Registration Document BOUYGUES
Registration Document BOUYGUES
Registration Document BOUYGUES
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2<br />
Business activities<br />
and CSR<br />
Bouygues Construction<br />
An order book at a record level<br />
(up 8%)<br />
The order book at end-2011 stood at €15.3 billion,<br />
8% higher than at end-2010. 49% of orders are to<br />
be executed outside France. The sharp increase<br />
in medium- and long-term orders gives greater visibility,<br />
especially in energy and services activities.<br />
Developments in Bouygues<br />
Construction's markets and<br />
activities<br />
The world's construction needs remain at a very<br />
high level, especially for urban amenities, energy<br />
infrastructure, schools and universities, and cultural<br />
and leisure facilities.<br />
In Marseille, Bouygues Construction is renovating<br />
the Velodrome Stadium while still in use.<br />
The new stadium will be a UEFA category 5 facility.<br />
A 100,000-m² eco-neighbourhood will also be developed<br />
alongside the stadium.<br />
Rising sales: €9,802m (up 6%)<br />
Sales rose again, after a slight dip in 2010 following<br />
six consecutive years of growth, by 6% to<br />
€9,802 million. Both France, where sales increased<br />
5% to €5,350 million, and international markets (up<br />
8% to €4,452 million) contributed to this growth,<br />
accounting for 55% and 45% of sales respectively.<br />
International sales were boosted by the integration<br />
of Leadbitter. Like-for-like and at constant<br />
exchange rates, sales rose by 2%.<br />
A rise in net profit: €226m (up 12%)<br />
Current operating profit remained satisfactory at<br />
€353 million, €38 million more than in the previous<br />
year, a rise of 12%, yielding a robust operating margin<br />
of 3.6%, up 0.2 points, in a highly competitive<br />
environment. Financial income was almost stable<br />
at €29 million. It is still hard hit by the effect of low<br />
interest rates on Bouygues Construction’s cash<br />
surplus. After a tax charge of €140 million, net profit<br />
attributable to the Group amounted to €226 million<br />
in 2011, representing 2.3% of sales.<br />
A very substantial cash surplus:<br />
€2,869m (up €13m)<br />
Bouygues Construction had a net cash surplus<br />
of €2.9 billion, €13 million more than at end-2010,<br />
giving the company a sound financial structure.<br />
In industrialised countries, Bouygues Construction<br />
offers customers innovative financing options that<br />
alleviate the potential difficulties of public-sector<br />
investors, thanks mainly to its know-how in developing<br />
complex major projects. Markets in emerging<br />
countries are more buoyant due to factors such<br />
as high growth rates and sovereign wealth funds,<br />
holding out attractive prospects for Bouygues<br />
Construction’s businesses.<br />
Demand for sustainable construction is more or<br />
less mature depending on the country. It is welladvanced<br />
in France, where the government plays<br />
a key role in stepping up efforts to make both new<br />
and renovated buildings more energy-efficient,<br />
and in several other countries of Western Europe<br />
(UK and Switzerland), North America (Canada)<br />
and Asia (Singapore, Hong Kong). Where countries<br />
are less advanced in this sphere, Bouygues<br />
Construction takes a proactive stance, especially<br />
in promoting the environmental certification of its<br />
projects.<br />
Building and civil works<br />
In contrasting markets, commercial activity was<br />
buoyant for building and civil works with sales<br />
coming to €8,272 million, higher than in 2010.<br />
Sales amounted to €4,290 million in France and<br />
€3,982 million on international markets (over<br />
70 countries).<br />
France<br />
In a French building and civil works market worth<br />
around €200 1 billion, Bouygues Construction<br />
(excluding the Energy and Services division) is one<br />
of the top three French contractors ahead of Eiffage<br />
Construction and behind Vinci Construction. There<br />
are also many small and medium-sized firms.<br />
In the Paris region, activity on the building market<br />
has levelled off over the last two years after six<br />
years of growth. The outlook is still bright on the<br />
housing market, sustained by private investors<br />
and the government. The commercial property<br />
market remains well below pre-crisis levels, even<br />
though the situation in the Paris region is more<br />
buoyant than in the rest of France. However, there<br />
is still considerable potential for major projects,<br />
especially in the context of investment decisions<br />
for the Grand Paris project. In the rest of France,<br />
building projects are tending to become smaller<br />
and there are fewer major projects.<br />
The economic crisis has undermined civil works<br />
activity: the civil engineering market is sluggish and<br />
there is fierce competition for earthworks contracts.<br />
2011 sales: €4,290m (up 5%)<br />
Bouygues Construction has been able to take<br />
advantage of its position as the leading building<br />
contractor in the Paris region. Its companies are<br />
involved in many construction and renovation<br />
projects, including functional buildings such as<br />
the National Archives in Pierrefitte, residential<br />
complexes (it has signed the first residential Energy<br />
(1) Euroconstruct estimate – November 2011<br />
<strong>BOUYGUES</strong> • 2011 <strong>Registration</strong> <strong>Document</strong> • BUSINESS ACTIVITIES AND CSR • 57
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