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Bouygues SA — FY2007 Earnings Presentation

15 slides from Bouygues SA's earnings presentation, February 2008

  1. Slide 1: Highlights and Key Figures, Business Areas, Financial Statements, Outlook

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

  2. Slide 2: 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

  3. Slide 3: 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

  4. Slide 4: 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

  5. Slide 5: 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

  6. Slide 6: 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

  7. Slide 7: 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) -

  8. Slide 8: 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

  9. Slide 9: 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

  10. Slide 10: 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

  11. Slide 11: 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

  12. Slide 12: 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

  13. Slide 13: 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

  14. Slide 14: Bouygues 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)

  15. Slide 15: Very substantial liquidity, evenly spread debt repayment schedule

    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

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