bouygues group presentation

1

November 2014

Bouygues Group presentation

BUILDING THE FUTURE IS OUR GREATEST ADVENTURE

1

November 2014

This presentation contains forward-looking information and statements about the Bouygues group and its businesses. Forward-looking

statements 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: financial

projections, forecasts and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with

respect to future operations, products and services; and statements regarding future performance of the Group. Although the Group’s

senior management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned

that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and

generally beyond the control of the Group, that could cause actual results and developments to differ materially from those expressed in, or

implied or projected by, the forward-looking information and statements. Investors are cautioned that forward-looking statements are not

guarantees of future performance and undue reliance should not be placed on such statements. The following factors, among others set

out in the Group’s Registration Document (Document de Référence) under the section headed Risk factors (Facteurs de risques), could

cause actual results to differ materially from projections: unfavourable developments affecting the French and international

telecommunications, audiovisual, construction and property markets; the costs of complying with environmental, health and safety

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 from

current or future litigation. Except to the extent required by applicable law, the Bouygues group makes no undertaking to update or revise

the projections, forecasts and other forward-looking statements contained in this presentation.

2

THE BOUYGUES GROUP Slide 4

THE BUSINESSES Slide 13

9M 2014 RESULTS Slide 33

CONCLUSION Slide 71

APPENDIX Slide 73

3

Profile

A diversified industrial group

5 businesses with different cycles focusing on three sectors: construction, telecoms and media

Key figures1 in 2013 €647m4 net profit

128,067 employees

4

26.12.4

4.6

Sales2 at €33.1bn

1,005

223 125

Current operating profit2 at €1,319 m

2013 contribution1 by business area

819

149 24(3)

Free cash flow2 at €818m3

Construction businesses Bouygues TelecomTF1

(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

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 growth

A sound financial profile

5

Shareholders’ structure allowing long-term focus

Shareholder structure at 30 June 2014

A stable share ownership structure

6

SCDM

Employees

Other French

shareholders

Voting rights

At 31 June 2014: 335,727,874 shares and 484,648,071 voting rights.

SCDM is a company controlled by Martin and Olivier Bouygues

Capital

20.9%

24.1%

16.8%

38.2%

Foreign

shareholdersSCDM

Employees

Other French

shareholders

Foreign

shareholders 27.8%

30.0%12.9%

29.3%

A strong and distinctive corporate culture

Construction is a “good management school”

Project management skills and knowhow in complex projects

Managers have experienced previous crises

Strong mobility within the Group and of top managers

7Pragmatic – Cautious – Opportunistic – Entrepreneurial

Masan Bay bridge, South Korea Stade de France Bouygues Telecom 3G network

Long-term growth opportunities

Growing long-term infrastructure needs in both developed and emerging countries

Drivers: demographic growth, urbanization, saturated and

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

A solid operational track record

€20.5bn

9

€876m

2001

€344m

2013(1)

+ 4 %

+ 3 %

+ 5 %

(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

€33.1bn

€1,319m

€647m3

€1.60

Sales

Operating profit

Net profit2

DPS

CAGR

0%

2%

4%

6%

Ability to control capex

Capex-to-sales ratio2

A healthy financial profile

10

Available Cash = €8.7bn

Low gearing at 51%1

Evenly spread repayment schedule

No significant off-balance sheet commitment

High level of liquidity

Free cash flow2 = €0.8bn

Average Free cash flow since 2005 at €1bn

Cash remittance to the holding

Sustainable cash-flow

generation

All figures are at end December 2013

Debt under control

(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

1Dividend yield based on closing price

0.36

0.50.75

0.90

1.21.5 1.6 1.6 1.6 1.6 1.6

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Dividend yield1:

1

Dividend per share

4.4% 5.0%5.3%2.6% 6.6%2.5%2.2%2.2%2.7% 7.1%

11

5.8%




GROUP OUTLOOK Slide 81

CONCLUSION Slide 71

APPENDIX Slide 7312

Construction businesses

13

A world leader: n°7 “top international contractor” according to ENR ranking1

2013 key figures

France59%Europe

(excl. France)

16%

Americas11%

Asia & Middle East

8%

Africa6%

11.1

2.512.8

Buildings & civil works Real estate Roads

CONSTRUCTION BUSINESSES: profile

Sales2: €26.1bn3

437

178

390

Building & civil works Real estate Roads

331

110

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)

Sales4 by region

Free cash flow2: €819mOperating profit2 : €1,005m

14

Building & civil works

Bouygues Construction is a world leading full service contractor in building & civil works, electrical

contracting and maintenance

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 in

residential 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...)

CONSTRUCTION BUSINESSES: profile

15

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

16

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 offers

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

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

French Ministry of Defense, Balard, 2012-2014

Green office®, Meudon

Sports Hub, Singapore, 2010-2014

17


18

L2 bypass PPP in

Marseille, France

New Coastal Road on

Reunion Island, France

The largest infrastructure project awarded

in France in 2013

30-year PPP

Works valued at €340m for Bouygues

Construction and Colas

Completion: 2017

Construction of the longest off-shore viaduct

in France (5.4 km)

Contract worth €218m for Bouygues

Construction

Construction of four sections of an elevated

dual three-lane road

Contract worth €318m for Colas

Completion: 2018

Some examples in transport: major road construction projects

19

Iqaluit International Airport, Canada

Financing, design and construction of a new terminal

Works valued at €160m for Bouygues Construction and Colas

Handover scheduled for end-2017

Lyon-Saint Exupéry Airport, France

Design and construction of a new terminal

Works valued at €142m

Handover of the first phase in 2016

Passenger capacity: close to 10 million

Zagreb Airport, Croatia

Financing, design and construction of a new terminal

Works valued at €243m

Handover scheduled for end-2016

Passenger capacity: 5 million

Some examples in transport: airports


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

(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

Rabat-Salé tramway, Morocco

Order book at Colas Rail

0.3 0.3 0.4 0.5

0.30.6

0.70.8

0.6

0.9

1.1

1.3

End-2010 End-2011 End-2012 End-2013

Share of more than 1 year

Share of less than 1 year

€bn

20

+14%

YoY

Countries where Bouygues Construction

and Colas generated sales in 2013

CONSTRUCTION BUSINESSES: main international contracts won in 2013

21

Canada

Iqaluit Airport (€160m)

Road maintenance (€35m)

US

Private property development (€200m)1

Airport runway (€20m)

Cuba

Luxury hotel complex (€60m)

Trinidad and Tobago

National oncology centre (€40m)

Morocco

Luxury residence (€40m)

Tangier-Kenitra high-speed

rail line (€125m)

Tunisia

Tunis rapid rail network (€85m)

Chad

Road (€40m) Turkmenistan

Theatre and concert centre (€340m)

International university (€90m)

Singapore

Bangkok condominium tower (€100m)

Bishan condominium tower (€100m)

Thailand

Photovoltaic solar power plants (€40m)

Myanmar

Residential complex (€70m)

Hong Kong

Subsea road tunnel (€1.15bn)

Macao

Luxury hotel complex (€360m)1

Switzerland

Erlenmatt eco-neighbourhood in Basel (€130m)

Im Lenz eco-neighbourhood in Lenzburg (€110m)

UK

University campus in Hertfordshire (€140m)

Property complex in Lewisham (€70m)

Road maintenance in London (€205m)

(1) Partial order intake in 2013

Group share – rounded up/down

50% of the order books at Bouygues Construction and Colas is to be executed in international markets

Croatia

Zagreb Airport (€240m)

Chile

Santiago metro in Chile (€70m)

Hungary

M85 motorway (€90m)

Slovakia

R2 motorway (€80m)

Operations in 80 countries

CONSTRUCTION BUSINESSES: focus on long-term sustainability

22

Order books (€m)

14,154 15,283 17,147 17,832

2,2803,051

2,957 2,6106,1416,472

6,704 7,08822,57524,806

26,808 27,530

End-2010 End-2011 End-2012 End-2013

Bouygues Construction Bouygues Immobilier Colas

+3%

-12%

+4%

+6%

+22%

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 adapt

2013 orders at Bouygues Construction and Colas to be executed beyond

one 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

Focus on controlling operating and financial risks in order

to ensure long-term performance

Commercial selectivity (preference is given to margin)

Strict control procedures and cautious guidelines

161

368 420

617497 450

695784*

488605

812819

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

384 379

535783

966 1,1581,236

1,079832

1,020949 1,005

2,7%2,8%

3,7%

4,7%5,1% 5,3% 5,0%

4,6%

3,6%

4,2%3,7% 3,9%

0,0%

1,0%

2,0%

3,0%

4,0%

5,0%

6,0%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

CONSTRUCTION BUSINESSES: robust financial profile

A solid profitability1

Operating profit (€m) and margin

A recurring FCF generation1 (€m)

1,185

1,689

2,2592,440

2,4952,794

2,587

3,547

3,1753,404

3,281 3,308

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

*Excluding Axione disposal at Bouygues Construction for €163m

A high net cash position1 (€m)

23(1) 2013 figures restated for IFRS 11

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)

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

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)

TF1: profile

68% 32%

2013 sales breakdown

TF1 Group

advertisingOther activities

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

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

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

A network of about 500 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

BOUYGUES TELECOM: profile

281SIM-only/web-only 2Attributable to the group

BOUYGUES TELECOM: facing a challenging mobile market

A challenging mobile market since 2012

Strong growth in SIM-only plans transforming the business model

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 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: 71%1 of the population having access to 4G

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 73 MHz of spectrum (27% of the total available) on 800, 900, 1,800, 2,100 and 2,600 MHz

bands

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

1.2 million Fibre home passed (FTTH) – Target of 1.4 million by end 2014 and 2 million by end 2015

More than 7 million households eligible for very-high-speed thanks to Numericable wholesale agreement

BOUYGUES TELECOM: technology and innovation

30(1) Data collected on November 2014

Creating value by developing mobile data use

4G allows intensive data use making new uses possible

Pursuing growth in the fixed broadband business by making

services and very-high-speed broadband accessible to

as many people as possible

Roll out of the directly-owned network enabling Bouygues Telecom to

offer customers market-beating prices (€15.99, €19.99 and €25.99)

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

820

2010 2011 2012 2013

BOUYGUES TELECOM: opportunities

Fixed broadband sales from

network (m€)1

1Sales from network excluding ideo discount 2Estimate by Arcep and Bouygues Telecom

+31%

31

Average GB consumption per month by Bouygues

Telecom customers in 3G vs 4G




CONCLUSION Slide 71

APPENDIX Slide 73

32

33

Reminder: change of accounting methods in 2014

As announced

The figures published in 2013 have been restated for IFRS 11

TF1's remaining 49% interest in Eurosport International is consolidated by the equity

method from 1 June 2014, following the sale of a controlling stake to Discovery

Communications on 30 May 2014

Eurosport International’s contribution recorded at Bouygues level from 1 January until 30 May 2014

Sales: €150m

Current operating profit: €26m

Alstom’s contribution to Bouygues’ net profit is now booked only in Bouygues’ Q1 and Q3

and it is calculated from the net results reported by Alstom for the six months ended 31

March and 30 September

ANNEX

34

GROUP KEY FIGURES

BUSINESS SEGMENTS

FINANCIAL STATEMENTS

ANNEXES

€ million 9M 2013 restated 9M 2014 Change

Sales

o/w France

o/w international

24,088

16,115

7,973

24,223

15,664

8,559

+1%a

-3%

+7%

Current operating profit 878 554 -€324m

Operating profit 878 949b +€71m

Net profit attributable to the Group 548 728c +€180m

Group key figures (1/2)

9-month 2014 results are in line with H1 2014 trends

Based on the first 9 months, 2014 Group sales should be about stable

vs 2013 (between -1% and 0% vs 2013)

35

(a) +1% like-for-like and at constant exchange rates (b) Including non-current operating income of €81m related to Bouygues Telecom and a capital gain of €314m on the sale of Eurosport International (31%) and the remeasurement of the residual interest (49%) (c) Including a net capital gain of €240m on the sale by Colas of its stake in Cofiroute

Group key figures (2/2)

36



of which construction businesses

of which TF1

of which Bouygues Telecom

635

104

160

541

58

(26)

-€94m

-€46m

-€186m

Current operating margin 3.6% 2.3% -1.3 pts

Current operating profit mainly reflects the expected decline in profitability

at Bouygues Telecom

Financial results of the construction businesses

37

Sales growth driven by international activities

Bouygues Construction results reflect a number of major projects in their early stages, in particular the Zhuhai Macao

bridge

Colas operating margin holding up well, excluding the impact of the sales of refined products activity, thanks to the railways

and international activities

Decrease of activity in the French roads market partly compensated by the benefits of the 2013 reorganisation

9-month 2014 operating loss of €41m at the sales of refined products activity (vs operating loss of €31m in 9-month 2013 and €46m in 2013)

€m 9M 2013 restated 9M 2014 Change

Sales

o/w France

o/w international

18,934

11,282

7,652

19,34710,976

8,371

+2%a

-3%

+9%

Current operating profit

o/w Bouygues Construction

o/w Bouygues Immobilier

o/w Colas

635

311

123

201

541

244

124

173

-€94m

-€67m

+€1m

-€28m

Current operating margin 3.4% 2.8% -0.6 pts

(a) Up 2% like-for-like and at constant exchange rates (down 3% in France and up 10% internationally)

Q3 2014 results confirm H1 2014 trends

Continuation of the subscriber base repricingd: 82% at end-September 2014 vs 60% at end-December 2013

4G licence fee related to the refarming of 1800 MHz: €44m in the 9-month 2014

Confirmation of the target to generate an "EBITDA minus Capex" item close to zero in 2014

Financial results of Bouygues Telecom

38(d) 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

(a) Down 5% like-for-like and at constant exchange rates (b) Including non-current income of €86m: €432m for litigation settlements and

other minus €346m in provisions for adaptation costs and other (c) Excluding capitalised interest related to 4G frequencies for €13m

€m 9M 2013 9M 2014 Change

Sales 3,453 3,294 -5%a

Sales from network 3,169 2,915 -8%

EBITDAEBITDA/network sales

727

22.9%

538

18.5%

-€189m

-4.4 pts

Current operating profit/(loss) 160 (26) -€186m

Operating profit 160 60b -€100m

EBITDA minus Capex 166c 44 -€122m

39

GROUP KEY FIGURES

BUSINESS SEGMENTS


ANNEXES

40

Construction businesses

Solid commercial performance of the construction businesses

High level order book: €27.4bn at end-September 2014,

stable year-on-year

41

15,262 17,051 17,711 17,626

2,6302,879 2,615 2,144

6,6697,006 7,094 7,671

End Sept.2011

End-Sept.2012

End-Sept.2013

End-Sept.2014

ColasBouygues ImmobilierBouygues Construction

Order books (€m)

€24.6n

€27.4bn€26.9bn €27.4bn

Roland-Garros airport, Reunion island

Update on trading environment

As expected, the French market got tougher in the 9-month 2014 period

Significant slowdown in the French roads activity

9-month 2014 sales down 12% vs 9-month 2013

Order book at end-September 2014 down 11% vs end-September 2013

Scarcity of very large contracts

No recovery yet in the property market

Positive government measures could stimulate the residential market in 2015

However, to cope with the French slowdown, Bouygues’ construction activities demonstrate…

A strong momentum in international business

A diverse mix of offerings and technical expertise providing differentiation

… and can rely on a flexible cost structure and ongoing adaptation plans to mitigate the impact

on operating margin42

Strong momentum in international business

Increased international presence

51% of the combined order book at Bouygues Construction and Colas (vs 49% at end-September

2013): €13bn at end-September 2014, up 6% year-on-year

At €8.5bn, Bouygues Construction international order book has yet to include the East West Link

contract in Australia for €975m

Colas international order book: €4.4bn, up 24% year-on-year at end-September 2014

43

Colas order book (€m)

+8%

+24%

-8%

Bouygues Construction order book (€m)

9,050 9,094

8,661 8,532

17,711 17,626

End Sept. 2013 End Sept. 2014

International

France

=

-1%

=3,523 3,226

3,571 4,445

7,0947,671


International andFrench overseasterritories

Mainland France

East West Link contract in Australia

Project

PPP contract to finance, design and construct a new 6.6-kilometre freeway link in northern

Melbourne and to operate it for 25 years

Customer: the Linking Melbourne Authority

Total value: about €4.6bn

As part of a consortium, Bouygues Construction

will design and build the road

Value for Bouygues Construction: €975m

The project will take 5 years to complete

Contract has yet to be included in the order book

This success confirms the development strategy in Australia, which relies on executing high

value added projects in partnership with established local companies44

Strong momentum in international business

45

International sales

represented 48% of

Bouygues Construction

and Colas sales

in the 9-month 2014,

versus 44% a year ago

Americas:

€2.2bn, +4%+10% at constant

exchange rates

Africa:

€0.9bn, =

+3% at constant

exchange rates

Asia, Oceania &

Middle-East:

€1.7bn, +13%

+17% at constant

exchange rates

Europe (excl. France):

€3.5bn, +15%+13% at constant exchange

rates

France:

€9.1bn, -6%

Countries where

Bouygues Construction and

Colas generated sales in 9M 2014

Sales generated by Bouygues Construction and Colas in 9M 2014

(and change vs 9M 2013)

A diverse mix of offerings and technical expertise provides differentiation

leading to outperformance in the French market

Strong momentum in the railways activity at Colas

Solid French order intake at Bouygues Construction

Ex: contract for the new coastal Road on Reunion Island and contract for package 2 of the Paris metro line 14 extension

Expertise in turnkey projects at Bouygues Immobilier

Reservations increased in a depressed market thanks to the gain of a large commercial property project

Diverse mix of offerings and technical expertise

46

3,859 4,076

9M 2013 9M 2014

+6%

Bouygues Construction French order intakea

(a) Definition: contracts are booked as order intakes at the date they take effect

(b) Definition: residential property reservations are reported net of cancellations. Commercial property reservations are firm orders which cannot be cancelled (notarised deeds of sale)

1,090 992

210 420

1,300

9M 2013 9M 2014

Commercialproperty

Residentialproperty

Bouygues Immobilier reservationsb

+9%

1,2101,590


+31%

Colas order book in railways

1,412

SMA's future head office in Paris

SMA, a provider of insurance services, has acquired its future head office

from Bouygues Immobilier

35,000-m² turnkey office building, located in the 15th arrondissement of Paris, on the site

of the former Hotel Pullman Porte de Sèvres

It will benefit from stringent environmental construction standards, guaranteed by the following

certifications: BREEAM Good, LEED Gold, and NEF bâtiments tertiaires – HQE®

Contract signed in Q3 2014

Total value of reservations booked in Q3 2014 around €300m,

of which about half has already been recorded

in Q3 2014 revenue for the sale of the land

Project scheduled to be delivered in summer 2017

47

Flexible cost structure and ongoing adaptation plans

Visibility in the order book at Bouygues Construction allowing time to adapt

Highly variable cost structure in the construction businesses

A cost structure driven by projects

Flexibility in personnel costs resulting from subcontracting, temporary workers or ability to hire

personnel for the duration of a contract

Ex: about 63% variable costs in the Colas French roads activity

Ex: about 80% variable costs in the Bouygues Construction French building activity

Ongoing adjustment measures or cost-cutting plans in each business

Notably, Colas presented a redundancy plan at the Dunkerque refinery with the objective to return to

breakeven in 2016

Closing of the “base oil activity” to ensure the future of the bitumen production

48

Attracting Mobile customers to value-added plans

50(a) Customers with offer including data consumption higher or equal to 500MB/month

(b) Customers having used the 4G network in the last 3 months (Arcep definition)

59%61%

64%68%

72% 73%77%

End Q1 13 End Q2 13 End Q3 13 End Q4 13 End Q1 14 End Q2 14 End Q3 14

% of retail customers subscribing to a value-added plana

Growth in value-added plans

Close to 80% of retail plan customers on a value-added plana at end-September 2014

22% of the mobile subscriber base were active 4G usersb at end-September 2014, i.e. 2.5 million 4G

customersb (700,000 new 4G customers in Q3 2014)

Nearly 60% of B&YOU customers were on a 4G plan ≥ 3GB at end-September 2014

1,000

1,400

1,8002,500

End Q4 13 End Q1 14 End Q2 14 End Q3 14

Active 4Gb subscribers ('000) and share

of the total mobile subscriber base

9%13%

16%

22%

4G traction in the business segment

51

Bouygues Telecom business mobile subscriber base

Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14

+ 10 %

Launch of

4G Business mobile subscriber

base up 10% since the launch

of 4G

New major business contract signed

with La Poste

Postmen will be equipped with connected smartphones

allowing the development of new services

Increase in data usage thanks to 4G

52

Average data use of a Bouygues Telecom customer

0

1

2

3

Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14

All customers

Active 4G customers

GB/customer Launch of

4G

Average data use of a Bouygues Telecom customer

800 MB per month for all customers: x2.5 since the launch of 4G

2 GB per month for 4G active users

74% of the retail subscriptionsa with a 4G handset: x2 since the launch of 4G

(a) Sales with subsidized handsets

33%

61% 64% 67%74%

Q3 13 Q4 13 Q1 14 Q2 14 Q3 14

Share of 4G handset in the retail plan salesa

Continued momentum in the fixed activity

53

4510

4072

100 102 104

Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14

Net growth of the fixed broadband business (‘000)a

Confirmed success of the new fixed broadband offers

Bouygues Telecom No. 1 in terms of net addsb for the fourth quarter in a row

Net growth of 306,000 customers in the 9 months of 2014

Bouygues Telecom directly-owned fixed network covers about 50% of the French households

Share of Bouygues Telecom fixed broadband

customers on directly-owned network

(a) Includes broadband and very-high-speed subscriptions (b) Company estimate for Q3 14 and Arcep figures for previous quarters

June 2014 September 2014 End 2014 (e)

45%50%

55%

Launch of Bbox Miami

Commercial launch: beginning 2015

On-going Friendly User Test (FUT) with 300

customers

Bouygues Telecom maintains full control

over the user interface designed by its

partner iFeelSmart company

Bbox Miami: bringing TV and internet content together

54

5% The Miami Set Top Box awarded « Most Innovative Service

Provider » at the 2014 Broadband World Foruma55%

iFeelSmart interface for Bbox Miami

(a) The Broadband World Forum is the world’s largest broadband event

Accelerating transformation while reasserting positioning (1/2)

55

A positioning focused on customer experience

The objective : choose Bouygues Telecom for the best offer and stay for the best experience

A set of new simplified offers and a “golden rule” that existing customers will always benefit from

latest offer enhancements

Offering the best experience to access the digital world (best 4G network, innovative fixed services)

Enhanced customer service for all (boutique, web, phone)

The means

Simplification of the number of tariff plans managed in IT systems (from 650 to less than 40)

Migration of existing customer base

The benefits for Bouygues Telecom

Churn reduction and opportunity for value increase thanks to data consumption

Dramatic cost reduction allows success in delivering recurring cost saving

Accelerating transformation while reasserting positioning (2/2)

56

Executing the plan to generate savings of €300m by 2016 vs. 2013, around half of which

will occur in 2015

Simplification of organisation and processes

On-going redundancy plan of 1,404 jobs

210 departures at end-September 2014

Confident that a large majority of departures would be voluntary departures vs forced redundancies

Entering the operational phase of the network sharing agreement with SFR

An opportunity for improved network quality and coverage as well as additional cost savings

Looking ahead, the complete transformation of Bouygues Telecom initiated in 2012 will

be almost complete by mid 2015

57

GROUP KEY FIGURES

BUSINESS SEGMENTS


ANNEXES

Condensed consolidated income statement (1/2)

€ million9M 2013

restated9M 2014 Change

Sales 24,088 24,223 +1%


Other operating income and expenses 0 395a +€395m

Operating profit 878 949 +€71m

Cost of net debt

o/w financial income

o/w financial expenses

(222)

40

(262)

(238)

40

(278)

-€16m

=

-€16m

Other financial income and expenses (16) 16 +€32m

58(a) Including non-current operating income of €81m related to Bouygues Telecom and a capital gain of €314m on the sale of Eurosport International (31%)

and the remeasurement of the residual interest (49%)


€ million9M 2013

restated9M 2014 Change

Income tax expense (242) (185) +€57m

Investments in joint ventures and associateso/w share of profits

o/w net capital gain on Cofiroute disposal

212212

-

407154

253a

+€195m-€58m

+€253m

Net profit 610 949 +€339m

Net profit attributable to non-controlling interestsb (62) (221) -€159m

Net profit attributable to the Group 548 728 +€180m

59(a) Net capital gain at 100% (b) Formerly 'Minority interests'

Change in net cash position in Q3 2014 and 9M 2014 (1/2)

(a) Including scope effects

(b) Sale of Colas' 16.67% stake in Cofiroute and sale of 31% of Eurosport International

(c) Exercise of stock options (+€14m) and other capital transactions

(d) Exercise of stock options (+€1m)

(e) Share issue and buybacks (-€74m), capitalised interest related to 4G frequencies (-€21m)

(f) Capitalised interest related to 4G frequencies (-€12m)

-11-198

-1,600+1,060

+263+10 -79+1

Net cash at

31/12/2013

€m

2013

restated(4,176) -35 -591 -860 -95e (5,757) -57 +227 -12f (5,599)

(4,435)

Net cash at

30/09/2014

OperationExceptional

disposalsb

(4,989)

Acquisitions/

disposalsa

Dividends

paid

Otherc

(5,174)

Operation Otherd

Net cash at

30/06/2014

60

Acquisitions/

disposalsa

Change in net cash position in Q3 2014 (2/2)

+608

-323-22

Net cash flowa€m

+263

Net capital expenditure

Change in operating WCRb

and other

Q3 2013 restated +773 -268c -278 +227c

Breakdown of operations

61

(a) Net cash flow = cash flow - cost of net debt - income tax expense

(b) Operating WCR: WCR relating to operating activities + WCR relating to net liabilities related to property, plant & equipment and intangible assets

(c) Excluding capitalised interest on 4G frequencies for €12m

62

GROUP KEY FIGURES

BUSINESS SEGMENTS


ANNEXES

Key figures at Bouygues Construction

63

(a) Definition: contracts are booked as order intakes at the date they take effect

Order intake(a) Order book (€m)

€m

International France

France52%

Asia and Middle East

19%

Europe (excl.

France)19%

Americas6%

Africa4%At end-September

2014

(b) Up 6% like-for-like and at constant exchange rates

ANNEX


Sales 7,992 8,492 +6%b

o/w France 4,396 4,362 -1%o/w international 3,596 4,130 +15%

Current operating profitCurrent operating margin

3113.9%

2442.9%

-€67m-1.0 pt

Net profit attributable to the Group 204 184 -€20m

5,027 5,6963,859 4,076

3,2863,284

4,752 3,972

8,3138,980 8,611

8,048

9M 2011 9M 2012 9M 2013 9M 2014

For execution in Y

2,452 2,581 2,856 2,844

6,541 7,063 7,505 7,183

3,8674,753 4,642 4,968

2,402

2,654 2,708 2,631

End-Sept.2011

End-Sept.2012

End-Sept.2013

End Sept.2014

Long-term order book (beyond Y+5)

For execution from Y+2 to Y+5

15,262

For execution in Y+1

17,051 17,626=

17,711

-7%

-16%

+6%

1,040 1,090

358 210 420

1,3981,300

1,412

9M 2012 9M 2013 9M 2014

9922,111

2,460 2,381 2,087 1,778

75170 498

528366

2,186

2,6302,879

2,615

2,144

End-Sept2010

End-Sept2011

End-Sept2012

End-Sept2013

End-Sept2014

Order book

Key figures at Bouygues Immobilier

64

(a) Definition: residential property reservations are reported net of cancellations. Commercial property reservations are firm orders which cannot be cancelled (notarised deeds of sale)

Reservations(a)

Commercial property

Residential property

€m

+9%

YoY


Sales 1,710 1,942 +14%b

o/w residential 1,445 1,484 +3%

o/w commercial 265 458 x2

Current operating profitCurrent operating margin

1237.2%

1246.4%

+€1m-0.8 pts



ANNEX

-18%

YoY

Key figures at Colas

65

Mainland FranceInternational and French overseas territories

3,994 3,615 3,941 3,515 3,523 3,226 3,277

3,537 4,449 3,629 4,7273,571 4,445

3,811

7,5318,064

7,570

8,242

7,0947,671

7,088

End-March2013

End-March2014

End-June2013

End-June2014

End-Sept2013

End-Sept2014

End-Dec2013

End-Dec2014

+8%

+24%

-8%

Order book (€m)

ANNEX

€ million9M 2013

restated 9M 2014 Change

Sales 9,511 9,184 -3%a

o/w France 5,509 4,980 -10%

o/w international 4,002 4,204 +5%


Current operating margin

201

2.1%

173

1.9%

-€28m

-0.2 pts

Net profit att. to the Group 187 515b +€328m

(a) Down 3% like-for-like and at constant exchange rates

(b) Including a net capital gain of €385m on the sale of the stake in Cofiroute

Key figures at TF1


Sales

o/w group advertising

1,739

1,158

1,613

1,123

-7%b

-3%


Current operating margin

104

6.0%

58

3.6%

-€46m

-2.4 pts

Operating profit 104 387c +€283m



(c ) Including a capital gain of €329m on the sale of Eurosport International (31%) and the remeasurement of the remaining interest (49%) 66

22.7

22.9

3.5

3.2

2.1

1.8

0.5

0.9

9M 2013

9M 2014TF1

TMC

NT1

HD1

Group audience share(a)

(a) Individuals aged 4 and over – Source: Médiamétrie

ANNEX

28.8

In %

28.8

Key figures at Bouygues Telecom

67

ANNEX

(a) Including non-current income of €200m related notably to litigation settlements

(b) Including non-current charges of €115m: €129m for litigation settlements and other minus €244m in provisions for adaptation costs and other

(c) Excluding capitalised interest related to 4G frequencies for €13m in 9m 2013 (o/w €4m in Q1 2013, €4m in Q2 2013 and €5 in Q3 2013)

€m Q1 2014Change vs

Q1 2013Q2 2014

Change vs

Q2 2013Q3 2014

Change vs

Q3 20139m 2014

Change vs

9m 2013

SalesSales from network

1,085966

-5%-9%

1,092974

-4%-7%

1,117975

-4%-8%

3,2942,915

-5%-8%

EBITDAEBITDA/Sales from network

16316.9%

-€49m-3.0 pts

16917.4%

-€88m-7.1 pts

20621.1%

-€52m-3.3 pts

53818.5%

-€189m-4.4 pts

Current operating

profit/(loss)(19) -€47m (22) -€85m 15 -€54m (26) -€186m

Operating profit/(loss) 181a +€153m (137)b -€200m 16 -€53m 60 -€100m

Net profit/(loss)

attributable to the Group110 +€94m (86) -€125m 7 -€33m 31 -€64m

EBITDA minus CAPEX (17) -€20mc 12 -€47mc 49 -€55mc 44 -€122mc

1,334

1,509

1,634

1,750

1,8761,966

2,044

End-March2013

End-June2013

End-Sept2013

End-Dec2013

End-March2014

End-June2014

End-Sept2014

B&YOU mobile subscriber base ('000)

Fixed and mobile business and financial performance

68(a) Plan subscribers: total customer base excluding prepaid customers according to the Arcep definition (b) Includes broadband and very-high-speed subscriptions

(c) Arcep definition: subscriptions with peak downstream speed higher or equal to 30 Mbit/s (d) Sales from network excluding the ideo discount

'000End-Dec

2013

End-March

2014

End-June

2014

End-Sept

2014

Mobile customer base 11,143 11,064 11,024 11,048

o/w plan subscribersa

o/w prepaid customers

9,910

1,233

9,940

1,124

9,984

1,040

10,031

1,017

Fixed broadband customer baseb

o/w very-high-speedc

2,013

363

2,113

378

2,215

368

2,319

368

Total subscriber base 13,156 13,177 13,239 13,367

ANNEX

Sales from the fixed broadband networkd (€m)

222 223197

219203 207 213

Q1 13 Q1 14 Q2 13 Q2 14 Q3 13 Q3 14 Q4 13

+9%+11% +8%

Marketing costse Q3 2013 Q3 2014

Marketing costs (€m) 114 107

Marketing costs/sales from network 10.8% 11.0%

Key indicators at Bouygues Telecom

(a) Includes broadband and very-high-speed broadband subscriptions according to theArcep definition

(b) Rolling 12-month period, stripping out the ideo discount, and excluding machine-to-machine SIM cards for mobile ARPU

(c) Rolling 12-month period, adjusted on a monthly basis, excluding machine-to-machine SIM cards

(d) Rolling 12-month period, adjusted on a monthly basis, excluding machine-to-machineSIM cards and excluding internet SIM cards

(e) Mobile and fixed subscriber acquisition and retention costs

Plan Prepaid Total subscriber base

Q2 2014 Q3 2014 Q2 2014 Q3 2014 Q2 2014 Q3 2014

Subscribers

SIM cards ('000) 9,984 10,031 1,040 1,017 11,024 11,048

SIM cards (% mix) 90.6% 90.8% 9.4% 9.2%

Fixed broadband subscriber basea ('000) 2,215 2,319

Unit data – mobile subscribers

ARPU (€/year/subscriber)b 349 339 109 108 320 313

Data usage (MB/month/subscriber)c 474 587

Text usage (texts/month/subscriber)d 379 372 118 122 347 344

Voice usage (min/month/subscriber)d 504 515 171 176 463 476

Unit data – fixed subscribers

ARPU (€/year/subscriber)b 396 385

69

ANNEX




CONCLUSION Slide 71

APPENDIX Slide 73

70

Conclusion

71

Looking ahead, the Bouygues group continues to demonstrate its responsiveness

The construction businesses can rely on international momentum, differentiated

knowhow and strong adaptation capabilities to cope with the challenging French

environment

The strategy of Bouygues Telecom is starting to bear fruit with the first signs of

tangible positive results

The financial structure remains robust and will be strengthened in 2015 by the

exceptional cash return from Alstom




CONCLUSION Slide 71

APPENDIX Slide 73

72


73

€m 2012 2013 Change

Sales 33,547 33,121 -1%

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

o/w financial income

o/w financial expenses

(290)

62

(352)

(309)

55

(364)

+7%

-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

Annex – as published


74

€m 2012 2013 Change

Income tax expense (330) (367) +11%

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 Alstom633 647 +2%

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"


Sales by business area

75

€m 2012 2013 Change

Bouygues Construction 10,640 11,111 +4%

Bouygues Immobilier 2,396 2,510 +5%

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

Intra-Group elimination (495) (578) nm

TOTAL

o/w France

o/w international

33,547

22,308

11,239

33,345

22,118

11,227

-1%

-1%

=

(1) Total of the sales contributions (after eliminations within the construction businesses)


Contribution of business areas to Group EBITDA

76

€m 2012 2013 Change

Bouygues Construction 614 668 +€54m

Bouygues Immobilier 186 191 +€5m

Colas 832 823 -€9m

TF1 318 300 -€18m

Bouygues Telecom 908 880 -€28m

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 of

unutilised provisions and impairment losses


Contribution of business areas to Group current operating profit

€m 2012 2013 Change


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 +€58m77


Contribution of business areas to Group net profit/(loss)

€m 2012 2013 Change



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

Holding company and other (317)1 (271)2 +€46m


before the write-down of Alstom633 647 +€14m

Write-down of Alstom - (1,404) nm

Net profit/(loss) attributable to the Group 633 (757) nm

Attributable to the Group

78(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


Condensed consolidated balance sheet

79

€mEnd-Dec

2012

End-Dec

2013Change

Non-current assets

Current assets

Held-for-sale assets and operations

TOTAL ASSETS

20,170

16,584

-

36,754

17,684

15,469

1,151

34,304

-€2,486m

-€1,115m

+€1,151m

-€2,450m

Shareholders' equity

Non-current liabilities

Current liabilities

Liabilities related to held-for-sale operations

TOTAL LIABILITIES

10,078

9,845

16,831

-

36,754

8,684

8,959

16,495

166

34,304

-€1,394m

-€886m

-€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

(1)

(1)

(2)

(3)


Change in net cash position in 2013 (1/2)

(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 80

-103-591

-71

+610 -33(2) -67

Acquisitions/

disposals1

Net cash at

31/12/2012 €m

2012 (3,862) -123 -608 +122 +599 -726 +426 (4,172) (4,172)

(4,172) (4,427)(3 872)

Net cash at

31/12/2013

4G frequenciesDividends

paidIssue &

buyback of

Bouygues

shares

Operation

Exceptional

disposals3

Reclassification

of Eurosport

International4

(4,360)


(2)

Net cash flow1

+2,066

Change in net cash position in 2013 (2/2)

81

€m

+610(2)

Net capital

expenditure

-1,245(2)

Change in operating

WCR3 and other

-211

Breakdown of operation

(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

82

€m 2012 2013 Change


Bouygues Immobilier 120 120 =

Colas 723 678 -€45m

TF1 206 188 -€18m

Bouygues Telecom 780 763 -€17m

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


Contribution of business areas to Group net capital expenditure

83

€m 2012 2013 Change

Bouygues Construction 159 159 =


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

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

84

€m 2012 2013 Change


Bouygues Immobilier 107 110 +€3m

Colas 378 382 +€4m

Sub-total of construction businesses 812 821 +€9m

TF1 161 149 -€12m

Bouygues Telecom (89)1 24(2) +€113m

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)


Net cash by business area

85

€mEnd-Dec

2012

End-Dec

2013Change

Bouygues Construction 3,093 3,006 -€87m


Colas (170) 39 +€209m

TF1 237 188(1) -€49m

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


0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

Undrawn

MLT

facilities

€5.3bn

Cash

€2.8bn

Available cash: €8.1bn

Financing

Debt maturity schedule at end-June 2014

€m

86

Impact of IFRS 11 on the Group's 2013 financial statements

87

€m2013

reported

Restatement2013

restatedBouygues

Construction Colas TF1

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

Associates1

(309)

(26)

(367)

205

-

-

-

(2)

5

-

7

14

-

-

-

-

(304)

(26)

(360)

217

Net profit from continuing operations1 756 - (1) - 755

Net profit attributable to non-controlling interests (109) - 1 - (108)


before the write-down of Alstom1 647 - - - 647

Annex

(1) Before the write-down of Alstom for €1,404m

Impacts of exceptional items on net profit attributable to the Group

88

Annex



Non-current operating income of €81m related to Bouygues Telecom, net of taxes (45) -€45m

Net capital gain on the sale by Colas of its stake in Cofiroute

Net capital gain on the sale of Eurosport International (31%) and the

remeasurement of the residual interest (49%)

(240)

(115)

-€240m

-€115m

Cofiroute contribution to 9M 2013 net profit 41 +€41m

Net profit attributable to the Group before exceptional items 548 369 -€179m


Net profit attributable to the Group of the construction businesses 455 755 +€300m

Net capital gain on the sale by Colas of its stake in Cofiroute

Cofiroute contribution to 9M 2013 net profit

(372)

41

-€372m

+€41m

Net profit attributable to the Group of the construction businesses

before exceptional items455 424 -€31m

Impacts of the sale of the stake in Cofiroute on the income statement

89

€m

9M 2014

Colas

income

statement

Colas

contributiona

Bouygues

income

statement

Net capital gain on disposal 385 385 385

- Goodwill at holding company level 0 0 -132

Net capital gain on disposal after goodwill 385

0

385 253

-13- Net capital gain attributable to non-controlling interestsb (3.4%) -13

Net capital gain attributable to the Group 385 372 240

Annex

(a) Colas contribution to net profit attributable to the Group

(b) Calculated on net capital gain (at 100%) before goodwill

Impacts of the sale of the 31% stake in Eurosport International on the income statement

90

€m

9M 2014

TF1

income

statement

TF1

contributiona

Bouygues

income

statement

Net capital gain on disposal and remeasurementb before tax 329 329 329

- Income tax expense

Net capital gain on disposal and remeasurementb after tax

-30

299

-30

299

-30

299

- Goodwill at holding company level 0 0 -15

Net capital gain on disposal and remeasurementb after goodwill 299

0

299 284

-169- Net capital gain attributable to non-controlling interestsc (56.5%) -169

Net capital gain and remeasurementb attributable to the Group 299 130 115

Annex

(a) TF1 contribution to net profit attributable to the Group

(b) Net capital gain on the sale of Eurosport International (31%) and the remeasurement of the residual interest (49%)

(c) Calculated on net capital gain (at 100%) before goodwill

Figures as of 31 December 2013

Group organisation chart

Roadworks Building / Civil Engineering Property

96.6 % 100 % 100 %

CONSTRUCTION

43.5 %

TELECOMS

90.5 %

MEDIA

(1986) (1952) (1956)

(1994) (1987)

29.3% stakePOWER - TRANSPORT

(2006)

91

Annex

A diversified portfolio

Entering new businesses under good conditions

Growing market

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

Structural reduction of free cash-flow generation

Better opportunities for use of proceeds

Excessive Capex requirement

Acquisition of Colas / Screg in 1985

Acquisition of TF1 in 1987

Launch of Bouygues Telecom in 1994

Investment in Alstom in 2006

Maison Bouygues in 1990

Bouygues Offshore in 2002

Saur in 2005

TPS in 200692

Annex

19%

15%

66%

Specialty activites

Building materials

Roadworks

53%

20%

16%

7%4%

France

Europe (excl. France)

Asia and Middle east

Americas

Africa

96%

4%

France

Europe

85%

15%

Residential

Commercial

19%

15%57%

9% North America

Europe (excl. France)

France

Others

44%

42%

14% Building and Civil Works France

Building and Civil WorksInternational

Electrical Contracting

CONSTRUCTION BUSINESSES: 2013 sales breakdown

93


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

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

Istria motorway concession

phases 1 and 2

Zagreb Airport concession

South Africa Gautrain rail link concession

Jamaica Motorway concession:

highway 2000, 1A

South Korea

Machang Bay Bridge

concession

Pusan port concession

Hong Kong

AsiaWorld-Expo concession

and Marriott hotel

United States Miami port tunnel PPP

Canada Hospital PPP in British Columbia

Royal Canadian Mounted Police headquarters PPP

Iqaluit International Airport PPP

Long-term road maintenance contracts

Saudi Arabia Equestrian Club PPP

Cyprus

Lanarka and Pafos

airport concession

Singapore

Sports Hub PPP

Germany

Rostock tunnel concessionHungary M5 motorway concession

M6-M60 motorway PPP

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

Municipal authority complex in Bordeaux

L2 bypass in Marseille

Bouygues Construction

Colas

Australia

Sydney metro

94

Ivory Coast

Highway concession

Annex

25 February 2015 Full year 2014 sales and earnings 7.30am

23 April 2015 Annual General Meeting 3.30pm

Calendar

95

Annex

96BUILDING THE FUTURE IS OUR GREATEST ADVENTURE

96

bouygues group presentation

Documents