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Analysis of Bouygues Group* construction businesses*
*Bouygues Construction, Bouygues Immobilier and Colas


At end-March 2022, the backlog in the construction and services businesses rose by 4% to €34.6 billion, a significant achievement which augurs well for the future. This amount compares to the end-March 2021 backlog of €33.4 billion (at constant exchange rates and excluding principal disposals and acquisitions, the backlog was down slightly by 1%). 

The backlog of Bouygues Construction at end-March 2022 (€20.8 billion) was stable versus end-December 2021. Order intake at Bouygues Construction in the first quarter of 2022 rose by 8% year-on-year, driven by international markets and the normal course of business. The backlog was nonetheless 3% lower than end-March 2021 due to fewer major contracts booked in the past year.


The construction and services businesses reported sales of €5.9 billion in the first quarter of 2022, representing a 7% increase year-on-year (up 3% like-for-like and at constant exchange rates). This increase was driven by international sales up 11% year-on-year, thanks to Colas and positive exchange rate effects. 

Current operating profit/loss 

As every year, the current operating profit of the construction and services businesses is influenced by the highly seasonal nature of Colas’ businesses. The current operating loss was €208 million in the first quarter of 2022. The current operating margin stood at -3.6% versus -3.5% in the first quarter of 2021. Bouygues Construction’s margin was slightly higher due to improved margins at Bouygues Energies & Services.

Bouygues Construction key figures 

Backlog: €20.8 billion
Orders taken: €2.6 billion
Turnover: €3.1 billion

The Group has a very robust financial structure

The Group remained at a very high level of available cash, amounting to €18.6 billion (€20.4 billion at end-2021).

Net debt (1) at end-March 2021 stood at €2,111 million versus €941 million at end-December 2021 and €2,643 million at end-March 2021.

Net gearing remained low at 16% (versus 7% and end-December 2021 and 22% at end-March 2021).

The long-term credit ratings assigned to the Group by Moody’s and Standard & Poor’s, unchanged since 10 November 2021 are A3, stable outlook, and A-, CreditWatch negative respectively.

Group outlook 

As announced at the time of publishing its full-year results, the Group is expecting in 2022 a further increase in sales and current operating profit versus 2021.

After endorsement of Colas’ greenhouse gas emissions reduction targets in 2021, the other business segments are now aiming to receive SBTi(1) endorsement of their decarbonization plans.

The above outlook is based on information known to date and excludes any further deterioration in the situation due to Covid-19, the acquisition of Equans and the TF1-M6 merger.

The Group remains extremely vigilant regarding the indirect consequences of the conflict between Russia and Ukraine. This outlook is subject to no further major deterioration in the current macroeconomic and geopolitical situation.
Non-financial initiatives
Bouygues Construction received in February the Top Employer label from the Top Employers Institute.

Bouygues Immobilier’s AL-FA residential development at the heart of the “Les Fabriques” eco-neighbourhood in Marseille, will be constructed entirely with low-carbon concrete.

Colas and Saipol have signed an agreement to decarbonise Colas’ truck fleet in France using Oleo100, a renewable fuel made from 100% French rapeseed. 

TF1 continues its Expertes à la Une programme bringing together women experts from different sectors to increase their presence in news broadcasts.

Bouygues Telecom has launched several initiatives since the start of the year including source, the first responsible plan with no minimum term contract, aimed at encouraging digital sustainability.

Read the full press release here.

(1) Net debt/shareholders’ equity
(2) Science Based Target initiative 

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