Registration Document BOUYGUES

5
Financial statements
Consolidated financial statements
8.3 Liquidity as at 31 December 2011
As at 31 December 2011, available cash stood at €3,161m (including -€16m of financial instruments contracted to
hedge net debt). The Group also had €5,245m of credit facilities as at the same date.
(€m)
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
Undrawn
MLT credit
facilities
Cash
Liquidity 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 ... 2026 2027 2028
The bond issues maturing in 2013, 2015, 2016, 2018, 2019 and 2026 all contain a change of control clause relating
to Bouygues SA.
The credit facilities contracted by Bouygues SA and its subsidiaries contain no financial covenants or trigger event
clauses.
8.4 Split of current and non-current debt by interest rate
type
Split of current and non-current debt, including the effect of all open interest rate hedges at the balance sheet
date:
31 December 2011 31 December 2010
Fixed rate a 90% 92%
Floating rate 10% 8%
(a) Rates fixed for more than one year
8.5 Interest rate risk
The split of financial assets and financial liabilities by interest rate type at 31 December 2011 was as follows:
Variable rate Fixed rate Total
Financial liabilities (debt) 929 6,094 7,023
Financial assets a (net cash position) 3,161 3,161
Net position before hedging (2,232) 6,094 3,862
Interest rate hedges (229) 229
Net position after hedging (2,461) 6,323 3,862
Adjustment for seasonal nature of certain activities 630
Net position after hedging and adjustment (1,831)
(a) Includes -€16m for the fair value of financial instruments contracted to hedge net debt
The effect of a 1% rise in short-term interest rates on the net position described above would be to reduce
the cost of net debt by €18.3m over a full year.
8.6 Split of current and non-current debt by currency
Euro
Europe
Pound
sterling
Other
currencies
US
dollar
Hong Kong
dollar
Other
currencies
Non-current:
31 December 2011 6,001 697 4 38 29 38 6,807
Current:
31 December 2011 160 10 21 23 1 1 216
Non-current:
31 December 2010 5,968 670 53 12 26 21 6,750
Current:
31 December 2010 964 10 8 2 1 9 994
Total
An analysis of debt by business segment is provided in Note 16.
An analysis of collateral and pledges given by the Bouygues group is provided in Note 18.1 (breakdown
by business segment)
BOUYGUES • 2011 Registration Document • FINANCIAL STATEMENTS • 247