Bouygues - First-quarter 2010: Net Profit Attributable to the Group: EUR181 Million (+14%); Sales: EUR6.4 Billion (-2%); Operating Profit: EUR162 Million (-2%)

By Bouygues, PRNE
Monday, May 31, 2010

PARIS, June 1, 2010 - The Bouygues group reported consolidated sales of EUR6.4
billion
in the first quarter of 2010, down 2% year-on-year. Operating profit
amounted to EUR162 million, down 2%, and net profit to EUR181 million, up
14%. The financial situation is sound, with EUR2.2 billion less net debt than
at the end of March 2009, in keeping with the improvement noted at
end-December 2009.

Key figures

                          First-quarter First-quarter   Change  First-quarter
                              2009          2010                    2009
    (EUR million)          restated                              published

    Sales                      6,579(1)       6,443        -2%       6,655

    Operating profit             165(1)         162        -2%         174
    Net profit                    159           181       +14%         159
    attributable to the
    Group

    Net debt(2)                 5,427         3,230 -EUR2,197m       5,427
    Net gearing(2)                 61%           32%   -29 pts         61%

(1) Applying the same accounting policy as in 2010, excluding
Finagestion's contributions

(2) End of period

Bouygues Construction reported a 6% drop in sales (-10% in
France and stable on international markets). The operating margin was 3.5%, 1
point higher than in the first quarter of 2009, which was particularly
affected by the Gautrain rail link project. Despite an increase in net cash,
financial income continues to be hit by falling interest rates. Net profit
amounted to EUR47 million, down 2%.

Reminder: The order intake in the first quarter rose by 25%
compared with the same period in 2009, to EUR2.8 billion. This figure
includes the Barwa Financial District project in Qatar. The order book stood
at a record level of EUR12.7 billion, up 6% on end-December 2009 and 4% on
end-March 2009.

Sales at Bouygues Immobilier were almost stable, with a 16%
rise in residential property and a 30% decline in commercial property. The
operating margin was 9.0%, 2.3 points higher than in the first quarter of
2009, which was affected by promotional efforts on residential operations.
Net profit came to EUR30 million, up 30%.

Reminder: Business activity in the first quarter of 2010
reflected the same trend as in 2009. Residential property reservations rose
46% to EUR494 million, while the commercial property market remained
sluggish. Overall, first-quarter 2010 reservations were up 43% at EUR500
million
. The order book stood at EUR2.1 billion, 4% less than at end-December
2009
and 29% lower than at end-March 2009.

Colas recorded a 7% decline in sales, down 6% in France and
10% internationally, hit by a particularly severe winter. For that reason
operating income, usually negative in the first quarter, came to -EUR202
million
, down EUR87 million on the first three months of 2009. Given the
strong seasonal nature of Colas' activities, first-quarter results are not
representative of the entire year.

Reminder: The order book at end-March 2010 remained high at
EUR7.0 billion, up 13% on end-December 2009 and 4% on end-March 2009.

Sales at TF1 rose by 11%, reflecting an upturn in the
advertising market in a still uncertain economic environment. Operating
profit rose by EUR56 million on the first quarter of 2009 to EUR44 million
and net profit amounted to EUR33 million. TF1 is benefiting from the
adaptation of its business model and its cost-cutting policy.

Bouygues Telecom posted a 5% increase in sales. Sales from
network grew 5% to EUR1,237 million. Stripping out the impact of the cut in
voice and SMS termination rates, growth would have been 13%. EBITDA amounted
to EUR357 million, up 3% despite new taxes and the initial effects of falling
voice and SMS termination rate differentials. Net profit fell 2% to EUR128
million
.

Reminder: At 31 March 2010, Bouygues Telecom had 10,394,000
mobile customers, 8,075,000 of whom were on call plans, or 77.7% of the total
customer base, an increase of 2.3 points over one year. 149,000 new mobile
customers on call plans joined Bouygues Telecom in the first quarter of 2010,
representing 24% of net market growth in this segment.(1)

The fixed-line business continued to perform strongly,
registering 117,000 net activations in the first quarter of 2010. At 31 March
2010
, 428,000 Bbox routers had been activated(2), a year-on-year increase of
399,000.

(1) Arcep (French communications regulator) data.

(2) Bbox routers in operation or the number of customers billed.

Alstom

Alstom contributed EUR115 million to Group net profit in the
first quarter of 2010, an increase of 21%.

Moreover, Bouygues received 4.4 million Alstom shares in
return for its 50% stake in the Alstom Hydro Holding joint venture. As a
result of the transaction, the Group booked financial income included in net
profit for EUR41 million.

2010 sales target

The 2010 sales target has been revised to EUR30.1 billion,
compared with EUR30.0 billion announced in March 2010.

                                         2010
                                        target
           Sales           2009                             %
      by business area    actual                          change

       (EUR million)

                                  Published Published
                                  in March   in June

    Bouygues               9,546      9,100   9,100          -5%
    Construction
    Bouygues Immobilier    2,989      2,100   2,150         -28%
    Colas                 11,581     11,500  11,500          -1%
    TF1                    2,365      2,410   2,460          +4%
    Bouygues Telecom       5,368      5,370   5,420          +1%
    Holding company and      134        130     130          ns
    other

    Intra-Group             (630)      (610)   (660)         ns
    elimination

    TOTAL                 31,353     30,000  30,100          -4%
    o/w France            21,678     20,600  20,800          -4%
    o/w International      9,675      9,400   9,300          -4%
                          Upcoming financial releases:

         31 August 2010: first-half 2010 sales and earnings (5.45pm CET)

             1 September 2010: first-half 2010 results presentation

You can find the full financial statements and notes to the
consolidated financial statements at www.bouygues.com.

These documents have been subject to a limited review.

                                       First quarter   % change First-quarter
                                                                    2009
    Condensed consolidated             2009     2010              published
    income statement                 restated(1)

    (EUR million)

    Sales                               6,579   6,443       -2%       6,655
    Operating profit                      165     162       -2%         174
    Cost of net debt                      (85)    (82)      -4%         (85)
    Other financial income and
    expenses                               (1)     33       ns           (1)
    Income tax expense                    (11)    (24)      ns          (15)
    Share of profits and losses of
    associates                            106     121      +14%         106
    Net profit from continuing
    operations                            174     210      +21%         179
    Net profit from discontinued
    and
    held-for-sale operations                5       0       ns            0
    Net profit                            179     210      +17%         179
    Minority interests                    (20)    (29)     +45%         (20)
    Net profit attributable to the
    Group                                 159     181      +14%         159

(1)Finagestion group's income and expenses reclassified to net profit
from discontinued and held-for-sale operations

    Sales by business area                         

    (EUR million)                                        Change
                                                         like-for-like
                                                         and at
                                                   %     constant
                                First quarter    change  exchange
                                                         rates
                                2009     2010

    Bouygues Construction      2,291    2,161       -6%            -7%
    Bouygues Immobilier          628      624       -1%            -1%
    Colas                      1,972    1,828       -7%            -8%
    TF1                          538      597      +11%           +11%
    Bouygues Telecom           1,272    1,340       +5%            +5%
    Holding company and          40(1)     38       ns             ns
    other

    Intra-Group                 (162)(1) (145)      ns             ns
    elimination

    Total                     6,579(1)  6,443       -2%            -3%
    France                     4,783    4,702       -2%            -2%
    International             1,796(1)  1,741       -3%            -4%

(1) Applying the same accounting policy as in 2010, excluding
Finagestion's sales (EUR91 million in Holding company and other, -EUR15
million
in Intra-Group elimination)


    Contribution of business areas to
                 EBITDA
                                                              %
              (EUR million)                First quarter    change

                                            2009    2010

    Bouygues Construction                    117     113      -3%
    Bouygues Immobilier                       39      47     +21%
    Colas                                    (31)   (129)     x4
    TF1                                       12      58      x5
    Bouygues Telecom                         348     357      +3%
    Holding company and other                (11)(1) (12)     ns

    TOTAL                                   474(1)   434      -8%

(1) Applying the same accounting policy as in 2010, excluding
Finagestion's contribution (EUR32 million in 2009)


    Contribution of business areas to

            Operating profit

              (EUR million)             First quarter      %
                                        2009    2010     change

    Bouygues Construction                   57     76     +33%
    Bouygues Immobilier                     42     56     +33%
    Colas                                 (115)  (202)    +76%
    TF1                                    (12)    44      ns
    Bouygues Telecom                       201    197      -2%
    Holding company and other               (8)(1) (9)     ns

    TOTAL                                 165(1)  162      -2%

(1) Applying the same accounting policy as in 2010, excluding
Finagestion's contribution (EUR9 million in 2009)


    Contribution of business areas to

     Net profit attributable to the
                  Group

              (EUR million)             First quarter      %
                                        2009    2010     change

    Bouygues Construction                 48     47       -2%
    Bouygues Immobilier                   23     30      +30%
    Colas                                (68)  (125)     +84%
    TF1                                    3     14       x5
    Bouygues Telecom                     117    115       -2%
    Alstom                                95    115      +21%
    Holding company and other            (59)   (15)      ns

    TOTAL                                159    181      +14%
    Net cash by business area    First quarter     Change
                                                    EURm
    (EUR million)
                                 2009    2010

    Bouygues Construction        2,823   3,202    +EUR379m
    Bouygues Immobilier           (168)    108    +EUR276m
    Colas                         (451)   (407)    +EUR44m
    TF1                           (620)    167    +EUR787m
    Bouygues Telecom              (177)   (270)    -EUR93m
    Holding company and other   (6,834) (6,030)   +EUR804m

    TOTAL                       (5,427) (3,230)  +EUR2,197m
    Contribution of business areas to        

    Cash flow

    (EUR million)                       First quarter      %
                                        2009    2010     change

    Bouygues Construction                   77    119     +55%
    Bouygues Immobilier                     33     51     +55%
    Colas                                  (31)  (116)     x4
    TF1                                     12     58      x5
    Bouygues Telecom                       345    357      +3%
    Holding company and other               (4)(1) (7)     ns

    TOTAL                                 432(1)  462      +7%

(1) Applying the same accounting policy as in 2010, excluding
Finagestion's contribution (EUR16 million in 2009)


    Contribution of business areas to

         Net capital expenditure

              (EUR million)            First quarter   Change
                                        2009    2010    EURm

    Bouygues Construction                   31     61  +EUR30m
    Bouygues Immobilier                      1      1       =
    Colas                                   56     33  -EUR23m
    TF1                                     33     14  -EUR19m
    Bouygues Telecom                       132     90  -EUR42m
    Holding company and other               5(1)    1   -EUR4m

    TOTAL                                 258(1)  200  -EUR58m

(1) Applying the same accounting policy as in 2010, excluding
Finagestion's contribution (EUR24 million in 2009)

Press contact: +33(0)1-44-20-12-01 - presse at bouygues.com; Investor and analyst contact: +33(0)1-44-20-10-79 - investors at bouygues.com

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