Bouygues Sa · EURONEXT:EN
Bouygues Sa — H1 2005 Earnings Presentation
76 slides from Bouygues Sa's earnings presentation, Sep 14, 2005
Slide 1: Presentation of Half-Year Accounts
PRESENTATION OF HALF-YEAR ACCOUNTS PARIS 14 September 2005
Slide 2: Forward-looking statements disclaimer
This document contains projections and forecasts. They express objectives based on the current assessments and estimates of the Group’s general management which are subject to many factors and uncertainties. Consequently, actual figures could differ significantly from projected figures. The followin
Slide 3: Highlights, Business Areas, Accounts, Outlook
HIGHLIGHTS BUSINESS AREAS ACCOUNTS OUTLOOK
Slide 4: First-half 2005 highlights
FIRST-HALF 2005 HIGHLIGHTS Further rise in Group sales and profitability Bouygues Telecom: launch of broadband services throughout France (EDGE) Bouygues Construction: sharp increase in orders (+ 18%). Several major contracts recently awarded (A41, Gautrain, Hermès, etc.) have not yet been inc
Slide 5: Privatization of motorway companies
PRIVATIZATION OF MOTORWAY COMPANIES Bouygues has decided not to make an offer. The invitation to bid, relating to infrastructures that have already been built, is essentially financial in nature, which does not fit with Bouygues’ entrepreneurial spirit. When investing in infrastructure concess
Slide 6: Competition in the French mobile phone sector: preliminary remarks
COMPETITION IN THE FRENCH MOBILE PHONE SECTOR: preliminary remarks 1. The article in the Canard Enchaîné of 24 August 2005 is based on a report written by an inspector from the DGCCRF (the French government’s competition department). It makes no mention of the submissions from the three operators an
Slide 7: Bouygues Telecom's position (1/3)
COMPETITION IN THE FRENCH MOBILE PHONE SECTOR: Bouygues Telecom’s position (1/3) 1. Bouygues Telecom denies the allegations made in the Canard Enchaîné. 2. Bouygues Telecom made submissions to the Competition Authorities that provide precise answers to each of the questions raised during the enquiry
Slide 8: Bouygues Telecom's position (2/3)
COMPETITION IN THE FRENCH MOBILE PHONE SECTOR: Bouygues Telecom's position (2/3) 4. Given the historical conditions under which it was awarded a licence and the practices of the Orange-SFR duopoly, Bouygues Telecom's profitability is structurally lower than that of its two competitors. 9 Award of a
Slide 9: Bouygues Telecom's position (3/3)
COMPETITION IN THE FRENCH MOBILE PHONE SECTOR: Bouygues Telecom’s position (3/3) 5. Bouygues Telecom has been denouncing the same practices for several years: 9 The duopoly systematically abuses its dominant position (83% of the combined market share); 9 France Télécom and Orange have benefited from
Slide 10: Bouygues Group: key operating figures
BOUYGUES GROUP: key operating figures IFRS 1st half Million euros Change 2004 2004 2005 Sales 10,192 (1) 11,268 + 11% 21,242 Operating profit 696 853 (2) + 23% 1,559 Net profit att. to the Group 276 384 (2) + 39% 909 Net profit att. to the Group 256 384 (2) + 50% 700 excluding Saur (1) Comparable
Slide 11: Bouygues Group: financial structure
BOUYGUES GROUP: financial structure 1st half Million euros Change 2004 2005 2004 Net debt (1) 3,556 3,980 (2) + 12% 1,875 Debt-to-equity ratio (1) 60% 79% + 19 pts 38% Cash flow (3) 937 1,099 + 17% 2,052 Net operating investment 395 609 + 54% 1,047 Free cash flow 542 490 - 10% 1,005 (1) End of perio
Slide 12: Bouygues Telecom: agreement with BNP Paribas
BOUYGUES TELECOM: agreement with BNP Paribas BNP Paribas wishes to make its 6.5% stake in Bouygues Telecom liquid. Bouygues has granted BNP Paribas an option to sell 6.5% of Bouygues Telecom, exercisable from September 2005 to July 2007 at a price of €477 million to €495 million (€475 million pl
Slide 13: Share ownership structure at 30 June 2005
BOUYGUES: share ownership structure at 30 June 2005 Capital Voting rights Foreign Foreign shareholders* SCDM shareholders* SCDM 17% Groupe 23% 29% 25% Artémis 8% (F. Pinault) Groupe 7% 10% Artémis Employees 30% 15% (F. Pinault) 36% Other Other Employees French French shareholders shareholders 33
Slide 14: Stock market: July 2004 to September 2005
STOCK MARKET Performance over 14 months: from 22 July 2004 to 9 September 2005 CAC 40 Bouygues Bouygues, coupon reinvested €42.76 44 4 + 64% 42 40 38 €36.69 + 41% Price in euros 36 34 + 26% 32 30 28 26 24 July-04 October-04 January-05 April-05 July-05 The €5 exceptional payout was made public on
Slide 15: Stock market: January to September 2005
STOCK MARKET Performance over 9 months: from 1 January 2005 to 9 September 2005 44 CAC 40 Bouygues Bouygues, coupon reinvested €42.76 42 + 26% 40 + 18% 38 €36.69 Price in euros 36 + 8% 34 32 30 28 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 The Bouygues share price has risen 8
Slide 16: Highlights, Business Areas, Accounts, Outlook
HIGHLIGHTS BUSINESS AREAS ACCOUNTS OUTLOOK
Slide 17: Bouygues Construction: key figures
BOUYGUES CONSTRUCTION (B/CW): key figures IFRS 1st half Million euros Change 2004 2004 2005 Sales 2,628 2,943 + 12% 5,512 of which France 1,577 1,745 + 11% 3,236 of which international 1,051 1,198 + 14% 2,276 Operating profit 84 137 + 63% 168 Net profit att. to the Group 64 96 + 50% 140 Net cash a
Slide 18: Bouygues Construction: order book
BOUYGUES CONSTRUCTION: order book At 30 June 2005 €bn 57% 6 5.3 3% 4.9 5.0 5.2 7% 4.8 4.6 5 4.6 76% 4.0 3.8 3.9 4 3.6 3.6 3.6 3.5 14% 19% 3 France 2 of which France and Europe Europe (excl. France) 1 Asia Africa and other 0 Americas End 2000 End 2001 End 2002 End 2003 30 June End 2004 30 June 2004 2
Slide 19: Major public-private projects
MAJOR PUBLIC-PRIVATE PROJECTS Since January 2002, Bouygues Construction has been awarded 18 contracts in France and abroad worth over €50 million each, combining public and private funding for a total amount of construction works exceeding €4 billion. These projects can take different legal form
Slide 20: Major public-private contracts since 2002 (1/2)
MAJOR PUBLIC-PRIVATE CONTRACTS won by Bouygues Construction since January 2002 (1/2) Under construction Project Project Description total amount Highway 2000 (EFC) / Concession Toll motorway between Kingston and Mandeville (Jamaica) €140m Home Office / PFI New UK Home Office £300m / €440m A28 / Co
Slide 21: Major public-private contracts since 2002 (2/2)
MAJOR PUBLIC-PRIVATE CONTRACTS won by Bouygues Construction since January 2002 (2/2) Under development Project Project Description total amount Broomfield Hospital / PFI preferred bidder 892–bed hospital in Chelmsford, Essex (UK) £220m / €323m Lewisham Schools / PFI preferred bidder 7 schools sout
Slide 22: Masan Bay bridge
MAJOR PUBLIC-PRIVATE PROJECTS: Masan Bay bridge Construction and operation of a bridge in South Korea 1st concession contract in South Korea: design, financing, construction, maintenance and 30-year operation Bouygues Construction – Hyundaï Engineering and Construction consortium Project key
Slide 23: Hong Kong International Exhibition Center
MAJOR PUBLIC-PRIVATE PROJECTS: Hong Kong International Exhibition Center Contract covering design, co-financing, construction and 25-year operation Project key figures 9 66,000 m² of exhibition space 9 Contract signed: August 2003 9 2.5 years of construction 9 Handover: December 2005 9 Project t
Slide 24: A41 motorway
MAJOR PUBLIC-PRIVATE PROJECTS: A41 motorway Concession of the A41 motorway in France between Annecy and Geneva Concession contract involving design, financing, construction, maintenance and 55-year operation ADELAC consortium comprising Bouygues Construction, Colas, Area, Setec Time frame: 9
Slide 25: Hermès
MAJOR PUBLIC-PRIVATE PROJECTS: Hermès Two new terminals at Larnaca and Paphos airports in Cyprus Concession contract involving design, financing, construction, maintenance and 25-year operation Hermès consortium comprising Bouygues Construction, Vancouver Airport Services, Egis Projects, local
Slide 26: Gautrain
MAJOR PUBLIC-PRIVATE PROJECTS: Gautrain Rail link between Johannesburg, Pretoria and Johannesburg International Airport Concession contract covering design, financing, construction, maintenance and 15-year operation Consortium comprising Bouygues Construction, RATP, Bombardier, etc. Time fra
Slide 27: Strengths of Bouygues Construction
MAJOR PUBLIC-PRIVATE PROJECTS: strengths of Bouygues Construction Technical skills 9 Ability to design the most suitable structure in terms of investment and operation 9 Control of construction risks Expertise in design and coordination of legal and financial arrangements 9 Innovative financial
Slide 28: Bouygues Construction: outlook
BOUYGUES CONSTRUCTION: outlook Sales target for 2005 Million euros - IFRS 2004 2005 Change Sales 5,512 5,800 + 5% of which France 3,236 3,500 + 8% of which international 2,276 2,300 + 1%
Slide 29: Bouygues Immobilier: key figures
BOUYGUES IMMOBILIER: key figures IFRS 1st half Million euros Change 2004 2004 2005 Sales 582 758 + 30% 1,295 o/w housing 401 500 + 25% 864 o/w corporate / commercial 181 258 + 43% 431 Operating profit 60 72 + 20% 119 Net profit att. to the Group 31 42 + 35% 64 Net cash at end of period 84 161 + €7
Slide 30: Bouygues Immobilier: commercial activity
BOUYGUES IMMOBILIER: commercial activity Reservations 1st half Change 2004 2005 Housing Number 3,251 4,011 + 23% Amount (€m) 532 655 + 23% Corporate / Commercial Office space (sq m) 60,000 31,000 - 48% Amount (€m) 231 85 - 63%
Slide 31: Bouygues Immobilier: markets
BOUYGUES IMMOBILIER: markets France 9 Housing: market remains buoyant as a result of unmet demand and a favourable financial environment, on track for a soft landing 9 Corporate / Commercial: market should remain stable until 2007 International 9 Spain: housing market is overheating 9 Poland: ho
Slide 32: Bouygues Immobilier: outlook
BOUYGUES IMMOBILIER: outlook 2005 sales target Million euros - IFRS 2004 2005 Change Sales 1,295 1,550 + 20% o/w housing 864 1,075 + 24% o/w corporate / commercial 431 475 + 10%
Slide 33: Colas: key figures
COLAS: key figures IFRS 1st half Million euros Change 2004 2004 2005 Sales 3,436 3,993 + 16% 8,024 of which France 2,255 2,514 + 11% 4,914 of which international 1,181 1,479 + 25% 3,110 Operating profit 9 38 x4 289 Net profit att. to the Group 30 46 + 53% 251 Net cash at end of period (246) (293)
Slide 34: Colas: order book
COLAS: order book 30 June Million euros Change 2004 2005 Metropolitan France 2,296 2,581 + 12% International and French overseas 2,144 2,716 + 27% territories TOTAL 4,440 5,297 + 19%
Slide 35: Colas: 18 years of continued growth
COLAS: 18 years of continued growth 9 000 French GAAP 8,013 8 000 Sales 11.4% 7 000 t h: 6 000 al grow ge annu vera 5 000 €m 4 000 A 3 000 2 000 1 000 0 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 250 241 200 th: 15.2% nual grow 150 Net profit rage an Av e €m 100 50 0 1986 1988 1990 1992 199
Slide 36: Colas: markets
COLAS: markets Road works in metropolitan France 9 Markets remain robust Road works on international markets 9 Western Europe: stable activity 9 Good visibility in Indian Ocean region and Eastern Europe where Colas subsidiaries should benefit from funds earmarked for infrastructure renewal 9 Nor
Slide 37: Colas: outlook
COLAS: outlook 2005 sales target Million euros - IFRS 2004 2005 Change Sales 8,024 9,000 + 12% of which France 4,914 5,340 + 9% of which international 3,110 3,660 + 18%
Slide 38: TF1: key figures
TF1: key figures IFRS 1st half Million euros Change 2004 2004 2005 Sales 1,495 1,470 - 2% 2,850 o/w core channel advertising 890 881 - 1% 1,646 o/w other activities 605 589 - 3% 1,204 Operating profit 279 269 - 4% 383 Net profit att. to the Group 166 177 + 6% 225 Net debt at end of period 606 553
Slide 39: TF1: audience share
TF1: audience share Individuals 4 + / January – August 2005 35.7% Women < 50 / January – August 2005 32.2% 19.9% 19.6% 16.3% 14.6% 12.8% 10.7% 11.9% 10.3% 3.6% 1.8% 3.1% 3.2% 3% 1.3% M6 te l+ 1 3 5 2 M6 ls te 2 3 5 l+ 1 els TF TF na ce ce ce ne na Ar ce ce ce Ar n an an an an an an Ca an Ca an Fr Fr
Slide 40: TF1: theme channel audience share
TF1: theme channel audience share 2% (+ 0.3 pts) 1.3% (+ 1.2 pts) 1.1% (+ 0.4 pts) TF1 group channels continue 1% (+ 0.4 pts) to improve their performance: 1% (+ 0.4 pts) Audience share = 11% 0.6% (+ 0.1 pts) (+ 4.2 points in 4 years) 0.2% (=) Source: Médiamétrie / MédiaCabSat Survey 9 (January-June
Slide 41: TPS: key figures
TPS: key figures 1st half Million euros 2004 2005 Sales 186 198 Operating profit 10 5 Net profit 7 3 Contribution to TF1 group 1.65 million subscribers, including 1.35 million by Direct Broadcast Satellite and ADSL Continuous improvement of the offer 9 The best of US studio movies: 50% of box-of
Slide 42: TPS: a profitable business
TPS: a profitable business Breakeven point reached 9 2003: positive operating profit 9 2005: positive net profit Improvement in profitability €5-10m €3m €3m 2001 2002 2003 2004 2005 ... - €14m Operating profit (figures at 100%) - €49m
Slide 43: Eurosport: key figures
Eurosport: key figures 1st half Million euros 2004 2005 Sales 143 143 Operating profit 26 24 Net profit 9 11 Contribution to TF1 group 104 million households 17 million households 13 million visits (2) 6 versions 5 languages 54 million paying subscribers 15 million paying subscribers 54 countries 37
Slide 44: TF1: outlook
TF1: outlook 2005 sales target Million euros - IFRS 2004 2005 Change Sales 2,850 2,860 = o/w core channel advertising 1,646 1,630 - 1% o/w other activities 1,204 1,230 + 2%
Slide 45: Bouygues Telecom: key figures (IFRS)
BOUYGUES TELECOM: key figures (IFRS) 1st half Million euros Change 2004 (1) 2004 (1) 2005 Sales 2,066 2,193 + 6% 4,292 Net sales from network 1,912 2,077 + 9% 3,957 of which mobile-to-mobile billing 305 (2) 324 + 6% 626 (2) percentage of data 14.7% 16.4% + 1.7 pts 14.9% EBITDA 586 678 + 16% 1,157 EB
Slide 46: Bouygues Telecom: financial structure (IFRS)
BOUYGUES TELECOM: financial structure (IFRS) 1st half Full year Million euros Change 2004 2005 2004 Shareholders’ equity (1) 1,603 1,999 + 25% 1,783 Net debt (1) 1,700 1,003 - 41% 1,197 of which shareholder loans 604 0 - 614 of which net bank debt 860 971 + 13% 545 Debt-to-equity ratio 106% 50% - 56
Slide 47: Bouygues Telecom: market share at 30 June 2005
BOUYGUES TELECOM: market share at 30 June 2005 (Metropolitan France and French overseas territories) Customer market share (1) Value market share (2) 16.9% Bouygues Telecom 19.6% Orange 47.3% 42.4% 35.8% SFR 37.9% (1) Source: ARCEP (2) Source: operators Sales including mobile-to-mobile billing
Slide 48: Bouygues Telecom: commercial performance
BOUYGUES TELECOM: commercial performance Total Contract Prepaid customer base (Metropolitan France) 1st half 1st half 1st half 1st half 1st half 1st half 2004 2005 2004 2005 2004 2005 SIM cards (in thousands) 4,454 5,104 2,334 2,425 6,788 7,529 ARPU (€/month) (1) 60 57 ns ns 46 44 SAC (€/customer) 2
Slide 49: Bouygues Telecom: voice services
BOUYGUES TELECOM: voice services Offer the best quality-price ratio 9 Mass market 9 Young people 9 Businesses Unlimited offers to all Universal Mobile Offer new integrated networks Exclusive fixed-mobile Generous voice offers at advantages in services home (in reaction to Prepaid segment
Slide 50: Bouygues Telecom: data services for mass market
BOUYGUES TELECOM: data services for mass market Extend personal services available with Internet to mobile telephony 9 Quality-price ratio 9 i-mode 9 Handsets Rates adapted to growth in Innovative and Broad range usage (data contracts, Wifi enhanced features Adapted handsets contracts, etc
Slide 51: Corporate data market: needs
CORPORATE DATA MARKET: needs What do corporate customers want? MOBILITY (needs expressed in percentage terms) E-mail: 70% Access to Internet / Intranet: 43% Office applications: 37% From PDA / Smartphone E-mail: 85% Access to Internet / Intranet: 76% Office applications: 70% From PC USAGE Source:
Slide 52: Corporate data market: Bouygues Telecom offers
CORPORATE DATA MARKET: Bouygues Telecom offers MOBILITY Messagerie Mobile Universelle (mobile e-mail) 3 Mb 10 Mb 20 Mb Regular Frequent Intensive From PDA / Smartphone High-speed data contracts Unlimited 5Mb 20 Mb 50 Mb access From PC USAGE
Slide 53: Broadband technology in France in 2005
BROADBAND TECHNOLOGY IN FRANCE IN 2005 UMTS coverage EDGE + UMTS coverage EDGE coverage in April 2005: at end 2005: in September 2005: 45% of population 85% of population over 85% of population Source: SFR website, April 2005 Source: press conference, 2 June 2005 UMTS EDGE ( ) + UMTS ( ) EDGE Orange
Slide 54: EDGE and UMTS: situation faced by French operators (1/2)
EDGE and UMTS: situation faced by French operators (1/2) Voice market Current situation 9 Due to their size, Orange and SFR’s networks are saturated in densely populated areas 9 Bouygues Telecom has the capacity to keep developing voice services Strategic consequences 9 Orange and SFR are forced
Slide 55: EDGE and UMTS: situation facing French operators (2/2)
EDGE and UMTS: situation facing French operators (2/2) Data market Current situation 9 The speeds offered by EDGE and 1st generation UMTS (R-99) are almost equivalent. 9 No key applications require UMTS rather than EDGE. 9 Access to high-speed mobile multimedia must be nationwide without affecting
Slide 56: EDGE and UMTS: evolving technologies (1/2)
EDGE AND UMTS: evolving technologies (1/2) EDGE and UMTS currently offer similar capabilities Actual download speed Actual upload speed (network to mobile) (mobile to network) Kbs Kbs 500 500 400 400 300 360 300 200 200 200 100 100 100 64 00 0 0 0 EDGE UMTS EDGE UMTS
Slide 57: EDGE and UMTS: evolving technologies (2/2)
EDGE AND UMTS: evolving technologies (2/2) EDGE will continue to evolve over the next few years (version R4 → version R7) Developments in EDGE will help improve performance while Bouygues Telecom retains a competitive edge in terms of nationwide coverage Actual download speed Actual upload speed
Slide 58: Bouygues Telecom: customer satisfaction
BOUYGUES TELECOM: customer satisfaction Commitments made to customers through Services Pledge (attentiveness, network quality, etc.) Each customer handled by dedicated team of customer advisors Store network extended to ensure stronger local presence and provide customers with the same quality
Slide 59: Bouygues Telecom: Universal Mobile
BOUYGUES TELECOM: Universal Mobile Successful locked contracts for young people 9 Over 250,000 customers since the launch of the service in August 2004 9 Over 95% of customers satisfied or very satisfied An open and independent service 9 The “after-class extra talk time” is valid for calls to al
Slide 60: Bouygues Telecom: outlook
BOUYGUES TELECOM: outlook 2005 sales target Million euros - IFRS 2004 2004 * 2005 Change Net sales from network 3,331 3,957 4,260 + 8% Total sales 3,666 4,292 4,560 + 6% * mobile-to-mobile billing estimated at 2005 call termination rate
Slide 61: Highlights, Business Areas, Accounts, Outlook
HIGHLIGHTS BUSINESS AREAS ACCOUNTS OUTLOOK
Slide 62: Condensed consolidated income statement (IFRS)
BOUYGUES: condensed consolidated income statement (IFRS) 1st half Change 2004 Million euros (IFRS) 2004 2005 Sales 9,887 11,268 + 14% 21,242 Operating profit 696 853 (1) + 23% 1,559 Cost of net financial debt (88) (94) + 7% (162) Income tax expense (232) (260) + 12% (500) Net profit from continuing
Slide 63: Condensed consolidated balance sheet (IFRS)
BOUYGUES: condensed consolidated balance sheet (IFRS) 30 June 31 Dec. Million euros 2004 2005 2004 Non-current assets 11,525 11,940 11,481 Current assets 9,820 11,126 12,467 Held-for-sale assets 2,402 / / 22,988 TOTAL ASSETS 23,747 23,066 23,948 Shareholders’ equity 5,964 5,053 4,978 Non-current lia
Slide 64: Contribution of business areas to sales
BOUYGUES: contribution of business areas to sales IFRS 1st half Full year Million euros Change 2004 2005 2004 Bouygues Construction 2,505 2,790 + 11% 5,227 Bouygues Immobilier 582 758 + 30% 1,295 Colas 3,413 3,928 + 15% 7,947 TF1 1,486 1,459 - 2% 2,831 Bouygues Telecom 1,755 2,187 + 6% * 3,649 Hol
Slide 65: Contribution of business areas to EBITDA
BOUYGUES: contribution of business areas to EBITDA IFRS 1st half Full year Million euros Change 2004 2005 2004 Bouygues Construction 150 257 + 71% 413 Bouygues Immobilier 70 98 + 40% 143 Colas 148 191 + 29% 655 TF1 350 334 - 5% 523 Bouygues Telecom 582 678 + 16% 1,176 Holding and other 15 3 (1) ns
Slide 66: Contribution of business areas to operating profit
BOUYGUES: contribution of business areas to operating profit IFRS 1st half Full year Million euros Change 2004 2005 2004 Bouygues Construction 84 137 + 63% 168 Bouygues Immobilier 60 72 + 20% 119 Colas 20 38 + 90% 310 TF1 278 269 - 3% 383 Bouygues Telecom 284 355 + 25% 597 Holding and other (30) (
Slide 67: Contribution of business areas to net profit
BOUYGUES: contribution of business areas to net profit Group share – IFRS 1st half Full year Million euros Change 2004 2005 2004 Bouygues Construction 64 96 + €32m 141 Bouygues Immobilier 31 42 + €11m 64 Colas 29 44 + €15m 242 TF1 69 76 + €7m 93 Bouygues Telecom 130 182 + €52m 275 Holding and othe
Slide 68: Contribution of business areas to cash flow
BOUYGUES: contribution of business areas to cash flow IFRS 1st half Full year Million euros Change 2004 2005 2004 Bouygues Construction 132 211 + 60% 291 Bouygues Immobilier 63 75 + 19% 125 Colas 140 184 + 31% 623 TF1 335 299 - 11% 483 Bouygues Telecom 564 660 + 17% 1,159 Holding and other 23 24 n
Slide 69: Contribution of business areas to net investments
BOUYGUES: contribution of business areas to net investments Net operating investments (IFRS) 1st half Full year Million euros Change 2004 2005 2004 Bouygues Construction 30 43 + 43% 73 Bouygues Immobilier 2 1 ns 4 Colas 108 159 + 47% 348 TF1 32 65 x2 79 Bouygues Telecom 211 322 + 53% 502 Holding a
Slide 70: Cash position (IFRS)
BOUYGUES: cash position (IFRS) €m Net cash at 30 June 2004: (3,556) 9 Various acquisitions / disposals - 67 9 Operation + 1,748 Net cash at 31 December 2004: (1,875) 9 Bouygues exceptional payout - 1,664 9 Proceeds from Saur disposal + 1,031 9 Ordinary dividends (Bouygues and minority interests
Slide 71: Net cash by business area
BOUYGUES: net cash by business area IFRS 30 June End of Million euros Change 2004 2005 2004 Bouygues Construction 1,322 1,470 + 11% 1,523 Bouygues Immobilier 83 160 + 93% 249 Colas (246) (292) + 19% 422 TF1 (590) (537) - 9% (410) Bouygues Telecom (1,699) (1,001) - 41% (1,197) Holding and other (2,
Slide 72: Financing policy
BOUYGUES: financing policy Available cash at 30 June 2005: 5.8 billion euros 7000 6000 Debt repayment schedule 5000 4000 Undrawn MLT credit lines 3000 2000 Option for 2005 6.5% of 1000 bond issue Bouygues Telecom Available cash .... 0 Liquidity 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 ;;… 2
Slide 73: Highlights, Business Areas, Accounts, Outlook
HIGHLIGHTS BUSINESS AREAS ACCOUNTS OUTLOOK
Slide 74: 2005 sales targets
BOUYGUES: 2005 sales targets Contribution of 2004 2005 Change 2004 business areas French target 2005 IFRS IFRS 2004 (million euros) GAAP Bouygues Construction 5,228 5,227 5,500 + 5% Bouygues Immobilier 1,294 1,295 1,550 + 20% Colas 7,936 7,947 8,900 + 12% TF1 2,817 2,831 2,840 = Bouygues Telecom 3,6
Slide 75: Strategic guidelines
BOUYGUES: strategic guidelines The Group has significant financial resources: 9 it generates considerable free cash flow 9 it has substantial borrowing capacity, depending on the quality and nature of the planned investment These resources will be used: 9 on the one hand: ¾ to seize any opportun
Slide 76: Financial calendar
BOUYGUES: financial calendar 8 November 2005 9-month sales 14 December 2005 9-month earnings 9 February 2006 Full-year 2005 sales 1 March 2006 Full-year 2005 earnings 27 April 2006 Annual Meeting of Shareholders 11 May 2006 First-quarter 2006 sales 10 August 2006 First-half 2006 sales