Bouygues: stable 9-month current operating profitability – 11/17/2022 at 8:25 am

(AOF) – Group share of Bouygues net income for 9 months amounted to 537 million euros against 807 million euros a year ago. This year it includes non-recurring income1 of -106 million euros, mainly including costs related to mergers and acquisitions. Current operating profit increased by 5.8% to 1.207 billion euros. Current operating margin was stable at 4.1%.

The profitability of Bouygues Construction, TF1 and Bouygues Telecom is improving. That of Cola is penalized by the softening effect of inflation.

The turnover reached 29.7 billion euros, with an increase of 8%. At constant scope and exchange rates, it grew by 4%. “This growth reflects the positive momentum of almost all businesses and especially that of Cola”, commented the industrial group.

The group has confirmed its targets for 2022. Bouygues expects a further increase in turnover and current operating profit.

Bouygues Telecom also reaffirmed its outlook for 2022. It anticipates growth in turnover billed to customers of more than 5% and an increase in Ebitda after rent of more than 8%. During 9 months, the latter increased by 9% to 1,308 billion euros.

Regarding Colas, given the inflationary context, especially in countries bordering Ukraine, and its diminishing impact on the current operating margin, especially in bitumen trading activities, the group considers it more important for 2023 to determine profitability objective in terms of current operating margin rate. For this reason, Colas Group is replacing the current operating margin target of 4% in 2023 with a target for current operating income growth in 2023 compared to that of 2022.


Main points

– Industrial holding established in 1952 with global positions, historically in construction, diversified in television and telecom;

– Three business segments (37.6 billion euros) in different economic cycles: construction and roads with world leaders Bouygues Construction and Colas (75% of revenue), telephony with Bouygues Télécom (18%) and media with TF1, 43.7% owned (6%);

– Strong presence in France for 59%, in the rest of Europe for 18%, in America for 12% and in Asia for 8%;

– The business model aimed at strengthening the country of the world player in construction, energy and transport infrastructure, maintaining leadership in media in France and supporting the development of digital uses in telecom, through control through the value chain, high value offers added. and a targeted international presence;

– Capital held at 22.4% by the founding family (29.5% of voting rights) and by employees (20.3% and 27.4%), Martin Bouygues as chairman of the board of directors of 14 members and Olivier Roussat Managing Director;

– Very healthy balance sheet with net debt increased to €8.7 billion following the acquisition of Equans, but rated A and with a debt ratio of 29%.


– 4-point strategy: strengthening resilient businesses (Telecom and Energy and Services), developing Cola internationally and quarrying and bitumen, continuing the transformation of TF1 and Bouygues Immobilier, accelerating digital transformation;

– Innovation strategy: based on the deployment of 4 technologies: artificial intelligence for decision support and interactions between stakeholders, the Internet of Things coupled with big data, virtual and augmented reality for designing or inserting advertisements into content and block chain to secure transactions / organize in an open international ecosystem: research partnerships, dedicated funds for start-ups, presence on platforms (Futura Mobility, Impact AI, etc.);

– Environmental strategy aimed at achieving 3 objectives: carbon neutrality in 2050, responding to the needs of the value chain and turning climate constraints into a commercial opportunity: differentiated by trade: low carbon concrete, better intensity of use, biodiversity for construction, prevention, recycling and improvement of equipment for telecommunications and reducing the carbon impact of digital activities for television / envelope of 2 billion euros in investments 2022-2024 in reducing the carbon footprint / SBTI certification of all non-telecom activities ;

– Realization of the Ambition 2026 plan for Bouygues Telecom which aims to become the second


The French mobile network thanks to the merger with the EIT and BTBD networks, with a target of 7 billion euros in revenue, an operating margin of 35% and free cash flow of 600 million euros;

– Construction visibility with an order book of 35.1 billion euros.


– Disparities in operating margins and France’s high percentage of revenue;

– Following the blocking by regulatory authorities of the merger with M6, questions about the ability to maintain TF1’s market share on Netflix or Amazon Prime;

– The integration of Equans by the end of 2022, which will place the group in multi-technical services for digital and energy transitions;

– After a 6% increase in revenue, but a 64% decrease in net profit, 2022 targets confirmed, of increased turnover and current operating profit, including, for Bouygues Telecom, an increase of +5 % of revenue and +8% of operating profit;

– 2021 dividend of €1.8.

Concern and Caution

La Capeb wants to be cautious in its predictions for the whole year. It expects business growth between 1.5 and 2.5% in 2022 due to economic uncertainties and rising prices. For its part, the French Construction Federation (FFB) is expressing its concerns about the decline in sales of new homes for 2023. It also calls for measuring the impact of the ecological and digital transition on the sector. The RE2020 standard would thus generate additional costs of 5 to 12%. She would like to see a “National Construction Council”, recalling that the sector created more than 8,000 jobs during the first quarter.

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