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

3.6. 2004 Consolidated cash flow statement
(In millions of euros)
IFRS (1)
Year 2004
French
GAAP (2)
Net cash generated from operating activities
Cash flow after cost of net debt and income taxes 2,052 2,267
Cost of net debt and tax expense 662
Cash flow before cost of net debt and tax expense 2,714
Other cash flows relating to working capital requirement 35 423
Net cash generated from operating activities 2,749 2,690
Net cash used in investing activities
Net acquisitions of tangible and intangible fixed assets (1,047)
Net acquisitions of consolidated investments and other 822
(230)
Receivables on Saur disposal (1,031) (1,031)
Other cash flow from investing activities 119 19
Cash flow used in investing activities (1,137) (1,242)
Net cash used in financing activities
Shareholders’ equity (1,720) (1,748)
Dividends paid (258) (258)
Exceptional payout 1,664 1,664
Cash used for financial liabilities (270)
Cost of net debt (162) (464)
Other cash from financing activities (93)
Net cash used in financing activities (839) (806)
Effect of changes in exchange rates (8) (7)
Change in cash position 765 635
Cash position at 1 January 2,250 2,374
Changes during 2004 758 632
Cash at 31 December 3,008 3,006
NOTE 4: NON-CURRENT ASSETS 11,444
An analysis of non-current assets by business segment is provided in Note 17.
4.1 Summary of net investments for the period
(operating and financing)
(In millions of euros) 2005 2004
Acquisitions of property, plant and equipment 1,198 1,106
Acquisitions of intangible assets 173 115
Investments in operating assets 1,371 1,221
Non-current financial assets (investments in consolidated
and non-consolidated companies, other long-term investments) 333 338
Investments in financial assets 1,704 1,559
Disposals of non-current assets (225) (1,334)
Net investment 1,479 225
(1) presentation in accordance with the CNC recommendation dated 27 October 2004
(2) comparative presentation of cash flow statement under French GAAP, in accordance with possible concordance under IFRS
The 2004 cash flows shown in the IFRS cash flow statement exclude the cash flow of Saur, which was
sold at the end of 2004.
Net cash generated by operating activities 59
Most of the net increase between the two sets of standards comes from the additional net
profit under IFRS (+51) that affects cash flow
Net cash used in investing activities 105
The change is mainly due to the deconsolidation of Saur cash flow under IFRS 2 (+122)
Net cash used in financing activities (33)
The change is due to the deconsolidation of Saur and to IFRS restatements
172