Bouygues SA

Earnings Release • Feb 21, 2019

• SHARP IMPROVEMENT IN FOURTH QUARTER GROUP PROFITABILITY
• RISE IN CURRENT OPERATING PROFIT AND IN NET PROFIT ATTRIBUTABLE TO THE GROUP
• SOLID COMMERCIAL PERFORMANCE IN THE THREE SECTORS OF ACTIVITY
• DIVIDEND AT €1.70 PER SHARE

The consolidated financial statements at 31 December 2018 are presented in comparison with the financial statements at 31 December 2017, restated to take account of the application of IFRS 15 and of IFRS 9 on 1 January 2018. The impacts on 2017 results are shown in the notes to the 2018 consolidated financial statements (Note 23).

• TV advertising sales at TF1's five unencrypted channels up 1% in 2018

• xplosion in B2C and B2B fixed and mobile usage

• trong worldwide demand for complex projects, more sophisticated and integrated offers, and • ignificant appetite for premium and exclusive video content that can be monetized via data analysis

^• t Bouygues Telecom, 573,000 new mobile plan customers excluding MtoM and 304,000 new FTTH • backlog in the construction businesses at end December 2018 at a record level of €33.1 billion, up

• In 2019, improve the Group profitability and generate 300 million of free cash flow at Bouygues
• Within two years, increase the Group free cash flow generation after WCR to billion thanks to

DETAILED ANALYSIS BY SECTOR OF ACTIVITY

and stock options granted is released today on the www.bouygues.com website under Finance Shareholders,

• 25 April 2019: Bouygues Annual General Meeting
• 3 May 2019: Dividend payment
• 16 May 2019: First quarter 2019 results (7.30am CET)
• 29 August 2019: First half 2019 results (7.30am CET)
• 14 November 2019: Nine month 2019 results (7.30am CET)

BACKLOG		End-December
AT THE CONSTRUCTION BUSINESSES	2017 restated	2018	Change
(€ million
Bouygues Construction	21,177	22,183	+5%
Bouygues Immobilier	2,709	2,478	9%
Colas Total	7,584 31,470	8,485 33,146	+12% +5%
BOUYGUES CONSTRUCTION
ORDER INTAKE	2017	2018	Change
(€ million France	6,175	5,834	6%
International	6,955	8,706	+25%
Total	13,130	14,540	+11%
BOUYGUES IMMOBILIER RESERVATIONS
(€ million	2017	2018	Change
Residential property	2,636	2,337	11%
Commercial property	429	277	35%
Total	3,065	2,614	-15%
COLAS End-December
BACKLOG	2017	2018	Change
(€ million
Mainland France	3,161	3,414	+8%
International and French overseas territories Total	4,423 7,584	5,071 8,485	+15% +12%
TF1
a AUDIENCE SHARE	2017	2018	Change
Total	32.3%	32.6%	+0.3 pts
(a) Source: Médiamétrie women under 50 who are purchasing decision makers
BOUYGUES TELECOM CUSTOMER BASE ('000)	2017	End-December 2018	Change
Mobile customer base excl. MtoM	10,998	11,41	+41
Mobile plan base excl. MtoM	10,317	10,890	+573

Total mobile customers 14,387 16,351 +1,963 Total fixed customers 3,442 3,676 +234

CONDENSED CONSOLIDATED INCOME STATEMENT (€ million) 2017 restated	2018	Change
Sales 32,923	35,555	a +8%
Current operating profit 1,406 Other operating income and expenses 113	1,511 265	+€105m +€152m
Operating profit 1,519	1,776	+€257m
Cost of net debt (226) Other financial income and expenses 38 Income tax (299) Share of net profit of joint ventures and associates 169 o/w Alstom 105	(216) 17 (427) 303 230	+€10m €21m €128m +€134m +€125m
Net profit from continuing operations 1,201	1,453	+€252m
Net profit attributable to non controlling interests (119)	(142)	€23m
Net profit attributable to the Group 1,082	1,311	+€229m
Net profit attributable to the Group excl. exceptional items 908	1,047	+€139m

2018	Change Forex Scope lfl &
	effect effect constant
	fx
27,966	8.4% 1.4% -6.9% 3.0%
12,358	6.0% 1.7% 6.5% 1.2%
	4.4% 0.0% 0.8% 3.6%
13,190	12.7% 1.4% 8.9% 5.3%
	7.3% 0.0% -5.4% 1.9%
5,344	5.6% - - 5.6%
168	nm - - nm
(421)	nm - - nm
35,555	8.0% 1.1% -5.7% 3.4%
21,788	3.7% 0.0% 0.2% 3.5%
13,767	15.5% 3.1% 15.4% 3.3%
	2,628 2,288

CONTRIBUTION TO GROUP EBITDA
2017 restated	2018	Change
BY SECTOR OF ACTIVITY (€ million)
Construction businesses 1,434	1,427	-€7m
o/w Bouygues Construction 472	491	+€19m
o/w Bouygues Immobilier 226	161	€65m
o/w Colas 736	775	+€39m
TF1 392	470	+€78m
Bouygues Telecom 1,097	1,268	+€171m
Bouygues SA and other (25)	(21)	+€4m
Group EBITDA 2,898	3,144	+€246m

CONTRIBUTION TO GROUP CURRENT OPERATING 2017 restated PROFIT BY SECTOR OF ACTIVITY (€ million)	2018	Change
Construction businesses 943	915	-€28m
o/w Bouygues Construction 363	368	+€5m
o/w Bouygues Immobilier 218 o/w Colas 362	188 359	€30m €3m
TF1 185	196	+€11m
Bouygues Telecom 320 Bouygues SA and other (42)	431 (31)	+€111m +€11m
Group current operating profit 1,406	1,511	+€105m

CONTRIBUTION TO GROUP OPERATING PROFIT BY 2017 restated SECTOR OF ACTIVITY (€ million)	2018	Change
Construction businesses 938	880	-€58m
o/w Bouygues Construction 363	364	+€1m
o/w Bouygues Immobilier 218 o/w Colas 357	188 328	€30m €29m
TF1 162	174	+€12m
Bouygues Telecom 461 Bouygues SA and other (42)	753 (31)	+€292m +€11m
1,519a Group operating profit	1,776b	+€257m

BY BUSINESS SEGMENT End-Dec 2017 (€ million) restated	End-Dec 2018	Change
Bouygues Construction 3,409 Bouygues Immobilier (86)	3,119 (238)	€290m €152m
Colas 433 TF1	(517)	€950m
257 Bouygues Telecom (976)	(28) (1,278)	€285m €302m
Bouygues SA and other (4,954) TOTAL (1,917)	(4,715) (3,657)	+€239m -€1,740m

CONTRIBUTION TO NET CAPITAL EXPENDITURE BY 2017 restated SECTOR OF ACTIVITY (€ million)	2018	Change
Construction businesses 488	497	+€9m
o/w Bouygues Construction 119 o/w Bouygues Immobilier 14 o/w Colas 355	201 288	+€82m €6m €67m
TF1 198 Bouygues Telecom 726 Bouygues SA and other 10	204 865 7	+€6m +€139m -€3m
TOTAL 1,422	1,573	+€151m

CONTRIBUTION TO GROUP FREE CASH FLOW BY
2017 restated	2018	Change
SECTOR OF ACTIVITY (€ million)
Construction businesses 707	609	-€98m
o/w Bouygues Construction 274	106	€168m
o/w Bouygues Immobilier 113	126	+€13m
o/w Colas 320	377	+€57m
TF1 127	159	+€32m
Bouygues Telecom 57	188	+€131m
Bouygues SA and other (27)	(41)	-€14m
TOTAL 864	915	+€51m

GLOSSARY

bouygues.com

• for acquisitions, by deducting from the current period those sales of the acquired entity that have no

• for divestments, by deducting from the comparative period those sales of the divested entity that

Note to the consolidated financial statements at 31 December 2018, available at bouygues.com

• if Bouygues Immobilier has exclusive control over the co promotion company (full consolidation),

• if joint control is exercised (the company is accounted for by the equity method), commercial activity

o For BtoC customers: sales from outgoing call charges (voice, texts and data), connection fees,

o For BtoB customers: sales from outgoing call charges (voice, texts and data), connection o Machine To Machine (MtoM) sales. o Visitor roaming sales.

o Sales generated with Mobile Virtual Network Operators (MVNOs). o For BtoC customers: sales from outgoing call charges, fixed broadband services, TV services

o For BtoB customers: sales from outgoing call charges, fixed broadband services, TV services

o Sales from bulk sales to other fixed line operators.