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

3.3. 31 December 2004: comparative French GAAP and IFRS
balance sheets (as shown in the transition document published on
the bouygues.com website in June 2005)
BALANCE SHEET
(in millions of euros)
31 December 2004
French
IFRS
GAAP
ASSETS
Tangible fixed assets 4,629 4,205
Intangible fixed assets 1,020 5,634
Goodwill 4,540 192
Non-current financial assets 1,292 722
Current assets 9,144 10,856
Cash and equivalents 3,260 3,256
Financial instruments (1) 48
Other current financial assets 15
Total 23,948 24,865
LIABILITIES & SHAREHOLDERS’ EQUITY
Shareholders’ equity attributable to the Group 3,998 3,983
Minority interests 980 964
Other equity 140
Total shareholders’ equity 4,978 5,087
Long-term debt 4,648 4,686 (2)
Non-current provisions 1,176 1,866 (3)
Other non-current liabilities 158
Debt (maturing within one year) 242
Current liabilities 12,449 12,976
Short-term bank borrowings 252 250
Financial instruments (1) 41
Other current financial liabilities 4
Total 23,948 24,865
Net debt 1,875 1,680
Gearing 38% 33%
(1) on fair-value hedges of financial liabilities
(2) French GAAP: all financial liabilities
(3) French GAAP: all provisions for liabilities and charges
31 December 2004: comments on the main changes between the two sets of
standards
ASSETS
in millions of euros
Tangible fixed assets 424
The increase under IFRS is due mainly to the reclassification of intangible fixed assets
(telecom software, etc) (+250), the capitalisation of leased equipment (+83), and
restatements on building and equipment depreciation periods and components (+110).
Intangible fixed assets (4,614)
The reduction is due mainly due reclassifications of fair value adjustments (market share)
as goodwill.
Goodwill 4,348
Reclassifications from fair value adjustments of intangibles now recorded in goodwill
(market shares, etc.)
Other non-current assets 570
This heading includes deferred tax assets (DTA) included in “Other current assets”
under French GAAP for the net amount of 570 at 31 December 2004.
Other current assets (1,712)
Reclassification of DTA as “Other non-current assets” in the net amount of (570).
Restatement of property receivables for off-plan sales (VEFA) in the amount of
(1,095) (Matching reduction in “Other current liabilities”).
Financial instruments
Assets 48
Liabilities 41
This item relates to debt hedging instruments estimated at fair value.
The change recorded is allocated either to income for the period or to consolidated
shareholders’ equity, depending on the nature of the financial assets and liabilities.
LIABILITIES & SHAREHOLDERS’ EQUITY
Shareholders’ equity (109)
Including +15 for Group share; see above table providing detailed analysis of the transition
as of 31 December 2004.
Shareholders’ equity under French GAAP at 31 December 2004: 5,087
Group share 3,983
Provisions for employee benefits (IAS 19) (52)
Tangible (IAS 16) and intangible (IAS 38) fixed assets
(analysis by component/depreciation and amortisation periods / depreciable 15
costs, etc.) and asset impairment (IAS 36)
Straight-line goodwill amortisation (attributable to the Group) 23
15
Net deferred taxes on IFRS restatements (IAS 12) 19
Additional restatements for gain on disposal of Saur (deconsolidation) 21
Other (1) (11)
Sub-total - Group share 3,998
Minority interests’ share / other equity 1,104
Reclassification as non-current financial liabilities of minority interests on
Bouygues Telecom participating loans (and other shareholders’ equity) (140)
Other restatements on minority interests 16
Sub-total - Minority interests 980
(124)
Shareholders’ equity under IFRS at 31 December 2004: 4,978
(1) including changes in fair value of financial instruments and miscellaneous restatements
Non-current provisions (690)
The reduction is due mainly to the reclassification into current provisions of provisions in
connection with the normal operating cycle in the amount of 540 million euros.
Non-current debt (38)
The small change is due mainly to the reclassification of the amount due within one year as
current liabilities.
Other non-current liabilities 158
This heading now includes deferred tax liabilities.
Current liabilities (527)
Small net change
Of which: - reclassification of current provisions 540
- restatements for Group property business (See “Other current assets”) (1,095)
CONSOLIDATED FINANCIAL STATEMENTS
169