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

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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
NOTE 25: PRINCIPAL EXCHANGE RATES NOTE 26: LIST OF CONSOLIDATED COMPANIES AT 31 DECEMBER 2005 Convention: 1 local currency unit = X euros Country Currency unit Closing rate Annual average rate 31/12/05 31/12/04 2005 2004 EUROPE Denmark Danish krone 0.134039 0.134430 0.134183 0.134419 United Kingdom Pound sterling 1.459215 1.418339 1.464040 1.472058 Hungary Hungarian forint 0.003955 0.004066 0.004023 0.003990 Poland Polish zloty 0.259067 0.244828 0.248636 0.221370 Czech Republic Czech koruna 0.034483 0.033563 0.032826 0.031354 Romania Romanian leu 0.271724 0.253872 0.275932 0.247291 Switzerland Swiss franc 0.643045 0.648130 0.646064 0.647819 NORTH AMERICA United States US dollar 0.847673 0.734160 0.807765 0.802472 Canada Canadian dollar 0.728597 0.609162 0.666800 0.618675 REST OF THE WORLD Morocco Moroccan dirham 0.091672 0.089226 0.090819 0.090685 Thailand Thai baht 0.020645 0.018816 0.020027 0.019924 Hong Kong Hong Kong dollar 0.109321 0.094446 0.103872 0.103026 African Financial Community CFA franc 0.001524 0.001524 0.001524 0.001524 South Africa South African rand 0.133973 0.130044 0.126888 0.125909 Companies A - TELECOMS / MEDIA 1 – TELECOMS - BOUYGUES TELECOM group Full consolidation Bouygues Telecom S.A. and its subsidiaries Boulogne-Billancourt, France 89.55 83.05 2. COMMUNICATION - TF1 group City / Country % interest % direct and indirect control (1) 2005 2004 2005 2004 Full consolidation Télévision Française 1 SA Boulogne-Billancourt, France 42.93 41.50 Ciby Droits Audiovisuels SA Boulogne-Billancourt, France 42.93 41.50 100.00 100.00 La Chaîne Info (LCI) SCS Boulogne-Billancourt, France 42.93 41.50 100.00 100.00 Téléshopping SA Boulogne-Billancourt, France 42.93 41.50 100.00 100.00 TF1 International SA Boulogne-Billancourt, France 42.93 41.50 100.00 100.00 TF1 Publicité SA Boulogne-Billancourt, France 42.93 41.50 100.00 100.00 TF1 Vidéo SA Boulogne-Billancourt, France 42.93 41.50 100.00 100.00 Une Musique SA Boulogne-Billancourt, France 42.93 41.50 100.00 100.00 e-TF1 Boulogne-Billancourt, France 42.93 41.50 100.00 100.00 EUROSPORT and its subsidiaries Boulogne-Billancourt, France 42.93 41.50 100.00 100.00 Proportionate consolidation Télévision Par Satellite (TPS) SNC Issy-les-Moulineaux, France 28.33 27.39 66.00 66.00 Associates (Equity Method) Publications Metro France Paris, France 14.72 14.23 34.30 34.30 B - CONSTRUCTION 1. CONSTRUCTION - BOUYGUES CONSTRUCTION group Full consolidation Bouygues Construction SA Saint-Quentin-en-Yvelines, France 99.97 99.97 Bouygues Bâtiment Île-de-France Bouygues Bâtiment Île-de-France SA Saint-Quentin-en-Yvelines, France 99.97 99.97 Bâtiment France subsidiaries Bati Renov SA Orly, France 99.88 99.88 Brézillon SA Noyon, France 99.33 99.33 Sodéarif SA Saint-Quentin-en-Yvelines, France 99.96 99.96 Bouygues Bâtiment International Bouygues Bâtiment International SA Saint-Quentin-en-Yvelines, France 99.97 99.97 Bâtiment International subsidiaries Bouygues Hungaria Budapest, Hungary 99.97 99.97 Bouygues Polska Warsaw, Poland 99.97 99.97 Bouygues Thaï Ltd Bangkok, Thailand 48.98 48.98 Bymaro Casablanca, Morocco 99.95 99.95 DTP Singapour Pte. Ltd Singapore 99.97 99.97 (1) where percentage control differs from percentage interest CONSOLIDATED FINANCIAL STATEMENTS 207
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BOUYGUES 2005 A N N U A L R E P O R
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CONTENTS Chairman’s statement 2 M
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CHAIRMAN'S STATEMENT cellent year f
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Bouygues Telecom Tons directs Logot
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with the announcement of our annual
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KEY FIGURES FINANCIAL HIGHLIGHTS (
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NET DIVIDEND PER SHARE: €0.90 (up
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Business activities Bouygues Constr
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ACTOR > Excellent commercial and fi
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uildings and offices was stable, wi
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Gautrain link project, South Africa
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PROPERTY DEVELOPER > Further growth
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• the Allée des Oliviers in Mont
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Poland, which generated sales of
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IN ROADWORKS > Sharp rise in sales
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the performance of contracts under
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Two major projects were completed i
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SION GROUP IN FRANCE > Biggest incr
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eginning to tire. The subsidiary’
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ments and very good viewing figures
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Bouygues Telecom Logotype BT Quadri
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Bond issue On 22 July 2005, Bouygue
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Sustainable development Sustainable
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PMENT IN THE GROUP Our culture is r
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THE GROUP diseases at the Treichvil
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culty to enter the labour market, e
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ing position in this area. While th
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Bouygues Bâtiment Ile-de-France, f
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Private Construction QSE ® plans T
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erly constructed, supervised, teste
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teams. The workforce increased by 2
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The sustainable development committ
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Internships and apprenticeships App
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■ Internal communication: promoti
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ing and construction waste. In 2005
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Nanotechnologies to support technol
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Messages for children on TF1 After
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tional risks in order to raise awar
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Example of the local impact of the
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its transmitters. Thus, if a radio
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dual exchange rate risk arising fro
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Interest rate hedging Maturity 2006
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competition undertakings relating t
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assessments. The Group uses all leg
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Innovation, research and developmen
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H AND DEVELOPMENT • modelling (ha
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Legal and financial information Cor
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DEPUTY CHIEF EXECUTIVE OFFICERS Exp
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Expertise / Experience Principal po
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devoted an item on its agenda to a
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1.3.3. Selection Committee The Sele
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is a centralised and formalised sys
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Challenger Express, intended for se
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A. Dupont P. Le Lay Y. Gabriel A. P
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2. REPORT ON THE ALLOCATION AND EXE
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SHARE OWNERSHIP 1. CHANGES IN SHARE
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STOCK MARKET 1. BOUYGUES ON THE STO
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CAPITAL 1. GENERAL INFORMATION 1.2.
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2. ADDITIONAL REPORT ON THE USE OF
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Transactions carried out other than
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2. FIVE-YEAR FINANCIAL SUMMARY CAPI
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3.4. Double voting rights (Article
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MISCELLANEOUS INFORMATION Date of p
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MISCELLANEOUS INFORMATION Date of p
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7 November 2005 from 31 October to
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Financial statements CONSOLIDATED F
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CONSOLIDATED INCOME STATEMENT (in m
Page 157 and 158: CHANGES IN CONSOLIDATED SHAREHOLDER
Page 159 and 160: NOTE 1: SIGNIFICANT EVENTS OF THE Y
Page 161 and 162: ■ Business combinations Business
Page 163 and 164: ■ Leases: Items of property, plan
Page 165 and 166: 2.8. Financial instruments Some gro
Page 167 and 168: Services carried out on behalf of c
Page 169 and 170: 3.2. December 2004: financial state
Page 171 and 172: 3.3. 31 December 2004: comparative
Page 173 and 174: 3.5. 31 December 2004: transition o
Page 175 and 176: 4.2. Movements during the period 4,
Page 177 and 178: 4.2.3. Goodwill 4,618 ■ Movement
Page 179 and 180: 4.2.5. Other non-current financial
Page 181 and 182: 5.2. Advances and down-payments on
Page 183 and 184: 6.2.1. Attributable to the Group (I
Page 185 and 186: 2 - Fair value remeasurement reserv
Page 187 and 188: 8.3. Deferred tax assets and liabil
Page 189 and 190: 9.3. Liquidity at 31 December 2005
Page 191 and 192: Information about construction cont
Page 193 and 194: NOTE 15: INCOME TAX EXPENSE (570) 1
Page 195 and 196: 17.2. Analysis by business segment:
Page 197 and 198: 17.4. Income statement by function
Page 199 and 200: 18.1.2. Currency hedges ■ Analysi
Page 201 and 202: 19.3. Other commitments 19.5. Conti
Page 203 and 204: 20.2.2. Defined-benefit plans ■ N
Page 205 and 206: 20.3. Employee share ownership NOTE
Page 207: NOTE 23: AUDITORS’ FEES The table
Page 211 and 212: PARENT COMPANY FINANCIAL STATEMENTS
Page 213 and 214: NOTES TO THE PARENT COMPANY FINANCI
Page 215 and 216: Estimated useful lives and deprecia
Page 217 and 218: NOTE 7: COMPOSITION OF SHARE CAPITA
Page 219 and 220: NOTE 14: GROUP TAX ELECTION AND INC
Page 221 and 222: Annual general meeting of 27 April
Page 223 and 224: BOARD OF DIRECTORS' REPORTS BOARD O
Page 225 and 226: This delegation is granted to the B
Page 227 and 228: AUDITORS' REPORTS AUDITORS’ GENER
Page 229 and 230: AUDITORS’ REPORT IN ACCORDANCE WI
Page 231 and 232: Agreements to buy and sell Bouygues
Page 233 and 234: AUDITORS’ REPORT ON THE REDUCTION
Page 235 and 236: RECONSTITUTION OF INVESTMENT CERTIF
Page 237 and 238: Consequently, we ask you, subject t
Page 239 and 240: I. Analysis of the relative value o
Page 241 and 242: DRAFT RESOLUTIONS 1. ORDINARY PART
Page 243 and 244: plies with a code of conduct recogn
Page 245 and 246: • thirteenth resolution (Authoris
Page 247 and 248: CERTIFICATE OF RESPONSIBILITY Havin
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