Slide 1: Full-Year 2008 Results Presentation
FULL-YEAR 2008 RESULTS PRESENTATION Paris – 4 March 2009
Slide 2: Disclaimer
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 (Document de Réfé
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 in 2008
HIGHLIGHTS IN 2008 Solid growth in Group sales and profit Bouygues Construction: a very good level of business activity Bouygues Immobilier and TF1: implementation of measures to adapt to new market conditions Bouygues Telecom: another year of growth Launch of new unlimited call plans (Neo
Slide 5: Bouygues Group: key operating figures
BOUYGUES GROUP: key operating figures € million 2007 2008 Change Sales 29,5881 32,713 +11% Current operating profit 2,163 2,230 +3% Net profit attributable to the Group 1,376 1,501 +9% 1Applying the same accounting policy as in 2008, excluding TF1 third-party sales (€25 million in 2007) Sales grow
Slide 6: Bouygues Group: key figures over five years
BOUYGUES GROUP: key figures over five years (€ million) Sales EBITDA 3,6011 3,827 32,713 +57% 3,2681 3,2791 +36% 29,5882 2,8051 26,4081 23,9831 20,8151 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 Operating profit Net profit attributable to the Group Non-recurring items 2,1811 2,230 Recurring i
Slide 7: Bouygues Group: key figures per share
BOUYGUES GROUP: key figures per share (€) Earnings per share Dividend per share (excluding exceptional payout) 1.61 x2.1 1.5 4.06 4.38 x2.1 3.71 1.2 2.72 0.9 2.51 0.75 3.09 2.48 2.11 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 Non-recurring items 1To be proposed at the AGM of 23 April 2009
Slide 8: Bouygues Group: financial position (1/2)
BOUYGUES GROUP: financial position (1/2) End- End- € million Change 2007 2008 Shareholders’ equity 8,205 8,765 +€560m Net debt 4,288 4,916 +€628m Net gearing 52% 56% +4 pts S&P credit rating reiterated in June and October 2008: A- with a stable outlook Increase in shareholders’ equity Solid and
Slide 9: Bouygues Group: financial position (2/2)
BOUYGUES GROUP: financial position (2/2) € million 2007 2008 Change Cash flow 3,519 3,615 +3% - Cost of net debt -235 -277 +18% - Income tax expense -633 -605 -4% - Net capital expenditure -1,679 -1,779 +6% Free cash flow 972 954 -2% Free cash flow maintained at a high level despite increased invest
Slide 10: Bouygues - Alstom
BOUYGUES - ALSTOM Bouygues maintained its 30% stake in Alstom in 2008 Partnership Continued commercial and operational cooperation Partnership on track with major projects studied upstream (20 projects in 15 countries) Financial contribution from Alstom in 2008: €199m Share of Alstom’s n
Slide 11: Alstom: nine-month sales
ALSTOM: nine-month sales At 31 December 2008 (for the first nine months of FY2008/2009) Sales: €13.5 billion, up 12% Orders received: €21.5 billion, up 8% Order book: €47 billion, ie approx. 32 months of sales Operating margin target confirmed (9% in March 2010) Long-term prospects in it
Slide 12: Bouygues: share ownership structure at 31 December 2008
BOUYGUES: share ownership structure at 31 December 2008 Capital Voting rights SCDM Foreign 19.2% Foreign SCDM shareholders 0.9% Artémis shareholders 29.4% 28.6% 38.4% Group (F. Pinault) 15.4% Artémis 0.8% Group Employees 21.8% (F. Pinault) 26.1% 19.4% Other French shareholders Employees Other Fr
Slide 13: Share price performance
BOUYGUES: share price performance Performance of Bouygues share price and Dow Jones Eurostoxx 50 Index from 1 January 2008 to 2 March 2009 (opening price) Bouygues DJ EuroStoxx 50 2008 2009 62 57 52 47 Share price (€) 42 37 32 27 -55% €22.2 22 -61% Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08
Slide 14: Bouygues Group: 10-year performance
BOUYGUES GROUP: 10-year performance 1998 2008 Sales €14.8bn x2.2 €32.7bn Operating profit €440m x5 €2,230m Net profit attributable to the Group €81m x19 €1,501m EPS €0.33 x13.3 €4.38 Number of shares 262.3m1 +31% 342.8m Employees 103,350 x1.4 145,150 Market capitalisation €4.6bn2 x1.7 €7.6bn3 CAC 40
Slide 15: Infrastructures: growing needs
INFRASTRUCTURES: growing needs World population growth: up 2.6 billion by 20501 Growing rate of urbanisation: 47% in 2000, 61% in 20302 Emerging countries (with growing economies) have ground to make up Example: rail networks (0.5 km/100 inhabitants in China, compared with 7.5 km/100 inhabit
Slide 16: Infrastructures: opportunities for Bouygues
INFRASTRUCTURES: opportunities for Bouygues Demand for infrastructures can be met since it falls within Bouygues business areas’ scope of expertise Experience in complex project management Technical expertise Financial engineering Numerous PPP, PFI and concession projects, etc. Global ge
Slide 17: Sustainable development: context in 2008
SUSTAINABLE DEVELOPMENT: context in 2008 The Grenelle 1 law reflects new and ambitious objectives for 2020 20% of energy produced from renewable energy sources 20% greater energy efficiency (housing, industry, etc.) 20% reduction in greenhouse gas emissions compared with 2008 These objecti
Slide 18: Sustainable development: opportunities for Bouygues
SUSTAINABLE DEVELOPMENT: opportunities for Bouygues The carbon factor 2008 Development of CarbonEco, a software product that calculates the carbon balance of projects in both the construction and operational phases Bouygues is a constituent of Low Carbon 100 Europe, an SRI1 index launched by
Slide 19: Stimulus plans: France (1/2)
STIMULUS PLANS: France (1/2) The financial crisis is leading to a recession in 2009 of unknown intensity and duration. But the crisis is also prompting some countries to attempt to stimulate their economies through infrastructure programmes that are beneficial to Bouygues’ business areas. 1) Excep
Slide 20: Stimulus plans: France (2/2)
STIMULUS PLANS: France (2/2) 2) Stronger support for large-scale development projects From 2009 to 2013, France’s Caisse des Dépôts et Consignations (CDC) will lend €8 billion to local authorities and companies developing large infrastructure projects (rail, Campus university plan, waterways) by c
Slide 21: Stimulus plans: Europe and USA
STIMULUS PLANS: Europe and USA Europe Most leading European countries have announced ambitious stimulus plans, with a priority on infrastructure expenditure For the six leading European countries (France, Italy, Germany, UK, Spain, Netherlands), €28 billion has been allocated to infrastructure
Slide 22: Highlights and Key Figures; Business Areas; Financial Statements; Outlook
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OUTLOOK AND OBJECTIVES
Slide 23: Bouygues Construction: key figures
BOUYGUES CONSTRUCTION: key figures € million 2007 2008 Change Sales 8,340 9,497 +14%1 o/w France 4,941 5,384 +9% o/w international 3,399 4,113 +21% Current operating margin 3.5% 3.2% -0.3 pts Net profit attributable to the Group 286 297 +4% 1Up13% like-for-like and at constant exchange rates First T
Slide 24: Bouygues Construction: order intakes
BOUYGUES CONSTRUCTION: order intakes € billion 12 11.1 10.7 10 9.3 -4% 8 5.4 4.5 6.6 3.9 6 International 2.6 France 4 5.4 5.7 6.1 2 4.0 0 2005 2006 2007 2008 PFI hospital contract in Surrey (British Columbia, Canada) 2007 enjoyed record order intakes, with four major projects of more than €300 mil
Slide 25: Bouygues Construction: order book
BOUYGUES CONSTRUCTION: order book Long-term order book (beyond Y+5) +9% €12.3bn At 31 December 2008 Order book Y+2 to Y+5 €11.3bn France Order book Y+1 1,363 49% 1,321 Middle East 1% €8.7bn Americas 2% 3,972 877 3,549 Africa 7% 78% €6.0bn 2,491 Asia 12% 650 Rest of Europe 1,291 29% 6,397 6,920 €m 5,
Slide 26: Bouygues Construction: market opportunities
BOUYGUES CONSTRUCTION: market opportunities Power and transport infrastructure requirements Nuclear and thermal power plants Alternative transport infrastructures to roads: high-speed lines, urban transport, canals, etc. Environmental challenges Widespread application of the low-energy con
Slide 27: Bouygues Construction: outlook
BOUYGUES CONSTRUCTION: outlook To withstand the global economic crisis that is impacting its markets, Bouygues Construction can rely on: Strong orders, generating a reassuring level of sales for 2009 A positioning in markets less affected by the crisis thanks to an opportunistic international
Slide 28: Bouygues Immobilier: key figures
BOUYGUES IMMOBILIER: key figures € million 2007 2008 Change Sales 2,075 2,924 +41%1 o/w Residential 1,561 1,797 +15% o/w Commercial 514 1,127 x2.2 Current operating margin 10.1% 8.4% -1.7 pts Net profit attributable to the Group 124 105 -15% 1Up 40% like-for-like and at constant exchange rates Green
Slide 29: Bouygues Immobilier: reservations
BOUYGUES IMMOBILIER: reservations Commercial property 3,642 Residential property -45% French market in 2008 2,278 1 694 €m 1,985 1,738 485 -60% 675 -55%1 388 1,948 1,793 -33% -38%2 1,350 1,310 2005 2006 2007 2008 1Estimate by value (source: CB Richard Ellis) 2By volume (source: Ministry of Ecology,
Slide 30: Bouygues Immobilier: order book
BOUYGUES IMMOBILIER: order book Commercial property 4,064 -21% Residential property 3,212 1,603 €m 2,457 1,184 1,746 506 352 2,461 2,028 1,951 1,394 End-2005 End-2006 End-2007 End-2008 In months’ sales1 13 months 18 months 23 months 13 months 1Order book/sales over last 12 months rolling Good visibi
Slide 31: French property market
FRENCH PROPERTY MARKET Context 2007 was the year in which the property market started to decline after six years of uninterrupted growth in sales and prices 2008: A moderate decline in sales and prices was expected on the residential property market The credit crunch in the summer brutally
Slide 32: Bouygues Immobilier: action plan
BOUYGUES IMMOBILIER: action plan Faced with the scale of the crisis, Bouygues Immobilier had already started to take measures at the end of 2008 Priority given to selling off current residential property programmes Highly attractive special deals for residual unsold properties Higher proportio
Slide 33: Bouygues Immobilier: outlook
BOUYGUES IMMOBILIER: outlook In 2009: good visibility for sales thanks to a satisfactory order book Bouygues Immobilier's advantages A very low inventory of completed but unsold homes at end-December 2008 Reconfiguring future housing offerings so as to adapt to new market conditions Rapid
Slide 34: Colas: key figures
COLAS: key figures € million 2007 2008 Change Sales 11,673 12,789 +10%1 o/w France 6,976 7,328 +5% o/w international 4,697 5,461 +16% Current operating margin 5.5% 5.3% -0.2 pts Net profit attributable to the Group 474 490 +3% 1Up 8% like-for-like and at constant exchange rates Route des Tamarins, R
Slide 35: Colas: a world leader
COLAS: a world leader Industrial activities Reserves of aggregates 685 quarries owned (2008 output: 118 million tonnes) 2.9 billion tonnes of reserves of aggregates representing over 24 years' production Asphalt mixes, emulsions and binders 626 asphalt plants (2008 output: 52 million ton
Slide 36: Colas: order book
COLAS: order book International and overseas 6,561 -11% 5,823 Mainland France 5,515 4,663 3,439 €m 2,838 2,792 2,243 2,723 3,122 2,985 2,420 End-2005 End-2006 End-2007 End-2008 A high level of orders The 4% drop in orders in France reflects the slowdown at the end of 2008 The 17% decline in in
Slide 37: Stimulus plans
STIMULUS PLANS France Support for local authorities: €2.5 billion of early VAT rebates Investment €620 million for roads €500 million for railways Numerous tramway projects: Paris, Angers, Brest, Dijon, etc. United States Stimulus package $30 billion for roads $3 billion for airp
Slide 38: Colas: outlook
COLAS: outlook Sales in 2009 will depend on the following factors Roads A slight downturn in mainland France and the rest of Europe A good outlook in North America if the effects of the stimulus plan are confirmed Other activities Good prospects for the Railways activity High level of
Slide 39: TF1: key figures
TF1: key figures € million 2007 2008 Change Sales 2,7391 2,595 -5% o/w TF1 channel advertising 1,718 1,647 -4% o/w other activities 1,021 948 -7% Current operating profit 11.1% 6.8% -4.3 pts Net profit attributable to the Group 228 164 -28% 1Applying the same accounting policy as in 2008, excluding
Slide 40: TF1: context in 2009
TF1: context in 2009 Harsh economic context Advertisers adopting a short-term approach Sharp drop in advertising investments Strong pressure on prices Slowdown in household consumption Appeal for DTT Mixed impacts of new audiovisual regulations TF1 is adapting to this new context witho
Slide 41: TF1: 2009 cost reduction plan
TF1: 2009 cost reduction plan Reduced capital expenditure Lower overheads More stringent purchasing policy 6 major actions Faster Departing employees reorganisation not replaced Reduced programming costs Savings of €60 million expected in 2009
Slide 42: TF1: outlook
TF1: outlook TF1’s assets to weather the storm in 2009 Adaptation process to be stepped up, while retaining the specific features of TF1’s offering Audience ratings still robust, offering unique exposure to advertisers TF1’s opportunities to enrich its model Regulatory framework eased 36
Slide 43: Bouygues Telecom: key figures
BOUYGUES TELECOM: key figures € million 2007 2008 Change Sales 4,796 5,089 +6% Sales from network 4,464 4,696 +5% EBITDA 1,332 1,4051 +5% EBITDA/sales from network 29.8% 29.9% +0.1 pts Current operating profit 15.6% 16.1% +0.5 pts Net profit att. to the Group 492 534 +9% 1Including the negative impa
Slide 44: Bouygues Telecom: highlights in 2008
BOUYGUES TELECOM: highlights in 2008 Bouygues Telecom became a fixed-line operator DSL coverage of over 50% of French households Launch of Bbox in October 2008 Enhanced Neo.2 call plan with even more unlimited calling time Rollout of 3G+ network stepped up to cover 75% of the population by
Slide 45: Bouygues Telecom: sales trend
BOUYGUES TELECOM: sales trend Mobile network sales trend (€m) Growth in customer base +235 +91 -94 4,696 4,464 Offer mix + Cut in incoming usage change call rates and roaming rates 2007 2008 7% growth excluding regulated rate cuts
Slide 46: Bouygues Telecom: key indicators – Mobile business
BOUYGUES TELECOM: key indicators – Mobile business Total customer Contract Prepaid base 2007 2008 2007 2008 2007 2008 SIM cards (in thousands) 6,767 7,217 2,490 2,377 9,256 9,594 SIM cards (% mix) 73.1% 75.2% 26.9% 24.8% ARPU (€/year)1 613 609 184 184 495 498 Voice usage (min./month)2 370 349 75 75
Slide 47: French telecom market: competitive and regulatory context
FRENCH TELECOM MARKET: competitive and regulatory context 4th license and 2.1 GHz frequencies Mobile business: Bouygues Telecom intends to maintain its “challenger” role, which has enabled it to achieve value market share of 20% Fixed-line business: Bouygues Telecom now has the resources to co
Slide 48: Bouygues Telecom: economic context
BOUYGUES TELECOM: economic context Limited impact from the crisis Consumers: no significant change in customer behaviour Requests for longer payment times from business customers, distributors and partner operators Business customers more fragile But this segment only accounts for 12% of B
Slide 49: Bouygues Telecom: fixed-line operator
BOUYGUES TELECOM: fixed-line operator Launch of Bbox on 20 October 2008 Sold in priority to Bouygues Telecom Mobile customers “Triple play” offering: new rate from 2 March 2009 including 3 hours of calls to mobiles for €29.90/month (6 hours for customers with a Bouygues Telecom mobile service
Slide 50: Bouygues Telecom: sources of growth
BOUYGUES TELECOM: sources of growth MVNO: contract implemented with KPN Simyo brand launched on 11 January 2009 Bouygues Telecom has broader access to the prepaid market KPN has recognised know-how in marketing low-cost offerings, particularly via MVNOs 3G+ keys + mini PCs Launch of mini
Slide 51: Bouygues Telecom: capital expenditure
BOUYGUES TELECOM: capital expenditure Exceptional capital expenditure in 2008 (€872 million) Acceleration of 3G+ rollout Acquisition and implementation of DSL network (€110 million) Rollout of 3G+ network, synchronised with the takeoff in the data market Bouygues Telecom covered 50% of the
Slide 52: Bouygues Telecom: outlook
BOUYGUES TELECOM: outlook 2009 Sales target (€ million) 2008 Change target Total sales 5,089 5,200 +2% o/w sales from network 4,696 4,790 +2% The sales target includes the 29% cut in call termination rates on 1 July 2009
Slide 53: Bouygues Telecom: call termination rates
BOUYGUES TELECOM: call termination rates History of cuts ordered by ARCEP At 1 At 1 At 1 At 1 At 1 € cents/minute January January January July July 2006 2007 2008 2009 2010 Rates to Bouygues Telecom 11.24 9.24 8.50 6.00 4.00 Change (%) -24% -17.8% -8% -29.4% -33.3% Rates to Orange/SFR 9.50 7.50 6.
Slide 54: Construction – peer comparison
CONSTRUCTION – peer comparison YoY change Sales (€ million) 2008 Actual Like-for-like Bouygues (construction businesses1) 24,771 +14% +12% Vinci (contracting businesses) 28,516 +11% +5% Eiffage (contracting businesses) 11,358 +6% +2% Bouygues Construction (including ETDE) 9,497 +14% +13% Vinci Con
Slide 55: Property – peer comparison
PROPERTY – peer comparison YoY change Sales (€ million) 2008 Actual Like-for-like Bouygues Immobilier 2,924 +41% +40% Nexity (excl. services and distribution) 2,131 +1% n/a Kaufman & Broad 1,165 -16% n/a Housing reservations 2008 Change (€ million) Bouygues Immobilier 1,310 -33% Nexity 1,361 -38
Slide 56: TV – peer comparison
TV – peer comparison YoY Sales (€ million) 2008 change TF1 2,595 -5% M6 1,361 = Audience share (women aged under 50) TF1 30.9% -3.9 pts France 2 13.1% -1.1 pts M6 17.5% -0.5 pts Sources: company press releases and Médiamétrie/Médiamat
Slide 57: Highlights and Key Figures; Business Areas; Financial Statements; Outlook
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OUTLOOK AND OBJECTIVES
Slide 58: Bouygues: condensed consolidated income statement
BOUYGUES: condensed consolidated income statement € million 2007 2008 Change Sales 29,5881 32,713 +11% Current operating profit 2,163 2,230 +3% Operating profit 2,1812 2,230 +2% Cost of net debt (235) (277) +18% Income tax expense (633) (605) -4% Net profit from continuing operations 1,593 1,686 +6%
Slide 59: Contribution of business areas to Group sales
Contribution of business areas to Group sales € million 20071 2008 Change Bouygues Construction 8,088 9,136 +13% Bouygues Immobilier 2,074 2,909 +40% Colas 11,640 12,726 +9% TF1 2,722 2,575 -5% Bouygues Telecom 4,780 5,073 +6% Holding company and other 284 294 ns TOTAL 29,588 32,713 +11% o/w France
Slide 60: Contribution of business areas to Group EBITDA
Contribution of business areas to Group EBITDA1 € million 2007 2008 Change Bouygues Construction 463 534 +€71m Bouygues Immobilier 227 312 +€85m Colas 1,143 1,219 +€76m TF1 426 317 -€109m Bouygues Telecom 1,332 1,405 +€73m Holding company and other 10 40 +€30m TOTAL 3,601 3,827 +6% 1EBITDA = current
Slide 61: Contribution of business areas to Group current operating profit
Contribution of business areas to Group current operating profit € million 2007 2008 Change Bouygues Construction 293 308 +€15m Bouygues Immobilier 210 247 +€37m Colas 637 681 +€44m TF1 305 177 -€128m Bouygues Telecom 746 817 +€71m Holding company and other (28) 0 +€28m +€67m TOTAL 2,163 2,230 +3%
Slide 62: Contribution of business areas to Group net profit
Contribution of business areas to Group net profit Group share Share in € million 2007 2008 Change 20081 Bouygues Construction 286 296 +€10m 17% Bouygues Immobilier 124 105 -€19m 6% Colas 457 475 +€18m 27% TF1 98 71 -€27m 4% Bouygues Telecom 440 478 +€38m 28% Alstom 187 317 +€130m 18% Holding comp
Slide 63: Contribution of business areas to Group cash flow
Contribution of business areas to Group cash flow € million 2007 2008 Change Bouygues Construction 410 452 +€42m Bouygues Immobilier 205 222 +€17m Colas 1,098 1,185 +€87m TF1 394 270 -€124m Bouygues Telecom 1,330 1,409 +€79m Holding company and other 82 77 -€5m TOTAL 3,519 3,615 +3%
Slide 64: Contribution of business areas to Group net capital expenditure
Contribution of business areas to Group net capital expenditure Net capital expenditure € million 2007 2008 Change Bouygues Construction 299 253 -€46m Bouygues Immobilier 7 8 +€1m Colas 624 537 -€87m TF1 129 58 -€71m Bouygues Telecom 596 872 +€276m Holding company and other 24 51 +€27m TOTAL 1,679
Slide 65: Contribution of business areas to Group free cash flow
Contribution of business areas to Group free cash flow1 € million 2007 2008 Change Bouygues Construction 68 178 +€110m Bouygues Immobilier 128 108 -€20m Colas 254 409 +€155m TF1 151 149 -€2m Bouygues Telecom 480 255 -€225m Holding company and other (109) (145) -€36m TOTAL 972 954 -2% 1Free cash flow
Slide 66: Bouygues: condensed consolidated balance sheet
BOUYGUES: condensed consolidated balance sheet At 31 December 2007 €m At 31 December 2008 33,428 33,428 35,488 35,488 8,205 8,765 17,601 18,670 8,644 8,796 15,827 16,579 16,818 17,927 Assets Actif Liabilities Passif Assets Actif Liabilities Passif Non-current assets Shareholders’ equity Current asse
Slide 67: Bouygues: return on capital employed
BOUYGUES: return on capital employed1 At business level 2006 2007 2008 Bouygues Construction2 +++ +++ +++ Bouygues Immobilier3 +++ +++ +++ Colas 33.5% 32.4% 25.7% TF1 13.4% 11.2% 6.2% Bouygues Telecom 16.1% 22.0% 22.9% At Group level Bouygues 14.8% 14.4% 13.9% 1Current operating profit after tax and
Slide 68: Bouygues: change in cash position in 2008
BOUYGUES: change in cash position in 2008 Net cash at Net cash at end-2007 €m end-2008 (4,288) (4,916) Acquisitions/ disposals -298 Operation +560 (o/w Alstom -119) Dividends paid Capital transactions1 -685 -205 1Share buybacks net of increases (stock options, Bouygues Confiance 4)
Slide 69: Bouygues: change in cash position in 2008 (operation)
BOUYGUES: change in cash position in 2008 Breakdown of operation €m Operation +560 Net cash flow Capital expenditure Change in WCR & +2,733 -1,779 other -394
Slide 70: Contribution of business areas to changes in Group WCR in 2008
Contribution of business areas to changes in Group WCR in 2008 € million Scope of consolidation, exchange rate and other (53) WCR related to tax (87) WCR related to operating activities & investment (254) Of which: Bouygues Construction 236 Bouygues Immobilier (139) Colas (301) TF1 (22) Bouygues Tel
Slide 71: Contribution of business areas to Group net cash
Contribution of business areas to Group net cash End-December € million Change 2007 2008 Bouygues Construction 2,450 2,592 +€142m Bouygues Immobilier (2) 1 +€3m Colas 347 (6) -€353m TF1 (597) (699) -€102m Bouygues Telecom 188 (107) -€295m Holding company and other (6,674) (6,697) -€23m TOTAL (4,288)
Slide 72: Bouygues: very substantial liquidity
BOUYGUES: very substantial liquidity €m Available cash: €8.4 billion 9,000 8,000 Debt repayment schedule 7,000 Undrawn 6,000 MLT Credit lines 5,000 4,000 The €1 billion bond issue in July 2008 (maturing in July 2015) will finance the redemption in May 2009 of a bond issue for the same amount 3,000 2
Slide 73: Highlights and Key Figures; Business Areas; Financial Statements; Outlook
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS FINANCIAL STATEMENTS OUTLOOK AND OBJECTIVES
Slide 74: Bouygues Group: 2009 sales targets
BOUYGUES GROUP: 2009 sales targets € million 2008 2009 Change Bouygues Construction 9,136 8,950 -2% Bouygues Immobilier 2,909 2,700 -7% Colas 12,726 12,200 -4% TF1 2,575 2,340 -9% Bouygues Telecom 5,073 5,180 +2% Holding company and other 294 330 ns TOTAL 32,713 31,700 -3% o/w France 22,321 21,350 -
Slide 75: Bouygues Group: outlook
BOUYGUES GROUP: outlook Uncertainty prompts Bouygues and its business areas to adopt a pragmatic and reactive approach Adaptation of structures to new market conditions Action on the WCR to attenuate the effects of the crisis and France’s Economic Modernisation Act Greater selectivity in inv
Slide 76: Bouygues is well-armed to weather the crisis
Thanks to the range of its business areas and geographical locations, Bouygues is well-armed to weather the crisis
Slide 77: Bouygues: calendar
BOUYGUES: calendar (CET1) 23 April 2009 Annual General Meeting held at Challenger 3.30pm 4 May 2009 Dividend payment 13 May 2009 First-quarter 2009 sales 5.45pm 2 June 2009 First-quarter 2009 earnings 5.45pm 27 August 2009 First-half 2009 sales and earnings 5.45pm 28 August 2009 Analysts
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