Strong commercial performance in 2010.
Very sound financial structure.

2010 confirmed the Group's capacity to adapt in all its business areas. Sales were stable on 2009 at €31.2 billion, with current operating profit down 5% at €1.8 billion and net profit down 19% at €1.1 billion. The financial structure is very sound, with net gearing of 23% and a high level of free cash flow at €1 billion.
 

Bouygues Construction posted a solid operating performance. Sales fell 3% to €9,235 million but the operating margin remained stable. The order book at end-December 2010  reached an all-time high of €14.2 billion, with 55% of orders outside France.
 

Bouygues Immobilier consolidated its leading position on the French housing market, with record residential property reservations of 13,734 units, an increase of 28%. Profitability rose sharply following restoration of the operating margin in the housing segment.
 

Colas reported a 1% increase in sales. A 1.6 point drop in the current operating margin was mainly caused by deteriorating conditions in Central Europe. Colas has introduced an action plan to gradually improve profitability from 2011.
 

TF1 bounced back in 2010. An 11% rise in sales was driven by the pick-up in advertising spend. Current operating profit doubled, reflecting the group's strategy of adapting its business model and controlling costs.
 

Bouygues Telecom continued its growth strategy, attracting 1.2 million new customers and reporting a 5% rise in sales. It was able to offset the cut in the call termination rate differential and higher taxes, with EBITDA increasing by 2%.
 

Alstom contributed €235 million to Bouygues' net profit, 32% down on the previous year, including a €66-million provision (Bouygues’ share) for its restructuring plan. Alstom's commercial performance rebounded in the third quarter of FY2010/2011, with order intakes reaching their highest level since the first quarter of FY2009/2010.
 

The Board of Directors will ask the Annual General Meeting on 21 April 2011 to approve the payment of a stable dividend at €1.60 per share.
 

Relying on the diversity of its businesses, Bouygues will continue its strategy of long-term growth in 2011.
 

I should like to thank our shareholders for their confidence and all our employees for their hard work, their commitment and their mindset.
 

2 March 2011

Martin Bouygues
Chairman and CEO