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

3.2. December 2004: financial statements published in the 2004
Annual Report under French GAAP
CONSOLIDATED BALANCE SHEET AT 31 DECEMBER
(French GAAP - in millions of euros)
2004
net
ASSETS
Intangible fixed assets 5,634 6,409
Goodwill 192 264
Tangible fixed assets 4,205 4,532
Long-term investments (1)
Non-consolidated subsidiaries and affiliates 126 145
Equity-method subsidiaries and affiliates 474 472
Other 122 161
FIXED ASSETS 10,753 11,983
Inventories 1,208 1,181
Programmes and broadcasting rights 535 693
Advances and payments on account 369 105
Trade receivables (2) 5,659 5,972
Other receivables, prepaid expenses & similar items (2) (3) 3,085 2,519
Short-term investment securities 2,810 2,144
Cash and equivalents 446 472
CURRENT ASSETS 14,112 13,086
2003
net
TOTAL ASSETS 24,865 25,069
(1) of which due in less than one year 5 3
(2) of which due in more than one year 407 750
(3) 12/2004: of which receivable from PAI partners on sale of Saur shares 1,031
LIABILITIES AND SHAREHOLDERS’ EQUITY
Authorised capital 333 333
Premiums, reserves & consolidated earnings (4) 3,745 4,867
Translation reserve (95) (69)
Treasury stock
SHAREHOLDERS’ EQUITY (attributable to the Group) (8) 3,983 5,131
Minority interests 964 894
TOTAL SHAREHOLDERS’ EQUITY 4,947 6,025
Other equity 140 167
SHAREHOLDERS’ EQUITY AND OTHER EQUITY 5,087 6,192
PROVISIONS FOR LIABILITIES AND CHARGES 1,866 1,896
FINANCIAL LIABILITIES (5) 4,686 5,160
PROGRESS PAYMENTS RECEIVED 480 576
Trade payables 5,207 5,345
Other non-financial liabilities, accrued income and similar items (7) 7,289 5,658
NON-FINANCIAL LIABILITIES (6) 12,496 11,003
Short-term bank borrowings 250 242
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 24,865 25,069
(4) of which net earnings for the year (attributable to the Group) 858 450
(5) of which due in less than one year 241 1,178
(6) of which due in more than one year 223 303
(7)(8) 12/2004: of which exceptional payout to be made on 7 January 2005 1,664
CONSOLIDATED INCOME STATEMENT
(French GAAP - in millions of euros)
2004 2003
SALES (1) 23,402 21,822
Other operating income 1,114 1,104
Purchases and changes in inventories (5,206) (4,888)
Taxes other than income tax (512) (473)
Personnel costs (4,827) (4,615)
External charges and other operating expenses (11,153) (10,431)
Net depreciation, amortisation and provisions (1,322) (1,339)
Share in earnings of unincorporated joint ventures 51 58
OPERATING INCOME 1,547 1,238
Net financial items (165) (219)
EARNINGS BEFORE TAX AND EXCEPTIONAL ITEMS 1,382 1,019
Net exceptional items 209 (14)
Income tax (519) (380)
NET EARNINGS OF CONSOLIDATED COMPANIES 1,072 625
Share in earnings of companies accounted for by the equity method 42 43
NET EARNINGS BEFORE MINORITY INTERESTS AND
AMORTISATION OF GOODWILL
1,114 668
Amortisation of goodwill (55) (42)
NET EARNINGS BEFORE MINORITY INTERESTS 1,059 626
Minority interests (201) (159)
Share in earnings acquired from minority interests (17)
NET EARNINGS (attributable to the Group) 858 450
Earnings per share (in euros) 2.57 1.34
Diluted earnings per share (in euros) 2.53 1.28
(1) of which sales generated outside France 6,370 6,110
CONSOLIDATED FINANCIAL STATEMENTS
167