Financial Review - Bouygues

Recurring net earningsper share:€2.01 (up 50%)Non recurring itemsTotal net earnings per share1.030.751.930.931.342.572.012001 2002 2003 2004Recurring net earnings per share have increased4.5-fold over four years.Net earnings per share amounted to €2.01 in2004. This represents a 50% increase, excludingexceptional gains.At end-December 2004, there were 333 millionBouygues shares and investment certificates inissue, which was similar to the figure at end-December 2003.Net dividendper share:€0.75 (up 50%)0.260.36 0.360.360.500.75*1999 2000 2001 2002 2003 2004* to be proposed at the General Meeting on 28 April 2005Bouygues significantly increased the return to itsshareholders in 2004. The Group continued toreap the benefits of the substantial investments ithas made since 1999 (€4.8bn) to strengthen itsbusinesses, especially Bouygues Telecom,Colas and TPS (via TF1).Owing to its excellent 2004 results and positiveoutlook, the Group is in a position to significantlyincrease its dividend to shareholders, doubling itin the space of two years.Bouygues' Board of Directors will ask theShareholders' Meeting on 28 April 2005 toapprove a dividend of €0.75 per share, whichrepresents a 50% increase on the previous year,in line with the growth in net earnings. This dividendwill be paid on 4 May 2005.The exceptional payout of €5 per share,announced in July 2004, was paid on 7 January2005. It amounted to a total of €1,664m, i.e. 14%of the Group's market capitalisation as at 6January 2005.The conversion and redemption of the Group'sOCEANE bonds in April 2004 did not have a dilutiveimpact for shareholders, as the Groupbought back and cancelled the newly-issuedshares generated by these bonds.Condensed consolidated income statement(€ million) 2003 2004 VariationSales 21,822 23,402 +7%Operating income 1,238 1,547 +25%Net financial items (219) (165) -25%Earnings before tax and exceptional items 1,019 1,382 +36%Net exceptional items (14) 209 nsIncome tax (380) (519) +37%Share in net earnings of companiesaccounted for by the equity method 43 42 =Goodwill amortisation (42) (55) +31%Net earnings 626 1,059 +69%Minority interests (176) (201) +14%Net earnings attributable to the Group 450 858 +91%Net earnings attributable to the Group 450 670 +49%(excluding capital gains on the Saur disposal)10