Registration Document BOUYGUES

1 2011
The Group
key figures
current operatinG profit e1,819 million (up 3%)
€ million
1,760
2010
Contribution by business area*
561
283
353
466
1,819
2011
201
(*) Holding company and other reported
a current operating loss of €45m.
n Bouygues Construction n Bouygues Immobilier n Colas
n TF1 n Bouygues Telecom
> Thanks to excellent execution of
contracts in progress, current operating
profit at Bouygues Construction
increased by 12% to €353 million, and
current operating margin rose by 0.2 of
a point to 3.6% in a fiercely competitive
environment.
> Current operating profit at Bouygues
Immobilier was solid at 8.2% (down
0.2 points).
> Colas achieved 28% growth in current
operating profit to €466 million. Current
operating margin advanced by 0.7 points
to 3.8%, reflecting the adaptation and
transformation measures initiated in
2010 – especially in Central Europe,
where current operating profit rose by
€78 million. By focusing on margins
rather than volume, and applying a policy
of constant adaptation, Colas managed to
improve its competitiveness in 2011.
Overall, current operating profit from the
Construction businesses was 15% higher
at €1 billion, with a margin up 0.4 points
to 4.2%.
> Current operating profit at TF1 was up
23% on the 2010 figure, while the current
operating margin was 2 points ahead of
2010 at 10.8%.
> As forecast, EBITDA at Bouygues
Telecom was hit by cuts in call
termination rate differentials (negative
impact: €151 million), and came in on
target at €1,272 million (down 7%). After
taking account of increased depreciation
and amortisation expense – largely due
to the buoyancy of fixed-line activities –
current operating profit was down 19%
at €561 million.
net profit
attributable
to the Group e1,070 million (=)
€ million
1,071
2010
1,070
2011
Contribution by business area*
331
190
80
226
324
120
(*) Holding company and other reported a net loss of €201m
adjuSted earninGS
per Share*
Following the cancellation of 52 million
shares, earnings per share (calculated
on the basis of the number of shares
outstanding as of 31 December excluding
treasury shares), was €3.40 in 2011,
14% higher than in 2010.
(*) Based on net profit from continuing operations
attributable to the Group, and on the number of shares
outstanding as of 31 December excluding treasury shares
e3.40 (up 14%) dividend per Share*
(€) (€)
3.40 Bouygues intends to maintain the
1.60
2.97
shareholder return in 2011. On 26 April
2012, the Board of Directors will ask the
Annual General Meeting to approve a
dividend of €1.60 per share. Based on
the average share price over a rolling
12-month period to 20 February 2012, this
would represent a dividend yield of 5.7%.
2010
2011
(*) To be proposed to the AGM on 26 April 2012
2010
e1.60 (=)
1.60*
2011
n Bouygues Construction n Bouygues Immobilier n Colas
n TF1 n Bouygues Telecom n Alstom
Net profit attributable to the Group
was €1,070 million, unchanged
from 2010. Excluding the fall in the
contribution from Alstom, which
was expected (€190 million in 2011,
versus €235 million in 2010), it
would have risen by 5%.
BOUYGUES • 2011 Registration Document • THE GROUP • 15