Bouygues Sa · EURONEXT:EN
Bouygues Sa — FY2003 Earnings Presentation
81 slides from Bouygues Sa's earnings presentation, Feb 25, 2004
Slide 1: 2003 Earnings Group Bouygues
2003 EARNINGS GROUP BOUYGUES Paris - 25 February 2004
Slide 2: Forward-looking statements
This presentation contains statements that constitute forward-looking statements. These statements reflect objectives that are based on management’s current expectations or estimates and are subject to a number of factors and uncertainties that could cause actual figures to differ materially from th
Slide 3: Highlights, Business Areas, Accounts, Outlook and Objectives
HIGHLIGHTS BUSINESS AREAS ACCOUNTS OUTLOOK AND OBJECTIVES
Slide 4: Highlights in 2003
HIGHLIGHTS IN 2003 Sharp rise in earnings: net earnings up 41% Substantial contribution to Group earnings of each of its business areas which are all on a growth track: three of them generated net earnings of approx. €200m each Strong improvement in cash, despite a high level of investment I
Slide 5: Sharp rise in net earnings of business areas in 2003
SHARP RISE IN NET EARNINGS OF BUSINESS AREAS IN 2003 2003 (1) Million euros 2003 2002 At business level Construction sector 280 + 35% Saur 27 (2) + 29% TF1 192 + 24% Bouygues Telecom 201 + 55% GROUP TOTAL 450 + 41% (1) On a comparable basis (2) Excluding exceptional capital loss on disposal of South
Slide 6: Key figures
KEY FIGURES (in million euros) Sales EBITDA 22,247 21,822 (- 2%) 2,415 (+ 7%) 2, 260 20,473 19 ,060 15 ,857 1, 680 x 2.5 1, 474 + 38% 974 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 Operating income Net earnings 666 1,238 (+ 17%) 1, 058 Non recurring 421 450 (+ 41%) items 876 344 812 x 2.6 Rec
Slide 7: Key figures per share
KEY FIGURES PER SHARE (in euros) Net earnings per share Net dividend per share 1.93 0.50 * (+ 39%) 1.31 1.34 (+ 44%) 0.36 0.36 0.36 X2 1.03 X8 0.26 0.93 0.16 0.75 0.46 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 Non recurring items * To be proposed at the Annual Meeting Recurring items of 22 A
Slide 8: Solid financial structure
SOLID FINANCIAL STRUCTURE Million euros 2001 2002 2003 Net debt 1,124 3,201 2,786 Net debt / shareholders’ equity 20% 50% 45% Cash flow 1,135 1,713 2,073 Net operating investment 1,125 1,226 * 930 Free cash flow 278 921* 1,341 * Excluding UMTS licence Standard & Poor’s credit rating maintained: A- w
Slide 9: Share ownership structure
SHARE OWNERSHIP STRUCTURE At 31 December 2003 Holding Voting rights SCDM (1) 14.1% 22.0% Artemis (groupe Pinault) 3.0% 3.3% Simetra (groupe Pinault) 5.1% 4.0% Total shareholder agreement 22.2% 29.3% Bouygues Group employees 11.0% 16.1% Groupe Arnault 4.8% 3.8% Mme F. Bouygues 1.6% 2.5% Banks (2) 2.5
Slide 10: Stock market
STOCK MARKET Performance from 1 January 2003 to 23 February 2004 130 3,741 120 110 €29.71 100 90 80 70 60 02/01/2003 02/03/2003 02/05/2003 02/07/2003 02/09/2003 02/11/2003 02/01/2004 23/02/2004 CAC 40 BOUYGUES
Slide 11: Highlights, Business Areas, Accounts, Outlook and Objectives
HIGHLIGHTS BUSINESS AREAS ACCOUNTS OUTLOOK AND OBJECTIVES
Slide 12: Bouygues Construction: key figures
BOUYGUES CONSTRUCTION (B/CW): key figures Million euros 2002 2003 proforma * Sales 5,253 5,002 of which France 2,859 2,946 of which International 2,394 2,056 Earnings before tax 32 70 and exceptionals Net earnings (37) 32 Net cash 1,026 1,346 * Proforma excluding Bouygues Offshore Languienne viaduct
Slide 13: Bouygues Construction: order book
BOUYGUES CONSTRUCTION (B/CW): order book At 31/12/2003 €bn 4.9 5.0 53% 5 4.8 4.6 4.4 4 3.6 3.5 3% 3.3 3.3 3 2.7 8% 70% of which France and Western Europe 2 12% 1 7% 17% 0 France Western Europe (excluding France) 1999 2000 2001 2002 2003 Eastern Europe Asia Africa Latin America and other The order bo
Slide 14: Bouygues Construction: strategy and outlook
BOUYGUES CONSTRUCTION: strategy and outlook Continue to improve profitability Develop the high added-value offering 9 Public / Private Partnership 9 Packaged development Maintain substantial cash Sales target for 2004: €5,030m + 1% 9 of which France €2,915m - 1% 9 of which International €2,1
Slide 15: Colas: key figures
COLAS: key figures Million euros 2002 2003 Sales 7,415 7,426 of which France 4,276 4,465 of which International 3,139 2,961 Operating income 292 262 Net earnings 208 204 Net cash 156 255 Quarry (Marseille) Cash situation improved. Earnings remained strong, despite unfavourable exchange rates
Slide 16: Colas: breakdown of sales and revenues
COLAS: breakdown of sales and revenues Civil engineering, Roadworks 7% pipes and mains €5,270m €505m 69% 5% Waterproofing €335m 82% 13% 18% 3% Safety, signs and signals Construction €225m Other materials €991m 2% Building €170m 1% Railways €113m A mostly non-cyclical business
Slide 17: Colas: geographical breakdown of sales and revenues
COLAS: geographical breakdown of sales and revenues Europe Excl. France Americas 15% France 19% 61% Other 5% 9 France: 70,000 projects (€57,000 on average) 9 International : 20,000 projects (€150,000 on average) 95% of sales and revenues generated in developed countries
Slide 18: Colas: order book
COLAS: order book End End 2003 Million euros 2002 2003 2002 France 1,610 1,855 + 15% International 1,630 1,576 - 3% TOTAL 3,240 3,431 + 6% Good start to 2004
Slide 19: Colas: strengths
COLAS: strengths A world leader in road construction and maintenance Focus on research A strategic asset: material reserves 9 516 quarries in over 15 countries 9 Over 2 billion tonnes of aggregate supplies, i.e. 25 years of reserves Geographically balanced activity abroad Uninterrupted growt
Slide 20: Colas: strategy and outlook
COLAS: strategy and outlook The external growth policy will gradually be resumed 9 extension of the current network coverage 9 strategic material reserves 9 production of aggregates in targeted areas and financed from cash flow Sales target for 2004: €7,620m + 3% 9 of which France €4,675m + 5% 9
Slide 21: Bouygues Immobilier: key figures
BOUYGUES IMMOBILIER: key figures Million euros 2002 2003 Sales 1,288 1,230 Housing 607 711 Corporate / Commercial property 681 519 Operating income 62 80 Net earnings 37 44 Net cash 30 88 Steria head office (Issy-les-Moulineaux, France) Improvement in profitability Positive cash situation for the th
Slide 22: Bouygues Immobilier: business activity
BOUYGUES IMMOBILIER: business activity Reservations 2003 2002 2003 2002 Housing Number 4,512 5,405 + 20% Total (€m) 649 806 + 24% Corporate/commercial Office space (sq. m.) 130,000 163,000 + 25% Total (€m) 366 591 + 61% TOTAL (€m) 1,015 1,397 + 38% Strong business activity in both housing and corp
Slide 23: Bouygues Immobilier: strategy and outlook
BOUYGUES IMMOBILIER: strategy and outlook Expand in the housing segment, mainly outside the Paris region Remain prudent in the corporate/commercial segment Maintain a high level of profitability and a balanced financial structure Sales target for 2004: €1,250m + 2% 9 of which housing €823m +
Slide 24: Saur: key figures
SAUR: key figures Million euros 2002 2003 2002 (1) 2003 (2) Sales 2,516 2,450 2,479 2,450 of which France 1,682 1,720 1,682 1,720 of which International 834 730 797 730 Operating income 108 87 93 87 Net earnings 27 (17) 21 27 Net cash (550) 73 (1) Contribution of South East Water for 9 months (2) Ex
Slide 25: Saur: breakdown of sales by business area
SAUR: breakdown of sales by business area Environmental services Other 1% 10% Energy 14% Water business 54% France 21% Water business international Total water business: 75%
Slide 26: Saur: strategy and outlook
SAUR: strategy and outlook Improvement in results: 9 Steady growth of water services in France 9 Development of environmental services in France 9 A controlled slowdown of activities abroad Sales target for 2004: €2,400m + 2% * 9 of which France €1,800m + 5% 9 of which International €600m - 4% *
Slide 27: TF1: key figures
TF1: key figures Million euros 2002 2003 Sales 2,625 2,743 of which advertising 1,507 1,544 of which diversification 1,118 1,199 Operating income 293 334 Net earnings 155 192 Net debt 494 443 Improvement in margins
Slide 28: TF1: audience
TF1: audience Television is the most popular form of media in France 9 Rise in average viewing time per person: 3 hours 36 every day (+5%) 9 Almost 90% of viewers watch terrestrial channels TF1 is the preferred channel in France 9 95 of top 100 audience ratings in 2003 9 Highest audience share a
Slide 29: TF1: advertising audience
TF1: advertising audience The 322 most watched advertisements in 2003 were broadcast on TF1 95% of TF1’s advertisements (access and peak time, from 7 to 10pm) have a larger audience than the average for the terrestrial channels TF1’s advertising market share rose 0.7 point to 54.7 % in 2003
Slide 30: TF1: Eurosport key figures
TF1: Eurosport key figures Million euros 2002 2003 Sales 300 290 Operating income 26 31 Net earnings 4 8 9 98 million households, including 48 million direct paying subscribers 9 Audience: 21 million viewers a day in Europe in 54 countries 9 Drop in advertising revenues in 2003 due to the absence of
Slide 31: TF1: TPS key figures
TF1: TPS key figures (at 100%) Million euros 2002 2003 Sales 500 537 Operating income (23) 3 Net earnings (37) (9) 9 1.527 million subscribers at end 2003, including 1.239 million via Direct Broadcast Satellite 9 More than 200 channels and interactive services Increase in profitability
Slide 32: TF1: strategy and outlook
TF1: strategy and outlook Maintain TF1’s leading position Reinforce its diversification activities 9 Consolidate TPS’ commercial presence 9 Develop the theme channels and increase their profitability Sales target for 2004: €2,867m + 5% 9 of which advertising €1,604m + 4% 9 of which diversifica
Slide 33: Bouygues Telecom: share ownership structure
BOUYGUES TELECOM: share ownership structure 83% 6.5% 10.5% Bouygues has raised its stake in Bouygues Telecom from 34% to 83% in 5 years
Slide 34: Bouygues Telecom: key figures
BOUYGUES TELECOM: key figures 2003 Million euros 2002 * 2003 * 2002 Sales 2,928 3,283 + 12% of which net sales from network 2,686 2,995 + 12% EBITDA 846 1,001 + 18% Operating income 305 461 + 51% Net earnings 130 201 + 55% EBITDA / 31.5% 33.4% net sales from network * Excluding third-party sales (€1
Slide 35: Bouygues Telecom: financial data
BOUYGUES TELECOM: financial data Million euros 2002 2003 2003 2002 Shareholders’ equity 2,148 2,320 + 8% Net debt 1,486 1,031 - 31% Net debt / Shareholders’ equity 69% 44% - Cash flow 741 896 + 21% (1) (2) Net operating investments 458 380 - 17% (1) Excluding UMTS licence (2) After deducting 105 mil
Slide 36: Bouygues Telecom: cash flow and investments
BOUYGUES TELECOM: cash flow and investments Net operating investments Cash flow 1200 1049 1000 741 896 800 688 534 600 458 * 400 312 380 200 0 20 -200 -400 -441 -600 1999 2000 2001 2002 2003 * Excluding UMTS licence A virtuous “scissors effect”
Slide 37: Bouygues Telecom: debt
BOUYGUES TELECOM: debt Bouygues Telecom repaid €690m of its syndicated bank loan in 2003 The loan will be fully repaid in 2005 An improved debt / EBITDA ratio cut the spread on its syndicated loan to 60 basis points in August 2003 Bouygues Telecom paid off an initial €55m of its shareholder
Slide 38: Bouygues Telecom: breakdown of sales
BOUYGUES TELECOM: breakdown of sales 2003 Million euros 2002 * 2003 * 2002 Net sales from network 2,686 2,995 + 12% of which data 282 413 + 46% % of net sales from network 10.5% 13.8% + 3.3 pts Handsets and other 242 288 + 19% Total sales 2,928 3,283 + 12% * Excluding third-party sales (€17m in 2002
Slide 39: Bouygues Telecom: commercial performance, contract
BOUYGUES TELECOM: commercial performance Contract 2004 2002 2003 trend (mainland France) Contract customer base (in thousands) (1) 3,534 4,207 Ò Market share of net additions 18.9% 22.7% = Market share on installed base 16.9% 17.6% Ò ARPU (€/month) (2) 54 52 = SAC (€/customer) 216 231 Ô Monthly ch
Slide 40: Bouygues Telecom: commercial performance, prepaid
BOUYGUES TELECOM: commercial performance Prepaid (mainland France) 2002 2003 2004 trend Active SIM cards (in thousands) (1) 2,076 2,235 Ò SAC (€/customer) 57 22 Ô Usage (min/month) 73 89 Ò Prepaid net sales from network (€m) (2) 456 448 Ò (1) At 31 December (2) Excluding third-party sales A busine
Slide 41: Bouygues Telecom: commercial performance, all customers
BOUYGUES TELECOM: commercial performance All customers (mainland France) 2004 2002 2003 trend ARPU (€/month) * 37 39.5 = SAC (€/customer) 138 146 Ô Usage (min/month) 230 283 Ò * Excluding third-party sales A commercial policy that stimulates usage
Slide 42: Bouygues Telecom: subscriber acquisition costs
BOUYGUES TELECOM: subscriber acquisition costs SAC (in €) Former New definition definition 2002 2003 2002 2003 Contract 262 291 216 231 Prepaid 74 46 57 22 All customers 169 194 138 146 9 New definition: variable costs (handset subsidy + payment for distributors) 9 Former definition: variable + fi
Slide 43: Bouygues Telecom: market share
BOUYGUES TELECOM: market share Sales (1) Contract customers (2) 2002 2003 2002 2003 Bouygues Telecom 17.6% 18.2% 16.8% 17.4% Orange France 45.7% 44.4% 49.7% 47.9% SFR 36.7% 37.4% 33.5% 34.7% (1) Source: operators (2) Source: French telecoms regulator ART Bouygues Telecom has the highest contract mix
Slide 44: Bouygues Telecom: competitiveness 1/2
BOUYGUES TELECOM: competitiveness 1/2 Contrary to popular opinion, the French market is among the most competitive 1st half of 2003 Average revenue Number of mins per month and Country Operator per minute for per customer for outgoing calls outgoing calls Germany E+ €0.32/min 79 Spain Telefonica €
Slide 45: Bouygues Telecom: competitiveness 2/2
BOUYGUES TELECOM: competitiveness 2/2 Example of 4-hour contracts Contract Price in € Price €/min Country Operator in mins incl. tax incl. tax Germany E+ 240 54 0.23 Spain Amena 200 30 0.15 Netherlands KPN 240 36 0.15 UK Orange UK 200 43 0.21 France Bouygues Telecom 240 37 0.15 Source: Exane Janua
Slide 46: i-mode: the world leader in mobile multimedia services
i-mode: the world leader in mobile multimedia services Available in 9 countries throughout the world 40 million customers in Japan More than 2 million customers already in Europe Roaming service: some 40 countries as of April 2004, under GPRS standard Available in France, with Bouygues Tel
Slide 47: Bouygues Telecom: growth of i-mode
BOUYGUES TELECOM: growth of i-mode October April 2002 2002 March November 2002 2002 February 1999 November 2003 June 2003 Summer 2004 Taiwan June 2002 A global standard
Slide 48: i-mode: a winner for Bouygues Telecom
i-mode: a winner for Bouygues Telecom Bouygues Telecom has won over 570,000 customers in 16 months At end-2003, 15% of contract customers (2 hours and more) had subscribed to i-mode Over a third of i-mode subscribers in 2003 were new customers There are 235 official sites and several thousan
Slide 49: Bouygues Telecom: corporate offer
BOUYGUES TELECOM: corporate offer Strong growth prospects: 9 Development of data services 9 The equipment rate in businesses is less than 25% 9 Number portability will become a reality in 2004 Commercial strategy: 9 A range of offers adapted to its customers… ¾ standard, at an affordable price (
Slide 50: Bouygues Telecom: network
BOUYGUES TELECOM: network The use of complementary bands, GSM 1800 MHz, GSM 900 MHz and Extended GSM, has optimised coverage (+ 4%) and network capacity and limited the risk of saturation 10,500 base stations 5 February 2004: Bouygues Telecom was the first operator to cover a “Blind Spot" area
Slide 51: Technological choices 1/5: our vision
BOUYGUES TELECOM: technological choices 1/5 Our vision As we have said consistently since 2000, EDGE is a technology for the long term, complementary and indispensable to UMTS UMTS: difficulties still not yet overcome: 9 complex network engineering 9 insurmountable administrative difficulties fo
Slide 52: Technological choices 2/5: EDGE
BOUYGUES TELECOM: technological choices 2/5 EDGE A natural evolution from GPRS, with no loss of coverage Average speeds of 140 Kb/s, rising to as much as 200 Kb/s A competitive advantage for Bouygues Telecom thanks to its more recent infrastructure A proactive schedule: 9 Roll-out from May 2
Slide 53: Technological choices 3/5: our approach
BOUYGUES TELECOM: technological choices 3/5 Our approach A gradual shift in usages and the market towards high-speed mobile multimedia services 9 Enhanced messaging, photography, video 9 Personalised handset, CD quality sound 9 Quick downloads, Java applets, games 9 Animated i-mode portal, video d
Slide 54: Technological choices 4/5: UMTS
BOUYGUES TELECOM: technological choices 4/5 UMTS A new and complex network technology Bouygues Telecom's network architecture (1800 MHz) gives it an advantage in rolling out UMTS Bouygues Telecom can draw on the support and the experience of NTT DoCoMo, the world leader in 3G with 2 million FO
Slide 55: Technological choices 5/5: EDGE speeds
BOUYGUES TELECOM: technological choices 5/5 Speed UMTS EDGE Video- GPRS Video telephony Enriched, Messaging Browsing animated graphics Customisation Photos Java applications / Games Localisation services 2003 2005 2007 EDGE delivers fast enough transmission speeds for most multimedia services
Slide 56: Data transport technologies used for mobile networks
DATA TRANSPORT TECHNOLOGIES USED FOR MOBILE NETWORKS Speeds Theoretical Real speed speed GPRS 144 Kbps 35 Kbps EDGE 384 Kbps 240 Kbps UMTS (R99) 2 Mbps 380 Kbps UMTS (R5) 14 Mbps 2 Mbps HSDPA GPRS: General Packet Radio Service EDGE: Enhanced Data for GSM Evolution UMTS: Universal Mobile Telecommun
Slide 57: Bouygues Telecom: strategies and outlook
BOUYGUES TELECOM: strategies and outlook Pursue strong sales growth whilst improving profitability Maintain its lead in mobile multimedia with i-mode Offer simple, well-positioned services and develop customer service Provide high-speed coverage throughout France as of 2005 through EDGE Sa
Slide 58: Highlights, Business Areas, Accounts, Outlook and Objectives
HIGHLIGHTS BUSINESS AREAS ACCOUNTS OUTLOOK AND OBJECTIVES
Slide 59: Consolidated income statement
BOUYGUES: consolidated income statement 2003 Million euros 2002 2003 2002 Sales 22,247 21,822 - 2% Operating income 1,058 1,238 + 17% Earnings before tax and exceptionals 767 1,019 + 33% Income tax (316) (380) - Exceptional items 368 (14) - Net earnings attributable to the Group 666 450 - Net earnin
Slide 60: Contribution of business areas to sales
BOUYGUES: contribution of business areas to sales 2003 Million euros 2002 2003 2002 Bouygues Telecom 2,932 3,271 + 12% TF1 2,608 2,727 + 5% Saur 2,514 2,448 - 3% Bouygues Construction 5,511 4,742 - 14% Colas 7,376 7,387 = Bouygues Immobilier 1,283 1,229 - 4% Holding and other 23 18 n.s. TOTAL 22,247
Slide 61: Contribution of business areas to EBITDA
BOUYGUES: contribution of business areas to EBITDA Million euros 2002 2003 2003 2002 Bouygues Telecom 861 1,006 + 17% TF1 417 455 + 9% Saur 222 190 - 4%* Bouygues Construction 171 180 + 5% Colas 536 505 - 6% Bouygues Immobilier 68 85 + 25% Holding and other (15) (6) n.s. TOTAL 2,260 2,415 + 7% * Exc
Slide 62: Contribution of business areas to operating income
BOUYGUES: contribution of business areas to operating income Million euros 2002 2003 2003 2002 Bouygues Telecom 305 460 + 51% TF1 293 332 + 13% Saur 108 88 - 5%* Bouygues Construction 31 37 + 19% Colas 292 262 - 10% Bouygues Immobilier 62 80 + 29% Holding and other (33) (21) n.s. TOTAL 1,058 1,238 +
Slide 63: Contribution to earnings before tax and exceptionals
BOUYGUES: contribution of business areas to earnings before tax and exceptionals 2003 Million euros 2002 2003 2002 Bouygues Telecom 148 317 x2 TF1 263 317 + 21% Saur 78 67 + 2%* Bouygues Construction 40 70 + 75% Colas 279 261 - 6% Bouygues Immobilier 50 67 + 34% Holding and other (91) (80) n.s. TOTA
Slide 64: Contribution of business areas to net earnings
BOUYGUES: contribution of business areas to net earnings 2003 Million euros 2002 2003 2002 Bouygues Telecom 75 146 + 95% TF1 64 79 + 23% Saur 23 (2) 20 n.s. Bouygues Construction (1) (26) 23 n.s. Colas 199 192 - 4% Bouygues Immobilier 37 44 + 19% Holding and other (1) (53) (54) n.s. TOTAL (1) 319 45
Slide 65: Profitability analysis in 2003 1/2
BOUYGUES: profitability analysis in 2003 1/2 Gross Operating ROCE (1) margin margin At business level Bouygues Construction 11.9% 0.8% +++ (2) Colas 12.8% 3.5% 22.8% Bouygues Immobilier 15.5% 6.5% 34.5% (1) Operating income after tax / capital employed. (2) Bouygues Construction’s return on capital
Slide 66: Profitability analysis in 2003 2/2
BOUYGUES: profitability analysis in 2003 2/2 Gross Operating ROCE * margin margin At business level Saur 18.3% 3.6% 5.7% TF1 26.8% 12.2% 16% Bouygues Telecom 34% 14.1% 8.5% At Group level Bouygues 2003 18.6% 5.7% 8.6% Bouygues 2002 17.9% 4.8% 7.9% * Operating income after tax / capital employed
Slide 67: Contribution of business areas to cash flow
BOUYGUES: contribution of business areas to cash flow 2003 Million euros 2002 2003 2002 Bouygues Telecom 694 866 + 25% TF1 270 318 + 18% Saur 171 177 + 14%* Bouygues Construction 161 206 + 28% Colas 437 453 + 4% Bouygues Immobilier 52 55 + 6% Holding and other (72) (2) n.s. TOTAL 1,713 2,073 + 21% *
Slide 68: Contribution of business areas to net investment
BOUYGUES: contribution of business areas to net investment Operating investments 2003 Million euros 2002 2003 2002 (1) Bouygues Telecom 459 381 - 17% TF1 75 93 + 24% (2) Saur 175 121 - 21% Bouygues Construction 210 87 n.s. Colas 294 256 - 13% Bouygues Immobilier 10 2 n.s. Holding and other 3 (10)
Slide 69: Condensed consolidated balance sheet items
BOUYGUES: condensed consolidated balance sheet items at 31 December Million euros 2001 2002 2003 Shareholders’ equity 5,503 6,379 6,192 Long & medium-term provisions 1,909 1,882 1,896 Financial liabilities 3,081 4,825 5,160 Long-term capital 10,493 13,086 13,248 Fixed assets 9,275 12,357 11,983 Work
Slide 70: Bouygues SA: condensed balance sheet
BOUYGUES SA: condensed balance sheet at 31/12 Million euros 2001 2002 2003 Shareholders’ equity 5,097 5,103 4,901 Long & medium-term provisions 273 232 177 Financial liabilities 1,197 2,232 2,978 Long-term capital 6,567 7,567 8,056 Long-term investments 4,906 6,651 7,823 Other assets 9 9 1 Working c
Slide 71: Bouygues: cash position
BOUYGUES: cash position In €m Net cash at 31 December 2002: (3,201) 9 Acquisition of 16% stake in Bouygues Telecom (1,086) 9 Buyback of Bouygues shares (120) 9 Other acquisitions (124) 9 Disposal of South East Water + 607 9 Operation and other + 1,138 Net cash at 31 December 2003: (2,786) Operat
Slide 72: Net cash by business area
BOUYGUES: net cash by business area at 31 December 2003 Million euros 2002 2003 2002 Bouygues Telecom (1,486) (1,031) + 455 TF1 (481) (426) + 55 Saur (549) 75 + 624 Bouygues Construction 1,011 1,346 + 335 Colas 144 255 + 111 Bouygues Immobilier 30 88 + 58 Holding and other * (1,870) (3,093) - 1,223
Slide 73: Financing policy
BOUYGUES: financing policy Available cash: €5.2bn 6 000 5 000 Debt repayment schedule 2.8 4 000 Undrawn MLT credit lines 3 000 2 000 2.4 1 000 Cash 0 Liquidity 2004 2005 2006 2007 2008 2009 2010 2011 and thereafter Evenly spread debt repayment schedule Very substantial liquidity
Slide 74: Transition to IAS standards 1/2
BOUYGUES: transition to IAS standards 1/2 Procedure At Bouygues group level 9 A steering committee and six working groups analysed the new standards in 2003 9 Training courses were organised for accounting managers and controllers At business area level 9 Impact studies were conducted in the las
Slide 75: Transition to IAS standards 2/2
BOUYGUES: transition to IAS standards 2/2 State of progress The project is proceeding on schedule The opening balance sheet at 1 January 2004 will be ready in June 2004 The quarterly financial statements will be drawn up according to IAS standards after the statements published according to Fr
Slide 76: Highlights, Business Areas, Accounts, Outlook and Objectives
HIGHLIGHTS BUSINESS AREAS ACCOUNTS OUTLOOK AND OBJECTIVES
Slide 77: Sales targets for 2004
BOUYGUES: sales targets for 2004 2004 Million euros 2003 2004 2003 Bouygues Telecom 3,271 3,530 + 8% TF1 2,727 2,850 + 5% Saur 2,343* 2,400 + 2% Bouygues Construction 4,742 4,750 = Colas 7,387 7,580 + 3% Bouygues Immobilier 1,229 1,250 + 2% Holding and other 18 20 n.s. TOTAL 21,717* 22,380 + 3% of w
Slide 78: Prospects
BOUYGUES: prospects Since 1999, Bouygues has invested €4.8bn* to increase its stake in its business areas, while maintaining a solid financial structure These investments resulted in a substantial increase in earnings, a trend which should continue over the next few years Bouygues will pursue
Slide 79: What about the Group's growth?
WHAT ABOUT THE GROUP’S GROWTH? Organic growth will remain a key source of development, as the Group’s business areas still offer high growth potential Some business areas will continue to use external growth to develop, with two main criteria: 9 the opportunity to provide high added value 9 favo
Slide 80: The Bouygues Group's strengths
THE BOUYGUES GROUP’S STRENGTHS A strong corporate culture, shared by all its business areas The capacity to generate substantial cash flow A sound financial structure All its business areas hold leading positions on their markets
Slide 81: 2004 financial communication calendar
2004 financial communication calendar 22 April: Annual meeting of shareholders 29 April: Payment of dividends 4 May: First-quarter sales 16 June: First-quarter earnings 10 August: First-half sales 7 September: First-half earnings 9 November: Sales for first nine months 14 December: E