Bouygues: Sales Target Raised to EUR31 Billion; Solid Commercial Activity for the Group; Net Profit for the First Nine Months of 2010: EUR923 Million (-10%)

By Bouygues, PRNE
Wednesday, December 1, 2010

PARIS, December 2, 2010 - Bouygues group sales were stable over the first nine months of
2010 at EUR23,067 million. Current operating profit amounted to EUR1,328
million
, down 9%, and operating profit to EUR1,398 million, down 4%.
Operating profit includes non-current items at TF1 and Colas totalling EUR70
million
. Net profit amounted to EUR923 million, down 10%.

The financial situation is very sound, with a sharp reduction
in net debt to EUR3.8 billion, EUR1.4 billion less than at end-September
2009
.

Key figures

                                    9-month  9-month 2010     Change
                                     2009
    (EUR million)

    Sales                           23,168       23,067           =
    Current operating profit         1,461        1,328          -9%
    Operating profit                 1,461        1,398(1)       -4%
    Net profit attributable to
    the Group                        1,024          923         -10%

    Net debt(2)                      5,186        3,770   -EUR1,416m
    Net gearing(2)                      57%          37%        -20 pts

(1)Including EUR70 million of other operating income and expenses, or
+EUR96 million at TF1 and -EUR26 million at Colas

(2)End of period

Sales at Bouygues Construction at end-September 2010 were in
line with the target for the year at EUR6,801 million, down 5%. The operating
margin was virtually stable at 3.5% over the first nine months of 2010,
continuing the trend in the first half of the year. Net profit declined 23%
to EUR143 million, notably impacted by falling interest rates.

Reminder: Order intakes in the first nine months totalled
EUR8.7 billion, up 34% on end-September 2009. They notably include the
Singapore Sports Hub contract, worth EUR750 million.

The order book rose to a record EUR14.3 billion, up 19% on
end-December 2009 and up 25% on end-September 2009.

Bouygues Immobilier achieved a better-than-expected
performance. Sales fell 18% to EUR1,769 million. The operating margin rose by
1.4 points to 8.5% over the first nine months of the year, boosted by
improved profitability in the residential property segment. Net profit
amounted to EUR77 million, down 10%.

Reminder: Business activity remained strong in the residential
property segment, with reservations rising 32% to EUR1,658 million.
Commercial property reservations were low in a market which is at a cyclical
low. Overall, reservations at end-September 2010 were up 26% at EUR1,729
million
.

The order book was stable on end-June 2010 at EUR2.2 billion.

Results at Colas in the first nine months were in line with
the trends announced on 31 August 2010. Sales amounted to EUR8,785 million
(up 1% and down 2% like-for-like and at constant exchange rates). The current
operating margin stood at 2.7%, 1.9 points lower than at end-September 2009,
impacted by the deterioration of activity in Central Europe and by
competitive pressure, especially in France. Operating profit fell 48% to
EUR209 million. This figure includes non-current items of -EUR26 million
relating to charges for former competition-related matters and write-downs of
goodwill in Central Europe. The action plan announced on 31 August 2010 has
been implemented to gradually improve the operating margin from 2011. Net
profit amounted to EUR157 million, down 46%.

Reminder: The order book at end-September 2010 was virtually
stable on end-September 2009, at EUR6.6 billion.

TF1 reported good results in the first nine months of the
year. Sales rose 12% to EUR1,826 million, buoyed by the recovery of the
advertising market. Current operating profit increased fourfold to EUR125
million
, showing TF1's capacity to adapt its business model and cut costs.
Following the takeover of TMC and NT1, the previously-held equity interests
in these two entities were remeasured and generated a one-off gain of EUR96
million
. Operating profit thus came to EUR221 million and net profit to
EUR170 million.

Bouygues Telecom continued to generate strong organic growth.
Overall sales rose by 5% to EUR4,146 million and sales from network by 4% to
EUR3,763 million. Stripping out the impact of the cut in voice and SMS
termination rates, sales from network would have risen 13%. Bouygues Telecom
has been able to offset the cut in the call termination rate differential and
higher taxes resulting in a 1% increase in EBITDA to EUR1,100 million. Net
profit fell 5% to EUR392 million, reflecting higher depreciation and
amortisation charges linked to the fast-growing fixed broadband business.

Reminder: 201,000 new mobile contract customers signed up with
Bouygues Telecom in the third quarter of 2010, bringing the total number of
new customers since 1 January 2010 to 552,000, representing 23% of net market
growth(1). At 30 September 2010, Bouygues Telecom had 10,721,000 mobile
customers, including 8,478,000 on call plans (79.1% of the total customer
base, an increase of 2.9 points over one year).

The fixed broadband business continued to grow strongly, with
120,000 net activations in the third quarter of 2010. 645,000 Bbox routers
had been activated(2) at 30 September 2010, representing 472,000 additions
over one year.

(1)Arcep (French communications regulator) data

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

Alstom

Alstom contributed EUR239 million to Group net profit at
end-September 2010, down 9%. Alstom has confirmed an operating margin target
of between 7% and 8% for FY2010/2011 and FY2011/2012.

Financial position

Group net debt at 30 September 2010 amounted to EUR3.8
billion
, EUR1.4 billion less than at 30 September 2009. Shareholders' equity
amounted to EUR10.1 billion, an increase of EUR1 billion, and net gearing
stood at 37%, an improvement of 20 points.

Free cash flow before change in working capital requirement
amounted to EUR937 million, EUR173 million less than at end-September 2009,
mainly reflecting the lower level of activity at Colas.

The Group bought back 4.8 million Bouygues shares in the first
nine months of the year at a total cost of EUR155 million.

2010 sales

As a result of solid commercial activity and
better-than-expected sales in the first nine months of the year, the 2010
sales target for each of the Group's business areas has been raised. The
total for the Group as a whole is EUR31.0 billion, compared with the EUR30.4
billion
announced in August 2010.

                                  2010 target                        % change
    Sales by business   2009
    area(EUR million)
                               Published Published Published Published
                               in March  in June   in August in December

    Bouygues            9,546      9,100   9,100     9,100     9,200      -4%
    Construction
    Bouygues            2,989      2,100   2,150     2,300     2,400     -20%
    Immobilier
    Colas              11,581     11,500  11,500    11,500    11,600       =
    TF1                 2,365      2,410   2,460     2,530     2,555      +8%
    Bouygues Telecom    5,368      5,370   5,420     5,450     5,600      +4%
    Holding company
    and other             134        130    130       130       130       ns
    Intra-Group          (630)      (610)  (660)     (610)     (485)      ns
    elimination

    TOTAL              31,353     30,000  30,100    30,400    31,000      -1%
    o/w France         21,678     20,600  20,800    21,100    21,500      -1%
    o/w international   9,675      9,400   9,300     9,300     9,500      -2%

                               Financial calendar:

                1 March 2011: full-year 2010 results (5.45pm CET)

                2 March 2011: full-year 2010 results presentation

The financial statements have been subject to a limited review by the
statutory auditors and the corresponding report has been issued.

You will find the following documents on our website:

    - Financial statements for Bouygues
      (www.bouygues.com/fr/finances-actionnaires/analystes-et-investisseurs/p)
      (balance sheet, income statement, statement of recognised
      income and expense, cash flow statement, changes in shareholders' equity)

    - Slide presentation of the conference call
      (www.bouygues.com/fr/finances-actionnaires/analystes-et-investisseurs/p)
      with analysts

    - Historic data
      (www.bouygues.com/fr/finances-actionnaires/analystes-et-investisseurs/p)
      in Excel format

(Due to the length of this URL, it may be necessary to copy and paste
this hyperlink into your Internet browser's URL address field. Remove the
space if one exists.)

www.bouygues.com

    Condensed consolidated                 9-month           % change
    income statement                     2009    2010
    (EUR million)
    Sales                              23,168  23,067         =

    Current operating profit            1,461   1,328        -9%

    Other operating income and              0      70(1)     ns
    expenses

    Operating profit                    1,461   1,398        -4%

    Cost of net debt                     (260)   (251)       -3%

    Other financial income and
    Expenses                               14      24        ns 

    Income tax expense                   (410)   (376)       -8%

    Share of profits and losses from
    Associates                            303     279        -8%

    Net profit from continuing
    Operations                          1,108   1,074        -3%

    Net profit from discontinued or
    held-for-sale operations               15       0        ns 

    Net profit                          1,123   1,074        -4%

    Minority interests                    (99)   (151)      +53%

    Net profit attributable to the
    Group                               1,024     923       -10%

(1)Other operating income and expenses include:

    - TF1: a one-off gain of EUR96 million generated by the remeasurement of
      the previously-held equity interests following the takeover of TMC
      and NT1

    - Colas: non-current items of -EUR26 million relating to charges for
      former competition-related matters and write-downs of goodwill in
      Central Europe
    Third-quarter consolidated
    income statement
    (EUR million)                       Third-quarter      %
                                         2009    2010    change

    Sales                               8,378  8,412        =

    Current operating profit              689    630       -9%

    Operating profit                      689    700(1)    +2%

    Net profit attributable to the
    Group                                 477     391     -18%

(1)Including EUR70 million of other operating income and expenses, or
+EUR96 million at TF1 and -EUR26 million at Colas

    Sales by business area  9-month 2009  9-month      %           Change
    (EUR million)                           2010     change like-for-like
                                                                   and at
                                                                 constant
                                                                 exchange
                                                                   rates

    Bouygues Construction          7,133     6,801       -5%          -7%
    Bouygues Immobilier            2,154     1,769      -18%         -18%
    Colas                          8,684     8,785       +1%          -2%
    TF1                            1,628     1,826      +12%         +11%
    Bouygues Telecom               3,960     4,146       +5%          +5%
    Holding company and
    Other                            104        99        ns           ns 

    Intra-Group
    Elimination                      (495)     (359)      ns           ns
     Total                         23,168    23,067        =           -3%
          o/w France               15,924    15,838       -1%          -1%
      o/w international             7,244     7,229        =           -5%
     Contribution of business areas       9-month         %
     to EBITDA (EUR million)             2009    2010    change

    Bouygues Construction                 541     433      -20%
    Bouygues Immobilier                   203     144      -29%
    Colas                                 757     565      -25%
    TF1                                   114     172      +51%
    Bouygues Telecom                    1,084   1,100       +1%
    Holding company and other             (24)    (23)       ns

    TOTAL                               2,675   2,391      -11%
     Contribution of business areas         9-month         %
     to                                 2009    2010    change
     Current operating profit
     (EUR million)

    Bouygues Construction                 266     237     -11%
    Bouygues Immobilier                   153     150      -2%
    Colas                                 402     235     -42%
    TF1                                    33     125      x4
    Bouygues Telecom                      638     611      -4%
    Holding company and other             (31)    (30)      ns

    TOTAL                               1,461   1,328      -9%
     Contribution of business areas       9-month         %
     to Operating profit                 2009    2010     change
    (EUR million)
    Bouygues Construction                 266     237      -11%
    Bouygues Immobilier                   153     150       -2%
    Colas                                 402     209      -48%
    TF1                                    33     221       x7
    Bouygues Telecom                      638     611       -4%
    Holding company and other             (31)    (30)       ns

    TOTAL                               1,461   1,398       -4%
     Contribution of business areas       9-month          %
     to Net profit attributable to      2009   2010     change
     the Group (EUR million)

    Bouygues Construction                186     143     -23%
    Bouygues Immobilier                   86      77     -10%
    Colas                                283     152     -46%
    TF1                                   22      73       x3
    Bouygues Telecom                     369     351      -5%
    Alstom                               263     239      -9%
    Holding company and other           (185)   (112)     ns

    TOTAL                              1,024     923     -10%
    Net cash by business area      9-month            Change
   (EUR million)                 2009    2010    (EUR million)

    Bouygues Construction        2,826   2,905        +EUR79m
    Bouygues Immobilier            (80)     93       +EUR173m
    Colas                         (496)   (666)      -EUR170m
    TF1                           (787)     (9)      +EUR778m
    Bouygues Telecom              (447)   (339)      +EUR108m
    Holding company and other   (6,202) (5,754)      +EUR448m

    TOTAL                      (5,186) (3,770)     +EUR1,416m
      Contribution of business          9-month            Change
      areas to Cash flow                2009     2010  (EUR million)
     (EUR million)

    Bouygues Construction                438     375       -EUR63m
    Bouygues Immobilier                  133     145       +EUR12m
    Colas                                756     572      -EUR184m
    TF1                                  100     160       +EUR60m
    Bouygues Telecom                   1,088   1,073       -EUR15m
    Holding company and other             92     103       +EUR11m

    TOTAL                              2,607   2,428      -EUR179m
    Contribution of business          9-month          Change
    areas to Net capital            2009     2010  (EUR million)
    expenditure (EUR million)

    Bouygues Construction             100     145       +EUR45m
    Bouygues Immobilier                 5       3        -EUR2m
    Colas                             217     275       +EUR58m
    TF1                                60      35       -EUR25m
    Bouygues Telecom                  438     400       -EUR38m
    Holding company and other           7       6        -EUR1m

    TOTAL                             827     864       +EUR37m

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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