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

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PARENT COMPANY FINANCIAL STATEMENTS in French GAAP INCOME STATEMENT (in millions of euros) CASH FLOW STATEMENT (in millions of euros) 2005 2004 2003 SALES 64 68 62 Other operating revenues 18 11 10 Purchases and changes in inventory Taxes other than income tax (2) (2) (2) Personnel costs (46) (52) (50) Other operating expenses (44) (42) (33) Depreciation, amortisation, impairment and provisions, net (13) (13) (11) OPERATING LOSS (23) (30) (24) Financial income and expenses 209 343 189 PROFIT BEFORE TAX AND EXCEPTIONAL ITEMS 186 313 165 Exceptional items 113 218 (7) Income tax expense (38) 55 58 NET PROFIT 261 586 216 2005 2004 A - OPERATING ACTIVITIES Cash flow (from operations, before changes in working capital) 213 294 Net profit for the year 261 586 Amortisation, depreciation and impairment of non-current assets, net (12) (154) Charges to / reversals of provisions, net (52) 9 Transfers of deferred charges (5) (6) Gain / losses on disposals of non-current assets 21 (141) Change in working capital (305) 71 Current assets (249) (48) Current liabilities (56) 119 NET CASH GENERATED BY / (USED IN) OPERATING ACTIVITIES (92) 365 B - INVESTING ACTIVITIES Increases in non-current assets Acquisitions of intangible assets and property, plant and equipment Acquisitions of long-term investments (158) (45) (158) (45) Disposals of non-current assets (1) 26 802 Investment, net (132) 757 Other long-term financial investments, net 475 88 Amounts receivable / payable in respect of non-current assets, net (1) 795 (797) NET CASH GENERATED BY / (USED IN) INVESTING ACTIVITIES 1,138 48 C - FINANCING ACTIVITIES Change in shareholders’ equity (2) (18) (1,727) Exceptional payout made in 2005 (2) (1,664) 1,664 Dividends paid (249) (166) Change in debt 754 357 NET CASH GENERATED BY / (USED IN) FINANCING ACTIVITIES (1,177) 128 CHANGE IN NET CASH POSITION (A+B+C) (131) 541 Cash position at 1 January 753 212 Other non-monetary flows Change during the year (131) 541 NET CASH POSITION AT 31 DECEMBER 622 753 (1) 2004: includes €796 million receivable from PAI partners on sale of Saur, paid 15 February 2005 (2) 2004: includes €1,664 million exceptional payout, paid 7 January 2005 210
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS Contents 1. Significant events of the year 2. Accounting policies 3. Non-current assets 4. Current assets by maturity 5. Other assets 6. Changes in shareholders’ equity 7. Composition of share capital 8. Provisions 9. Liabilities by maturity at the balance sheet date 10. Details of amounts involving related companies 11. Financial instruments 12. Off balance sheet commitments given and received 13. Sales 14. Group tax election and income tax expense 15. Contingent tax position 16. Average number of employees during the year 17. Advances, loans and remuneration: directors and senior executives 18. List of investments 19. List of subsidiaries and affiliates Figures in millions of euros PARENT COMPANY FINANCIAL STATEMENTS 211
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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
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CHANGES IN CONSOLIDATED SHAREHOLDER
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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 and 208: NOTE 23: AUDITORS’ FEES The table
Page 209 and 210: NOTE 25: PRINCIPAL EXCHANGE RATES N
Page 211: PARENT COMPANY FINANCIAL STATEMENTS
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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