Slide 1: Agenda: Highlights, Business Areas, Accounts, Outlook
n HIGHLIGHTS n BUSINESS AREAS n ACCOUNTS n OUTLOOK AND OBJECTIVES
Slide 2: Highlights in 2002
HIGHLIGHTS IN 2002 n Record group earnings n Further sharp rise in recurring earnings: +27% n Solid financial structure (S&P: A-) n Increased stake in Bouygues Telecom n Bouygues Telecom: award of a UMTS licence, successful launch of i-mode n TF1: leadership maintained and increased stake in TPS n C
Slide 3: Key figures: operation
KEY FIGURES: operation (in €m) Sales + 40% EBITDA x 2.3 22, 247 2, 260 , 19,060 20 473 15,857 1, 680 1, 474 974 1999 2000 2001 2002 1999 2000 2001 2002 Operating income x 2.2 Net earnings x 15 1,058 (group x7 666 876 share) 812 421 347 484 344 319 Non-recurring items 45 Recurring items 1999 2000 200
Slide 4: Solid financial structure
SOLID FINANCIAL STRUCTURE Million euros 1999 2000 2001 2002 Net debt 2,201 967 1,124 3,201 Debt ratio 76% 19% 20% 50% Free cash flow (67) 525 278 921 Very substantial liquidity: 4.8 billion euros Available cash: €1.6bn and undrawn credit lines: €3.2bn Standard & Poor’s credit rating maintained: A- w
Slide 5: Increased stake in Bouygues Telecom
INCREASED STAKE IN BOUYGUES TELECOM n January 2002: Bouygues had a 54% controlling interest in Bouygues Telecom ü Acquisition of Telecom Italia shares (€641m) ü Capital increase in Bouygues Telecom (€579m) ü Agreement to acquire E.ON stake (€334m) n March 2003: Bouygues will holds 73% of Bouygues Te
Slide 6: Transaction with E.ON
TRANSACTION WITH E.ON n January 2003: ü Agreement to acquire 5.8% of Bouygues Telecom’s capital for 334 million euros ð finalisation expected for March 2003 ü Option to acquire E.ON’s remaining 10.1% stake for 671 million euros ð finalisation expected for end 2005 ð Bouygues would then own 83% of Bo
Slide 7: Stock ownership structure
STOCK OWNERSHIP STRUCTURE At 31/12/2002 % Holding % Voting rights SCDM (1) 14.8 22.3 Tennessee (Pinault group) 5.1 6.0 Amark (Pinault group) 2.7 2.2 Total stockholder agreement 22.6 30.5 Bouygues group employees 10.0 13.4 Arnault group(2) 5.0 4.1 Mrs F. Bouygues 1.5 2.5 Banks (3) 2.9 2.9 Treasury st
Slide 8: Stock market
STOCK MARKET n Stock market performance from 1 January 2002 to 24 February 2003 140 120 Base 100 80 €21.45 €€22.97 22.97 60 40 20 0 01/01/2002 01/03/2002 01/05/2002 01/07/2002 01/09/2002 01/11/2002 01/01/2003 24/02/2003 BOUYGUES CAC 40 VIVENDI SUEZ FRANCE TELECOM TF1
Slide 9: Agenda: Business Areas
n HIGHLIGHTS n BUSINESS AREAS n ACCOUNTS n OUTLOOK AND OBJECTIVES
Slide 10: Construction sector: key figures
CONSTRUCTION SECTOR: key figures * Million euros 2001 2002 Sales 14,248 14,170 EBITDA 786 775 Net earnings 242 350 (1) Net cash 741 1,185 (1) including the €140m capital gain on the disposal of Bouygues Offshore * contribution to consolidated accounts The Construction sector houses Bouygues Construc
Slide 11: Bouygues Construction: key figures
BOUYGUES CONSTRUCTION (B/CW): key figures Million euros 2001 2002 Sales 6,324 5,827 of which France 2,987 2,986 of which International 3,337 2,841 EBITDA 205 171 Net earnings 21 113 * Net cash 675 1,040 (1) including the €140m capital gain on the disposal of Bouygues Offshore Strong sales, substanti
Slide 12: Construction: 2002 earnings
BOUYGUES CONSTRUCTION (B/CW): 2002 earnings 2002 Million euros 2001 2002 2001 Recurring net earnings 21 49 + 28 3 difficult large-scale projects - (76) - 76 Capital gain on Bouygues Offshore - 140 + 140 Total net earnings 21 113 + 92 Good profit margins in France Some difficulties identified on inte
Slide 13: Construction: difficult large-scale projects
BOUYGUES CONSTRUCTION (B/CW): difficult large-scale projects n Tahiti hospital ü €150m contract ü Disagreement on the work’s design and contract enforcement n Lötschberg tunnel (Switzerland) ü €250m contract (Bouygues share: €200m) ü Technical and geological problems encountered at the start of one
Slide 14: Construction: order book
BOUYGUES CONSTRUCTION (B/CW): order book * In €bn At 31/12/2002 5 4,4 4,8 4,9 4,6 46% 4 3,6 3,6 3,3 3,3 5% 3 2,7 72% 2,1 2 7% France and Western Europe 1 11% 26% 5% 0 France 1998 1999 2000 2001 2002 Western Europe (excl. France) Eastern Europe Asia Africa * at 31/12, excluding Bouygues Offshore Lati
Slide 15: Construction: prospects
BOUYGUES CONSTRUCTION (B/CW): prospects n 2003 sales (e): €4,750m - 10% * ü of which France €2,645m - 7% * ü of which International €2,105m - 13% * * Like-on-like Modernise organisational structures and adapt to the market
Slide 16: Colas: key figures
COLAS: key figures Million euros 2001 2002 Sales 7,328 7,415 of which France 4,250 4,276 of which International 3,078 3,139 EBITDA 530 536 Net earnings 203 208 Net cash 2 156 Continued excellent performance despite weak dollar
Slide 17: Colas: order book
COLAS: order book at 31 December Million euros 2001 2002 2002 2001 France 1,501 1,614 + 8% International 1,563 1,627 + 4% TOTAL 3,064 3,241 + 6% ü France: 70,000 projects averaging €60,000 ü Abroad: 20,000 projects averaging €170,000
Slide 18: Colas: production of materials
COLAS: production of materials Million tonnes 2001 2002 Emulsions and binders 1.5 1.5 Asphalt mixes 52.2 53.4 Aggregates 90.4 89.7 ü Reserves: 2.2 billion tonnes of aggregates Over 25 years of reserves
Slide 19: Colas: 2003 prospects
COLAS: 2003 prospects n Remain attentive to developments in the privatisation of the French motorway network n Pursue external growth as and when opportunities arise n 2003 sales (e): €7,400m = ü of which France €4,280m = ü of which International €3,120m = Good start to 2003
Slide 20: Bouygues Immobilier: key figures
BOUYGUES IMMOBILIER: key figures Million euros 2001 2002 Sales 940 1,288 housing 461 607 corporate/commercial property 479 681 EBITDA 51 69 Net earnings 31 37 Net cash 64 30 Further rise in sales (+ 37%) and net earnings (+ 19%)
Slide 21: Immobilier: commercial activity
BOUYGUES IMMOBILIER: commercial activity n Reservations 2002 2001 2002 2001 Housing Number 4,328 4,511 + 4% Total (€m) 554 649 + 17% Corporate/commercial property Office space (sq. m.) 236,000 130,000 - 45% Total (€m) 585 366 - 37%
Slide 22: Immobilier: 2003 prospects
BOUYGUES IMMOBILIER: 2003 prospects n Corporate/commercial market: our offer remains adapted to demand n Housing market: growth with no increase in prices n 2003 sales (e): €1,140m - 11% ü of which housing €685m + 13% ü of which corporate/commercial €455m - 33% Business remains firm in 2003
Slide 23: Construction sector: earnings by business area
CONSTRUCTION SECTOR: earnings by business area n Contribution to consolidated accounts Operating EBITDA Net earnings income 2001 2002 2001 2002 2001 2002 Bouygues Construction 205 171 69 31 15 114 (1) Colas 530 536 299 292 196 199 Bouygues Immobilier 51 68 45 62 31 37 TOTAL 786 775 413 385 242 350 (
Slide 24: Saur: key figures
SAUR: key figures Million euros 2001 2002 Sales 2,494 2,516 of which France 1,607 1,682 of which International 887 834 EBITDA 198 221 Operating income 85 108 Net earnings 33 27 Net debt 678 550 Significant improvement in operating income, as announced
Slide 25: Saur: business activities in Côte d'Ivoire
SAUR: business activities in Côte d’Ivoire n Business activities: Offshore gas production: 40% stake in Foxtrot Power generation: 88% stake in CIPREL Power supply: 70% stake in CIE * Water supply: 49% stake in SODECI * n Contribution to consolidated sales: €400m (of which over 90% in the south of th
Slide 26: Saur: exposure to political risk in Côte d'Ivoire
SAUR: exposure to political risk in Côte d’Ivoire n Value of securities held by Saur at 31/12/2002: €91m ü Additional provisions: - €17m ü Balance of guarantees given and received: - €21m n Net exposure to political risk: €53m
Slide 27: Saur: value of assets in Argentina
SAUR: value of assets in Argentina at 31 December Million euros 2000 2001 2002 Securities and gross receivables 162 81 49 - balance sheet provisions - - 36 - 34 Securities and net receivables 162 45 15 Limited commitments
Slide 28: Saur: sales by geographic area
SAUR: sales by geographic area France 67% 12% Other 21% Europe Africa / Asia / Americas Chiffres 52 million people served
Slide 29: Saur: 2003 prospects
SAUR: 2003 prospects n Continued improvement in operation, excluding the impact of the situation in Côte d’Ivoire n 2003 sales (e): €2,520m = ü of which France €1,680m = ü of which International €840m = Saur has a non-cyclical business It is financially autonomous
Slide 30: TF1: key figures
TF1: key figures Million euros 2001 2002 pro forma (1) Sales 2,522 2,625 of which advertising 1,497 1,507 of which diversification 1,025 1,118 EBITDA 500 428 Net earnings 179 155 Net debt 739 494 (1) pro forma taking TPS consolidation into account TF1 holding up well
Slide 31: TF1: audience share
TF1: audience share Channel 2001 2002 Women under 50 35.5% 35.7% Individuals 4 years and over 32.7% 32.7% Individuals between 15 and 24 31.0% 32.3% Viewing time per person 3hr17 3hr20 (individuals 4 years and over) Still leader in terms of audience share
Slide 32: TF1: leader in terms of audience
TF1: leader in terms of audience Women under 50 12.7% 19.1% (- 0.3) (=) 6,9% Canal+ 17.5% Arte/France 5 (- 1.1) OTHER CHANNELS ~100 8.1% (+ 0.8) 35.7% (+ 0,2) Individuals 4 16.4% 13.2% years and over (-0.7) (-0.3) 7,4% Canal+ 20.8% Arte/France 5 (- 0.3) OTHER CHANNELS ~100 9.5% (+1.0) 32.7% (=)
Slide 33: TF1: Eurosport key figures
TF1: Eurosport key figures (at 100%) Million euros 2001 2002 Sales 297 300 Operating income 23 26 Net earnings 3 4 ü 95 million households, including 46 million direct paying subscribers ü 21 million viewers a day in Europe Leading pan-European channel in terms of audience
Slide 34: TF1: TPS key figures
TF1: TPS key figures (at 100%) Million euros 2001 2002 Sales 457 500 Operating income (83) (23) Net earnings (99) (37) ü 1.4 million subscribers at end 2002, of which 1.2 million via Direct Broadcast Satellite ü More than 170 channels broadcast Significant improvement in results
Slide 35: TF1: 2003 prospects
TF1: 2003 prospects n Remain leader in free TV segment and be a key player in pay TV segment in France n 2003 sales (e): €2,730m + 2% * ü of which advertising €1,534m + 2% ü of which diversification activities €1,196m + 3% * Like-on-like TF1 is adapting to less favourable advertising market conditio
Slide 36: Telecom: stock ownership structure
BOUYGUES TELECOM: stock ownership structure n March 2003 79.1% 33.4% BDT 20.9% 50% 6.5% 10.1% Bouygues holds 73% of Bouygues Telecom
Slide 37: Telecom: ownership after planned merger
BOUYGUES TELECOM: stock ownership structure n After planned merger of Bouygues Telecom and BDT 72.9 % 10.5 % 6.5 % 10.1 % General principles of stockholder agreements maintained
Slide 38: Bouygues Telecom: key figures
BOUYGUES TELECOM: key figures Million euros 2001 2002 2002 2001 Sales 2,681 2,945 + 10% of which recurring net sales(1) 2,316 2,703 + 17% EBITDA 473 846 + 79% Operating income 53 305 x 5.8 Net earnings (group share) (61) 130 ns EBITDA / Recurring net sales 20.4 % 31.3 % + 53% (1) Airtime, excluding
Slide 39: Telecom: financial data
BOUYGUES TELECOM: financial data Million euros 2001 2002 2002 2001 Stockholders’ equity 1,340 2,148 + 60% Net debt 1,904 1,486 - 22% Net debt/stockholders’ equity 142% 69% - Capital expenditure excl. UMTS licence 744 469 - 37% UMTS licence - 619 - Total capital expenditure 744 1,088 - Very sound fin
Slide 40: Telecom: generation of free cash flow
BOUYGUES TELECOM: generation of free cash flow Net investments for operations €m Cash flow + change in working capital requirement 1, 200 1,049 1, 000 800 868 688 600 534 458 * 400 200 239 0 -10 Free cash flow -200 - 449 + 410 -313 -400 1999 2000 2001 2002 2003 * Excluding UMTS licence With capital
Slide 41: Telecom: UMTS
BOUYGUES TELECOM: UMTS n Financing ü The licence (€619m) was financed by stockholders in the form of a capital increase ü Investments will replace the costs of renewing the GSM/GPRS network ü These investments will be covered by Bouygues Telecom’s cash flow n The roll-out pace will be adapted to the
Slide 42: Telecom: debt
BOUYGUES TELECOM: debt n In 2002, Bouygues Telecom repaid €382m of its syndicated loan, of which €304m in advance n In 2005, Bouygues Telecom should be in a positive cash situation n An improved net debt / EBITDA ratio cut the spread on its syndicated loan from 130 to 75 basis points in 2002 Bouygue
Slide 43: Telecom: market shares
BOUYGUES TELECOM: market shares Recurring sales (1) Customer base (2) Contract 2001 2002 2001 2002 2002 Bouygues Telecom 17.7% 17.7% 17.9% 15.1% 16.8% Orange 45.1% 45.5% 48.2% 49.8% 49.7% SFR 37.2% 36.8% 33.9% 35.1% 33.5% TOTAL 100% 100% 100% 100% 100% (1) source: analysts (2) source: French telecom
Slide 44: Telecom: breakdown of sales
BOUYGUES TELECOM: breakdown of sales Million euros 2001 2002 2002 2001 Recurring net sales 2,316 2,703 + 17% of which services (incl. SMS) 204 285 + 40% % of recurring net sales 8.8% 10.5% - Handsets and other 365 242 - 34% Total sales 2,681 2,945 + 10% Strong growth in network-related revenues
Slide 45: Telecom: contract indicators
BOUYGUES TELECOM: indicators n Contract 2003 2001 2002 (mainland France) trend Contract customer base 3,057 3,534 ì Market share of net additions 15.8% 18.9% Market share on installed base 16.6% 16.9% ARPU (€/month) 55.1 54.1 = SAC (€/customer) 253 262 = Monthly churn 2.1% 1.9% î Usage (min/month) 3
Slide 46: Telecom: prepay indicators
BOUYGUES TELECOM: indicators n Prepay 2001 2002 2003 (mainland France) trend Recurring net sales (€m) 459 459 ì Usage (min/month) 64 73 ì SAC (€/customer) 96 74 î Active SIM cards (in thousands) 3,078 2,076 ì ARPU (€/month) in 4th quarter 13 18 = Our objective to boost usage by regular customers and
Slide 47: Telecom: all customers indicators
BOUYGUES TELECOM: indicators n All customers 2003 (mainland France) 2001 2002 trend ARPU (€/month) 34.7 36.9 = SAC (€/customer) 158 169 î Usage (min/month) 216 230 ì
Slide 48: Telecom: network quality and coverage
BOUYGUES TELECOM: network quality and coverage n Best score for 67 out of 92 criteria in the French telecoms regulator’s 2003 survey n Denser urban network with the new frequencies of the advanced GSM technology n Network not yet saturated, ensuring easier access to GPRS services n Involvement in pr
Slide 49: Telecom: mobile multimedia
BOUYGUES TELECOM: mobile multimedia n By launching i-mode, a user-friendly and reliable mobile multimedia service, Bouygues Telecom has got a head start over its competitors n Almost 100,000 i-mode customers acquired in three months Best commercial launch outside Japan
Slide 50: Telecom: mobile multimedia, a wide range of services
BOUYGUES TELECOM: mobile multimedia a wide range of services SERVICES TECHNOLOGIES SMS 1.5 billion SMS exchanged in 2002 GSM kiosk 80 services available, SMS+ 8 million SMS + sent in 2002 GPRS MMS A wide range of handsets, (Sept. 2002) some with inbuilt cameras i-mode Successful commercial launch (N
Slide 51: Telecom: transport technologies
BOUYGUES TELECOM: transport technologies n Speed of mobile networks Real speed Rollout date (kbit/sec) GSM (circuit mode) 1996 9 GPRS (packet) 2002 30 to 60 EDGE (packet) 2003 80 to 200 UMTS (packet) 2005 144 to 384 4 G (packet) 2010 10,000 n Improvement in digital compression (in kbit/sec) 1995 Tod
Slide 52: Telecom: i-mode, simple, works, good value
BOUYGUES TELECOM: i-mode, it’s simple, it works and it’s good value for money n All the advantages of a pocket Internet Send and receive Browse websites Create and share Make a call! e-mails of major brand names personalised homepage n A universe that offers a wide range of services and uses: ü Offi
Slide 53: Telecom: i-mode, first results
BOUYGUES TELECOM: i-mode, first results n 84% of i-mode subscribers actually use the services on offer n Most popular services: 1. Ring tones / images 2. News / weather / sport 3. Practical information 4. Horoscope / games n 600,000 e-mails exchanged at end December 2002 800,000 e-mails exchanged in
Slide 54: Telecom: i-mode, transparent pricing
BOUYGUES TELECOM: i-mode, transparent pricing n i-mode pricing €3 a month ü Access ü Navigation, e-mail, €0.01 / Ko data transfer ü Subscription up to €3 a month to certain sites n Example of one month’s consumption 75 e-mails sent Around €10 + 25 e-mails received per month + 100 pages visited + 2 s
Slide 55: Telecom: i-mode business model
BOUYGUES TELECOM: i-mode business model Content providers i-mode paid customers • Better services Open portal • Regularly updated content 86% of revenues from Bouygues Access, pay-for-use services Telecom navigation, are paid back to Additional subscription content providers revenues A motivating an
Slide 56: Telecom: objectives
BOUYGUES TELECOM: objectives n Develop mobile multimedia services, a major growth platform for Bouygues Telecom, with i-mode n Enhance customer satisfaction and loyalty n Optimise acquisition and retention costs according to segments n Continue developing its own network of boutiques n Improve Bouyg
Slide 57: Telecom: 2003 prospects
BOUYGUES TELECOM: 2003 prospects n Strong differentiation factor with i-mode n Sound financial situation n Generating more free cash flow n Rigorous and efficient management n 2003 recurring net sales (e): €3,000m + 11% 2003 sales (e): €3,200m + 9% A simple and clear strategic vision
Slide 58: Agenda: Accounts
n HIGHLIGHTS n BUSINESS AREAS n ACCOUNTS n OUTLOOK AND OBJECTIVES
Slide 59: Bouygues: consolidated income statement
BOUYGUES: consolidated income statement Million euros 2001 2002 2002 2001 Sales 20,473 22,247 + 9% EBITDA 1,680 2,260 + 35% Operating income 876 1,058 + 21% Exceptional items 73 368 ns Income tax (268) (316) + 18% Net earnings attributable to the Group 344 666 + 94% Recurring net earnings 251 319 +
Slide 60: Bouygues: EBITDA by business area
BOUYGUES: EBITDA by business area Million euros 2001 2002 2002 2001 Bouygues Telecom 234 * 861 ns TF1 475 417 - 12% Saur 198 222 + 12% Construction 786 775 - 1% Holding and other (13) (15) ns TOTAL 1,680 2,260 + 35% * consolidated at 54%
Slide 61: Bouygues: operating income by business area
BOUYGUES: operating income by business area Million euros 2001 2002 2002 2001 Bouygues Telecom 28 * 305 ns TF1 375 293 - 22% Saur 85 108 + 27% Construction 413 385 - 7% Holding and other (25) (33) ns TOTAL 876 1,058 + 21% * consolidated at 54%
Slide 62: Bouygues: profitability analysis in 2002
BOUYGUES: profitability analysis in 2002 Gross Operating ROCE* margin margin Bouygues Telecom 34.2% 10.4% 5.7% TF1 24.6% 11.2% 14.1% Saur 19.3% 4.3% 5.5% Construction 12.6% 2.6% 20.0% Bouygues group 17.9% 4.8% - * Operating income after tax / capital employed
Slide 63: Bouygues: net earnings by business area
BOUYGUES: net earnings by business area Million euros 2001 2002 2002 2001 Bouygues Telecom (1) (37) 75 ns TF1 87 64 - 26% Saur 22 23 ns Construction 242 350 + 45% Holding and other 30 154 ns TOTAL 344 666 (2) + 94% (1) Profit (loss) booked at 54% to 30 March 2002, 64.5% to 30 September, 67% thereaft
Slide 64: Bouygues: free cash-flow by business area
BOUYGUES: free cash-flow by business area Million euros 2001 2002 Bouygues Telecom (265) * 362 TF1 19 266 Saur (38) 115 Construction 553 195 Holding and other 9 (17) TOTAL 278 921 * consolidated at 54%
Slide 65: Bouygues: consolidated balance sheet items
BOUYGUES: consolidated balance sheet items at 31 Dec. Million euros 2000 2001 2002 Stockholders’ equity 5,168 5,503 6,379 Provisions 2,002 1,909 1,882 Financial liabilities 3,028 3,081 4,825 Long-term capital 10,198 10,493 13,086 12 357 Fixed assets 8,381 9,275 12,357 Working capital 1,817 1,218 729
Slide 66: Bouygues SA: balance sheet items
BOUYGUES SA: balanced sheet items at 31 Dec. Million euros 2000 2001 2002 Stockholders’ equity 4,743 5,097 5,103 Provisions 262 273 232 Financial liabilities 1,200 1,197 2,232 Long-term capital 6,205 6,567 7,567 Long-term investments 4,858 4,906 6,651 Other assets 9 9 9 Working capital 1,338 1,652 9
Slide 67: Bouygues: debt situation
BOUYGUES: debt situation At 31 December 2001: €1,124m n Changes in scope of consolidation ü Factoring in Bouygues Telecom at 100% €881m ü Factoring in Saur at 100% €341m ü Treasury stock €222m ü Factoring in TPS at 66% €208m ü Sale of Bouygues Offshore €205m ü Other sales (€64m) TOTAL changes in sco
Slide 68: Bouygues: net debt by business area
BOUYGUES: net debt by business area at 31 December Million euros 2000 2001 2002 Bouygues Telecom (1) 782 1,023 1,486 TF1 (340) 188 481 Saur 761 676 549 Bouygues Construction (627) (675) (1,011) Colas 213 (2) (144) Bouygues Immobilier 18 (64) (30) Holding and other (2) 160 (22) 1,870 TOTAL 967 1,124
Slide 69: Bouygues: financial policy
BOUYGUES: financial policy €m Available cash: €4.8bn 5 000 4 500 4 000 3 500 Undrawn Debt repayment schedule 3 000 MLT Credit 2 500 lines 2 000 1 500 1 000 Cash 500 0 Liquidity 2003 2004 2005 2006 2007 2008 2009 and beyond Evenly spread repayment schedule Very substantial liquidity
Slide 70: 2003 financial calendar
2003 FINANCIAL CALENDAR n 24 April: Annual meeting of stockholders n 30 April: Payment of dividends n 6 May: 2003 1st quarter sales n 18 June: 2003 1st quarter earnings n 12 August: 2003 2nd quarter sales n 10 September: 2003 2nd quarter earnings n 12 November: 2003 3rd quarter sales n 17 December:
Slide 71: Agenda: Outlook and Objectives
n HIGHLIGHTS n BUSINESS AREAS n ACCOUNTS n OUTLOOK AND OBJECTIVES
Slide 72: Bouygues: forecast sales for 2003
BOUYGUES: forecast sales for 2003 Million euros 2002 2003 (e) Bouygues Telecom 2,932 3,190 TF1 2,608 2,710 TELECOMS-MEDIA 5,540 5,900 Saur SERVICES 2,514 2,520 Bouygues Construction 5,511 4,530 Colas 7,376 7,350 Bouygues Immobilier 1,283 1,140 CONSTRUCTION 14,170 13,020 Other 23 20 TOTAL 2002 22,247
Slide 73: 2003 objectives
BOUYGUES: 2003 objectives n Confirm the results of Bouygues Construction’s reorganisation n Continue improving profit margins in all the other business areas n Be careful and selective in our investment opportunities Recurring net earnings are likely to rise further in 2003