� HIGHLIGHTS � BUSINESS AREAS � ACCOUNTS � BROADBAND STRATEGY � OUTLOOK AND OBJECTIVES 1
HIGHLIGHTS IN 2004 � Group net earnings: €858 million � Group net earnings excluding capital gain on disposal of Saur: €670 million (+ 49%) � Strong improvement in cash in all the Group's business areas � Construction businesses: a very good year in terms of sales and profitability � Conversion and redemption of Oceane bonds, without dilution for the shareholder through the buyback and cancellation of 4% of the capital � 1 billion-euro bond issue � Disposal of Saur for €1,031 million � Exceptional payout of 1.7 billion euros announced on 23 July 2004 and made on 7 January 2005 � Substantial increase of the annual dividend 2
BOUYGUES GROUP: key operating figures Million euros 2003 2004 Change Sales 21,822 23,402 + 7% Operating income 1,238 1,547 + 25% Net earnings attributable 450 858 + 91% to the Group Net earnings, excluding capital 450 670 + 49% gain on disposal of Saur 2004 profit reached a record high 3
BOUYGUES: key figures over 5 years (in million euros) Sales EBITDA 23,402 (+ 7%) 2,730 (+ 13%) 22,247 21,822 20,473 2,415 19,060 2,260 + 23% + 85% 1,680 1,474 2000 2001 2002 2003 2004 2000 2001 2002 2003 2004 Net earnings Operating income 1,547 (+ 25%) 858 (+ 91%) Non-recurring items 1,238 Recurring items 666 x 2 1,058 x 4.5 876 812 450 421 344 670 319 251 149 2000 2001 2002 2003 2004 2000 2001 2002 2003 2004 Recurring net earnings doubled in 2 years and multiplied by 4.5 in 4 years 4
BOUYGUES: key figures per share (in euros) � Net earnings per share � Net dividend per share (excluding exceptional payout) 0.75 * 2.57 1.93 0.50 x 3 x 4.5 1.34 0.36 0.36 0.36 1.31 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 * to be proposed at the AGM of 28 April 2005 Recurring items Net dividend per share doubled in 2 years 5
BOUYGUES GROUP: financial structure (1/2) Million euros 2002 2003 2004 Shareholders' equity 6,379 6,192 5,087 Book net debt 1,680 3,201 2,786 Restated net debt 2,313 Restated net debt/shareholders' equity 50% 45% 45% � Shareholders' equity includes the impact of the exceptional payout and the capital gain on the disposal of Saur � Restated net debt at end-2004 includes the exceptional payout (+ €1,664m) and the proceeds from the disposal of Saur (- €1,031m) � Standard & Poor's credit rating maintained: A- with stable outlook Solid financial structure 6
BOUYGUES GROUP: financial structure (2/2) Million euros 2002 2003 2004 Cash flow 1,713 2,073 2,267 Net operating investment 1,226 * 930 1,086 Free cash flow 487 * 1,143 1,181 * excluding UMTS licence Increasing generation of free cash flow 7
DIVIDENDS OVER THE LAST FIVE YEARS 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 distributed the following year (€m) 120 124 124 167 249 Share price at 31/12 (€) 48.3 36.8 26.6 27.7 30.2 (1) Yield (dividend / share price) 0.7% 1.0% 1.4% 1.8% 2.5% Dividends / consolidated earnings 81% 49% 39% 37% 37% excl. capital gains (1) share price at 7 January 2005, after exceptional payout of €5 8
BOUYGUES: share ownership structure at 31 December 2004 � Capital � Voting rights Foreign Foreign SCDM shareholders shareholders SCDM 17% 21% Groupe 25% 27% Artémis 8% (F. Pinault) Groupe 7% Artémis 12% 31% (F. Pinault) 16% Employees 36% Other Other Employees French French shareholders shareholders 332,758,624 shares at 31 December 2004 SCDM is a holding company controlled by Martin and Olivier Bouygues 9
STOCK MARKET � The 10 th best performance of the CAC 40 in 2004 38 Bouygues adjusted 7 January 2005: 36 exceptional payout made 34 Bouygues * 32 €32.32 CAC 40 30 28 26 31/12/2003 31/03/2004 30/06/2004 30/09/2004 31/12/2004 10 * at 25 February 2005
� HIGHLIGHTS � BUSINESS AREAS � ACCOUNTS � BROADBAND STRATEGY � OUTLOOK AND OBJECTIVES 1
BOUYGUES CONSTRUCTION (B/CW): key figures Million euros 2003 2004 Sales 5,002 5,512 France 2,946 3,236 International 2,056 2,276 Earnings before tax 70 181 and exceptional items Net earnings 32 144 Net cash 1,346 1,520 Sail@Marina Bay, Singapore A very good year Operational margin exceeding 3% in 2004 2
BOUYGUES CONSTRUCTION (BCW): order book At 31/12/2004 €bn 55% 5.0 4.9 4.8 5 4.6 4.6 4.0 3% 3.8 3.6 4 3.6 3.5 6% 75% 3 16% of which France and Europe 2 20% 1 France 0 Europe (excluding France) 2000 2001 2002 2003 2004 Asia Africa Latin America and other High-quality order book 3
BOUYGUES CONSTRUCTION (BCW): strategy and outlook � Achieve long-term profitability � Develop high-growth markets � Private/Public Partnerships in France and abroad � Electricity/Maintenance � Sales target for 2005 *: 5,500 = � France 3,200 = � International 2,300 = 4 * IFRS standards - change on 2004 sales under IFRS standards
BOUYGUES IMMOBILIER: key figures Million euros 2003 2004 1,295 Sales 1,230 864 housing 711 431 corporate/commercial 519 Operating income 80 114 Net earnings 44 65 Net cash 88 251 Le Monde headquarters, Paris Substantial increase in margins and cash 5
BOUYGUES IMMOBILIER: business activity 2004 2003 2004 RESERVATIONS 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 6
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 *: 1,450 + 13% � housing 980 + 13% � corporate/commercial 470 + 13% 7 * IFRS standards - change on 2004 sales under IFRS standards
COLAS: key figures Million euros 2003 2004 Sales 7,426 8,013 France 4,465 4,903 International 2,961 3,110 Operating income 262 289 Net earnings 204 241 Net cash 255 488 A75 motorway, France Good growth in sales Sharp rise in profit Further improvement in cash 8
COLAS: geographical breakdown of sales Europe France excl. France America 61% 16% 18% Other 5% 9
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 10
COLAS: strengths � A strategic asset: material reserves � 535 quarry sites in over 15 countries � over 2 billion tonnes of aggregate supplies, i.e. approximately 25 years of reserves � Geographically balanced activity � Strong presence in Central Europe � Limited exposure to the dollar The world leader in road construction and renovation 11
COLAS: locations in Central Europe Poland Czech Republic Slovakia Hungary Romania � 20 local subsidiaries � 2004 sales: €520m (up 25% on 2003) � for info: almost no sales booked in 1993 � Activities: quarries, roadworks, pipes & mains, civil engineering 12
COLAS: breakdown of sales � Economic revenue 7% Civil engineering Roadworks Pipes and mains €557m €5,681m 69% 3% Safety, signs and signals €228m 82% 13% 4% 18% Waterproofing €330m 3% Building €217m Construction materials €1,044m 1% Railways €106m A non-cyclical business 13
COLAS: strategy and outlook � Seize external growth opportunities � Extend geographical coverage and strengthen industrial activities upstream � Meet PFI, PPP and Facilities Management demand � 1 st contract won in Portsmouth, UK (£400m over 25 years) � Sales target for 2005 *: €8,400m + 5% � France €5,165m + 4% � International €3,235m + 6% 14 * IFRS standards - change on 2004 sales under IFRS standards
TF1: key figures 2004 Million euros 2003 2004 2003 + 3% (1) 2,743 2,835 Sales 1,544 1,646 + 7% core channel advertising 1,199 1,189 - 1% (2) diversification activities Operating income 334 399 + 19% Net earnings 192 220 + 15% Net debt 443 412 - 7% (1) (2) + 7% using the same accounting method (third party sales and other restated in 2004) Rise in profitability 15
TF1: leader in terms of audience share 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 Viewing time per person / day 3 hrs 22 3 hrs 24 + 2 min (individuals 4 years and over) Advertising market share 54.7 % 54.8% + 0.1 pts Strongest growth in audience share across all channels 16
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 � 98 million households including 51.5 million direct paying subscribers � 54 countries and 19 languages � Rise in audience figures � 22.7 million viewers per day in Europe (+ 8%) 17
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