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

KEY FIGURES
FINANCIAL HIGHLIGHTS
(€ million) – IFRS 2004 2005 2005/2004
Sales
of which international
20,894
5,989
24,073
7,127
+15%
+19%
EBITDA (1) 2,943 3,505 +19%
Current operating profit 1,557 1,852 +19%
Operating profit 1,557 1,748 +12%
Net profit attributable to the Group 909 832 - 8%
Recurring net profit (2) 700 832 +19%
Return on capital employed (ROCE) 12.7% 16.5% +3.8 pts
Cash flow 2,714 3,090 +14%
Free cash flow (3) 1,007 1,104 +10%
Shareholders’ equity (period-end) 4,978 5,561 +12%
Net debt (period-end) 1,875 2,352 +25%
Gearing (period-end) 50% 42% -8 pts
Market capitalisation (period-end) 11,314 13,908 +23%
Net dividend 0.75 0.90 (4) +20%
Number of employees 113,334 115,441 +2%
As TPS was held for sale at end December 2005, only its share of net profit was booked in 2004 and 2005.
(1) current operating profit plus net depreciation and amortisation expense and net increases in provisions
(2) recurring net income before exceptional transactions (e.g. gain on sale of Saur in 2004)
(3) cash flow minus cost of net debt minus tax and minus net capital expenditure
(4) to be proposed to the Annual General Meeting of 27 April 2006
2005 was another excellent year for the
Bouygues group both in terms of sales and profit.
Its construction businesses performed strongly and
recorded a sharp increase in orders booked.
Steep rise in profitability
Full-year 2005 sales amounted to €24.1 billion, up
15% on 2004. Current operating profit climbed 19%.
Recurring net profit stood at €832 million, 19%
higher than 2004. Return on capital employed was
16.5%, compared with 12.7% in 2004.
A solid financial structure
Net debt amounted to €2,352 million at 31 December
2005, giving a debt-to-equity ratio of 42%.
Standard & Poor’s maintained its credit rating for
Bouygues: A- with stable outlook.
Cash flow rose by 14% to €3,090 million and free
cash flow by 10% to €1,104 million.
SALES: €24.1 billion (up 15%)
20,894*
of which international
24,073*
5,989 7,127
2004 2005
* excluding TPS,
held for sale
at end 2005
4,525
2,489
263
9,424
5,815
1,557
Contribution to the Bouygues Group
Bouygues group. Consolidated sales for 2005 were
15% up on the previous year. This figure factors in
mobile-to-mobile billing between GSM operators,
effective from 1 January 2005. For comparability,
2004 sales have been increased to reflect mobile-tomobile
billing as adjusted to 2004 call termination
rates. On this basis, sales were 11% higher.
Bouygues Construction. Sales rose by 13% in
France and by 9% on international markets, with
continued strong growth in the electrical contracting
and maintenance business (ETDE), which hit the
€1 billion euro mark.
Bouygues Immobilier. The 20% increase in sales
was due to the start of building work on a large
number of housing units reserved in 2004 and the
dynamic corporate and commercial property sector
in Spain and Portugal.
Colas. Sales showed robust growth (19%), especially
outside France and more particularly in Central
Europe. Like-for-like and at constant exchange rates,
sales rose by 11% overall, including 7% in France and
16% on international markets.
(€ million – IFRS)
■ Bouygues Construction
■ Bouygues Immobilier
■ Colas
■ TF1
■ Bouygues Telecom
■ Holding and other
TF1. Sales were stable. The channel’s net advertising
revenues were virtually unchanged from 2004,
resulting from a rise of 3% in the fourth quarter,
while full-year sales from other activities grew by
0.6%.
Bouygues Telecom. In 2005, the mobile telephony
business posted net sales from network of €4,240
million, up 27% due primarily to mobile-to-mobile
billing, effective from 1 January 2005. Had the system
been in place in 2004 (billing estimated using
the 2004 call termination rate), the increase in net
sales from network would have been 4%.
Holding and other. Saur activities retained by
Bouygues represented sales of €245 million at end-
2005, down slightly on the same period in 2004.
BOUYGUES 2005
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