracting 30.9% of women under
50(1).

In a severely shaken economic environment, the action plan implemented in 2008
will be backed up by a plan to cut costs across the entire Group by 60 million
euros.

(1)Source: Médiamétrie

Bouygues Telecom turned in a good performance in 2008 and entered the DSL market
as an operator. Overall sales rose 6% to 5,089 million euros, while sales from
network advanced 5% to 4,696 million euros. Operating profit increased by 10% to
817 million euros, despite the impact of the company's entry into the fixed-line
business, and net profit by 9% to 534 million euros. In its mobile phone
business, the EBITDA/sales from network margin was one percentage point higher
than in 2007 at 31%.

In 2008, capital expenditure jumped 46% to an exceptional 872 million euros due
to accelerated rollout of the 3G+ network and the acquisition of a DSL network
on 30 June 2008.
Some 450,000 new contract customers joined Bouygues Telecom over one year, an
increase of 6.7%. The company had 9,594,000 customers at 31 December 2008.
7,217,000 were on contracts, representing 75% of the total customer base, a
year-on-year increase of 2.1 points.

Alstom
Bouygues maintained its 30% stake in Alstom in 2008. The two groups continued
their operational and commercial cooperation, studying together a number of
projects upstream.
The total impact of the investment in Alstom on the Group's net profit amounted
to 199 million euros. It breaks down as follows:

Share of Alstom's net profit:                   EUR317m(1)
Consolidation adjustments (holding company):    -EUR19m
Financial charges net of tax (holding company): -EUR99m

(1)Calculation based on Alstom's published net profit at end-September 2008

Financial position

Net debt amounted to 4.9 billion euros at 31 December 2008, an increase of 15%.
Shareholders' equity rose 560 million euros to 8.8 billion euros, giving net
gearing of 56%.
Cash flow rose 3% to 3.6 billion euros. Free cash flow remained at a high level
of 954 million euros, close to the 2007 figure despite increased capital
expenditure by Bouygues Telecom.Standard & Poor's reiterated its A-/Stable
credit rating in June and October 2008.

Dividend

The Board of Directors will ask the Annual General Meeting on 23 April 2009 to
approve the payment of a dividend of 1.60 euros per share, an increase of 7%.
The ex-date, record date and payment date have been set at 28, 30 April and 4
May 2009 respectively.

Outlook

In an uncertain economic context, Bouygues and its businesses are seeking to be
both pragmatic and reactive, setting a sales target at the start of this year of
31.7 billion euros in 2009, 3% lower than in 2008.

Bouygues' businesses will benefit from:
- growing worldwide demand for infrastructure, underpinned by deep-seated trends
  and fundamental needs;
- French, European and American stimulus plans targeting investment in the
  construction sector;
- new environmental requirements (eg, the Grenelle law in France), which are
  becoming differentiation factors for the Group's businesses when they pitch
  to customers.

Thanks to the range of its business areas and geographical locations, Bouygues
is well-armed to weather the crisis.

Contribution of business areas to     2008   2009     YoY
Sales                                        target   change
(EUR million)

Bouygues Construction                 9,136   8,950    -2%
Bouygues Immobilier                   2,909   2,700    -7%
Colas                                12,726  12,200    -4%
TF1                                   2,575   2,340    -9%
Bouygues Telecom                      5,073   5,180    +2%
Holding company and other               294     330    ns
TOTAL                                32,713  31,700    -3%
France                               22,321  21,350    -4%
International                        10,392  10,350     =

Remuneration of senior executives

In accordance with AFEP-MEDEF recommendations, information on the remuneration
of senior executives and the granting of stock options will be published in
English soon on www.bouygues.com, under Finance/Shareholders, Regulated
information. A French version is already available today.

You can find the following documents on our website:

- Financial statements for Bouygues and its subsidiaries
- Notes to the consolidated financial statements

Press information:
+33(0)1 44 20 12 01 - presse@bouygues.com

Investor and analyst information:
+33(0)1 44 20 12 77 - investors@bouygues.com
www.bouygues.com

Condensed consolidated income    2007     2008     Change
statement
(EUR million)

Sales                            29,588(1) 32,713   +11%
Current operating profit          2,163     2,230    +3%
Other operating income and
expenses                            18       -       ns
Operating profit                  2,181     2,230    +2%
Cost of net debt                   (235)    (277)   +18%
Other financial income and
expenses                             23      (19)    ns
Income tax expense                 (633)    (605)   -4%
Share of profits and losses
of associates                       257      357    +39%
Total net profit                  1,593     1,686    +6%
Minority interests                 (217)    (185)   -15%
Net profit attributable to
the Group                         1,376     1,501    +9%

(1)Applying the same accounting policy as in 2008, excluding TF1 third-party
sales (EUR25 million in 2007)

Consolidated income statement for    Fourth quarter     %
Fourth quarters                      2007     2008    change
(EUR million)
Sales                                8,310(1) 8,609    +4%
Current operating profit               415      432    +4%
Net profit attributable to the Group   257      299   +16%

(1)Applying the same accounting policy as in 2008, excluding TF1 third-party
sales (EUR9 million in the fourth quarter of 2007)

Condensed consolidated balance sheet    End-2007     End-2008
(EUR million)
Non-current assets                      17,601       18,670
Current assets                          15,827       16,818
TOTAL ASSETS                            33,428       35,488
Shareholders'equity                      8,205        8,765
Non-current liabilities                  8,644        8,796
Current liabilities                     16,579       17,927
TOTAL LIABILITIES                       33,428       35,488
Net debt                                 4,288        4,916

Contribution of business areas to    2007(1)   2008   Change
Sales
(EUR million)
Bouygues Construction                8,088     9,136    +13%
Bouygues Immobilier                  2,074     2,909    +40%
Colas                               11,640    12,726    +9%
TF1                                  2,722     2,575    -5%
Bouygues Telecom                     4,780     5,073    +6%
Holding company and other              284       294     ns
TOTAL                               29,588     32,713   +11%
France                              20,785     22,321   +7%
International                        8,803     10,392   +18%

(1)Applying the same accounting policy as in 2008, excluding TF1 third-party
sales (EUR25 million in 2007)

Contribution of business areas to    2007      2008   Change
EBITDA
(EUR million)
Bouygues Construction               463        534     +15%
Bouygues Immobilier                 227        312     +37%
Colas                             1,143      1,219      +7%
TF1                                 426        317     -26%
Bouygues Telecom                  1,332      1,405      +5%
Holding company and other            10         40      ns
TOTAL                             3,601      3,827      +6%

Contribution of business areas to   2007     2008   Change
Current operating profit
(EUR million)
Bouygues Construction               293     308     +5%
Bouygues Immobilier                 210     247    +18%
Colas                               637     681     +7%
TF1                                 305     177    -42%
Bouygues Telecom                    746     817    +10%
Holding company and other           (28)      0     ns
TOTAL                             2,163   2,230     +3%

Contribution of business areas to      2007     2008   Change
Net profit attributable to the group
(EUR million)
Bouygues Construction                   286     296     +3%
Bouygues Immobilier                     124     105    -15%
Colas                                   457     475     +4%
TF1                                      98      71    -28%
Bouygues Telecom                        440     478     +9%
Alstom                                  187     317    +70%
Holding company and other              (216)   (241)    ns
TOTAL                                 1,376    1,501    +9%

Contribution of business areas to      2007     2008   Change
Cash flow
(EUR million)
Bouygues Construction                   410     452    +10%
Bouygues Immobilier                     205     222     +8%
Colas                                 1,098   1,185     +8%
TF1                                     394     270    -31%
Bouygues Telecom                      1,330   1,409     +6%
Holding company and other                82      77     ns
TOTAL                                 3,519   3,615     +3%

Contribution of business areas to    2007     2008     Change
Net capital expenditure
(EUR million)
Bouygues Construction                299       253     -15%
Bouygues Immobilier                    7         8     +14%
Colas                                624       537     -14%
TF1                                  129        58     -55%
Bouygues Telecom                     596       872     +46%
Holding company and other             24        51      ns
TOTAL                              1,679     1,779      +6%

Net cash by business area          End-December      Change
(EUR million)                        2007    2008
Bouygues Construction
                                  2,450    2,592    +EUR142m
Bouygues Immobilier                  (2)       1      +EUR3m
Colas                               347       (6)   -EUR353m
TF1                                (597)    (699)   -EUR102m
Bouygues Telecom                    188     (107)   -EUR295m
Holding company and other        (6,674)  (6,697)    -EUR23m
TOTAL                            (4,288)  (4,916)   -EUR628m

source : webdisclosure.com

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26/07/2024 07:30

BOUYGUES (EPA:EN) 2008: a solid performance : . Sales: 32.7 billion euros (up 11%) .Net profit: 1.5 billion euros (up 9%) .Dividend: 1.60 euros (up 7%)

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