Slide 1: Full-Year 2017 Results Presentation
FULL-YEAR 2017 RESULTS PRESENTATION 22 FEBRUARY 2018
Slide 2: Forward-looking statements disclaimer
This presentation contains forward-looking information and statements about the Bouygues group and its businesses. Forward-looking statements may be identified by the use of words such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates” and similar statements.
Slide 3: Contents
CONTENTS HIGHLIGHTS AND KEY FIGURES REVIEW OF OPERATIONS FINANCIAL STATEMENTS OUTLOOK ANNEX 3
Slide 4: Highlights of 2017
HIGHLIGHTS OF 2017 Sharp increase in Group results and profitability year-on-year All targets for 2017 were met or exceeded The Group’s businesses strengthened their positions in their markets The Group is proposing to increase the dividend by €0.10 to €1.70 per share for 2017a Morpheus Hotel design
Slide 5: Bouygues, first group in France to gain Top Employer label
BOUYGUES, THE FIRST GROUP IN FRANCE TO GAIN THE TOP EMPLOYER LABEL FOR ALL ITS BUSINESSES 5
Slide 6: The Group met or exceeded all its 2017 targets
THE GROUP MET OR EXCEEDED ALL ITS 2017 TARGETS Targets Actual Current operating margin: 4.3% Continued improvement in the Group’s profitability +0.8 points vs 2016; +1.4 points vs 2015 Current operating profit: +€69m vs 2016 Increase current operating profit and current operating Current operating m
Slide 7: The Group's businesses strengthened their positions (1/2)
THE GROUP’S BUSINESSES STRENGTHENED THEIR POSITIONS (1/2) CONSTRUCTION BUSINESSES Improved commercial performance in France and internationally while remaining selective > Backlog at a record level at end-December 2017 Key player position strengthened in the sustainable neighborhood and smart cities
Slide 8: The Group's businesses strengthened their positions (2/2)
THE GROUP’S BUSINESSES STRENGTHENED THEIR POSITIONS (2/2) TF1 Development of production at European level (acquisition by Newen Studios of Tuvalua) and diversification of the client portfolio Acceleration in digital to support advertisers and strengthen digital content on platforms > Acquisition und
Slide 9: Sharp improvement in Group results and profitability year-on-year
SHARP IMPROVEMENT IN GROUP RESULTS AND PROFITABILITY YEAR-ON-YEAR €m 2016 2017 Change Sales 31,768 32,904 +4%a Growth in current operating profit o/w France 20,071 20,989 +5% (+27%, +€299m), reflecting good operating o/w international 11,697 11,915 +2% performance in the three activities Current ope
Slide 10: Return to long-term growth in Group free cash flow
RETURN TO LONG-TERM GROWTH IN GROUP FREE CASH FLOWa Free cash flowa (€m) 1,009 862b 818b 828 724b 397 395 251b (a) Free cash 2010 flow = cash flow - cost of2011 2012- net capital expenditure. net debt - income tax expense 2013It is calculated before 2014changes in WCR 2015 2016 2017 (b) Excluding pa
Slide 11: Very robust financial structure
VERY ROBUST FINANCIAL STRUCTURE NET DEBT OF €1.9BN AT END-DECEMBER 2017, STABLE VS END-DECEMBER 2016 Net debt at 31 December 2017 does not factor in End-Dec End-Dec the acquisitions underway of the Miller and €m 2016 2017 Change McAsphalt group by Colas, and aufeminin by TF1 Shareholders' equity 9,4
Slide 12: Contents
CONTENTS HIGHLIGHTS AND KEY FIGURES REVIEW OF OPERATIONS FINANCIAL STATEMENTS OUTLOOK ANNEX 12
Slide 13: Construction businesses
CONSTRUCTION BUSINESSES Yves Saint Laurent Museum in Marrakesh – Morocco Marcel Cachin residence in Romainville – France Wallops Island runway – United States 13
Slide 14: Record backlog offering good visibility of future activity
RECORD BACKLOG OFFERING GOOD VISIBILITY OF FUTURE ACTIVITY BACKLOG AT END-DECEMBER 2017 Backlog (€m) +6%a AT A RECORD LEVEL OF €31.9BN €31.9bn €30.2bn €29.0bn 3,162 €27.6bn 2,966 +7% Up 8% year-on-year at constant exchange 2,616 2,390 7,584 +7% rates 7,006 7,058 7,158 A STRONG INTERNATIONAL PRESENCE
Slide 15: Good commercial momentum in France
GOOD COMMERCIAL MOMENTUM IN FRANCE Backlog in France (€m) BACKLOG UP 9% YEAR-ON-YEAR +9% €15.4bn €14.1bn €14.2bn Increased market share at Bouygues Immobilier €13.3bn 3,030 +8% 2,278 2,804 > Residential property reservationsa 2,478 up 14% in 2017 vs 2016, outperforming the market 3,035 3,161 +9% 2,7
Slide 16: A strong and selective international presence (1/2)
A STRONG AND SELECTIVE INTERNATIONAL PRESENCE (1/2) International backlog (€m) +3%a BACKLOG UP 7% YEAR-ON-YEAR AT CONSTANT €16.5bn €15.7bn €16.0bn EXCHANGE RATES 162 132 -19% 138 €13.5bn SIGNIFICANT ORDER INTAKE IN Q4 2017 112 4,167 4,423 +6% 4,294 Construction of the Melbourne metro tunnel in 4,123
Slide 17: A strong and selective international presence (2/2)
A STRONG AND SELECTIVE INTERNATIONAL PRESENCE (2/2) REGIONS WITH THE MOST BUOYANT ORDER INTAKE FOR BOUYGUES CONSTRUCTION AND COLAS CENTRAL EUROPE NORTH +11% +8% +92% (€2.5bn) (€11.6bn) AMERICA (€1bn) FRANCE x3 HONG KONG (€1.1bn) x4 SINGAPORE (€600m) x50 (€1.5bn) AUSTRALIA 2017 vs 2016 (%) (order int
Slide 18: Bouygues recognised leader in underground works
BOUYGUES A WORLD LEADER IN RECOGNISED UNDERGROUND LEADER WORKS IN UNDERGROUND WORKS Tuen Mun-Chek Lap Kok tunnel with the world’s largest diameter TBM (17.6 meters) 18
Slide 19: Best in class
BEST IN CLASS UNIQUE EXPERTISE IN THE DESIGN AND CONSTRUCTION OF TUNNELS Presence across the entire value chain of a project Expertise in all tunneling and excavation methods Major references: Channel Tunnel, Port of Miami tunnel, extension of TBM (extension of Line 14 – Grand Paris Rapid transport
Slide 20: 25 years of innovation in underground works
25 YEARS OF INNOVATION IN UNDERGROUND WORKS LAUNCH OF A “TUNNEL LAB” FOR CONSTANT INNOVATION Automation: > Telemach: an articulated robot for changing the disc cutters on Telemach mechanized arm the cutterhead of TBMs in order to limit human intervention > Roby 850: a drilling robot used to install
Slide 21: Key figures in the construction businesses
KEY FIGURES IN THE CONSTRUCTION BUSINESSES IMPROVEMENT IN CURRENT OPERATING PROFIT lfl & AND PROFITABILITY IN THE CONSTRUCTION €m 2016 2017 Change constant BUSINESSES YEAR-ON-YEAR fxa Sales 25,001 25,753 +3% +4% Growth in current operating profit o/w France 13,373 13,927 +4% +4% at Colas in Q4 2017
Slide 22: EMAINN OUS
EMAINN OUS APPARTIENT EP crous vinx r ‘WORLD CHAMPION 2017
Slide 23: Key figures at TF1
KEY FIGURES AT TF1 INCREASE IN SALES (+3% VS 2016) €m 2016 2017 Change Advertising: +2% Sales 2,063 2,125 +3%a Other activities: +6% o/w TF1 group advertising 1,562 +2% 1,530 Current operating profit 129 185 +€56m IMPROVED PROFITABILITY Current operating margin 6.3% 8.7% +2.4 pts Current operating m
Slide 24: Bouygues Telecom
bouyques \w saa Y
Slide 25: Robust growth in mobile
ROBUST GROWTH IN MOBILE 14.4 MILLION CUSTOMERS AT END-DECEMBER 2017 Mobile plan customer base excl. MtoMa (millions of customers) 10.3 OF WHICH 10.3 MILLION MOBILE PLAN CUSTOMERS 9.8 EXCLUDING MtoMa +500,000 customers in 2017 9.1 +150,000 customers in Q4 2017 +1.7 million customers in 3 years, signi
Slide 26: Very good commercial performance in fixed
VERY GOOD COMMERCIAL PERFORMANCE IN FIXED 3.4 MILLION CUSTOMERS AT END-DECEMBER 2017 Fixed customer base (‘000 of customers) and share of FTTHa customers +340,000 customers in 2017 3,442 +98,000 customers in Q4 2017 Actual % FTTH 3,101 2,788 TARGET ACHIEVED: 1 MILLION ADDITIONAL 2,428 FIXED CUSTOMER
Slide 27: Acceleration of FTTH roll-out
ACCELERATION OF FTTHa ROLL-OUT FTTHa premises – secured and marketed 20M PREMISES SECUREDb AT END-DECEMBER 2017 (millions) +11 million vs end-2016 4M PREMISES MARKETEDc AT END-DECEMBER 2017 20 20 9 +2 million vs end-2016 6.1 Target of 12 million premises marketed 12 1.3 2 4 at end-2019 and of 20 mil
Slide 28: 6.8% growth in sales in 2017
6.8% GROWTH IN SALES IN 2017 YoY YoY YoY YoY YoY €m Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 change change change change change Sales 1,222 +8.0% 1,212 +4.5% 1,293 +6.7% 1,359 +8.0% 5,086 +6.8% o/w sales from network 1,037 +6.8% 1,046 +4.2% 1,095 +5.0% 1,094 +5.5% 4,272 +5.4% o/w excluding 918 +8.1% 931
Slide 29: Sharp improvement in Bouygues Telecom's profitability
SHARP IMPROVEMENT IN BOUYGUES TELECOM’S PROFITABILITY €m 2016 2017 Change EBITDA MARGIN OF 27.2% (+4.6 PTS) Sales 4,761 5,086 +7%a Target exceeded o/w sales from network 4,055 4,272 +5% EBITDA up €246m year-on-year o/w excl. incoming traffic 3,574 3,803 +6% EBITDA 916 1,162 +€246m OPERATING PROFIT I
Slide 30: Bouygues Telecom is experiencing profitable growth
BOUYGUES TELECOM IS EXPERIENCING PROFITABLE GROWTH THANKS TO THE STRATEGY PURSUED SINCE 2014 Leadership in 4G Greater investment in very-high-speed mobile and fixed via pragmatic infrastructure management Launch of quality, competitively-priced offers in fixed in order to reach the same market share
Slide 31: Bouygues Telecom's ambitions
BOUYGUES TELECOM’S AMBITIONS DIFFERENTIATION VIA EXCELLENT CUSTOMER RELATIONS To provide customers with a simple and fluid experience To recruit and retain premium mobile customers To reach 4 million fixed customers in the mid-term and accelerate FTTHa recruitment PROVIDE QUALITY 4G MOBILE AND FTTH
Slide 32: Contents
CONTENTS HIGHLIGHTS AND KEY FIGURES REVIEW OF OPERATIONS FINANCIAL STATEMENTS OUTLOOK ANNEX 32
Slide 33: Condensed consolidated income statement (1/2)
CONDENSED CONSOLIDATED INCOME STATEMENT (1/2) €m 2016 2017 Change Sales 31,768 32,904 +4%a Current operating profit 1,121 1,420 +€299m Other operating income and expensesb (174) 113 +€287m Operating profit 947 1,533 +586m Cost of net debt (222) (226) -€4m o/w financial income 26 25 -€1m o/w financia
Slide 34: Condensed consolidated income statement (2/2)
CONDENSED CONSOLIDATED INCOME STATEMENT (2/2) €m 2016 2017 Change Income tax (249) (303) -€54m Share of net profit of joint ventures and associates 267a 163 -€104m o/w Alstom 36 105 +€69m Net profit from continuing operations 784 1,205 +€421m Net profit attributable to non-controlling interests (52)
Slide 35: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET €m End-Dec 2016 End-Dec 2017 Change Non-current assets 17,432 17,777 +€345m Current assets 17,301 17,963 +€662m Held-for-sale assets and operations 121 38 -€83m TOTAL ASSETS 34,854 35,778 +€924m Shareholders' equity 9,420 10,210 +€790m Non-current liabilities 8,5
Slide 36: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec End-Dec €m Change 2016 2017 Of which: • Property, plant & equipment: +€292m Non-current assets 17,432 17,777 +€345m • Investments in JVs and associates: +€73m Current assets 17,301 17,963 +€662m Held-for-sale assets and 121 38 -€83m operations TOTAL ASSET
Slide 37: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec End-Dec €m Change 2016 2017 Non-current assets 17,432 17,777 +€345m Of which: Current assets 17,301 17,963 +€662m • Current operating assets: +€602m • Cash: +€71m Held-for-sale assets and 121 38 -€83m operations TOTAL ASSETS 34,854 35,778 +€924m Sharehold
Slide 38: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET €m End-Dec 2016 End-Dec 2017 Change Non-current assets 17,432 17,777 +€345m Current assets 17,301 17,963 +€662m Held-for-sale assets and operations 121 38 -€83m TOTAL ASSETS 34,854 35,778 +€924m Shareholders' equity 9,420 10,210 +€790m Non-current liabilities 8,5
Slide 39: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec End-Dec €m Change 2016 2017 Non-current assets 17,432 17,777 +€345m Current assets 17,301 17,963 +€662m Held-for-sale assets and Of which: 121 38 -€83m • Net profit: +€1,205m operations • Dividends : -€606m TOTAL ASSETS 34,854 35,778 +€924m • Capital tran
Slide 40: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET End-Dec End-Dec €m Change 2016 2017 Non-current assets 17,432 17,777 +€345m Current assets 17,301 17,963 +€662m Held-for-sale assets and 121 38 -€83m operations TOTAL ASSETS 34,854 35,778 +€924m Shareholders' equity 9,420 10,210 +€790m o/w reclassification to cur
Slide 41: Condensed consolidated balance sheet
CONDENSED CONSOLIDATED BALANCE SHEET €m End-Dec 2016 End-Dec 2017 Change Non-current assets 17,432 17,777 +€345m Current assets 17,301 17,963 +€662m Held-for-sale assets and operations 121 38 -€83m TOTAL ASSETS 34,854 35,778 +€924m Shareholders' equity 9,420 10,210 +€790m Non-current liabilities 8,5
Slide 42: Change in net debt position in 2017 (1/2)
CHANGE IN NET DEBT POSITION IN 2017 (1/2) €m Net debt at 31/12/2016 Net debt at 31/12/2017 +363 (1,866) -21 +333 (1,914) -606 -117 Acquisitions/disposalsa Otherb Dividends 700 MHz Operation frequencies End-2016 (2,561) +860c +151 -662 -234 +580 (1,866) (a) Including divestment of Groupe AB and of Te
Slide 43: Change in net debt position in 2017 (2/2)
CHANGE IN NET DEBT POSITION IN 2017 (2/2) €m Breakdown of operation Net cash flowa Net capex Change in operating +2,355 -1,527 WCR and otherb -495 +333 End-2016 +2,033 -1,638 +185 +580 (a) Net cash flow = cash flow - cost of net debt - income tax expense (b) Operating WCR: WCR related to operating a
Slide 44: Contribution to net capital expenditure by sector of activity
CONTRIBUTION TO NET CAPITAL EXPENDITURE BY SECTOR OF ACTIVITY €m 2016 2017 Change Construction businesses 585 488 -€97m o/w Bouygues Construction 173 119 -€54m o/w Bouygues Immobilier 28 14 -€14m o/w Colas 384 355 -€29m TF1 209 198 -€11m Bouygues Telecom 802 830 +€28m Holding company and other 42 11
Slide 45: Contribution to Group free cash flow by sector of activity
CONTRIBUTION TO GROUP FREE CASH FLOWa BY SECTOR OF ACTIVITY €m 2016 2017 Change Construction businesses 530 712 +€182m o/w Bouygues Construction 256 274 +€18m o/w Bouygues Immobilier 80 118 +€38m o/w Colas 194 320 +€126m TF1 51 127 +€76m Bouygues Telecom 3 17b +€14m Holding company and other (189) (
Slide 46: Debt maturity schedule at end-December 2017
DEBT MATURITY SCHEDULE AT END-DECEMBER 2017 Available cash: €10.7bn €11bn €10bn Debt maturity schedule at end-December 2017 €9bn €8bn Undrawn MLT €7bn facilities €6bn €6.1bn €5bn Redemption of a €500m €4bn bond in February 2018 €3bn Cash €2bn €4.6bn €1bn €0bn Liquidity 46
Slide 47: Change in accounting policy in 2018
CHANGE IN ACCOUNTING POLICY IN 2018 APPLICATION OF IFRS 9 (FINANCIAL INSTRUMENTS) AND OF IFRS 15 (REVENUE RECOGNITION) FROM 1 JANUARY 2018 IMPACTS AT BUSINESS SEGMENT LEVEL Bouygues Construction Colas Bouygues Immobilier TF1 Bouygues Telecom IFRS 9 No material impact No material impact No material i
Slide 48: Impact of IFRS 15 on Bouygues Immobilier
IMPACT OF IFRS 15 ON BOUYGUES IMMOBILIER CHANGES TO REVENUE AND INCOME RECOGNITION PROFILES New revenue recognition policy with land included in the percentage of completion calculation for property development projects Main impacts on 2017 financial statements €m 2017 reported 2017 restated Change
Slide 49: Impact of IFRS 15 on Bouygues Telecom
IMPACT OF IFRS 15 ON BOUYGUES TELECOM CHANGE TO PATTERN OF RECOGNITION OF REVENUE Handset subsidies are recognized as a deduction from revenue (in the form of a discount) and spread over the projected life of the Bouygues Telecom customer's account (20 to 60 months) User access fees invoiced to cust
Slide 50: Impact of IFRS 15 on Bouygues Telecom
IMPACT OF IFRS 15 ON BOUYGUES TELECOM TWO NEW PERFORMANCE INDICATORS Sales from services (€4,038m in 2017 restated) Sales from network Sales from services provided to business customers Spread of the subsidya ABPU (Average Billing Per User) Sales invoiced to customers Average number of customers ove
Slide 51: Contents
CONTENTS HIGHLIGHTS AND KEY FIGURES REVIEW OF OPERATIONS FINANCIAL STATEMENTS OUTLOOK ANNEX 51
Slide 52: The Group is well positioned
THE GROUP IS WELL POSITIONED TO ADDRESS THE MAJOR ECOLOGICAL, DEMOGRAPHIC AND TECHNOLOGICAL CHALLENGES Increased demand for environment-friendly infrastructure and buildings Need to make urban environments less energy-intensive and more pleasant to live in Revolution in digital uses and increasing n
Slide 53: Digital technology and people at the core of the Group's transformation in 2018
DIGITAL TECHNOLOGY AND PEOPLE AT THE CORE OF THE GROUP’S TRANSFORMATION IN 2018 ACCELERATE THE DIGITAL TRANSFORMATION OF THE BUSINESS SEGMENTS TO Develop new products and services and new business models Always improve customer and end-user satisfaction Boost productivity FACILITATE EMPLOYEES’ CAREE
Slide 54: Outlook
OUTLOOK THE GROUP EXPECTS TO GRADUALLY IMPROVE ITS PROFITABILITY IN 2018 With an upbeat environment in France and abroad, the construction businesses will continue to be selective and focus on profitability rather than volumes > The current operating profita and current operating margina of the cons
Slide 55: Conclusion
CONCLUSION “The Group is very well positioned in high-growth potential activities, which ensures a promising outlook for all its businesses” 55
Slide 56: Contents
CONTENTS HIGHLIGHTS AND KEY FIGURES REVIEW OF OPERATIONS FINANCIAL STATEMENTS OUTLOOK ANNEX 56
Slide 57: Key figures at Bouygues Construction
ANNEX KEY FIGURES AT BOUYGUES CONSTRUCTION International Backlog by region (end-Dec 2017) Order intakea (€m) France +4% 5% €12.6bn €13.1bn 3% €11.6bn €12.0bn 27% 6,872 6,955 +1% 6,140 7,042 43% 5,441 4,929 5,761 6,175 +7% 22% 2014 2015 2016 2017 France Asia and Middle East Europe (excl. France) Amer
Slide 58: Key figures at Bouygues Immobilier
ANNEX KEY FIGURES AT BOUYGUES IMMOBILIER Residential property Reservationsa (€m) +8% Commercial property €3.1bn €2.8bn €2.5bn €2.5bn 429 -13% 495 603 487 2,343 2,636 +13% 1,886 1,963 2014 2015 2016 2017 (a) Net of cancellations (residential property) and firm orders which cannot be cancelled Horizon
Slide 59: Key figures at Colas
ANNEX KEY FIGURES AT COLAS Backlog (€m) €m 2016 2017 Change +7%a Sales 11,006 11,705 +6%a €7.6bn €7.2bn o/w France (incl. French overseas €7.0bn €7.1bn territories) 5,779 6,104 +6% o/w international 5,227 5,601 +7% 3,161 +9% 3,035 2,712 2,891 Current operating profit 386 362 -€24m Current operating
Slide 60: A strong and selective international presence
ANNEX A STRONG AND SELECTIVE INTERNATIONAL PRESENCE BOUYGUES OPERATES IN GROWING COUNTRIES WITH A LOW-RISK PROFILE NORTHERN AND CENTRAL EUROPE 0% RUSSIA: +1.7% United Kingdom: +1.5% 41% Switzerland: +1.3% NORTH AMERICA 25% United States +2.7% Canada: +2.3% SOUTHERN EUROPE 1% Spain: +2.4% MIDDLE EAST
Slide 61: Key indicators at Bouygues Telecom (1/2)
ANNEX KEY INDICATORS AT BOUYGUES TELECOM (1/2) '000 customers (end of period) Q1 2016 Q2 2016 Q3 2016 Q4 2016 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 2017 Mobile customer base 12,130 12,433 12,660 12,996 12,996 13,359 13,641 13,935 14,387 14,387 Mobile customer base 10,251 10,421 10,533 10,682 10,682 1
Slide 62: Key indicators at Bouygues Telecom (2/2)
ANNEX KEY INDICATORS AT BOUYGUES TELECOM (2/2) Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Mobile ARPUa €/month/subscriber 22.4 22.4 23.0 22.7 22.5 22.3 22.5 22.1 Plan ARPUa €/month/subscriber 23.6 23.6 24.1 23.8 23.6 23.2 23.3 22.9 Prepaid ARPUa €/month/subscriber 7.0 7.2 7.3 7.
Slide 63: Acceleration of FTTH deployment
ANNEX ACCELERATION OF FTTHa DEPLOYMENT Bouygues Telecom Bouygues Telecom Total premises on the marketb at end-2017 at end-2019 0.4 In negotiation Very Dense 6.4 6.4 Secured o/w 4.5 marketed Area 6 Securedc o/w 2.2 marketedd 4.2 Medium Dense 13.2 13.2 Secured o/w 6.5 marketed Area/AMIIe 9 Secured o/w
Slide 64: Sales by sector of activity
ANNEX SALES BY SECTOR OF ACTIVITY Lfl & €m 2016 2017 Change constant fxa Construction businessesb 25,001 25,753 +3% +4% o/w Bouygues Construction 11,815 11,660 -1% 0% o/w Bouygues Immobilier 2,568 2,712 +6% +6% o/w Colas 11,006 11,705 +6% +7% TF1 2,063 2,125 +3% +2% Bouygues Telecom 4,761 5,086 +7%
Slide 65: Contribution to Group EBITDA by sector of activity
ANNEX CONTRIBUTION TO GROUP EBITDAa BY SECTOR OF ACTIVITY €m 2016 2017 Change Construction businesses 1,516 1,439 -€77m o/w Bouygues Construction 537 472 -€65m o/w Bouygues Immobilier 178 231 +€53m o/w Colas 801 736 -€65m TF1 364 392 +€28m Bouygues Telecom 916 1,162 +€246m Holding company and other
Slide 66: Contribution to Group current operating profit by sector of activity
ANNEX CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT BY SECTOR OF ACTIVITY €m 2016 2017 Change Construction businesses 879 948 +€69m o/w Bouygues Construction 326 363 +€37m o/w Bouygues Immobilier 167 223 +€56m o/w Colas 386 362 -€24m TF1 129 185 +€56m Bouygues Telecom 149 329 +€180m Holding company
Slide 67: Contribution to Group operating profit by sector of activity
ANNEX CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF ACTIVITY €m 2016 2017 Change Construction businesses 781 943 +€162m o/w Bouygues Construction 303a 363 +€60m o/w Bouygues Immobilier 154a 223 +€69m o/w Colas 324a 357b +€33m TF1 45a 162b +€117m Bouygues Telecom 169a 470b +€301m Holding compan
Slide 68: Contribution to net profit attributable to the Group by sector
ANNEX CONTRIBUTION TO NET PROFIT ATT. TO THE GROUP BY SECTOR OF ACTIVITY €m 2016 2017 Change Construction businesses 754 761 +€7m o/w Bouygues Construction 320 319 -€1m o/w Bouygues Immobilier 91 125 +€34m o/w Colas 343 317 -€26m TF1 18 60 +€42m Bouygues Telecom 83 236 +€153m Alstom 36 105 +€69m Hol
Slide 69: Contribution to Group net cash flow by sector of activity
ANNEX CONTRIBUTION TO GROUP NET CASH FLOWa BY SECTOR OF ACTIVITY €m 2016 2017 Change Construction businesses 1,115 1,200 +€85m o/w Bouygues Construction 429 393 -€36m o/w Bouygues Immobilier 108 132 +€24m o/w Colas 578 675 +€97m TF1 260 325 +€65m Bouygues Telecom 805 847 +€42m Holding company and ot
Slide 70: Net debt/net surplus cash
ANNEX NET DEBT (-)/NET SURPLUS CASH (+) €m End-2016 End-2017 Change Bouygues Construction 3,387a 3,409 +€22m Bouygues Immobilier (124)a (86) +€38m Colas 517a 433 -€84m TF1 187 257 +€70m Bouygues Telecom (1,012) (976) +€36m Holding company and other (4,821)b (4,951) -€130m TOTAL (1,866) (1,914) -€48m
Slide 71: Impacts of exceptional items on net profit attributable to the Group
ANNEX IMPACTS OF EXCEPTIONAL ITEMS ON NET PROFIT ATTRIBUTABLE TO THE GROUP €m 2016 2017 Change Net profit attributable to the Group 732 1,085 +€353m o/w non-current income/charges related to the construction businesses (net of taxes) 69 3 -€66m o/w non-current income/charges related to TF1 (net of t
Slide 72: Impact of IFRS 15 on 2017 financial statements
ANNEX IMPACT OF IFRS 15 ON 2017 FINANCIAL STATEMENTS o/w Bouygues o/w Bouygues €m 2017 reported o/w TF1 2017 restated Immobilier Telecom Sales 32,904 +37 -26 +7 32,923 Current operating profit 1,420 -5 -9 0 1,406 Operating profit 1,533 -5 -9 0 1,519 Income tax (303) 0 +4 0 (299) Share of net profit
Slide 73: Impact of IFRS 15 on 2017 interim results
ANNEX IMPACT OF IFRS 15 ON 2017 INTERIM RESULTS Par trimestre €m Q1 Q2 Q3 Q4 Reported Impact Restated Reported Impact Restated Reported Impact Restated Reported Impact Restated Sales 6,847 -10 6,837 8,315 -44 8,271 8,666 -22 8,644 9,076 +95 9,171 o/w Bouygues Telecom 1,222 -12 1,210 1,212 -16 1,196