Full Year 2024 Bouygues SA Earnings Call Transcript
Key Points
- Bouygues (BOUYF) posted robust results for 2024, achieving its targets with a slight increase in sales and a 5% rise in current operating profit from activities.
- The company reported an 8% year-on-year increase in free cash flow before working capital requirements.
- Equans, a subsidiary of Bouygues, performed well with a 3.5% margin from activities and a net cash position of over EUR1.5 billion.
- The construction backlog reached a record high of EUR32.2 billion, providing good visibility for future activities.
- The Board of Directors proposed a 5.3% increase in the dividend to EUR2 per share, reflecting confidence in the company's financial health.
- Bouygues Immobilier faced challenges with a negative COPA of EUR51 million due to a difficult year in commercial buildings and a downturn in interest rates.
- The company's net debt was EUR6.06 billion at year-end 2024, despite significant acquisitions totaling over EUR1.1 billion.
- Bouygues Telecom's mobile ABPU decreased to EUR19.1 due to a highly competitive market with low acquisition prices.
- The residential property market remains uncertain, with interest rates and buyer confidence affecting sales.
- Bouygues faces potential challenges from increased tariffs on imported equipment from the US, which could impact costs.
Okay. Good morning, everybody. Let's begin our presentation. starting with our new institutional film. This is the group's new institutional film.
(video playing)
There you are, that's our new institutional video showing you a number of the achievements that we did in 2024 and highlight the value of our employees. So let's move on to the heart of our presentation with the results for 2024.
I'll be doing this with Pascal Grange, and then with Eduard Pascal and all the other heads of the business segments, we will happily take your questions. Let's begin with the highlights and, of course, the key figures for 2024. This year, we posted very robust results. We've achieved the targets, the guidance that we gave you last year. Sales are up slightly year-on-year as expected.
Our COPA grew slightly higher than expected. Two other areas we're happy about. First of all, the level of free cash flow before working capital requirements, which rose 8% year-on-year. We're also satisfied
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