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BOUYGUES : Colas: First-half 2013 results

08/28/2013 | 01:47am US/Eastern
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PRESS RELEASE

Boulogne, August 28, 2013

FIRST HALF 2013

? Revenue is nearly stable, despite unfavorable weather conditions in

France, Europe and North America ? Net profit: -?32 M (-?19 M for 1st half 2012)

? High level of work-on-hand: ?7.6 Bn


The Board of Directors of Colas, chaired by Mr. Hervé Le Bouc, met on August 23, 2013 to assess the position for the first half-year ended June 30, 2013, and the outlook for the full year.

Consolidated key figures

In millions of euros

1st half year

In millions of euros

2013

2012

Consolidated Revenue

of which France

of which International

5,560

3,399

2,161

5,594

3,367

2,227

Operating profit

(76)

(34)

Consolidated net profit attributable to the Group

(32)

(19)



Net cash (Net debt)1 (1,142) (1,074) -?68 M (170)

1 End of period


Reminder: seasonal nature of business at Colas

Given the highly seasonal nature of the majority of Colas' businesses, it is important to underline the fact that the Group's half year results are not representative of its full year figures.

Revenue for the first half of the year remained nearly stable, despite unfavorable weather conditions

Revenue for the first half of 2013 totaled 5.6 billion euros, down a very slight 1% (+1% in France, -3% in the international units), with no significant changes in the scope of business or exchange rates.

Roads:

During the first half-year, the Road business was negatively impacted by unfavorable weather in Mainland France (revenue down 2%), in Europe (-7%), notably in the north (Belgium and Ireland), as well as in North America (-10%), particularly in Canada.
In the Rest of the World, revenue is up 2% from the first half of 2012. Growth in French Overseas Departments and in Asia/Australia helped offset drops in Africa and the Indian Ocean.

Specialized Activities:

During the first half of 2013, revenue rose 11%, an increase that comprises differences amongst the businesses: strong growth in the Railways sector (+32%), increased revenue for the Sales of refined products sector (+16%) linked to the end on January
1, 2013 of a processing contract with Total (by which Total commercialized 40% of SRD's production), nearly unchanged business compared to the first half of 2012 for the Waterproofing and Pipelines sectors, and a drop in business for Road Safety and

Signaling (-7%).


Profitability

As of June 30, 2013, the Group's operating profit amounted to -76 million euros, against
-34 million euros on June 30, 2012.
Operating profit is down 42 million euros, a trend that mainly reflects unfavorable weather conditions in France, Europe and North America compared to the first half of
2012.
Net profit attributable to the Group was -32 million euros during the first half of 2013, down 13 million euros from the first half of 2012.

Net debt

As of June 30, 2013, net debt amounted to 1,142 million euros. The change from December 31, 2012 (net debt at 170 million euros) reflects the typically seasonal nature of Colas' business. These figures are to be compared to net debt as of June 30, 2012 at
1,074 million euros. The change over one year is primarily explained by additional working capital requirements in the refining activity in France, which has been operated
at 100% since January 1, 2013.

Work-on-hand

Work-on-hand at the end of June 2013 remained high at 7.6 billion euros (-4% from the end of June 2012, +5% from the end of June 2011). Mainland France accounts for
4 billion euros (-2%), and the International units and French Overseas Departments account for 3.6 billion euros (-5%). These figures do not yet include the Tangiers-
Kenitra high speed railway contract (124 million euros for Colas Rail).
The Group's work-on-hand provides good visibility into the second half year 2013.

Outlook

? Roads:
The delays in business encountered in France and in North America will be partially or totally overcome if the weather is favorable, notably towards the end of the year.
In Europe and in the Rest of the World, total revenue should not change significantly, as continued growth in Asia/Australia will offset the drop in Africa/Indian Ocean.
? The Specialized Activities will see growth thanks to continued progress in the
Railways sector which is enjoying a high level of work-on-hand.
On the basis of currently available information, the revenue target for 2013, set in February and confirmed in May, remains unchanged at 13.2 billion euros (+1% compared to 2012).

The financial statements and corresponding notes are available at www.colas.com. The interim financial report is available at www.colas.com.

The financial statements have been subject to a limited review by the statutory auditors and the corresponding report has been issued.

For further information: Delphine Lombard (tel.: 33 1 47 61 76 17) - mailto:delphine.lombard@colas.com


Consolidated income statement for second quarter 2013

in millions of euros

2nd quarter

Change

2013/2012

in millions of euros

2013

2012

Change

2013/2012

Revenue

3,451

3,385

+2%

Operating profit

127

152

-16%

Net profit attributable to the

Group

99

108

-8%

First half year 2013 revenue by operating sector

in millions of euros

1st half year

Change

2013/2012

Change with comparable scope of business and exchange

rates

in millions of euros

2013

2012

Change

2013/2012

Change with comparable scope of business and exchange

rates

Roads Mainland France

2,320

2,369

-2%

-2%

Roads Europe

578

619

-7%

-4%

Roads North America

727

806

-10%

-9%

Roads Rest of the World

727

714

+2%

+1%

Total Roads

4,352

4,508

-3%

-3%

Specialized Activities

1,197

1,074

+11%

+10%

Holding company

11

12

ns

ns

TOTAL

5,560

5,594

-1%

-1%


First half year 2013 revenue by geographic zone

in millions of euros

1st half year

Change

2013/2012

in millions of euros

2013

2012

Change

2013/2012

Mainland France

3,179

3,170

=

French Overseas Depts.

220

197

+12%

France

3,399

3,367

+1%

North America

730

812

-10%

Europe (excl. France)

863

858

+1%

Rest of the World2

568

557

+2%

International

2,161

2,227

-3%

TOTAL

5,560

5,594

-1%

2 including French Overseas Territories

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