2004 – Sales and results

Organisation chart

Shareholder structure (at 31.12.2004)

BNP PARIBAS

19.0%

BPFRANCE

2.6%

Employees22.7%

Own shares3.7%

Free float52.0%

2004 Sales(€m)

CONSTRUCTION 3,411 3,885 + 13.9 % o/w property development 364 492

ROAD CONSTRUCTION 1,985 2,145 + 8.1 % ELECTRICAL CONTRACTING 1,346 1,507 + 12.0 % METALLIC CONSTRUCTION 211 201 - 4.7 % CONCESSIONS 9 27 x 3

6,962 7,765 + 11.5 %

Of which - France 5,735 6,493 + 13.2 %- Europe 1,051 1,160 + 10.4 %- rest of the world 176 112 - 36.4 %

TOTAL

2003 2004 Change

Sales

Electrical contracting

19.4%

Road construction

27.6%

Metallic construction

2.6%

Construction43.8%

Property develpt

6 3%

Concessions0.3%7,765

6,9626,9416,4026,245

2000 2001 2002 2003 2004

(€m)

6.3%

Eiffage in Europe(€m)

COUNTRIES ACTIVITIES

BELGIUM 430 Constr. - Prop. Dev. - Electr. - Concessions

SPAIN 230 Road - Electricity

POLAND 170 Construction

GERMANY 150 Road - Civil Engineering - Electricity (2005)

PORTUGAL 110 Motorways - Property Development

ITALY 50 Civil Engineering - Electricity

OTHERS 20 Ireland - U.K. - Norway - Luxemburg

TOTAL SALES 1,160

SALES 2004

Profit growth(€m)

Operating profit Net profit* Excluding deferred tax credit : 27 €m

*

(% of sales)

171

203

235

266

307

2.7%3.2% 3.4%

3.8% 4.0%

2000 2001 2002 2003 2004

103

125 126140

177

1.6%2.0% 1.8%

2.0%2.3%

2000 2001 2002 2003 2004

Operating profit and margins(€m)

% sales % sales

CONSTRUCTION + 138 + 4.0 % + 150 + 3.9 %

ROAD CONSTRUCTION + 54 + 2.7 % + 79 + 3.7 %

ELECTRICAL CONTRACTING + 62 + 4.6 % + 70 + 4.6 %

METALLIC CONSTRUCTION + 12 + 5.7 % + 6 + 3.0 %

CONCESSIONS + 1 n.s. + 4 n.s.

HOLDING COMPANIES - 1 - - 2 n.s.

Consolidated operating profit + 266 + 3.8 % + 307 + 4.0 %

2003 2004

Consolidated profit & loss account(€m)

Sales 6,962 7,765

Operating profit + 266 + 307 Net financial charges - 1 + 6

+ 265 + 313 Exceptional items - 27 - 37 Tax - 88 - 94 Equity accounted companies + 44 + 48 Goodwill amortisation - 55 - 53 Minority interests + 1 + 0

Net profit - Group share + 140 + 177

2003 2004

Profit on ordinary activities

Breakdown of net profit – Group share(€m)

CONSTRUCTION + 87 + 94 ROAD CONSTRUCTION + 34 + 50 ELECTRICAL CONTRACTING + 38 + 43 METALLIC CONSTRUCTION + 5 + 4 CONCESSIONS + 41 + 47 HOLDING COMPANIES - 11 - 8

+ 194 + 230 Goodwill amortisation - 55 - 53 Minority interests + 1 0

+ 140 + 177

2003 2004

NET PROFIT - GROUP SHARE

Result before goodwill

Consolidated balance sheet(€m)

ASSETS 2002 2003 2004 LIABILITIES 2002 2003 2004

Intangible assets 537 523 565 Capital and reserves 783 881 991

Concessions 418 540 816 Net profit 126 140 177

Tangible assets 429 456 520 Shareholders' equity 909 1,021 1,168

Investments 128 123 166

Fixed assets 1,512 1,642 2,067

Net cash - 83 41 Net debt 72 - -

Other assets 3,704 3,471 3,717 Other liabilities 3,841 3,745 4,225

TOTAL 5,216 5,196 5,825 TOTAL 5,216 5,196 5,825

Provisions 394 430 432

Fixed assets - Concessions(€m)

145

540

816

418

215

2000 2001 2002 2003 2004

Cofiroute 190 212 Millau viaduct 284 399 Norscut - - Prado Carénage 8 10 Eiffage Parking 56 174 Perpignan - Fig. - 17 Connectic 78 - 2 Others 2 2

Total 540 816

2003 2004

Cash flow statement(€m)

Consolidated cash flow + 277 + 319 Provisions / Profit on disposals - 5 - 29 Change in WCR + 149 + 217 Capital expenditure - 330 - 454 Disposals + 93 + 67

Net cash flow + 184 + 120

Dividends - 31 - 62 Capital increase + 6 + 8 Change in consolidation scope - 4 - 108

Change in net debt + 155 - 42

2003 2004

Capital expenditure(€m)

Intangible 5 5

Tangible 97 119

Concessions 147 223

Acquisitions 81 107

Total 330 454

2003 2004

Order book (at 01/01/2005)(€m)

CONSTRUCTION 4,490 4,940 + 10.0 %

ROAD CONSTRUCTION 1,000 1,150 + 15.0 %

ELECTRICAL CONTRACTING 550 770 + 40.0 %

METALLIC CONSTRUCTION 210 190 - 9.5 %

6,250 7,050 + 12.8 %

At 01/01/2004 At 01/01/2005 Change

TOTAL

2005 sales(€m)

CONSTRUCTION 3,885 4,000 + 3.0 % o/w property development 492 440

ROAD CONSTRUCTION 2,145 2,250 + 4.9 % ELECTRICAL CONTRACTING 1,507 1,650 + 9.5 % METALLIC CONSTRUCTION 201 150 - 25.4 % CONCESSIONS 27 100 x 4

7,765 8,150 + 5.0 %

Of which - France 6,493 6,880 + 6.0 %- Europe 1,160 1,170 + 0.9 %- rest of the world 112 100 - 10.7 %

TOTAL

2004 2005 Change

Stock market performance – between 01/01/03 and 22/02/05

248

125

60

80

100

120

140

160

180

200

220

240

260

280

300

01/01/2003 01/04/2003 01/07/2003 01/10/2003 01/01/2004 01/04/2004 01/07/2004 01/10/2004 01/01/2005

EiffageCAC 40

– Dividend : Interim dividend in novembre 2004 of 1€ p/share. Final dividend to be set by GM of 20 April 2005.

Base

IFRS : Impact on the consolidated balance sheet

ASSETS LIABILITIES

Intangible assets 523 - 7 516

Concessions 540 + 11 551 Capital and reserves 1,021 - 100 (2) 921

Tangible assets 456 + 234 690

Investments 123 0 123

Fixed assets 1,642 + 238 (1) 1,880

Cash 794 - 24 770 Debt 711 + 262 (4) 973

Other assets 3,471 - 34 3,437 Other liabilities 3,745 - 82 3,663

TOTAL 5,907 180 6,087 TOTAL 5,907 + 180 6,087

(3) 530

01/01/04 IFRS01/01/04 Change Change01/01/04

IFRS 01/01/04

Provisions 430 + 100