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Bouygues Sa — FY2007 Earnings Presentation

79 slides from Bouygues Sa's earnings presentation, Feb 27, 2008

  1. Slide 1: Presentation of Full-Year 2007 Results

    PRESENTATION OF FULL-YEAR 2007 RESULTS Paris - 32 Hoche 27 February 2008

  2. Slide 2: Forward-looking statements disclaimer

    This presentation contains projections and forecasts. They express objectives based on the current assessments and estimates of the Group’s senior management which are subject to many factors and uncertainties. The following factors among others set out in the Registration Document (Document de Réfé

  3. Slide 3: Highlights and Key Figures

    „ HIGHLIGHTS AND KEY FIGURES „ BUSINESS AREAS „ FINANCIAL STATEMENTS „ OUTLOOK AND OBJECTIVES

  4. Slide 4: Highlights in 2007

    HIGHLIGHTS IN 2007 „ Ongoing commercial strength in all businesses, excluding (TF1, which reported slow growth) „ Further rise in sales in all businesses „ Faster growth in profits „ Continued targeted acquisitions by Bouygues Construction (Mibag, Karmar, etc.), Colas (Spie Rail, etc.) and TF1 (AB G

  5. Slide 5: Sustainable Development: achievements in 2007

    SUSTAINABLE DEVELOPMENT: achievements in 2007 „ Strategy defined to reduce CO² emissions throughout the Group „ Non-financial reporting software chosen for the Group „ CSR* training for 151 managers „ Cross-functional working groups set up in the fields of Quality/Safety/ Environment, responsible pu

  6. Slide 6: Group: key operating figures

    BOUYGUES GROUP: key operating figures € million 2006 (1) 2007 Change Sales 26,408 29,613 +12% Operating profit 1,889 2,181 +15% Net profit att. to the Group 1,254 1,376 +10% Net profit from continuing operations att. to the Group 1,046 (2) 1,376 +32% (1) Applying the same accounting policy as in 200

  7. Slide 7: Group: key figures over five years

    BOUYGUES GROUP: key figures over five years (€ million) Sales 29,613* EBITDA 3,601* 26,408* 3,268* 3,279* +49% +36% 2,805* 23,983* 2,730 23,402 2,415 21,822 20,815* 2003 2004 2004 2005 2006 2007 2003 2004 2004 2005 2006 2007 French GAAP IFRS French GAAP IFRS Operating profit Net profit att. to the G

  8. Slide 8: Group: key figures per share

    BOUYGUES GROUP: key figures per share (€) „ Earnings per share „ Dividend per share (excluding exceptional payout) X3 1.5* 4.06 X3 3.71 1.2 2.72 0.9 2.57 2.51 0.75 3.09 0.5 1.34 2.48 2.11 2.01 2003 2004 2004 2005 2006 2007 2003 2004 2005 2006 2007 French GAAP IFRS Non-recurring items * To be propose

  9. Slide 9: Group: financial position (1/2)

    BOUYGUES GROUP: financial position (1/2) € million 2006* 2007 Change Shareholders’ equity 6,595 8,205 +€1,610m Net debt 4,176 4,288 +€112m Debt-to-equity ratio 63% 52% -11 pts „ Standard & Poor’s credit rating maintained: A- with stable outlook „ Increase in shareholders’ equity „ Decline in debt-to

  10. Slide 10: Group: financial position (2/2)

    BOUYGUES GROUP: financial position (2/2) € million 2006* 2007 Change Cash flow 3,151 3,519 +12% - Cost of net debt -200 -235 +18% - Income tax -559 -633 +13% - Net capital expenditure -1,604 -1,679 +5% Free cash flow 788 972 +23% * Applying the same accounting policy as in 2007 Sharp rise in free ca

  11. Slide 11: Bouygues - Alstom

    BOUYGUES - ALSTOM „ Increase in Bouygues' stake in Alstom from 25% to 30% in 2007 „ Greater cooperation 9 many joint bids in power and transport 9 sharing best practices: contract negotiation and execution, purchasing, communications, human resources „ Alstom's financial contribution in 2007: €99m 9

  12. Slide 12: Alstom: FY 2006-2007 key figures

    ALSTOM: FY April 2006 - March 2007 key figures FY € million Change 2006/2007 Order intakes (€ bn) 19.0 Order book (1) 32,350 +22% (2) + 34% (2) 15.3 Sales 14,208 +14% (2) 5.4 1.1 Operating margin 6.7% + 1.1 pts 5.0 4.1 Net profit 448 x 2.5 3.3 Free cash flow 745 +42% 9.5 5.8 Net debt (1) 64 -€1,184m

  13. Slide 13: Alstom: sales in first 9 months

    ALSTOM: sales in first 9 months „ At 31 December 2007 (first 9 months of 2007/2008) 9 sales: €12.1bn, up 21% 9 orders received: €19.9bn, up 38% 9 order book: €40.6bn, i.e. approx. 2.5 years of sales „ The favourable trend of the first half continued in the third quarter of 2007/2008 „ Good visibilit

  14. Slide 14: Share ownership structure at 31 December 2007

    BOUYGUES: share ownership structure at 31 December 2007 „ Capital „ Voting rights Foreign Foreign shareholders SCDM shareholders SCDM Groupe 18.2% Artémis 27.2% 2.0% (F. Pinault) 30.5% 39.8% Groupe 14.2 % 2.5% Artémis Employees (F. Pinault) 21.5% 18.3% 25.8% Employees Other French Other French share

  15. Slide 15: Group: share performance

    BOUYGUES GROUP: share performance „ Performance of the Bouygues share and the Dow Jones Eurostoxx 50 index from 1 January 2007 to 25 February 2008 (opening price) Bouygues DJ EuroStoxx 50 2007 2008 70 65 60 Share price in € 55 50 €49.5 +1.9% 45 -8.8% 40 35 Jan.-07 Feb.-07 March-07 April-07 May-07 Ju

  16. Slide 16: Business Areas

    „ HIGHLIGHTS AND KEY FIGURES „ BUSINESS AREAS „ FINANCIAL STATEMENTS „ OUTLOOK AND OBJECTIVES

  17. Slide 17: Bouygues Construction: key figures

    BOUYGUES CONSTRUCTION: key figures € million 2006 2007 Change Sales 6,923 8,340 +20% o/w France 4,268 4,941 +16% o/w international 2,655 3,399 +28% Operating profit 262 314 +20% Operating margin 3.8% 3.8% = Net profit att. to the Group 209 286 +37% Machang Bridge, „ Highlights in 2007 South Korea 9

  18. Slide 18: Bouygues Construction: order intakes

    BOUYGUES CONSTRUCTION: order intakes € bn +€4.5bn in 2 years 11.1 12 9.3 10 „ Contracts won by Bouygues 8 6.6 5.4 3.9 Construction are booked as 6 2.6 order intakes at the date they 4 5.4 5.7 take effect 2 4.0 0 2005 2006 2007 France International „ Four orders taken in 2007 exceeding €300m 9 Gautra

  19. Slide 19: Bouygues Construction: order book

    BOUYGUES CONSTRUCTION: order book Long-term order book (beyond Y+5) At 31 December 2007 Order book Y+2 to Y+5 11.3 Middle East Order book Y+1 2% France 8.7 + €2.6bn 1,321 45% Americas 877 3,549 2% 6.0 + €2.7bn 2,491 Africa 81% 650 7% Asia 1,291 € bn 6,397 8% Rest of Europe 5,300 4,048 36% End-Dec. 2

  20. Slide 20: Bouygues Construction: sustainable development

    BOUYGUES CONSTRUCTION: sustainable development „ Achievements in 2007 9 launch of a policy with seven priorities for progress 9 establishment of a sustainable development department, backed by a network of 90 officers in the subsidiaries 9 development of "Projection", a software package to simulate

  21. Slide 21: Bouygues Construction: outlook

    BOUYGUES CONSTRUCTION: outlook „ Growth is expected to continue in 2008 9 in France, activity should remain at a high level 9 international operations: buoyant activity driven by large-scale projects and development of businesses in Europe (UK, Switzerland, etc.) „ Bouygues Construction’s objectives

  22. Slide 22: Bouygues Immobilier: key figures

    BOUYGUES IMMOBILIER: key figures € million 2006 2007 Change Sales 1,608 2,075 +29% o/w residential 1,260 1,561 +24% o/w commercial 348 514 +48% Operating profit 176 210 +19% Operating margin 10.9% 10.1% -0.8 pt Net profit att. to the Group 107 124 +16% Mozart Tower, Issy-les-Moulineaux „ Highlights

  23. Slide 23: Bouygues Immobilier: reservations

    BOUYGUES IMMOBILIER: reservations Commercial Residential +60% 3,642 +31% 1,694 2,278 1,738 485 €m 388 1,948 1,793 1,350 2005 2006 2007 Strong commercial performance

  24. Slide 24: Bouygues Immobilier: order book

    BOUYGUES IMMOBILIER: order book Commercial 4,064 +65% Residential +41% 1,603 €m 2,457 1,746 506 352 2,461 1,951 1,394 End-Dec. 2005 End-Dec. 2006 End-Dec. 2007 In months of sales 13 months 18 months 23 months Good visibility

  25. Slide 25: French residential market: solid fundamentals (1/2)

    FRENCH RESIDENTIAL MARKET: solid fundamentals (1/2) „ Unmet demand 3 cumulative shortfall since 1990: about 700,000 housing units* 3 housing starts (435,000 in 2007) hardly meet annual requirements (estimated at 500,000**) „ Market driven by actual demand and not supply 3 sociological trends 3 demog

  26. Slide 26: French residential market: solid fundamentals (2/2)

    FRENCH RESIDENTIAL MARKET: solid fundamentals (2/2) „ Household solvency is holding up and interest rates remain low „ Prices for new housing have stabilised „ Banks have taken a considered approach to mortgage lending 9 based on household solvency and not property values 9 mostly fixed-rate 9 resul

  27. Slide 27: Bouygues Immobilier: a healthy profile

    BOUYGUES IMMOBILIER: a healthy profile Sales 2007 Commercial 25% Residential 75% „ Tightly controlled business activities 3 94% of sales generated in France: no exposure to fragile markets 3 a "pure player" strategy without diversification into related business areas (rental property management, age

  28. Slide 28: Bouygues Immobilier: sustainable development

    BOUYGUES IMMOBILIER: sustainable development „ Achievements in 2007 9 all residential programmes in France certified under Habitat & Environment label by quality certification body Cerqual since 1 July 2007 9 compliance with stringent High Environmental Quality (HQE®) standards for major commercial

  29. Slide 29: Bouygues Immobilier: outlook

    BOUYGUES IMMOBILIER: outlook „ Continued growth despite a less favourable environment 9 demand remains strong but depends on banks’ credit policy 9 the commercial property market is still solid „ Bouygues Immobilier’s objectives 9 pursue development while controlling risks 9 consolidate profitabilit

  30. Slide 30: Colas: key figures

    COLAS: key figures € million 2006 2007 Change Sales 10,716 11,673 +9% o/w France 6,294 6,976 +11% o/w international 4,422 4,697 +6% Operating profit 528 635 +20% Operating margin 4.9% 5.4% +0.5 pt Net profit att. to the Group 396 474 +20% Embrun bypass, south of France „ Highlights in 2007 9 sharp i

  31. Slide 31: Colas: industrial activities

    COLAS: industrial activities „ Aggregates 9 output: 117m tonnes (multiplied by 2.4 in 10 years) 9 reserves: 2.8bn tonnes, i.e. more than 20 years' output 9 ranked among world's top 10 „ Asphalt mix 9 output: 55m tonnes 9 620 asphalt plants „ Emulsions 9 output: 1.6m tonnes 9 158 emulsion plants 9 wo

  32. Slide 32: Colas: 21 years of uninterrupted growth

    COLAS : 21 years of uninterrupted growth French GAAP IFRS 12 000 11,673 10 000 Sales % wth: 12.1 8 000 al gro an nu €m ge 6 000 Avera 4 000 2 000 0 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2007 500 450 474 400 350 Net profit th : 17.7 % 300 nual grow € m 250 ge an Avera 200 150 100 50

  33. Slide 33: Colas: order book

    COLAS: order book International and French overseas territories Mainland France +19% 6,561 € million +18% 5,515 4,663 3,273 2,792 2,243 2,723 3,288 2,420 End-Dec. 2005 End-Dec. 2006 End-Dec. 2007 Good level of orders

  34. Slide 34: Colas: sustainable development

    COLAS: sustainable development „ Achievements in 2007 9 improvement in Colas' global safety index* from 4.44 to 3.67 9 5.5 million hours worked with no accidents on a project in Madagascar 9 9% of recycled asphalt mix in Colas' total production, saving 175,000 tonnes of bitumen (a refinery's annual

  35. Slide 35: Colas: outlook

    COLAS: outlook „ Colas' objectives 9 pursue strategy of profitable growth 9 strengthen industrial activities 9 hire 8,000 people in 2008 Sales target (€ million) 2008 2007 Change target Sales 11,673 12,500 +7% o/w France 6,976 7,400 +6% o/w international 4,697 5,100 +9% Excellent growth prospects

  36. Slide 36: TF1: key figures

    TF1: key figures € million 2006 2007 Change Sales 2,654 2,764 +4% o/w core channel advertising 1,708 1,718 +0.6% o/w other activities 946 1,046 +11% Operating profit 301 305 +1% Operating margin 11.3% 11.0% -0.3 pt Net profit att. to the Group 452* 228 ns 2007 Rugby World Cup Net profit from continu

  37. Slide 37: 2007: a changing environment

    2007: a changing environment 1. Strong rise of DTT channels 2. Growth of TV and internet consumption 3. Different ways to consume TV content 4. New players on the market 5. New developments in the advertising market

  38. Slide 38: 2007: TF1 on all fronts

    2007: TF1 on all fronts 1. A widening leadership 9 No. 1 FTA channel: 100 best audience ratings 9 No. 1 DTT channel with TMC 9 No. 1 pay TV channel with Eurosport 9 No. 1 media website in France 9 No. 1 sports website in Europe 2. Advertising revenue growth on all media 9 TF1 channel: +0.6% 9 French

  39. Slide 39: TF1: a unique position

    TF1: a unique position F2 M6 F3 90 channels PRIME TIME PRIME TIME PRIME TIME PRIME TIME other TV channels PRIME TIME 7.1m 4.3m 3.5m 3.3m 3.3m ACCESS 4.3m Night time 3.4m Source: Médiamétrie / Médiamat (2007) Time slots: Access (6.15 p.m.-7.45 p.m.) - Prime Time (9 p.m.-10.45 p.m.) - night time (10.4

  40. Slide 40: January 2008: TF1 confirms its leadership on a fragmented market

    January 2008: TF1 confirms its leadership on a fragmented market Audience share of individuals 28.0 aged 4 years and over National coverage DTT 18.3 13.6 10.8 3.3 3.2 1.8 1.7 1.4 1.2 0.9 0.8 0.6 0.5 0.5 0.3 0.3 F2 F3 M6 C+ F5 Arte TMC W9 Gulli NT1 NRJ 12 F4 Virgin 17 Direct 8 I.Télé BFM TV Source: M

  41. Slide 41: TF1: sustainable development

    TF1: sustainable development „ Achievements in 2007 9 awareness-raising among TV viewers: more than 40 reports/month about the environment in news bulletins, new daily programme on Ushuaia TV (Passage au Vert) 9 accessibility: greater use of subtitles in news/current affairs programmes 9 solidarity:

  42. Slide 42: TF1: outlook

    TF1: outlook „ TF1's objectives 9 maintain the leadership of the TF1 channel and group 9 adapt the group to industry change: development of internet and DTT, the end of analogue TV, new regulations 9 control programming costs and overheads 2007 2008 Sales target (€ million) Change target Sales 2,764

  43. Slide 43: Bouygues Telecom: key figures

    BOUYGUES TELECOM: key figures € million 2006 (1) 2007 Change Sales 4,539 4,796 +6% Sales from network 4,241 4,464 +5% EBITDA 1,229 1,332 +8% EBITDA/sales from network 29.0% 29.8% +0.8 pt Operating profit 593 746 +26% Operating margin 13.1% 15.6% +2.5 pts Net profit att. to the Group 499 (2) 492 ns N

  44. Slide 44: Bouygues Telecom: highlights in 2007

    BOUYGUES TELECOM: highlights in 2007 „ The 9-million customer mark was passed „ ARPU stable thanks to higher usage „ Stable churn rate for call plans despite 10-day number portability „ Ongoing innovation in sales and marketing (new offers) „ Agreement signed with Neuf-Cegetel to acquire a DSL netwo

  45. Slide 45: Bouygues Telecom: sales trends

    BOUYGUES TELECOM: sales trends Sales from network Growth in €m customer base +274 +134 -185 4,464 4,241 Offer mix + Cut in incoming change in call rates and usage roaming rates 2006 2007 Growth of 10% lowered to 5% on account of new regulations

  46. Slide 46: Bouygues Telecom: usage growth

    BOUYGUES TELECOM: usage growth Bouygues Telecom market share % market share 25% Launch of Neo Share of outgoing voice calls* 24% Value market share 23% 22.5% 22% 21% 20% 20.1% 19.0% 19% 18.9% 18% Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 * Volume of outgoing minutes by Bouygues Tel

  47. Slide 47: Bouygues Telecom: value market share

    BOUYGUES TELECOM: value market share Comparison of market share of the three operators* 100 = Q3 2005 Sales from network Orange SFR Bouygtel 105 Launch of Neo 104 20.1% (+0.6 pt) 103 102 101 42.6% (=) 100 99 19.5% 37.2% (-0.6 pt) 98 97 * Excl. MVNOs 96 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07

  48. Slide 48: Bouygues Telecom: commercial indicators

    BOUYGUES TELECOM: commercial indicators Total customer Contract Prepaid base 2006 2007 2006 2007 2006 2007 SIM cards (thousands) 6,248 6,767 2,474 2,490 8,722 9,256 Mix 71.6% 73.1% 28.4% 26.9% ARPU (€/month) 52 50 ns ns 42 41 SAC (€/customer) 241 230 24 28 160 143 Voice usage (min./month) 347 363 80

  49. Slide 49: Bouygues Telecom: businesses and SMEs performance

    BOUYGUES TELECOM: businesses and SMEs Performance in 2007 „ Voice services continued to grow in 2007 9 the number of lines rose by 12% and sales by 8% „ Data services using the EDGE network have sharply increased the business customer base: EDGE cards, machine-to-machine (Vélib’ bike rental service

  50. Slide 50: Bouygues Telecom: businesses and SMEs strategy

    BOUYGUES TELECOM: businesses and SMEs Strategy „ Convergence is becoming a reality for the business market „ The acquisition of a DSL network will enable Bouygues Telecom to 9 better control the physical network from end to end 9 broaden the line-up in addition to Business Synchro (voice over IP and

  51. Slide 51: Bouygues Telecom: consumer line-up

    BOUYGUES TELECOM: consumer line-up „ Neo 2006: unlimited calling for everyone 9 more than 1.5 million customers 9 Neo has become the market benchmark for unlimited call plans ¾ unparalleled brand awareness for a mobile phone offering ¾ competitors forced to follow Bouygues Telecom's lead on unlimite

  52. Slide 52: Telecom: why offer consumer ADSL?

    BOUYGUES TELECOM: why offer consumer ADSL? Boost the value of our assets Develop new sources of (customer base, brand, own revenues distribution network) ISP Broaden our customer promise A new service for our customers and a way of building their loyalty

  53. Slide 53: Bouygues Telecom: sustainable development

    BOUYGUES TELECOM: sustainable development „ Achievements in 2007 9 carbon balance of Bouygues Telecom's activities 9 continued rollout of base stations powered by renewable energy sources 9 involvement in drafting "HQE Exploitation" reference framework alongside CSTB 9 signing of a diversity charter

  54. Slide 54: Bouygues Telecom: outlook

    BOUYGUES TELECOM: outlook Sales target (€ million) 2008 2007 Change target Total sales 4,796 4,965 +4% o/w sales from network 4,464 4,600 +3%

  55. Slide 55: Financial Statements

    „ HIGHLIGHTS AND KEY FIGURES „ BUSINESS AREAS „ FINANCIAL STATEMENTS „ OUTLOOK AND OBJECTIVES

  56. Slide 56: Bouygues: changes in accounting policy

    BOUYGUES: changes in accounting policy „ Two changes in accounting policy 1. Provision for Bouygues Telecom mass-market customer loyalty programmes 2. Actuarial gains and losses on employee benefits Î Statement of Recognised Income and Expense (SORIE) „ Retrospective effects on 2006 financial statem

  57. Slide 57: Condensed consolidated income statement

    BOUYGUES: condensed consolidated income statement € million 2006 (1) 2007 Change Sales 26,408 29,613 +12% Current operating profit 1,933 2,163 +12% Operating profit 1,889 2,181 +15% Cost of net debt (200) (235) +18% Income tax expense (559) (633) +13% Net profit from continuing operations 1,226 1,59

  58. Slide 58: Contribution of business areas to Group sales

    Contribution of business areas to Group sales € million 2006 2007 Change Bouygues Construction 6,680 8,088 +21% Bouygues Immobilier 1,608 2,074 +29% Colas 10,682 11,640 +9% TF1 2,639 2,747 +4% Bouygues Telecom 4,525 4,780 +6% Holding company and other 274 284 ns TOTAL 26,408 29,613 +12% o/w France 1

  59. Slide 59: Contribution of business areas to Group EBITDA

    Contribution of business areas to Group EBITDA € million 2006 2007 Change Bouygues Construction 430 463 +€33m Bouygues Immobilier 161 227 +€66m Colas 976 1,143 +€167m TF1 412 426 +€14m Bouygues Telecom 1,229 1,332 +€103m Holding company and other 71 10 -€61m TOTAL 3,279 3,601 +10% EBITDA = current o

  60. Slide 60: Contribution of business areas to Group operating profit

    Contribution of business areas to Group operating profit € million 2006* 2007 Change Bouygues Construction 262 314 +€52m Bouygues Immobilier 176 210 +€34m Colas 528 634 +€106m TF1 301 305 +€4m Bouygues Telecom 593 746 +€153m Holding company and other 29 (28) -€57m TOTAL 1,889 2,181 +15% * Applying t

  61. Slide 61: Contribution of business areas to Group net profit

    Contribution of business areas to Group net profit „ Group share € million 2006 (1) 2007 Change Bouygues Construction 210 286 +€76m Bouygues Immobilier 107 124 +€17m Colas 382 457 +€75m TF1 194 (2) 98 -€96m Bouygues Telecom 447 (3) 440 -€7m Alstom 56 187 +131m Holding company and other (142) (216) -

  62. Slide 62: Return on capital employed

    BOUYGUES: return on capital employed (1) At business level 2005 2006 2007 Bouygues Construction (2) +++ +++ +++ Bouygues Immobilier (3) +++ +++ +++ Colas 34.6% 33.5% 32.4% TF1 15.5% 13.4% 11.2% Bouygues Telecom 15.4% 16.1% 22.0% At Group level Bouygues 16.5% 14.8% 14.4% (1) Current operating profit

  63. Slide 63: Contribution of business areas to Group cash flow

    Contribution of business areas to Group cash flow € million 2006* 2007 Change Bouygues Construction 437 410 -€27m Bouygues Immobilier 163 205 +€42m Colas 942 1,098 +€156m TF1 380 394 +€14m Bouygues Telecom 1,210 1,330 +€120m Holding company and other 19 82 +€63m TOTAL 3,151 3,519 +12% * Applying the

  64. Slide 64: Contribution of business areas to Group net capital expenditure

    Contribution of business areas to Group net capital expenditure „ Net capital expenditure € million 2006 2007 Change Bouygues Construction 206 299 +€93m Bouygues Immobilier 4 7 +€3m Colas 527 624 +€97m TF1 78 129 +€51m Bouygues Telecom 611 596 -€15m Holding company and other 178 24 -€154m TOTAL 1,60

  65. Slide 65: Contribution of business areas to Group free cash flow

    Contribution of business areas to Group free cash flow 2006* 2007 Change Bouygues Construction 163 68 -€95m Bouygues Immobilier 102 128 +€26m Colas 232 254 +€22m TF1 191 151 -€40m Bouygues Telecom 394 480 +€86m Holding company and other (294) (109) +€185m TOTAL 788 972 +23% Free cash flow = cash flo

  66. Slide 66: Condensed consolidated balance sheet

    BOUYGUES: condensed consolidated balance sheet At 31 December 2006* €m At 31 December 2007 29,765 29,765 33,428 33,428 6,595 8,205 15,085 17,601 8,360 8,644 14,680 14,810 15,827 16,579 Assets Liabilities Assets Liabilities Non-current assets Shareholders’ equity Current assets Non-current liabilitie

  67. Slide 67: Change in cash position in 2007

    BOUYGUES: change in cash position in 2007 Net debt at €m Net debt at 31/12/2006 31/12/2007 (4,176) (4,288) Acquisition of 6.5% of Bouygues Telecom Operation -441 +1,716 Alstom -960 Impact of Capital Other scope of increases* -694 consolidation +406 -1,654 +78 Acquisitions and -568 disposals -90 Divi

  68. Slide 68: Group: net cash by business area

    BOUYGUES GROUP: net cash by business area End-December € million Change 2006 2007 Bouygues Construction 2,059 2,450 +€391m Bouygues Immobilier 26 (2) -€28m Colas 409 347 -€62m TF1 (379) (597) -€218m Bouygues Telecom 66 188 +€122m Holding company and other (6,357) (6,674) -€317m TOTAL (4,176) (4,288)

  69. Slide 69: Very substantial liquidity

    BOUYGUES: very substantial liquidity €m Available cash: €7.4 billion 8,000 7,000 Debt repayment schedule 6,000 5,000 Undrawn MLT 4,000 credit lines 3,000 2,000 Cash 1,000 0 Liquidity 2008 2009 2010 2011 2012 2013 2014 2015 2016 ... 2020 ... 2026 2027 2028 Evenly spread debt repayment schedule Entire

  70. Slide 70: Outlook and Objectives

    „ HIGHLIGHTS AND KEY FIGURES „ BUSINESS AREAS „ FINANCIAL STATEMENTS „ OUTLOOK AND OBJECTIVES

  71. Slide 71: Comparison with competitors (1/4)

    BOUYGUES: comparison with competitors (1/4) Change 2007/2006 „ Sales (€ million) 2007 Actual Like-on-like Bouygues Construction (incl. ETDE) 8,340 +20% +17% Vinci (Construction + Energies) 17,920 +26% +16% Colas 11,673 +9% +7% Eurovia 7,706 +7% +7% Bouygues (construction businesses*) 21,802 +15% +13

  72. Slide 72: Comparison with competitors (2/4)

    BOUYGUES: comparison with competitors (2/4) „ Order book (€ billion) End-2007 Change Bouygues Construction (incl. ETDE) 11.3 +30% Vinci (Construction + Energies) 16.5 +24% Colas 6.6 +19% Eurovia 5.0 +9% Bouygues (construction businesses*) 22.0 +32% Eiffage (Contracting divisions) 9.8 +12% * Bouygues

  73. Slide 73: Comparison with competitors (3/4)

    BOUYGUES: comparison with competitors (3/4) Change 2007/2006 „ Sales (€ million) 2007 Actual Like-on-like Bouygues Immobilier 2,075 +29% +29% Nexity 2,395 +29% +17% Kaufman & Broad 1,383 +10% N/A „ Order book (€ billion) End-2007 Change Bouygues Immobilier 4.1 +65% Nexity 3.4 +15% Kaufman & Broad 1.

  74. Slide 74: Comparison with competitors (4/4)

    BOUYGUES: comparison with competitors (4/4) Total customer Sales from base at network „ Mobile operators (€ million) end-December (thousands) 2007 Change 2007 Change Bouygues Telecom 4,464 +5% 9,256 +6% Orange France 9,320 +1% 24,226 +4% SFR 8,280 +0.3% 18,766 +5% „ TV channels 9 Sales (€ million) T

  75. Slide 75: Group: 2008 sales targets

    BOUYGUES GROUP: 2008 sales targets € million 2007 2008 Change Bouygues Construction 8,088 8,900 +10% Bouygues Immobilier 2,074 2,900 +40% Colas 11,640 12,450 +7% TF1 2,747 2,800 +2% Bouygues Telecom 4,780 4,950 +4% Holding company and other 284 300 ns TOTAL 29,613 32,300 +9% o/w France 20,810 22,300

  76. Slide 76: Group: two challenges in 2008

    BOUYGUES GROUP: two challenges in 2008 „ Human resources 9 with 21,700 new hires in 2007, the Group's workforce totalled 137,000 people at 31 December 2007, an increase of 12% in one year 9 more than 17,000 people are expected to be hired in 2008 9 in three years (2006-2008), 55,000 people will be h

  77. Slide 77: Objectives and outlook

    BOUYGUES: objectives and outlook „ Guarantee the standard of quality we promise our customers, while managing strong growth „ Pursue organic growth at each of our businesses „ Adjust investments to market realities „ Areva 9 Bouygues is only interested in an industrial investment 9 Bouygues will exp

  78. Slide 78: Financial calendar

    BOUYGUES: financial calendar „ 24 April 2008 2007 AGM of Shareholders „ 2 May 2008 Dividend payment „ 14 May 2008 First-quarter 2008 sales „ 4 June 2008 First-quarter 2008 earnings „ 11 August 2008 First-half 2008 sales „ 29 August 2008 First-half 2008 earnings „ 14 November 2008 9-month 2008 sales

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Bouygues — FY2007 Earnings Presentation on 6ix