A N N U A L R E P O R T - Bouygues

CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED CASH FLOW STATEMENT (in millions of euros - IFRS)
Note 2005 (1) 2004 (1) Note 2005 (1) 2004 (1)
A - NET CASH GENERATED BY OPERATING ACTIVITIES
Cash flow:
Consolidated net profit (including minority interests) 1,038 1,115
Share of profit or loss from associates (equity-accounted) (2) (30) (13)
Elimination of dividends from non-consolidated companies (5) (6)
Charges to/write-backs of depreciation, amortisation
and non-current provisions
1,336 1,306
Gains and losses on asset disposals (54) (353)
Miscellaneous charges 48 3
sub-total 2,333 2,052
Cost of net debt 187 162
Income tax expense for the year 570 500
Cash flow 17 3,090 2,714
Changes in working capital related to operating activities
(including deferred taxes)
(511) 35
NET CASH GENERATED BY OPERATING ACTIVITIES 2,579 2,749
B - NET CASH USED IN INVESTING ACTIVITIES
Purchase price of property, plant and equipment and intangible assets
(1,371) (1,221)
17
Proceeds from disposals of property, plant and equipment and intangible assets 142 174
Net liabilities related to property, plant and equipment and intangible assets 38 107
sub-total (1,191) (940)
Purchase price of non-consolidated investments and other investments
(5) (54)
17
Proceeds from disposals of non-consolidated companies and other investments 5 7
Net liabilities related to non-consolidated companies and other investments
sub-total 0 (47)
Effects of changes in scope of consolidation
Purchase price of investments in consolidated companies
(328) (284)
17
Proceeds from disposals of investments in consolidated companies 78 1,153
Amount receivable from Saur disposal 1,031 (1,031)
Net liabilities related to investments in consolidated companies and effect
of other changes in scope on cash
(60) 22
sub-total 22 721 (140)
Other cash used in investing activities
(change in loans, dividends received from non consolidated companies)
(71) (10)
NET CASH USED IN INVESTING ACTIVITIES (541) (1,137)
C - NET CASH USED IN FINANCING ACTIVITIES
Capital increases during the year paid for by shareholders
and minority interests (including exercise of stock options) (18) 5
Net change in capital due to conversion of bonds into shares / cancellation
or acquisition of treasury shares and other (41) (58)
Dividends paid during the year
Dividends paid to shareholders of the parent company (249) (164)
Dividends paid to minority shareholders of consolidated companies (91) (94)
Exceptional payout made in 2005 (1,664) 1,664
Other reductions of share capital (11) (1,667)
Change in debt (4) 160 (270)
Cost of net debt (5) (187) (162)
Other cash used in financing activities 4 (93)
NET CASH USED IN FINANCING ACTIVITIES (2,097) (839)
D - EFFECT OF FOREIGN EXCHANGE FLUCTUATIONS 25 (8)
CHANGE IN NET CASH (A + B + C + D) (34) 765
Cash position at 1 January 5 3,008 2,250
Net cash flows during the year (34) 765
Other non-monetary flows 6 (7)
TPS held for sale: elimination from cash position at end of period 57
Cash position at 31 December 2005 (6) 5 3,037 3,008
(1) including cash flow from TPS:
Net cash position at 1 January 3 3
- cash generated by operating activities 34 48
- cash used in investing activities (24) (7)
- cash used in financing activities (70) (41)
Cash position at 31 December 2005 (57) 3
(2) Elimination of share of profit or loss of associates + dividends received from associates
(3) Definition of change in working capital: Current assets - Current liabilities (including current provisions, excluding current financial
liabilities and financial instruments (debt hedging) -> in financing)
(4) Definition of debt: non-current debt + current debt
(5) of which net interest paid: (220) (208)
(6) excluding cash position of TPS
154