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Bouygues Sa — H1 2004 Earnings Presentation
70 slides from Bouygues Sa's earnings presentation, Sep 8, 2004
Slide 1: Presentation of Half-Year Earnings
PRESENTATION OF HALF-YEAR EARNINGS PARIS 8 September 2004
Slide 2: Highlights, Business Areas, Accounts, New IFRS Standards, Outlook
HIGHLIGHTS BUSINESS AREAS ACCOUNTS NEW IFRS STANDARDS OUTLOOK
Slide 3: Highlights
HIGHLIGHTS Conversion and redemption of OCEANE bonds Buyback and cancellation of 14 million shares (4% of capital) Bouygues Telecom 9 continued growth 9 debt refinancing to ease cash flow movements TF1: healthy rise in advertising revenues Construction businesses: further growth in order b
Slide 4: Exceptional payout (1/4): a decision consistent with the Group's culture
EXCEPTIONAL PAYOUT (1/4): a decision consistent with the Group’s culture Payout of 5 euros per share on 7 January 2005 9 since 1999, Bouygues has called upon its shareholders to contribute 2 billion euros to finance its development, mainly in telecoms and media 9 today, these investments are payin
Slide 5: Exceptional payout (2/4): financing
EXCEPTIONAL PAYOUT (2/4): financing All the business areas’ investment programmes will continue as planned As from 2006, Bouygues will have the same debt-to-equity ratios and investment capacity as today The payout (1.7 billion euros) will be financed by cash surplus and credit facilities Bo
Slide 6: Exceptional dividend (3/4): tax treatment
EXCEPTIONAL DIVIDEND (3/4): tax treatment The payout of 5 euros per share is subject to two different kinds of tax treatment: 9 The capital repayment (2.48 euros) does not generate an immediate income tax liability, but entails a reduction in the cost price of the shares held 9 The exceptional div
Slide 7: Exceptional payout (4/4): timetable
EXCEPTIONAL PAYOUT (4/4): timetable 9 7 October 2004: Ordinary Shareholders’ Meeting 9 7 January 2005: Payout of 5 euros per share and per investment certificate constituting the capital at 6 January 2005
Slide 8: Bouygues Group: key operating figures
BOUYGUES GROUP: key operating figures 1st half Million euros Change 2003 2004 Sales 10,191 10,904 + 7% Operating income 524 721 + 38% Net earnings attributable 130 249 + 92% to the Group Net earnings doubled
Slide 9: Bouygues Group: solid financial structure
BOUYGUES GROUP: solid financial structure 1st half Million euros 2003 2003 2004 Net debt * 4,193 3,322 2,786 Net debt / Shareholders’ equity * 68% 53% 45% Cash flow 878 993 2,073 Net operating investment 374 422 930 * End of period Significant reduction in debt
Slide 10: Bouygues: share ownership structure
BOUYGUES: share ownership structure At 30 June 2004 Capital Voting rights SCDM (1) 14.0% 21.9% Tennessee (groupe Pinault) 2.8% 3.0% Simetra (groupe Pinault) 5.1% 4.0% Total shareholder agreement 21.9% 28.9% Bouygues group employees 12.1% 17.6% Mme F. Bouygues 1.6% 2.5% Banks (2) 2.5% 2.5% Groupe Arn
Slide 11: Stock market
STOCK MARKET Performance from 1 January 2004 to 3 September 2004 115 110 105 CAC 40 100 BOUYGUES €28.07 95 90 01/01/2004 01/03/2004 01/05/2004 01/07/2004 01/09/2004
Slide 12: Highlights, Business Areas, Accounts, New IFRS Standards, Outlook
HIGHLIGHTS BUSINESS AREAS ACCOUNTS NEW IFRS STANDARDS OUTLOOK
Slide 13: Bouygues Construction: key figures
BOUYGUES CONSTRUCTION (B/CW): key figures 1st half Million euros Change 2003 2004 Sales 2,377 2,628 + 11% France 1,358 1,577 + 16% International 1,019 1,051 + 3% Earnings before tax and exceptionals 16 81 + €65m Net earnings (5) 63 + €68m Net cash at 30 June 894 1,319 + €425m Strong rise in earnings
Slide 14: Bouygues Construction: order book
BOUYGUES CONSTRUCTION: order book At 30 June 2004 54% €bn Total 6 5.3 4% 4.8 4.9 5.0 5 4.4 4.6 8% 4 3.6 3.6 12% 3 3.3 3.3 3.5 14% 8% 2.7 2 France of which France and Western Europe Western Europe (excluding France) 1 Eastern Europe 0 Asia 1999 2000 2001 2002 2003 30/06/2004 Africa Latin America and
Slide 15: Bouygues Construction: strategy and outlook
BOUYGUES CONSTRUCTION: strategy and outlook Continue to improve performance 9 2003: return to net profit 9 2004: strong rise in earnings 9 Beyond: good outlook Develop high-growth markets 9 Public-Private Partnerships 9 UK, Central Europe 9 Electricity, facilities management Sales target for 2
Slide 16: Colas: key figures
COLAS: key figures 1st half Million euros Change 2003 2003 2004 Sales 3,164 3,436 + 9% 7,426 France 2,016 2,255 + 12% 4,465 International 1,148 1,181 + 3% 2,961 Operating income 11 22 + €11m 262 Net earnings 15 33 + €18m 204 Net cash at end of period (371) (152) + €219m 255 A good first half 2004
Slide 17: Colas: order book
COLAS: order book 30 June Million euros Change 2003 2004 France 1,981 2,302 + 16% International 1,998 2,149 + 8% TOTAL 3,979 4,451 + 12% A strong order book
Slide 18: Colas: strategy and outlook
COLAS: strategy and outlook First roads contract under PFI in UK: renovation and maintenance of the entire road network in Portsmouth over 25 years for £400m (€600m) Pursue external and internal growth Sales target for 2004: €7,950m + 7% 9 France €4,880m + 9% 9 International €3,070m + 4%
Slide 19: Bouygues Immobilier: key figures
BOUYGUES IMMOBILIER: key figures 1st half Million euros Change 2003 2004 Sales 596 582 - 2% housing 324 401 + 24% corporate/commercial 272 181 - 33% Operating income 51 63 + €12m Net earnings 26 32 + €6m Net cash at 30 June 60 86 + €26m Constant improvement in profitability
Slide 20: Bouygues Immobilier: business activity
BOUYGUES IMMOBILIER: business activity Reservations 1st half Change 2003 2004 Housing Number 2,699 3,251 + 20% Total (€m) 401 532 + 33% Corporate/Commercial Office space (sq.m.) 105,000 60,000 - 43% Total (€m) 391 231 - 41% Business activity is still moving in different directions
Slide 21: Bouygues Immobilier: strategy and outlook
BOUYGUES IMMOBILIER: strategy and outlook Reduce vulnerability to economic cycle 9 Increase housing share in total sales 9 Keep operating costs under control 9 Manage cash rigorously Favourable market trends 9 Housing: maintaining a high level of business volume and prices 9 Corporate/Commercial
Slide 22: Saur: key figures
SAUR: key figures 1st half Million euros Change * 2003 2003* 2004 Sales 1,211 1,140 1,165 + 2% France 839 839 843 = International 372 301 322 + 7% Operating income 34 9 26 + €17m Net earnings 10 (4) 10 + €14m Net cash at 30 June (489) 118 (98) - €216m * Excluding the impact of the disposal of South
Slide 23: Saur: strategy and outlook
SAUR: strategy and outlook In France 9 Ensure steady growth in water segment 9 Pursue development of environmental services Abroad 9 Improve existing portfolio of activities Enhance productivity Sales target for 2004: €2,405m + 2%* 9 France €1,800m + 5% 9 International €605m - 3%* * Excludin
Slide 24: Saur: invitation to tender by Bouygues
SAUR: invitation to tender by Bouygues A process involving several stages 9 1st half 2004: review into how to optimise the financing of Bouygues’ holding in Saur 9 23 July 2004: announcement of invitation to submit offers to buy some or all of the stake in Saur 9 End 2004/start 2005: decision shou
Slide 25: TF1: key figures
TF1: key figures 1st half Million euros Change 2003 2004 Sales 1,409 1,481 + 5% (1) core channel advertising 835 890 + 7% other activities 574 591 + 3% (2) Operating income 233 293 + €60m Net earnings 138 161 + €23m Net debt at 30 June 519 603 + €84m (1) + 9% using same accounting method (third-part
Slide 26: TF1: audience
TF1: audience 1st half 1st half Channel 2003 2004 Women under 50 34% 35.7% Viewers 4 years and over 31.4% 32.4% Viewing time per person per day 3 hrs 24 3 hrs 29 (4 years and over) TV is most popular form of media in France. Audience share at TF1, French viewers’ favourite channel, rose further.
Slide 27: TF1: Eurosport key figures
TF1: Eurosport key figures 1st half Million euros 2003 2004 Sales 141 143 Operating income 17 26 Net earnings 5 9 Contribution to TF1 group Leading pan-European channel 9 98 million households including 50 million direct paying subscribers 9 54 countries and 19 languages Rise in audience figures
Slide 28: TF1: TPS key figures
TF1: TPS key figures 1st half Million euros 2003 2004 Sales 173 186 Operating income 9 10 Net earnings 3 6 Contribution to TF1 group 9 1.560 million subscribers at end-June 2004 including 1.270 million via Direct Broadcast Satellite and ADSL 9 TPS L service currently being rolled out
Slide 29: TF1: strategy and outlook
TF1: strategy and outlook Favourable prospects in advertising market: 9 Market recovery 9 Real growth potential 9 Confirmed leadership Strategic objectives: 9 Continue to maintain and consolidate the TF1 channel’s leading position 9 Develop the other channels 9 Make TPS a major player in broadca
Slide 30: Bouygues Telecom: key figures
BOUYGUES TELECOM: key figures 1st half Million euros Change 2003 2003 2004 Sales 1,558 (1) 1,765 + 13% 3,283 Net sales from network 1,441 (2) 1,603 + 11% 2,995 of which data (%) 13.7% 17.5 % + 3.8 pts 13.8% EBITDA 464 575 + 24% 1,001 EBITDA / net sales from 32.2% 35.9% + 3.7 pts 33.4% network Operat
Slide 31: Bouygues Telecom: financial data
BOUYGUES TELECOM: financial data 30 June 31 Dec. Million euros Change 2003 2004 2003 Shareholders’ equity* 2,265 2,315 + 2% 2,320 incl. participating loans* 811 604 - 26% 767 Net debt* 1,401 1,064 - 24% 1,031 Net debt/shareholders’ equity* 62% 46% - 16 pts 44% Cash flow 415 553 + 33% 896 Net operati
Slide 32: Bouygues Telecom: commercial performance (contract)
BOUYGUES TELECOM: commercial performance Contract 1st half (mainland France) 2003 2004 Customer base (in thousands) 3,807 4,454 Market share of net additions 26.6% 24.6% Market share on installed base 17.3% 17.9% ARPU (€/month) 52 50 SAC (€/customer) 222 241 Monthly churn 1.8% 1.4% Voice usage (mi
Slide 33: Bouygues Telecom: commercial performance (prepaid)
BOUYGUES TELECOM: commercial performance Prepaid 1st half (mainland France) 2003 2004 Active SIM cards (in thousands) 2,091 2,271 SAC (€/customer) 27 23 Voice usage (min/month) 89 83 Prepaid net sales from network (€m) 224 (1) 212 (1) Published in 2003: €228m (including third-party sales) A viab
Slide 34: Bouygues Telecom: comparison of third operators
BOUYGUES TELECOM: comparison of third operators TOTAL ARPU TOTAL USAGE (€/month) (min/month) 45 260 Bouygues Bouygues 40 Telecom Telecom 210 35 30 160 25 110 20 15 60 2002 2003 2002 2003 Source: Merrill Lynch,Global Wireless Matrix, July 2004 T-Mobile (NL) Amena E-Plus Optimus Base mmO2 (UK) Wind Bo
Slide 35: Bouygues Telecom: market share
BOUYGUES TELECOM: market share Contract customers (2) Mainland + Total sales (1) Caribbean 1st half 1st half 1st half 1st half 2003 2004 2003 2004 Bouygues Telecom 17.1% 17.7% 18.4% 18.8% Orange France 48.7% 47.6% 44.3% 43.9% SFR 34.2% 34.7% 37.3% 37.3% (1) Source: ART, French telecoms regulator (2)
Slide 36: Bouygues Telecom: i-mode even more accessible
BOUYGUES TELECOM: i-mode even more accessible i-mode is now available with all contracts and mini-contracts Roaming in more than 40 countries Extended range of handsets (Panasonic, NEC, Mitsubishi plus recent additions from Samsung and Sagem) Innovations and new services are constantly being
Slide 37: Bouygues Telecom: i-mode, a success
BOUYGUES TELECOM: i-mode, a success 800,000 i-mode customers today At end-June 2004, 20% of customers with contracts for 2 hours or more were i-mode subscribers (against 7% in June 2003) i-mode customers generate monthly revenue of €60 to 70 Highly satisfied content providers 9 The ecosystem
Slide 38: Bouygues Telecom: i-mode, a worldwide alliance
BOUYGUES TELECOM: i-mode, a worldwide alliance i-mode is used worldwide and is a key part of the European mobile multimedia environment 9 44.7 million customers including 3 million outside Japan 9 2 new members (Greece, Australia) Fruitful partnership with DoCoMo: 9 regular meetings held by the
Slide 39: Bouygues Telecom: our MVNO approach
BOUYGUES TELECOM: our MVNO approach Launch of Universal Mobile on Bouygues Telecom network: 9 An attractive formula in terms of usage and price: • billing per second from the first second, text messaging at 9 cents, option to double talk time, 9 A unique and innovative offer • Locked call-out cont
Slide 40: Bouygues Telecom: technological choices (1/2)
BOUYGUES TELECOM: technological choices (1/2) EDGE 9 technical test successfully completed with Nortel and Nokia 9 roll-out under way UMTS 9 EDGE is a direct step towards 2nd generation UMTS (R5) 9 combining EDGE and UMTS (R5) is the best strategy to optimise investment 9 test scheduled in the P
Slide 41: Bouygues Telecom: technological choices (2/2)
BOUYGUES TELECOM: technological choices (2/2) Speed >1Mb/s UMTS R5 The difference x 3-4 (HSDPA) between the UMTS maximum speed of R99 EDGE and UMTS 250Kb/s x 5-6 EDGE GPRS R99 is slight 40Kb/s 2000 2001 2002 2003 2004 2005 2006 2007 A gradual Number of customers In thousands development 500 - Launch
Slide 42: Bouygues Telecom: strategies and outlook
BOUYGUES TELECOM: strategies and outlook Keep innovating Use i-mode to capture a wider public Provide a closer and more personalised service for customers Explore all the options available with mobiles (TV) Sales target for 2004: €3,600m + 10% 9 of which net sales from network €3,300m + 10
Slide 43: Bouygues: sales targets for 2004
BOUYGUES: sales targets for 2004 2004 Change Million euros 2003 Objective in % Bouygues Telecom 3,271 3,590 + 10% TF1 2,727 2,790 + 6% (1) Saur 2,448 2,400 + 2% (2) Bouygues Construction 4,742 5,050 + 6% Colas 7,387 7,900 + 7% Bouygues Immobilier 1,229 1,250 + 2% Holding and other 18 20 n.s. TOTAL 2
Slide 44: Highlights, Business Areas, Accounts, New IFRS Standards, Outlook
HIGHLIGHTS BUSINESS AREAS ACCOUNTS NEW IFRS STANDARDS OUTLOOK
Slide 45: Bouygues: consolidated income statement
BOUYGUES: consolidated income statement 1st half Change Million euros 2003 2004 in % Sales 10,191 10,904 + 7% Operating income 524 721 + 38% Earnings before tax 402 623 + 55% and exceptionals Income tax (178) (258) + 45% Net earnings attributable 130 249 + 92% to the Group
Slide 46: Contribution of business areas to sales
BOUYGUES: contribution of business areas to sales 1st half Change Million euros 2003 2004 in % Bouygues Telecom 1,577 1,759 + 12% TF1 1,402 1,472 + 5% Saur 1,210 1,164 + 2%* Bouygues Construction 2,245 2,505 + 12% Colas 3,150 3,411 + 8% Bouygues Immobilier 596 582 - 2% Holding and other 11 11 = TOTA
Slide 47: Contribution of business areas to EBITDA
BOUYGUES: contribution of business areas to EBITDA 1st half Change Million euros in % 2003 2004 Bouygues Telecom 471 569 + 21% TF1 293 354 + 21% Saur 88 70 + 43%* Bouygues Construction 79 116 + 47% Colas 130 146 + 12% Bouygues Immobilier 58 65 + 12% Holding and other (3) (8) n.s. TOTAL 1,116 1,312 +
Slide 48: Contribution of business areas to operating income
BOUYGUES: contribution of business areas to operating income 1st half Change Million euros in % 2003 2004 Bouygues Telecom 200 271 + 36% TF1 232 293 + 26% Saur 34 26 x 3* Bouygues Construction 5 61 x 12 Colas 11 22 x2 Bouygues Immobilier 52 63 + 21% Holding and other (10) (15) n.s. TOTAL 524 721 + 3
Slide 49: Contribution of business areas to net earnings
BOUYGUES: contribution of business areas to net earnings 1st half Change Million euros 2003 2004 in €m Bouygues Telecom 70 131 + 61 TF1 57 67 + 10 Saur 10 9 + 13* Bouygues Construction (5) 63 + 68 Colas 15 32 + 17 Bouygues Immobilier 26 32 +6 Holding and other (43) (85) - 42 TOTAL 130 249 + 119 * Ex
Slide 50: Contribution of business areas to cash flow
BOUYGUES: contribution of business areas to cash flow 1st half Change Million euros 2003 2004 in % Bouygues Telecom 399 541 + 36% TF1 202 216 + 7% Saur 88 62 + 3%* Bouygues Construction 67 67 = Colas 105 121 + 15% Bouygues Immobilier 34 37 + 9% Holding and other (17) (51) n.s. TOTAL 878 993 + 13% *
Slide 51: Contribution of business areas to net investments
BOUYGUES: contribution of business areas to net investments Operating investments 1st half Change Million euros 2003 2004 in €m Bouygues Telecom 142 214 + 72 TF1 34 31 -3 Saur 50 42 + 17* Bouygues Construction 45 30 - 15 Colas 102 103 +1 Bouygues Immobilier 1 2 +1 Holding and other - - - TOTAL 374
Slide 52: Bouygues: condensed consolidated balance sheet
BOUYGUES: condensed consolidated balance sheet 30 June Change 31 Dec. Million euros 2003 2004 in €m 2003 Shareholders’ equity 6,151 6,217 + 66 6,192 Long & medium term provisions 1,832 1,895 + 33 1,896 Financial liabilities 4,675 3,756 - 919 5,160 Long-term capital 12,658 11,868 - 790 13,248 Fixed a
Slide 53: Bouygues SA: condensed balance-sheet
BOUYGUES SA: condensed balance-sheet 30 June 31 Dec. Million euros 2003 2004 2003 Shareholders’ equity 4,917 5,024 4,901 Long & medium-term provisions 228 182 177 Financial liabilities 2,491 2,598 2,978 Long-term capital 7,636 7,804 8,056 Long-term investments 6,896 7,721 7,823 Other assets 9 1 1 Wo
Slide 54: Bouygues: cash position in the first half 2004
BOUYGUES: cash position in the first half 2004 In €m Net cash at 31 December 2003: (2,786) 9 Acquisition of Bouygues securities for cancellation - 471 9 Conversion of OCEANE bonds + 418 9 Repayment of participating loans - 31 (minority interests) 9 Other acquisitions/disposals - 17 9 Operation and
Slide 55: Bouygues: financing policy
BOUYGUES: financing policy 4000 Available cash: €3.9bn 3500 3000 3.5 Debt repayment schedule 2500 Undrawn MLT 2000 Credit lines 1500 1000 500 0.4 Cash 0 Liquidity 2004 2005 2006 2007 2008 2009 2010 2011 and thereafter Evenly spread debt repayment schedule Very substantial liquidity
Slide 56: Highlights, Business Areas, Accounts, New IFRS Standards, Outlook
HIGHLIGHTS BUSINESS AREAS ACCOUNTS NEW IFRS STANDARDS OUTLOOK
Slide 57: 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 Currently being audited by the Statutory Auditors 9 Utilities management services: French standards still prevail Financial statements as of 31 March and 30 June 2004 9 In prog
Slide 58: IFRS: condensed 2004 opening balance sheet (assets)
IFRS: condensed 2004 opening balance sheet Provisional balance sheet (in €m) French IFRS Change ASSETS standards Tangible assets 4,532 4,888 + 356 Intangible assets 6,409 1,177 - 5,232 Goodwill 264 5,273 + 5,009 Other non-current assets 778 1,506 + 728 Current financial assets 2,616 2,593 - 23 Oth
Slide 59: IFRS: condensed 2004 opening balance sheet (liabilities)
IFRS: condensed 2004 opening balance sheet Provisional balance sheet (in €m) French LIABILITIES IFRS Change standards Shareholders’ equity, Group share 5,131 5,062 - 69 Minority interests 1,061 898 - 163 Total shareholders’ equity 6,192 5,960 - 232 Non-current provisions 1,896 1,489 - 407 Non-curr
Slide 60: IFRS: main impacts on assets (1/2)
IFRS: main impacts on assets (1/2) In €m Tangible assets + 356 9 Depreciation basis and periods + 212 9 Finance leases + 114 9 Other impacts + 30 Intangible assets - 5,232 9 Reclassification of intangibles as goodwill - 5,016 (market shares, etc.) 9 Depreciation periods - 154 9 Other reclassific
Slide 61: IFRS: main impacts on assets (2/2)
IFRS: main impacts on assets (2/2) In €m Other non-current assets + 728 9 Reclassification of deferred tax assets 706 9 Additional impact of deferred tax assets connected with IFRS + 53 9 Other impacts on financial assets - 31 Current financial assets - 23 9 Restatement of securitization operati
Slide 62: IFRS: main impacts on liabilities (1/3)
IFRS: main impacts on liabilities (1/3) In €m Shareholders’ equity, Group share - 69 9 IFRS 3: Business Combinations - 34 9 IAS 16/ IAS 17: Tangible assets, Leases + 163 9 IAS 12: Deferred Taxes + 43 9 IAS 19: Employee Benefits - 42 9 IAS 38: Intangible Assets - 197 9 IAS 39: Financial Instruments
Slide 63: IFRS: main impacts on liabilities (2/3)
IFRS: main impacts on liabilities (2/3) In €m Non-current provisions - 407 9 Reclassification as current liabilities - 461 9 Additional provisions for employee benefits + 45 9 Other impacts +9 Non-current financial liabilities - 931 9 Reclassification of current portion - 983 9 Reclassification
Slide 64: IFRS: main impacts on liabilities (3/3)
IFRS: main impacts on liabilities (3/3) In €m Other current liabilities + 331 9 Reclassification of current provisions + 461 9 Reclassification of unreleased production rights - 72 9 Other impacts - 58 Current financial liabilities + 1,212 9 Reclassification of current portion + 983 9 Hedging in
Slide 65: IFRS: impact on cash (1/2)
IFRS: impact on cash (1/2) Provisional balance sheet (in €m) French IFRS Change standards Non-current financial liabilities / (4,229) / Current financial liabilities / (1,032) / Total financial liabilities (5,160) (5,261) + 101 Cash and cash equivalents 2,374 2,250 - 124 Net hedging instruments /
Slide 66: IFRS: impact on cash (2/2)
IFRS: impact on cash (2/2) Analysis of decrease in net cash In €m 9 Reclassification of other shareholders’ equity - 167 9 Finance leases - 116 9 Restatement of securitization operations - 19 9 Net hedging instruments +8 9 Other impacts - 10 TOTAL - 304
Slide 67: Highlights, Business Areas, Accounts, New IFRS Standards, Outlook
HIGHLIGHTS BUSINESS AREAS ACCOUNTS NEW IFRS STANDARDS OUTLOOK
Slide 68: Bouygues: we have a clear strategy and keep our commitments
BOUYGUES: we have a clear strategy and keep our commitments In order to develop, we have taken risks and called upon our shareholders. In exchange, we have improved their return on investment, as promised.
Slide 69: Bouygues: our ambitions
BOUYGUES: our ambitions Extend in each of our businesses our scope of activity and our geographical reach Stay on the look-out for opportunities to expand into new business areas while remaining aware of risks Further strengthen our corporate culture, shared by the entire workforce Increase
Slide 70: Bouygues: calendar
BOUYGUES: calendar 2004 7 October Ordinary Shareholders’ Meeting 9 November Sales for first 9 months 15 December Earnings for first nine months 2005 7 January Exceptional payout 8 February 2004 annual sales 2 March 2004 annual earnings