Bouygues SA · EURONEXT:EN
Bouygues SA — Debt Investor Presentation (June 2005)
77 slides from Bouygues SA's debt investor presentation, Jun 28, 2005
Slide 1: Bouygues Group Bond investors presentation
28 June 2005 BOUYGUES GROUP Bond investors presentation 1
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: Agenda
THE BOUYGUES GROUP 3 PLANNED BOND ISSUE 13 GROUP OUTLOOK 15 APPENDIX 1: THE BUSINESSES IN Q1 2005 18 APPENDIX 2: FINANCIAL DATA 44 APPENDIX 3: NEW IFRS STANDARDS 57 APPENDIX 4: BUSINESS DRIVERS 61 3
Slide 4: Bouygues Group: three business areas
BOUYGUES GROUP: three business areas Roadworks Building/Civil Works Property (1984) (1952) (1956) 96.3% (1) 100% 100% CONSTRUCTION (1994) (1987) TELECOMS MEDIA 83 % 42.4% (2) All figures as of 29 April 2005 (1) 97.3% in voting rights A diversified industrial group (2) 42.6% in voting rights Disposal
Slide 5: Profile of a diversified industrial group
BOUYGUES: profile of a diversified industrial group A strong corporate culture, shared by all business areas 9 Entrepreneurial 9 Opportunistic 9 Prudent Effective control of the strategies and cash flows of the subsidiaries Most of the activities are non cyclical 90 % of the activities are g
Slide 6: Key operating figures (in IFRS)
BOUYGUES GROUP: key operating figures (in IFRS) Q1 2005 Million euros Q1 2005 2004 Q1 2004 Sales 4 848 +3% (1) 21,242 Operating profit 255 +15% 1,559 Net profit attributable to the Group 96 +41% 909 Cash Flow 516 + 4% 2,052 (2) Net debt 3,176 -6% 1,875 (1) + 7% on a comparable basis (Saur and mobile
Slide 7: Key figures over 5 years
BOUYGUES: key figures over 5 years (in million euros – French GAAP) Sales EBITDA 22,247 21,822 23,402 (+ 7%) 2,730 (+ 13%) 20,473 2,415 19,060 2,260 + 23% + 85% 1,680 1,474 2000 2001 2002 2003 2004 2000 2001 2002 2003 2004 Operating income 1,547 (+ 25%) Net earnings 858 (+ 91%) Non-recurring items 1
Slide 8: Key figures per share
BOUYGUES: key figures per share (in euros – French GAAP) Net earnings per share Net dividend per share (excluding exceptional payout) 0.75 2.57 1.93 0.50 x 4.5 x3 1.31 1.34 0.36 0.36 0.36 1.03 0.26 2.01 0.93 0.75 0.45 2000 2001 2002 2003 2004 1999 2000 2001 2002 2003 2004 Non-recurring items Rec
Slide 9: Group financial structure
BOUYGUES GROUP: financial structure Million euros 2003 2004 2004 (French GAAP) (IFRS) Shareholders' equity 6,192 5,087 4,978 Net debt 2,786 1,680 1,875 Net debt / shareholders' equity 45% 33% 38% Cash flow 2,073 2,267 2,052 * Net operating investment 930 1,086 1,047 Free cash flow 1,143 1,181 1,005
Slide 10: Cash position
BOUYGUES: cash position French GAAP In €m Net cash at 31 December 2003 (2,786) 9 change in scope of consolidation (disposal of Saur) - 124 9 acquisition of Bouygues securities for cancellation - 471 9 conversion of Oceane bonds + 418 9 ordinary dividends paid by Bouygues and TF1 (minority interest
Slide 11: Net cash by business area
BOUYGUES: net cash by business area French GAAP 2004 Million euros 2003 2004 2003 Bouygues Construction 1,346 1,520 + 174 Bouygues Immobilier 88 251 + 163 Colas 255 488 + 233 TF1 (426) (404) + 22 Bouygues Telecom (1,031) (582) + 449 Saur 75 0 - 75 Holding and other (3,093) (2,953) + 140 Net book cas
Slide 12: Financing policy
BOUYGUES: financing policy French GAAP Available cash at 31 December 2004: 6.6 billion euros 7000 6000 Debt repayment schedule 5000 Undrawn MLT 4000 credit lines 3000 2000 Cash 1000 0 Liquidity 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 €633m: net impact of exceptional payout (€1,664) on 07/0
Slide 13: Agenda
THE BOUYGUES GROUP 3 PLANNED BOND ISSUE 13 GROUP OUTLOOK 15 APPENDIX 1: THE BUSINESSES IN Q1 2005 18 APPENDIX 2: FINANCIAL DATA 44 APPENDIX 3: NEW IFRS STANDARDS 57 APPENDIX 4: BUSINESS DRIVERS 61 13
Slide 14: Planned bond issue
PLANNED BOND ISSUE Size: benchmark Maturity: 15 years Bouygues’ rating by Standard & Poor’s: A- / stable / A2 The issue will benefit from the same rating 14
Slide 15: Agenda
THE BOUYGUES GROUP 3 PLANNED BOND ISSUE 13 GROUP OUTLOOK 15 APPENDIX 1: THE BUSINESSES IN Q1 2005 18 APPENDIX 2: FINANCIAL DATA 44 APPENDIX 3: NEW IFRS STANDARDS 57 APPENDIX 4: BUSINESS DRIVERS 61 15
Slide 16: Sales targets for 2005
BOUYGUES: sales targets for 2005 2004 2005 Change 2004 Million euros French target 2005 IFRS IFRS 2004 standards Bouygues Construction 5,228 5,227 5,300 + 1% Bouygues Immobilier 1,294 1,295 1,550 + 20% Colas 7,936 7,947 8,550 + 8% TF1 2,817 2,831 2,870 + 1% Bouygues Telecom 3,658 3,649 4,520 + 24% *
Slide 17: Outlook
BOUYGUES: outlook Bright outlook for the Group over the coming years: 9 businesses with leading positions on buoyant markets 9 strong increase in earnings 9 substantial generation of free cash flow 9 sharp reduction in debt 17
Slide 18: Appendix 1 divider
THE BOUYGUES GROUP 3 PLANNED BOND ISSUE 13 GROUP OUTLOOK 15 APPENDIX 1: THE BUSINESSES IN Q1 2005 18 APPENDIX 2: FINANCIAL DATA 44 APPENDIX 3: NEW IFRS STANDARDS 57 APPENDIX 4: BUSINESS DRIVERS 61 18
Slide 19: Bouygues Construction: key figures
BOUYGUES CONSTRUCTION (B/CW): key figures 9 From design and construction to operation 9 A global operator involved at all stages of the value chain Q1 2005 Q1 2005 2004 Million euros (IFRS) Q1 2004 (French GAAP) Sales 1,362 + 9% 5,512 Operating profit 67 + 37% 181 Net earnings 47 + 2% 144 Net cash 1
Slide 20: Bouygues Construction: strategy and outlook
BOUYGUES CONSTRUCTION (BCW): strategy and outlook Achieve long-term profitability Develop high-growth markets 9 Private/Public Partnerships in France and abroad 9 Electricity/Maintenance Sales target for 2005 *: 5,600 +2% 9 France 3,380 +4% 9 International 2,220 -2% * IFRS standards - change o
Slide 21: Bouygues Immobilier: key figures
BOUYGUES IMMOBILIER: key figures Million euros Q1 2005 Q1 2005 2004 (IFRS) Q1 2004 (French GAAP) Sales 333 + 26% 1,295 housing 227 + 31% 864 corporate/commercial 106 + 17% 431 Operating income 32 = 114 Net earnings 19 + 19% 65 Net cash 234 + 107 251 Le Monde headquarters, Paris Substantial increase
Slide 22: Bouygues Immobilier: strategy and outlook
BOUYGUES IMMOBILIER: strategy and outlook Pursue dynamic growth while controlling risks Maintain profitability and a sound financial structure Consolidate its position as France's leading property developer and become a major player in the European market Sales target for 2005 *: 1,550 + 20%
Slide 23: Colas: key figures
COLAS: key figures 9 Roadworks: maintenance, renovation, construction 9 Production of aggregates, asphalt mixes, emulsions 9 Ownership of quarries Q1 2005 Q1 2005 2004 Million euros (IFRS) Q1 2004 (French GAAP) Sales 1,378 + 6% 8,013 Operating income (119) - 14% 289 Net earnings (71) - 21% 241 Net c
Slide 24: Colas: strengths
COLAS: strengths A strategic asset: material reserves 9 535 quarry sites in over 15 countries 9 over 2 billion tonnes of aggregate supplies, i.e. approximately 25 years of reserves A geographically balanced activity A strong presence in Central Europe A limited exposure to the dollar The wor
Slide 25: Colas: strategy and outlook
COLAS: strategy and outlook Seize external growth opportunities Extend geographical coverage and strengthen industrial activities upstream Meet PFI, PPP and Facilities Management demand 9 1st contract won in Portsmouth, UK (£400m over 25 years) Sales target for 2005 *: €8,650 + 8% 9 France €
Slide 26: TF1: strengths
TF1: strengths Leading channel in France 9 35,5% of audience share * 9 54,8% of the advertising market share * A successful diversification 9 Thematic channels: Eurosport, LCI… 9 TPS: digital TV (66% owned) 9 Audiovisual merchandise : TF1 Video, Téléshopping... A solid financial profile 9 Stan
Slide 27: TF1: key figures
TF1: key figures Million euros Q1 2005 Q1 2005 2004 (IFRS) Q1 2004 (French GAAP) Sales 714 +0,1% 2,835 core channel advertising 430 +1,2% 1,646 diversification activities 284 -1,5% 1,189 Operating profit 100 -16% 399 Net earnings 61 -14% 220 Net debt 443 = 412 Low visibility in first half 2005 27
Slide 28: TF1: strategy and outlook
TF1: strategy and outlook Ambitions 9 maintain TF1 channel's leading position 9 continue to consolidate TPS's commercial dynamic 9 develop all broadcasting channels, including TV on mobile 9 expand in Europe in the medium term Sales target for 2005 *: €2,890 + 1% 9 advertising €1,660 + 1% 9 dive
Slide 29: Bouygues Telecom today
BOUYGUES TELECOM TODAY Share ownership structure 83.0% 6.5% 10.5% Bouygues raised its stake in Bouygues Telecom from 34% (1997) to 83% (2003) in six years Bouygues and BNP Paribas have exchanged put and call options, which could lead to the purchase by Bouygues of the 6.5% stake of Bouygues Tele
Slide 30: Bouygues Telecom: market share
BOUYGUES TELECOM: market share Total customer base : 7.5 Million as of December 31, 2004 (+ 12%) Market share on all customers (1) Market share on total revenue (2) +0.9 pts 16,8% +0.7 pts 18,9% 47,7% 44,2% 35,5% 36,9% (1) Source: ART, French telecoms regulator (2) Source: operators Customer
Slide 31: Bouygues Telecom: key figures
BOUYGUES TELECOM: key figures Q1 2005 Q1 2005 2004 Million euros (IFRS) Q1 2004 (French GAAP) Sales 1,074 + 23% (1) 3,674 Net sales from network 1,013 + 30% (2) 3,326 including data (%) 16.8% +2.1 pts 17.7% EBITDA 334 + 16% 1,174 EBITDA / net sales from network 33% +2.0 pts 35.3% Operating income 16
Slide 32: Bouygues Telecom: financial structure
BOUYGUES TELECOM: financial structure Million euros 2003 2004 Change (French GAAP) (French GAAP) Shareholders' equity 1,553 1,787 + 15% Net debt 1,798 1,196 - 33% of which bank debt 1,031 582 - 44% of which shareholder loans 767 614 - 20% Net debt / shareholders' equity 116% 67% - 49 pts Cash flow 8
Slide 33: Bouygues Telecom: free cash flow
BOUYGUES TELECOM: free cash flow Gross operating investments Cash flow €m Free cash flow 1200 1,133 1000 896 530 800 738 741 411 600 273 * - 426 603 400 468 485 200 312 0 2001 2002 2003 2004 Sharp increase in free cash flow * excluding UMTS licence 33
Slide 34: Bouygues Telecom: commercial performance – all customers
BOUYGUES TELECOM: commercial performance – all customers Mainland France (blended indicators) 2003 2004 ARPU (€/month) 39.5 38.4 SAC (€/customer) 146 148 Usage (min/month) 283 288 High ARPU thanks to a favourable customer mix 34
Slide 35: Bouygues Telecom: success of i-mode
BOUYGUES TELECOM: success of i-mode November 2002: launch of a differentiating mobile multimedia platform March 2005: 1.1 million customers An enriched portal and an extended range of handsets Highly satisfied content providers and users i-mode customers generate a monthly ARPU of €60 to 7
Slide 36: Bouygues Telecom: outlook
BOUYGUES TELECOM: outlook Sales target for 2005 *: €4,540 + 6% 9 Net sales from network €4,240 + 7% * IFRS standards - change on 2004 sales under IFRS standards 36
Slide 37: EDGE and UMTS: issues facing French operators (voice)
EDGE and UMTS: issues facing French operators VOICE Current situation: 9 Orange and SFR suffer from a saturated network in dense areas, because of their size 9 Bouygues Telecom has spare capacity to develop voice Strategic consequences : 9 Orange and SFR must roll-out UMTS in order to provide vo
Slide 38: Comparison of technologies
COMPARISON OF TECHNOLOGIES 2nd generation UMTS (UMTS-HSDPA): a real break Downlink: network to mobile Uplink: mobile to network Average speed (Kb/s) 1200 120 1,000 100 1000 100 800 80 60 50 600 60 400 250 40 130 200 32 20 8 0 0 GPRS EDGE UMTS-R99 HSDPA GPRS EDGE UMTS-R99 HSDPA Towards very high sp
Slide 39: EDGE and UMTS: issues facing French operators (data)
EDGE and UMTS: issues facing French operators DATA Current situation 9 EDGE and UMTS 1st generation (R-99) speeds are fairly similar 9 There is no key-application demanding the roll-out of UMTS instead of EDGE 9 The access to broadband mobile multimedia requires a national and consistent coverage,
Slide 40: Bouygues Telecom's technological choices: EDGE in 2005
BOUYGUES TELECOM'S TECHNOLOGICAL CHOICES: EDGE in 2005 Commercial launch: 9 May 2005 : corporate market 9 H2 2005 : mass market, with several i-mode-enabled EDGE handsets A total investment of €230m for a national and consistent coverage Thanks to EDGE, Bouygues Telecom will offer similar or s
Slide 41: EDGE: a worldwide standard
EDGE: a worldwide standard EDGE: a technology in its infancy in 2002 and operational by 2004 9 141 operators in 79 countries have chosen EDGE 9 84 networks have already launched it commercially in 52 countries More and more operators are choosing EDGE 41
Slide 42: EDGE: more manufacturers making compatible handsets
EDGE: a worldwide standard EDGE handsets will become an industry standard Q303 Q403 Q104 Q204 Q304 Q404 Sony Ericsson GC82 GC83 Z500a GC85 Z500i S710a Motorola T725 V547 V551 A780 V555 7260 6220 Nokia 6200 3200 6820 6230 7200 6620 6810 5140 3220 6170 6630 7270 9500 7280 P710 Samsung P716 D500E LG
Slide 43: Why host an MVNO?
WHY HOST AN MVNO ? MVNO experiences in Europe: no convincing success MVNOs have: 9 Little added value 9 No existing distribution network 9 Limited financial and technical means (customer care) 9 Potentially, the ability to impact negatively their host operator’s image Î This is why Bouygues Tele
Slide 44: Appendix 2 divider
THE BOUYGUES GROUP 3 PLANNED BOND ISSUE 13 GROUP OUTLOOK 15 APPENDIX 1: THE BUSINESSES IN Q1 2005 18 APPENDIX 2: FINANCIAL DATA 44 APPENDIX 3: NEW IFRS STANDARDS 57 APPENDIX 4: BUSINESS DRIVERS 61 44
Slide 45: Dividends over the last five years
DIVIDENDS OVER THE LAST FIVE YEARS French GAAP 2000 2001 2002 2003 2004 Consolidated earnings excl. capital gains (€m) 149 251 319 450 670 Bouygues SA earnings (€m) 478 237 121 216 586 Dividend per share (€) 0.36 0.36 0.36 0.50 0.75 Number of shares at 31/12 (in millions) 333 344 344 333 333 Amount
Slide 46: Q1 2005 sales (IFRS)
BOUYGUES: Q1 2005 sales (IFRS) Q1 2004 Q1 2004 Q1 2005 Q1 2005 Million euros (French (IFRS) (IFRS) Q1 2004 GAAP) Bouygues Construction 1,196 1,196 1,288 + 8% Bouygues Immobilier 265 265 333 + 26% Colas 1,287 1,287 1,367 + 6% TF1 695 709 708 = Bouygues Telecom 875 873 1,071 + 23% * Saur 571 353 - ns
Slide 47: Consolidated income statement
BOUYGUES: consolidated income statement French GAAP 2004 Million euros 2003 2004 2003 Sales 21,822 23,402 + 7% Operating income 1,238 1,547 + 25% Earnings before tax and except. items 1,019 1,382 + 36% Exceptional items (14) 209 ns Income tax (380) (519) + 37% Net earnings att. to the Group 450 858
Slide 48: Contribution of business areas to sales
BOUYGUES: contribution of business areas to sales French GAAP 2004 Million euros 2003 2004 2003 Bouygues Construction 4,742 5,228 + 10% Bouygues Immobilier 1,229 1,294 + 5% Colas 7,387 7,936 +7% TF1 2,727 2,817 + 3% Bouygues Telecom 3,271 3,658 + 12% Saur 2,448 2,453 = Holding and other 18 16 ns TOT
Slide 49: Contribution of business areas to EBITDA
BOUYGUES: contribution of business areas to EBITDA French GAAP 2004 Million euros 2003 2004 2003 Bouygues Construction 180 246 + 37% Bouygues Immobilier 85 118 + 39% Colas 505 549 + 9% TF1 455 494 + 9% Bouygues Telecom 1,006 1,153 + 15% Saur 190 184 - 3% Holding and other (6) (14) ns TOTAL 2,415 2,7
Slide 50: Contribution of business areas to operating income
BOUYGUES: contribution of business areas to operating income French GAAP 2004 Million euros 2003 2004 2003 Bouygues Construction 37 132 x 3.6 Bouygues Immobilier 80 114 + 43% Colas 262 289 + 10% TF1 332 398 + 20% Bouygues Telecom 460 550 + 20% Saur 88 91 + 3% Holding and other (21) (27) ns TOTAL 1,2
Slide 51: Contribution of business areas to net earnings
BOUYGUES: contribution of business areas to net earnings French GAAP 2004 Million euros 2003 2004 2003 Bouygues Construction 23 146 + 123 Bouygues Immobilier 44 65 + 21 Colas 192 233 + 41 TF1 79 91 + 12 Bouygues Telecom (1) 146 266 + 120 Saur 20 (4) - 24 Holding and other (54) 61 + 115 Net earnings
Slide 52: Profitability analysis in 2004 (1/2)
BOUYGUES: profitability analysis in 2004 (1/2) French GAAP 2003 2004 Operating Operating At business level ROCE (1) ROCE (1) margin margin Bouygues Construction 0.8% +++ (2) 2.4% +++ (2) Bouygues Immobilier 6.5% 34.5% 8.8% ++ (3) Colas 3.5% 22.8% 3.6% 26.5% (1) Operating income after tax and share o
Slide 53: Profitability analysis in 2004 (2/2)
BOUYGUES: profitability analysis in 2004 (2/2) French GAAP 2003 2004 Operating Operating ROCE (1) ROCE (1) margin margin At business level TF1 12.6% (2) 16.0% 14.1% 18.2% Bouygues Telecom 14.1% 8.5% 15.0% 11.2% Saur 3.6 % 5.7 % At Group level Bouygues 5.7% 8.6% 6.6% 12.0% (1) operating income after
Slide 54: Contribution of business areas to cash flow
BOUYGUES: contribution of business areas to cash flow French GAAP 2004 Million euros 2003 2004 2003 Bouygues Construction 206 269 + 31% Bouygues Immobilier 55 82 + 49% Colas 453 488 + 8% TF1 318 305 - 4% Bouygues Telecom 866 1,111 + 28% Saur 177 143 - 19% Holding and other (2) (131) ns TOTAL 2,073 2
Slide 55: Contribution of business areas to net investments
BOUYGUES: contribution of business areas to net investments Operating investments French GAAP 2004 Million euros 2003 2004 2003 Bouygues Construction 87 75 - 12 Bouygues Immobilier 2 4 +2 Colas 256 340 + 84 TF1 93 76 - 17 Bouygues Telecom 381 515 + 134 Saur 121 77 - 44 Holding and other (10) (1) +
Slide 56: Condensed consolidated balance sheet at 31 December
BOUYGUES: condensed consolidated balance sheet at 31 December French GAAP Million euros 2002 2003 2004 Shareholders' equity 6,379 6,192 5,087 Long & medium term provisions 1,882 1,896 1,866 Financial liabilities 4,825 5,160 4,686 Long-term capital 13,086 13,248 11,639 Fixed assets 12,357 11,983 10,7
Slide 57: Appendix 3 divider
THE BOUYGUES GROUP 3 PLANNED BOND ISSUE 13 GROUP OUTLOOK 15 APPENDIX 1: THE BUSINESSES IN Q1 2005 18 APPENDIX 2: FINANCIAL DATA 44 APPENDIX 3: NEW IFRS STANDARDS 57 APPENDIX 4: BUSINESS DRIVERS 61 57
Slide 58: New IFRS standards: status report
NEW IFRS STANDARDS: status report Opening balance sheet at 1 January 2004 9 drawn up according to published standards 9 French standards maintained: utilities management services and customer retention provisions (Bouygues Telecom) Financial statements as of 31 December 2004 9 Published Financ
Slide 59: IFRS: 2004 key figures
IFRS: 2004 key figures End March End June End Sept. End Dec. Million euros 2004 2004 2004 2004 Total Sales 4,688 9,887 15,608 21,242 of which France 3,680 7,372 11,198 15,252 of which International 1,008 2,515 4,410 5,990 Operating profit 222 696 1,168 1,559 Net profit from continuing 68 276 516 909
Slide 60: IFRS: impact on income statement for a standard year
IFRS: impact on income statement for a standard year Sales: 9 Other and power distribution businesses in Africa and Italy - €270m 9 Other businesses - €50m NB: same impact in operating expenses no impact on operating income Depreciation of tangible and intangible assets + €15m Depreciation of
Slide 61: Appendix 4 divider
THE BOUYGUES GROUP 3 PLANNED BOND ISSUE 13 GROUP OUTLOOK 15 APPENDIX 1: THE BUSINESSES IN Q1 2005 18 APPENDIX 2: FINANCIAL DATA 44 APPENDIX 3: NEW IFRS STANDARDS 57 APPENDIX 4: BUSINESS DRIVERS 61 61
Slide 62: Bouygues Construction: order book
BOUYGUES CONSTRUCTION (BCW): order book At 31/12/2004 €bn 55% 4.8 4.9 5.0 5 4.6 4.6 4.0 3.8 3% 4 3.6 3.6 3.5 6% 75% 3 of which France and Europe 16% 2 20% 1 France 0 Europe (excluding France) 2000 2001 2002 2003 2004 Asia Africa Latin America and other High-quality order book 62
Slide 63: Bouygues Immobilier: business activity
BOUYGUES IMMOBILIER: business activity 2004 RESERVATIONS 2003 2004 2003 Housing Number 5,405 6,759 + 25% Total (€m) 806 1,069 + 33% Corporate/Commercial Office space (sq. m.) 163,000 167,000 + 2% Total (€m) 591 481 - 19% TOTAL (€m) 1,397 1,550 + 11% Strong business activity in housing 63
Slide 64: Colas: order book
COLAS: order book End-January End-January 2004 Million euros 2004 2005 2003 France 2,053 2,298 + 12% International 1,622 2,156 + 33% TOTAL 3,675 4,454 + 21% Markets remain buoyant, giving a good start to 2005 64
Slide 65: Colas: locations in Central Europe
COLAS: locations in Central Europe Poland Czech Republic Slovakia Hungary Romania 20 local subsidiaries 2004 sales: €520m (up 25% on 2003) 9 for info: almost no sales booked in 1993 Activities: quarries, roadworks, pipes & mains, civil engineering65
Slide 66: Colas: 18 years of continuous growth
COLAS: 18 years of continuous growth 8,013 9 000 Sales 8 000 7 000 h : 11.4% rowt 6 000 al g €m 5 000 age annu 4 000 Aver 3 000 2 000 1 000 0 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 250 241 Net earnings 15.2% 200 w t h: annual gro €m ge Avera 150 100 50 0 1986 1988 1990 1992 1994 1996 1998
Slide 67: TF1: leader in terms of audience share
TF1: leader in terms of audience share Core channel 2003 2004 Change Women under 50 34.4 % 35.5% + 1.1 pts Individuals 4 years and over 31.5 % 31.8% + 0.3 pts Advertising market share 54.7 % 54.8% + 0.1 pts Viewing time per person / day 3 hrs 22 3 hrs 24 + 2 min (individuals 4 years and over – all c
Slide 68: TF1: Eurosport key figures
TF1: Eurosport key figures Million euros 2003 2004 Sales 283 291 Operating income 25.7 27.5 Net earnings 5.0 2.5 Contribution to TF1 group Leading pan-European channel 9 98 million households including 51.5 million direct paying subscribers 9 54 countries and 19 languages Rise in audience figure
Slide 69: TF1: TPS key figures
TF1: TPS key figures Million euros 2003 2004 Sales 353 376 Operating income 2.8 1.3 Net earnings (6.4) (3.4) Contribution to TF1 group 1.675 million subscribers, including 1.355 million via Direct Broadcast Satellite and ADSL Record sales in December and January 69
Slide 70: Bouygues Telecom: Contract segment performance
BOUYGUES TELECOM: commercial performance in Contract segment (excluding Universal Mobile) Mainland France 2003 2004 Contract customer base (in thousands) (1) 4,207 4,760 ARPU (€/month) 52 50 SAC (€/customer) 231 243 Monthly churn 1.6% 1.3% Usage (min/month) 390 393 (1) at 31 December Contract cust
Slide 71: Bouygues Telecom: Prepaid segment performance
BOUYGUES TELECOM: commercial performance in Prepaid segment Mainland France 2003 2004 Active SIM cards (in thousands) (1) 2,235 2,397 ARPU (€/month) 18 16 SAC (€/customer) 22 27 Usage (min/month) 89 85 (1) at 31 December ARPU affected by the decrease in incoming rates 71
Slide 72: Bouygues Telecom: controlled costs
BOUYGUES TELECOM: controlled costs Efficiency projects: implementing purchasing policy, controlling IT costs and overheads, pursuing actions in Network, Customer and Communication divisions Control over commercial costs 20% 16.3% 15.5% 16% 4.8% Subscriber retention costs 4.8% 12% as a % of net s
Slide 73: Saur: disposal
SAUR: disposal Sale of Saur concluded with PAI partners on 19 November 2004 for €1,031m (including businesses in France, Spain and Poland) Transfer of securities and payment on 15 February 2005 Bouygues spent €58m for a 15% stake in the company that purchased Saur A net capital gain for Bouy
Slide 74: Saur: activities retained by Bouygues
SAUR: activities retained by Bouygues Water and power supply activities in Africa 9 Bouygues has little net exposure in Ivory Coast Shareholding in water supply companies in Italy Small team transferred from Saur to Bouygues to continue managing these activities, and technical assistance contr
Slide 75: Share ownership structure at 31 December 2004
BOUYGUES: share ownership structure at 31 December 2004 Capital Voting rights Foreign Foreign shareholders SCDM shareholders SCDM 17% Groupe 21% 27% 25% Artémis 8% (F. Pinault) Groupe 7% 12% Artémis 31% 16% (F. Pinault) 36% Employees Other Other Employees French French shareholders shareholders
Slide 76: 2005 financial communication calendar
BOUYGUES: 2005 financial communication calendar 9 August: First-half sales 14 September: First-half earnings 8 November: 9-month sales 14 December: 9-month earnings 76
Slide 77: 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 BOUYGUES – Challenger – 1 avenue Eugène Freyssinet 78061