MAKING PROGRESS BECOME REALITY - 2019 INTEGRATED REPORT - Groupe Bouygues
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2019 INTEGRATED REPORT MAKING PROGRESS BECOME REALITY
Contents Foreword by the Chairman and CEO
In the last few weeks, the world has been hit hard by the
Covid-19 pandemic. I share in the grief and suffering of all
those affected by this disease. My thoughts go out especially
to our employees, customers, suppliers, partners and other
stakeholders harmed by this scourge.
In the midst of this crisis, the Group is working hard to ensure
business continuity wherever possible and is implementing
action plans to mitigate the impact on its sales and profitability.
In this context, Bouygues intends to act above all as a
1 Bouygues group responsible corporate citizen.
overview We have prioritised the health and safety of our employees,
service providers, suppliers and customers. It is also our
intention to maintain our employees’ level of remuneration
What we do, our businesses,
and roll out teleworking on a mass scale. In France, we have
corporate culture and 2019 results taken the necessary measures to ensure that essential services
p. 2-11 continue to be provided to the population, such as good
quality telecoms networks, suitable media content and facility
management at critical sites such as hospitals. We have also
2 Our ecosystem decided to withdraw the resolution setting a dividend, to
have been proposed to the Annual General Meeting, pending
The major underlying trends a decision by the Board of Directors in August. Furthermore,
we have taken a number of initiatives in support of healthcare
that impact our business segments
services in and outside France and we are adapting payment
p. 12-17 terms for the Group’s microbusiness and SME partners.
Bouygues is fully prepared to deal with this unprecedented
3 The strategy of crisis. In the long term, all our business segments are able to
drive growth because they meet essential and constantly
the Group and of its changing needs for housing, transportation, communication,
business segments
information and entertainment. The diversity of our businesses,
the stability of our ownership structure and the strength of our “Our strategy draws on
balance sheet are all major strengths. Our strategy draws on
Strategies adapted to a long-term robust fundamentals and is not undermined by this pandemic. robust fundamentals.
vision
p. 18-31
The Group’s Climate strategy is based on a wide range of
low-carbon solutions and a reduction in the greenhouse gas
Bouygues is fully
emissions generated by our activities. A target compatible
with the Paris Agreement (to keep the global increase in
prepared to deal with
4 Our pledges temperatures to below 1.5°C), supported by an action plan,
will be defined by the end of the year, with a view to cutting
this unprecedented
What drives us forward
in our transformation
the Group’s greenhouse gas emissions by 2030.
crisis.”
We regard our human resources policy as a priority, with its
p. 32-49 first pledge being to promote the career development of all
our employees. The encouraging results achieved this year in
the area of health & safety are tangible proof of this. The Group
5 Our governance is ranked in four international Socially Responsible Investment
indices known for their very selective admissions process.
A governance that supports
I know I can count on the commitment of each person in the
our long-term strategy
Group and I would like to thank our customers and shareholders
p. 50-59 for their confidence.
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BOUYGUES • 2019 INTEGRATED REPORT • 1
1
BOUYGUES
GROUP
OVERVIEW
Bouygues is a diversified services
group. Operating in strong growth
potential markets and present in over
90 countries, the Group draws
on the expertise of its people and
on the diversity of its business
activities to provide innovative
solutions that meet essential needs.
The ongoing Monaco offshore extension project
was designed with the environment in mind,
featuring ecological adjustments and artificial reefs
designed to safeguard biodiversity in the area.
2 • BOUYGUES • 2019 INTEGRATED REPORT BOUYGUES • 2019 INTEGRATED REPORT • 3
Bouygues group overview
BOUYGUES AT A GLANCE The Group’s business model and four pledges
It is the Bouygues group’s firmly-held belief that meeting essential day-to-day needs S H A R E D B US I N
A ND A ESS
with an ethical and responsible attitude helps drive improvement for society as a whole. T HS CU
NG LT
Each and every solution offered by the Group is designed to enhance people’s lives. Promote each RE U RE Develop sustainable
ST
employee’s career CTION BUSIN solutions with
Bouygues’ mission, spearheaded by its dedicated workforce, is to make life better every day. T RU ES
development NS SE and for our customers
Motivated by challenge and genuine passion, our people apply their talents and expertise O
S
C
through three sectors of activity.
WHAT
WE DO
Make life
better
One mission, three sectors of activity every day
S
ME
OM
SIMPLIFIED ORGANISATION CHART
DIA
EC
at 31 December 2019 As a promoter of
EL
sustainable and smart T
mobility, Alstom is Simplify
Help build harmonious
a world leader in
integrated transport communities everyday life
(since 2006)
systems with a presence
14.7% in over 60 countries.
CONSTRUCTION BUSINESSES MEDIA TELECOMS
A LONG-TERM VISION TO CREATE SUSTAINABLE VALUE
AND SHARE IT WITH ITS STAKEHOLDERS
(1952) (1956) (since 1986) (since 1987) (1994)
100% 100% 96.6% 43.7% 90.5%
As a developer, builder and operator, As France’s leading media group, Bouygues Telecom is a major player
Bouygues is active in building TF1 provides an extensive content in the French telecommunications
and civil works, energy and services, offer and range of associated market providing BtoC and BtoB
property development and transport services. The group is also connectivity solutions. It provides
infrastructure. Its operations an established player in the networks, products and
span over 90 countries, and it is TV production and digital sectors. services adapted to the needs
the sixth-largest construction groupa of its 22 million customers.
in the world.
Operating in over 90 countries, the Bouygues group
FIND OUT MORE
stands out due to the great diversity of its business
activities and expertise. In this photo, the Ocean Cay
> The Group’s 2019 Universal
worksite in the Bahamas.
(a) ENR Top 250 Global Contractors, August 2019. Registration Document
4 • BOUYGUES • 2019 INTEGRATED REPORT BOUYGUES • 2019 INTEGRATED REPORT • 5
Bouygues group overview
FUNDAMENTALS OF OUR CULTURE THE GROUP’S STRENGTHS
At Bouygues, people are the Group’s most important resource. This means that their mindset, Backed by a shared culture, our business segments, on top of their diverse activities,
just as much as their skills, is key to our success and progress. The fundamentals of the Group’s embody four strengths that shape the identity of our unique Group.
culture provide the framework through which each business segment expresses its own values
and specific culture. They are the cornerstone – encouraging commitment and a personal
touch from all our employees.
Respect
Respect is a key value for the Group.
130,500 dedicated High value-added
Respect fosters dedication and cohesion
among Bouygues’ employees – an essential
employees products and services
component of the Group’s success. It shines Every day, the women and men of Bouygues bring an Each business segment aims to stand out from the
through in our staff’s exemplary conduct, unparalleled sense of dedication, passion and duty competition by offering high value-added solutions
their commitment to keeping their word and to their responsibilities. Drawing on a strong Group and user experiences. This has made Bouygues a
to ethical behaviour, and in the care they take
to ensure everyone’s safety. For the Group, culture, they openly embrace challenge and adhere to benchmark in complex infrastructure and sustainable
each and every person is important. Imparting expertise high standards of quality for the benefit of customers,
both individually and as part of a team.
construction projects. But more than that, it strives
to be a “creator of better living” in housing, urban
Bouygues’ success depends on the skills environments and mobility, or by simplifying the
and expertise of its people, which are developed
digital experience for its telecoms customers. Within
over time. Learning, developing and imparting
knowledge are what drive the relations between its media businesses, the Group helps boost the
people at the Bouygues group. They also allow effectiveness of advertisers’ campaigns by providing
our employees to progress and develop their tailored target audiences.
talents. On worksites, imparting experience also
enables teams to identify the best response to
potential risks. This culture of imparting expertise,
which strengthens intergenerational bonds,
is a key source of pride.
Spans the entire A selective long-term
value chain presence worldwide
In order to maintain direct contact with their In addition to its strong presence in France, Bouygues
customers, the Group’s business segments employ has pursued long-term expansion into international
their standards of operational excellence and markets. It has done so in a selective manner, for
Trust efficiency to span the entire value chain. As a result,
they have become highly skilled in incorporating the
example establishing itself in Australia, Canada,
the US, the UK and in Switzerland by taking advan-
Trust is essential to the running of Bouygues, since
its business segments enjoy a large amount of Creativity best internal and external expertise into the Group,
engaging with partners of all sizes, ranging from
tage of only those growth opportunities that meet
its risk-management standards. Today the Group
freedom in conducting business and managing Creativity is what drives the Group
operations. Closely related to respect, trust start-ups and SMEs to major groups. operates in over 90 countries. International business
towards ever greater innovation.
flourishes where there is attentiveness, sincerity It leads to innovative solutions that not accounts for half of its construction businesses’ sales.
and transparency at all levels of the company. only meet our customers’ expectations
It promotes job satisfaction and efficiency but also reinforce our competitiveness
among employees, enabling them to work more in increasingly complex environments.
independently and empowering them, resulting in In addition, creativity enriches our
better recognition and more fulfilling career paths. employees’ work and galvanises motivation,
commitment and sense of initiative.
6 • BOUYGUES • 2019 INTEGRATED REPORT BOUYGUES • 2019 INTEGRATED REPORT • 7
Bouygues group overview
2019 GROUP KEY FIGURES
People are at the heart of the Bouygues group Construction businesses continue
to grow internationally
130,500 No.1 84%
employees The CAC 40 company with the highest Turnout in workplace 92 countries 54% 52%
worldwide level of employee share ownership elections in France International headcount of International sales of
(19.3% of the share capital) the construction businesses the construction businesses
70% 19.2% SALES AND HEADCOUNT OF THE CONSTRUCTION BUSINESSES
of the subsidiaries outside France Women managers BY REGION
have an official employee in the Group
representative body (+0.7 points) a
(a) Versus 2018.
€14.3bn
€6.6bn
Robust financial performance
54,380
24,081
€37,929m €1,676m €1,184m
Sales Current operating Net profit attributable
€4.5bn
profit to the Group 10,131
€1.2bn €3bn
12,814 15,684
€2,222m €815m
Net debt Free cash flow France
after WCRb Europe (excl. France)
(excluding Alstom dividendsc) Asia-Pacific
Africa and Middle East
(b) Net cash flow (determined after (i) cost of net debt, (ii) interest expense on lease obligations and (iii) income taxes paid), minus net capital expenditure and repayments of lease obligations. It is Americas
calculated after changes in working capital requirements (WCR) related to operating activities and excluding 5G frequencies.
(c) €341 million in 2019.
A strong environmental commitment A socially-responsible Group
A- 3rd €64m 889
The Group’s score in the Carbon The Group’s ranking in France spent on patronage students awarded a grant by
Disclosure Project’s Climate by the Low-Carbon Building and sponsorship the Francis Bouygues Foundation
Change A list in 2019 Association (BBCA) (of which 418 graduatesa)
(a) Since the launch of the Francis Bouygues Foundation in 2005.
8 • BOUYGUES • 2019 INTEGRATED REPORT BOUYGUES • 2019 INTEGRATED REPORT • 9
Bouygues group overview
VALUE CREATION AND FINANCIAL Financial and extra-financial ratings
Bouygues is ranked on the leading
RESULTS IN 2019 FINANCIAL RATINGS sustainable development indices and
has an A- score in the Carbon Disclosure
Project’s Climate Change A List.
31 December 2019
The redistribution of the financial flows generated by the Bouygues group has a positive
Long-term Outlook
impact on regional economic development and appeal. Investing in the Group’s future growth
contributes to sustaining this positive impact. STANDARD & POOR’S A- Stable
MOODY’S A3 Stable
Financial flows generated by the Group in 2019 2019 full-year results
The Bouygues group achieved its full-year targets in 2019 with robust results in its three sectors of activity and a high level
of cash generation.
STRONG COMMERCIAL MOMENTUM ROBUST RESULTS WITH FULL-YEAR from Alstome and from the €109-million
Suppliers, service providers and subcontractors The backlog in the construction businesses TARGETS ACHIEVED increase in free cash flowf generation
CAPITAL
25,214 c remained stable at a very high level The Group’s sales were up 7% year-on-year at Bouygues Telecom, which achieved
INCREASE
Employees of €33 billion at end-2019. International to €37.9 billion, driven by all businesses. its target of €300 million in 2019. Group
182
6,482 business represented 62% of the backlog As expected, Group profitability improved: free cash flow after WCRg of €815 million
FLOWS REDISTRIBUTED State and local authorities at Bouygues Construction and Colas. current operating profit increased excluding the Alstom dividends increased
TO STAKEHOLDERS 3,011 d TF1’s audience share of key targets €112 million to €1,676 million versus 2018. two-fold versus 2018. Finally, the Group
35,688 Shareholders stabilised at a high level in 2019, with Current operating margin adjusted for strengthened its financial structure. Net
710 e 32.6% of women under 50 who are Axionec rose by 0.3 of a percentage point debt came to €2.2 billion at end-2019,
Banks purchasing decision-makers. Bouygues to 4.4%. Net profit attributable to the versus €3.6 billion at end-2018, benefiting
207 f Telecom maintained strong commercial Group was down €124 million year-on- from the positive €1.4-billion impact of
Communities momentum, adding 653,000 new mobile year to €1,184 million due to a decline in Alstom (dividends and sale of 13% of share
64 g plan customers (excluding MtoMa) during non-current incomed, mainly at Bouygues capital).
SALES
37,929 39,660 b the year. The number of FTTHb customers Telecom. Group free cash flow rose
reached 1 million, out of 3.9 million fixed €553 million to €1,379 million. It notably
line customers in total. benefited from the increase in dividends
1,602
NET INVESTMENT Net capital expenditure from activities
1,926 324
Financial investment Outlook for 2020
DISPOSAL
OF FINANCIAL On 1 April 2020, the Bouygues group published a press release However, it is too early to give any new guidance at this point.
ASSETS to inform the financial markets that the unprecedented health crisis Due to Covid-19’s limited impact on its activity to date,
AND OTHER 1,390 h caused by the Covid-19 pandemic would have a significant impact Bouygues Telecom has suspended its 2020 guidance (growth
1,549 a Increase in net cash on its 2020 results. As a result, it appears that the 2020 guidance for in sales from services of around 5%, free cash flow of over
the Group, the construction businesses and TF1 cannot be achieved. €300 million, with increasing investment expected to be between
The guidance was as follows: €1.1 and €1.2 billion excluding frequencies) until there is far greater
• for the Group, free cash flow generation after WCR of €1 billion visibility on the duration of the health crisis in France. Finally,
in 2020, with the contribution from all three sectors of activity; the Group confirmed its 2030 greenhouse gas emissions reduction
• for the construction businesses, an expected improvement target. In 2020, it will define a target compatible with the Paris
in the current operating margin in 2020 versus 2019; Agreementh and the Group’s five business segments will prepare
(a) Including Alstom dividends. • for TF1, a double-digit current operating margin and cost an action plan.
(b) In addition to the financial flows redistributed to stakeholders, net investment and the increase in net cash, this figure of programs at €985 million in 2020.
also includes the difference between income taxes owed and income taxes paid, the change in the working capital
requirement and other items totalling €656 million.
(c) Purchases and other external expenditure.
(d) Income tax, social security contributions and other taxes.
(e) 2018 dividends paid in 2019, of which €77 million paid to employees. (a) Machine-to-Machine. (f) Free cash flow = net cash flow (determined after (i) cost of net debt, (ii) interest
(b) Fibre-To-The-Home. expense on lease obligations and (iii) income taxes paid), minus net capital expenditure
(f) Cost of debt and other charges. and repayments of lease obligations. It is calculated before changes in WCR related
(g) Donations, patronage and sponsorship. (c) €106 million from a capital gain related to the partial divestment of shares and to operating activities and excluding 5G frequencies.
remeasurement of the residual interest in Axione in 2018
(h) After changes in the working capital requirement (WCR) and currency effects. (g) Free cash flow after WCR = net cash flow (determined after (i) cost of net debt,
(d) €20 million in 2019 versus €265 million in 2018. (ii) interest expense on lease obligations and (iii) income taxes paid), minus net capital
(e) €341 million in 2019 versus €22 million in 2018. expenditure and repayments of lease obligations. It is calculated after changes
in WCR related to operating activities and excluding 5G frequencies.
(h) To keep the global increase in temperatures to below 1.5°C.
10 • BOUYGUES • 2019 INTEGRATED REPORT BOUYGUES • 2019 INTEGRATED REPORT • 11
2
OUR
ECOSYSTEM
The Bouygues group has pinpointed
four major underlying trends that
have a significant impact on its
activities. By focusing on these trends
and maintaining regular contact
with its stakeholders, it is in a better
position to seize opportunities
in a rapidly changing world.
Bikes are available to the residents
of Le Jardin de Flore, in Saint-Aunès
(southern France)
12 • BOUYGUES • 2019 INTEGRATED REPORT BOUYGUES • 2019 INTEGRATED REPORT • 13
Our ecosystem
WHAT IS YOUR PERSPECTIVE WHAT ROLE CAN BOUYGUES
ON THE MANY CHALLENGES FACING PLAY IN THIS CONTEXT?
COMPANIES TODAY? First of all, as a provider of solutions.
Humanity is facing an unprecedented Bouygues’ business activities meet
MAJOR UNDERLYING TRENDS situation in which several peaks
are converging: population, debt,
people’s vital needs, such as housing,
transportation, communication and
greenhouse gas emissions and the entertainment, thus making everyday
PROVIDING OPPORTUNITIES erosion of biodiversity. To meet these
challenges, it will not be enough
life easier and more enjoyable. For
example, they are working together
to merely continually improve with customers and end-users to Olivier ROUSSAT
the products and services currently develop new commercial solutions Deputy CEO,
Bouygues’ business is shaped by four major underlying trends affecting on offer. We will have to think that meet their requirements. Often Bouygues group
creatively and therefore change pioneering, as illustrated by the
the world today: population growth and urbanisation, climate change, our business models. construction of the first positive-energy
office buildings, the Group has for
digital and technological transformation, and changing user behaviour. the past 15 years been developing a
HOW IS IT POSSIBLE TO RECONCILE
The Group responds to these challenges as a responsible corporate citizen, wide range of low-carbon and climate-
MAKING PROFITS AND CHANGING
friendly solutions alongside attractive To stand the test
but it also considers them to be major business opportunities. BUSINESS MODELS?
digital products and services.
To stand the test of time, companies
Concurrently, some of our business
of time, companies
need to be profitable, but that is
no longer enough on its own. What
activities are energy and resource need to be
intensive. The Group therefore
attracts people to work for us and
then motivates them is the high
has a responsibility to lessen profitable, but that
its environmental impact wherever
quality socially and environmentally
responsible projects and services
it operates. is no longer enough
we offer our customers. That’s what on its own.”
being a contributive company means.
And if the tangible and intangible
value we create continues to be seen
positively by our employees and
stakeholders, we will continue
to generate profits for a long time
to come.
Population growth Climate change Digital and technological Changing user
and urbanisation To keep global warming within 1.5°C out to 2100,
transformation behaviour
as stipulated by the Paris Agreement, greenhouse
In 2050, the world’s population will reach 9.8 billion gas emissions must be cut by 76% by 2030b, equating Thanks to the development of digital infrastructure, In line with the advent of digital technologies
individuals, 66% of whom will be living in urban to a 7.6% yearly reductiona. This will require: over 60% of the world’s population will be on-line and current societal challenges, consumer
environments and 21% aged over 60a. The success • A change in energy efficiency regulations by 2025 and there will be over 25 billion connected expectations and habits are also changing.
of mass urbanisation will depend on the ability to: and policies in all areas of activity. objects (up from 9.1 billion in 2018)c. These new • Products and services need to be more adaptable
• increase urban density whilst creating the green • The replacement of fossil fuels with renewable technologies – ranging from connected objects and and customised.
spaces vital for people’s well-being at the same sources of energy. artificial intelligence to augmented reality – are • The concept of use is becoming increasingly
time; revolutionising behaviour at work and home while important, alongside ownership, resulting
Measures to adapt to the impacts of climate change
• facilitate mobility by promoting viable alternatives are already needed, for example: also changing the way companies do business. in the increased sharing of goods and services.
to polluting vehicles; • People have greater expectations as regards
• A sharper focus on the effects of climate change • Easy and immediate access to information, products
• upgrade and share infrastructure on a large scale when designing infrastructure and building-related and services. social well-being and inclusion.
to reduce energy wastage and boost usage, and projects. • Huge amounts of data are being generated,
• ensure that urban environments produce some • Finding ways of harnessing natural resources – water, harvested and processed.
of the resources that they need (energy, heating, fossil fuels and raw materials – that are compatible • Newcomers capable of shaking up long-established
food, etc). with protecting ecosystems. value chains are ramping up.
In addition to these macrotrends, rising public
debt around the world is leading governments
and local authorities to find new funding
solutions for development projects, such
(a) Source: UN (b) Relative to 2015. (c) GSMA Intelligence. as infrastructure.
14 • BOUYGUES • 2019 INTEGRATED REPORT BOUYGUES • 2019 INTEGRATED REPORT • 15
Our ecosystem
LISTENING TO OUR STAKEHOLDERS Our four main CSR challenges
Updated in 2019, the Bouygues group’s materiality matrix prioritises its main CSR challenges
As part of its corporate social responsibility policy and to better ensure the future viability
based on their importance for external and internal stakeholders and their impact on its
of its business model, the Bouygues group maintains constant dialogue with its stakeholders.
business operations.
Dialogue takes place at Group and business-segment level as well as locally, serving
Those marked with an asterisk (*) are priorities whose impact is set to increase in the
as an important source of input when identifying the priority CSR challenges, while also
coming years.
fostering the creativity of Bouygues’ teams.
THE BOUYGUES GROUP’S
MATERIALITY MATRIX
The Bouygues group’s 3
1 – Business ethics, respect for Human rights
stakeholders and compliance
EXPECTATIONS OF EXTERNAL STAKEHOLDERS
2 – Climate risk
3 – Quality of the customer and user experience
1 4 – Health and safety, and quality of life
Employees and trade unions
16 * 13 at work
5 – Circular economy, raw materials
How we dialogue: employee
18 10 * and waste management*
consultation bodies in operations * 9 6 – Water
worldwide, an extranet site dedicated 11 4 2 7 – Adjustment to climate change*
to career development at Bouygues, 5 * 8 – Responsible purchasing and relations
in-house social media, annual with economic partners
appraisals, employee perception 9 – Innovation capacity
6 12
surveys and more besides 10 – Impact of digital technology and integration
into products and services*
EMPLOYEES 17 1 1 – New uses and adaptability of business
8 14 models*
Infrastructure and service users,
Industrial partners, large groups, 12 – Health impact of products and services
public and private-sector customers, *
SMEs and start-ups 7
13 – Use of personal data and cybersecurity
retail customers 15
How we dialogue: contractual 14 – Local presence and the socio-economic
How we dialogue: customer relations development of regions
relations, supplier and
team, satisfaction surveys, customer
subcontractor CSR-performance 15 – Environmental impact of business activities
committees, collaborative platforms,
assessments, and co-innovation 16 – Skills and employability*
external social media, blogs and
and co-development 17 – Diversity, equality and social cohesion
trade fairs
partnerships with suppliers
18 – Employee involvement and intrapreneurship
OUR CUSTOMERS AND USERS and subcontractors
SUPPLIERS AND
IMPACT ON GROUP’S OPERATIONS
SUBCONTRACTORS
Tangible responses are provided to meet the expectations expressed by the Group’s stakeholders, most notably:
• Business ethics: Bouygues undertakes to comply with the strictest • Customer and user experience: Bouygues offers customers
standards when doing business (see p. 56-57). and users a simplified and enjoyable experience (see p. 42-45).
THE FINANCIAL COMMUNITY CIVIL SOCIETY • Climate risk: the Group has identified the impacts of climate • Health & safety and quality of life at work: health & safety
change on its business operations and has responded is among the Group’s highest priorities. Another is keeping up
with a comprehensive, coherent strategy (see p. 22-25). with employees’ changing needs (see p. 34-37).
Bouygues’ contribution to sustainable development goals
It is Bouygues’ policy to help attain the UN Sustainable Development
Shareholders and investors, banks, analysts Citizens, local residents, charities and NGOs, Goals (SDG) with a focus on the following four, which are tightly
and credit rating agencies academia and science, public authorities connected with its core businesses.
and the media
How we dialogue: tailored presentations,
meetings, investor conferences and roadshows, How we dialogue: charitable foundations,
AGMs, regulated literature, business reports conferences, and partnerships with NGOs,
and answering questions from financial community and skills patronage, active engagement
and extra-financial rating agencies in research and education, participation FIND OUT MORE
in think tanks and non-profit organisations > Bouygues.com Scan this QR code
> The 2019 Universal Registration (app and internet
Document, Chapter 3 connection required)
16 • BOUYGUES • 2019 INTEGRATED REPORT BOUYGUES • 2019 INTEGRATED REPORT • 173
THE STRATEGY
OF THE GROUP
AND OF ITS
BUSINESS
SEGMENTS
The Group and its business segments
roll out long-term strategies aimed
at seizing the growth opportunities
related to the four major underlying
trends that impact their operations.
In Alaska, the Haines Highway was
upgraded to current safety standards
whilst protecting the environment,
including fish habitats.
18 • BOUYGUES • 2019 INTEGRATED REPORT BOUYGUES • 2019 INTEGRATED REPORT • 19The strategy of the Group and of its business segments
GROUP STRATEGY Two core shareholders
Bouygues’ ownership structure is based on OWNERSHIP STRUCTURE
two long-standing core shareholders: 31 December 2019
The Bouygues group aims to create value over the long term and share it with its stakeholders. • SCDM (a company controlled by Martin
To do this, the Group draws on its stable ownership structure and has defined a strategic and Olivier Bouygues), and; Main shareholders Voting rights
• its employees, through a number 509,048,266 voting rights
framework through which its business segments roll out their operational strategies. of dedicated mutual funds.
379,828,120 shares
At 31 December 2019, 54,400 employees 21.2%
owned shares in the Group, making 27.2% 29.2%
Bouygues the CAC 40 company with 36.5%
the highest level of employee share
ownership. For half a century, the Group
The virtuous circle of the Group’s strategy has been offering innovative, long-term
mechanisms for employee share ownership,
19.3%
as recognised by the “Grand Prix FAS 2019”a 18%
25.6%
award on 11 December 2019. 23%
CREATING VALUE OVER THE LONG TERM
AND SHARING IT WITH STAKEHOLDERS SCDM a
Employees
(a) French federation of employee and former employee
Other French shareholders (a) SCDM is a company controlled by
shareholders associations. Foreign shareholders Martin and Olivier Bouygues.
Growing the Group
and sharing value
Dividend policy forms part
of a long-term strategy
DIVIDEND 1.7 1.7
(€ per share) 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6
Strong 1.5
financial
1.2
structure
0.9
0.75
Businesses that provide Recurrent 0.5
0.36 0.36 0.36
growth over the long term and free cash flow 0.26 0.26
diversification of activities generation
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
A STABLE OWNERSHIP STRUCTURE THAT SECURES THE LONG-TERM VISION
DIVIDEND YIELDa
In the midst of the major health its proposal to pay out a
The Group has made several distinctive By combining these two features, a high level of cash. As a result, crisis caused by the Covid-19 dividend at the Combined Annual
and specific choices in order to create Bouygues can generate free cash flow Bouygues’ gearing, corresponding to net 5.4% pandemic and given the resulting General Meeting of 23 April 2020.
and share value over the long term. Its over the long term. The value created debt over shareholders’ equity, stood at 4.7% uncertainty, Bouygues naturally The Board of Directors will meet
business segments are able to provide can then be reinvested to grow the 19% at end-2019 (vs. 33% at end-2018). 4.4%
3.9% intends to act responsibly and in August in order to reassess
growth since they all satisfy constantly Group and shared with its stakeholders. show its solidarity with the major the situation and review
This strategy can be rolled out over
evolving and essential needs such as efforts asked of the Group’s the opportunity of proposing
Bouygues also strives to maintain a the long term thanks to the stability
housing, transportation, communication, stakeholders, particularly its the pay-out of a dividend
robust financial structure in order to of Bouygues’ ownership structure.
information and entertainment. employees. As a result, the Board in respect of the 2019
ensure its independence and preserve
Furthermore, their diversity helps of Directors decided to withdraw financial year.
its model over time. For example, the
to cushion the impact of the less
Group’s construction businesses tie up 2015 2016 2017 2018
positive business cycles that some may
a small amount of capital and generate
experience from time to time.
(a) Dividend per share relative to the closing price
of the previous year.
20 • BOUYGUES • 2019 INTEGRATED REPORT BOUYGUES • 2019 INTEGRATED REPORT • 21The strategy of the Group and of its business segments
CUTTING THE CARBON FOOTPRINT WHEN DID BOUYGUES START
WORKING ON ITS CLIMATE STRATEGY?
infrastructure and for new builds and
property renovations. We recently
For over 13 years, the Group has been launched several solutions, including
OF OUR ACTIVITIES striving to make climate issues an
integral part of its strategy. We started
our own start-ups, in the fields of
integrated electric mobility, right
by raising awareness among managers from the building design stage, and of
and pinpointing our main sources embedded digital technology for urban
The Bouygues group has established two The business segments have for several years been of GHG emissions to understand environments.
developing a wide range of low-carbon solutions Olivier Bouygues how we could reduce them. Soon
priorities as it seeks to comply with the Paris which they continue to expand through innovation. Deputy CEO, afterwards we worked alongside WHAT ABOUT COLAS?
Bouygues group our business partners to develop
Agreement and its target of limiting global In 2020, the Group called on each business segment low-carbon solutions that marked us
Colas is one of the world leaders in
building-material recycling. It is also
warming to 1.5°C by 2100: offer customers a to define a climate strategy in line with the 1.5°C out from the competition. We were helping local authorities introduce
target and that is coherent with their respective also instrumental in setting up the mobility solutions. One tangible
range of low-carbon solutions, and reduce the business challenges. This will include setting targets Specialised Master’s degree course in example of this is Flowell, its dynamic
carbon footprints of its own operations. to reduce greenhouse gas emissions out to 2030. sustainable housing and construction signalling solution for easing road traffic.
A system will also be set up to monitor progress on with ENSAMa and ESTPb to speed up Another that springs to mind is ANAISc,
the climate strategy. knowledge acquisition in low-carbon
We need to continue an innovative solution which helps in
technologies. the design and optimisation of road
designing new networks.
Reducing the carbon footprint solutions for lowering
our GHG emissions
HOW DO YOU MARKET THESE
LOW-CARBON SOLUTIONS WHAT ARE THE NEXT STEPS IN YOUR
TO CUSTOMERS WHEN THEY ARE CLIMATE STRATEGY?
and those of our OFTEN MORE EXPENSIVE
The Group’s carbon intensity, which is defined Greenhouse gas emissions by sector 4% 2% To bring it into line with the 1.5°C target
as sales relative to greenhouse gas (GHG) of activity (Scopes 1, 2 and 3aa) customers.” THAN CONVENTIONAL ONES? as soon as possible. We need to keep
emissions, declined by 0.3 of a percentage Selling low-carbon solutions means designing new solutions that cut GHG
point in 2019 relative to the previous year. Construction
explaining beforehand the advantages emissions, both ours and our customers’,
Telecoms and adapt our products and services
For Scopes 1, 2 and 3a, Bouygues’ carbon footprint of factoring in the full carbon cost over
Media a project’s entire lifecycle. Insulating to the climate change that is already
was 17.4 million tonnes of CO2 equivalent in 2019.
buildings better, incorporating noticeable today.
Most emissions are attributable to purchases
by the Group, namely the materials and other renewable power generation, installing
components used for the structures it builds. energy-management systems within
(a) Scope 1 (direct emissions), scope 2 (indirect
These account for two-thirds of total emissions. emissions related to energy, particularly to the buildings: all these choices result in
production of electricity and heat) and scope 3 94% higher design and production costs
Emissions linked to the energy consumption (other indirect emissions)
of worksites and other installations account which are easily offset afterwards
for 15%. The construction businesses account by lower running expenses
for a decisive part of this result. and higher property values.
GHG emissions by source 2.8% 2.1%
In 2019, Bouygues Construction extended its 5.9% CAN YOU GIVE US SOME EXAMPLES?
Materials and equipment
carbon audit to include Scope 3b, which provides 7.3% 66.4% In 2011, Bouygues Immobilier handed
Energyb
a broader view of its carbon impact downstream. over the first positive-energy building
Transport of goods in Meudon. A concept known as Green
Based on this revised scope, the Group’s carbon
Investments and fixed assets Office, this building annually produces
footprint totalled 24.1 million tonnes of CO2
Waste more renewable energy than it uses,
equivalent. 15.5%
Business travel testifying to the fact that we know how
to integrate sustainable construction
(b) Energy consumption (on-site combustion);
consumption of electricity, steam, heat methods. And because we wanted
or refrigeration and emissions related to lead the way ourselves, in 2009
to the energy production process.
we started the renovation of the
Bouygues Construction headquarters,
Challenger, which became the first
Strategies positive-energy building renovation in (a) Arts et Métiers ParisTech.
(b) École Spéciale des Travaux Publics,
France. Since then, we have carried out du Bâtiment et de l’Industrie.
hundreds of projects which contribute (c) Acquérir, Numériser, Analyser, Informer,
Each business segment is working hard to reduce the Group’s carbon footprint. One way is to develop new building methods; another to the energy transition, both in Sécuriser
is to make use of the circular economy.
DECARBONISATION STRATEGIES EXAMPLES OF CURRENT INITIATIVES
• Develop sustainable construction methods • Experiments involving industrial solutions for modular timber
and use lower-carbon materials instead construction, material reuse and recycling platforms, use of
biosourced materials, use of low-carbon concrete and bioclimatic
design of structures etc.
• Train employees and enhance their skills • A new timber centre of excellence at Bouygues Construction
and a ‘mobility of the future’ testing centre opened by Colas
• Help suppliers and subcontractors progress in their • Drawing up of a new catalogue of low-carbon solutions, forging
climate strategies and integrate low-carbon solutions into operations-based and R&D partnerships with specific reference
our projects to climate and energy issues
• Inform customers and stakeholders about new • The use of participatory initiatives to help co-design sustainable
low-carbon solutions and co-design them together urban projects
22 • BOUYGUES • 2019 INTEGRATED REPORT BOUYGUES • 2019 INTEGRATED REPORT • 23The strategy of the Group and of its business segments
Developing our portfolio of low-carbon solutions
The Bouygues group has been building up an extensive portfolio of sustainable
construction solutions for over 15 years.
It has focused its climate strategy on seeking innovative, low-carbon solutions for its customers as well as reducing the greenhouse gas
emissions associated with its activities.
KNOW-HOW ECO-CONSTRUCTION, CONSTRUCTION AND OPERATION OPTIMISATION OF ENERGY OPTIMISATION OF ENERGY REVERSIBILITY, RE-USE
ECO-DESIGN OF RENEWABLE ENERGY AND SERVICES FOR BUILDINGS AND SERVICES AND RECYCLING
PRODUCTION INFRASTRUCTURE AND NEIGHBORHOODS FOR TRANSPORT
SOLUTIONS • Low-carbon construction • Storage management: • Energy renovation: • Construction of public transport • Recycling, repurposing
hydrogen, second-life EnergieSprong, Habitat infrastructure and re-use of deconstruction
• Low-carbon concrete, timber- batteries (ELSA) Réhabilité, Rénovation Privée materials: Premys, Elan
framed structures, biosourced/ • Building-Mobility convergence:
recycled materials • Photovoltaic road surfacing: • Energy and services Moov’Hub, Flexy Moov, Alizé • Soil decontamination:
Wattway Pack management: Wizom, Embix, Colas Environnement
• Warm asphalt mixes Citybox, Objenious • Dynamic road-marking: Flowell
• Solar farms, offshore wind • Reversibility: the first reversible
• Eco-friendly bitumen turbines • Positive Economy Hybrid building (Office Switch Home)
Building: Autonomous Building
• Buildings that generate energy for Citizens (ABC) • Recycling and re-use of mobile
handsets and home gateways
• Energy performance contract:
Aveltys
• Smart City
TECHNICAL AND COMMERCIAL
Major groups Start-ups SMEs and microbusinesses
PARTNERS
RESEARCH PARTNERS Smart Buildings Alliance, The International Biodiversity & Property Massachusetts Institute of Technology, Ideas Laboratory, The French building technology research centre
Council, The Shift Project, École des Ponts, ESTP Paris France’s National Solar Energy Institute (INES) (CSTB), Side Walks Labs, WWF, Science Based Targets
FIND OUT MORE
> bouyguesdd.com
24 • BOUYGUES • 2019 INTEGRATED REPORT BOUYGUES • 2019 INTEGRATED REPORT • 25The strategy of the Group and of its business segments
RESEARCH EMPLOYEE-LED
AND DEVELOPMENT INNOVATION
A STRATEGY OF INNOVATION GOALS> to improve
and develop new products
GOALS> to share best practices and
contribute to continuous improvement
FOR THE BENEFIT OF USERS
PARTNERSHIPS MINORITY INTERESTS
Bouygues’ strategy in the DIVERSE BUSINESS ACTIVITIES • With virtual and augmented reality, it
GOALS> to co-develop new products
THAT CONFER UNIQUE STRENGTH is possible to interact in real time with IN START-UPS
field of innovation is based digital elements that have been added and services and to enhance SIX GOALS> to identify new technologies
The diversity of the Group’s business
to a live view. For example, brands can existing products and services SOURCES and new business models early
on delivering services that segments unlocks synergies when
insert advertising into a television show through a broad range
working on cross-disciplinary themes on, enhance existing products and
provide real benefits to that aim to address a variety of future without interrupting it. With BIM (Building of partnerships OF INNOVATION services and draw inspiration from
services. This unique structure is an Information Modelling), 3D can be used agile working methods
users. The aim is to make to represent a whole range of data used
advantage that bolsters the Group’s
the daily lives of the Group’s competitive position. in the design and construction of
a structure and simulate its behaviour.
customers, partners and Bouygues believes that the emergence
• Finally, blockchaina will facilitate the
employees simpler. It is of artificial intelligence will have an
creation of new services by simplifying
impact on the activity of its five business
also to improve the Group’s segments. For this reason, it has set up an transaction processes. For instance, ACQUISITION OF COMPANIES INTRAPREUNEURSHIP
AI Factory, which will help to roll out the it is currently being used to ensure more GOALS> to develop and expand GOALS> to develop new ground-
productivity and boost secure, transparent and faster signing
new services on a large scale. the business segments’ activities breaking activities as well as
stakeholder satisfaction by of complex contracts. with new technologies and innovative complementary products and services
5G offers an opportunity to leverage business models
creating sustainable solutions. the synergies between the Group’s A RICH ECOSYSTEM OF PARTNERS
business segments. An in-house To boost its innovation potential, Bouygues
accelerator, SmartX_5G, groups together can call on its vast global ecosystem,
all Bouygues’ initiatives relating to 5G spanning over 90 countries and bringing
technology in order to develop services together internal and external partners.
that will improve quality of life for
everyone. • Two technology intelligence offices
(Winnovation in San Francisco and
FOUR PROMISING TECHNOLOGIES Bouygues Asia in Tokyo).
Bouygues has pinpointed four • Partnerships with the best universities
technologies that have an impact worldwide such as MITb.
on its activities: • Active dialogue with over 1,300 start-ups.
• Promising investments in start-ups through
• Artificial intelligence (AI) can provide five institutional funds run by the Group.
effective decision-support to many • Participation in forward-looking, innovative
of the Group’s business segments. initiatives such as Futura Mobility, which
For instance, by analysing physical brings together companies operating
data from a site, as well as regulations along the mobility value chain, and
and environmental factors, AI can Impact AI, a think-and-action tank that
optimise the building potential of land investigates the ethical and societal
and facilitate interaction between issues posed by artificial intelligence and
the stakeholders in a property sponsors innovative, difference-making
development project (developers, projects. CONNECTED URBAN ENVIRONMENTS
architects, consultancy firms and local The Bouygues group’s five business The connected road The best Wi-Fi on offer
authorities). This structure is fertile ground for
generating fresh ideas and developing segments are innovating to make urban Moov’Hub by Colas is a comprehensive Bouygues Telecom’s new Bbox Fibre
new types of business. environments smarter, more vibrant, and dynamic solution rolled out at the modem is packed with the latest available
• The Internet of Things, combined with collaborative and eco-friendly, in order Paris-Saclay campus that turns mobility technologies. Thanks to its vertical design,
Big Data, can harvest and analyse data to make life better. into a driver of urban development by the quality of the Wi-Fi connection is
on an enormous scale for the predictive managing car movements and parking, optimised to give speeds similar to those
identification of high-risk areas on The Smart city optimising urban spaces and offering offered by fibre. Another plus is that
road networks through the analysis Dijon has become the first smart and a multi-modal service that supports this modem can be enhanced via the use
of vehicle behaviour. connected metropolitan authority in users. The ANAISa solution detects of new smart Wi-Fi 6 repeaters in order
France with the help of Bouygues Energies potential danger zones and sends to adapt coverage to the specific features
& Services. A solution called OnDijon warnings thanks to users who become of each home.
provides centralised management of the voluntary contributors to their own
public amenities and all the connected road safety. ANAIS is a tool that makes
urban infrastructure for the authority’s recommendations for remedial work
24 municipalities. It is able to modernise on infrastructure and provides decision-
and improve the performance of public support for preventive management
services, stimulate the area’s digital of a road network. (a) A French acronym for Acquire, Digitise, Analyse,
(a) A blockchain is a decentralised, distributed and public digital ledger that is used to record transactions (Wikipedia definition). economy and improve its pulling power. Inform and Make Safe.
(b) Massachusetts Institute of Technology in Cambridge, US.
26 • BOUYGUES • 2019 INTEGRATED REPORT BOUYGUES • 2019 INTEGRATED REPORT • 27The strategy of the Group and of its business segments
THE STRATEGIC PRIORITIES
OF THE BOUYGUES GROUP’S BUSINESSES
Construction businesses
Bouygues is the sixth-largesta construction group Population growth, urbanisation and new environmental
imperatives are generating significant needs worldwide
in the world. As a developer, builder and operator, in terms of complex buildings and infrastructure (new
build and renovation). In line with the advent of digital
it is active in building and civil works, energy and technologies, consumer expectations and habits are also
services, property development and transport changing. As a result, Bouygues is in a good position
to provide full-service solutions as well as innovative
infrastructure. and high value-added services. Its positioning and many
strengths mean that it continues to be a key partner
for its customers.
On the worksite of the Port
of Calais extension project
A STRONG PRESENCE IN GROWING COUNTRIES WITH A LOW-RISK PROFILE
The Bouygues group’s strategic Customers are offered the option OFFER CUSTOMERS AN
priorities in its construction businesses of bioclimatic design, bio-sourced ENHANCED, PERSONALISED
are the following: materials and embedded technologies EXPERIENCE AND SCALABLE
Northern and Central Europe
generating renewable energy from PRODUCTS THAT CAN ADAPT
United Kingdom: +1.4%
LEAD THE MARKETS FOR solar, wind or other sources, leading to TO CHANGING NEEDS
North America THE CONSTRUCTION AND lower running costs and in some cases
Switzerland: +1.3% The Group’s strategy is to develop a
Czech Republic: +2.6% RENOVATION OF BUILDINGS AND generating a profit. range of personalised products and
United States: +2.1% Russia INFRASTRUCTURE
Poland: +3.1% services in tune with customers’ needs
Canada: +1.8% 41% 0%
Bouygues builds, upgrades and LEAD THE MARKET FOR URBAN such as connected buildings, modular
Russia: +1.9%
maintains all types of infrastructure in DESIGN AND DEVELOPMENT and reversible housing units, which
order to meet the needs arising from – FROM INDIVIDUAL HOUSING evolve in line with occupants’ changing
27% Southern Europe urbanisation and population growth. UNITS TO NEIGHBOURHOODS needs, and collaborative and shared
2% AND SMART CITIES
This includes buildings of all sizes workspaces (Wojo).
Spain: +1.8% and uses, transport infrastructure, The Group consults customers and
Italy: +0.5%
and power and telecommunications local residents, and works hand EMBODY A COMPREHENSIVE
Asia-Pacific networks. Furthermore, in order to in hand with local stakeholders to CIRCULAR-ECONOMY POLICY
20% cope with ageing infrastructure, the develop projects that promote: Aware of how important it is to
7% Hong Kong: +1.5% Group develops expertise in renovating • well-being; safeguard natural resources and the
Australia: +2.3% assets, even whilst they remain in • harmonious living (soft mobility,
3% increasing difficulty of accessing
Middle East operation. services, etc.); primary deposits, the Group is
Latin America and Africa • the safeguarding of the environment implementing a circular-economy
and Caribbean HELP CUSTOMERS ACHIEVE via measures such as protecting strategy as a way of securing supply
Middle East BETTER ENERGY EFFICIENCY AND biodiversity, recycling waste and and protecting the environment. This
Latin America and Caribbean: +1.8% and North Africa: +2.7% DESIGN LESS CARBON-INTENSIVE preserving water. policy will save on materials, reduce
CONSTRUCTION METHODS haulage needs and lead to lower fossil-
The Group works to optimise the fuel consumption as well as lowering
energy efficiency of structures building costs.
throughout their entire lifecycle.
Construction businesses: regional % IMF real GDP growth forecast for 2020 % IMF real GDP growth forecast for 2020
sales as a proportion of total Region classified A by Coface Region classified B and C by Coface
international sales in 2019 (very low to acceptable risk) (significant to high risk)
2019 KEY FIGURES
117,090 €29.6bn €910m 3.1% €33bn €2.5bn
Headcount Sales Current operating profit Current operating margin Backlog Net cash
(a) ENR Top 250 Global Contractors, August 2019.
28 • BOUYGUES • 2019 INTEGRATED REPORT BOUYGUES • 2019 INTEGRATED REPORT • 29The strategy of the Group and of its business segments
Media TF1 aims to: international development, as Telecoms Bouygues Telecom has a four-pronged
underlined by the recent acquisitions strategy:
PURSUE THE TRANSFORMATION of stakes in Belgian (De Mensen) and
TF1 wants to positively OF THE UNENCRYPTED TV MODEL Canadian (Reel One) companies. For over 20 years, the teams PROVIDE CUSTOMERS WITH
inspire society by informing • Adapt content accessibility to new at Bouygues Telecom have A SIMPLE AND SEAMLESS
non-linear b and mobile viewing habits In digital media, TF1’s new Unify division EXPERIENCE
and entertaining as many via its MYTF1 platform. will enable it to: made every effort to ensure Bouygues Telecom has made a
• Monetise its additional content • provide an additional offer based sharp customer focus and a simple
people as possible. As on web-origin content via recognised that technology brings friends
and services. experience the pillars of its strategy.
France’s leading TV media • Propose innovative commercial brands able to engage active and family closer together, It drives further increases in customer
offerings in preparation communities, and satisfaction by offering intuitive
group, it keeps pace with of “addressable TV” c. • strengthen its offering for advertisers thus strengthening ties and and efficient digitised services,
to boost their effectiveness and regain
the way people view and value in a growing digital advertising
creating new ones. and personalised support from
CONSOLIDATE ITS POSITION IN 3,800 customer and sales advisers.
consume content (catch-up PRODUCTION AND ACCELERATE market via the launch of the media
ITS GROWTH IN DIGITAL MEDIA sales unit, Unify Advertising. Bouygues Telecom is a OFFER EXCELLENT QUALITY
TV, enhanced services, and,
In TV production, TF1 draws on Newen, major player in the French MOBILE AND FIXED NETWORKS
soon, the subscription-based which boasts recognised expertise. Bouygues Telecom is ranked No.1a
telecommunications market
video-on-demand service Newen is aiming to boost its backlog, mobile operator in rural areas and
particularly through the diversification providing BtoC and BtoB No.2 on average for the whole of
Saltoa). It has strengthened of its customer base and continued France, and its 4G network covers 99%
connectivity solutions. It rolls of the population. In its fixed business,
New advertising campaign
its presence across the entire it is ramping up the roll-out of fibre
launched in February 2019
out very-high-speed digital
value chain investing in new and had 12 million premises marketed
technologies, 4G and fibre at end-2019 and is aiming for 22 million
growth-potential sectors such in 2022.
across France to provide
as content production and
customers with a simple MAKE SERVICES AVAILABLE ENSURE A COMPLETE RANGE
digital media. IN THE LESS DENSELY POPULATED OF FIXED AND MOBILE
and seamless experience. AREAS SOLUTIONS FOR BUSINESSES
Bouygues Telecom is set By sharing mobile infrastructure and The third-ranked BtoB operator in
rolling out fibre, Bouygues Telecom France, Bouygues Telecom acquired
to open its 5G network can offer its services to new customers Keyyo and Nerim at the beginning
(a) Salto is an OTT (over-the-top) subscription-based
at the end of 2020. throughout France, particularly in its of 2019 in order to accelerate
video-on-demand service operated by the France least densely populated regions. To this its expansion in the market serving
Télévisions, M6 and TF1 groups. end, it is also gradually bolstering its micro-businesses, SMEs and
local distribution channels from 2020. intermediate-size businesses.
In 2019, TF1 made a number
of risky, but successful choices,
such as with Mask Singer.
2019 KEY FIGURES 2019 KEY FIGURES
3,686 € 2,337m € 255m 8,937 € 6,058m € 1,411m 30.7%
Headcount Sales Current operating Headcount Sales EBITDA after Leasesb EBITDA margin
profit after Leasesc
10.9% 32.6% >1,500 hours 22m 500 3,800
Current operating Target audience Newen backloge Customers Bouygues Telecom stores Customer
margin shared in France and sales advisers
(b) Viewing that does not follow the broadcaster’s imposed schedule. Viewers determine when they view content, for example using the catch-up feature or video on demand. (a) Survey by Arcep (the French telecoms regulator).
(c) Whereby different advertising messages adapted to each television viewer are delivered during the same show. (b) Current operating profit before net depreciation and amortisation expense, net provisions and impairment losses and before effects of acquisition/loss of control.
(d) Médiamétrie – Target audience = Women under 50 who are purchasing-decision makers. (c) EBITDA after Leases/sales from services.
(e) Projects > €1m and excluding Reel One.
30 • BOUYGUES • 2019 INTEGRATED REPORT BOUYGUES • 2019 INTEGRATED REPORT • 31You can also read
