Registration Document BOUYGUES

2011 key figures
The Bouygues group had a good year
in 2011, with solid operating performances
and excellent sales for the Construction
businesses. The Group is also in a robust
financial position.
financial hiGhliGhtS
(€ million) 2010 2011 2011/2010
Sales 31,225 32,706 +5%
EBITDA a 3,330 3,242 -3%
Current operating profit 1,760 1,819 +3%
Operating profit 1,791 b 1,857 c +4%
Net profit attributable
to the Group 1,071 1,070 =
Earnings per share (€) 3.03 3.06 +1%
Adjusted earnings
per share (€) d 2.97 3.40 +14%
Cash flow 3,244 3,325 +2%
Net capital expenditure 1,423 1,658 e +17%
Free cash flow f 1,009 862 e -15%
Shareholders’ equity
(period-end) 10,607 9,678 -€929m
Net debt (period-end) 2,473 3,862 +€1,389m
Net gearing (period-end) 23% 40% +17 pts
Net dividend per share (€) 1.6 1.6 g =
Number of employees 133,456 130,827 -2%
(a) Current operating profit excluding net depreciation and amortisation expense and
changes in provisions, and impairment losses (after reversals of utilised and non-utilised
provisions and impairment losses) (b) Includes €31m of other operating income net of
expenses (income of €83m at TF1, expenses of €52m at Colas) (c) Includes €38m of
other operating income at Bouygues Telecom (d) calculated on the basis of the number
of shares outstanding at 31 December, excluding treasury shares (e) Excluding 4G
frequencies (€228m) (f) Cash flow before changes in working capital requirements, minus
cost of net debt, income tax expense for the year and net capital expenditure
(g) To be submitted for approval by the Annual General Meeting on 26 April 2012
SaleS e32.7 billion (up 5%)
€ million
(*) not meaningful
31,225
2010
32,706
2011
Sales by business area*
120
2,620
5,741
12,412
North America
8%
e2,520m
9,802
2,465
(*) Impact of intra-Group eliminations: -€454m
n Bouygues Construction n Bouygues Immobilier n Colas
n TF1 n Bouygues Telecom n Holding company and other
SaleS by reGion
Central/South
America
n.m.*
e151m
Rest
of Europe
France
14%
69%
e4,445m
e22,601m
> Overall, the Bouygues group generated
sales of €32.7 billion in 2011, up 5%
(or 3% on a like-for-like basis and at
constant exchange rates). This was ahead
of the initial target, thanks largely to a
good fourth-quarter performance from
the Construction businesses.
> Sales at Bouygues Construction reached
€9,802 million, up 6% (or 2% on a likefor-like
basis and at constant exchange
rates), with both France (€5,350 million,
up 5%) and international (€4,452 million,
up 8%) contributing to growth.
> Bouygues Immobilier reported sales
of €2,465 million, up 2%. Residential
property sales totalled €1,994 million,
and marked a return to growth (up 2%,
with 11% growth in the second half).
Commercial property sales were flat at
€471 million, and included the sale of two
developments: Farman (Paris) and Green
Office ® Meudon (near Paris).
Africa and
Middle East
4%
e1,487m
Asia-Pacific
5%
e1,502m
(e32,706m)
> Colas achieved sales growth of
6% (or 5% on a like-for-like basis
and at constant exchange rates) to
€12,412 million. In France, a solid
performance saw sales rise by 8% to
€7,250 million. International sales were
4% higher at €5,162 million, with North
America enjoying an especially good
year despite projects being hampered by
adverse weather conditions at the start
of the year.
Overall, sales for the Construction
businesses advanced by 6% to
€24.4 billion.
> Sales at TF1 were unchanged yearon-year
at €2,620 million, but were
down 2% on a like-for-like basis and at
constant exchange rates. Advertising
revenue for the TF1 group as a whole rose
by 2% to €1,822 million, thanks to the
consolidation of TMC and NT1.
> Bouygues Telecom recorded 2% sales
growth to €5,741 million, with sales
from the network flat at €5,082 million
thanks to fixed-line offers and MVNOs.
Excluding the impact of voice and SMS
call termination rate differentials, sales
would have risen by 8%.
BOUYGUES • 2011 Registration Document • THE GROUP • 2011 key figures • 14