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Bouygues SA — FY2005 Earnings Presentation

14 slides from Bouygues SA's earnings presentation, March 2006

  1. Slide 1: Highlights, Business Areas, Accounts, Outlook and Objectives

    „ HIGHLIGHTS „ BUSINESS AREAS „ ACCOUNTS „ OUTLOOK AND OBJECTIVES 67

  2. Slide 2: Condensed consolidated income statement

    BOUYGUES: condensed consolidated income statement Million euros - IFRS 2004 2005 Variation Sales 20,894 24,073 + 15% Current operating profit 1,557 1,852 + 19% Operating profit 1,557 1,748 + 12% Cost of net financial debt (159) (187) + 18% Income tax expense (501) (570) + 14% Net profit from continu

  3. Slide 3: Contribution of business areas to Group sales

    Contribution of business areas to Group sales Million euros - IFRS 2004 2005 Change Bouygues Construction 5,227 5,815 + 11% Bouygues Immobilier 1,295 1,557 + 20% Colas 7,947 9,424 + 19% TF1 (1) 2,483 2,489 = Bouygues Telecom 3,649 4,525 + 3% (2) Holding and other 293 263 ns TOTAL 20,894 24,073 + 15%

  4. Slide 4: Contribution of business areas to Group EBITDA

    Contribution of business areas to Group EBITDA 2005 share Million euros - IFRS 2004 2005 Change of total Bouygues Construction 413 547 + 32% 16% Bouygues Immobilier 143 203 + 42% 6% Colas 655 867 + 32% 25% TF1 (1) 491 476 - 3% 13% Bouygues Telecom 1,176 1,349 + 15% 38% Holding and other 65 63 ns 2%

  5. Slide 5: Contribution of business areas to Group operating profit

    Contribution of business areas to Group operating profit Million euros - IFRS 2004 2005 Change Bouygues Construction 168 238 + 42% Bouygues Immobilier 119 156 + 31% Colas 310 389 + 25% TF1 (1) 381 353 - 7% Bouygues Telecom 597 598 = Holding and other (18) 14 ns TOTAL 1,557 1,748 + 12% (1) Excluding

  6. Slide 6: Contribution of business areas to Group net profit

    Contribution of business areas to Group net profit „ Group share Million euros - IFRS 2004 2005 Change Bouygues Construction 141 176 + 25% Bouygues Immobilier 64 90 + 41% Colas 242 296 + 22% TF1 (1) 93 101 + 9% Bouygues Telecom 275 301 + 9% Holding and other (115) (132) ns TOTAL excluding Saur 700 +

  7. Slide 7: Return on capital employed

    BOUYGUES: return on capital employed (1) 2003 2004 2005 At business level French GAAP IFRS IFRS Bouygues Construction (2) +++ +++ +++ Bouygues Immobilier (3) +++ +++ +++ Colas 22.8% 26.8% 34.6% TF1 16% 17.9% 15.5% Bouygues Telecom 8.5% 12.3% 15.4% At Group level Bouygues 8.6% 12.7% 16.5% (1) Current

  8. Slide 8: Contribution of business areas to Group cash flow

    Contribution of business areas to Group cash flow Million euros - IFRS 2004 2005 Change Bouygues Construction 291 411 + 41% Bouygues Immobilier 125 161 + 29% Colas 623 781 + 25% TF1 (1) 483 453 - 6% Bouygues Telecom 1,159 1,261 + 9% Holding and other 33 23 ns Cash flow 2,714 3,090 + 14% (1) Includin

  9. Slide 9: Contribution of business areas to Group net investments

    Contribution of business areas to Group net investments „ Net operating investments Million euros - IFRS 2004 2005 Change Bouygues Construction 73 56 - 23% Bouygues Immobilier 4 4 = Colas 348 411 + 18% TF1 (1) 79 155 + 96% Bouygues Telecom 502 584 + 16% Holding and other 41 19 ns TOTAL 1,047 1,229 +

  10. Slide 10: Contribution of business areas to Group free cash flow

    Contribution of business areas to Group free cash flow Million euros - IFRS 2004 2005 Change Bouygues Construction 187 273 + 46% Bouygues Immobilier 81 105 + 30% Colas 175 239 + 37% TF1 254 170 - 33% Bouygues Telecom 398 431 + 8% Holding and other (88) (114) ns TOTAL 1,007 1,104 + 10% Free cash flow

  11. Slide 11: Condensed consolidated balance sheet

    BOUYGUES: condensed consolidated balance sheet Million euros - IFRS End-2004 End-2005 Non-current assets 11,481 11,444 Current assets 12,467 12,590 Held-for-sale assets / 564 TOTAL ASSETS 23,948 24,598 Shareholders’ equity 4,978 5,561 Non-current liabilities 5,982 6,075 Current liabilities 12,988 12

  12. Slide 12: 2005 cash position

    BOUYGUES: 2005 cash position In €m „ Net cash at 31 December 2004 (1,875) 9 Exceptional payout on 7 January 2005 - 1,664 9 Proceeds from disposal of Saur + 1,031 „ Restated net cash at 31 December 2004 (2,508) 9 Impact of scope of consolidation (disposal of TPS and businesses in Mali and Italy) + 19

  13. Slide 13: Net cash by business area

    BOUYGUES: net cash by business area Change Million euros - IFRS End- 2004 End-2005 (€m) Bouygues Construction 1,523 1,874 + 351 Bouygues Immobilier 249 150 - 99 Colas 423 415 -8 TF1 (409) (351) (1) + 58 Bouygues Telecom (1,197) (441) + 756 Holding and other (2,464) (3,999) - 1,535 TOTAL (1,875) - 47

  14. Slide 14: Financing policy

    BOUYGUES: financing policy Available cash: €7.1 billion 8000 7000 Undrawn MLT Debt repayment schedule 6000 credit lines 5000 Tap 2020 bond issue 4000 (February 2006) 3000 Option for 6.5% 2000 of Bouygues Telecom Cash 1000 0 Liquidity 2006 2007 2008 2009 2010 2011 2012 2013 2014 … 2020 Very substanti

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