2014 in Brief Bouygues Construction Bouygues Immobilier Colas Tf1 Bouygues Telecom
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2014 IN BRIEF BOUYGUES CONSTRUCTION BOUYGUES IMMOBILIER COLAS TF1 BOUYGUES TELECOM Building the future is our greatest adventure Contents 02 BOUYGUES TODAY 09 GROUP CONDENSED FINANCIAL STATEMENTS FOR 2014 12 CONSTRUCTION BUSINESSES Bouygues Construction, a global player in construction and services Bouygues Immobilier, France’s leading property developer Colas, a worldwide leader in transport infrastructure 24 MEDIA TF1, the leading private television group in France 30 TELECOMS Bouygues Telecom, an operator at the hub of its customers’ digital lives 36 ALSTOM In Brief is a publication of the Bouygues group Corporate Communications Department. March 2015. Design and production: TERRE DE SIENNE Paris Printed in the Paris region on paper from sustainably managed forests by a PEFC- and FSC-certifi ed printer authorised to use the Imprim’vert® trademark. Interactive In Brief: Prestimedia. Translation: Adrian Shaw, Kylie Ritchie and Bouygues Translation Department. As the print run is limited, please keep this document. Bouygues pays a recycling contribution to EcoFolio. The Bouygues Registration Document will be available from 19 March 2015 at www.bouygues.com and on the Group intranet. Agissez pour le recyclage des papiers avec Bouygues SA et Ecofolio. Cover: Singapore Sports Hub (Bouygues Construction); Tour D2 in Paris (La Défense) (Bouygues Immobilier); A71 motorway linking Orléans to Clermont-Ferrand in central France (Colas); Journalist Anne-Claire Coudray (TF1); Bouygues Telecom's Technopôle building. Photo credits: C. Abad (cover, pp. 3, 31, 32, 35), M. Awaad/Bureau233/TF1 (pp. 24, 25), F. Berthet (cover, p. 29), R. Bonnet (p. 6), J. Cauvin/TF1 (p. 28), J. Chakson/Alstom Transport (p. 36), L. Chartier (p. 7), A. Da Silva/ Graphix-Images (p. 18), B. Decoin/Shine France/Bureau233 (p. 26), R. Dessade (p. 19), H. Fabre (p. 6), A. Février (p. 7, 16, 20, back cover), Florida Department of Transportation (p. 17), agence Gabriel (p. 29), P. Guignard/Air Images (p. 2), 2013 Les fi lms du 24 - TF1 Droits audiovisuels - TF1 Films Production (p. 29), É. Matheron-Balaÿ (p. 35), D. Mattioli/Capa Pictures (pp. 4, 14), V. Paul (pp. 12, 13, 15), C. Pedrotti and F. Louis (cover, p. 8), P. Perrin/Zoko Productions (cover), RGA/REA (p. 1), D. Rory (cover, p. 20), Z. Samiry (p. 5), L. Zabulon (p. 8), L. Zylberman/Graphix-Images (p. 8). Architects: Atelier Wilmotte & Associés (pp. 18, 20), Arup Sport – DP Architects (cover, p. 20), A. Béchu & T. Sheehan Architects (cover), J.-P. Cabane (p. 19), J. Dinkeloo & Associates (back cover), F. Leclercq Architectes Mekene (p. 8), K. Roche (p. 2, back cover), SCAU (pp. 12, 13, 15), SRA-Architectes (p. 2, back cover), Valode & Pistre (cover). MESSAGE FROM MARTIN BOUYGUES CHAIRMAN AND CEO They are the leaders in terms of mobile data consumption on the French market 2014 key fi gures and account for 34% of 4G customers in France. As promised, we enabled customers to save around €150 a year Employees on their fi xed broadband subscriptions by launching new and very competitive off ers whose initial commercial results 127,470 are excellent. I am very pleased to see that Bouygues Telecom added 415,000 new customers in 2014, making it No. 1 in terms of net market growtha. Sales The Group strengthened its fi nancial structure, sharply reducing net debt, which amounted to €3.2 billion at €33,138m (=) end-December 2014, compared with €4.4 billion at end-December 2013. It benefi ted from the proceeds of the sale of the Group’s interests in Cofi route and Eurosport International and from tight Operating profi t ooking beyond operating perfor- management of the working capital mances which refl ected a challeng- requirement in all the Group’s business Ling economic and competitive envi- segments. €1,133m (-8%) ronment in France, the Bouygues group demonstrated its responsiveness and The plan to sell Alstom’s Energy activ- strengthened in 2014. ities to General Electric creates growth and upside potential for Bouygues. The construction businesses – Bouygues Alstom will be a global leader on a Construction, Bouygues Immobilier and growing transport market, with strong Net profi t att. to the Group international operations and a range of Colas – showed strong momentum in a international activities, their competi- products and services covering all its €807m tiveness thanks to diff erentiated know- customers’ needs. (a) Including a net capital gain of €240 million how, and a great capability to adapt. on the sale by Colas of its stake in Cofi route The order book for the construction busi- In an economic and competitive envi- and a net capital gain of €116 million on the ronment that will remain challenging in sale of Eurosport International (31%) and the nesses remained stable at €27.6 billion at remeasurement of the residual interest (49%) end-December 2014. International mar- France in 2015, all the Group’s business kets now account for over half of the segments will continue their adaptation order book at Bouygues Construction plans. I’m confident in our ability to and Colas. reinvent ourselves in order to seize the opportunities on all our markets and TF1’s audience ratings remained at a therefore return to growth in 2016. Net debt high level in 2014 and the transformation of its business model had a positive I should like to thank all our employees (-€1,219m) impact on its operating margin. for their commitment and their mindset, €3,216m and our customers and our shareholders Bouygues Telecom continued its for their confi dence. transformation in accordance with its road map and saw the first signs of 25 February 2015 the success of its strategy. Bouygues Dividend per share Telecom’s 4G network is continuing to attract more and more customers. 28% of b the operator’s mobile customers now use €1.60 4G, versus 9% at end-December 2013. (b) To be proposed to the AGM on 23 April 2015 (a) Company estimate for Q4 2014 and Arcep fi gures for the previous quarters BOUYGUES . 2014 IN BRIEF . THE GROUP . 1 PROFILE BOUYGUES TODAY With operations in over OUR STRENGTHS A focus on markets a hundred countries and A stable shareholder sustained by robust demand a strong and distinctive structure In construction, very substantial infra- corporate culture, Bouygues’ two largest shareholders structure and housing needs exist in are its employees and SCDM, a holding both developed and emerging coun- the Bouygues group company controlled by Martin and Olivier tries. Demand is growing for sustainable has fi rm foundations on Bouygues. construction, especially low-energy and positive-energy buildings and eco-neigh- which to pursue growth. • SCDM owned 20.9% of the capital bourhoods. Bouygues has developed and held 27.3% of the voting rights at innovative know-how on these markets 31 December 2014. that gives it an acknowledged compet- • Over 60,000 employees own shares itive edge. STRATEGY in the Group, confi rming Bouygues as With 127,000 employees, Bouygues is a the CAC 40 company with the highest French telecoms and media markets will diversifi ed industrial group. Operating level of employee share ownership. continue to expand, with future growth on markets with potential for sustain- Employees owned 23.3% of the capital being driven by rapid technological able growth (construction, media and and held 30.6% of the voting rights at advances and changing uses. telecoms), the Group supports its cus- 31 December 2014. tomers over the long term. A sound fi nancial structure The presence of stable and strongly Bouygues has a sound fi nancial profi le. Bouygues draws on the skills and exper- committed shareholders means that Keeping capital expenditure under control tise of the people in each of the Group’s Bouygues can develop and implement a while generating cash fl ows on a regular businesses to add value to off erings, by long-term approach to strategy. basis, the Group carries little debt and has providing increasingly innovative ser- a very substantial cash surplus. vices to its customers while remaining A strong and distinctive competitive. Drawing on these strengths, Bouygues corporate culture has paid out a regular dividend to In its construction businesses, this Project management expertise and shareholders. The average dividend yield strategy has made the Group a leader in a management approach based on was 5.5% in 2014. sustainable construction and generated empowerment have been a feature of strong growth on international markets: the Group’s corporate culture since its Bouygues Construction and Colas creation in 1952, founded on the values generated 49% of their sales outside of respect, trust and fairness shared by France in 2014. its fi ve business segments. Challenger, Bouygues Construction’s headquarters and the first building in the world to obtain triple certification: HQE® (High Environmental Quality), LEED® and BREEAM® 2 . BOUYGUES . 2014 IN BRIEF . THE GROUP Organisation and governance at 31 December 2014 (since 2006) 29.2% CONSTRUCTION MEDIA TELECOMS (1952) (1956) (since 1986) (since 1987) (1994) 100% 100% 96.6% 43.5% 90.5% SENIOR BOARD MANAGEMENT OF DIRECTORS Main shareholders at 31 December 2014 Parent company at 31 December 2014 Martin Bouygues Martin Bouygues Helman Share ownership Chairman and CEO Chairman and CEO le Pas de Séchevalb General Counsel, Veolia Olivier Bouygues Olivier Bouygues b 20.9% Deputy CEO Deputy CEO and standing Colette Lewiner 36.6% representative of SCDM Advisor to the Chairman, Jean-François Guillemin Capgemini Corporate Secretary Michel Bardou Director representing Sandra Nombret Philippe Marien employees