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The group returns to its growth momentum:

   -    Excellent 2021 results: full-year guidance achieved or exceeded,
   -    The divident is up to 1,80 € per share, refelcting the group's confidence in its future,
   -    Net debt at a historically low level and strong investment capacity,
   -    Two unique opportunities seized to enhance the group’s resilience and expand its reach* (Equans and TF1-M6 merger),
  -     In 2022, the group is expecting a further increase in sales and current operating profit versus 2021.


2021 guidance for the Group achieved or exceeded.

•    Sales were €37.6 billion, at a level comparable to 2019. Sales increased 8% versus 2020 (up 7% like-for-like and at constant exchange rates).
•    Current operating profit was €1,693 million, €17 million higher than 2019.
•    Current operating margin was 4.5% in 2021, exceeding the 2019 level.
•    Operating profit was €1,733 million, up €37 million versus 2019. It includes net non-current income of €40 million (versus net non-current income of €20 million at end-December 2019).
•    Net profit attributable to the Group was €1,125 million, comparable to the 2019 level, including the contribution from Alstom (€219 million versus €238 million in 2019) and €31 million of non-current charges related to the planned acquisition of Equans and the planned merger between TF1 and M6.
•    Net debt was at historically low level of €941 million, versus €1,981 million at end-2020. Net gearing** was particularly low at 7% (versus 17% at end-2020).



The Group’s 2021 results demonstrated strong improvement year-on-year and returned to their pre-crisis level.

•    Sales were €37.6 billion, at a level comparable to 2019. Sales increased 8% versus 2020 (up 7% like-for-like and at constant exchange rates).
•    Current operating profit was €1,693 million, €17 million higher than 2019.
•    Current operating margin was 4.5% in 2021, exceeding the 2019 level.
•    Operating profit was €1,733 million, up €37 million versus 2019. It includes net non-current income of €40 million (versus net non-current income of €20 million at end-December 2019).
•    Net profit attributable to the Group was €1,125 million, comparable to the 2019 level, including the contribution from Alstom (€219 million versus €238 million in 2019) and €31 million of non-current charges related to the planned acquisition of Equans and the planned merger between TF1 and M6.
•    Net debt was at historically low level of €941 million, versus €1,981 million at end-2020. Net gearing1 was particularly low at 7% (versus 17% at end-2020).
 

Comment on construction activities
Julien Toqueboeuf, Chief Financier Officer of Bouygues Construction

The 2022 activity for Bouygues Construction is fairly secure.

Julien Toqueboeuf Chief Financial Officer, Bougues Construction

1. We had a good year in 2021.

Sales and Current Operating Income are back to pre-2020 levels, which is good news.
In addition, the Energy & Services Division has continued to improve its current operating margin, reaching 2.8% in 2022.

Bouygues Construction's cash position reached a record level (with an improvement of nearly €400m vs. 2020 and 2019).

Despite a good fourth quarter, commercial performance is down, due to a lack of major projects this year (€2bn of orders on projects over €100m in 2021 vs. €4bn in 2020). As a result, the backlog will decline from the good level at the end of 2021. Nevertheless, we are confident in terms of order intake and activity for 2022.

Regarding order intake, Q4 2021 showed the strength of the business and allowed a rebound of +€400m in backlog vs. end of September 2021. The pipeline of major projects in 2022 is quite significant.

The 2022 business is fairly secure.
 
2. Unlike 2020, the health crisis had a very limited impact on our 2021 figures.

The health crisis has had other impacts, which remain moderate, on our business model. 

On the business side: 
   - Tendency for longer delays in obtaining permits,
   - Negative impact on certain sectors (offices/tertiary, hotels and airports in particular),
   - Positive impact on the contrary on other products (in particular health, digital, energy),
   - Increased environmental sensitivity (low carbon),
   - Induced economic effects (material shortages and inflation), which are certain, diffuse and contained at this stage.

In terms of working methods, we note a marked acceleration of digitalisation and a real increase in working from home.

Internationally, the restrictions on travel possibilities have been strong.

3.    
We have two very significant strategic challenges:


   -  For the Bouygues group, finalise the acquisition of Equans, which will create the world's No. 2 E&S company, after merging with the current E&S division of BYCN.
   -  For Bouygues Construction, we will have to successfully complete the ENVOL project (separation of BYCN's Energy & Services activities) with Bouygues Energies & Services: continuity of services for Bouygues Energies & Services and perpetuation of the synergies between our activities.

4.    On a more operational level, our immediate business challenges will focus on:

   - Taking orders for 2022, given that commercial investment will be higher this year, in connection with the arrival of several major projects in the preparation phase,
   - Continued improvement in the operating margin of the Energy & Services business,
   - Controlling shortages and/or inflation (both in the commercial and construction phases), 
   - In Building, the strengthening of real estate development strategy, industrialisation and sustainable construction.

Focus on the group's corporate and social responsability roadmap
•   The 2021-2023 second worldwide plan aimed at improving gender balance at all levels of the Group and business segments was launched in May 2021. Improvements were also made to the quality of life at work.
•   As part of its climate strategy, the Group has earmarked an estimated €2.2 billion, for the 2022-2024 period, to reduce its carbon footprint.
•   A Group-wide committee was set up to identify the impacts of the Group’s businesses on biodiversity. Commitments were undertaken to preserve and restore biodiversity while specific action plans were outlined for each business segment.

For more information, read the press release here.
 

Commenting on the Group’s results, Olivier Roussat, CEO of Bouygues, said:

“Bouygues is well-positioned for 2022. In addition to its ambitious CSR strategy and positioning in fast-growing markets, the Group enjoys diversified business activities, margin improvement plans and recurring cash generation. The plans to acquire Equans and to merge TF1 with M6 are major milestones in the Group’s history that will make it even more resilient and expand its reach. Bouygues’ excellent momentum makes us confident about our future and ability to create value for our stakeholders.”

*
In 2021, the Group seized two major opportunities aligned with its strategy (subject to obtaining the necessary administrative authorizations under competition and foreign investment law).
- The acquisition of Equans will help the Group become No. 2 worldwide in the multi-technical services market. This growing market is at the core of industrial, digital and energy transitions. Combining Equans and Bouygues’ Energies & Services arm will enhance its expertise, and generate substantial synergies and significant levels of cash flow.
- The merger between TF1 group and M6 group will create the French media group with the broadest TV, radio, digital, content production and technology offering, to the benefit of viewers and the French broadcast media industry as a whole.


** 
Net debt/shareholders’ equity.

 

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