2005 - 2006 - Pinsent Masons Water Yearbook 2012

FRANCE PART 3 (ii): COMPANY ANALYSIS: LOCAL/REGIONAL PLAYERS
France
Bouygues
Bouygues is one of the leading French construction companies. Société d’Aménagement Urbain et
Rural (SAUR) was part of the Bouygues Group from 1984 to 2004. Bouygues has eased back its
involvement in the water sector in recent years, having sold its Czech activities to Veolia and South
East Water in the UK to Macquarie during 2004, followed by the sale of all of SAUR’s activities
outside Italy and Africa to PAI in 2004 for €1,037 million. The sale brought a total net gain of €221
million for Bouygues. Bouygues in turn acquired 15% of PAI partners for €58 million. Finally, Sigesa,
the holding company for the Italian activities was sold to ACEA in July 2005. Revenues for the Italian
and African activities were €548 million in 2004 (€279 million under IFRS).
Bouygues SA, profit and loss account
Y/E 31/12 (€ million) 2000 2001 2002 2003 2004
Turnover 19,060 20,473 22,247 21,822 23,402
Operating profit 812 876 1,058 1,238 1,547
Net profit 421 344 666 450 858
Earnings per share (€) 1.31 1.03 1.93 1.34 2.57
Dividend per share (€) 0.36 0.36 0.36 0.50 0.75
SAUR Revenue Breakdown
SAUR (€ million) 2003 2004
Revenues 2,448 2,453
Operating Profit 88 91
Writedowns 0 -41
Net Earnings 20 -4
SAUR, population served
Country Water Sewerage Total
Central African Republic 1,100,000 0 1,000,000
Côte d’Ivoire 5,000,000 1,500,000 5,000,000
Guinea 350,000 0 1,500,000
Mali 1,600,000 0 1,600,000
Mozambique 2,500,000 0 2,500,000
Senegal 3,800,000 0 3,800,000
South Africa 60,000 60,000 60,000
Zambia 300,000 300,000 300,000
Global total 13,610,000 1,860,000 13,610,000
South Africa
1999 Dolphin Coast 30 year concession 60,000 water & sewerage
The Borough of Dolphin Coast in Ballito is one of the main tourist resorts in South Africa and is
experiencing rapid growth both in its population and its tourism development. The concession is to be
operated through SAUR’s Siza Water subsidiary. US$172 million of investments are to be made
during the life of the concession. Turnover was €3.7 million in 2004.
Guinea
1989 Conakry 10 year lease 350,000 water management
Operations and management for water provision to all cities through SEEG (jointly held with VE).
297 Pinsent Masons Water Yearbook 2005 – 2006