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

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C O N C O R D A N C E Headings of Annex I, EU Regulation N ° . 809/2004 Annual Report 1. Persons responsible inside back cover 2. Statutory auditors 125; 205 3. Selected financial information 3.1 Historical financial information 2; 8-12; inside front cover 3.2 Interim financial information not applicable 4. Risk factors 92-102 5. Information about the issuer 5.1 History and development of the issuer 142 5.1.1 Legal and commercial name 142 5.1.2 Place of registration and registration number 142 5.1.3 Date of incorporation and lifetime 142 5.1.4 Registered office, legal form, governing law, country of incorporation, address and telephone number 142; back cover 5.1.5 Important events in the development of business 142 5.2 Investments 5.2.1 Principal investments completed 11; 152; 154; 204 5.2.2 Principal investments in progress 157 5.2.3 Principal planned investments 19; 25; 31; 37; 43 6. Business overview 6.1 Principal activities 14-46 6.2 Principal markets 14-46 6.3 Exceptional factors not applicable 6.4 Situations of dependence 98-100 6.5 Competitive position 14-46 7. Organisational structure 7.1 Brief description 5 7.2 Significant subsidiaries 5; 207-208 8. Property, plant and equipment 8.1 Major tangible fixed assets 173; 192 8.2 Environmental issues that may affect utilisation of tangible fixed assets 48-102 9. Operating and financial review 9.1 Financial condition 9-12 9.2 Operating results 9.2.1 Significant factors materially affecting income from operations 157-158 9.2.2 Material changes in net sales or revenues 158 9.3 Governmental, economic, fiscal, monetary or political policies or factors that have materially affected or could materially affect operations, directly or indirectly not applicable 10. Capital resources 10.1 Short and long term capital resources 180-183 10.2 Sources and amounts of cash flows 154; 193-194; 204 10.3 Borrowing requirements and funding structure 186-187; 192-193 10.4 Restrictions on the use of capital resources that have materially affected or could materially affect operations, directly or indirectly not applicable 10.5 Anticipated sources of funds to carry out planned investments 9 11. Research and development, patents and licences 104-106 12. Trend information 12.1 Most significant trends affecting production since the end of the last financial year not applicable 12.2 Trends likely to have a material effect on prospects 19; 25; 31; 37; 43 13. Profit forecasts or estimates not applicable 14. Administrative, management and supervisory bodies and senior management 14.1 Administrative, management and supervisory bodies and senior management 108-121 14.2 Conflicts of interest relating to administrative, management and supervisory bodies and senior management 118 15. Remuneration and benefits 15.1 Amount of remuneration and benefits in kind 126-128 15.2 Total amounts set aside or accrued to provide pension, retirement or similar benefits 128 16. Board practices 16.1 Date of expiration of current terms of office 108-117 16.2 Service contracts with members of administrative, management or supervisory bodies 118 16.3 Information about the audit committee and remuneration committee 120; 123-124 16.4 Compliance with the prevailing corporate governance regime 118 17. Employees 17.1 Number of employees 51; 59; 65; 73; 79; 91 17.2 Shareholdings and stock options 108-117; 126-132; 137-138 17.3 Arrangements for involving employees in the capital 137 18. Major shareholders 18.1 Shareholders owning over 5% of the share capital or voting rights 131-132 18.2 Existence of different voting rights 132 18.3 Direct or indirect ownership or control 131-132 18.4 Known arrangements, the operation of which may result in a change of control not applicable 19. Related party transactions 216 20. Financial information concerning assets and liabilities, financial position and profits and losses 20.1 Historical financial information inside front cover; 152-218; 225-226 20.2 Pro forma financial information (IFRS 5) 158 20.3 Financial statements 152-218 20.4 Auditing of historical annual financial information inside front cover; 225-226 20.5 Age of latest financial information 147-150 20.6 Interim and other financial information not applicable 20.7 Dividend policy 7; 11 20.8 Legal and arbitration proceedings 100-101 20.9 Significant change in financial or trading position not applicable 21. Additional information 21.1 Share capital 135-139 21.2 Memorandum and articles of association 142-143 22. Material contracts 44 23. Third party information, expert statements and declarations of interest 236-238 24. Documents on display 143-150 25. Information on holdings 218 Historical financial information for 2003 and 2004 The following information is included by reference in this Annual Report: • changes in the financial situation and operating result between 2003 and 2004, presented on pages 8 to 12 of the 2004 Financial Review filed with the Autorité des Marchés Financiers on 12 April 2005 as no. D. 05-0407; • the consolidated financial statements for the year ending 31 December 2004, the notes to the financial statements and the auditors’ report relating thereto, presented on pages 94 to 122 and page 143 of the 2004 Financial Review filed with the Autorité des Marchés Financiers on 12 April 2005 as no. D. 05-0407; • the consolidated financial statements for the year ending 31 December 2003, the notes to the financial statements and the auditors’ report relating thereto, presented on pages 88 to 116 and page 132 of the 2003 Financial Review filed with the Autorité des Marchés Financiers on 31 March 2004 as no. D. 04-369. B
CONTENTS Chairman’s statement 2 Management team 4 Simplified group organisation chart 5 Bouygues and its shareholders 6 Key figures 9 Business activities Bouygues Construction, full-service contractor 14 Bouygues Immobilier, France’s leading property developer 20 Colas, the world leader in roadworks 26 TF1, number one television group in France 32 Bouygues Telecom, mobile communication services 38 Bouygues SA 44 Recent events since 1 January 2006 46 Sustainable development Sustainable development in the Group 48 Bouygues Construction 52 Bouygues Immobilier 60 Colas 66 TF1 74 Bouygues Telecom 80 Risks 92 Innovation, research and development Innovation, research and development 104 Legal and financial information Corporate governance 108 Remuneration of corporate officers – Stock options 126 Share ownership 131 Stock market 133 Capital 135 Results of Bouygues SA 140 Legal information 142 Annual publications 144 Financial statements Consolidated financial statements 152 Parent company financial statements 209 Annual general meeting of 27 April 2006 Agenda 220 Board of Directors’ reports 221 Auditors’ reports 225 Reconstitution of investment certificates and voting right certificates as shares 233 Draft resolutions 239 This document is a free translation of the Annual Report filed with the Autorité des Marchés Financiers (AMF) on 12 April 2006 pursuant to Article 212-13 of the AMF’s General Regulations. It may be used in support of a financial transaction if supplemented by a stock exchange prospectus. Cover photo: Challenger, main headquarters of Bouygues group until 1 July 2006. Photo credits: S. Arbour (p. 30), É. Avenel (p. 22-65), J-L Bellurget / Fondation Colas (p. 72), C. Berthet (p. 58), J. Bertrand (p. 29-70), G. Bosio/Yagan Productions/Ushuaïa Nature (p. 74), Buena Vista (p. 35), J. Cauvin (p. 34), CDL (p. 48), J-M Cédille (p. 41), Y. Chanoit (p. 14-18-19-36/ Bouygues Telecom-43-49-50-52-53-54-56), J-F Chapuis (p. 68), E. Chassaing (p. 61), C. Chevalin (p. 37-75-77), A. Chézière (p. 29-98), W. Choroszewski (p. 26), A. Da Silva (p. 17-22-40-41-43-48-80-85-88-102-106), J. David (p. 4-20-60), DDB Paris (p. 38-41), F. Deconinck (p. 38-84-89), C. Demonfaucon (p. 59), T. Deschamps (p. 90-100), F. Dunouau (p. 68-71), FCB/TPS (p. 36), FIA WTCC (p. 37), Free Lance’s (p. 29-31), Gautrain Rapid Rail Link (p. 19), B. Germain (p. 31), Getty Images/Red Line (p. 16), D. Giannelli (p. 26), J. Graf (p. 4-52-66-80), F-X Gros- Rosanvallon (p. 104), P. Guignard (cover; p. 18-56), J. Langevin (p. 106), P. Lefebvre (p. 99), P. Lesage (p. 4), D. Mac Allan (p. 46), É. Matheron Balaÿ (p. 40-83-87), B. Matussière (p. 57), G. Maucuit-Lecomte (p. 67), P. Maurein (p. 43-95), P. Muradian (p. 82), Paris Venise (p. 90), V. Paul (p. 49-58-63-64-69-101), M. Pelletier (p. 2), A. Picard (p. 42), Procitel (p. 20), F. Pugnet (p. 99), V. Rackelboom (p. 78), Rapp Collins (p. 40), M. Robinson (p. 93), J-C Roca (p. 34-76), P. Ruault (p. 104), Somaro (p. 70), Studio Mauve (p. 69), J-M Sureau (p. 32-74), É. Thibaud (p. 100), TPS (p. 78), TVO (p. 19), T-D Vidal (p. 72), Z. Waters (p. 30), L. Zylberman (p. 28-48-86-88-98-105). Photo libraries: Bouygues (p. 7), Bouygues Construction (p. 55-57), Bouygues Immobilier (p. 25-94), Colas (p. 30-73-102), TF1 (p. 35-36), Bouygues Telecom (p. 42-82-90-91-101). Architects: Arquitectonica/Arup Sustainable Design (p. 23), Atelier Lechuguette (p. 100), Baumann/Plobner (p. 25), Bernardo For Brescia/Bridot Willerwal (p. 22), BNT (p. 17), A. Derbesse (p. 25), Devillers/Brochet/Lajus/Puejo (p. 46), J. Dubus/G. Roustan (p. 62), Mário Sua Kay (p. 24), J-J Ory (p. 20), Partenaires et architectes/AGBF/Urban Concept (p. 60), K. Roche (cover, p. 44)/J-M Wilmotte (p. 44), RTLK/Valode & Pistre/Estudio Lamela/Allende Arquitectos/Estudio de Arquitectura Indya/Ana Ordás (p. 24), Solzic-Cléret (p. 22), Valode & Pistre (p. 16), Vincent Casinos Architectes (p. 83). i-mode TM and broadband i-mode TM are trademarks registered by NTT DoCoMo Inc. in Japan and other countries.
Page 1: BOUYGUES 2005 A N N U A L R E P O R
Page 5 and 6: CHAIRMAN'S STATEMENT cellent year f
Page 7 and 8: Bouygues Telecom Tons directs Logot
Page 9 and 10: with the announcement of our annual
Page 11 and 12: KEY FIGURES FINANCIAL HIGHLIGHTS (
Page 13 and 14: NET DIVIDEND PER SHARE: €0.90 (up
Page 15 and 16: Business activities Bouygues Constr
Page 17 and 18: ACTOR > Excellent commercial and fi
Page 19 and 20: uildings and offices was stable, wi
Page 21 and 22: Gautrain link project, South Africa
Page 23 and 24: PROPERTY DEVELOPER > Further growth
Page 25 and 26: • the Allée des Oliviers in Mont
Page 27 and 28: Poland, which generated sales of
Page 29 and 30: IN ROADWORKS > Sharp rise in sales
Page 31 and 32: the performance of contracts under
Page 33 and 34: Two major projects were completed i
Page 35 and 36: SION GROUP IN FRANCE > Biggest incr
Page 37 and 38: eginning to tire. The subsidiary’
Page 39 and 40: ments and very good viewing figures
Page 41 and 42: Bouygues Telecom Tons directs Logot
Page 43 and 44: Bouygues Telecom Logotype BT Quadri
Page 45 and 46: Bouygues Telecom Logotype BT Quadri
Page 47 and 48: Bond issue On 22 July 2005, Bouygue
Page 49 and 50: Sustainable development Sustainable
Page 51 and 52: 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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Bouygues Telecom Tons directs Logot
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Bouygues Telecom Logotype BT Quadri
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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
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■ Business combinations Business
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■ Leases: Items of property, plan
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2.8. Financial instruments Some gro
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Services carried out on behalf of c
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3.2. December 2004: financial state
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3.3. 31 December 2004: comparative
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3.5. 31 December 2004: transition o
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4.2. Movements during the period 4,
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4.2.3. Goodwill 4,618 ■ Movement
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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
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8.3. Deferred tax assets and liabil
Page 189 and 190:
9.3. Liquidity at 31 December 2005
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Information about construction cont
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NOTE 15: INCOME TAX EXPENSE (570) 1
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17.2. Analysis by business segment:
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17.4. Income statement by function
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18.1.2. Currency hedges ■ Analysi
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19.3. Other commitments 19.5. Conti
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20.2.2. Defined-benefit plans ■ N
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20.3. Employee share ownership NOTE
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NOTE 23: AUDITORS’ FEES The table
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NOTE 25: PRINCIPAL EXCHANGE RATES N
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PARENT COMPANY FINANCIAL STATEMENTS
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NOTES TO THE PARENT COMPANY FINANCI
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Estimated useful lives and deprecia
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NOTE 7: COMPOSITION OF SHARE CAPITA
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NOTE 14: GROUP TAX ELECTION AND INC
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Annual general meeting of 27 April
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BOARD OF DIRECTORS' REPORTS BOARD O
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This delegation is granted to the B
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AUDITORS' REPORTS AUDITORS’ GENER
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AUDITORS’ REPORT IN ACCORDANCE WI
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Agreements to buy and sell Bouygues
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AUDITORS’ REPORT ON THE REDUCTION
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RECONSTITUTION OF INVESTMENT CERTIF
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Consequently, we ask you, subject t
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I. Analysis of the relative value o
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DRAFT RESOLUTIONS 1. ORDINARY PART
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plies with a code of conduct recogn
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• thirteenth resolution (Authoris
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CERTIFICATE OF RESPONSIBILITY Havin
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