Boulogne, May 13, 2016
1st QUARTER 2016- Revenue: 1.8 billion euros (- 11.4% and -6.6% at constant scope and exchange rates)
- Net profit attributable to the Group: -171 million euros (-170 million euros for 1st quarter 2015)
- High level of work on hand: 7.7 billion euros (-2%)
1st quarter | ||
2016 | 2015 | |
Consolidated revenue | 1,754 | 1,979 |
of which France | 1,084 | 1,189 |
of which International | 670 | 790 |
Current operating income | -223 | -244 |
Operating income | -238 | -244 |
Consolidated net profit attributable to the Group | -171 | -170 |
Change |
-11.4% -8.8% -15.2% |
+21 |
+6 |
-1 |
Reminder Fiscal 2015 |
11,960 6,044 5,916 |
344 |
249 |
234 |
In millions of euros
Net cash | 64 | 20 | +44 | 560 |
Due to the highly seasonal nature of most of the Group's businesses, it is important to underline the fact that Colas' 1st quarter activity, results and cash figures are of little significance, and that they are not representative of a full fiscal year. As such, operating losses are recorded each year during the 1st quarter.
Revenue1st quarter 2016 revenue amounted to 1.75 billion euros, down 11.4% (-6.6% at constant scope and exchange rates). France posted a total of 1.1 billion euros (-8.8%) and the International units recorded 0.7 billion euros (-15.2%).
Roads:
Revenue totaled 1.3 billion euros (-8% and -4% at constant scope and exchange rates).
In Mainland France, revenue is down 2.5% (-1.7% at constant scope) as market volumes appear to be stabilizing.
Revenue in the International units and French Overseas Departments is down 14%, due to:
an 8% scope and exchange rate effect, notably following the sale of subsidiaries specialized in bitumen sales and storage in Asia to the Thai subsidiary Tasco, accounted for with the equity method;
a drop in activity in central Europe.
Excluding these two elements, business in the International and French Overseas Departments is comparable to the 1st quarter 2015.
Specialized activities:
Revenue totaled 0.4 billion euros (-14% at constant scope and exchange rates). Waterproofing was down 11% and business got off to a late start in Railways compared to the 1st quarter 2015, which does not affect forecasts for Railways in 2016.
ProfitabilityCurrent operating income amounted to -223 million euros compared to -244 million euros for the 1st quarter 2015. Expenses incurred by the Sales of refined products activity, which mainly correspond to fixed costs at the subsidiary SRD in Dunkirk where production has been halted, are accounted for as non-current operating expenses as of January 1, 2016.
Net profit attributable to the Group amounted to -171 million euros, compared to -170 million euros at end-March 2015.
Net cashNet cash as of March 31, 2016 amounts to 64 million euros, compared to 560 million euros at the end of December 2015, which is for the most part a reflection of the seasonal nature of Colas' businesses.
OutlookAt the end of March 2016, work on hand remained high at 7.7 billion euros, down 2% from the end of March 2015. Work on hand is up 2% at 4.7 billion euros in the international units and French Overseas Departments and is down 7% at 3.0 billion euros in Mainland France.
Negotiations for the social plan to accompany the cessation of activity at the Dunkirk bitumen production unit (SRD) are currently on schedule.
Outlook for the year as released on February 24, 2016 remains unchanged.
The accounts have been the subject of a limited review by the Statutory Auditors.
The press release is available in English and in French at www.colas.com
For further information: Ms. Delphine Lombard (tel.: +33 1 47 61 76 17) - delphine.lombard@colas.com
Bouygues SA published this content on 13 May 2016 and is solely responsible for the information contained herein.
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