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

NOTE 14: GROUP TAX ELECTION AND INCOME TAX EXPENSE
Bouygues made a group tax election in 1997 under article 223 A-U of the French General Tax Code; this
election still applies.
In addition to Bouygues SA, the group tax election included 77 subsidiaries in 2005.
Each company in the tax group recognises its own income tax expense as though the group election is
not in place; the parent company recognises any tax savings.
At the end of the period, Bouygues SA recognised net income tax expense, comprising:
NOTE 15: CONTINGENT TAX POSITION
At 1 January
2005
Movements
in the year
At 31 December
2005
Assets Liabilities Assets Liabilities Assets Liabilities
Non-deductible expenses:
Provision for income taxes 186 47 121 112
Other provisions 9 16 8 17
Total 195 63 129 129
Expenses deducted for tax purposes,
and income liable to tax but not recognised
for accounting purposes
Unrealised foreign exchange losses
Unrealised foreign exchange gains
Short-term Long-term Total
Net income tax expense on
Profit before tax and exceptional items 49 49
Other non-exceptional items: provision for split taxes (38) (38)
Exceptional items (186) (52) (238)
(175) (52) (227)
Tax gain from group tax election 183 6 189
(income tax received from profit-making subsidiaries
in the tax group)
Total 8 (46) (38)
Unrealised foreign exchange
gains / losses, net
Deferred charges
Share of losses of general partnerships 7 7
Capitalisation bonds 2 2 9 9
Bouygues Confiance 2 calls 3 3
Other income and expenses 3 2 9 12 7 9
Total 3 2 9 12 7 9
NOTE 16: AVERAGE NUMBER OF EMPLOYEES DURING THE YEAR
2005 2004
Managerial 148 173
Administrative / clerical, technical and supervisory 47 54
Total 195 227
NOTE 17: ADVANCES, LOANS AND REMUNERATION: DIRECTORS
AND SENIOR EXECUTIVES
Remuneration of directors and senior executives:
• The total amount of direct and indirect remuneration of all kinds received from French and foreign companies
by senior executives (CEO and deputy CEOs) was as follows: €3 million of basic remuneration, €3.8 million
of variable remuneration paid in early 2006 based on 2005 performance, and €0.24 million of directors’
fees.
• Directors’ fees paid to members of the Board of Directors and non-voting supervisors: €0.5 million
NOTE 18: LIST OF INVESTMENTS AT 31 DECEMBER 2005
Holdings in subsidiaries and affiliates
Number
of shares
%
Estimated
value (1)
TF1 91,796,565 42.885 2,152
(a)
Bouygues Telecom 33,260,254 82.198 4,122
Colas 31,006,010 96.419 1,610
Bouygues Immobilier 44,994 99.987 284
(b)
Bouygues Construction 1,705,126 99.935 414
(b)
Other investments 182
Total holdings in subsidiaries and investments 8,764
Negotiable debt instruments and money-market mutual
funds
2,282
Capitalisation bonds 132
(a)
Other investments 28
(a)
Total short-term investments 2,442
Total investments 11,206
(1) In most cases, this is the carrying amount in the balance sheet. The following values are stated if they are greater than the carrying
amount:
(a) stock market value (closing price for equities, average price for the last month of the year for bonds)
(b) share of consolidated net assets
PARENT COMPANY FINANCIAL STATEMENTS
217