Registration Document BOUYGUES

3
Risk factors
Contents
Business-specific risks 136
Bouygues Construction 136
Bouygues Immobilier 138
Colas 139
TF1 143
Bouygues Telecom 145
Market risks 147
Management of interest rate risk and currency risk 147
Risks to which the Group is exposed 147
Hedging rules 147
Accounting methods 147
Claims and litigation 148
Bouygues Construction 148
Bouygues Immobilier 149
Colas 149
TF1 150
Bouygues Telecom 152
Bouygues SA 154
Insurance – Risk coverage 154
Core insurance programmes 155
Challenges. The appreciation of work well done and the appetite for hard work can be put to the
test anywhere in the world, but the Bouygues group's people are always ready to rise to a challenge.
In the provinces of Alberta, Colas maintains and clears 4,000 km of roads.
BOUYGUES • 2011 Registration Document • 135