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

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RISKS Interest-bearing debt maturity (€ million) Split of current and non-current debt by interest rate type Current debt 2006 1 to 2 years 2 to 3 years 3 to 4 years Non-current debt 4 to 5 years 5 to 6 years 2007 2008 2009 2010 2011 6 years and over 2012 Other Total non current debt 12/2005 Split of current and non-current debt, including the effect of all open interest rate hedging contracts at the balance sheet date: Fixed rate* 12/2005 12/2004 85% 69% Bond issues Bank borrowings Finance lease obligations 594 43 35 67 18 12 15 1,012 13 8 509 11 5 759 17 4 1,728 56 7 4,008 176 57 Floating rate (*) fixed-rate debt due at more than one year 15% 31% Other debt Participating loans 22 4 8 3 1 2 2 20 Interest rate risk Total interest bearing debt 694 89 35 1,036 526 782 1,793 4,261 The split of financial assets and liabilities by interest rate type at 31 December 2005 was as follows: Call option for 6.5% of Bouygues Telecom Total (including Bouygues Telecom call) 460 460 694 549 35 1,036 526 782 1,793 4,721 Comparative at 31/12/2004 242 1,050 37 32 1,040 536 1,813 140 Split of current and non-current debt by currency Non-current at 31/12/2005 Euro Europe GBP Other currencies USD CFA Other currencies 4,610 38 23 9 35 6 4,721 Current at 31/12/2005 677 3 1 11 2 694 Non-current at 31/12/2004 4,486 13 11 20 103 15 4,648 Current at 31/12/2004 220 18 4 242 Total Floating rate Fixed rate Total Financial liabilities 447 4,968 5,415 Financial assets* 3,063 3,063 Net position before hedging (2,616) 4,968 2,352 Interest rate hedges 345 (345) Net position after hedging (2,271) 4,623 2,352 Adjustment for the seasonal nature of certain activities Net position after hedging and adjustment 350 (1,921) (*) including €26 million for fair value of financial instruments used to hedge net debt An immediate 1% rise in short-term interest rates would reduce interest charges by €19.2 million over a full year. 96
Interest rate hedging Maturity 2006 Interest rate swaps - on financial assets - on financial liabilities Future Rate Agreements - on financial assets - on financial liabilities Caps / Floors - on financial assets - on financial liabilities (1) of which swaps paying fixed rate: €334 million (2) of which swaps paying fixed rate: €568 million 525 414 - - - - Outstanding at 31/12/2005 2007 to 2010 Beyond Total 34 617 37 - - - - - - - - 559 (1) 1,068 (2) - - - - Exchange rate hedging by currency 31 December 2005 (value in €) Currency USD GBP CHF HKD Other Total Forward purchases/sales - Forward purchases - Forward sales 75 170 14 28 Currency swaps 79 54 111 61 16 321 Currency options - Purchased - Written 34 - 9 - 3 7 2 - - 22 - - 22 42 8 4 114 269 53 4 Security interests Mortgages of land or buildings or pledges of equipment Total 12/2005 Construction Property Roads Media Telecoms Bouygues SA and other activities < 1 year Maturity 1 to 5 > 5 years Total years 9 9 1 3 5 9 Pledges of securities and subordinated loans (1) 25 7 18 18 7 25 GROUP TOTAL 34 7 18 9 19 10 5 34 (1) see also Note 14: Off-Balance Sheet Commitments Exposure to equity risk The Group has no significant exposure to the risk of a fall in the price of the equities it holds. Liquidity risk At 31 December 2005, the Group had €3,037 million in available cash and equivalents plus €3,785 million of medium-term confirmed and unused bank facilities. The Group does not therefore face any liquidity risk. The bank loans contracted by Bouygues do not include any financial covenants or trigger events. The same applies to bank loans contracted by Bouygues subsidiaries. SUSTAINABLE DEVELOPMENT 97
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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 Tons directs Logot
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Bouygues Telecom Logotype BT Quadri
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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
Page 53 and 54: THE GROUP diseases at the Treichvil
Page 55 and 56: culty to enter the labour market, e
Page 57 and 58: ing position in this area. While th
Page 59 and 60: Bouygues Bâtiment Ile-de-France, f
Page 61 and 62: Private Construction QSE ® plans T
Page 63 and 64: erly constructed, supervised, teste
Page 65 and 66: teams. The workforce increased by 2
Page 67 and 68: The sustainable development committ
Page 69 and 70: Internships and apprenticeships App
Page 71 and 72: ■ Internal communication: promoti
Page 73 and 74: ing and construction waste. In 2005
Page 75 and 76: Nanotechnologies to support technol
Page 77 and 78: Messages for children on TF1 After
Page 79 and 80: tional risks in order to raise awar
Page 81 and 82: Example of the local impact of the
Page 83 and 84: Bouygues Telecom Tons directs Logot
Page 87 and 88: Bouygues Telecom Logotype BT Quadri
Page 95 and 96: its transmitters. Thus, if a radio
Page 97: dual exchange rate risk arising fro
Page 101 and 102: competition undertakings relating t
Page 103 and 104: assessments. The Group uses all leg
Page 105 and 106: Innovation, research and developmen
Page 107 and 108: H AND DEVELOPMENT • modelling (ha
Page 109 and 110: Legal and financial information Cor
Page 111 and 112: DEPUTY CHIEF EXECUTIVE OFFICERS Exp
Page 113 and 114: Expertise / Experience Principal po
Page 121 and 122: devoted an item on its agenda to a
Page 123 and 124: 1.3.3. Selection Committee The Sele
Page 125 and 126: is a centralised and formalised sys
Page 127 and 128: Challenger Express, intended for se
Page 129 and 130: A. Dupont P. Le Lay Y. Gabriel A. P
Page 131 and 132: 2. REPORT ON THE ALLOCATION AND EXE
Page 133 and 134: SHARE OWNERSHIP 1. CHANGES IN SHARE
Page 135 and 136: STOCK MARKET 1. BOUYGUES ON THE STO
Page 137 and 138: CAPITAL 1. GENERAL INFORMATION 1.2.
Page 139 and 140: 2. ADDITIONAL REPORT ON THE USE OF
Page 141 and 142: Transactions carried out other than
Page 143 and 144: 2. FIVE-YEAR FINANCIAL SUMMARY CAPI
Page 145 and 146: 3.4. Double voting rights (Article
Page 147 and 148: 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
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5.2. Advances and down-payments on
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6.2.1. Attributable to the Group (I
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2 - Fair value remeasurement reserv
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8.3. Deferred tax assets and liabil
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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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