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1Bouygues Group presentation – May 2014
M 2014M 2014
Bouygues Group presentationBouygues Group presentation1
May 2014May 2014
1BUILDING THE FUTURE IS OUR GREATEST ADVENTUREBUILDING THE FUTURE IS OUR GREATEST ADVENTUREBUILDING THE FUTURE IS OUR GREATEST ADVENTUREBUILDING THE FUTURE IS OUR GREATEST ADVENTURE
This presentation contains forward-looking information and statements about the Bouygues group and its businesses. Forward-lookingstatements may be identified by the use of words such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates”and similar statements. Forward-looking statements are statements that are not historical facts, and include, without limitation: financialprojections, forecasts and estimates and their underlying assumptions; statements regarding plans, objectives and expectations withrespect to future operations, products and services; and statements regarding future performance of the Group. Although the Group’srespect to future operations, products and services; and statements regarding future performance of the Group. Although the Group ssenior management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautionedthat forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict andgenerally beyond the control of the Group, that could cause actual results and developments to differ materially from those expressed in, orimplied or projected by, the forward-looking information and statements. Investors are cautioned that forward-looking statements are notguarantees of future performance and undue reliance should not be placed on such statements. The following factors, among others setout in the Group’s Registration Document (Document de Référence) under the section headed Risk factors (Facteurs de risques), couldcause actual results to differ materially from projections: unfavourable developments affecting the French and internationaltelecommunications, audiovisual, construction and property markets; the costs of complying with environmental, health and safetyregulations and all other regulations with which Group companies are required to comply; the competitive situation on each of our markets;
May 2014
regulations and all other regulations with which Group companies are required to comply; the competitive situation on each of our markets;the impact of current or future public regulations; exchange rate risks and other risks related to international activities; risks arising fromcurrent or future litigation. Except to the extent required by applicable law, the Bouygues group makes no undertaking to update or revisethe projections, forecasts and other forward-looking statements contained in this presentation.
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2Bouygues Group presentation – May 2014
THE BOUYGUES GROUP Slide 4
THE BUSINESSES Slide 13
Q1 2014 RESULTS Slide 33
GROUP OUTLOOK Slid 63 GROUP OUTLOOK Slide 63
APPENDIX Slide 65
3
Profile
A diversified industrial group
5 businesses with different cycles focusing on three sectors: construction, telecoms and media
2013 contribution1 by business area
26.12.4
4.6
Sales2 at €33.1bn
1,005
223 125
Current operating profit2 at €1,319 m
819
149 24(3)Free cash flow2 at €818m3
Construction businesses Bouygues TelecomTF1
Key figures1 in 2013 €647m4 net profit 128,067 employees
4
(1) 2013 figures restated for IFRS 11 (2) Including Holding contribution: €9m for sales; -€34m for current operating profit; and -€174m for the free cash flow (3) Free cash flow is calculated before changes in WCR. It excludes capitalised interest related to 4G frequencies for €33m at Group level (o/w €13m at Bouygues Telecom level and €20m at holding company level) (4) Before the write-down of Alstom for €1,404m
3Bouygues Group presentation – May 2014
Key strengths
A family company with a stable share ownership structure allowing long-term focus
A strong and distinctive corporate culture
A positioning on markets underpinned by solid demand
A solid operational track record of delivering revenue and earnings growthp g g g
A sound financial profile
5
Shareholder structure at 31 December 2013
A stable share ownership structure
Voting rights CapitalForeign
SCDM
Employees
Other French
20.8%
24.8%
17.8%
36.6%
shareholdersSCDM
Employees
Other Frenchshareholders
Foreign shareholders 28.4%
30.2%13.8%
27.6%
Shareholders’ structure allowing long-term focus 6
shareholders
At 31 December 2013: 319,264,996 shares and 459,117,988 voting rights. SCDM is a company controlled by Martin and Olivier Bouygues
4Bouygues Group presentation – May 2014
A strong and distinctive corporate culture
Construction is a “good management school”
Project management skills and knowhow in complex projects j g p p j
Masan Bay bridge, South Korea Stade de France Bouygues Telecom 3G network
Managers have experienced previous crises
Strong mobility within the Group and of top managers
7Pragmatic – Cautious – Opportunistic – Entrepreneurial
Long-term growth opportunities
Growing long-term infrastructure needs in both developed and emerging countries Drivers: demographic growth, urbanization, saturated and
aging infrastructures…aging infrastructures…
Estimated total cumulative world infrastructure requirements (additions and renewal) to 2030*: 53 trillion $
New opportunities arising from environmental concerns Sustainable construction: from the building to the neighborhood
Alternative transport infrastructures (railways, canals…)
Strengthening existing customer base and increasing addressable market in Telecom / Media Fixed broadband market, mobile data, B2B market …
8*Source OECD - rail, road, telecoms, electricity transmission & distribution, water
QP District, Qatar
5Bouygues Group presentation – May 2014
A solid operational track record
2001 2013(1)
+ 4 %
CAGR
€20.5bn
€876m
€344m
+ 4 %
+ 3 %
+ 5 %
€33.1bn
€1,319m
€647m3
Sales
Operating profit
Net profit2
9
€344m
(1) 2013 figures restated for IFRS 11 (2) Attributable to the Group (3) Before the write-down of Alstom for €1,404m
€0.36X 4.4
€647m3
€1.60
Net profit2
DPS
A healthy financial profile
Low gearing at 51%1
Evenly spread repayment schedule
All figures are at end December 2013
Debt under control
6%
Ability to control capex
Capex-to-sales ratio2Available Cash = €8.7bn
No significant off-balance sheet commitment
High level of liquidity
S t i bl h fl
0%
2%
4%
10
Free cash flow2 = €0.8bnAverage Free cash flow since 2005 at €1bn
Cash remittance to the holding
Sustainable cash-flowgeneration
(1) Including impact of the write-down of Alstom(2) Capex and Free cash flow exclude capitalised interest related to 4G frequencies for €33m at Group level
6Bouygues Group presentation – May 2014
0.90
1.21.5 1.6 1.6 1.6 1.6 1.6
1
Dividend per share
0.36
0.50.75
0.90
1Dividend yield based on closing price
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Dividend yield1: 4.4% 5.0%5.3%2.6% 6.6%2.5%2.2%2.2%2.7% 7.1%
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5.8%
THE BOUYGUES GROUP Slide 4
THE BUSINESSES Slide 13
Q1 2014 FIGURES Slide 33
GROUP OUTLOOK Slid 63 GROUP OUTLOOK Slide 63
APPENDIX Slide 65
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7Bouygues Group presentation – May 2014
Construction businesses
13
A world leader: n°7 “top international contractor” according to ENR ranking1
2013 key figures
Asia & Middl E t
Africa6%
CONSTRUCTION BUSINESSES: profile
Sales2: €26.1bn3Sales4 by region
France59%Europe
(excl. France)
16%
Americas11%
Middle East8%
6%
11.12.5
12.8
Buildings & civil works Real estate Roads
Free cash flow2: €819mOperating profit2 : €1,005m
437178
390
Building & civil works Real estate Roads
331110
378
Building & civil works Real estate Roads
(1) Companies are ranked according to construction revenue generated outside home country (2) 2013 figures restated for IFRS 11 (3) Total of the sales contributions (after eliminations within the construction businesses) (4) As published in 2013 (not restated for IFRS 11)
Free cash flow2: €819mOperating profit : €1,005m
14
8Bouygues Group presentation – May 2014
Building & civil works
Bouygues Construction is a world leading full service contractor in building & civil works, electricalcontracting and maintenance
CONSTRUCTION BUSINESSES: profile
A recognized expertise at every stage of a project from design to construction, operation,maintenance, and including financing arrangement
Real estate
Bouygues Immobilier is the leading property developer in France
A pure player in real estate development with more than 50 years of experience, acting both inid ti l d i l t d d i tl i Fresidential and commercial segments and predominantly in France
Roads
Colas is a world leader in road construction and maintenance
Key competitive advantage thanks to vertical integration with a widespread industrial footprint(aggregates, emulsions, asphalt mix, bitumen...)
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CONSTRUCTION BUSINESSES: strengths & opportunities
The ability to provide innovative, high value-added solutions tailored to customers' requirements
The development of specialty activities, which are sources of growth
A strong and diversified international presence
The focus on long-term sustainability and the ability to adapt
The Baluarte bridge, Mexico
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9Bouygues Group presentation – May 2014
CONSTRUCTION BUSINESSES: high value-added solutions
High-level technical know-how
A solid track record valued by customers all around the world
Ability to develop high value-added end-to-end offersy p g
20 years of expertise in full service offering contracts
More than 120 projects (PPP/PFIs1/concessions) over the period
Comprehensive solutions including design, construction, maintenance and financing
Competitive advantage in sustainable construction French Ministry of Defense, Balard, 2012-2014
Sports Hub, Singapore, 2010-2014
Increasing market demand, supported by regulation, for energy-efficient buildings
Currently developing new offerings for green neighbourhood relying on the entire Bouygues Group’s expertise
1PPP: Public-Private Partnerships, PFI: Private Finance Initiative
Green office®, Meudon
17
CONSTRUCTION BUSINESSES: high value-added solutions
L2 bypass PPP in New Coastal Road on R i I l d F
Some examples in transport: major road construction projects
Marseille, France Reunion Island, France
The largest infrastructure project awarded in France in 2013
30-year PPP
Construction of the longest off-shore viaduct in France (5.4 km)
Contract worth €218m for Bouygues C t ti
18
30 yea
Works valued at €340m for Bouygues Construction and Colas
Completion: 2017
Construction Construction of four sections of an elevated
dual three-lane road
Contract worth €318m for Colas
Completion: 2018
10Bouygues Group presentation – May 2014
Some examples in transport: airports
CONSTRUCTION BUSINESSES: high value-added solutions
Iqaluit International Airport, Canada
Financing design and
Lyon-Saint Exupéry Airport, France
Design and construction of a
Zagreb Airport, Croatia
Financing, design and
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Financing, design and construction of a new terminal
Works valued at €160m for Bouygues Construction and Colas
Handover scheduled for end-2017
gnew terminal
Works valued at €142m Handover of the first phase
in 2016 Passenger capacity: close
to 10 million
g, gconstruction of a new terminal
Works valued at €243m Handover scheduled for
end-2016 Passenger capacity: 5 million
CONSTRUCTION BUSINESSES: development of specialty activities Strategy
Expand the offering available to customers
Develop synergies with existing business areas
Penetrate new growth potential markets
For example: urban transport, a growing market
Increasingly strong demand in large and mid-sized towns and cities
Recognised know-how
30 projects completed in France since 1985
International know-how: Cairo metro (Egypt), Rabat-Salé and Casablanca (Morocco) Geneva (Switzerland) Los Teques (Venezuela) Kuala Lumpur
Rabat-Salé tramway, Morocco
Order book at Colas Rail
Share of more than 1 year
€bn+14% YoY(Morocco), Geneva (Switzerland), Los Teques (Venezuela), Kuala Lumpur
(Malaysia), etc.
2013 sales at Colas Rail up +19% (€767m):
Strong growth in the order book, which enjoys increasing maturity with several commercial successes : high-speed rail line in Morocco for €124m, RFR rapid transit rail network in Tunis for €86m, Santiago metro in Chile for €67m 0.3 0.3 0.4 0.5
0.30.6
0.70.8
0.6
0.91.1
1.3
End-2010 End-2011 End-2012 End-2013
yShare of less than 1 year
20
YoY
11Bouygues Group presentation – May 2014
CONSTRUCTION BUSINESSES: main international contracts won in 2013
Canada
Iqaluit Airport (€160m)Road maintenance (€35m)
SwitzerlandErlenmatt eco-neighbourhood in Basel (€130m)Im Lenz eco-neighbourhood in Lenzburg (€110m)
UKUniversity campus in Hertfordshire (€140m)Property complex in Lewisham (€70m)
Group share – rounded up/down
50% of the order books at Bouygues Construction and Colas is to be executed in international markets
Road maintenance (€35m)
USPrivate property development (€200m)1
Airport runway (€20m) Cuba Luxury hotel complex (€60m)
Morocco Luxury residence (€40m)Tangier-Kenitra high-speed Thailand
Ph t lt i l l t (€40 )
Hong KongSubsea road tunnel (€1.15bn)Macao Luxury hotel complex (€360m)1
Road maintenance in London (€205m)
CroatiaZagreb Airport (€240m)
HungaryM85 motorway (€90m)
Slovakia R2 motorway (€80m)
Operations in 80 countries
Countries where Bouygues Construction and Colas generated sales in 2013
21
Trinidad and Tobago National oncology centre (€40m)
rail line (€125m) TunisiaTunis rapid rail network (€85m)
ChadRoad (€40m) Turkmenistan
Theatre and concert centre (€340m)International university (€90m)
SingaporeBangkok condominium tower (€100m)Bishan condominium tower (€100m)
Photovoltaic solar power plants (€40m)MyanmarResidential complex (€70m)
(1) Partial order intake in 2013
ChileSantiago metro in Chile (€70m)
CONSTRUCTION BUSINESSES: focus on long-term sustainability
Order books (€m)
A safe and extensive order book providing good visibility on future activity
A record order book of €27.5bn at end-December 2013, up 3% year-on-year and up 22% since end-2010
An increase in the depth of the order book, giving time to adaptOrder books (€m)
2,2803,051
2,957 2,6106,1416,472
6,704 7,08822,57524,806
26,808 27,530
Bouygues Construction Bouygues Immobilier Colas
+3%
-12%
+6%
+22%
2013 orders at Bouygues Construction and Colas to be executed beyondone year (Y+1) are up 7% y-o-y and represent 44% of the total
A strong ability to adapt
Cost structure mostly variable (attached to projects)
Geographical flexibility of teams
Management’s proven responsiveness
22
14,154 15,283 17,147 17,832
,
End-2010 End-2011 End-2012 End-2013
+4%
Focus on controlling operating and financial risks in orderto ensure long-term performance
Commercial selectivity (preference is given to margin)
Strict control procedures and cautious guidelines
12Bouygues Group presentation – May 2014
1 2362 7%3,7%
4,7%5,1% 5,3% 5,0%
4,6%
3,6%4,2% 3,7% 3,9%
4,0%
5,0%
6,0%
CONSTRUCTION BUSINESSES: robust financial profileA solid profitability1
Operating profit (€m) and margin
161
368 420
617497 450
695784*
488605
812819
384 379
535783
966 1,1581,236
1,079832
1,020949 1,005
2,7%2,8%
0,0%
1,0%
2,0%
3,0%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
A recurring FCF generation1 (€m)
2 794
3,547
3,1753,404
3,281 3,308
A high net cash position1 (€m)
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
1,185
1,689
2,2592,440
2,4952,794
2,587
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
*Excluding Axione disposal at Bouygues Construction for €163m
23(1) 2013 figures restated for IFRS 11
24
13Bouygues Group presentation – May 2014
A strong media group The leading TV channel in France, TF1
Strong position on free-to-air market with 4 channels
12 other pay-TV channels including Eurosport (n°1 sport TV channel in Europe)
TF1: profile
Diversification activities: audiovisual rights and production, licensing…
2013 key figures €2.5bn revenue
€137m net profit1
Around 3,800 employees
Leader in audience share A core channel offering a unique exposure for advertisers generating a premium to the leader
68% 32%
2013 sales breakdownTF1 Group advertising
Other activities
Journalist Harry Roselmack A core channel offering a unique exposure for advertisers generating a premium to the leader
A leadership in combined audience share (28.9%2 for TF1, TMC, NT1 and HD1 at end-December 2013)representing an unrivalled television offer
A unique position in Europe
Channels and brands available on every media and every screens
A true multimedia advertising agency (TV, radio, web, press)
Journalist Harry Roselmack
1 Attributable to the group 2 Individuals > 4y - 2013 - Médiamétrie / Médiamat25
TF1: targets Strengthen core free-to-air business
Maintain the group’s leading market position
Develop close relationship with TV viewers thanks to strong positions in new media
K i i h h ffi i f d i d i i i Keep innovating to enhance the efficiency of ad campaigns and increase monetization
Continue the development of TF1’s pay services and products
Eurosport: a strong asset
Partnership signed with Discovery Communication
Foster the counter-cyclical advantage of diversification
Develop different sales modes (B2B, B2C,…)
Improve profitability
Phase 2 of the cost-optimization plan launched in 2012: increase productivity and flexibility
Review the Group’s processes and organizations
Pursue the rationalization of diversification businesses 26
14Bouygues Group presentation – May 2014
27
Major actor of the French telecom market for more than 17 years Mobile commercial launch in 1996, fixed broadband commercial launch in 2008
11.1 million mobile customers at end-December 2013 for a 15% market share
2.0 million fixed broadband customers at end-December 2013 for an 8% market share
BOUYGUES TELECOM: profile
A network of more than 600 stores
Tradition of innovation to deliver value for money to customers First call plans in the French market
First unlimited bundles (Neo)
First quadruple play offer (ideo)
First “SIM-only/Web-only” offer for less than €25 (B&YOU)
2013 key figures
€4.7bn revenue
€13m net result2
9,100 employees 281SIM-only/web-only 2Attributable to the group
15Bouygues Group presentation – May 2014
BOUYGUES TELECOM: facing a challenging mobile market
A challenging mobile market since 2012
Strong growth in SIM-only plans transforming the business model
Sh f ll i i i Sharp fall in pricing
Operators’ profitability squeezed significantly due to more and more customers switching to the new price plans combined with falls in market share
Bouygues Telecom reacted quickly beginning of 2012 with two strategic priorities
Transform the business modelTransform the business model
Reposition the offering in order to boost differentiation and return to growth
29
A strong mobile network 15,000 sites deployed covering 99% of the French population in 2G and 96% in 3G
4G network open commercially on 1 October 2013: 69%1 of the population having access to 4G
BOUYGUES TELECOM: technology and innovation
Network sharing agreement signed with SFR to significantly improve geographical coverage and network quality as well as generate cost savings
Access to spectrum secured to support mobile data services in the future
A capacity of 74 MHz of spectrum (28% of the total available) on 800, 900, 1,800, 2,100 and 2,600 MHz bands
Fixed network Fixed network
78% of the population covered in unbundled zones – 50% of the population covered by Bouygues Telecom’s own network with a target to add 1 million households by end 2014
More than 7 million households eligible for very-high-speed thanks to Numericable wholesale agreement
1 million Fibre home passed (FTTH) – Target of 1.4 million by end 201430(1) Data collected on 13th March 2014
16Bouygues Group presentation – May 2014
Develop data use by capitalising on 4G 4G allows intensive data use making new uses possible
Expand market share in the fixed broadband market
BOUYGUES TELECOM: opportunities
Average GB consumption per month by Bouygues Telecom customers in 3G vs 4G
Expand market share in the fixed broadband market Launch of a new B&YOU double-play offering “la Box internet” in
November 2013 for €15.99/month
Launch of a triple-play Internet - TV - Telephony home gatewayin February 2014 for only €19.99 a month
Good positioning on the very high speed broadband market 18% market share (363 000 very high speed customers at end-December 2013)
820Fixed broadband sales from
network (m€)1
+31%
18% market share (363,000 very high speed customers at end-December 2013)
Seize opportunities in B2B markets : take advantage of the €13bn2
corporate market opening up to competition Major existing corporate clients include BNP Paribas, Lafarge, Foncia etc. 243
414
627
2010 2011 2012 20131Sales from network excluding ideo discount 2Estimate by Arcep and Bouygues Telecom
31
THE BOUYGUES GROUP Slide 4
THE BUSINESSES Slide 13
Q1 2014 RESULTS Slide 33
GROUP OUTLOOK Slid 63 GROUP OUTLOOK Slide 63
APPENDIX Slide 65
32
17Bouygues Group presentation – May 2014
Reminder: changes in accounting methods for 2014
As announced on 26 February 2014
2013 reported figures have been restated for IFRS 11
At the Bouygues level, Eurosport International sales and EBIT will remain included in the TF1 results until the effective sale of the additional 31% to
33
included in the TF1 results until the effective sale of the additional 31% to Discovery Communications. After the sale, TF1’s remaining interest will be accounted for using the equity method
HIGHLIGHTS AND KEY FIGURES
BUSINESS AREAS
FINANCIAL STATEMENTS
34
18Bouygues Group presentation – May 2014
Highlights of Q1 2014
In keeping with 2013, the Group further demonstrated its competitiveness and the benefits to customers of its innovation capabilitiesthe benefits to customers of its innovation capabilities Good commercial activity in the construction businesses
Continued traction of 4G, adopted by 13% of Bouygues Telecom’s customers
Successful launch of the new fixed offering: 100,000 new fixed customers in Q1 2014, number 1 in terms of net growth1 in Q1 2014
Like every year, first quarter results are not representative of full-year performance
35(1) Company estimate
Group key figures
€mQ1 2013 restated
Q1 2014 Change
Sales 6,645 6,841 +3%1
(1) Up 4% like-for-like and at constant exchange rates (2) Including non-current income of €196m related to Bouygues Telecom
(3) Including a net capital gain of €240m on the sale of Colas’ stake in Cofiroute
Current operating profit/(loss) (77) (96) -€19m
Operating profit/(loss) (77) 100(2) +€177m
Net profit/(loss) attributable to the Group (42) 285(3) +€327m
As every year, Q1 results are not indicative of the Group’s full-year performance
Operating profit factors in non-current income of €196m related to Bouygues Telecom
Net income attributable to the Group includes a net capital gain of €240m on the sale of Cofiroute
Excluding non-current items, Q1 2014 net loss would be €56m, close to the Q1 2013 level36
19Bouygues Group presentation – May 2014
Group financial position
€ millionEnd-Dec.
2013 restated End-March
2014Change
End-March 2013 restated
The change in net debt between end-December 2013 and end-March 2014 includes
Shareholders' equity
Net debt
Net gearing
8,669
4,435
51%
8,941
4,725
53%
+€272m
+€290m
+2 pts
9,912
5,014
51%
The traditional seasonal impact coming from Colas
€780m from the sale by Colas of its stake in Cofiroute
A working capital increase which is not representative of the year
37
Change in net cash position (1/2)
Restated net cash at 31/12/2013 €m
Net cash at 31/03/2014
-24-1,061 780
15(3)
Acquisitions/Disposals1
(4,435)
Operation Sale of Cofiroutestake2
(4,725)
Other
Q1 2013 restated (4,176) -40 -713 -85(4) (5,014)
(1) Including scope effects (2) Sale of Colas’ 16.67% stake in Cofiroute(3) Impact of reclassification of Eurosport International to held-for-sale operations (+€12m) and exercise of stock options (+€3m)(4) Issue and buyback of shares (-€74m) and capitalised interest related to 4G frequencies (-€11m)
38
20Bouygues Group presentation – May 2014
Change in net cash position (2/2)
Net cash flow1
+304€
Net capital expenditure
-279Change in the operating
WCR2 & other
Breakdown of operation
€m
-1,061
-1,086
Q1 2013 restated +186 -294(3) -605 -713(3)
(1) Net cash flow = cash flow - cost of net debt - income tax expense (2) Operating WCR: WCR relating to operating activities + WCR relating to net liabilities related to property, plant & equipment and intangible assets (3) Excluding capitalised interest related to 4G frequencies for €11m
39
HIGHLIGHTS AND KEY FIGURES
BUSINESS AREAS
FINANCIAL STATEMENTS
40
21Bouygues Group presentation – May 2014
Construction businesses
41
Good commercial performance by the construction businesses
Q1 2014 confirms 2013 commercial trends Bouygues ConstructionBouygues ImmobilierColas
Order books (€m)
+4% Continued growth of the order books in the construction
businesses: €28.8bn, up 4% vs end-March 2013
Strong international presence: 50% of the Bouygues Construction and Colas order books vs 45% at end-March 2013
17 331 18 243
3,005 2,890 2,485
7,254 7,531 8,064
€27.0bn€28.8bn€27.8bn
+4%
42
16,727 17,331 18,243
End March 2012
End March 2013
End March 2014
22Bouygues Group presentation – May 2014
Business activity at Bouygues Construction
Strong level of order intake Q1 2014 order intake: €3bn, up 7% vs Q1 2013 thanks to the international business
Record order book of €18.2bn at end-March 2014, up 5% vs end-March 2013 Strong visibility with €10.9bn of sales secured beyond 2014
Order intake (€m)1
France
International
+7%2,595 2,742 2,644
For execution in Y For execution in Y+1For execution from Y+2 to Y+5Long-term order book (beyond Y+5)
Order book
+5% YoY
€17.3bn €17.8bn €18.2bn
€m
2,800 2,813
3,689
2,7872,984
43(1) Definition: contracts are booked as order intakes at the date they take effect
-11%
+34%
7,102 7,317
5,052
8,887
5,063
2,5826,203
3,219,
End-March 2013 End-Dec 2013 End-March 2014
1,270 1,219 1,238 1,112 1,487
1,530 1,5942,451
1,6751,497
Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014
2 595 2 742 2,644
For execution in Y For execution in Y+1For execution from Y+2 to Y+5Long-term order book (beyond Y+5)
Key figures at Bouygues Construction Order intake (€m)1 Order book
France
+5% YoY
ANNEX
€17.3bn2,451
1 497
2,800 2,813
3,689
2,7872,984
+7% €m
€17.8bn-11%
€18.2bn
7,102 7,317
5,052
8,887
5,063
2,5826,203
3,2192,595 2,742 ,
End-March 2013 End-Dec 2013 End-March 2014
(1) Definition: contracts are booked as order intakes at the date they take effect
France
International
€ millionQ1 2013 restated
Q1 2014 Change
1,270 1,219 1,238 1,112 1,487
1,530 1,594 1,6751,497
Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014
+34%
44
France52%Europe
(excl. France)
19%
Asia & Middle East
19%
Africa6%
Americas 4%Sales 2,449 2,596 +6%3
o/w France 1,318 1,365 +4%o/w international 1,131 1,231 +9%
Current operating profitCurrent operating margin
863.5%
913.5%
+€5m=
Net profit att. to the Group 60 65 +€5m(3) Up 7% like-for-like and at constant exchange rates
At end-March 2014
23Bouygues Group presentation – May 2014
Business activity at Bouygues Immobilier
Residential reservations up 6% to €324m in a market that remains very difficult 70 unsold completed homes at end-March 2014, equivalent to two
Reservations (€m)1
Commercial property
Residential property p , qdays of marketing
In a sluggish commercial market, Bouygues Immobilier expects to sign a number of large projects in 2014 As usual, quarterly year-on-year comparison is not meaningful as
reservation level depends on the timing of the signature of contracts 293 306 324
116 13140
409437
364
Residential property
-17%
-69%
+6%
45
Q1 2012 Q1 2013 Q1 2014
(1) Definition: residential property reservations are reported netof cancellations. Commercial property reservations are firmorders which cannot be cancelled (notarised deeds of sale)
Hikari eco-neighbourhoodproject in Lyon, France
646 427 366
2,8902,610 2,485
Order book
Key figures at Bouygues ImmobilierReservations1
Commercial propertyResidential property
€m
ANNEX
754131 40
72
7
26
437364
518345
780
2,244 2,183 2,119
End-March 2013
End-December 2013
End-March 2014
(1) Definition: residential property reservations are reported net of cancellations. Commercial property reservations are firm orders which cannot be cancelled (notarised deeds of sale)
€ millionQ1 2013 restated
Q1 2014 Change
306 324446
338
131 40 7
Q1 13 Q1 14 Q2 13 Q3 13 Q4 13
46
Sales 526 536 +2%2
o/w residential 444 440 -1%o/w commercial 82 96 +17%
Current operating profitCurrent operating margin
39
7.4%
31
5.8%-€8m
-1.6 pts
Net profit att. to the Group 20 20 =
(2) Stable like-for-like and at constant exchange rates
24Bouygues Group presentation – May 2014
Business activity at Colas
Order book (€m)
International and French overseas territories
Mainland France
Order book at a high level of €8.1bn, up 7% year-on-year As expected, French order book is down due to impact of local
elections
3 5374,449
3,9943,615
7,5318,064 +7%
+26%
-9%
Order book for international and French overseas territoriesis strong and includes the new coastal road on Reunion Island
Increase in the order book’s length The activity to be executed beyond 2014 is up 35% (+€781m) Order book to be executed in 2014 is down 5% at end-March 2014
47
3,537
End-March2013
End-March 2014
New Coastal Road on Reunion Island, France
All rights reserved –Lavigne Chéron Architectes
Key figures at Colas
International and French overseas territoriesMainland France
+7% € millionQ1 2013 restated
Q1 2014 Change
Order book (€m)
ANNEX
3 5374,449
3 629 3 571 3,811
3,9943,615
3,941 3,523 3,277
7,5318,064
7,5707,094 7,088
+26%
-9%
restatedg
Saleso/w Franceo/w international
2,0591,362
697
2,1651,389
776
+5%1
+2%+11%
Current operating profit/(loss)
(206) (215) -€9m
Net profit/(loss) attr. to the Group
(131) 245(2) +€376m
48
3,537 3,629 3,571 3,811
End-March2013
End-March2014
End-June 2013
End-June 2014
End-Sept 2013
End-Sept 2014
End-Dec 2013
End-Dec 2014
the Group
(1) Up 6% like-for-like and at constant exchange rates(2) Including a net capital gain of €385m on the sale of the Cofiroute stake
25Bouygues Group presentation – May 2014
Financial results of the construction businesses
€m Q1 2013 restated Q1 2014 Change
Sales 4,942 5,208 +5%1
Current operating profit/(loss)86
(81) (93) -€12m
Like every year, the first quarter operating results are not indicative of full year performance due
(1) Up 6% like-for-like and at constant exchange rates
o/w Bouygues Construction o/w Bouygues Immobiliero/w Colas
( )8639
(206)
9131
(215)
+€5m-€8m-€9m
Net profit/(loss) attributable to the Group (46) 321 +€367m
y y q p g y pto Colas’ seasonality
Additionally, net profit attributable to the Group includes a net capital gain of €372m related to the sale of the Cofiroute stake. Excluding this non-current item, the construction businesses would have posted a Q1 2014 net loss of €43m, €3m less than in Q1 2013
As expected, 2014 financial performance should remain robust49
50
26Bouygues Group presentation – May 2014
€ millionQ1 2013 restated
Q1 2014(1) Change
Sales 563 556 1%2
Q1 2014 overview at TF1
Saleso/w TF1 group advertising
563368
556369
-1%2
=
Current operating profit/(loss) (16) 23 +€39m
Net profit/(loss) att. to the Group (6) 15 +€21m(1) At the Bouygues level, Eurosport International sales and EBIT will remain included in the TF1 results until the effective
sale of the additional 31% to Discovery Communications (2) Down 1% like-for-like and at constant exchange rates “The Voice”, the TV show
Stable group advertising revenue in a difficult economic and competitive environment
Q1 2014 operating profit up €39m vs Q1 2013 due to timing differences in programming costs as well as continued benefits from the optimisation plan
51
52
27Bouygues Group presentation – May 2014
2014 strategic priorities
Develop data use by capitalising on 4G and attract customers to value-added plans
Launch breakthroughs in the fixed segment to accelerate growth and to expand Internet at-home accessibility to as many people as possible
Continue to transform the company
53
Continue to transform the company €599m of cost savings achieved on the mobile activity between
2011 and 2013
New target of €300m of annual savings on the total cost baseby 2016
Bouygues Telecom fixed offer advert
Develop data use thanks to 4G
Continued 4G traction in the customer base 13%1 of the subscriber base uses 4G
Average data consumption: 2 GB per month for 4G users1,400
4G users1 (‘000)
g p p
Progress in attracting customers to value-added plan2
More than 70% of retail plan subscribers on a value-added plan at end-March 2014: +10 pts vs end-March 2013
Close to 60% of the B&YOU subscriber base is on €19.99 or €24.99 plans at end-March 2014
1,000
End-Dec 2013 End-March 2014
54
In keeping with 2013, the increase in value-added plans is hidden by the loss of prepaid and basic plan customers Net adds of 30,000 plan subscribers and net loss of 109,000 prepaid customers in Q1 2014
(1) Customers with a 4G plan and a 4G-compatible handset (2) Above or equal to 500 MB/month
28Bouygues Group presentation – May 2014
Successful launch of the new fixed offering Bouygues Telecom number 1 in terms of net growth1 in Q1 2014
with 100,000 new fixed customers45 10
4072
100
Net adds in the fixed broadband business2 (‘000)
Breakthroughs in the fixed segment
Continued growth of very-high-speed customers3
378,000 customers at end-March 2014
18% of the fixed customer base at end-March 2014
Bouygues Telecom will continue to expand Internet at-home accessibility to as many people as possible
Q1 13 Q2 13 Q3 13 Q4 13 Q1 14
312320
334
363378
Very-high-speed customer base3 (‘000)
55
Thanks to new initiatives during the year...
...and to constant progress in its fixed network
78% of the population covered in unbundled zones – 50% of the population covered by Bouygues Telecom’s own network with a target to add 1 million households by end 2014
1 million Fibre home passed (FTTH) – Target of 1.4 million by end 2014(1) Company estimate (2) Includes broadband and very-high-speed subscriptions (3) Arcep definition: subscriptions with peak downstream speed higher or equal to 30 Mbit/s
End-March2013
End-June2013
End-Sept2013
End-Dec2013
End-March2014
Q1 2014 financial performance at Bouygues Telecom€ million Q1 2013 restated Q1 2014 Change
Sales 1,148 1,085 -5%1
Sales from network 1,063 966 -9%
EBITDAEBITDA/sales from network
21219 9%
16316 9%
-€49m3 0 pts
In keeping with 2013, sales and EBITDA reflect the commercial performance, the continued repricing
(1) Down 5% like-for-like and at constant exchange rates (2) Including non-current income of €200m, in particular related to litigation settlements
EBITDA/sales from network 19.9% 16.9% -3.0 pts
Current operating profit/(loss) 28 (19) -€47m
Operating profit 28 181(2) +€153m
Net profit attributable to the Group 16 110 +€94m
In keeping with 2013, sales and EBITDA reflect the commercial performance, the continued repricingwithin the subscriber base and the increasing share of SIM-only sales
Repricing of the subscriber base since April 2013(3): 71% at end-March 2014
EBITDA includes €18m for the 1,800 MHz refarming fee
Operating profit includes non-current income and charges resulting in a positive amount of €200m, in particular related to litigation settlements
56(3) The number of retail customers subscribing to a plan whose price has been revised since April 2013 as a percentage of the total retail plan subscriber base
29Bouygues Group presentation – May 2014
Mobile and fixed business performance at Bouygues Telecom
‘000End-March
2013End-June
2013End-Sept
2013End-Dec
2013End-March
2014Mobile subscriber base 11,271 11,286 11,094 11,143 11,064
o/w plan subscribers1 9,618 9,802 9,760 9,910 9,940
ANNEX
1,6341,750
1,876
B&YOU mobile subscriber base4 (‘000)
o/w prepaid customers 1,653 1,484 1,334 1,233 1,124Fixed subscriber base 1,891 1,901 1,941 2,013 2,113
o/w very-high-speed sub.2 312 320 334 363 378
Sales from the fixed broadband network3 (€m)
197219 203 207 213+11%
1,334
1,509
End-March2013
End-June2013
End-Sept2013
End-Dec2013
End-March2014
57
(1) Plan subscribers: total customer base excluding prepaid customers according to the Arcep definition(2) Arcep definition: subscriptions with peak downstream speed higher or equal to 30 Mbit/s (3) Sales from network excluding the ideo discount(4) Excluding B&YOU prepaid customers, accounted for under the Simyo brand from Q3 2013
Q1 13 Q1 14 Q2 13 Q3 13 Q4 13
Key indicators at Bouygues Telecom Plan Prepaid Total subscriber base
Q4 2013 Q1 2014 Q4 2013 Q1 2014 Q4 2013 Q1 2014Subscribers SIM cards (‘000) 9,910 9,940 1,233 1,124 11,143 11,064SIM cards (% mix) 88.9% 89.8% 11.1% 10.2%
Annex
Fixed broadband subscriber base1 (‘000) 2,013 2,113
Unit data – mobile subscribers
ARPU (€/year/subscriber)2 370 359 109 109 334 327Data usage (MB/month/subscriber)3 328 393Text usage (texts/month/subscriber)4 392 384 114 114 352 348Voice usage (min/month/subscriber)4 490 496 160 166 442 452
Unit data – fixed subscribersARPU (€/year/subscriber)2 399 402
Marketing costs5 Q1 2013 Q1 2014
Marketing costs (€m) 149 100
Marketing costs/sales from network 14.0% 10.4%
(1) Includes broadband and very-high-speed broadband subscriptions according to the Arcep definition
(2) Rolling 12-month period, stripping out the ideo discount, and excluding machine-to-machine SIM cards for mobile ARPU
(3) Rolling 12-month period, adjusted on a monthly basis, excluding machine-to-machine SIM cards
(4) Rolling 12-month period, adjusted on a monthly basis, excluding machine-to-machine SIM cards and excluding internet SIM cards
(5) Mobile and fixed subscriber acquisition and retention costs
ARPU (€/year/subscriber) 399 402
58
30Bouygues Group presentation – May 2014
HIGHLIGHTS AND KEY FIGURES
BUSINESS AREAS
FINANCIAL STATEMENTS
59
Condensed consolidated income statement (1/2)
€ millionQ1 2013 restated
Q1 2014 Change
Sales 6,645 6,841 +3%, ,
Current operating income (77) (96) -€19m
Other operating income and expenses 0 196(1) +€196m
Operating income (77) 100 +€177m
Cost of net debt (79) (81) -€2m
60
o/w financial income
o/w financial expenses
( )10
(89)
( )10
(91)
=
-€2m
Other financial income and expenses (9) (3) +€6m
(1) Non-current income related to Bouygues Telecom
31Bouygues Group presentation – May 2014
Condensed consolidated income statement (2/2)
€ millionQ1 2013 restated
Q1 2014 Change
Income tax expense 53 (5) -€58m
Associates and joint ventureso/w share of profits
o/w net capital gain on Cofiroute disposal
6565
-
30249
253(1)
+€237m-€16m
+€253m
Net profit/(loss) from continuing operations (47) 313 +€360m
61
Net (profit)/loss attributable to non-controlling interests2 5 (28) -€33m
Net profit/(loss) attributable to the Group (42) 285 +€327m(1) Net capital gain at 100% (2) Formerly called “minority interests”
THE BOUYGUES GROUP Slide 4
THE BUSINESSES Slide 13
Q1 2014 RESULTS Slide 33
GROUP OUTLOOK Slid 63 GROUP OUTLOOK Slide 63
APPENDIX Slide 65
62
32Bouygues Group presentation – May 2014
Outlook
2014 Group total sales should be close to the 2013 level
Operating performances should remain robust for the construction businesses
TF1 operating results will be marked by two exceptional events in 2014: the Football World Cup and the probable divestment of Eurosport International
Bouygues Telecom confirms its target to generate a slightly positive “EBITDA1
minus Capex” item in 2014 and continues to implement its three strategic priorities
Develop data use by capitalising on 4Ge e op data use by cap ta s g o G
Launch breakthroughs in the fixed segment to accelerate growth
Transform the company with a new target of €300m of annual savings on the total cost base by 2016
63(1) EBITDA = current operating profit + net depreciation and amortisation expense + net provisions and impairment losses - reversals of unutilised provisions and impairment losses
THE BOUYGUES GROUP Slide 4
THE BUSINESSES Slide 13
Q1 2014 RESULTS Slide 33
GROUP OUTLOOK Slid 63 GROUP OUTLOOK Slide 63
APPENDIX Slide 65
64
33Bouygues Group presentation – May 2014
Condensed consolidated income statement (1/2)
€m 2012 2013 Change
Sales 33,547 33,345 -1%
Annex – as published
Current operating profit 1,286 1,344 +5%
Other operating income and expenses (166)1 (91)2 nm
Operating profit 1,120 1,253 +12%
Cost of net debt/ fi i l i
(290)62
(309)55
+7%11%
65
o/w financial income
o/w financial expenses
62
(352)
55
(364)
-11%
+3%
Other financial income and expenses 11 (26) nm
(1) Including €200m of non-current charges at Bouygues Telecom and TF1 and €34m of capital gains on asset disposals at Bouygues Telecom
(2) Including €80m at Bouygues Telecom and €11m at Colas
Condensed consolidated income statement (2/2)
€m 2012 2013 Change
Income tax expense (330) (367) +11%
Annex – as published
Associates 217(1) 205(2) -6%
Net profit from continuing operations 728 756 +4%
Net profit attributable to non-controlling interests3 (95) (109) +15%
Net profit attributable to the Group before the write-down of Alstom
633 647 +2%
66
before the write-down of Alstom
Write-down of Alstom - (1,404) nm
Net profit/(loss) attributable to the Group 633 (757) nm
(1) Including non-current charges of €53m related to the dilution loss further to the capital increase at Alstom
(2) Before the write-down of Alstom for €1,404m (3) Formerly called "minority interests"
34Bouygues Group presentation – May 2014
Sales by business area
€m 2012 2013 Change
Bouygues Construction 10,640 11,111 +4%
Bouygues Immobilier 2,396 2,510 +5%
Annex – as published
yg , ,
Colas 13,036 13,049 =
Sub-total of construction businesses1 25,753 26,275 +2%
TF1 2,621 2,470 -6%
Bouygues Telecom 5,226 4,664 -11%
Holding company and other 123 119 nm
67
Holding company and other 123 119 nm
Intra-Group elimination (495) (578) nm
TOTALo/w France
o/w international
33,54722,30811,239
33,34522,11811,227
-1%-1%
=(1) Total of the sales contributions (after eliminations within the construction businesses)
Contribution of business areas to Group EBITDA
€m 2012 2013 Change
Bouygues Construction 614 668 +€54m
Annex – as published
Bouygues Immobilier 186 191 +€5m
Colas 832 823 -€9m
TF1 318 300 -€18m
Bouygues Telecom 908 880 -€28m
68
Holding company and other (36) (27) +€9m
TOTAL 2,822 2,835 +€13m
EBITDA = current operating profit + net depreciation and amortisation expense + net provisions and impairment losses - reversals ofunutilised provisions and impairment losses
35Bouygues Group presentation – May 2014
Contribution of business areas to Group current operating profit
€m 2012 2013 Change
Bouygues Construction 364 435 +€71m
Annex – as published
Bouygues Immobilier 179 178 -€1m
Colas 406 417 +€11m
Sub-total of construction businesses 949 1,030 +€81m
TF1 258 223 -€35m
Bouygues Telecom 122 125 +€3m
Holding company and other (43) (34) +€9m
TOTAL 1,286 1,344 +€58m69
Contribution of business areas to Group net profit/(loss)€m 2012 2013 Change
Bouygues Construction 267 277 +€10m
Bouygues Immobilier 107 101 -€6m
291 301
Attributable to the Group
Annex – as published
Colas 291 301 +€10m
Sub-total of construction businesses 665 679 +€14m
TF1 59 60 +€1m
Bouygues Telecom (14) 11 +€25m
Alstom 240 168 -€72m
H ldi d th (317)1 (271)2 +€46m Holding company and other (317)1 (271)2 +€46m
Net profit attributable to the Group before the write-down of Alstom
633 647 +€14m
Write-down of Alstom - (1,404) nm
Net profit/(loss) attributable to the Group 633 (757) nm70(1) Including non-current charges of €53m related to the dilution loss further to the capital increase at Alstom (2) Before the write-down of Alstom
36Bouygues Group presentation – May 2014
Condensed consolidated balance sheet
€mEnd-Dec
2012End-Dec
2013Change
Non-current assets 20,170 17,684 -€2,486m(1)
Annex – as published
Current assetsHeld-for-sale assets and operationsTOTAL ASSETS
,16,584
-36,754
,15,4691,151
34,304
,-€1,115m
+€1,151m-€2,450m
Shareholders' equityNon-current liabilitiesCurrent liabilities
10,0789,845
16 831
8,6848,959
16 495
-€1,394m-€886m-€336m
(1)
(2)
71
Current liabilitiesLiabilities related to held-for-sale operationsTOTAL LIABILITIES
16,831-
36,754
16,495166
34,304
-€336m +€166m
-€2,450m
Net debt 4,172 4,427 +€255m
(1) Including impact of the write-down of Alstom (2) Relating to Eurosport International and Cofiroute (3) Relating to Eurosport International
(3)
Change in net cash position in 2013 (1/2)
Net cash at 31/12/2012 €m
Net cash at 31/12/2013
Annex – as published
-103 -591
-71
+610 -33(2) -67
Acquisitions/disposals1
(4,172) (4,427)(3 872)
4G frequenciesDividends paid
Issue & buyback of Bouygues
shares
Operation
Exceptional disposals3
Reclassification of Eurosport International4
(4,360)
(1) Including scope effects (2) Capitalised interest related to 4G frequencies(3) Disposal in 2012 of 20% stake in Eurosport and the theme channels at TF1 as well as divestment of tower business and data centres at Bouygues Telecom (4) Reclassification of Eurosport International to held-for-sale operations 72
2012 (3,862) -123 -608 +122 +599 -726 +426 (4,172) (4,172)
37Bouygues Group presentation – May 2014
Net cash flow1
+2,066
Change in net cash position in 2013 (2/2)
€m
Net capital expenditure
-1,245(2)
Breakdown of operation
Annex – as published
+610(2)
Change in operating WCR3 and other
-211
(2)
73
(1) Net cash flow = cash flow - cost of net debt - income tax expense (2) Excluding capitalised interest related to 4G frequencies for €33m at Group level (3) Operating WCR: WCR relating to operating activities + WCR relating to net liabilities related to property, plant & equipment and intangible assets (4) Excluding exceptional items related to Bouygues Telecom: 4G frequencies in the 800 MHz band (acquisition cost and capitalised interest for €726m) and asset
disposals for €207m
2012 +2,157 -1,433(4) -125 +599(4)
Contribution of business areas to Group net cash flow
€m 2012 2013 Change
Bouygues Construction 486 488 +€2m
Annex – as published
Bouygues Immobilier 120 120 =
Colas 723 678 -€45m
TF1 206 188 -€18m
Bouygues Telecom 780 763 -€17m
74
Holding company and other (158) (171) -€13m
TOTAL 2,157 2,066 -€91m
Net cash flow = cash flow - cost of net debt - income tax expense
38Bouygues Group presentation – May 2014
Contribution of business areas to Group net capital expenditure
€m 2012 2013 Change
Bouygues Construction 159 159 =
Bouygues Immobilier 13 10 -€3m
Annex – as published
Bouygues Immobilier 13 10 €3m
Colas 345 296 -€49m
TF1 45 39 -€6m
Bouygues Telecom 869(1) 739(2) -€130m
Holding company and other 2(1) 2(2) =
Total excluding exceptional items 1,433(1) 1,245(2) -€188m
75
Exceptional items 519 33 -€486m
TOTAL 1,952 1,278 -€674m
(1) Excluding exceptional items related to Bouygues Telecom: acquisition cost and capitalised interest related to 4G frequencies for €726m at Group level (o/w €696m at Bouygues Telecom level and €30m at Holding company level) and asset disposals for €207m
(2) Excluding capitalised interest related to 4G frequencies for €33m at Group level (o/w €13m at Bouygues Telecom level and €20m at Holding company level)
Contribution of business areas to Group free cash flow
€m 2012 2013 Change
Bouygues Construction 327 329 +€2m
Bouygues Immobilier 107 110 +€3m
Annex – as published
ouygues ob e 0 0 €3
Colas 378 382 +€4m
Sub-total of construction businesses 812 821 +€9m
TF1 161 149 -€12m
Bouygues Telecom (89)1 24(2) +€113m
76
Holding company and other (160)1 (173)2 -€13m
TOTAL 724(1) 821(2) +€97m
Free cash flow = cash flow - cost of net debt - income tax expense - net capital expenditure. It is calculated before changes in WCR
(1) Excluding exceptional items related to Bouygues Telecom: acquisition cost and capitalised interest related to 4G frequencies for €726m at Group level (o/w €696m at Bouygues Telecom level and €30m at Holding company level) and asset disposals for €207m
(2) Excluding capitalised interest related to 4G frequencies for €33m at Group level (o/w €13m at Bouygues Telecom level and €20m at holding company level)
39Bouygues Group presentation – May 2014
Net cash by business area
€mEnd-Dec
2012End-Dec
2013Change
Bouygues Construction 3,093 3,006 -€87m
Annex – as published
yg 3,093 3,006 €8
Bouygues Immobilier 358 271 -€87m
Colas (170) 39 +€209m
TF1 237 188(1) -€49m
Bouygues Telecom (650) (783) -€133m
77
Bouygues Telecom (650) (783) -€133m
Holding company and other (7,040) (7,148) -€108m
TOTAL (4,172) (4,427) -€255m(1) After reclassification of net cash for €67m at Eurosport International to held-for-sale operations
9,000
10,000
Financing
Available cash: €8.7bn€m
Annex – as published
3,000
4,000
5,000
6,000
7,000
8,000
Debt maturity schedule at end-December 2013Undrawn
MLTfacilities€5.5bn
0
1,000
2,000
,
Cash€3.2bn
78
40Bouygues Group presentation – May 2014
Impact of IFRS 11 on the Group's 2013 financial statements
€m2013
reported
Restatement2013
restatedBouygues Construction
Colas TF1
Sales 33 345 (10) (204) (10) 33 121
Annex
Sales 33,345 (10) (204) (10) 33,121
Current operating profit 1,344 2 (27) - 1,319
Operating profit 1,253 2 (27) - 1,228
Cost of net debt
Other financial income and expenses
Income tax expense
(309)
(26)
(367)
-
-
-
5
-
7
-
-
-
(304)
(26)
(360)
79
p
Associates1
( )
205 (2) 14 -
( )
217
Net profit from continuing operations1 756 - (1) - 755
Net profit attributable to non-controlling interests (109) - 1 - (108)
Net profit attributable to the Group before the write-down of Alstom1 647 - - - 647
(1) Before the write-down of Alstom for €1,404m
Impacts of the exceptional items on the net result attr. to the Group
€ millionQ1 2013 restated
Q1 2014 Change
Net result attributable to the Group (42) 285 +€327m
Non-current income of €196m related to Bouygues Telecom net of taxes - (109) -€109m
Annex
Non current income of €196m related to Bouygues Telecom, net of taxes (109) €109m
Net capital gain on the sale of Colas’ stake in Cofiroute
Cofiroute’s contribution to Q1 2013 net result
-
-
(240)
8
-€240m
+€8m
Net result attributable to the Group excluding exceptional items (42) (56) -€14m
€ millionQ1 2013 restated
Q1 2014 Change
80
Net result attributable to the Group of the construction businesses (46) 321 +€367m
Net capital gain on the sale of Colas’ stake in Cofiroute
Cofiroute’s contribution to Q1 2013 net result
-
-
(372)
8
-€372m
+€8m
Net result attributable to the Group of the construction businesses excluding exceptional items (46) (43) +€3m
41Bouygues Group presentation – May 2014
P&L impacts of the sale of the Cofiroute stake
€ million – Q1 2014Colas
P&L Colas
contribution1Group P&L
Annex
P&L
Net capital gain 385 385 385
- Goodwill at the Holding company level 0 0 -132
Net capital gain post goodwill 385
0
385 253
-13- Net capital gain att. to non-controlling interests2 (3.4%) -13
81
Net capital gain attributable to the Group 385 372 240(1) Colas’ contribution to Bouygues’ net profit
(2) Calculated on net capital gain (at 100%) before goodwill
Group organisation chart
Roadworks Building / Civil Engineering Property(1986) (1952) (1956)
Annex
96.6 % 100 % 100 %
CONSTRUCTION
(1994)
29.3% stakePOWER - TRANSPORT
(2006)
Figures as of 31 December 2013
43.5 %
TELECOMS
90.5 %
MEDIA
(1994) (1987)
82
42Bouygues Group presentation – May 2014
A diversified portfolio
Entering new businesses under good conditions
Growing market
Regulatory or technological changes
Acquisition of Colas / Screg in 1985
Acquisition of TF1 in 1987
Annex
Regulatory or technological changes
Favorable financial conditions
Ability to bring managerial skills
Disposing of businesses under the following circumstances
Lack of understanding and control of the market and its opportunities
Acquisition of TF1 in 1987
Launch of Bouygues Telecom in 1994
Investment in Alstom in 2006
Lack of understanding and control of the market and its opportunities
Structural reduction of free cash-flow generation
Better opportunities for use of proceeds
Excessive Capex requirement
Maison Bouygues in 1990
Bouygues Offshore in 2002
Saur in 2005
TPS in 200683
53%
20%
16%
7% 4%FranceEurope (excl. France)Asia and Middle eastAmericasAfrica
44%
42%
14% Building and Civil Works France
Building and Civil Works International
Electrical Contracting
CONSTRUCTION BUSINESSES: 2013 sales breakdownAnnex – as published
Africa
96%
4%
France
Europe85%
15%
Residential
Commercial
19%
15%
66%
Specialty activites
Building materials
Roadworks
19%
15%57%
9% North America
Europe (excl. France)
France
Others
84
43Bouygues Group presentation – May 2014
20 years of know-how in concession and PPP/PFI contracts A28 motorway concession A41 motorway concession Stade de France concession Reims tramway concession Cofiroute Libourne street lighting PPP
United Kingdom
Sport facilities PPPs (Stade Vélodrome in Marseille, Velodrom in Saint-Quentin en Yvelines) Hospital PPPs (Bourgoin-Jailleu, Caen etc.) Prison PPPs (Réau, Annœullin, Nantes, etc.) PPPs in the education sector (Paris 4, Versailles Saint-Quentin universities, 5 secondary schools in Loiret) Territorial planning PPPs (Paris and Valenciennes street lighting, broadband network in Vaucluse, etc.) French Ministry of Defence, Paris Paris Law courts complex Nîmes and Montpellier railway bypass
Annex
United Kingdom 18 health, education, social housing and street lighting PFI contracts
(incl. Home Office, Broomfield hospital, social housing in Brent, Hertfordshire campus etc.)
New Tyne Tunnel concession Portsmouth road maintenance PFI MAC-type road and railway maintenance contracts
Croatia
South Korea Machang Bay Bridge
concession
Canada Hospital PPP in British Columbia Royal Canadian Mounted Police headquarters PPP Iqaluit International Airport PPP
Singapore Sports Hub PPP
Germany Rostock tunnel concession Hungary
M5 motorway concession M6-M60 motorway PPP
Nîmes and Montpellier railway bypass Municipal authority complex in Bordeaux L2 bypass in Marseille
Istria motorway concession
phases 1 and 2 Zagreb Airport concession
South Africa Gautrain rail link concession
Jamaica Motorway concession:
highway 2000, 1A
concession Pusan port concession
Hong Kong AsiaWorld-Expo concession
and Marriott hotel
United States Miami port tunnel PPP
Long-term road maintenance contracts
Saudi Arabia Equestrian Club PPP
Cyprus Lanarka and Pafos
airport concession
Bouygues Construction Colas
Australia Sydney metro
85
Ivory Coast Highway concession
28 August 2014 First-half 2014 sales and earnings 7.30am
CalendarAnnex
g g
28 August 2014 First-half 2014 results presentation 11.00am
14 November 2014 Nine-month 2014 sales and earnings 7.30am
86
44Bouygues Group presentation – May 2014
87
87BUILDING THE FUTURE IS OUR GREATEST ADVENTUREBUILDING THE FUTURE IS OUR GREATEST ADVENTUREBUILDING THE FUTURE IS OUR GREATEST ADVENTUREBUILDING THE FUTURE IS OUR GREATEST ADVENTURE