Bouygues : Net Profit for the First Nine Months of 2009: EUR1.02 Billion (-15%)

By Bouygues, PRNE
Monday, November 30, 2009

PARIS, December 1 - In the first nine months of 2009, the Bouygues group reported
operating profit of EUR1,461 million (down 18%) and net profit of EUR1,024
million
(down 15%). Sales totalled EUR23,168 million, a drop of 3%.

    Key figures            9-month 2008 9-month 2009  Change  9-month 2008
    (EUR million)              restated                          published

    Sales                     23,915(1)    23,168        -3%       24,120

    Operating profit           1,772(1)     1,461       -18%        1,798
    Net profit attri
    butable to the Group       1,202        1,024       -15%        1,202
    Net debt(2)                5,662        5,186   -EUR476m        5,662
    Net gearing(2)                66%          57%       -9 pts        66%

    (1)Applying the same accounting policy as in 2009: excluding TF1
       third-party sales and Finagestion's contributions

    (2)End of period

Bouygues Construction reported a 2% increase in sales. The
operating margin was stable for the first nine months compared with the first
nine months of 2008. Difficulties with the Gautrain project were offset by
the proper execution of the works on other contracts. Net profit declined 20%
to EUR186 million, still impacted by falling interest rates, which are
weighing on financial income despite an increase in the net cash position.

Reminder: order intakes in the first nine months decreased 23%
to EUR6.5 billion. At EUR11.5 billion, the order book was down 8% on
end-September 2008. However, it does not yet include the major contracts
signed recently.

Bouygues Immobilier recorded an 8% increase in sales, up 15%
for residential property and down 2% for commercial property. As in the first
half of 2009, promotional efforts for housing programmes continued to weigh
on the operating margin, which came to 7.1% - down 2.4 points on the first
nine months of 2008. Net profit stood at EUR86 million, down 7%.

Reminder: residential reservations were up 32% to EUR1,260
million
at end-September 2009. Commercial reservations remain very low in a
market that has ground to a halt. The order book stood at EUR2.5 billion,
down 29% on end-September 2008.

At Colas, sales decreased 10% owing to the postponement in the
implementation of stimulus plans in France and the US, a highly unfavourable
economic situation in Eastern Europe and falling asphalt prices. Against a
backdrop of increasingly fierce competition, operating profit was down 19%.
Net profit stood at EUR293 million, down 22%.

Reminder: the order book remained high at end-September 2009
at EUR6.7 billion, up 5% on end-September 2008, or an increase of 3% in
France and 8% internationally.

Sales at TF1 dropped 13% over the first nine months of 2009.
Operating profit was EUR33 million and net profit EUR51 million. Measures
taken in recent months produced a significant improvement in third-quarter
results.

Reminder: TF1's audience ratings held up well. In
third-quarter 2009, the audience share of individuals aged four and over
stood at 26.3%, versus 25.9% in second-quarter and 26.6% in first-quarter
2009.

Sales at Bouygues Telecom rose 5% in the first nine months.
Both the mobile and fixed-line businesses achieved excellent commercial
performance. EBITDA for the first nine months of 2009 was EUR1,084 million,
down 6%. This drop can be attributed to costs related to commercial
performance, the development of the fixed-line business, and new taxes and
fees. Net profit fell 13% to EUR412 million.

Reminder: Bouygues Telecom attracted 172,000 new mobile
customers in third-quarter 2009, compared with 9,000 in third-quarter 2008 -
or 35% of net market growth(1). At 30 September 2009, Bouygues Telecom had
10,066,000 mobile customers, of whom 7,666,000 on call plans (76.2% of the
total customer base, an increase of 0.7 points over one year). The fixed-line
business confirmed its successful start with 103,000 net subscriptions(2) in
the third quarter. At end-September, 173,000 Bbox routers had been
activated(3), or 89,000 additions.

    (1) ARCEP data (French communications regulator)

    (2) Number of new contracts signed during the quarter, less the
        number of cancellations

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

Alstom

Alstom contributed EUR263 million to Group net profit to
end-September 2009, an increase of 10%.

In accordance with the agreements signed in 2006, Bouygues has
exercised its option to swap its 50% stake in the Alstom Hydro Holding joint
venture for 4.4 million Alstom shares. The transaction will take place
following approval from the competition authorities.

Financial situation

Cash flow was EUR2.6 billion, a 4% decrease. Investments
totalled EUR827 million, down EUR466 million on the high level of 2008. Free
cash flow thus rose EUR403 million to EUR1,110 million. Group net debt
amounted to EUR5,186 million, down EUR476 million on end-September 2008. Net
gearing was 57%, an improvement of 9 points on end-September 2008.

Employee share ownership

The new employee share ownership scheme, Bouygues Partage 2,
authorised by the Board of Directors on 2 June 2009, was a great success. In
November 2009, 55,326 employees joined the scheme, 72.5% of the eligible
workforce. A EUR193-million capital increase took place on 30 November 2009.

As a result of this operation and following the share
cancellation (see below), employees are Bouygues' second largest shareholder,
with 18.3% of the capital and 22.1% of voting rights. Bouygues is the CAC 40
company with the highest level of employee share ownership.

Share cancellation

The Board of Directors decided to cancel the 574,710 shares
acquired between 27 August and 30 November 2009, as part of the share buyback
programme. Following this cancellation, the number of shares totalled
353,915,679 and the number of voting rights 466,920,840.

2009 sales

The sales target for 2009 has been confirmed at EUR31,150
million
(after excluding Finagestion's sales).

      Sales by                           2009 target
    business area
                       2008        March     June     August            YoY
    (EUR million)     restated  restated  restated  restated  December change
                           (1)       (1)       (1)       (1)
    Bouygues             9,497     9,300     9,000     9,200    9,450      =
    Construction
    Bouygues             2,924     2,700     2,700     2,700    2,870    -2%
    Immobilier
    Colas               12,789    12,300    12,300    12,300   11,700    -9%
    TF1                  2,595     2,360     2,250     2,250    2,320   -11%
    Bouygues Telecom     5,089     5,200     5,200     5,200    5,300    +4%
    Holding company        174       160       170       180      160     ns
    and other

    Intra-Group           (609)     (610)     (640)     (680)    (650)    ns
    elimination

    TOTAL               32,459    31,410    30,980    31,150   31,150    -4%
    o/w France          22,323    21,350    21,200    21,100   21,500    -4%
    o/w International   10,136    10,060     9,780    10,050    9,650    -5%

    (1) Applying the same accounting policy as in 2009: excluding TF1
        third-party sales and Finagestion's contributions

                               Financial calendar:

                2 March 2010: full-year 2009 results (5.45pm CET)
                3 March 2010: full-year 2009 results presentation

    You will find the following documents on our website:

    - Financial statements for Bouygues (balance sheet, income statement,
      statement of recognised income and expense, cash flow statement,
      change in shareholders' equity)

    - Slide presentation of the conference call with analysts

    - Historic data in Excel format

    www.bouygues.com/fr/finances-actionnaires/analystes-et-investisseurs/presentations-des-resultats/presentations-des-resultats/
    Condensed consolidated
    income statement
    (EUR million)                            9-month               9-month
                                          2008    2009     %          2008
                                   restated(1)          change   published

    Sales                               23,915  23,168     -3%      24,120
    Current operating profit             1,772   1,461    -18%       1,798
    Operating profit                     1,772   1,461    -18%       1,798
    Cost of net debt                      (209)   (260)   +24%        (211)
    Other financial income and
    expenses                               (25)     14     ns          (25)
    Income tax expense                    (494)   (410)   -17%        (501)
    Share of profits and losses from       283     303     +7%         283
    associates
    Net profit from continuing           1,327   1,108    -17%       1,344
    operations
    Net profit from discontinued and        17      15    -12%           0
    held-for-sale operations
    Net profit                           1,344   1,123    -16%       1,344
    Minority interests                    (142)    (99)   -30%        (142)
    Net profit attributable to the       1,202   1,024    -15%       1,202
    Group

(1) Applying the same accounting policy as in 2009: excluding TF1
third-party sales and Finagestion's contributions (except for net profit,
minority interests and net profit attributable to the Group)

    Third-quarter consolidated
    income statement
    (EUR million)                                 Q3
                                            2008    2009     %     Q3 2008
                                        restated          change published
    Sales                                 8,741(1) 8,378     -4%     8,810
    Current operating profit                 692(1   689      =        699
    Net profit attributable to the           501     477     -5%       501
    Group

    (1) Applying the same accounting policy as in 2009: excluding TF1
        third-party sales and Finagestion's contributions

    Sales
    by business area            9-month      9-month      %
    (EUR million)                  2008         2009   change
    Bouygues Construction         6,971        7,133      +2%
    Bouygues Immobilier           1,988        2,154      +8%
    Colas                         9,615        8,684     -10%
    TF1                           1,864(1)     1,628     -13%
    Bouygues Telecom              3,762        3,960      +5%
    Holding company and             127(2)       104       ns
    other

    Intra-Group                    (412)(2)     (495)      ns
    elimination

    Total                        23,915       23,168      -3%
    o/w France                   16,499(1)    15,924      -3%
    o/w International             7,416(2)     7,244      -2%

Applying the same accounting policy as in 2009:

(1) excluding TF1 third-party sales (EUR16 million)

(2) impact of the exclusion of sales of Finagestion, which is currently
being sold (EUR227 million in Holding company and other, -EUR38 million in
Intra-Group elimination)

    Contribution of business         9-month       9-month        %
    areas to                            2008          2009   change
    Sales
    (EUR million)

    Bouygues Construction              6,746(3)      6,832      +1%
    Bouygues Immobilier                1,988         2,137      +7%
    Colas                              9,569         8,627     -10%
    TF1                                1,851(1)      1,612     -13%
    Bouygues Telecom                   3,750         3,947      +5%
    Holding company and other             11(2)         13       ns

    Total                             23,915        23,168      -3%
    o/w France                        16,499(1)     15,924      -3%
    o/w International                  7,416(2 & 3)  7,244      -2%

    Applying the same accounting policy as in 2009:

    (1) excluding TF1 third-party sales (EUR16 million)

    (2) impact of the exclusion of sales of Finagestion, which is currently
        being sold (EUR205 million in Holding company and other);

    (3) reintegration of Bouygues Construction sales to Finagestion (EUR16
        million)

    Contribution of business areas
    to EBITDA                              9-month        %
    (EUR million)                       2008      2009   change

    Bouygues Construction                387       541    +40%
    Bouygues Immobilier                  217       203     -6%
    Colas                                822       757     -8%
    TF1                                  220       114    -48%
    Bouygues Telecom                   1,155     1,084     -6%
    Holding company and other            (33)(1)   (24)     ns

    TOTAL                              2,768(1)  2,675     -3%

    (1) Applying the same accounting policy as in 2009: excluding
        Finagestion's contribution (EUR50 million in 2008)

    Contribution of business areas
    to Operating profit                    9-month        %
    (EUR million)                       2008      2009   change

    Bouygues Construction                259       266     +3%
    Bouygues Immobilier                  188       153    -19%
    Colas                                493       402    -18%
    TF1                                  130        33    -75%
    Bouygues Telecom                     726       638    -12%
    Holding company and other            (24)(1)   (31)    ns

    TOTAL                              1,772(1)  1,461    -18%

    (1) Applying the same accounting policy as in 2009: excluding
        Finagestion's contribution (EUR26 million in 2008)
    Contribution of business areas
    to Net profit attributable to the
    Group                                  9-month         %
    (EUR million)                       2008    2009    change
    Bouygues Construction                232     186     -20%
    Bouygues Immobilier                   92      86      -7%
    Colas                                364     283     -22%
    TF1                                   47      22     -53%
    Bouygues Telecom                     425     369     -13%
    Alstom                               239     263     +10%
    Holding company and other           (197)   (185)     ns

    TOTAL                              1,202   1,024     -15%

    Net cash by business area      9-month         Change

          (EUR million)                             (EUR
                                                  million)
                                2008    2009

    Bouygues Construction        2,429   2,826      +EUR397m
    Bouygues Immobilier          (365)    (80)      +EUR285m
    Colas                        (412)   (496)       -EUR84m
    TF1                          (715)   (787)       -EUR72m
    Bouygues Telecom             (143)   (447)      -EUR304m
    Holding company and other  (6,456) (6,202)      +EUR254m

    TOTAL                      (5,662) (5,186)      +EUR476m
    Contribution of business
    areas to
    Cash flow                             9-month           Change
    (EUR million)                       2008     2009     (EUR million)
    Bouygues Construction                333      438      +EUR 105m
    Bouygues Immobilier                  178      133      -EUR  45m
    Colas                                818      756      -EUR  62m
    TF1                                  208      100      -EUR 108m
    Bouygues Telecom                   1,162    1,088      -EUR  74m
    Holding company and other              4(1)    92      +EUR  88m

    TOTAL                              2,703(1) 2,607      -EUR  96m

    (1)Applying the same accounting policy as in 2009: excluding
       Finagestion's contribution (EUR47 million in 2008)

    Contribution of business
    areas to Net capital
    expenditure                           9-month          Change
    (EUR million)                       2008     2009    (EUR million)

    Bouygues Construction                188     100       -EUR  88m
    Bouygues Immobilier                    7       5       -EUR   2m
    Colas                                364     217       -EUR 147m
    TF1                                  109      60       -EUR  49m
    Bouygues Telecom                     627     438       -EUR 189m
    Holding company and other            (2)(1)    7       +EUR   9m

    TOTAL                             1,293(1)   827       -EUR 466m

    (1)Applying the same accounting policy as in 2009: excluding
       Finagestion's contribution (EUR34 million in 2008)

www.bouygues.com

Press contact: +33-(0)1-44-20-12-01, presse at bouygues.com; Investors and analysts contact: +33-(0)1-44-20-12-77, investors at bouygues.com

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