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

AUDITORS' REPORTS
AUDITORS’ GENERAL REPORT ON THE ANNUAL ACCOUNTS
Ladies and gentlemen,
In accordance with the terms of our appointment
at your Annual General Meeting, we hereby submit
our report for the year ended 31 December
2005:
• our audit of the annual accounts of Bouygues
as attached to this report,
• the substantiation of our opinion,
• the specific verifications and information
required by law.
The annual accounts are the responsibility of
the Board of Directors. Our responsibility is to
express an opinion on them based on our audit.
I - Opinion on the annual
accounts
We conducted our audit in accordance with the
prevailing standards of the profession in France.
Those standards require that we plan and perform
our audit to obtain reasonable assurance
that the annual accounts are free of material misstatement.
An audit includes examining, on a test
basis, evidence supporting the amounts in the
accounts. An audit also includes assessing the
accounting principles used and significant estimates
made in the preparation of the accounts
and evaluating their overall presentation. We
believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the annual accounts give a true
and fair view, according to French accounting
principles, of the results of operations for the
year ended 31 December 2005 and of the company’s
financial situation and assets at that date.
Without prejudice to the opinion given above,
and in accordance with article L. 232-6 of the
Commercial Code, we draw your attention to the
two changes in accounting methods that took
place during the year, resulting from:
• the first-time application of CRC regulations
2002-10 relating to asset depreciation and
write-downs and 2004-06 relating to the definition,
recognition and valuation of assets, as
discussed in note 2-2 to the parent company
financial statements.
• the first-time provisioning of termination benefits,
according to the terms set out in note 2-7
of the notes to the parent company financial
statements.
II - Substantiation of our
opinion
Pursuant to the provisions of Article L. 823-9 of
the Commercial Code concerning substantiation
of our opinion, we bring to your attention the
following items of information:
The equity securities appearing as assets on your
company’s balance sheet are valued using the
methods described in note 2.3 of the notes to the
parent company financial statements. We have
carried out specific assessments of the elements
taken into consideration for estimating book values
and, where relevant, verified the calculation
of impairment provisions. These assessments do
not call for any particular comment on our part
as regards the methods used or the reasonable
nature of the information provided in the notes
to the financial statements.
The assessments thus made form part of our
audit of the annual accounts taken as a whole
and have thus contributed to the formation of
our opinion expressed in the first part of this
report.
III - Specific verifications
and information
We have also carried out the specific verifications
required by law in accordance with the prevailing
standards of the profession in France.
We are also satisfied that the information given
in the Board of Directors’ business report and
in the documents provided to shareholders
concerning the financial situation and annual
accounts is fairly stated and agrees with the
annual accounts.
As required by law, we have satisfied ourselves
that information relating to acquisitions of equity
and controlling interests and the identity of
shareholders has been provided to you in the
business report.
Paris-La Défense, 9 March 2006
The Auditors
Ernst & Young Audit
Jean-Claude Lomberget
Mazars & Guérard
Michel Rosse
ANNUAL GENERAL REPORT
225