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

NET DIVIDEND PER SHARE:
€0.90 (up 20%)
0.26
0.36 0.36 0.36
Once again, Bouygues increased the dividend payout
to its shareholders in 2005. Based on the good
results achieved by the Group during the year and
a fine outlook, Bouygues is able to propose a further
substantial increase in the dividend, which if
approved will mean that dividends will have virtually
doubled in two years.
The Board of Directors is asking the Annual General
Meeting of 27 April 2006 to approve a dividend of
€0.90 per share, representing an increase of 20%,
in line with the growth in recurring net profit. This
dividend will be paid on 3 May 2006.
The exceptional payout of €5 per share announced
in July 2004 was made on 7 January 2005, representing
a total of €1.7 billion, equivalent to 15% of
the market capitalisation at that time. This payout
enabled our shareholders to share the excellent
results achieved following the investments made by
the Group since 1999.
0.5
0.75
0.90*
1999 2000 2001 2002 2003 2004 2005
* to be proposed at the AGM on 27 April 2006
CASH FLOW:
€3,090 million (up 14%)
1,261
2,714
(€ million – IFRS)
23
453
3,090
2004 2005
411
161
781
Contribution to the Bouygues Group
■ Bouygues Construction
■ Bouygues Immobilier
■ Colas
■ TF1
■ Bouygues Telecom
■ Holding and other
Virtually all our businesses recorded a further
increase in cash flow during 2005, reflecting their
strong positions in buoyant markets.
Overall, cash flow rose by 14%, giving Bouygues substantial
capacity to fund future development.
NET OPERATING INVESTMENT:
€1,229 million (up 17%)
€ million – IFRS 2004 2005
Bouygues Construction 73 56
Bouygues Immobilier 4 4
Colas 348 411
TF1 79 155
Bouygues Telecom 502 584
Bouygues SA and other 41 19
TOTAL 1,047 1,229
FREE CASH FLOW: €1,104 million (up 10%)
(€ million – IFRS)
1,007
1,104
2004 2005
431
Free cash flow represents the ability of the Group
to generate surplus cash after financing the cost of
debt, income taxes, and net capital expenditure.
Bouygues generated cash flow of €3,090m in 2005.
170
239
273
Free cash flow at holding and other: -€114m.
105
Contribution to the Bouygues Group
■ Bouygues Construction
■ Bouygues Immobilier
■ Colas
■ TF1
■ Bouygues Telecom
After deducting the cost of net debt (€187m),
income tax expense for the year (€570m) and net
capital expenditure (€1,229m), free cash flow was
€1,104m.
BOUYGUES 2005
11