Registration Document BOUYGUES

NOTE 12 • OPERATING PROFIT 1,857
Current operating profit
2011 2010
Sales 32,706 31,225
Other revenues from operations 139 144
Purchases used in production and external charges (22,348) (20,977)
Personnel costs (6,778) (6,504)
Taxes other than income tax (653) (633)
Net depreciation, amortisation, provisions and impairment
Depreciation and amortisation* (1,411) (1,392)
Net charge to provisions and impairment losses* (387) (549)
Change in production and property development inventories (22) (116)
Other income from operations 1,288 1,250
Reversals of unutilised provisions* 375 371
Other miscellaneous income a 913 879
Other expenses on operations a (715) (688)
Current operating profit* 1,819 1,760
Other operating income b 38 108
Other operating expenses c (77)
Operating profit 1,857 1,791
(*) Components used in the calculation of EBITDA
See Note 16 for an analysis by business segment.
(a) In 2011; includes €67m of net gains on disposals
(b) 2011
Bouygues Telecom: miscellaneous gains on disposals
2010
Colas: gain on bargain purchase (negative goodwill) on buyout of minority interests = €6m
TF1: Other operating income of €102m for the year ended 31 December 2010 includes a gain of €95.9m on the remeasurement at fair value
of the previously-held equity interests in TMC and NT1.
(c) 2010
Colas: Fines relating to competition issues and associated claims: -€31m; impairment of goodwill: -€27m
TF1: Other operating expenses include goodwill impairment and other items
NOTE 13 • COST OF NET DEBT (277)
OTHER FINANCIAL INCOME AND EXPENSES (13)
13.1 Components of cost of net debt
2011 2010
Financial expenses (359) (394)
comprising:
Interest expense on debt (323) (346)
Interest expense related to treasury management (30) (30)
Interest expense on finance leases (2) (4)
Negative effects of financial instruments (4) (14)
Financial income 82 64
comprising:
Interest income from cash and cash equivalents 40 42
Income from, and gains on disposals of, short-term investments 42 21
Negative effects of financial instruments 1
Total cost of net debt (277) (330)
13.2 Other financial income and expenses
2011 2010
Other financial income 55 101
Other financial expenses (68) (95)
Other financial income/(expenses), net (13) 6
"Other financial income and expenses" include gains or losses on disposals of investments in non-consolidated
companies, interest paid to investors on calls for funds (commercial property), commitment fees, changes in the
fair value of "Other current financial assets" and other items during the period.
The net year-on-year movement of -€19m mainly reflects a reduction in net gains on disposals of investments in
non-consolidated companies, mainly due to the Alstom Hydro share exchange (which generated a €42m gain in
2010).
BOUYGUES • 2011 Registration Document • FINANCIAL STATEMENTS • Consolidated financial statements • 250