A N N U A L R E P O R T - Bouygues

BOUYGUES AND ITS SHAREHOLDERS
ROCE
(Return on Capital
Employed)
One way to measure the value created
by a business is to compare the return
generated by the capital employed
in the business (equity contributed
by the shareholders and debt provided
by banks) with the cost of that
capital.
In 2005, the Bouygues Group achieved
ROCE of 16.5%, significantly higher
than 2004. The Group’s ROCE is clearly
superior to the weighted average cost
of capital.
8.6%
2003
French GAAP
12.7%
2004
IFRS
16.5%
2005
ROCE = (current operating profit after tax + share of profits
and losses of associates) ÷ average capital employed
(shareholders’ equity + debt).
Share ownership
at 15 February 2006
• Since the end of 2004, there have
been four main changes in the share
ownership structure of Bouygues
SA. SCDM, a company controlled by
Martin and Olivier Bouygues, raised
its interest by 1.5 percentage points.
The Artemis group (F. Pinault)
reduced its interest slightly by 0.5
of a point. Following the capital
increase made in connection with
the Bouygues Confiance 3 employee
share ownership plan, the employees
own 13.3% of the capital, compared
with 11.5% at end 2004. Finally,
the percentage interest held by
non-French shareholders increased
significantly, reflecting the higher
profile of Bouygues among international
investors.
Foreign
shareholders
35.5%
Other
French
shareholders
25.4%
Share ownership
at 15 February 2006
SCDM*
18.5% Groupe
Artémis
(F. Pinault)*
7.3%
Employees
13.3%
Number of shares: 337,150,519
* SCDM is a company controlled by Olivier and Martin
Bouygues. SCDM and the Artémis group are bound by
a shareholder agreement.
Foreign
shareholders
28.3%
Other
French
shareholders
22%
Voting rights
at 15 February 2006
SCDM*
25.6%
Employees
17.5%
Groupe
Artémis
(F. Pinault)*
6.6%
Number of voting rights: 423,787,714
* SCDM is a company controlled by Olivier and Martin
Bouygues. SCDM and the Artémis group are bound by
a shareholder agreement.
• The difference between percentage
ownership and voting rights is due
to the fact that all investors who
hold their shares in registered form
for more than two years are given
double voting rights.
Share price performance in 2005
Bouygues Bouygues + €5 reinvested CAC
Share price since the
beginning of 2005
During 2005, the Bouygues share price
showed a nominal increase of 21%,
in line with the CAC 40 (up 23%).
However, on 7 January 2005 the
exceptional payout of €5 per share
led to an automatic correction of €5
in the share price as the share went
ex-coupon. Since then, the share price
has done far more than simply reverse
this correction, rising to €44.8 on
16 February 2006. The adjusted share
price (with reinvestment of the exceptional
payout) is the true indicator
of the market performance enjoyed
by our shareholders. On this basis,
Bouygues shares rose by 42% in
2005, the 9 th best performance in the
CAC 40.
54
52
50
48
46
44
42
40
38
36 €34
34
32
30
28
Dec. Jan. Feb. Mar. April May June Jul. Aug. Sept. Oct. Nov. Dec. Jan.
16 February 2006
€52.3
+54%
€44.8
+32%
+30%
Bouygues share factsheet
• Listing: Eurolist of Euronext
(compartment A)
• ISIN code:
FR0000120503
• Identification codes:
Bloomberg: ENFP,
Reuters: BOUY.PA
• Par value: €1
• Indices:
CAC 40, Euronext 100, FTSE
Eurofirst 80 and Dow Jones
Stoxx 600
• Sector classification:
- MSCI/S&P indices:
Telecommunication services
- FTSE and Dow Jones indices:
Construction & Materials
• Eligible for deferred settlement
service (“SRD”) and French
equity savings plans (“PEAs”)
Contact
Anthony Mellor
Investor Relations Director
Tel. +33 (0)1 30 60 22 77
Fax: +33 (0)1 30 60 31 40
Address: Challenger
1 avenue Eugène Freyssinet
78061 St-Quentin-en-Yvelines cedex
France
e-mail: investors@bouygues.com
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