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

ACTOR
> Excellent commercial and financial performance in 2005
A sharp increase in net profit:
€175 million (+25%)
Higher earnings are due in particular
to the Vision & Performance project,
which has brought major changes to
Bouygues Construction’s organisation
and operating methods since 2003.
The net margin rose from 2.5% in
2004 to 2.9% in 2005. The net profit
figure in 2004 included non-recurring
income of €37 million.
A record cash surplus
The net cash surplus reached a record
€1,874 million, €351 million more than
in 2004.
Cash flow rose by 41% to €410 million,
reflecting the improvement in the
company’s margins.
Bouygues Construction pursued an
active development policy in 2005,
with a net capital outlay (cash flow) of
€148 million.
Bouygues Construction’s available
cash is a major asset in controlling
construction risks, giving the group
the capacity to pursue its development
policy.
Priorities for growth
in high value-added
activities
Bouygues Construction has continued
to pursue its development strategy,
focusing on four priorities for growth.
Sales
€bn
5.5
2004 2005 2006 (o.)
(o.) : objective
Sales by business segment
€m
B/CW
International
2,323
Order book
€bn
of which France and Europe
5.0
6.1
Electrical contracting
and maintenance
951
4.6
3.6 3.4
6.45
5.2
4.0
2003 2004 2005
B/CW
France
2,857
Net profit (Group share)
€m
140
175
2004 2005
Net cash
€m
1,346*
2003 2004 2005
* French GAAP
1,523
1,874
Order book
by geographical area
Americas
Africa and other
5%
5%
Asia
14%
Europe (excl. France)
20%
France
56%
IFRS
CONSOLIDATED BALANCE SHEET AT 31 DECEMBER
ASSETS (€m - IFRS) 2004 2005
• Tangible and intangible fixed assets 296 265
• Goodwill 145 175
• Non-current financial assets 170 218
NON-CURRENT ASSETS 611 658
• Current assets 1,972 2,255
• Cash and equivalents 1,773 2,074
• Financial instruments (debt-related) - -
CURRENT ASSETS 3,745 4,329
TOTAL ASSETS 4,356 4,987
LIABILITIES (€m - IFRS)
• Shareholders’ equity attributable to the Group 302 414
• Minority interests 3 4
SHAREHOLDERS’ EQUITY 305 418
• Long-term debt 134 122
• Non-current provisions 437 519
• Other non-current liabilities 1 1
NON-CURRENT LIABILITIES 572 642
• Debt (amount due within one year) 24 4
• Current liabilities 3,363 3,849
• Short-term bank borrowings and overdrafts 92 74
• Financial instruments (debt-related) - -
CURRENT LIABILITIES 3,479 3,927
TOTAL LIABILITIES 4,356 4,987
NET DEBT (1,523) (1,874)
CONSOLIDATED INCOME STATEMENT
(€m - IFRS) 2004 2005
SALES 5,512 6,131
CURRENT OPERATING PROFIT 168 249
• Other operating income and expenses - (11)
OPERATING PROFIT 168 238
• Income from net debt 26 32
• Other financial income and expenses 2 1
• Income tax expense (59) (114)
• Share of profits and losses of associates 3 19
NET PROFIT BEFORE DISCONTINUED
OR HELD-FOR-SALE OPERATIONS 140 176
• Net profit of discontinued or held-for-sale operations - -
TOTAL NET PROFIT 140 176
• Minority interests - 1
CONSOLIDATED NET PROFIT ATTRIBUTABLE TO THE GROUP 140 175
BUSINESS ACTIVITIES
15