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Bouygues SA — Debt Investor Presentation (May 2006)

15 slides from Bouygues SA's debt investor presentation, May 9, 2006

  1. Slide 1: Bouygues Group Bond investors presentation

    9 May 2006 BOUYGUES GROUP Bond investors presentation 1 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 d

  2. Slide 2: Bouygues Group: four business areas

    „ THE BOUYGUES GROUP „ THE GROUP OUTLOOK „ THE BOUYGUES - ALSTOM DEAL 3 BOUYGUES GROUP: four business areas Roadworks Building / Civil Works Property (1984) (1952) (1956) 96.4 % 100 % 100 % CONSTRUCTION (1994) (1987) TELECOMS MEDIA 89.5 % (1) (2006) 42.9 % POWER / TRANSPORT 21 % (2) (1) Agreement wi

  3. Slide 3: Profile of a diversified industrial group; key operating figures

    BOUYGUES: profile of a diversified industrial group „ A strong corporate culture, shared by all business areas 9 Entrepreneurial 9 Opportunistic 9 Prudent „ Most of the activities are non cyclical, with a good visibility „ A portfolio of complementary businesses „ 90% of the activities are generated

  4. Slide 4: Key figures over 5 years and per share

    BOUYGUES GROUP: key figures over 5 years (million euros) Sales EBITDA 23,402 24,073 3,505 22,247 21,822 20,473 20,894 + 18% 2,943 x 2.1 2,415 2,730 2,260 1,680 2001 2002 2003 2004 2004 2005 2001 2002 2003 2004 2004 2005 French GAAP IFRS French GAAP IFRS Operating profit Net profit 1,748 Non-recurrin

  5. Slide 5: Debt situation and evolution of cash position in 2005

    BOUYGUES GROUP: debt situation Million euros - IFRS 2004 2005 Shareholders’ equity 4,978 5,561 Net debt 1,875 2,352 Net debt / shareholders’ equity 50% 42% 9 Net debt at end-2005 includes €460 million on account of the agreement signed with BNP Paribas for its stake in Bouygues Telecom Group financi

  6. Slide 6: Financing policy and Standard and Poor's rating

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

  7. Slide 7: Free cash flow and favourable financial profile

    BOUYGUES GROUP: free cash flow Million euros - IFRS 2004 2005 Cash flow 2,714 3,090 - Cost of net financial debt - 159 - 187 - Income tax * - 501 - 570 - Net operating investment - 1,047 - 1,229 Free cash flow 1,007 1,104 (*) income tax expense for the year, including deferred tax (€185m in 2004 and

  8. Slide 8: Share ownership structure and Q1 2006 sales

    BOUYGUES: share ownership structure at 15 February 2006 „ Capital (337,150,519 shares) „ Voting rights (423,787,714 voting rights) Foreign Foreign shareholders SCDM SCDM shareholders 18.5% Groupe 28.3% 25.6% 35.5% Artémis 7.3% (F. Pinault) Groupe 6.6% Artémis 13.3% 22.0% 17.5% (F. Pinault) 25.4% Emp

  9. Slide 9: 2006 sales targets

    „ THE BOUYGUES GROUP „ THE GROUP OUTLOOK „ THE BOUYGUES - ALSTOM DEAL 17 BOUYGUES: 2006 sales targets 2006 Million euros (IFRS) 2005 Change target Bouygues Construction 5,815 6,100 + 5% Bouygues Immobilier 1,557 1,750 + 12% Colas 9,424 10,050 + 7% TF1 2,489 2,600 + 4% Bouygues Telecom 4,525 4,560 +

  10. Slide 10: Strengths and outlook; ambitions

    BOUYGUES: strengths and outlook „ Thanks to genuine strengths… 9 businesses with strong positions on buoyant markets 9 complementary business activities and good visibility 9 a strong, entrepreneurial corporate culture „ …the outlook for Bouygues is favourable 9 increase in sales and profitability 9

  11. Slide 11: ALSTOM & Bouygues: a common vision

    „ THE BOUYGUES GROUP „ THE GROUP OUTLOOK „ THE BOUYGUES - ALSTOM DEAL 21 ALSTOM & BOUYGUES: a common vision „ The world power and transport infrastructure market is growing rapidly 3 Necessity of new equipment and systems 3 High growth prospects for services „ Local and international markets 3 Need

  12. Slide 12: The ALSTOM-Bouygues partnership: issues and cooperation agreement

    THE ALSTOM - BOUYGUES PARTNERSHIP: 3 issues „ Commercial and operational cooperation framework agreement between ALSTOM and Bouygues „ Project to create a 50-50 joint venture in hydro power „ Sale by the French state of its 21.03% stake in ALSTOM to Bouygues (1) (1) Subject to 2 conditions precedent

  13. Slide 13: Hydro power joint company and agreement with the French State

    THE ALSTOM - BOUYGUES PARTNERSHIP (2/3): a joint company in hydro power market „ Project to create a joint company in hydro power 9 Acquisition by Bouygues of a 50% stake 9 Potential synergies between civil engineering and hydro power equipment 9 Joint company complying with ALSTOM’s commitment to t

  14. Slide 14: Impact on Bouygues' financial position; benefits of the partnership

    IMPACT ON BOUYGUES’ FINANCIAL POSITION Impact of transaction Bouygues figures in 2006 Positive Net profit attributable to the Group (financial costs after tax lower than the share of ALSTOM’s net profit) Net debt + €2 billion „ Standard & Poor’s confirmed its A- rating for Bouygues after the deal „

  15. Slide 15: Contact

    CONTACT Anthony MELLOR, Director Investor Relations Tel : +33 1 30 60 22 77 e-mail : a.mellor@bouygues-fin.com Louis IGONET, Investor Relations Tel : +33 1 30 60 38 04 e-mail : l.igonet@bouygues-fin.com Corporate information : www.bouygues.com 29 Bond investors presentation – May 2006 15

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