Financial Review - Bouygues

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Full servicecontractor2004 sales€5,512m (+10%)Earnings before tax and exceptionals€181m (x2.6)Net earnings (Group share)€144m (x4.5)Employees38,500Sales objective 2005** IFRS standards€5,500m (=)HIGHLIGHTSMajor new contracts Exaltis tower, Courbevoie (€52m) Street lighting for the city of Lille(€37m over 8 years) Mechanical and electrical servicesfor Tahiti Hospital (€54m) Phase 2 of the M5 motorwayin Hungary (€117m) Tsing Yi viaduct in Hong Kong(€49m) Citylights@Jellicoe apartmentblocks in Singapore (€45m) Sail@Marina Bay towersin Singapore (€139m)Major projects underconstruction UK Home Office (€325m) Quai Branly museum (€29m) Nuclear simulation centrein Bordeaux (€135m) Port of Tangier (€150m) A28 motorway (€636m) Hong Kong Exhibition Centre(€225m) Barking Schools PFI contractin London (€68m) Masan Bay Bridgein South Korea (€87m)Bouygues Construction is a world-leading company, operatingin building, civil works, electrical contracting andmaintenance. It combines the strength of a large groupwith the responsiveness of a network of smaller contractingbusinesses. In 2004, it continued to improve its financialperformance.The building and civil works sectoris distinguished by its size, the verylarge number of firms that operatewithin it and the variety of their activities.In France, three major firms operatein the construction, infrastructureconcessions and roadbuildingsectors: Bouygues, Vinci and Eiffage.Bouygues Construction holds a leadingposition on the building market inthe Paris region and is one of the topfour construction firms in each ofFrance's five great regions.Competition on international marketsand in Europe is fierce due to concentrationin the European constructionindustry, the return of Americangroups to Europe and the Middle Eastin 2003 and the growth of firms fromemerging countries, especially Chinaand Turkey. Many firms are staking outpositions on the transport infrastructuremarket, while the majors are alsodeveloping sophisticated servicesand technologies through an increasinglyselective approach to theirchoice of projects.According to the annual survey conductedby the American magazineEngineering News Record (ENR),Bouygues is the fifth placed internationalfirm behind Skanska (Sweden),Hochtief (Germany), Vinci (France)and Bechtel (USA).A 10% increase in salesGood management on some majorprojects was one of the factors behindthe group's sales performance in 2004(€5,512m): Bouygues Construction benefitedfrom fine weather on the A28 motorwayproject, which brought in €270mover the year. The125 km sectionbetweenRouen andAlençon willcomplete a majormotorway link betweennorthern and southern Europevia Calais and Bayonne. The Home Office building inLondon, a 75,000 m 2 Private FinanceInitiative project, generated €143min 2004 and was delivered on 26January 2005, despite tight deadlines(under the Private Finance Initiative,the government delegates the design,construction, financing and managementof infrastructure to the privatesector). The Lok Ma Chau project (€73m in2004) in Hong Kong confirmedBouygues Construction's technicalexpertise in underground works. Thetwo parallel tunnels, each over5 km long, were built usinga combination of boring(3.5 km) and cut andcover (the remaining1.5 km).Kipchak mosquein Turkmenistan The Kipchak mosque inTurkmenistan (€87m in 2004) wasinaugurated on 22 October 2004. Witha surface area of 20,000 m 2 , it is thesecond biggest mosque in CentralAsia.14
BUSINESS ACTIVITIESAn excellent 2004confirming the improvement in financial performance In Asia, Bouygues Constructiondemonstrated its ability to finance,design, build and operate majorprojects such as the Hong KongInternational Exhibition Centre (€85min 2004). The Centre, situated near theinternational airport, has a surfacearea of 130,000 m 2 .Several other large-scale projectswere also completed and delivered in2004, including: the Young People's Clinic in Paris: a6,000 m 2 building within the Cochinhospital complex, commissioned bythe Fondation Hôpitaux de Paris -Hôpitaux de France (whose presidentis Bernadette Chirac), it takes in 12 to19 year-olds suffering from adolescentdisorders; the new headquarters of Le Mondenewspaper in Paris: a 1960s building,it was heavily restructured byBouygues Bâtiment Ile-de-France; the Berlaymont building in Brussels:designed to accommodate 2,700civil servants from the European5.0Salesin billions of euros5.5 5.5Sales by businessSales by geographical areain millions of eurosNet earnings32Order bookin billions of eurosNet cash positionin millions of euros1442003 2004 2005 (o) 2002 2003 2004B/CW International2,153 2,653706B/CW FranceElectrical contracting and maintenanceAfrica435389397EasternEuropein millions of eurosAsiaPacific9353,236Western EuropeAmericas 106Middle East 14France(37)France and Western Europe5.04.6 4.63.33.53.22002 2003 20041,040in millions of euros1,3461,5202002 2003 2004Consolidated balance sheet at 31 DecemberASSETS ((in millions of euros) 2003 2004FIXED ASSETS 590 562Inventories 81 93Trade and other receivables 1,962 2,091CURRENT ASSETS 2,043 2,184Cash and cash equivalents 1,572 1,770TOTAL ASSETS 4,205 4,516LIABILITIES (in millions of euros)Share capital and reserves 222 288Minority interests 6 3SHAREHOLDERS' EQUITY 228 291Other equity - -SHAREHOLDERS' EQUITY AND OTHER EQUITY 228 291Provisions for liabilities and charges 542 626Financial liabilities 149 158LONG-TERM CAPITAL 919 1,075CURRENT LIABILITIES 3,209 3,349Short-term bank borrowings and overdrafts 77 92TOTAL LIABILITIES 4,205 4,516Consolidated income statement(in millions of euros) 2003 2004SALES 5,002 5,512OPERATING INCOME 37 132Net financial items 33 49EARNINGS BEFORE TAX AND EXCEPTIONAL ITEMS 70 181Net exceptional items (12) 23Income tax (27) (62)NET EARNINGS OF CONSOLIDATED COMPANIES 31 142Share in earnings of companies accounted for by the equity method 3 3Amortisation of goodwill - (1)NET EARNINGS BEFORE MINORITY INTERESTS 34 144Minority interests (2) -CONSOLIDATED NET EARNINGS (attributable to the Group) 32 14415
Page 1 and 2: BOUYGUES2004Financial Review
Page 3 and 4: Chairman's statement 2Management te
Page 5 and 6: Bouygues Telecom confirmed its succ
Page 7 and 8: Simplified Group organisation chart
Page 9 and 10: 7 October 2004. The payment wasmade
Page 11 and 12: Operating income:€1,547m (up 25%)
Page 13 and 14: Cash flow:€2,267m (up 9%)Investme
Page 15: BUSINESS ACTIVITIESBouygues Constru
Page 19 and 20: BUSINESS ACTIVITIESSales by DTP Ter
Page 21 and 22: BUSINESS ACTIVITIESFurther growth i
Page 23 and 24: BUSINESS ACTIVITIESStrong growth in
Page 25 and 26: BUSINESS ACTIVITIESboosted by a maj
Page 27 and 28: BUSINESS ACTIVITIESImproving margin
Page 29 and 30: BUSINESS ACTIVITIESfor an annual fe
Page 31 and 32: BUSINESS ACTIVITIES60% growth in ne
Page 33 and 34: BUSINESS ACTIVITIESenable the compa
Page 35 and 36: BUSINESS ACTIVITIESDisposal of Saur
Page 37 and 38: ENVIRONMENTAL AND SOCIAL INFORMATIO
Page 43 and 44: ISO 14001 certification at Colas in
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LEGAL AND FINANCIAL INFORMATIONCorp
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LEGAL AND FINANCIAL INFORMATIONDate
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LEGAL AND FINANCIAL INFORMATION1.1.
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LEGAL AND FINANCIAL INFORMATION•
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LEGAL AND FINANCIAL INFORMATIONtem,
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LEGAL AND FINANCIAL INFORMATION2. A
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LEGAL AND FINANCIAL INFORMATIONIn e
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LEGAL AND FINANCIAL INFORMATIONOpti
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Stock market performance3. Sharehol
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CapitalLEGAL AND FINANCIAL INFORMAT
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LEGAL AND FINANCIAL INFORMATIONThe
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Results of Bouygues SALEGAL AND FIN
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Application of IFRS at 1 January 20
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LEGAL AND FINANCIAL INFORMATION2.2.
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ACCOUNTSConsolidated accountsBalanc
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CONSOLIDATED ACCOUNTSConsolidated i
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CONSOLIDATED ACCOUNTSNOTES to the c
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CONSOLIDATED ACCOUNTS1.6.2. Bouygue
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CONSOLIDATED ACCOUNTSUseful lives f
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CONSOLIDATED ACCOUNTS2.2.5 Cash flo
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CONSOLIDATED ACCOUNTS3.2.4. Long-te
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CONSOLIDATED ACCOUNTSNote 5 : SHARE
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CONSOLIDATED ACCOUNTSNote 6: PROVIS
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CONSOLIDATED ACCOUNTSNote 7: FINANC
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CONSOLIDATED ACCOUNTSNote 10: HEDGI
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CONSOLIDATED ACCOUNTSNote 13: INFOR
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CONSOLIDATED ACCOUNTS13.4. Income s
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CONSOLIDATED ACCOUNTS14.2. Sundry c
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CONSOLIDATED ACCOUNTSNote 17: AUDIT
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Parent company financial statements
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PARENT COMPANY ACCOUNTSNOTES to the
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PARENT COMPANY ACCOUNTS2.3. Long-te
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PARENT COMPANY ACCOUNTSNote 7: COMP
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PARENT COMPANY ACCOUNTSNote 14: TAX
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ANNUAL GENERAL MEETING ON 28 APRIL
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Board of Directors’ reportand rep
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ANNUAL GENERAL MEETINGby investment
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ANNUAL GENERAL MEETINGWhen it avail
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ANNUAL GENERAL MEETING14. Amendment
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ANNUAL GENERAL MEETINGAuditors’ r
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ANNUAL GENERAL MEETINGAuditors’ s
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ANNUAL GENERAL MEETING1.8. Disposal
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Draft resolutions1. Ordinary partFI
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ANNUAL GENERAL MEETING2. Extraordin
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ANNUAL GENERAL MEETINGthe basis of
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ANNUAL GENERAL MEETINGlower, or 30%
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ANNUAL GENERAL MEETING●●●●
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ANNUAL GENERAL MEETING3. decides th
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Cover photo: Challenger, headquarte
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Financial Review - Bouygues

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