Slide 1: Full Year 2009 Results Presentation
FULL-YEAR FULL YEAR 2009 RESULTS PRESENTATION Paris – 3 March 2010
Slide 2: 3 March 2010
This presentation contains projections and forecasts. They express objectives based on the current assessments and estimates of the Group’s senior management which are subject to many factors and uncertainties. The following factors, among others set out in the Registration Document filed with the F
Slide 3: Highlights and key figures, business areas, financial statements, outlook
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OUTLOOK AND OBJECTIVES
Slide 4: Highlights: improved performance throughout the year
HIGHLIGHTS Group sales are holding up well Debt reduced significantly Commercial performance of the Construction businesses 9 Bouygues Construction: high level of order intakes equivalent to full-year sales 9 Colas: increase in the order book 9 Bouygues Bo g es Immobilier Immobilier: a high le
Slide 5: Group: key operating figures
BOUYGUES GROUP: key operating figures € million 2008 2009 Change Sales 32,4591 31,353 -3%2 Operating profit 2,1961 1,855 -16% Net profit attributable to the Group 1,501 1,319 -12% 1Applying the same accounting policy as in 2009, excluding Finagestion’s contributions 2Down 3% like-for-like like for l
Slide 6: Group: key quarterly operating figures
BOUYGUES GROUP: key quarterly operating figures First quarter Second quarter € million 2009 g 1 Change 2009 Change g 1 Sales 6,579 -3% 8,211 -3% p g profit Operating p 165 -56% % 607 -14% % Net profit attributable to the Group 159 -29% 388 -19% Third quarter Fourth quarter € million 2009 Change1 200
Slide 7: Group: financial position (1/2)
BOUYGUES GROUP: financial position (1/2) End- End- € million Change 2008 2009 Shareholders’ equity 8,765 9,726 +€961m Net debt , 4,916 2,704 , -€2,212m , Net gearing 56% 28% -28 pts S&P credit rating confirmed in January 2010 and unchanged since 2001: A- with a stable outlook Sharp decrease in n
Slide 8: Group: financial position (2/2)
BOUYGUES GROUP: financial position (2/2) € million 20081 2009 Change Cash flow 3,542 3,430 -3% - Cost of net debt -275 -344 +25% - Income tax expense -593 593 -487 487 -18% 18% - Net capital expenditure -1,730 -1,270 -27% Free cash flow f 944 1,329 +41% % 1 Applying the same accounting policy as in
Slide 9: Group: key figures over five years
BOUYGUES GROUP: key figures over five years Sales 32,4593 31,353 Operating profit 29,5882 2,1963 €m €m 2,181 26,4081 1,8771 1,855 1,7451 23 9831 23,983 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 Net profit attributable to the Group Earnings per share (€) Non-recurring items 4.353 Recurring it
Slide 10: Group: dividend per share
BOUYGUES GROUP: dividend per share (€) 1.6 1.6 1 1.5 1.2 0.9 2005 2006 2007 2008 2009 Payout ratio: 37% 39% 37% 36% 43% 1To be proposed to the AGM on 29 April 2010 Dividend maintained
Slide 11: Bouygues-Alstom
BOUYGUES-ALSTOM Bouygues’ stake in Alstom stabilised at 30% Acquisition by Alstom of Areva T&D’s transmission business p Continued commercial and operational cooperation p 9 Joint bids for major TGV (high speed train) projects in France Financial contribution from Alstom in 2009: €329m 9 Sha
Slide 12: Alstom: nine-month sales
ALSTOM: nine-month sales At 31 December 2009 (for the first nine months of FY2009/2010) 9 Sales: €14 4 billion €14.4 billion, up 6% 9 Orders received: €11.4 billion, down 47% 9 Order book: €44 billion, billion ie approx. approx 27 months of sales Operating margin target of around 9% confirmed fo
Slide 13: Share ownership structure at 31 December 2009
BOUYGUES: share ownership structure at 31 December 2009 Capital Voting rights SCDM 18 6% 18.6% SCDM Foreign Foreign 25.6% 27.2% shareholders 34.3% shareholders 18.3% 24.0% 23.2% 28.8% Employees Other French shareholders Employees Other French shareholders At 31 December 2009 SCDM is a company co
Slide 14: Group: share price performance
BOUYGUES GROUP: share price performance Performance of Bouygues share price and Dow Jones Eurostoxx 50 index from 31 December 2008 to 26 February 2010 (close) 2009 2010 B Bouygues DJ EuroStoxx E St 50 40 38 36 €33.8 34 +12% Shhare price (€€) +11% 32 30 28 26 24 22 Dec-08 Jan-09 Mar-09 Apr-09 May-0
Slide 15: Sustainable development: 2009 highlights
SUSTAINABLE DEVELOPMENT: 2009 highlights Carbon and Energy 9 Differentiation Diff ti ti strategy t t based b d on offering ff i low-carbon l b eco-variants i t tto customers t in i the Construction businesses pp tool in order to cut costs in all 9 First use of carbon balances as a decision support
Slide 16: Human resources (1/3)
HUMAN RESOURCES (1/3) Headcount Number of employees at 31 December 2008 2009 Total , 1 138,936 133,971 , France 77,2741 76,427 International 61,6521 57,544 Recruitment ec u t e t – worldwide o d de 28,900 8,900 22,500 ,500 o/w France 11,400 6,024 1Excluding Finagestion sold in 2009 (6,220 employee
Slide 17: Human resources (2/3)
HUMAN RESOURCES (2/3) Disability Disabled workers in France 2008 2009 Number of disabled employees 1,625 1,638 Number of disabled employees recruited 146 148 9 The policy of integrating disabled employees will continue to be supported in all business areas by awareness-raising and training for man
Slide 18: Human resources (3/3)
HUMAN RESOURCES (3/3) Employee savings invested in Bouygues shares € million 2008 2009 Company savings scheme + profit sharing 197 172 of which employer's contribution 69 73 Leveraged scheme (Bouygues Partage 2) - 26 o/w employer’s contribution + discount - 21 Total 197 198 o/w employer’s contribu
Slide 19: Sustainable construction: a priority
SUSTAINABLE CONSTRUCTION: a priority The environmental dimension is becoming an important selling point for new buildings 9 Bouygues Construction: 29% of the total order intake in the building segment worldwide is covered by an environmental labelling or certification scheme 9 Bouygues Immobilier
Slide 20: Corporate governance: Board of Directors
CORPORATE GOVERNANCE: Board of Directors In 2009: 18 directors, including 7 independent directors 9 7B Board d meetings ti 9 All the committees are chaired by an independent director ¾ Accounts Acco nts Committee Committee: 4 meetings ¾ Selection Committee: 1 meeting ¾ Remuneration Committee: 2 me
Slide 21: Highlights and key figures, business areas, financial statements, outlook
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OUTLOOK AND OBJECTIVES
Slide 22: Bouygues Construction: key figures
BOUYGUES CONSTRUCTION: key figures € million 2008 2009 Change Sales 9,497 9,546 +0.5%1 o/w France 5,384 , 5,356 , -0.5% o/w international 4,113 4,190 +2% Operating margin 3.2% 3.5% +0.3 pts Net profit attributable to the Group 297 240 -19% 1Up 0.5% like-for-like and at constant exchange rates Tour F
Slide 23: Bouygues Construction: order intakes
BOUYGUES CONSTRUCTION: order intakes1 IInternational t ti l France Total Quarterly performance €m Yearly performance 3,500 -12% 3,193 2,918 11,081 10,668 , 3 000 3,000 2,651 9,395 2,581 9,305 2,500 2,243 2,232 2,207 5,363 4,526 2,000 2,038 3,874 3,928 1 789 1,789 1,500 1,000 1,129 5,431 5,718 6,142
Slide 24: Bouygues Construction: order book
BOUYGUES CONSTRUCTION: order book Long-term Long term order book (beyond Y+5) -2% Order book Y+2 to Y+5 €12.3bn €12.0bn At 31 December 2009 Order book Y+1 €11.3bn France 1,363 1,324 50% 1 321 1,321 Middle East 1% €8.7bn Americas 6% 3,972 3,956 877 3,549 Africa 8% 74% 2 491 2,491 A i 11% Asia €m Rest
Slide 25: Bouygues Construction: major contracts booked in 2009
BOUYGUES CONSTRUCTION: major contracts booked in 2009 FRANCE UNITED KINGDOM Amiens hospital: €258m 2 schools (BSF programme): €59m Orléans hospital: €202m National Archives building in Pierrefitte: €104m TURKMENISTAN Presidential complex €298m CROATIA Istria motorway (concession) HONG KONG €211m Civ
Slide 26: Bouygues Construction: opportunities
BOUYGUES CONSTRUCTION: opportunities Infrastructure needs remain considerable in both emerging and developed countries 9 Example: €350 billion1 in structural funds granted by the European Union to new entrants for infrastructure projects over the 2007-2013 period Environmental challenges are bec
Slide 27: Bouygues Construction: outlook
BOUYGUES CONSTRUCTION: outlook Economic environment still difficult in 2010 9 Competitive pressure remains stiff 9 The effects of the stimulus plans on order intakes are expected as of 2011 Against g this backdrop, Bouygues yg Construction relies on 9 A strong order book securing 74% of targeted
Slide 28: Bouygues Immobilier: key figures
BOUYGUES IMMOBILIER: key figures € million 2008 2009 Change Sales S l 22,924 924 22,989 989 +2% 2%1 o/w residential 1,797 2,084 +16% o/w commercial 1,127 905 -20% Operating margin 8.4% 6.8% -1.6 pts Net profit attributable to the Group 105 110 +5% 1Up 2% like-for-like and at constant exchange rates
Slide 29: Bouygues Immobilier: reservations
BOUYGUES IMMOBILIER: reservations Quarterly performance Commercial property Yearly performance 707 Residential property €m 3,642 593 590 586 -1% 310 88 43 ns 1,694 459 426 233 100 350 10 1,985 1,955 -2% 11 152 ns 675 505 228 543 +52% 397 32 416 359 339 357 1,948 1,803 +38% 1,310 196 Q1 08 Q1 09 Q2 0
Slide 30: Residential property market: new home reservations in France
RESIDENTIAL PROPERTY MARKET: new home reservations in France Number of housing units Bouygues Immobilier Market1 Unit reservations Block reservations 11,093 , 10 740 10,740 +39% 39% 127,246 , 38% -38% -30% 106,282 1,773 2,938 7,726 -43% +34% 79,400 3,125 8,967 8,155 +95% 4,601 2007 2008 2009 2007 20
Slide 31: Bouygues Immobilier: order book
BOUYGUES IMMOBILIER: order book Commercial property Residential p property p y 4,064 3,212 €m 1,603 2,457 1,184 2,178 -32% 506 431 -64% 64% 2,461 1 951 1,951 2 028 2,028 -14% 14% 1,747 End-Dec 2006 End-Dec 2007 End-Dec 2008 End-Dec 2009 Order book affected by the downturn in commercial property
Slide 32: Bouygues Immobilier: outlook
BOUYGUES IMMOBILIER: outlook 2010 sales will reflect the decline in the order book The French residential property market is expected to remain stable and the commercial property market only to recover progressively Bouygues Immobilier’s strengths 9 Very V lowl stock t k off completed l t d un
Slide 33: Colas: key figures
COLAS: key figures € million 2008 2009 Change Sales S l 12,789 12 789 11,581 11 581 -9% 9%1 o/w France 7,328 6,751 -8% o/w international 5,461 4,830 -12% Operating margin 5.3% 4.7% -0.6 pts Net profit attributable to the Group 490 387 -21% A6 motorway, Champagne region 1Down 9% like-for-like and at
Slide 34: Colas: order book
COLAS: order book €m International and overseas territories Mainland France 7 252 7,252 7,095 7,183 6,765 -7% +1% 6,657 +5% 6,310 6,257 +7% 5,823 3,679 3,674 3,745 3,374 3,393 +6% 3,154 3,013 2,838 +9% 3,573 3,391 3,421 3,438 , 3,156 3,264 3,244 , 2 985 2,985 End- End End- End End- End End- End End
Slide 35: Colas: stimulus plans
COLAS: stimulus plans The French and US stimulus plans started to boost business activity but they did not have their full impact In France 9 The French plan for early VAT rebates had a positive impact, especially in Q4 2009 ¾ Sales S l were ddown 2% compared d with ith a 8% ddrop over th the ye
Slide 36: Colas: growth opportunities
COLAS: growth opportunities PPP contracts generating sales over several years 9 Ongoing projects highlight Colas’ expertise ¾ 12 PPPs PPP in i progress or signed i d ini 2009 ¾ Example: in the UK, management and maintenance of 32% of the road and motorway network, and railway maintenance contracts
Slide 37: Colas: outlook
COLAS: outlook Outlook for 2010 9 Roads markets ¾ Assumption of stability or a slight decline in mainland France with still low visibility on local authority budgets ¾ Downturn in Europe due to the decline in Central Europe. Good prospects in North America 9 Other businesses ¾ Good prospects for r
Slide 38: TF1: key figures
TF1: key figures € million 2008 2009 Change Sales S l 22,595 595 22,365 365 - 9%1 o/w TF1 channel advertising 1,647 1,429 -13% o/w other activities 948 936 -1% Operating margin 6.8% 4.3% -2.5 pts Net profit attributable to the Group 164 115 -30% 1Down 9% like-for-like and at constant exchange rates
Slide 39: TF1: challenges
TF1: challenges In keeping with the strategy initiated in 2009 Strengthen the core business, television 9 Develop a strong programme schedule while controlling its costs 9 Build on the potential of TMC and NT1 (after approval by the relevant authorities) 9 Reinforce R i f production d ti andd crea
Slide 40: TF1: regulatory challenges
TF1: regulatory challenges Terrestrial TV Search engine Video sharing website Social networks Total number of 24 laws/16 decrees None 1 law 1 law regulatory texts in 22 years Obligations - Anti-concentration measure None None None - Broadcast obligations - Production obligations - Restrictions on ad
Slide 41: TF1: outlook
TF1: outlook Promising start to the year with good audience figures Possible pick pick-up up in the advertising market in 2010? 9 Pressure on prices remains 9 Visibility still low 9 Advertisers are cautious but convinced of the efficiency of television as a medium Strengths 9 Television T l i
Slide 42: Bouygues Telecom: key figures
BOUYGUES TELECOM: key figures € million 2008 2009 Change Sales 5,089 5,368 +5%1 Sales from network 4,696 4,863 +4% EBITDA 1,405 1,344 -4% EBITDA/sales from network 29.9% 27.6% -2.3 2.3 pts Operating margin 16.1% 13.6% -2.5 pts Net p profit attributable to the Group p 534 471 -12% ideo ad 1Up 5% like
Slide 43: Bouygues Telecom: 2009 operating performance
BOUYGUES TELECOM: 2009 operating performance Sales from network EBITDA Organic growth, net of Sales and marketing the cost of launching expenses related to the the fixed-line business increase in net additions Call termination Organic rate cut growth up 6% +78 Reduction in voice termination rate dif
Slide 44: Bouygues Telecom: 2009 commercial performance
BOUYGUES TELECOM: 2009 commercial performance The mobile business achieved an excellent commercial performance thanks to attractive offers 9 The total customer base passed the 10-million mark (10,352,000 at end-2009), of which 1 million business customers, with a contract mix of 76.6% 9 758,000 75
Slide 45: Bouygues Telecom: key indicators
BOUYGUES TELECOM: key indicators Total customer Contract Prepaid base 2008 2009 2008 2009 2008 2009 SIM cards (‘000) 7,217 7,926 2,377 2,426 9,594 10,352 SIM cards (% mix) 75.2% 76.6% 24.8% 23.4% No. of Bbox routers activated (‘000) 11 311 Mobile business – ARPU (€/year)1 607 589 185 179 498 4872 Mo
Slide 46: Bouygues Telecom: regulatory environment for mobile in 2010
BOUYGUES TELECOM: regulatory environment for the mobile business in 2010 Increase in taxes and fees estimated at €50 million in 2010 9 Audiovisual tax,, 3G licence fee,, etc. Cut in SMS termination rates and reduction in the termination rate differential with Orange and SFR at 1 February 2010
Slide 47: Bouygues Telecom: fibre optic infrastructure in France
BOUYGUES TELECOM: fibre optic infrastructure in France Very High Speed Architecture FTTH: ARCEP segmentation FTTH: Fibre To The Home End-to-end fibre network from the p operator’s national network to the Zone 3 – low density area1 customer’s home - 12 million households - Public subsidy FTTx: Fibre
Slide 48: Bouygues Telecom: Very High Speed context
BOUYGUES TELECOM: Very High Speed context Market context 9 Internet is part of the everyday lives of customers who want to access all services via multiple devices (home computers, laptops, smartphones, TV, etc.) 9 These new uses are driving increased speeds 9 Very High Speed solutions will be a m
Slide 49: Bouygues Telecom: position in Very High Speed
BOUYGUES TELECOM: position in Very High Speed To satisfy customer expectations in the short- and medium-term, launch of a Very High g Speed p offer in H2 2010 without waiting g for FTTH1, for which deployment p y will take several years 9 Access to Numericable’s FTTx2 network: 3.3 million connecti
Slide 50: Bouygues Telecom: 2010 targets
BOUYGUES TELECOM: 2010 targets Maintain strong organic growth (excluding impact of call termination rates) 9 Through new innovative, attractive and value-creating services 9 Building on the strong start made by Bbox and the success of ideo 9 Targeting, for the fixed-line business, the No. 1 positi
Slide 51: Bouygues Telecom: outlook
BOUYGUES TELECOM: outlook Sales from network Organic growth Voice V i andd SMS Strong organic growth in sales from network, up 9% termination rate cuts concealed by the effect of cuts in voice and €m SMS termination rates 9 9% organic growth expected for 2010 4,863 4,870 9 Termination rate impact
Slide 52: Highlights and key figures, business areas, financial statements, outlook
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OUTLOOK AND OBJECTIVES
Slide 53: Condensed consolidated income statement (1/2)
BOUYGUES: condensed consolidated income statement (1/2) 2008 2008 € million illi 2009 Ch Change restated1 published Sales 32,459 31,353 -3% 32,713 Operating profit 2,196 1,855 -16% 2,230 Cost of net debt (275) (344) +25% (277) o/w financial income 157 81 -48% 158 o/w financial expenses (432) (425) -
Slide 54: Condensed consolidated income statement (2/2)
BOUYGUES: condensed consolidated income statement (2/2) 2008 2008 € million 2009 Change restated1 published Income tax expense (593) (487) -18% (605) Share of p profits and losses of associates 357 393 +10% 357 Net profit from continuing operations 1,666 1,442 -13% 1,686 Net profit from discontinued
Slide 55: Sales by business area
Sales by business area € million 2008 2009 Change Bouygues Construction 9,497 9,546 +1% Bouygues Immobilier 2,924 2,989 +2% Colas 12 789 12,789 11 581 11,581 -9% 9% TF1 2,595 2,365 -9% ouygues Telecom Bouygues e eco 5,089 5,368 +5% 5% Holding company and other 1741 134 ns Intra-Group elimination (60
Slide 56: Contribution of business areas to Group EBITDA
Contribution of business areas to Group EBITDA € million 2008 2009 Change Bouygues Construction 534 746 +€212m Bouygues Immobilier 312 269 -€43m €43m Colas 1,219 1,109 -€110m TF1 317 194 -€123m Bouygues Telecom 1,405 1,344 -€61m Holding company and other (37)1 (46) -€9m €9m -€134m TOTAL 33,750 7501
Slide 57: Contribution of business areas to Group operating profit
Contribution of business areas to Group operating profit € million 2008 2009 Change Bouygues Construction 308 335 +€27m Bouygues Immobilier 247 203 -€44m €44m Colas 681 541 -€140m TF1 177 101 -€76m €76 Bouygues Telecom 817 730 -€87m Holding company and other ((34))1 ( ) (55) -€21m € €341m -€341m TOT
Slide 58: Contribution of business areas to Group net profit
Contribution of business areas to Group net profit Group share € million 2008 2009 Change Bouygues Construction 296 240 -€56m Bouygues Immobilier 105 110 +€5m Colas 475 374 -€101m TF1 71 49 -€22m Bouygues Telecom 478 422 -€56m Alstom 317 346 +€29m €29 Holding company and other (241) (222) +€19m 1,
Slide 59: Condensed consolidated balance sheet
BOUYGUES: condensed consolidated balance sheet End-Dec End-Dec € million Change 2008 2009 Non current assets 18,670 17,700 -€970m €970m Current assets 16,818 16,235 -€583m TOTAL ASSETS 35,488 33,935 -€1,553m Shareholders’ equity 8,765 9,726 +€961m Non current liabilities 8 796 8,796 8 250 8,250 -€54
Slide 60: Change in cash position in 2009
BOUYGUES: change in cash position in 2009 Net cash at € €m Net cash at 31 Dec 2008 31 Dec 2009 (2,704) (4,916) Operation +1 639 +1,639 Acquisitions/ Dividends disposals1 paid Capital +843 -671 transactions2 +217 Impact of scope o/w sale of stake of consolidation3 in Canal+ +184 +€744m 2008 (4 288) (
Slide 61: Change in cash position in 2009
BOUYGUES: change in cash position in 2009 Breakdown of operation: +€1,639m €m +2,503 -1,270 +406 Net cash flow1 Capital expenditure Change in WCR & other 2008 +2,606 -1,730 -389 Net cash flow = cash flow - cost of net debt - income tax expense 1Excluding Alstom dividend distributed to Bouygues SA (€
Slide 62: Contribution of business areas to Group net cash flow
Contribution of business areas to Group net cash flow € million 2008 2009 Change Bouygues Construction 431 471 +€40m Bouygues Immobilier 116 126 +€10m Colas 946 860 -€86m TF1 207 149 -€58m yg Bouygues Telecom 1,127 , 1,084 , -€43m Holding company and other (153)1 (91) +€62m -€75m TOTAL 2,6741 2,599
Slide 63: Contribution of business areas to Group net capital expenditure
Contribution of business areas to Group net capital expenditure Net capital expenditure € million 2008 2009 Change B Bouygues Construction C t ti 253 142 -€111m €111 Bouygues Immobilier 8 6 -€2m Colas 537 362 -€175m TF1 58 70 +€12m Bouygues Telecom 872 683 -€189m Holding company and other 21 7 +€5
Slide 64: Contribution of business areas to Group free cash flow
Contribution of business areas to Group free cash flow € million 2008 2009 Change Bouygues Construction 178 329 +€151m Bouygues Immobilier 108 120 +€12m Colas 409 498 +€89m TF1 149 79 -€70m Bouygues Telecom 255 401 +€146m Holding company and other (155)1 (98) +€57m +€385m TOTAL 9441 1,329 +41% F cas
Slide 65: Contribution of business areas to changes in Group WCR
Contribution of business areas to changes in Group WCR € million 2009 Scope of consolidation, exchange rate and other 28 WCR related l t d to t tax t (3) WCR related to operating activities & investment 381 o/w: Bouygues Construction 348 Bouygues Immobilier 138 Colas (72) TF1 0 Bouygues Telecom (46)
Slide 66: Net cash by business area
Net cash by business area End-December € million Change 2008 2009 B Bouygues Construction C t ti 2 592 2,592 3 285 3,285 +€693 +€693m Bouygues Immobilier 1 146 +€145m Colas (6) 116 +€122m TF1 (699) 73 +€772m Bouygues Telecom (107) (294) -€187m €187m Holding company and other (6,697) (6,030) +€667m T
Slide 67: Very substantial liquidity
BOUYGUES: very substantial liquidity €m Available cash: €9.6 billion 10,000 Debt repayment schedule at 31 December 2009 9,000 8,000 7,000 Undrawn MLT 6,000 credit lines 5,000 4,000 3 000 3,000 2,000 Cash 1,000 0 Evenly-spread debt repayment schedule Mainly fixed-rate debt
Slide 68: Highlights and key figures, business areas, financial statements, outlook
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OUTLOOK AND OBJECTIVES
Slide 69: Group: 2010 sales target
BOUYGUES GROUP: 2010 sales target € million 2009 2010 Change Bouygues Construction 9,546 9,100 -5% Bouygues Immobilier 2 989 2,989 2 100 2,100 -30% 30% Colas 11,581 11,500 -1% TF1 2,365 2,410 +2% 2% Bouygues Telecom 5,368 5,370 = Holding company and other 134 130 ns Intra-Group elimination (630) (61
Slide 70: Group: conclusion
BOUYGUES GROUP: conclusion In a context of economic crisis, Bouygues exceeded its 2009 targets Throughout the year, year Bouygues was able to adapt to its new environment 9C Change a ge in market a et ooffering e g in linee with t new e customer custo e needs eeds 9 Cautious stance to face stiff
Slide 71: Group: outlook
BOUYGUES GROUP: outlook In keeping with the initiatives introduced in 2009, Bouygues will continue to adapt to the current environment The Group’s financial health is excellent Bouygues will be attentive to opportunities without making excessive investments or paying excessive prices for any a
Slide 72: Calendar
BOUYGUES: calendar (CET1) 29 April 2010 Annual General Meeting 3.30pm 7 May 2010 Dividend payment 12 May 2010 First-quarter 2010 sales 5.45pm 1 June 2010 First quarter 2010 earnings First-quarter 5 45pm 5.45pm 31 August 2010 First-half 2010 sales and earnings 5.45pm 1 September 2010 Anal
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