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FULL-YEAR 2019 RESULTS 20 FEBRUARY 2020 PRESENTATION 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


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SLIDE 1

20 FEBRUARY 2020

PRESENTATION

FULL-YEAR 2019 RESULTS

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SLIDE 2

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

  • thers set out in the Group’s Registration Document (Document de référence) and future Universal Registration Document (Document d’engregistrement universel) in the chapter

headed Risk factors (Facteurs de risques), could cause actual results to differ materially from projections: unfavourable developments affecting the French and international telecommunications, media, 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 tax regulations and other current or future public regulations; risks related to international activities; industrial and environmental risks; aggravated recession risks; compliance failure risks; brand or reputation risks; information systems risks; 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

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SLIDE 3

⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES

3

CONTENTS

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SLIDE 4

ROBUST RESULTS WITH FULL-YEAR TARGETS ACHIEVED

Improvement in Group current operating profit and current operating margina year-on-year

Free cash flowb of €301m generated by Bouygues Telecom

HIGH CASH FLOW GENERATION

Two-fold increase in Group free cash flow after WCRb to €815mc year-on-year

Decrease in net debt to €2.2bn (vs €3.6bn at end-2018)

(a) Restated for the capital gain related to the partial divestment of shares and remeasurement of the residual interest in Axione for €106m in 2018 (b) See glossary on slides 66-67 for definition (c) Excluding €341m of dividend from Alstom in 2019

HIGHLIGHTS OF 2019 (1/2)

4 Ocean Cay - Bahamas Route 206 to Phimai-Ban Hindat – Thailand

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SLIDE 5

(a) To be proposed at the Annual General Meeting on 23 April 2020 (b) Free cash flow after WCR = net cash flow (determined after (i) cost of net debt, (ii) interest expense on lease obligations and (iii) income taxes paid), minus net capital expenditure and repayments of lease obligations. It is calculated after changes in working capital requirements (WCR) related to operating activities and excluding 5G frequencies

HIGHLIGHTS OF 2019 (2/2)

5 Ocean Cay - Bahamas Route 206 to Phimai-Ban Hindat – Thailand

DIVIDEND OF €2.60 PER SHAREa

Of which €0.90 is exceptional

GROUP’S TARGET OF €1BN IN FREE CASH FLOW AFTER WCRb CONFIRMED FOR 2020

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SLIDE 6

GROUP KEY FIGURES FOR 2019

Sales growth driven by all businesses

> Up 5% like-for-like and at constant exchange rates

Increase in current operating profit

> Up €218m excluding the impact of Axionea in 2018 > Current operating margin restated for Axione improved 0.3 pts year-on-year

Net profit attributable to the Group of €1,184m

> Decline in non-current income (€20m in 2019 vs €265m in 2018), mainly at Bouygues Telecom

6 (a) Up 5% like-for-like and at constant exchange rates (b) See glossary on slides 66-67 for definition (c) Including non-current income and non-current charges of €265m (d) Including non-current income and non-current charges of €20m

€m 20 2018 re resta tated 20 2019 Change Sales

35 35,555 37 37,929 +7 +7%a

  • /w France

21,788 22,446 +3%

  • /w international

13,767 15,483 +12% Cur urrent oper

  • perati

ting pr prof

  • fit

1,564 1, 1,67 676 +€112m

  • /w impact of Axione

106

  • €106m

Curr rren ent oper erating ma marg rgin excluding impa mpact of Ax Axione 4.1% 4.4% +0 +0.3 pts Cur urrent oper

  • perati

ting pr prof

  • fit

afte ter Leasesb 1,507 1,619 +€112m Ope perating pr prof

  • fit

1, 1,82 829c 1, 1,69 696d

  • €133m

Ope perating pr prof

  • fit afte

ter Leasesb 1,772c 1,639d

  • €133m

Net t pr prof

  • fit att

ttributable to

  • the

he Gro roup

1,308 1, 1,18 184

  • €124m

(a) Restated for the capital gain related to the partial divestment of shares and remeasurement of the residual interest in Axione

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SLIDE 7

SHARP RISE IN GROUP FREE CASH FLOW GENERATION

Two-fold increase in Group free cash flow after WCRa, excluding Alstom dividend

> Increase in net cash flow in the three sectors of activity (up €330m) > Stability of net capital expenditure > Improvement in change in WCRb (up €176m)

➔ The Group is well positioned to achieve its free cash flow after

WCRa target of €1bn at end-2020

7

2018 2019 2020

Dividend from Alstom (€m) Free cash flow after WCRa excl. Alstom (€m)

€1,000m 405 22 815 341 Group free cash flow after WCRa €1,156m €427m

(a) Free cash flow after WCR = net cash flow (determined after (i) cost of net debt, (ii) interest expense on lease obligations and (iii) income taxes paid), minus net capital expenditure and repayments of lease obligations. It is calculated after changes in working capital requirements (WCR) related to operating activities and excluding 5G frequencies (b) WCR related to operating activities

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SLIDE 8

STRENGTHENED FINANCIAL STRUCTURE (1/2)

DECREASE IN NET DEBT TO €2.2BN AT END-DECEMBER 2019 (VS €3.6BN AT END-DECEMBER 2018)

Positive impact of €1.4bn related to Alstom (dividend and sale of 13% of share capital)

Sharp 14 point decline in net gearing year-on-year

€m End End-Dec 2018 re resta tated End End-Dec 2019 Change Shareholders' equity 11,032 11,800 +€768m Net surplus cash (+)/Net debt (-) (3,612) (2,222) +€1,390m Net gearing 33% 19% 19%

  • 14 pts

pts

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SLIDE 9

Reimbursement

  • f €1bn
  • n 29 October 2019

Debt maturity schedule at end-December 2019

9

STRENGTHENED FINANCIAL STRUCTURE (2/2)

AVAILABLE CASH: €11.6BN

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SLIDE 10

⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES

10

CONTENTS

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SLIDE 11

ABC development – Grenoble – France

CONSTRUCTION BUSINESSES

11 Haines Highway – Alaska – United States Font-Pré eco-neighbourhood – Toulon – France

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SLIDE 12

22.2 21.6 8.5 9.2 2.5 2.2

33.1 33.0

End-Dec 2018 End-Dec 2019

Backlog in the construction businesses (€bn)

BACKLOG AT A HIGH LEVEL

BACKLOG AT END-DECEMBER 2019: €33BN

Stable year-on-year

62% of the backlog at Bouygues Construction and Colas in international markets

(a) Down 1% at constant exchange rates and excluding principal disposals and acquisitions (b) Up 12% at constant exchange rates and excluding principal disposals and acquisitions (c) Down 4% at constant exchange rates and excluding principal disposals and acquisitions

  • 3%c

+9%b

  • 11%

Stablea

12 (*) Restated for IFRS 15

27.6 29.0 30.2 31.5 33.1 33.0

Q4 2014 Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4 2019

Backlog in the construction businesses (€bn)

*

Bouygues Construction Colas Bouygues Immobilier

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SLIDE 13

EXAMPLE OF CONTRACTS WON IN Q4 2019

13 Trunk Road T2 – Hong Kong Work on railway lines for Network Rail – United Kingdom Rapid Bus Transit system – Cayenne – French Guiana Sways – Issy-Val-de-Seine – France

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SLIDE 14

KEY FIGURES FOR 2019 IN THE CONSTRUCTION BUSINESSES

14 (a) Up 4% like-for-like and at constant exchange rates (b) Restated for the capital gain related to the partial divestment of shares and remeasurement of the residual interest in Axione in 2018 (c) See glossary on slides 66-67 for definition

€m 20 2018 18 restated 2019 2019 Chan ange Sale ales 27 27,966 29 29,575 +6 +6%a

  • /w France

14,358 14,316 0%

  • /w international

13,608 15,259 +12%

Current t ope peratin ing pr prof

  • fit

it 941 941 910 910

  • €31m
  • /w Bouygues Construction
  • excl. Axioneb

272 378 +€106m

  • /w impact of Axioneb

106

  • €106m
  • /w Bouygues Immobilier

190 99

  • €91m
  • /w Colas

373 433 +€60m

Current operating profit

  • excl. Axioneb

835 835 910 910 +€75m Current t ope peratin ing pr prof

  • fit

it aft fter Le Leas asesc

915 915 882 882

  • €33m

Current operating margin excl. Ax Axioneb 3.0% 3.1% +0 +0.1 pts

INCREASE IN CURRENT OPERATING PROFIT EXCLUDING AXIONE (UP €75M)

Turnaround in current operating margin in the Energies and Services arm at Bouygues Construction

> 2.1% in 2019 (up 2.5 pts vs 2018)

Good performance of Colas’ roads activity in mainland France and return to breakeven at Colas Rail

> 0.4 point increase in Colas’ current operating margin to 3.2% year-on-year

Significant contribution from commercial property deals signed in Q4 2019 at Bouygues Immobilier

> Current operating margin of 5.2% in Q4 2019 vs 2.6% for the first nine months of 2019

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SLIDE 15

A large portfolio of low-carbon solutions: a core part of the Group’s climate strategy focuses on “solutions” as well as reducing its own greenhouse gas emissions

LEADERSHIP IN SUSTAINABLE CONSTRUCTION

15

ECO-CONSTRUCTION ECO-DESIGN CONSTRUCTION AND OPERATION OF RENEWABLE ENERGY PRODUCTION INFRASTRUCTURE OPTIMIZATION OF ENERGY AND SERVICES FOR BUILDINGS AND NEIGHBORHOODS OPTIMIZATION OF ENERGY AND SERVICES FOR TRANSPORT REVERSIBILITY, RE-USE AND RECYCLING

Warm asphalt mixes

Eco-friendly bitumen

Low-carbon concrete, timber-framed structures, biosourced/recycled materials

Low-carbon construction

Storage management: hydrogen, second-life batteries (ELSA)

Wattway pack

Solar farms, offshore wind turbines

Buildings that generate energy (positive-energy)

Energy renovation: EnergieSprong, Habitat Réhabilité, Rénovation Privée

Energy and services management: Wizom, Embix, Objenious

Positive Economy Hybrid Building: Autonomous Building for Citizens

Energy performance contract: Aveltys

Smart city, Citybox, City Play

Construction of public transport infrastructure

Building-Mobility convergence: Moov’Hub, Flexy Moov, Alizé

Dynamic road- marking: Flowell

Recycling, repurposing and re-use of deconstruction materials: Premys, Elan

Soil decontamination: Colas Environnement

Reversibility: the first reversible building (Office Switch Home)

Know-how Solutions

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SLIDE 16

16

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SLIDE 17

SALES UP 2% YEAR-ON-YEAR, DRIVEN BY EXTERNAL GROWTH

INCREASE IN CURRENT OPERATING PROFIT

Cost of programs under tight control at €985m

2019 GUIDANCE ACHIEVED

Double-digit current operating margin: 10.9%

2020 AND 2021 GUIDANCE REITERATED

For 2020

> Double-digit current operating margin > Cost of programs at €985m

For 2021

> An improvement in ROCEa for TF1 group vs 2018 > At least €250m of sales and 15% EBITDA margin for the Unify digital division

€m 20 2018 18 restated 2019 2019 Chan ange

Sales 2,288 2,337 +2 +2%a Cur urrent oper

  • perati

ting pr prof

  • fit

199 199 255 255 +€56m Curr rren ent oper erating ma marg rgin 8.7% 10.9% +2 +2.2 pts Current operating profit after Leasesb 195 251 +€56m Ope perating pr prof

  • fit

177 177c 255 255 +€78m Operating profit after Leasesb 173 251 +€78m

KEY FIGURES AT TF1 GROUP FOR 2019

17 (a) Stable like-for-like and at constant exchange rates (b) See glossary on slides 66-67 for definition (c) Including non-current charges of €22m related to amortization of audiovisual rights remeasured as part of the acquisition of Newen Studios (a) ROCE = the ratio of (current operating profit – theoretical income tax expense + net profit from associates) for a given year to average capital employed that year and the previous year. Capital employed = shareholders’ equity including minority interests + net debt at period-end.

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SLIDE 18

TOWARDS “TOTAL VIDEO”

18

ADJUST CONTENT TO MEET DIVERSE CONSUMER DEMANDS

To keep pace with the way people view content (catch-up TV, enhanced services, etc.)

Salto, an SVOD, catch-up TV and linear channels service, to be launched in September 2020

To prepare for “addressable” television (targeted advertising)

STRENGTHEN TF1’S POSITION IN PRODUCTION

Newen to pursue growth in international markets in TV production and distribution (acquisitions in 2019 of De Mensen in Belgium and of Reel One in Canada)

ACCELERATE DIGITAL MEDIA

Launch of Unify Advertising, a one-stop ad sales agency

Generated initial synergies within the division and with TF1

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SLIDE 19
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SLIDE 20

CONTINUED GROWTH IN MOBILE AND FIXED CUSTOMER BASE

(a) Machine-to-Machine (b) Fiber-To-The-Home – optical fiber from the central office (where the operator's transmission equipment is installed) all the way to homes or business premises (Arcep definition)

11.5 MILLION MOBILE PLAN CUSTOMERS EXCLUDING MtoMa AT END-DECEMBER 2019

+653,000 customers in 2019

+152,000 customers in Q4 2019

3.9 MILLION FIXED CUSTOMERS AT END-DECEMBER 2019

1 MILLION FTTHb CUSTOMERS

+427,000 customers in 2019

+142,000 customers in Q4 2019

9.1 9.8 10.3 10.9 11.5

2015 2016 2017 2018 2019 Mobile plan customers excl. MtoMa (millions of customers)

2.8 3.1 3.4 3.7 3.9 1% 4% 8% 16% 25%

0% 5% 10% 15% 20% 25% 30%

2015 2016 2017 2018 2019 Fixed customers (millions of customers) and FTTHa customer share Total % FTTH

20

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SLIDE 21

21

SALES FROM SERVICES UP 8% BETWEEN 2018 AND 2019

Up 5.5% in mobile

Up 14% in fixed

YEAR-ON-YEAR GROWTH IN MOBILE AND FIXED ABPUa IN Q4 2019

Up €0.5 to €19.7 in mobile

Up €1.1 to €27.0 in fixed

STRONG GROWTH IN SALES FROM SERVICES

19.9 19.2 19.9 19.7 25.5 25.9 26.6 27.0 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19

Mobile & fixed ABPU (€/customer/month)

Mobile ABPU Fixed ABPU

2,904 2,986 3,149 1,166 1,270 1,448 4,070 4,256 4,597

2017 2018 2019

Change in sales from services (€m)

Mobile sales from services Fixed sales from services

+8% +5%

(a) See glossary on slides 66-67 for definition

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SLIDE 22

BOUYGUES TELECOM ACHIEVES ITS 2019 GUIDANCE

22

STRONG YEAR-ON-YEAR GROWTH IN SALES

Up 12% like-for-like and at constant exchange rates

SHARP INCREASE IN EBITDA AFTER LEASES

EBITDA margin after Leases of 30.7% (+1 pt vs 2018)

OPERATING PROFIT OF €610M

Strong growth in current operating profit

Decline in non-current income

> Lower volume of site disposals in 2019 vs 2018 > Positive impact of €110m related to the cancellation of fees paid for the use of 1800 MHz frequencies in 2018

TARGET OF €300M IN FREE CASH FLOW ACHIEVED

(a) Up 12% like-for-like and at constant exchange rates (b) See glossary on slides 66-67 for definition (c) Including non-current income of €110m related to the cancellation of fees paid for the use of 1800 MHz frequencies and €250m related to the capital gain on the disposal of sites and €47m of non-current charges related to network sharing (d) Including non-current income of €63m related to the capital gain on the disposal

  • f sites

€m 2018 re resta tated 2019 Change Sales 5,344 6,058 +1 +13%a

  • /w sales from servicesb

4,256 4,597 +8% EB EBITDA afte ter Leasesb 1,264 1,411 +€147m EBITDA after Leases/sales from services 29.7% 30.7% +1 pt Cur urrent oper

  • perati

ting pr prof

  • fit

454 454 540 540 +€86m Cur urrent oper

  • perati

ting pr prof

  • fit

afte ter Leasesb 427 427 515 515 +€88m Ope perating pr prof

  • fit

776 776c 610 610d

  • €166m

Ope perating pr prof

  • fit afte

ter Leas ases esb 749 749c 585 585d

  • €164m

Gro ross capital expenditure 1,242 940 940

  • €302m

Fre ree cash flowb 192 192 301 301 +€109m

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SLIDE 23

23

PROVIDE CUSTOMERS WITH A SIMPLE AND SEAMLESS EXPERIENCE

OFFER EXCELLENT QUALITY NETWORKS IN MOBILE AND FIXED

MAKE SERVICES AVAILABLE IN LESS DENSELY POPULATED AREAS

ENSURE A COMPLETE RANGE OF FIXED AND MOBILE SOLUTIONS FOR BUSINESSES TO ACCELERATE GROWTH IN BTOB

DIFFERENTIATION STRATEGY BASED ON QUALITY

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SLIDE 24

DELIVER A HIGH-QUALITY CUSTOMER EXPERIENCE

Over 200 ongoing projects to improve customer experience

Improvement in user satisfaction

> Out of all four operators, the lowest number of complaints to Arcep’sa dedicated website (J’alerte l’Arcep)

DIFFERENTIATION THROUGH QUALITY CUSTOMER EXPERIENCE AND BRANDING (1/2)

New Bbox Fibre modem has the best WiFi coverage for FTTH customers Simple connection, coverage and interface

Arcep’s annual scorecard for its consumer-centric actions published on 4 February 2020 24 (a) French telecoms regulator

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SLIDE 25

BOOST THE BOUYGUES TELECOM BRAND IDENTITY

A new corporate slogan unveiled in January 2020

> The “We are made to be together” media campaign

Extend the brand’s reach in all internal and external points of contact (stores, employer brand, CSR, etc.)

DIFFERENTIATION THROUGH QUALITY CUSTOMER EXPERIENCE AND BRANDING (2/2)

25

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SLIDE 26

N°1 mobile network in rural areasa and n°2 on average in Franceb for the second year in a row

Over 28,000 mobile sites in 2023

Nearly 12 million FTTHc premises marketed at end-2019

Target of FTTH premises marketed by end-2022 raised to 22 million (from 20 million previously)

(a) Rural areas: urban areas of less than 10,000 inhabitants (89% of France) (b) Arcep surveys of October 2018 and October 2019 (c) Fiber-To-The-Home – optical fiber from the central office (where the operator's transmission equipment is installed) all the way to homes or business premises (Arcep definition)

DIFFERENTIATION VIA NETWORK QUALITY

26

Once more, Bouygues Telecom is the n°1 mobile network in rural areas in France

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SLIDE 27

EXPANSION IN BTOB

27

THE MAIN CHALLENGES FOR BUSINESSES

BOUYGUES TELECOM ENTREPRISES’ GOAL

Be a service operator providing enhanced products and services that meet businesses’ demands

STRATEGIC PRIORITIES

Boost fixed market share with major accounts and intermediate size businesses

> Develop innovative services via strategic partnerships > Take advantage of our share of the mobile market

Boost market share with microbusinesses and SMEs

> Leverage the Keyyo and Nerim acquisitions > Capitalize on FTTOa infrastructure in the Very Dense Area

Very-high-speed required at all sites New agile and mobile

  • rganizational structures

IT systems undergoing sweeping changes Disruption of production systems

(a) Fiber-To-The-Office: a dedicated fiber loop serving all types of non-residential premises that is rolled out on a case-by-case basis as contracts are signed with private businesses or public-sector bodies

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SLIDE 28

PRAGMATIC MANAGEMENT OF INFRASTRUCTURE (1/2)

28

PROJECT SAINT MALO

Roll-out of nationwide optical fiber infrastructure (FTTAa and FTTOb)

Aiming to satisfy the growth in data usage on networks

> Connect Bouygues Telecom’s network equipment (mobile antennas, central offices) > Market very-high-speed fixed broadband offers to businesses

Ongoing negotiation to create a JV with a partner to roll-out and market infrastructure and manage operations

> Project of around €1bn over seven years > Bouygues Telecom to be a minority shareholder in the JV > Long-term service contract between Bouygues Telecom and the JV

(a) Fiber-To-The-Antenna (b) Fiber-To-The-Office: a dedicated fiber loop serving all types of non-residential premises that is rolled out on a case-by-case basis as contracts are signed with private businesses or public-sector bodies

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SLIDE 29

Services contracts

PRAGMATIC MANAGEMENT OF INFRASTRUCTURE (2/2)

29

PROJECT ASTÉRIX

Objective: speed up the roll-out of Bouygues Telecom’s FTTHa in the Medium Dense Area

Currently, Bouygues Telecom accesses Orange’s FTTH vertical network in the Medium Dense Area

> via joint investments by 5% tranche of completed lines in one area > or through rental (€/customer/month)

Bouygues Telecom is looking for a partner to start a JV to co-finance the roll-out of FTTH in the Medium Dense Area, to market infrastructure and to manage operations

> Bouygues Telecom to be the minority shareholder in the JV Astérix Orange

Purchase of FTTH vertical network by 5% tranche of completed lines

Other local players Bouygues Telecom

(a) Fiber-To-The-Home – optical fiber from the central office (where the operator's transmission equipment is installed) all the way to homes or business premises (Arcep definition)

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SLIDE 30

⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES

30

CONTENTS

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SLIDE 31

CONDENSED CONSOLIDATED INCOME STATEMENT (1/2)

31 (a) Up 5% like-for-like and at constant exchange rates (b) See glossary on slides 66-67 for definition (c) Including non-current charges of €31m at Colas related mainly to works for the dismantling of the Dunkirk site and the one-off year-end employee bonus, of €22m at TF1 corresponding to amortization of audiovisual rights remeasured as part of the acquisition of Newen Studios, and non-current income of €322m at Bouygues Telecom (of which non- current income of €110m related to the cancellation of fees paid for the use of 1800 MHz frequencies and of €250m related to the capital gain on the disposal of sites and non-current charges of €47m related to network sharing) (d ) Including non-current charges of €28m at Colas related to the continued dismantling of the Dunkirk site and to adaptation costs at structures, of €23m at Bouygues Construction related to restructuring costs and non-current income of €70m at Bouygues Telecom (of which non-current income of €63m related to the capital gain on the disposal of sites)

€m 2018 2018 res estated 2019 2019 Cha hange Sal Sales 35 35,55 ,555 37 37,92 ,929 +7% +7%a Current op

  • perating profit

1,564 1,564 1,67 1,676 +€112m

Curren ent t oper peratin ing pr prof

  • fit

it aft fter er Le Leas ases esb 1, 1,50 507 1, 1,61 619 +€112m

Oth Other op

  • perating in

income an and expenses 265 265c 20 20d

  • €245m

Ope Operating profit 1,829 1,829 1,69 1,696

  • €133m

Oper peratin ing pr prof

  • fit

it aft fter er Le Leas ases esb 1, 1,77 772 1, 1,63 639

  • €133m

Cos

  • st of
  • f net debt

(216) (216) (20 (207) 7) +€9m

  • /w financial income

29 39 +€10m

  • /w financial expenses

(245) (246)

  • €1m

Interest expe xpense se on

  • n le

leas ase ob

  • bligations

(57 (57) (57 (57) €0m Oth Other fin financial in income an and expe xpenses 18 18 (10 (10)

  • €28m
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SLIDE 32

CONDENSED CONSOLIDATED INCOME STATEMENT (2/2)

32

€m 2018 2018 res estated 2019 2019 Cha hange Inc ncome tax (42 (426) 6) (45 (452) 2)

  • €26m

Sha Share of

  • f ne

net pr profi fit of

  • f joi

joint ventures and and as assoc sociates 302 302 350 350 +€48m

  • /w Alstom

230 238 +€8m

Net pr profi fit fr from continuing op

  • perations

1,45 1,450 1,32 1,320

  • €130m

Net pr profi fit attributable to

  • no

non-controlling in interests (14 (142) 2) (13 (136) 6) +€6m Net pr profi fit attributable to

  • the Group

1,30 ,308 1,18 ,184

  • €124m
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SLIDE 33

CONDENSED CONSOLIDATED BALANCE SHEET

33

€m End End-Dec 20 2018 18 res estated End End-Dec 2019 2019 Cha hange Non-current assets 20,879 20,239

  • €640m

Current assets 17,968 19,115 +€1,147m Held-for-sale assets and operations 340

  • €340m

TOTAL ASSE ASSETS 39 39,18 ,187 39 39,35 ,354 +€167m Shareholders' equity 11,032 11,800 +€768m Non-current liabilities 8,744 8,108

  • €636m

Current liabilities 19,078 19,446 +€368m Liabilities related to held-for-sale operations 333

  • €333m

TOTAL LI LIABILITIES 39 39,18 ,187 39 39,35 ,354 +€167m Net surplus cash (+)/Net debt (-) (3,61 (3,612) 2) (2,22 (2,222) 2) +€1,390m

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SLIDE 34

CONDENSED CONSOLIDATED BALANCE SHEET

34

€m End End-Dec 2018 2018 res estated End End-Dec 2019 2019 Cha hange Non-current assets 20,879 20,239

  • €640m

Current assets 17,968 19,115 +€1,147m Held-for-sale assets and

  • perations

340

  • €340m

TOTAL ASSE ASSETS 39,18 ,187 39,35 ,354 +€167m Shareholders' equity 11,032 11,800 +€768m Non-current liabilities 8,744 8,108

  • €636m

Current liabilities 19,078 19,446 +€368m Liabilities related to held-for-sale

  • perations

333

  • €333m

TOTAL LI LIABILITIES 39 39,18 ,187 39 39,35 ,354 +€167m Net surplus cash (+)/Net debt (-) (3,61 (3,612) 2) (2,22 (2,222) 2) +€1,390m

Of which:

  • Property, plant & equipment: +€175m
  • Goodwill: +€240m, including:
  • Alpiq ES, Keyyo, Nerim, De Mensen,

Reel One and forex effect

  • Investments in JVs and associates: -€1,077m,

including:

  • Alstom
slide-35
SLIDE 35

CONDENSED CONSOLIDATED BALANCE SHEET

35

€m End End-Dec 2018 2018 res estated End End-Dec 2019 2019 Cha hange Non-current assets 20,879 20,239

  • €640m

Current assets 17,968 19,115 +€1,147m Held-for-sale assets and

  • perations

340

  • €340m

TOTAL ASSE ASSETS 39,18 ,187 39,35 ,354 +€167m Shareholders' equity 11,032 11,800 +€768m Non-current liabilities 8,744 8,108

  • €636m

Current liabilities 19,078 19,446 +€368m Liabilities related to held-for-sale

  • perations

333

  • €333m

TOTAL LI LIABILITIES 39 39,18 ,187 39 39,35 ,354 +€167m Net surplus cash (+)/Net debt (-) (3,61 (3,612) 2) (2,22 (2,222) 2) +€1,390m

Of which:

  • Current operating assets: +€503m
  • Cash: +€646m
slide-36
SLIDE 36

CONDENSED CONSOLIDATED BALANCE SHEET

36

€m End End-Dec 20 2018 18 res estated End End-Dec 201 2019 Cha hange Non-current assets 20,879 20,239

  • €640m

Current assets 17,968 19,115 +€1,147m Held-for-sale assets and operations 340

  • €340m

TOTAL ASSE ASSETS 39 39,18 ,187 39 39,35 ,354 +€167m Shareholders' equity 11,032 11,800 +€768m Non-current liabilities 8,744 8,108

  • €636m

Current liabilities 19,078 19,446 +€368m Liabilities related to held-for-sale operations 333

  • €333m

TOTAL LI LIABILITIES 39 39,18 ,187 39 39,35 ,354 +€167m Net surplus cash (+)/Net debt (-) (3,61 (3,612) 2) (2,22 (2,222) 2) +€1,390m

slide-37
SLIDE 37

CONDENSED CONSOLIDATED BALANCE SHEET

37

€m End End-Dec 2018 2018 res estated End End-Dec 2019 2019 Cha hange Non-current assets 20,879 20,239

  • €640m

Current assets 17,968 19,115 +€1,147m Held-for-sale assets and

  • perations

340

  • €340m

TOTAL ASSE ASSETS 39,18 ,187 39,35 ,354 +€167m Shareholders' equity 11,032 11,800 +€768m Non-current liabilities 8,744 8,108

  • €636m

Current liabilities 19,078 19,446 +€368m Liabilities related to held-for-sale

  • perations

333

  • €333m

TOTAL LI LIABILITIES 39 39,18 ,187 39 39,35 ,354 +€167m Net surplus cash (+)/Net debt (-) (3,61 (3,612) 2) (2,22 (2,222) 2) +€1,390m

Of which:

  • Net profit: +€1,320m
  • Dividends: -€710m
  • Capital transactions and reserves:

+€202m

  • Scope and other: -€44m
slide-38
SLIDE 38

CONDENSED CONSOLIDATED BALANCE SHEET

38

€m End End-Dec 2018 2018 res estated End End-Dec 2019 2019 Cha hange Non-current assets 20,879 20,239

  • €640m

Current assets 17,968 19,115 +€1,147m Held-for-sale assets and

  • perations

340

  • €340m

TOTAL ASSE ASSETS 39 39,18 ,187 39,35 ,354 +€167m Shareholders' equity 11,032 11,800 +€768m Non-current liabilities 8,744 8,108

  • €636m

Current liabilities 19,078 19,446 +€368m Liabilities related to held-for-sale

  • perations

333

  • €333m

TOTAL LI LIABILITIES 39,18 39,187 39 39,35 ,354 +€167m Net surplus cash (+)/Net debt (-) (3,61 (3,612) 2) (2,22 (2,222) 2) +€1,390m

Of which:

  • Non-current debt: -€812m
slide-39
SLIDE 39

CONDENSED CONSOLIDATED BALANCE SHEET

39

€m End End-Dec 20 2018 18 res estated End End-Dec 201 2019 Cha hange Non-current assets 20,879 20,239

  • €640m

Current assets 17,968 19,115 +€1,147m Held-for-sale assets and operations 340

  • €340m

TOTAL ASSE ASSETS 39 39,18 ,187 39 39,35 ,354 +€167m Shareholders' equity 11,032 11,800 +€768m Non-current liabilities 8,744 8,108

  • €636m

Current liabilities 19,078 19,446 +€368m Liabilities related to held-for-sale operations 333

  • €333m

TOTAL LI LIABILITIES 39 39,18 ,187 39 39,35 ,354 +€167m Net surplus cash (+)/Net debt (-) (3,61 (3,612) 2) (2,22 (2,222) 2) +€1,390m

slide-40
SLIDE 40

CHANGE IN NET DEBT POSITION IN 2019 (1/2)

(a) See glossary on slides 66-67 for definition (b) Including €1,079m related to the sale of 13% of Alstom’s share capital, costs of €15m related to the operation and dividend of €341m (c) Including the acquisitions of Keyyo and Nerim by Bouygues Telecom, and of De Mensen and Reel One by TF1, and the sale of Smac by Colas (d) Including share buybacks, exercise of stock options and the Bouygues Confiance n°11 capital increase reserved for employees (e) Including the acquisitions of Alpiq Engineering Services by Bouygues Construction and Colas Rail, the Miller McAsphalt group by Colas and Aufeminin by TF1 (f) Including share buybacks, exercise of stock options and the Bouygues Confiance n°10 capital increase reserved for employees (g) Including the final instalment for the 700 MHz frequencies for €117m

€m

Net debta at 31/12/2018 Net debta at 31/12/2019

40

Acquisitions/ disposalsc

(3,612) (2,222)

Operations Capital transactions and otherd Dividends Alstomb

2018 restated

(1,902) +22

  • 1,477e

+162f

  • 712

+295g (3,612) +1,405 +693 +182

  • 710
  • 180
slide-41
SLIDE 41

CHANGE IN NET DEBT POSITION IN 2019 (2/2)

41 (a) Net cash flow = cash flow determined after (i) cost of net debt, (ii) interest expense on lease obligations and (iii) income taxes paid (b) Net cash flow of €3,332m as published in the financial statements minus the €341m of Alstom dividend (c) Net cash flow of €2,709m as published in the financial statements minus the €22m of Alstom dividend (d) Change in WCR relating to net liabilities (property, plant & equipment and intangible assets) + other

€m

2018 restated +2,687c

  • 310
  • 1,573
  • 399
  • 110

+295

Net cash flowa excl. Alstom dividend Net capex

+693

Otherd

Breakdown of operations

Repayment of lease

  • bligations

+2,640 Net cash flowa including lease expenses and excl. Alstom dividend +2,377 Net cash flowa including lease expenses and excl. Alstom dividend

+2,991b

  • 122
  • 351
  • 1,602
  • 223

Change in WCR relating to operating activities

slide-42
SLIDE 42

CONTRIBUTION TO GROUP NET CAPITAL EXPENDITURE BY SECTOR OF ACTIVITY

42

€m 2018 2018 res estated 2019 2019 Cha hange Construction busi business sses 497 497 521 521 +€24m

  • /w Bouygues Construction

201

189

  • €12m
  • /w Bouygues Immobilier

8

11 +€3m

  • /w Colas

288

321 +€33m

TF1 F1 204 204 242 242 +€38m Bo Bouygues Tel elecom 865 865 836 836

  • €29m

Bouygues SA and other 7 3

  • €4m

Group ne net cap apital exp xpenditure 1,57 1,573 1,60 1,602 +€29m

slide-43
SLIDE 43

⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES

43

CONTENTS

slide-44
SLIDE 44

In long-term growth markets, the construction businesses will strengthen their portfolio of low-carbon solutions to maintain their leadership in sustainable construction and benefit from their actions to improve profitability

> Increase in current operating margin of the construction businesses in 2020 vs 2019

TF1 is benefiting from sustainable growth to position itself as a major player in the video market

> Double-digit current operating margin in 2020 > Cost of programs at €985m in 2020

Bouygues Telecom will continue to leverage its differentiation strategy (quality of networks and customer experience, as well as brand appeal) to provide opportunities for continued growth

> Growth in sales from services at around 5% in 2020 > Free cash flowa over €300m, with increasing investment (between €1.1 and 1.2bn gross capex excluding frequencies) to expand 4G mobile capacity and start rolling-out 5G in 2020

2020 OUTLOOK (1/2)

44 (a) Free cash flow = net cash flow (determined after (i) cost of net debt, (ii) interest expense on lease obligations and (iii) income taxes paid), minus net capital expenditure and repayments of lease obligations. It is calculated before changes in working capital requirements (WCR) related to operating activities and excluding 5G frequencies

slide-45
SLIDE 45

2020 OUTLOOK (2/2)

THE BOUYGUES GROUP TO CONTINUE ITS SUSTAINABLE GROWTH

Free cash flow generation after WCRa of €1 billion in 2020, with contribution from all three sectors of activity

Reduction of the Group’s greenhouse gas emissions by 2030

> Definition of a target compatible with the Paris agreement (1.5°C) and preparation of an action plan by the Group’s five business segments in 2020

(a) Free cash flow after WCR = net cash flow (determined after (i) cost of net debt, (ii) interest expense on lease obligations and (iii) income taxes paid), minus net capital expenditure and repayments of lease obligations. It is calculated after changes in working capital requirements (WCR) related to operating activities and excluding 5G frequencies Ocean Cay - Bahamas 45

slide-46
SLIDE 46

⚫ HIGHLIGHTS AND KEY FIGURES ⚫ REVIEW OF OPERATIONS ⚫ FINANCIAL STATEMENTS ⚫ OUTLOOK ⚫ ANNEXES

46

CONTENTS

slide-47
SLIDE 47

SOUTHERN EUROPE Spain: +1.8% Italy: +0.5%

BOUYGUES OPERATES IN GROWING COUNTRIES WITH A LOW-RISK PROFILE

47 United States: +2.1% Canada: +1.8% NORTHERN AND CENTRAL EUROPE ASIA-PACIFIC RUSSIA Middle East and North Africa: +2.7% LATIN AMERICA AND CARIBBEAN

27%

41%

2%

20%

0% 3%

7%

Construction businesses: regional sales as a proportion of total international sales in 2019

%: IMF real GDP growth forecast for 2020

Region classified A by Coface (very low to acceptable risk)

%: IMF real GDP growth forecast for 2020

Region classified B and C by Coface (significant to high risk)

%

NORTH AMERICA Latin America and Caribbean: +1.8% MIDDLE EAST AND AFRICA United Kingdom: +1.4% Switzerland: +1.3% Czech Republic: +2.6% Poland: +3.1% Russia: +1.9% Hong Kong: +1.5% Australia: +2.3%

ANNEX

slide-48
SLIDE 48

BACKLOGS IN THE CONSTRUCTION BUSINESSES

48

8.6 8.6 3.4 3.1 2.4 2.1

14.4 13.8

End-Dec 2018 End-Dec 2019

Backlog in France (€bn)

Bouygues Construction Colas Bouygues Immobilier

  • 10%b
  • 11%
  • 4%a

Stable

(a) Up 1% at constant exchange rates and excluding principal disposals and acquisitions (b) Up 20% at constant exchange rates and excluding principal disposals and acquisitions (c) Down 6% at constant exchange rates and excluding principal disposals and acquisitions +X% +X%

+X%

+X%

13.6 13.0 5.1 6.1 0.1 0.1

18.8 19.2

End-Dec 2018 End-Dec 2019

International backlog (€bn)

  • 4%c

+21%b

  • 11%

+3%a

ANNEX

(a) Down 2% excluding principal disposals and acquisitions (b) Down 2% excluding principal disposals and acquisitions

slide-49
SLIDE 49

KEY FIGURES AT BOUYGUES CONSTRUCTION

49 (a) Contracts are booked as order intakes at the date they take effect (a) Up 2% like-for-like and at constant exchange rates (b) Capital gain related to the partial divestment of Axione shares (c) See glossary on slides 66-67 for definition (d) Including non-current charges of €23m (restructuring costs)

40% 23% 29% 6% 2% Backlog by geographic region (at end-Dec 2019)

France Asia and Middle East Europe (excl. France) Americas Africa

ANNEX

(b) Down 4% at constant exchange rates and excluding principal disposals and acquisitions

6.2 5.8 5.1 7 8.7 7.2

13.1 14.5 12.3

2017 2018 2019 Order intakea (€bn) France International

  • 15%
  • 17%
  • 13%

9 9.9 10.1 9.8 9.8 9.3 2.4 2.5 2.2

21.2 22.2 21.6

End-Dec 2017 End-Dec 2018 End-Dec 2019 Backlog (€bn)

For execution in less than 1 year For execution in 2 to 5 years For execution in over 5 years

  • 3%b
  • 5%

+2%

  • 12%

€m 2018 18 rest stat ated 2019 19 Chang ange Sales es 12,35 358 13,35 355 +8%a

  • /w France

5,599 5,320

  • 5%
  • /w international

6,759 8,035 +19% Current nt oper erat ating ng profi

  • fit

378 378 378 378 €0m

  • /
  • /w

w Axione neb 106 106

  • €106m

Current operating margin excl. Axione 2.2% 2.8% +0.6 pts Current oper erat ating g profi fit after er Le Leas ases esc 367 367 367 367 €0m Oper perat ating ng prof

  • fit

374 374 355 355d

  • €19m

Oper perat ating ng prof

  • fit after

fter Le Lease asesc 363 363 344 344d

  • €19m
slide-50
SLIDE 50

KEY FIGURES AT BOUYGUES IMMOBILIER

50 (a) Up 3% like-for-like and at constant exchange rates (b) See glossary on slides 66-67 for definition (b) Backlog does not include reservations taken via co-promotion companies Mirabeau tower – Marseille – France

€m 2018 18 rest stat ated 2019 19 Chan ange Sales es 2,628 628 2,706 706 +3%a

  • /w residential

2,364 2,207

  • 7%
  • /w commercial

264 499 +89% Current nt oper erat ating ng profi

  • fit

190 190 99 99

  • €91m

Current operating margin 7.2% 3.7%

  • 3.5

5 pts Current nt oper erat ating ng profi

  • fit after

er Le Leases asesb 188 188 97 97

  • €91m

Oper perat ating ng prof

  • fit

190 190 99 99

  • €91m

Oper perat ating ng prof

  • fit after

fter Le Lease asesb 188 188 97 97

  • €91m

ANNEX

(a) Net of cancellations (residential property) and firm orders which cannot be cancelled (commercial property)

2.6 2.3 2.1 0.4 0.3 0.6 3.1 2.6 2.7

2017 2018 2019

Reservationsa (€bn)

Residential property Commercial property

+3% +126%

  • 11%

2.3 2.2 2 0.4 0.3 0.2 2.7 2.5 2.2

End-Dec 2017 restated End-Dec 2018 End-Dec 2019

Backlogb (€bn)

Residential property Commercial property

  • 11%
  • 6%
  • 11%
slide-51
SLIDE 51

KEY FIGURES AT COLAS

51 (a) Down 5% like-for-like and at constant exchange rates (b) See glossary on slides 66-67 for definition (c) Including non-current charges of €31m related mainly to works for the dismantling of the Dunkirk site and the one-off year-end employee bonus (c) Including non-current charges of €28m related to the continued dismantling of the Dunkirk site and to adaptation costs at structures

€m 2018 018 rest estated 2019 019 Cha hange ge Sales es 13,190 90 13,688 88 +4%a

  • /w France

6,460 6,596 +2%

  • /w international

6,730 7,092 +5% Curr urren ent oper perating g pr prof

  • fit

373 73 433 33 +€60m Current operating margin 2.8% 3.2% +0.4 pts Curr urren ent ope perating pr prof

  • fit after

er Lease sesb 360 60 418 18 +€58m Opera Operating g pr prof

  • fit

342 42c 405 05d +€63m Opera Operating g pr prof

  • fit after Leases

esb 329 29c 390 90d +€61m

ANNEX

72% 10% 18%

Sales by activity at end-2019

Road construction Railways/specialized activities Sale of road construction materials

4.4 5.1 6.1 3.2 3.4 3.1 7.6 8.5 9.2

End-Dec 2017 End-Dec 2018 End-Dec 2019 Backlog (€bn) International and French overseas territories Mainland France +9%a

  • 10%b

+21%c

(a) Up 12% at constant exchange rates and excluding principal disposals and acquisitions (b) Down 2% excluding principal disposals and acquisitions (c) Up 20% at constant exchange rates and excluding principal disposals and acquisitions

slide-52
SLIDE 52

KEY INDICATORS AT BOUYGUES TELECOM

52

Q1 20 2018 Q2 2018 Q3 20 2018 Q4 20 2018 2018 Q1 20 2019 Q2 20 2019 Q3 20 2019 Q4 20 2019 20 2019 Sales fro rom mo mobile services (€m) 719 719 734 734 779 779 754 754 2,986 751 751 776 776 804 804 818 818 3,149 Sa Sales fro rom fixed services (€m) 312 312 309 309 319 319 330 330 1, 1,270 343 343 356 356 367 367 382 382 1, 1,448 Mo Mobile cus ustomer bas base 14,840 15,288 15,764 16,351 16,824 17,070 17,505 17,800 Mo Mobile cus ustomer bas base excl

  • cl. Mt

MtoM 11,097 11,175 11,343 11,414 11,529 11,632 11,831 11,958

  • /w plana

10,449 10,570 10,769 10,890 11,039 11,171 11,391 11,543 Mob Mobile AB ABPUb 19.2 19.6 19.9 19.2 19.2 19.4 19.9 19.7 Dat Data us usage(MB/month/subscrib.) .)c 5,415 6,171 6,858 7,162 7,524 8,716 9,909 10,730 Fixed br broad

  • adband cus

ustomer ba based 3, 3,492 3, 3,533 3, 3,604 3, 3,676 3,735 3, 3,770 3, 3,831 3, 3,916

  • /w FTTHe

329 391 467 569 663 745 855 996 Fixed AB ABPUf 26.3 25.6 25.5 25.9 25.8 25.9 26.6 27.0

ANNEX

(a) Plan subscribers: total customer base excluding prepaid customers according to the Arcep definition (b) Average Billing Per User (see glossary on slides 66-67): excluding MtoM SIM cards and free SIM cards (c) Quarterly usage, adjusted on a monthly basis, excluding MtoM SIM cards (d) Includes broadband and very-high-speed subscriptions according to the Arcep definition (e) Arcep definition: subscriptions with peak downstream speeds higher or equal to 100 Mbit/s (f) Average Billing Per User (see glossary on slides 66-67), excluding B2B

slide-53
SLIDE 53

Bouygues Telecom at end-December 2019 Total premises on the marketc

Very Dense Area Medium Dense Area AMIId 15.9 13.2 6.4 Public Initiative Network (PIN) Aread

(a) Fiber-To-The-Home – optical fiber from the central office (where the operator's transmission equipment is installed) all the way to homes or business premises (Arcep definition) (b) Premises marketed: the connectable sockets, i.e. the horizontal and vertical deployed and connected via the concentration point (c) As disclosed by Arcep in its public consultation of 5 October 2017 (d) In accordance with deployment by building operators in the AMII zone and by operators in the PIN zone

FTTHa PREMISES MARKETEDb (MILLIONS)

53

ANNEX

35.5 6.8 4.0 11.8 1.0 22

Target of FTTH premises marketed by end-2022

slide-54
SLIDE 54

RESTATEMENT OF 2018 FINANCIAL STATEMENTS

The 2018 financial statements have been restated following the first-time application of IFRS 16 on Leases from 1 January 2019. For FY 2018, there is a negative impact of €3m on net profit attributable to the Group, which decreases from €1,311m to €1,308m. There is a positive impact of €53m on current operating profit, which is up from €1,511m to €1,564m

The 2018 figures have been restated by business segment; the annual impacts on the 2018 results are detailed in the Note 24 to the consolidated financial statements

ADAPTATION OF KEY INDICATORS

EBITDA is replaced by EBITDA after Leases including lease expenses

Other key indicators:

> Current operating profit after Leases including lease expenses > Operating profit after Leases including lease expenses

Adaptation of key indicators definitions

> Net surplus cash/(net debt) excluding current and non-current lease obligations > Free cash flow and free cash flow after WCR after repayment of lease obligations ⚫

SEE GLOSSARY ON SLIDES 66-67 FOR FULL DEFINITIONS

REMINDER: APPLICATION OF IFRS 16 (LEASES) FROM 1 JANUARY 2019

54

ANNEX

slide-55
SLIDE 55

€m 20 2018 18 restated 2019 2019 Chan ange Lfl l & & constant fxa Con

  • nstr

tructio ion bus busin inessesb 27 27,966 29 29,575 +6 +6% +4 +4%

  • /w Bouygues Construction

12,358 13,355 +8% +2%

  • /w Bouygues Immobilier

2,628 2,706 +3% +3%

  • /w Colas

13,190 13,688 +4% +5% TF1 2, 2,28 288 2, 2,33 337 +2 +2% 0% 0% Bou

  • uygues Tele

lecom 5, 5,34 344 6, 6,05 058 +13% +1 +12% 2% Bou

  • uygues SA and other

168 168 202 202 nm nm nm nm Intr tra-Group elim imin inatio ionsc (42 421) (41 417) nm nm nm nm Grou

  • up sales

sales 35 35,555 37 37,929 +7 +7% +5 +5%

  • /w France

21,788 22,446 +3% +6%

  • /w international

13,767 15,483 +12% +2%

SALES BY SECTOR OF ACTIVITY

55 (a) Like-for-like and at constant exchange rates (b) Total of the sales contributions (after eliminations within the construction businesses) (c) Including intra-Group eliminations of the construction businesses

ANNEX

slide-56
SLIDE 56

CONTRIBUTION TO GROUP EBITDA AFTER LEASESa BY SECTOR OF ACTIVITY

56

€m 2018 2018 res estated 2019 2019 Cha hange Co Construction busi businesses 1,42 ,427 1,64 ,640 +€213m

  • /w Bouygues Construction

490 591 +€101m

  • /w Bouygues Immobilier

161 117

  • €44m
  • /w Colas

776 932 +€156m

TF1 F1 469 469 514 514 +€45m Bouygues s Tel elecom 1,26 1,264 1,41 1,411 +€147m Bouygues SA and other (20) (20) (17 (17) +€3m Group EBI EBITDA aft fter Lea Leases 3,14 3,140 3,54 3,548 +€408m ANNEX

(a) See glossary on slides 66-67 for definition

slide-57
SLIDE 57

CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT BY SECTOR OF ACTIVITY

57

€m 2018 2018 res estated 2019 2019 Cha hange Construction busi business sses 941 941 910 910

  • €31m
  • /w Bouygues Construction

378 378 €0m

  • /w Bouygues Immobilier

190 99

  • €91m
  • /w Colas

373 433 +€60m

TF1 F1 199 199 255 255 +€56m Bouygues s Tel elecom 454 454 540 540 +€86m Bouygues SA and other (30) (30) (29 (29) +€1m Group cu current op

  • perating

g pr profit 1,56 1,564 1,67 1,676 +€112m ANNEX

slide-58
SLIDE 58

CONTRIBUTION TO GROUP CURRENT OPERATING PROFIT AFTER LEASESa BY SECTOR OF ACTIVITY

58

€m 2018 2018 res estated 2019 2019 Ch Change Construction busi business sses 915 915 882 882

  • €33m
  • /w Bouygues Construction

367 367 €0m

  • /w Bouygues Immobilier

188 97

  • €91m
  • /w Colas

360 418 +€58m

TF1 F1 195 195 251 251 +€56m Bouygues s Tel elecom 427 427 515 515 +€88m Bouygues SA and other (30) (30) (29 (29) +€1m Group cu current op

  • perating

g pr profit aft fter Lea Leases 1,50 1,507 1,61 1,619 +€112m ANNEX

(a) See glossary on slides 66-67 for definition

slide-59
SLIDE 59

CONTRIBUTION TO GROUP OPERATING PROFIT BY SECTOR OF ACTIVITY

59 (a) Including non-current charges of €31m at Colas related mainly to works for the dismantling of the Dunkirk site and the one-off year-end employee bonus, of €22m at TF1 corresponding to amortization of audiovisual rights remeasured as part of the acquisition of Newen Studios, and non-current income of €322m at Bouygues Telecom (of which non-current income of €110m related to the cancellation of fees paid for the use of 1800 MHz frequencies and of €250m related to the capital gain on the disposal of sites, and non-current charges of €47m related to network sharing) (b) Including non-current charges of €28m at Colas related to the continued dismantling of the Dunkirk site and to adaptation costs at structures, of €23m at Bouygues Construction related to restructuring costs and non-current income of €70m at Bouygues Telecom (of which non-current income of €63m related to the capital gain on the disposal of sites)

€m 2018 2018 res estated 2019 2019 Cha hange Construction busi business sses 906 906 859 859

  • €47m
  • /w Bouygues Construction

374 355

  • €19m
  • /w Bouygues Immobilier

190 99

  • €91m
  • /w Colas

342 405 +€63m

TF1 F1 177 177 255 255 +€78m Bo Bouygues Tel elecom 776 776 610 610

  • €166m

Bouygues SA and other (30) (30) (28 (28) +€2m Group op

  • perating pr

profit 1,82 ,829a 1,69 ,696b

  • €133m

ANNEX

slide-60
SLIDE 60

CONTRIBUTION TO GROUP OPERATING PROFIT AFTER LEASESa BY SECTOR OF ACTIVITY

60

€m 2018 2018 res estated 2019 2019 Cha hange Construction busi business sses 880 880 831 831

  • €49m
  • /w Bouygues Construction

363 344

  • €19m
  • /w Bouygues Immobilier

188 97

  • €91m
  • /w Colas

329 390 +€61m

TF1 F1 173 173 251 251 +€78m Bo Bouygues Tel elecom 749 749 585 585

  • €164m

Bouygues SA and other (30) (30) (28 (28) +€2m Group op

  • perating pr

profit aft fter Lea Leases 1,77 ,772b 1,63 ,639c

  • €133m

ANNEX

(a) See glossary on slides 66-67 for definition (b) Including non-current charges of €31m at Colas related mainly to works for the dismantling of the Dunkirk site and the one-off year-end employee bonus, of €22m at TF1 corresponding to amortization of audiovisual rights remeasured as part of the acquisition of Newen Studios, and non-current income of €322m at Bouygues Telecom (of which non-current income of €110m related to the cancellation of fees paid for the use of 1800 MHz frequencies and of €250m related to the capital gain on the disposal of sites, and non-current charges of €47m related to network sharing) (c) Including non-current charges of €28m at Colas related to the continued dismantling of the Dunkirk site and to adaptation costs at structures, of €23m at Bouygues Construction related to restructuring costs and non-current income of €70m at Bouygues Telecom (of which non-current income of €63m related to the capital gain on the disposal of sites)

slide-61
SLIDE 61

CONTRIBUTION TO NET PROFIT ATTRIBUTABLE TO THE GROUP BY SECTOR OF ACTIVITY

61

€m 2018 2018 res estated 2019 2019 Cha hange Construction busi business sses 653 653 623 623

  • €30m
  • /w Bouygues Construction

296 325 +€29m

  • /w Bouygues Immobilier

137 46

  • €91m
  • /w Colas

220 252 +€32m

TF1 F1 55 55 67 67 +€12m Bouygues s Tel elecom 444 444 343 343

  • €101m

Als Alstom 230 230 238 238 +€8m Bo Bouygues SA and other (74 (74) (8 (87)

  • €13m

Net pr profi fit attributable to

  • the Group

1,30 1,308 1,18 1,184

  • €124m

ANNEX

slide-62
SLIDE 62

CONTRIBUTION TO GROUP NET CASH FLOWa BY SECTOR OF ACTIVITY

62 (a) Net cash flow = cash flow determined after (i) cost of net debt, (ii) interest expense on lease obligations and (iii) income taxes paid

€m 2018 2018 res estated 2019 2019 Ch Change Construction busi business sses 1,20 1,205 1,39 1,391 +€186m

  • /w Bouygues Construction

389

491 +€102m

  • /w Bouygues Immobilier

118

120 +€2m

  • /w Colas

698

780 +€82m

TF1 F1 360 360 416 416 +€56m Bouygues s Tel elecom 1,18 1,187 1,27 1,275 +€88m Bouygues SA and other (43) (43) 250 250 +€293m Group ne net cas ash flo flow 2,70 2,709 3,33 3,332 +€623m Excluding Alstom dividends: €22m in 2018 and €341m in 2019 2,687 2,991 +€304m ANNEX

slide-63
SLIDE 63

CONTRIBUTION TO GROUP FREE CASH FLOWa BY SECTOR OF ACTIVITY

63

€m 2018 2018 restated 2019 2019 Cha hange Construction busi business sses 544 544 675 675 +€131m

  • /w Bouygues Construction

102 204 +€102m

  • /w Bouygues Immobilier

101 100

  • €1m
  • /w Colas

341 371 +€30m

TF1 F1 140 140 156 156 +€16m Bouygues s Tel elecom 192 192 301 301 +€109m Bo Bouygues SA and other (5 (50) 247 247 +€297m Group fr free cas ash flo flow 826 826 1,37 1,379 +€553m Excluding Alstom dividends: €22m in 2018 and €341m in 2019 804 1,038 +€234m ANNEX

(a) See glossary on slides 66-67 for definition

slide-64
SLIDE 64

CONTRIBUTION TO GROUP FREE CASH FLOW AFTER WCRa BY SECTOR OF ACTIVITY

64

€m 2018 2018 restated 2019 2019 Cha hange Construction busi business sses 440 440 704 704 +€264m

  • /w Bouygues Construction

388 58

  • €330m
  • /w Bouygues Immobilier

6 305 +€299m

  • /w Colas

46 341 +€295m

TF1 F1 157 157 124 124

  • €33m

Bouygues s Tel elecom (90 (90) 135 135 +€225m Bo Bouygues SA and other (8 (80) 193 193 +€273m Group fr free cas ash flo flow aft fter WCR 427 427 1,15 1,156 +€729m Excluding Alstom dividends: €22m in 2018 and €341m in 2019 405 815 +€410m ANNEX

(a) See glossary on slides 66-67 for definition

slide-65
SLIDE 65

NET SURPLUS CASH (+)/NET DEBT (-)a

65

€m End End-Dec 2018 res estated End End-Dec 2019 2019 Cha hange Bouygues Construction 3,119 3,113

  • €6m

Bouygues Immobilier (238) (279)

  • €41m

Colas (475) (367) +€108m TF1 (28) (127)

  • €99m

Bouygues Telecom (1,275) (1,454)

  • €179m

Bouygues SA and other (4,715) (3,108) +€1,607m Group ne net sur urplus cas ash (+ (+)/ )/Net deb debt (-) (3 (3,61 ,612) (2 (2,22 ,222) +€1,390m Current and and no non-current lea lease obl

  • bligations

(1,64 (1,644) 4) (1,68 (1,686) 6)

  • €42m

ANNEX

(a) See glossary on slides 66-67 for definition

slide-66
SLIDE 66

SALES FROM SERVICES COMPRISE:

  • Sales billed to customers, which include:

In mobile:

  • For BtoC customers: sales from outgoing call charges (voice, texts and data), connection fees, and value-added services
  • For BtoB customers: sales from outgoing call charges (voice, texts and data), connection fees, and value-added services, plus sales from business

services.

  • Machine-To-Machine (MtoM) sales
  • Visitor roaming sales
  • Sales generated with Mobile Virtual Network Operators (MVNOs)

In fixed:

  • For BtoC customers: sales from outgoing call charges, fixed broadband services, TV services (including Video on Demand and catch-up TV), and

connection fees and equipment hire

  • For BtoB customers: sales from outgoing call charges, fixed broadband services, TV services (including Video on Demand and catch-up TV), and

connection fees and equipment hire, plus sales from business services

  • Sales from bulk sales to other fixed line operators
  • Sales from incoming Voice and Texts
  • Spreading of handset subsidies over the projected life of the customer account, required to comply with IFRS 15
  • Capitalization of connection fee sales, which is then spread over the projected life of the customer account

ABPU (AVERAGE BILLING PER USER):

  • Sales billed to customers divided by the average number of customers over the period

GLOSSARY (1/2)

ANNEX

66

slide-67
SLIDE 67

EBITDA AFTER LEASES

Current operating profit after Leases (i.e. current operating profit after taking account of the interest expense on lease obligations), before (i) net depreciation and amortization expense on property, plant and equipment and intangible assets, (ii) net charges to provisions and impairment losses, and (iii) effects of acquisitions of control or losses of control. Those effects relate to the impact of remeasuring previously-held interests or retained interests CURRENT OPERATING PROFIT AFTER LEASES

Current operating profit after taking account of the interest expense on lease obligations OPERATING PROFIT AFTER LEASES

Operating profit after taking account of the interest expense on lease obligations NET SURPLUS CASH/NET DEBT

Net debt (or net surplus cash) is obtained by aggregating cash and cash equivalents, overdrafts and short-term bank borrowings, non-current and current debt, and financial instruments. Net surplus/(net debt) does not include non-current and current lease obligations. A positive figure represents net surplus cash and a negative figure represents net debt FREE CASH FLOW

Net cash flow (determined after (i) cost of net debt, (ii) interest expense on lease obligations and (iii) income taxes paid), minus net capital expenditure and repayments of lease obligations. It is calculated before changes in working capital requirements (WCR) related to operating activities and excluding 5G frequencies FREE CASH FLOW AFTER WCR

Net cash flow (determined after (i) cost of net debt, (ii) interest expense on lease obligations and (iii) income taxes paid), minus net capital expenditure and repayments of lease obligations. It is calculated after changes in working capital requirements (WCR) related to operating activities and excluding 5G frequencies

GLOSSARY (2/2)

67

ANNEX