Bouygues's market cap, dividends, sales and earnings in 2020

  •   DEHOUI Lionel

Bouygues is a diversified services company. Recognised as a leader in construction and public works, the group has also focused its activity on the media with TF1 and on telecoms. It operates in nearly 80 countries and has a workforce of approximately 129,000 employees worldwide. In addition, the Covid-19 health crisis weighed on the company's annual results for the 2020 financial year.

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Bouygues's market cap, dividends, sales and earnings in 2020
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Overall performance in FY2020

For the twelve months of fiscal year 2020, Bouygues' sales reached €34,694 million, compared to €37,929 million for the previous fiscal year. 37,929 million in the previous year, a decrease of 9% year-on-year. For its part, the group's current operating income decreased by €454 million compared to 2019 (€1,676 million) to €1,222 million in 2020.

For the year under review, the company's current operating margin was 3.5%, compared with 4.4% a year earlier. For the whole of 2020, the group recorded an operating profit of €1,124 million, compared with €1,696 million in 2019. It therefore declined by €572 million year-on-year.

In 2020, the group share of net income was €696 million, compared to €1,184 million in 2019. It is therefore down by €488 million year-on-year. It also includes an estimated contribution from Alstom of €169 million, compared with €238 million the previous year.

At the end of 2020, Bouygues' stake in Alstom's share capital reached almost 8%.

 

Annual review by group activity

The Bouygues group also revealed the performance of each of the company's activities.

 

Construction activities

For the full year 2020, sales of construction activities amounted to €26.2 billion. Compared to 2019, it is down 11%. The current operating result of this business line is positive at €437 million. However, it decreased by €473 million compared to the previous year's level.

In 2020, the current operating margin of the construction business was 1.7%, compared to 3.1% a year earlier. 387 million for the year under review. 50 million in non-current expenses, compared with

For the year 2020, free cash flow (after WCR) from construction activities reached This is an increase of €336 million compared to 2019. At the end of 2020, the construction activities had a record order book. 33.1 billion, up 1% year-on-year.

In France, the order book for construction activities fell slightly by 1% compared to 2019 (€13.6 billion). In contrast, internationally, it increased by 2% year-on-year to €19.5 billion at 31 December 2020.

19.5 billion at 31 December 2020. This increase was driven by the 4% growth in Bouygues Construction's order book during 2020. It is linked to the remarkable increase in order intake. The latter increased by 10% compared to 2019.

 

TF1

The Covid-19 health crisis heavily affected TF1's performance in the first half of 2020. The situation improved significantly in H2 with a strong recovery in the Antennas business. 2.1 billion, down 11% year-on-year.

2.1 billion, down 11% year-on-year. This decline was due to the significant drop in advertising revenues, particularly in Q2-2020. TF1's current operating income was €190 million for the year under review. It decreased by €65 million compared to 2019.

It should be noted that TF1 was able to adapt the cost of programmes on its five free-to-air channels to compensate for the fall in advertising revenue from the Antennas. Operating profit amounted to €115 million. 140 million compared to the previous year.

 

Bouygues Telecom

In 2020, Bouygues Telecom's business continued to grow. This segment maintained a strong commercial dynamic in both mobile and fixed-line. During the year, the Mobile fixed-line customer base (excluding MtoM and EIT) recorded 606 new customers. As a result, the total number of customers reached 12.1 million at 31 December 2020.   

The FTTH customer base reached 1.6 million subscribers at the end of the year 2020. The FTTH penetration rate continued to grow and stood at 38%, compared to 25% in 2019. At the end of December 2020, the number of fixed-line customers reached 4.2 million. In addition, Bouygues Telecom recorded good commercial momentum in 2020.

Over the twelve months of this year, the operator achieved sales of €6.4 billion. It grew by 6% over one year. This fine performance was driven by a 6.4% increase in Services turnover. This increase was recorded despite the impact of the reduction in roaming charges as of March 2020.

Ebitda (after Rent) was €1,502 million in 2020. 91 million compared to the previous year, representing a growth of 6%. The Ebitda margin (after rent) was 30.7%. Bouygues Telecom's operating income before non-recurring items amounted to €623 million in 2020, an increase of €83 million compared with 2019. 254 million in free cash flow at the end of the year.

 

Financial structure at the end of December 2020

Throughout 2020, the Bouygues group worked to secure and strengthen its cash position. Overall, the construction, media and telecoms giant has worked to keep its financial resources strong.

As at 31 December 2020, the company had a cash position of 4 billion euros. Medium and long-term credit facilities (undrawn) amount to €8 billion. 12 billion at the end of 2020, compared to €11.6 billion a year earlier.

 

Bouygues' dividend and market capitalisation in 2020

Bouygues' Board of Directors proposed, at the company's General Meeting of Shareholders (held on 22 April 2021), the payment of a dividend of €1.70 per share for the 2020 financial year. The payment was made on 6 May 2021.

In addition, the company is present on the equity markets. It is listed on the Paris Stock Exchange. In 2020, its market capitalisation is estimated at EUR 13.14 billion.

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