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

NOTE 24: CHANGES IN SCOPE OF CONSOLIDATION
AND HELD-FOR-SALE OPERATIONS
■ Divestment of Saur
At end 2004, Bouygues signed an agreement with the PAI partners investment fund to sell its entire interest
in Saur to Novasaur (formerly Gaillon), a holding company, for 1,031 million euros. The sale was completed
after approval from the competition authorities in February 2005.
Bouygues made a capital gain of 213 million euros, net of tax.
The results of Saur for the year ended 31 December 2004 were included in “Net profit of discontinued and
held-for-sale operations” in the income statement.
■ TPS: in process of divestment
Because the divestment of TPS is in process, income and expenses relating to TPS for the years ended 31
December 2004 and 2005 are shown separately on the line “Net profit of discontinued and held-for-sale
operations”.
■ Impact of TPS on the balance sheet at 31 December 2005 and the income and cash flow
statements for 2004 and 2005:
Cash flow statement 2005 2004
Opening cash and equivalents 3 3
Operating activities 34 48
Investing activities (24) (7)
Financing activities (70) (41)
Effect of changes in exchange rates & other
Cash and equivalents at 31 December (57) 3
Assets and liabilities of discontinued and held-for-sale operations are as follows:
12/2005
Non-current assets
Property, plant and equipment 46
Intangible assets 7
Goodwill 420
Other non-current assets
Deferred tax assets and long-term tax receivables 4
Current assets
Inventories 30
Trade receivables 44
Tax asset (receivable) (2)
Other current assets 72
Cash and equivalents (57)
Financial instruments (hedging of fair-value financial liabilities)
Other current financial assets
Total assets of discontinued and held-for sale operations (A) 564
Non-current liabilities
Non-current debt 10
Non-current provisions
Deferred tax liabilities and long-term tax liabilities 1
Current liabilities
Current debt 38
Current taxes payable
Trade payables 125
Other current liabilities 176
Overdrafts and short-term bank borrowings
Financial instruments (hedging of fair-value financial liabilities)
Other current financial liabilities
Total liabilities of discontinued and held-for sale operations (B) 350
Net assets divested (A - B) 214
Income and expenses generated by discontinued and held-for-sale operations are as follows:
2005 2004
Sales 365 348
Operating profit 17 2
Cost of net debt (3) (3)
Other financial income and expenses 1 (2)
Income tax expense (1) 1
Net profit of discontinued or held-for-sale operations
14 (2)
206