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Bouygues 2020 Profit Down; To Separate Functions Of Chairman And CEO

Bouygues (BOUYY.PK) reported that its net profit attributable to the group for fiscal year 2020 dropped to 696 million euros from last year's 1.18 billion euros, reflecting the group's resilience during the Covid-19 crisis.

Current operating profit was 1.22 billion euros, down 454 million euros from the prior year.

Sales were 34.7 billion euros, down 9% or 8% like-for-like and at constant exchange rates compared to the prior year.

The company said its board will ask for the approval of the payment of a stable dividend of 1.70 euros per share at the Annual General Meeting on 22 April 2021. The ex-date, record date and payment date have been set at 4 May, 5 May and 6 May 2021 respectively.

In 2021, the Group's sales and earnings should be well above those of 2020, although without reaching those of 2019. In 2022, group current operating profit should return to the same level of 2019 or be slightly higher.

The "Ambition 2026" plan targets to be achieved by 2026 are sales from services of more than 7 billion euros;EBITDA after Leases of around 2.5 billion euros.

The company said it would separate the functions of Chairman and Chief Executive Officer, as of 17 February 2021. Martin Bouygues will be Chairman and Olivier Roussat, previously Deputy CEO, is appointed Chief Executive Officer.

The company has appointed two new Deputy CEOs to assist Olivier Roussat in his duties.

Edward Bouygues, Director of Strategy at Bouygues Telecom, will be responsible for telecoms development, CSR and innovation for the Bouygues group. He will also be appointed Chairman of Bouygues Europe.

Pascal Grangé, Senior Vice-President and Chief Financial Officer, is appointed Deputy CEO. He will continue to serve as Chief Financial Officer of the Bouygues group.

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