Registration Document BOUYGUES

International
France
11.7
5.0
6.7
2010
SALES
€ billion
12.4
5.2
7.2
2011
NET PROFIT*
€ million
224
2010
Specialty
activities
22%
336
2011
12.5
2012
(target)
(*) Attributable to the Group
SALES
BY SEGMENT
Sales
of products
16%
Roadworks
62%
Europe
(excl. France)
15%
CURRENT OPERATING
PROFIT (€ million)
Current operating margin as %
814
365
2010
466
3.1% 3.8%
2011
CASH FLOW
€ million
Cash flow
Net capital expenditure
Free cash flow*
474
188
915
2010 2011
(*) Before change in working capital requirement
North America
19%
SALES
BY REGION
Other
8%
414
314
France
58%
Condensed inCome sTaTemenT
2
Condensed balanCe sHeeT aT 31 deCember ouTlooK for 2012
(e million) 2010 2011
ASSETS
• Property, plant and equipment
and intangible assets 2,525 2,614
• Goodwill 445 450
• Non-current financial assets and taxes 734 817
NON-CURRENT ASSETS 3,704 3,881
• Current assets 3,548 3,910
• Cash and cash equivalents 411 446
• Financial instruments* 13 18
CURRENT ASSETS 3,972 4,374
TOTAL ASSETS 7,676 8,255
LIABILITIES AND SHAREHOLDERS' EQUITY
• Shareholders' equity attributable to the Group 2,345 2,494
• Minority interests 30 34
SHAREHOLDERS' EQUITY 2,375 2,528
• Non-current debt 200 242
• Non-current provisions 750 750
• Other non-current liabilities 95 110
NON-CURRENT LIABILITIES 1,045 1,102
• Current debt 50 48
• Current liabilities 3,975 4,431
• Overdrafts and short-term bank borrowings 209 114
• Financial instruments* 22 32
CURRENT LIABILITIES 4,256 4,625
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 7,676 8,255
Net surplus cash (57) 28
(*) Fair value hedges of financial liabilities
(e million) 2010 2011
SALES 11,661 12,412
• Net depreciation and amortisation expense (470) (461)
• Net charges to provisions
and impairment losses (173) (114)
• Other income and expenses (10,653) (11,371)
CURRENT OPERATING PROFIT 365 466
• Other operating income and expenses (52) -
OPERATING PROFIT 313 466
• Coût de l'endettement financier net (30) (24)
• Other financial income and expenses (7) 3
• Income tax expense (122) (163)
• Share of profits and losses of associates 69 59
NET PROFIT 223 341
• Minority interests 1 (5)
CONSOLIDATED NET PROFIT
(attributable to the Group) 224 336
Business activities
and CSR
Colas
The order book at end-December 2011 stood
at €6.5 billion, 5% higher than at the end
of 2010. The high level of orders provides a
solid foundation for 2012.
Another plus factor is the provisional
award of the PPP contract for the Nimes-
Montpellier high-speed rail bypass to a
consortium which includes Colas.
However, trends on the many markets on
which Colas operates are difficult to predict.
In France, major projects are getting under
way or starting up and there is no shortage
of other projects. The uncertainty arises from
local authorities' difficulty in financing them.
North American subsidiaries should continue
to benefit from markets that are either
buoyant (Canada) or resilient (United States),
sustained by a recovery, albeit modest, in
the US economy. The outlook for business in
Western Europe seems stable and the aim of
approaching the break-even point in Central
Europe has been maintained. Business is
likely to remain steady in Africa and the
Indian Ocean region and buoyant in Asia
and Australia.
Against a background
of economic uncertainty,
extreme vigilance will be the
strategic watchword for all
Colas' senior managers, with
profitability being favoured
over volume. Colas has
many advantages, not least
the extensive geographical
scope of its operations.
On the basis of available
information, an initial sales target
of €12.5 billion for 2012 has been set.
Alexandra Vajsman,
R&D engineer
BOUYGUES • 2011 Registration Document • BUSINESS ACTIVITIES AND CSR • 85