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BOUYGUES PRESS RELEASE - 3 June 2008
NET PROFIT FOR FIRST-QUARTER 2008:
224 MILLION EUROS (+17%)
A STRONG START TO THE YEAR
Bouygues achieved a solid performance in the first quarter of 2008. Sales rose by 15%, operating profit was up 14% and net profit attributable to the Group climbed by 17%.
Key figures
|
(€ million) |
Q1
2007 (1) |
Q1
2008 |
Change |
|
Sales |
5,921 |
6,815 |
+15% |
|
Operating profit |
339 |
387 |
+14% |
|
Net profit att. to the Group |
191 |
224 |
+17% |
|
Cash flow |
610 |
632 |
+4% |
|
Net debt (2) |
4,566 |
5,270 |
+€704m |
(1) Pro forma after changes in accounting policy: provision for
Bouygues Telecom customer loyalty programmes and actuarial
gains and losses on employee benefits
(2) End of period
Bouygues Construction sales climbed by 21%. Net profit rose by 32% to 70 million euros on the back of smooth execution of projects under way and an increase in financial income. The sharp rise in business activity was fuelled by Bouygues Construction's positioning on growth markets such as major infrastructure projects, public-private partnerships, etc.
Bouygues Immobilier sales jumped by 57% due to the high level of reservations in recent years in both the commercial and residential property segments. Profitability improved, showing a net profit of 24 million euros. Business activity in the residential property segment was lower than in the first quarter of 2007.
Colas posted a solid first quarter in 2008 with a 15% increase in sales, buoyed by the continued favourable environment. However, first-quarter periods are not indicative of Colas' full-year results since its businesses are highly seasonal.
TF1's first quarter was marked by the difficult business environment. Sales fell 6% and net profit was down 21%.
Bouygues Telecom turned in a strong performance in the first quarter of 2008. Sales gained 7% and EBITDA rose by 5% to 379 million euros. The EBITDA margin on sales from network was stable at 33.7%. The operating margin was close to that of the first quarter of 2007.
Bouygues Telecom's net profit in the first quarter of 2008 totalled 151 million euros, up 4%.
Capital expenditure amounted to 130 million euros, 53% higher than in the first quarter of 2007, due to the accelerated build-out of the third-generation HSPA network.
Alstom's contribution to the Group's net profit tripled in the first quarter of 2008 compared with the year-earlier period, rising to 81 million euros from 27 million euros. The project to develop Trinidad and Tobago's railway system, a contract won recently, is a perfect illustration of the operational and commercial partnership Alstom and Bouygues have implemented since 2006.
The Board of Directors decided to cancel all shares acquired between 4 December 2007 and 29 May 2008 – equivalent to 6,952,935 shares – within the scope of the share buyback programme. Following the cancellation, the number of shares totalled 341,622,482 and the number of voting rights came to 450,960,263.
Based on the Group's first-quarter 2008 sales and business indicators, Bouygues has confirmed its full-year sales target of 32.4 billion euros (versus 32.3 billion euros announced in February 2008).
|
Contribution of
business areas to sales
(€ million) |
Actual
2007 |
2008
target |
Change
08/07 |
|
Pub.
in
Feb. |
Pub.
in
June |
|
Bouygues Construction |
8,088 |
8,900 |
9,000 |
+11% |
|
Bouygues Immobilier |
2,074 |
2,900 |
2,900 |
+40% |
|
Colas |
11,640 |
12,450 |
12,550 |
+8% |
|
TF1 |
2,747 |
2,800 |
2,670 |
-3% |
|
Bouygues Telecom |
4,780 |
4,950 |
4,950 |
+4% |
|
Holding company and other |
284 |
300 |
330 |
ns |
|
TOTAL |
29,613 |
32,300 |
32,400 |
+9% |
|
France |
20,810 |
22,300 |
22,400 |
+8% |
|
International |
8,803 |
10,000 |
10,000 |
+14% |
Financial calendar:
11 August 2008: first-half 2008 sales (5.45pm CET)
28 August 2008: first-half 2008 earnings (5.45pm CET)
14 November 2008: sales for the first nine months of 2008 (5.45pm CET)
2 December 2008: earnings for the first nine months of 2008 (5.45pm CET)
Press contact: +33 1 44 20 12 01
Investor and analyst contact: +33 1 44 20 12 77
|
Condensed consolidated
income statement
(€ million) |
Q1
|
Change |
|
2007 * |
2008 |
|
Sales |
5,921 |
6,815 |
+15% |
|
Current operating profit |
339 |
387 |
+14% |
|
Other operating income and expenses |
- |
- |
- |
|
Operating profit |
339 |
387 |
+14% |
|
Cost of net debt |
(46) |
(58) |
+26% |
|
Other financial income and expenses |
7 |
(40) |
ns |
|
Income tax expense |
(96) |
(98) |
+2% |
|
Share of profits and losses
of associates |
52 |
91 |
+75% |
|
Net profit from
continuing operations |
256 |
282 |
+10% |
|
Net profit of discontinued
and held-for-sale operations |
- |
- |
- |
|
Total net profit |
256 |
282 |
+10% |
|
Minority interests |
(65) |
(58) |
-11% |
|
Net profit attributable to the Group |
191 |
224 |
+17% |
* Pro forma after changes in accounting policy: provision for Bouygues Telecom
customer loyalty programmes and actuarial gains and losses on employee benefits.
The impact on operating profit was 3 million euros
and the impact on net profit was 2 million euros.
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