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

with the announcement of our
annual and first-half results, and
the third is our Annual General
Meeting, held at Challenger in
Saint-Quentin-en-Yvelines near Paris.
The publication of our quarterly
results is accompanied by conference
calls for institutional investors
and financial analysts.
• On 7 June 2005, we went on the road
to meet our individual shareholders,
at a meeting held in Montpellier with
the support of the FFCI (the French
Federation of Investment Clubs)
and CLIFF (the French Association
of Investor Relations Professionals).
The next such meeting is scheduled
for 9 October 2006 in Marseille.
• Over 300 contacts a year between
Bouygues and investors and analysts
from France and abroad help
maintain a constant dialogue.
Outside France, our roadshows give
major international investors the
opportunity to meet Bouygues management
and raise our worldwide
profile. During 2005, we held twelve
roadshows, meeting investors in
the United Kingdom, the United
States, Germany, Japan, Switzerland,
Scandinavia, Italy, the Netherlands
and Belgium, etc.
• We also take part in sector conferences
attended by major telecommunications
companies, aimed at
French and international institutional
investors.
2006 diary dates
• 27 April 2006:
Annual General Meeting
• 3 May 2006:
Dividend payment
• 11 May 2006:
2006 first-quarter sales
• 8 June 2006:
2006 first-quarter earnings
• 10 August 2006:
2006 first-half sales
• 6 September 2006:
2006 first-half earnings
• 9 October 2006:
FFCI/CLIFF shareholder
information meeting, Marseille
• 9 November 2006:
2006 9-month sales
• 7 December 2006:
2006 9-month earnings
• During 2005, coverage of our stock
by financial analysts increased further.
Currently, 18 brokers in France
and abroad are actively following
the company, compared with 15
at end 2004. Of these, 10 had Buy
recommendations on the share,
against 8 at end 2004.
Registered share service
Since 1990, we have provided a free
registered share service, which maintains
accounts for holders of pure registered
shares. Investors who choose
to hold shares in this form receive
regular information from Bouygues
and have direct access to the company;
they also enjoy double voting
rights once their shares have been
held in registered form for more than
two years. Shareholders wishing to
hold their shares as pure registered
shares should send their request
directly to their financial intermediary.
Registered Share Account
Department contact details:
➤ Tel.: +33 (0)1 30 60 35 82
+33 (0)1 30 60 32 64
➤ Toll-free (from fixed lines in France):
0805 120 007
➤ e-mail:
service.titres.actionnaires@bouygues.com
Creating value
(€ million,
at 31 December)
Market capitalisation,
2002 to 2005
9,060 9,224
2002 2003
11,314
13,908
2004 2005
At end 2005, Bouygues had a market
capitalisation of €13.9 billion,
23% higher than at the end of 2004.
Because the number of shares outstanding
was virtually unchanged, this
performance was due primarily to the
increased share price. At 31 December
2005, Bouygues ranked 24 th in the
CAC 40 index by market capitalisation.
Exceptional payout
On 7 January 2005, Bouygues made an
exceptional payout of €5 per share, as
proposed by the Board of Directors in
July 2004. The total amount paid out
to shareholders was €1.7 billion, equivalent
to 15% of the company’s market
capitalisation at that time. This payout
rewarded our shareholders after
several years of heavy investment in
growth businesses with rising profitability
(Bouygues Telecom, Colas).
Ordinary dividend
Every year since 2003, we have
increased the dividend paid out to our
shareholders, with dividend growth
close to the rate of growth in recurring
net profits. In March 2006, the
Board of Directors decided to ask the
Annual General Meeting to approve
a substantially higher dividend for
2005; the proposed dividend of €0.90
per share represents a 20% increase
on the 2004 dividend of €0.75. This
dividend reflects our commitment
to increase ordinary dividends and
0.26
Net dividend per share,
1999 to 2005
0.9O*
0.36 0.36 0.36
shareholder returns over the long
term. Excluding the exceptional payout,
the dividend-to-earnings ratio for
2005 is 36%.
Share buybacks
0.50
0.75
1999 2000 2001 2002 2003 2004 2005
* to be proposed at the AGM on 27 April 2006
Since 2002, Bouygues has had a policy
of buying back its own shares on the
market in order to optimise return
on equity and compensate for the
dilutive effect of newly-issued shares.
During 2005, Bouygues cancelled 8.4
million shares (2.5% of the share
capital as at 31 December 2005) to
reduce the dilutive effect of the new
shares issued in connection with the
Bouygues Confiance 3 employee share
ownership plan launched at end 2005
and on the exercise of stock options.
BOUYGUES 2005
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