Bouygues Sa · EURONEXT:EN
Bouygues Sa — FY2004 Earnings Presentation
20 slides from Bouygues Sa's earnings presentation, March 2005
Slide 1: Highlights, Business Areas, Accounts, Broadband Strategy, Outlook and Objectives
HIGHLIGHTS BUSINESS AREAS ACCOUNTS BROADBAND STRATEGY OUTLOOK AND OBJECTIVES 1
Slide 2: Consolidated income statement
BOUYGUES: consolidated income statement 2004 Million euros 2003 2004 2003 Sales 21,822 23,402 + 7% Operating income 1,238 1,547 + 25% Earnings before tax 1,019 1,382 + 36% and exceptional items Exceptional items (14) 209 ns Income tax (380) (519) + 37% Net earnings attributable 450 858 + 91% to the
Slide 3: Contribution of business areas to sales
BOUYGUES: contribution of business areas to sales 2004 Million euros 2003 2004 2003 Bouygues Construction 4,742 5,228 + 10% Bouygues Immobilier 1,229 1,294 + 5% Colas 7,387 7,936 +7% TF1 2,727 2,817 + 3% Bouygues Telecom 3,271 3,658 + 12% Saur 2,448 2,453 = Holding and other 18 16 ns TOTAL 21,822 23
Slide 4: Contribution of business areas to EBITDA
BOUYGUES: contribution of business areas to EBITDA 2004 Million euros 2003 2004 2003 Bouygues Construction 180 246 + 37% Bouygues Immobilier 85 118 + 39% Colas 505 549 + 9% TF1 455 494 + 9% Bouygues Telecom 1,006 1,153 + 15% Saur 190 184 - 3% Holding and other (6) (14) ns TOTAL 2,415 2,730 + 13% 4
Slide 5: Contribution of business areas to operating income
BOUYGUES: contribution of business areas to operating income 2004 Million euros 2003 2004 2003 Bouygues Construction 37 132 x 3.6 Bouygues Immobilier 80 114 + 43% Colas 262 289 + 10% TF1 332 398 + 20% Bouygues Telecom 460 550 + 20% Saur 88 91 + 3% Holding and other (21) (27) ns TOTAL 1,238 1,547 + 2
Slide 6: Contribution of business areas to net earnings
BOUYGUES: contribution of business areas to net earnings 2004 Million euros 2003 2004 2003 Bouygues Construction 23 146 + 123 Bouygues Immobilier 44 65 + 21 Colas 192 233 + 41 TF1 79 91 + 12 Bouygues Telecom (1) 146 266 + 120 Saur 20 (4) - 24 Holding and other (54) 61 + 115 Net earnings excl. capita
Slide 7: Profitability analysis in 2004 (1/2)
BOUYGUES: profitability analysis in 2004 (1/2) 2003 2004 Operating Operating At business level ROCE (1) ROCE (1) margin margin Bouygues Construction 0.8% +++ (2) 2.4% +++ (2) Bouygues Immobilier 6.5% 34.5% 8.8% ++ (3) Colas 3.5% 22.8% 3.6% 26.5% (1) Operating income after tax and share of companies
Slide 8: Profitability analysis in 2004 (2/2)
BOUYGUES: profitability analysis in 2004 (2/2) 2003 2004 Operating Operating ROCE (1) ROCE (1) margin margin At business level TF1 12.6% (2) 16.0% 14.1% 18.2% Bouygues Telecom 14.1% 8.5% 15.0% 11.2% Saur 3.6 % 5.7 % At Group level Bouygues 5.7% 8.6% 6.6% 12.0% (1) operating income after tax and shar
Slide 9: Contribution of business areas to cash flow
BOUYGUES: contribution of business areas to cash flow 2004 Million euros 2003 2004 2003 Bouygues Construction 206 269 + 31% Bouygues Immobilier 55 82 + 49% Colas 453 488 + 37% TF1 318 305 - 4% Bouygues Telecom 866 1,111 + 28% Saur 177 143 - 19% Holding and other (2) (131) ns TOTAL 2,073 2,267 + 9% 9
Slide 10: Contribution of business areas to net investments
BOUYGUES: contribution of business areas to net investments Operating investments 2004 Million euros 2003 2004 2003 Bouygues Construction 87 75 - 12 Bouygues Immobilier 2 4 +2 Colas 256 340 + 84 TF1 93 76 - 17 Bouygues Telecom 381 515 + 134 Saur 121 77 - 44 Holding and other (10) (1) +9 TOTAL 930
Slide 11: Condensed consolidated balance sheet at 31 December
BOUYGUES: condensed consolidated balance sheet at 31 December Million euros 2002 2003 2004 Shareholders' equity 6,379 6,192 5,087 Long & medium term provisions 1,882 1,896 1,866 Financial liabilities 4,825 5,160 4,686 Long-term capital 13,086 13,248 11,639 Fixed assets 12,357 11,983 10,753 Working c
Slide 12: Bouygues S.A.: condensed balance sheet at 31 December
BOUYGUES S.A.: condensed balance sheet at 31 December Million euros 2002 2003 2004 Shareholders' equity 5,103 4,901 3,593 Long & medium-term provisions 232 177 187 Financial liabilities 2,232 2,978 3,345 Long-term capital 7,567 8,056 7,125 Long-term investments 6,651 7,823 7,276 Other assets 9 1 1 C
Slide 13: Cash position
BOUYGUES: cash position In €m Net cash at 31 December 2003 (2,786) 9 change in scope of consolidation (disposal of Saur) - 124 9 acquisition of Bouygues securities for cancellation - 471 9 conversion of Oceane bonds + 418 9 ordinary dividends paid by Bouygues and TF1 (minority interests) - 249 9 r
Slide 14: Net cash by business area
BOUYGUES: net cash by business area 2004 Million euros 2003 2004 2003 Bouygues Construction 1,346 1,520 + 174 Bouygues Immobilier 88 251 + 163 Colas 255 488 + 233 TF1 (426) (404) + 22 Bouygues Telecom (1,031) (582) + 449 Saur 75 0 - 75 Holding and other (3,093) (2,953) + 140 Net book cash (2,786) (1
Slide 15: Financing policy
BOUYGUES: financing policy Available cash at 31 December 2004: 6.6 billion euros 7000 6000 Debt repayment schedule 5000 Undrawn MLT 4000 credit lines 3000 2000 Cash 1000 0 Liquidity 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 €633m: net impact of exceptional payout (€1,664) on 07/01/05 and pro
Slide 16: New IFRS standards: status report
NEW IFRS STANDARDS: status report Opening balance sheet at 1 January 2004 9 drawn up according to published standards 9 French standards maintained: utilities management services and customer retention provisions (Bouygues Telecom) Financial statements as of 31 December 2004 9 in progress 4
Slide 17: IFRS: condensed 2004 opening balance sheet (1/2)
IFRS: condensed 2004 opening balance sheet (1/2) French IFRS ASSETS (in €m) Change standards standards Tangible assets 4,532 5,020 + 488 Intangible assets 6,409 1,088 - 5,321 Goodwill 264 5,272 + 5,008 Other non-current assets 778 1,558 + 780 Current financial assets 2,616 2,598 - 18 Other current a
Slide 18: IFRS: condensed 2004 opening balance sheet (2/2)
IFRS: condensed 2004 opening balance sheet (2/2) French IFRS LIABILITIES (in €m) Change standards standards Shareholders' equity, Group share 5,131 5,014 - 117 Minority interests 1,061 890 - 171 Total shareholders' equity 6,192 5,904 - 288 Non-current provisions 1,896 1,516 - 380 Non-current financi
Slide 19: IFRS: impact on income statement for a standard year
IFRS: impact on income statement for a standard year Sales: 9 Other and power distribution businesses in Africa and Italy - €270m 9 Other businesses - €50m NB: same impact in operating expenses no impact on operating income Depreciation of tangible and intangible assets + €15m Depreciation of
Slide 20: IFRS: calendar
IFRS: calendar 3 May 2005 9 publication of 2005 first-quarter sales under IFRS standards with comparison of 2004 first-quarter sales under IFRS 22 June 2005 9 publication of 2005 first-quarter accounts under IFRS standards with comparison of 2004 first-quarter accounts under IFRS 9 accounts at 3