Slide 1: Full-Year 2011 Results Presentation
FULL-YEAR 2011 RESULTS PRESENTATION Paris – 32 Hoche 29 February 2012 1
Slide 2: Forward-looking statements 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 filed with the A
Slide 3: Highlights and key figures; business areas; Alstom; financial statements; outlook
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS ALSTOM FINANCIAL STATEMENTS OUTLOOK AND CONCLUSION 3
Slide 4: Highlights of 2011 (1/2)
Highlights of 2011 (1/2) Excellent commercial activity Growth in sales and profitability Leadership position strengthened on the French residential property market Robust operational performances A good level of order intake and growth in sales Sharp increase in current operating profit
Slide 5: Highlights of 2011 (2/2)
Highlights of 2011 (2/2) TF1 group posted stable audience shares Streamlined and dynamic diversification activities Sharp improvement in current operating profit No.1 in terms of net growth for new fixed broadband customers EBITDA in line with the target Two blocks of 4G frequencies for
Slide 6: Group sales
Group sales € million 2010 2011 Change Sales 31,225 32,706 +5%1 o/w construction businesses2 23,003 24,375 +6% o/w TF1 2,622 2,620 = o/w Bouygues Telecom 5,636 5,741 +2% 1Up 3% like-for-like and at constant exchange rates 2Bouygues Construction + Bouygues Immobilier + Colas (sales contributions) S
Slide 7: Group results (1/2)
Group results (1/2) € million 2010 2011 Change Current operating profit 1,760 1,819 +3% o/w construction businesses 884 1,020 +15% o/w TF1 230 283 +23% o/w Bouygues Telecom 692 561 -19% Current operating margin 5.6% 5.6% = o/w construction businesses 3.8% 4.2% +0.4 pts o/w TF1 8.8% 10.8% +2.0 pts o/
Slide 8: Group results (2/2)
Group results (2/2) 2010 2011 Change Net profit attributable to the Group (€ million) 1,071 1,070 = Earnings per share1 (€) 3.03 3.06 +1% Restated earnings per share2 (€) 2.97 3.40 +14% Net profit is up 5% stripping out the expected decline in the contribution from Alstom (€190 million in 2011 ver
Slide 9: Group financial position (1/2)
Group financial position (1/2) € million End-2010 End-2011 Change Shareholders’ equity 10,607 9,678 -€929m Net debt 2,473 3,862 +€1,389m Net gearing 23% 40% +17 pts A fall in shareholders' equity due to the repurchase of 47 million shares in 2011 (o/w 42 million owing to the share repurchase tende
Slide 10: Group financial position (2/2)
Group financial position (2/2) € million 2010 2011 Change Cash flow 3,244 3,325 +€81m - Cost of net debt - 330 - 277 +€53m - Income tax expense - 482 - 528 -€46m - Net capital expenditure -1,423 - 1,6582 -€235m Free cash flow1 1,009 8622 -€147m 1Before change in WCR 2Excluding the 4G frequencies (€2
Slide 11: Dividend per share
Dividend per share (€) Dividend for FY20111 maintained at €1.60 Dividend yield2 of 5.7% 1To be proposed to the AGM on 26 April 2012 2Ratio of dividend per share to the average price over a rolling 12-month period at 20 February 2012 11
Slide 12: Agenda: business areas
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS ALSTOM FINANCIAL STATEMENTS OUTLOOK AND CONCLUSION 12
Slide 13: Construction businesses
Construction businesses come (3 <CLASS
Slide 14: Construction businesses: strong competitive advantages
Construction businesses: strong competitive advantages The excellent commercial activity in 2011 underlines the competitiveness of the construction businesses which is mainly driven by The ability to provide innovative, high value-added solutions that are tailored to customers' requirements A
Slide 15: Innovative, high value-added solutions tailored to customer requirements (1/2)
Innovative, high value-added solutions tailored to customer requirements (1/2) High-level technical know-how valued by customers For example: Bouygues' recognised expertise in the construction of tunnels in an urban environment enabled it to win two contracts in Hong Kong recently Tunnel, Hong K
Slide 16: Innovative, high value-added solutions tailored to customer requirements (2/2)
Innovative, high value-added solutions tailored to customer requirements (2/2) An ability to develop high value-added end-to-end offers for the customer PPPs1 that include design, construction, maintenance French Ministry of Defence, Paris and financing For example: PPP/PFIs1 accounted for 15%
Slide 17: The Paris law courts complex PPP
The Paris law courts complex PPP A project designed by the architect Renzo Piano The services of the Paris district court and the police court to be grouped together on one single site 90 courtrooms serving 8,000 people on a daily basis A Public-Private Partnership signed between the French
Slide 18: A strong international dimension
A strong international dimension Main international contracts won since start of 20111 UK Switzerland Poland Czech Republic School renovations Residential and commercial TPSA head office Shopping centre (€70m) property complexes (€190m) (€140m) (€73m) Canada Rail network maintenance (€152m) Hong Kon
Slide 19: Development of specialty activities
Development of specialty activities The aim: to expand the offering available to customers, develop synergies with existing business areas and penetrate new growth potential markets For example: urban transport, a growing market Increasingly strong demand in large and mid-sized towns and citie
Slide 20: Bouygues Construction: commercial activity
BOUYGUES CONSTRUCTION: commercial activity Order intake1 Order book at end-December 2011 International Long-term order book (beyond Y+5) For execution in Y+1 France For execution from Y+2 to Y+5 +8% = France € million €15.3bn 51% €14.2bn 10,934 10,946 2,410 9,395 €12.0bn 1,751 Americas 4,108 1,324 5
Slide 21: Bouygues Construction: key figures
BOUYGUES CONSTRUCTION: key figures € million 2010 2011 Change Sales 9,235 9,802 +6%1 o/w France 5,105 5,350 +5% o/w international 4,130 4,452 +8% Current operating profit 315 353 +12% Current operating margin 3.4% 3.6% +0.2 pts Net profit attributable to the Group 201 226 +12% 1Up 2% like-for-like a
Slide 22: Bouygues Immobilier: business activity
BOUYGUES IMMOBILIER: business activity Reservations1 Order book +29% Commercial property +34% 3,200 Residential property 3,051 2,477 781 313 167 2,178 2,280 1,955 64 152 431 € million 2,738 2,310 2,419 1,803 2,216 1,747 2009 2010 2011 End-Dec 2009 End-Dec 2010 End-Dec 2011 1Definition: Residential p
Slide 23: Bouygues Immobilier: key figures
BOUYGUES IMMOBILIER: key figures € million 2010 2011 Change Sales 2,418 2,465 +2%1 o/w residential 1,947 1,994 +2% o/w commercial 471 471 = Current operating profit 204 201 -1% Current operating margin 8.4% 8.2% -0.2 pts Net profit attributable to the Group 108 120 +11% 1Up 2% like-for-like and at c
Slide 24: Colas: order book
COLAS: order book International and French overseas territories Mainland France € million 7,041 6,994 7,198 7,227 6,566 6,669 6,472 +5% 6,141 3,450 3,353 3,612 3,594 3,375 3,310 3,183 +7% 2,983 3,591 3,641 3,586 3,634 3,191 3,359 3,158 3,289 +4% End-March End-March End-June End-June End-Sept End-Sep
Slide 25: Colas: key figures
COLAS: key figures € million 2010 2011 Change Sales 11,661 12,412 +6%1 o/w France 6,714 7,250 +8% o/w international 4,947 5,162 +4% Current operating profit 365 466 +28% Current operating margin 3.1% 3.8% +0.7 pts Operating profit 313 466 +49% Net profit attributable to the Group 224 336 +50% 1Up 5%
Slide 26: Colas: profitability
COLAS: profitability Activity was robust in France in an environment where prices stabilised at a low level The restructuring plan is starting to pay off in Central Europe in a context of depressed markets Sales declined 17% Current operating income was up €78 million in 2011 North America
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Slide 28: TF1: highlights
TF1: highlights TMC and NT1 enabled TF1 to bolster its position on a growing free-to-air DTT market Stability of TF1 group audience shares (TF1, TMC, NT1) 29.1% audience share1 in 2011 (29.4% in 2010) for individuals aged 4 years and over A plurimedia and innovative advertising sales unit
Slide 29: TF1: key figures
TF1: key figures € million 2010 2011 Change Sales 2,622 2,620 =1 o/w Group advertising 1,793 1,822 +2% Current operating profit 230 283 +23% Current operating margin 8.8% 10.8% +2.0 pts Operating profit 313 283 -10% Net profit attributable to the Group 228 183 -20% 1Down 2% like-for-like and at cons
Slide 30: Bouygues Telecom
Bouygues i
Slide 31: Bouygues Telecom: mobile business performance
BOUYGUES TELECOM: mobile business performance Annual yoy growth in the customer base1 MVNO customer base1 & 2 Bouygues Telecom Other MNOs Bouygues Telecom MVNOs Other MVNOs 5.5 5.8 7.7% Millions of customers 5.0 6.7% 7.1% 4.4 6.3% 6.5% 6.4% 4.0 3.6 3.6 3.7 4.6% 4.1% 3.4% 3.3% 3.0% 3.5% 2.2% 2.0% 1.6
Slide 32: Bouygues Telecom: fixed broadband business performance
BOUYGUES TELECOM: fixed broadband business performance Net growth at Bouygues Telecom in thousands1 154 132 139 120 121 122 99 96 83 89 56 18 Q1 Q1 Q1 Q2 Q2 Q2 Q3 Q3 Q3 Q4 Q4 Q4 09 10 11 09 10 11 09 10 11 09 10 11 With more than 30%2 of the net market growth, Bouygues Telecom has been the leading
Slide 33: Bouygues Telecom: key figures
BOUYGUES TELECOM: key figures € million 2010 2011 Change Sales 5,636 5,741 +2%1 Sales from network 5,060 5,082 = EBITDA 1,367 1,272 -7% EBITDA/sales from network 27.0% 25.0% -2.0 pts Current operating profit 692 561 -19% Operating profit 692 5992 -13% Net profit attributable to the Group 444 370 -17
Slide 34: Bouygues Telecom: sales from network and EBITDA
BOUYGUES TELECOM: sales from network and EBITDA Sales from network EBITDA Organic Organic growth growth up 8% Cut in MTR and improved productivity Additional marketing +390 costs € million +155 Cut in voice and SMS 5,082 termination rate differentials 5,060 -368 1,367 -99 1,272 -151 2010 2011 2010 2
Slide 35: Bouygues Telecom: transformation of the mobile market
BOUYGUES TELECOM: transformation of the mobile market A stage-by-stage transformation of the consumer mobile market in 2011/2012 Changes in regulations Cut in voice and SMS call termination rates Impact of the Chatel law Increasing cost of handsets Smartphones: 63% of handset1 sales in 201
Slide 36: Bouygues Telecom: the strategy for 2012
BOUYGUES TELECOM: the strategy for 2012 To remain the most innovative player on the mobile market whilst adapting the business model To pursue growth in the fixed broadband business To seize opportunities on the B2B markets To invest in long-term infrastructure 36
Slide 37: Bouygues Telecom: a strong position on two segments
BOUYGUES TELECOM: a strong position on two segments Bare bones offers Offers with services (no commitment, SIM without (tailored offers with handset and handset & web-only) customer service) The trail-blazer from July 2011 with the 80% of mobile call plan customers first unlimited voice and SMS
Slide 38: Bouygues Telecom: growth of the fixed broadband business
BOUYGUES TELECOM: growth of the fixed broadband business Bouygues Telecom1 Competitors Leader in terms of net growth for the last two years 67% 68% 70% 69% Success of ideo, the 1st quadruple-play 92% 79% offer on the market 33% 32% 30% 31% 21% 8% Strong growth posted by very-high-speed broadba
Slide 39: Bouygues Telecom: opportunities in B2B markets
BOUYGUES TELECOM: opportunities in B2B markets The Corporate market A market worth €15 billion1 which is opening up to competition As a full-service operator, Bouygues Telecom is able to challenge its competitors' positions 5% growth in Bouygues Telecom's sales from network in this market in
Slide 40: Bouygues Telecom: investment for the future
BOUYGUES TELECOM: investment for the future To offer a quality very-high-speed mobile service to satisfy the increasing demand for data traffic Speeds of up to 42 Mbit/s are offered with 3G+ Acquisition for a period of 20 years of 4G frequencies in the 2.6 GHz and 800 MHz bands 800 MHz frequ
Slide 41: Bouygues Telecom: outlook for 2012
BOUYGUES TELECOM: outlook for 2012 Bouygues Telecom’s Despite the continued growth in the fixed broadband activity, cost structure in 2011 2012 sales are expected to contract 10% due to The fall in handset sales related to the growth of bare bones offers External charges1 The planned cut in mo
Slide 42: Bouygues Telecom: key indicators
BOUYGUES TELECOM: key indicators Plan Prepaid Total customer base 2010 2011 2010 2011 2010 2011 Customers SIM cards (‘000) 8,742 9,110 2,342 2,194 11,084 11,304 SIM cards (% mix) 78.9% 80.6% 21.1% 19.4% Fixed broadband customer base (‘000)1 808 1,241 Marketing costs2 Marketing costs/sales from netwo
Slide 43: Bouygues Telecom: mobile termination rates
BOUYGUES TELECOM: mobile termination rates History of cuts ordered by Arcep Voice termination rates SMS termination rates € cents/minute for voice At 1 July At 1 July At 1 Jan At 1 July At 1 Jan At 1 Feb At 1 July At 1 July € cents/unit for SMS 2010 2011 2012 2012 2013 2010 2011 2012 Rates to Bouy
Slide 44: Agenda: Alstom
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS ALSTOM FINANCIAL STATEMENTS OUTLOOK AND CONCLUSION 44
Slide 45: Alstom: sustained business activity continues
ALSTOM Sustained business activity Order intake: up 20% for the first 9 months of FY2011/12 (up 18% excluding Grid) A book-to-bill higher than 1 for the last five quarters 60% of orders from emerging markets A gradual increase in sales quarter after quarter A strengthening of partnership
Slide 46: Agenda: financial statements
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS ALSTOM FINANCIAL STATEMENTS OUTLOOK AND CONCLUSION 46
Slide 47: Condensed consolidated income statement (1/2)
Condensed consolidated income statement (1/2) € million 2010 2011 Change Sales 31,225 32,706 +5% Current operating profit 1,760 1,819 +3% Other operating income and expenses 311 382 nm Operating profit 1,791 1,857 +4% Cost of net debt (330) (277) -16% o/w financial income 64 82 +28% o/w financial ex
Slide 48: Condensed consolidated income statement (2/2)
Condensed consolidated income statement (2/2) € million 2010 2011 Change Income tax expense (482) (528) +10% Share of profits and losses from associates 278 198 -29% Net profit 1,263 1,237 -2% Minority interests (192) (167) -13% Net profit attributable to the Group 1,071 1,070 = 48
Slide 49: Sales by business area
Sales by business area € million 2010 2011 Change Bouygues Construction 9,235 9,802 +6% Bouygues Immobilier 2,418 2,465 +2% Colas 11,661 12,412 +6% TF1 2,622 2,620 = Bouygues Telecom 5,636 5,741 +2% Holding company and other 132 120 nm Intra-Group elimination (479) (454) nm TOTAL 31,225 32,706 +5% o
Slide 50: Contribution of business areas to Group EBITDA
Contribution of business areas to Group EBITDA € million 2010 2011 Change Bouygues Construction 606 549 -€57m Bouygues Immobilier 184 181 -€3m Colas 894 934 +€40m TF1 319 357 +€38m Bouygues Telecom 1,367 1,272 -€95m Holding company and other (40) (51) -€11m TOTAL 3,330 3,242 -€88m EBITDA = current o
Slide 51: Contribution of business areas to Group current operating profit
Contribution of business areas to Group current operating profit € million 2010 2011 Change Bouygues Construction 315 353 +€38m Bouygues Immobilier 204 201 -€3m Colas 365 466 +€101m TF1 230 283 +€53m Bouygues Telecom 692 561 -€131m Holding company and other (46) (45) +€1m TOTAL 1,760 1,819 +€59m 51
Slide 52: Contribution of business areas to Group net profit
Contribution of business areas to Group net profit Group share € million 2010 2011 Change Bouygues Construction 201 226 +€25m Bouygues Immobilier 108 120 +€12m Colas 216 324 +€108m TF1 98 80 -€18m Bouygues Telecom 397 331 -€66m Alstom 235 190 -€45m Holding company and other (184) (201) -€17m TOTAL
Slide 53: Condensed consolidated balance sheet
Condensed consolidated balance sheet End-Dec End-Dec € million Change 2010 2011 Non-current assets 18,620 19,442 +€822m Current assets 16,966 15,480 -€1,486m TOTAL ASSETS 35,586 34,922 -€664m Shareholders’ equity 10,607 9,678 -€929m Non-current liabilities 8,732 8,875 +€143m Current liabilities 16,2
Slide 54: Change in cash position in 2011 (1/2)
Change in cash position in 2011 (1/2) Net cash at 31/12/2010 Net cash at 31/12/2011 (2,473) (2,384) (3,862) Share Acquisitions/ repurchase disposals Dividends Operation tender offer paid +1,000 -1,250 -114 -694 Other1 -103 4G frequencies (2.6 GHz) -228 2010 (2,704) -255 -674 +131 +1,029 (2,473) 0 0
Slide 55: Change in cash position in 2011 (2/2)
Change in cash position in 2011 (2/2) Breakdown of operation Net capital € million Net cash flow expenditure +2,5201 -1,6582 Change in operating WCR Forex & other +€1,000m +62 3 +76 (2) 2010 +2,432 -1,423 -24 +44 +1,029 1Net cash flow = cash flow - cost of net debt - income tax expense 2Excluding ac
Slide 56: Contribution of business areas to Group net cash flow
Contribution of business areas to Group net cash flow € million 2010 2011 Change Bouygues Construction 399 425 +€26m Bouygues Immobilier 126 146 +€20m Colas 662 728 +€66m TF1 210 258 +€48m Bouygues Telecom 1,086 1,067 -€19m Holding company and other (51) (104) -€53m TOTAL 2,432 2,520 +€88m Net cash
Slide 57: Contribution of business areas to Group net capital expenditure
Contribution of business areas to Group net capital expenditure € million 2010 2011 Change Bouygues Construction 221 268 +€47m Bouygues Immobilier 4 12 +€8m Colas 474 414 -€60m TF1 43 108 +€65m Bouygues Telecom 680 859 +€179m Holding company and other 1 (3) -€4m Total excluding frequencies 1,423 1,6
Slide 58: Contribution of business areas to Group free cash flow
Contribution of business areas to Group free cash flow € million 2010 2011 Change Bouygues Construction 178 157 -€21m Bouygues Immobilier 122 134 +€12m Colas 188 314 +€126m TF1 167 150 -€17m Bouygues Telecom 406 2081 -€198m Holding company and other (52) (101) -€49m TOTAL 1,009 8621 -€147m Free cash
Slide 59: Net cash by business area
Net cash by business area End-Dec End-Dec € million Change 2010 2011 Bouygues Construction 2,856 2,869 +€13m Bouygues Immobilier 376 507 +€131m Colas (57) 28 +€85m TF1 17 (40) -€57m Bouygues Telecom (170) (581) -€411m Holding company and other (5,495) (6,645) -€1,150m TOTAL (2,473) (3,862) -€1,389m
Slide 60: Financing
Financing €m Available cash: €8.4 billion 11,000 10,000 Debt repayment schedule at 31 December 2011 9,000 8,000 Undrawn 7,000 MLT credit 6,000 lines €5,245m 5,000 4,000 3,000 2,000 Cash €3,161m 1,000 0 An evenly-spread debt repayment schedule Substantial liquidity 60
Slide 61: Agenda: outlook and conclusion
HIGHLIGHTS AND KEY FIGURES BUSINESS AREAS ALSTOM FINANCIAL STATEMENTS OUTLOOK AND CONCLUSION 61
Slide 62: 2012 outlook (1/2)
2012 outlook (1/2) Construction businesses The order book provides good visibility on 2012 sales and beyond €24.8 billion, up 10% versus end-December 2010 The financial and economic environment is uncertain but there are several, significant projects currently being negotiated Bouygues Const
Slide 63: 2012 outlook (2/2)
2012 outlook (2/2) TF1 Despite the substantial volatility in decision-making by advertisers, TF1 expects sales to remain stable in 2012 The priority is still to closely manage costs, particularly programming costs BOUYGUES TELECOM Due to its forecast of a contraction in sales in 2012, Bouygues
Slide 64: Full-year 2012 sales target
Full-year 2012 sales target € million 2011 2012 Change Bouygues Construction 9,802 10,000 +2% Bouygues Immobilier 2,465 2,450 = Colas 12,412 12,500 +1% TF1 2,620 2,620 = Bouygues Telecom 5,741 5,140 -10% Holding company and other 120 120 nm Intra-Group elimination (454) (480) nm TOTAL 32,706 32,350
Slide 65: Conclusion
Conclusion Bouygues has shown its ability to adapt to a challenging economic environment since 2009 The construction businesses are holding up well Thanks to competitive and differentiating offers By favouring profitability rather than volumes and by implementing adaptation plans as soon as
Slide 66: Calendar
Calendar1 26 April 2012 Annual General Meeting for FY2011 3.30pm 4 May 2012 Dividend payment 15 May 2012 First-quarter 2012 sales and earnings 5.45pm 28 August 2012 First-half 2012 sales and earnings 5.45pm 29 August 2012 First-half 2012 results presentation 14 November 2012 Nine-month 2
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