Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
05.
MANAGEMENT REPORT
18.
CONSOLIDATED FINANCIAL
STATEMENTS
24.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
24. Signicant events
24. Accounting policies and valuation
methods under IFRS
32. Non-current assets
37. Current assets
39. Shareholders equity
40. Non-current and current provisions
41. Non-current tax assets and liabilities
42. Non-current and current debt
44. Change in net surplus cash
45. Other current liabilities
46. Sales and other revenues from
operations
67.
STATUTORY AUDITORS
REPORT ON THE
CONSOLIDATED
FINANCIAL STATEMENTS
68.
PARENT COMPANY
FINANCIAL STATEMENTS
2012
AN OUTSTANDING YEAR
FOR BOUYGUES CONSTRUCTION
17.1 bn
364M
Current operating
prot
Order book
+ 11M
+12%
106
2012 Sales
Of which 47% abroad
+9%
267M
bn
+18%
15
HIGHLIGHTS
Major contracts signed
Paris law courts complex
(823m)
Nmes-Montpellier railway
bypass (733m)
Hong Kong Zhuhai
Macao bridge (607m)
Projects under
construction
Qatar Petroleum Disctrict in Doha
New French Ministry of Defence
in Paris
Amiens-Picardie hospital
Kai Tak Cruise Terminal Building
Port of Miami Tunnel
Completed projects
Gautrain rail link in South Africa
Royal Canadian Mounted Police
headquarters in Surrey
47%
Sustainable construction
49% of the R&D budget is
devoted to sustainable
construction (46% in 2011)
55,400
Employees
Management report
Operating in 80 countries worldwide, Bouygues Construction is a global player in the building,
civil works, energy and services markets. It has recognised know-how at all stages of a project,
from nancing and design to construction, operation and maintenance.
Its 55,000-plus employees develop and implement effective and innovative solutions that enhance
people's quality of life and protect the environment.
GROWTH STRATEGY
AND OPPORTUNITIES
Bouygues Construction is continuing to
pursue growth in the most buoyant regions
of the world, offering its customers comprehensive and innovative solutions, especially
in energy and environmental performance.
Its strategic growth priorities are complementary.
HIGH VALUE-ADDED PROJECTS
Over the last 20 years, Bouygues Construction
has developed high-level expertise in publicprivate partnerships and concessions, completing over a hundred projects in France and
around the world. In the property development
segment, it draws on a network of specialist
rms in France and other European countries
and on specic investment funds, especially
for BBC low-energy and HQE (High Environmental Quality) buildings.
SUSTAINABLE CONSTRUCTION
Sustainable construction is how Bouygues
Construction puts its sustainable development policy into practice. Through eco-design,
the company can offer solutions that deliver
effective environmental and economic performance throughout a building's lifetime. The
approach is gradually being extended to neighbourhood and city level. From design to operation, Bouygues Construction companies
enter into contractual commitments to meet
performance targets set jointly with their customers and partners.
STRENGTHS
Bouygues Construction has many strengths
to draw on in all its lines of business:
an international presence and experience of managing complex projects:
motivated people with high-level technical
skills enable the company to meet the needs
of its public and private customers and make
the most of future opportunities;
COMPETITIVE POSITIONING
Given the organisational structure of its direct
competitors, it is difcult to make like-for-like
comparisons between them and Bouygues
Construction. Based on the 2011 ranking published by trade magazine Le Moniteur in
December 2012, Bouygues' construction
businesses arm (Bouygues Construction,
Bouygues Immobilier, Colas) is the second
largest in Europe after Vinci's Contracting division, ahead of the Spanish rm ACS (consolidated with Hochtief from June 2011) and the
French contractor Eiffage. In the ENR ranking
for 2011, Bouygues' construction businesses,
represented by its three business areas, made
it the fourth-largest international construction
rm, based on the share of sales generated
on international markets.
In a French building and civil works market worth
about 200 billion according to a Euroconstruct
estimate in December 2012, Bouygues Construction (excluding Bouygues Energies & Services) is one of the top three French contractors
ahead of Eiffage Construction and behind Vinci
Construction (2011 ranking published by the
trade magazine Le Moniteur in December
2012). The market also includes many small
and medium-sized rms. In energy and services,
Bouygues Energies & Services is in sixth place
after GDF Suez nergie Services, Vinci nergies,
Dalkia, Spie and Eiffage nergie (2011 ranking
published by the trade magazine Le Moniteur
in December 2012).
DEVELOPMENTS IN BOUYGUES
CONSTRUCTION'S MARKETS
AND ACTIVITIES
The world's construction needs remain at a
very high level, especially for urban amenities,
energy infrastructure, schools and universities, and cultural and leisure facilities.
In industrialised countries, Bouygues
Construction takes advantage of its expertise in partnership contracts (design, build,
operate) to offer customers increasingly
competitive solutions for complex major
projects. Markets in emerging countries are
more buoyant due to factors such as high
growth rates and sovereign wealth funds,
holding out attractive prospects for Bouygues
Construction's businesses. The company
can rapidly mobilise its resources on highpotential markets, as demonstrated by the
major contracts concluded in Asia in 2012.
Demand for sustainable construction is more
or less mature depending on the country. It is
well-advanced in France, where the government plays a key role in stepping up efforts to
make both new and renovated buildings more
energy-efcient, and in several other countries
of Western Europe (UK and Switzerland),
North America (Canada) and Asia (Singapore,
FRANCE
With a slightly higher level of activity than in
2011, the French market was one of the most
resilient in Western Europe.
In the Paris region, public and private investment in residential property remained
steady, with private investment encouraged
by the Scellier tax incentive scheme, amongst
other factors, which ended in December
2012. Activity was also sustained by major
infrastructure projects, many of them
awarded in recent months within the framework of the Grand Paris project.
In the rest of France, the building market is
still under pressure and projects are tending
to become smaller. Difculties in raising
nance make the conclusion of large-scale
projects longer and more complex. Prospects for growth exist, notably with the
approach of municipal elections in 2014,
which should boost civil works, and the
increase in municipalities' obligatory social
housing quota mandated by the Urban
Solidarity and Renewal Act.
2012 SALES: 4,525M (UP 5%)
Bouygues Construction's building activity in
the Paris region was sustained by the major
amenity projects booked in 2011, such as
the Beaugrenelle shopping centre, the Paris
Philharmonic Hall, the Paris Zoological Park
and the French Ministry of Defence. The
National Archives building at Pierrette-surSeine, begun in 2009 and handed over
EUROPE
The construction market in Europe continued
to contract in 2012.
In Western Europe, Bouygues Construction
subsidiaries are particularly active in the UK,
where the market is worth 158 billion, and
in Switzerland (50 billion). In the UK,
budget pressures have crimped public-sector
investment, while the civil works market,
buoyed in 2011 by preparations for the
London Olympics, has agged since then.
The construction market in Switzerland is
rm, especially for housing, boosted by historically low interest rates.
Investment capacity in Eastern Europe has
suffered from a decrease in EU funding
and a tightening of national budgets. Infrastructure needs are still considerable,
however, holding out bright prospects for
the medium term.
2012 SALES: 1,979M (UP 8%)*
In the UK, Bouygues Construction, which
already has an extensive presence in London
and the south of England, strengthened its
coverage. The acquisition of Thomas Vale
gives the company a foothold in the dynamic
Midlands region, while the acquisition of
Leadbitter has brought strong positions in the
south of England and in Wales. Commercially,
Bouygues Construction capitalises on its
school-building expertise. Three projects to
* 2011 sales restated, comparable to 2012
renovate schools while still in use were successfully completed during the year. Furthermore, the University of Essex, near Colchester,
has chosen the company to design and build
its new student hall of residence.
In the south of England, Bouygues Construction
took an order for the design and construction of
an up-market, three-tower complex in Southampton, while work on the Mary Rose
museum in Portsmouth neared completion.
Demand in Switzerland remained strong,
especially on the housing market. Bouygues
Construction took advantage of its expertise
in putting together major property development projects: the company continued work
on the Eikentt eco-neighbourhood in Gland.
Bouygues Construction also has acknowledged expertise in "multi-product" projects
including ofces, shops, housing and leisure
facilities, as illustrated by the complexes currently under construction in Monthey, Thun
and Zurich. The company continued to expand
in the German-speaking part of the country,
winning a contract to build ofces for the
Swiss post ofce in Bern.
In Eastern Europe, Bouygues Construction
has acquired a number of well-established
local rms in recent years, notably in Poland,
Hungary and the Czech Republic, which continued to expand their building activities.
Elsewhere in Europe, Bouygues Construction
is also involved on a one-off basis in major
infrastructure projects such as the new connement shelter for the damaged nuclear
reactor at Chernobyl in Ukraine, which is being
built in partnership with Vinci.
AMERICAS CARIBBEAN
The economic situation in the Americas is
contrasted, differing very considerably from
one country to another. Some markets
seem to be riding out the economic storm
better than others. Bouygues Construction
is involved in major facilities and infrastructure projects in the region (Canada, Cuba).
FRANCE
2012 SALES: 1,087M (UP 3%)
Bouygues Energies & Services, through its
network infrastructure subsidiary, is a leading
player in the development of digital networks
in France and is involved in 15 public service
delegations, representing 12,000 km of optical bre serving 6.5 million people. The contract awarded in 2011 for the development
and management for 25 years of the broadband and very-high-speed network in the
Vaucluse dpartement in the south of France
is now under way.
Bouygues Energies & Services won a 20-year
public lighting contract in Valenciennes, in
northern France, and is continuing the contracts begun in 2011, especially the major
energy performance contract with the City of
Paris that aims to achieve a 30% reduction
in the city's energy consumption by 2020 in
comparison with the level in 2004.
In electrical and HVAC engineering,
Bouygues Energies & Services has completed work on the Metz-Thionville hospital,
handed over in 2012, and is continuing work
on the Amiens-Picardie hospital. Work is also
continuing on the Pantin data centre, for
which the order was booked in 2011.
In partnership with Bouygues Construction's
building subsidiaries, Bouygues Energies &
Services' facilities management subsidiary
is involved in a number of PPP contracts,
including the maintenance and operation of
the French Ministry of Defence and the Paris
law courts complex, the Cit Municipale in
Bordeaux and the Saint-Quentin-en-Yvelines
Velodrome.
INTERNATIONAL
2012 SALES: 454M (UP 3%)*
Bouygues Energies & Services is continuing
to expand in its three main lines of business
in Europe (especially in the UK, Switzerland
and Hungary), in Africa (Congo, Gabon) and
in North America (Canada).
On international markets, Bouygues Energies
& Services is an expert in major turnkey electricity network infrastructure projects. Its subsidiary in the segment started work on two
new contracts in 2012: a second direct-current
line in Finland and a high-voltage, rural electrication and public lighting project in the
north of Gabon.
In electrical and HVAC engineering, Bouygues
Energies & Services is involved in complex
projects like the Eneld data centre in the UK.
In Canada, Bouygues Energies & Services
has a 30-year facilities management contract for Surrey Hospital and a 25 year contract for the RCMP headquarters. Both in
France and internationally, facilities management contracts guarantee Bouygues
Energies & Services recurring long-term
income.
INTERNAL CONTROL
EVALUATION OF INTERNAL CONTROL
For the second successive year, the selfassessment campaign covered extended
organisational and functional scopes. This
campaign addressed 15 common themes
(eight covering general principles, and seven
covering accounting and nancial principles), chosen to reect the key issues for the
Bouygues Construction group (legal compliance, information systems, treasury, etc). All
entities took part, so as to ensure a uniform
approach across the Group.
In addition, each entity had the option of adding
* 2011 sales restated, comparable to 2012
10
OPERATIONAL RISKS
RISKS ASSOCIATED WITH MAJOR
PROJECTS IN THE DESIGN AND
EXECUTION PHASES
Major projects are a potential source of risk
for Bouygues Construction because of their
size and number. They frequently involve complex packages (public-private partnerships,
concessions, long-term contracts), for which
risk allocation must be tailored to the capacities of the company.
The types of risk inherent in major projects
include:
in the design phase: design error, budget
underestimation, poor assessment of the
local environment, and inadequate contractual analysis;
in the execution phase: business failure of
a customer, partner or subcontractor, difculty
in recruiting sufficient staff or adequately
qualied staff, and execution defects leading
to cost overruns, quality problems or failure to
meet deadlines.
To achieve tighter control over these two
11
12
COMMODITIES RISK
Bouygues Construction is not exposed to commodities risk.
INDUSTRIAL AND
ENVIRONMENTAL RISKS
Because of the nature of its business (which
is not subject to REACH regulations on classied sites), the Bouygues Construction group
is not exposed to signicant industrial or environmental risk.
LEGAL RISK
COMPLIANCE RISK
In a poor economic climate, compliance
breaches remain a significant risk for
Bouygues Construction.
Consequently, the ethics policy was deepened
in 2012. The training programmes that have
been in place for several years were supplemented by two new initiatives, spearheaded
by the legal department:
following on from the programs provided to
entity-level Executive Committees in 2011,
training programs in ethics and compliance
issues are being rolled out in each entity;
an ethics and compliance module is being
incorporated as standard in existing managerial and sales training programs.
CLAIMS AND LITIGATION
South Africa Gautrain Project
Bouygues Travaux Publics, in association with
two local partners and Bombardier (rolling
stock and electro-mechanical equipment),
13
14
To ensure that the project progressed satisfactorily, Bouygues Travaux Publics immediately
undertook additional works involving (i) technical modications to the boring machine and
(ii) preparatory injection works to enable tunnelling to commence under optimal technical
conditions.
Simultaneously, Bouygues Travaux Publics
made a submission to the Dispute Resolution
Board (DRB) provided for under the concession contract, seeking (i) recognition that the
sub-soil description contained in contractual
documents supplied by the customer was
inaccurate and (ii) conrmation that the customer was liable for the financial consequences of this nding.
On 17 January 2012, the DRB issued an
immediately enforceable decision, the main
terms of which were:
The DRB disputed in principle that there
had been any change in the geological conditions compared to the geological data contained in the contract, and concluded that the
contractor should bear the cost of the technical modications to the boring machine.
The DRB accepted the need for the preparatory injection works carried out by the
company. The concession company, contractor and customer immediately entered into
negotiations to decide how liability for these
costs should be apportioned.
On 11 July 2012, Bouygues Travaux Publics
and the customer reached a preliminary
agreement on the terms for meeting the cost
of the additional injection works. Further negotiations based on this agreement resulted in
the signature of an addendum to the concession contract on 30 January 2013. The nancial effects of this addendum have been
recognised in the 2012 nancial statements.
United States patent infringement
action
Freyssinet Inc., a subsidiary of the Freyssinet
group, has brought an action in the Maryland
District Court against VSL International AG
and VStructural LLC, alleging infringement of
15
CREDIT AND/OR
COUNTERPARTY RISK
COMMERCIAL CREDIT AND
COUNTERPARTY RISK
The fact that our projects and prot centres
are structurally cash-positive is a fundamental
principle underpinning the nancial security
16
CURRENCY RISK
SOCIAL INFORMATION
1. Employment
1.1 Total workforce and breakdown of
employees by gender, age and region
1.2 Hires and redundancies
1.3 Compensation and evolution of compensation
2. Organisation of work
2.1 Organisation of work time
2.2 Absenteeism
3. Industrial relations
3.1 Organisation of labour relations, particularly procedures to inform, consult
and negotiate with the personnel
3.2 Collective bargaining agreements
4. Health and safety
4.1 Occupational health and safety conditions
4.2 Agreements signed with trade unions
or personnel representatives on occupational health and safety
4.3 Frequency and severity of industrial
accidents, and occupational diseases
5. Training
5.1 Training policies implemented
5.2 The total number of training hours
6. Equal treatment
6.1 Measures to promote gender equality
6.2 Measures to promote the employment
and integration of people with disabilities
6.3 Policy against discrimination
7. Compliance with ILO* conventions
regarding
7.1 freedom of association and the
right to free collective bargaining
7.2 elimination of discrimination in
respect of employment and occupation
7.3 elimination of forced or compulsory
labour
7.4 effective abolition of child labour
ENVIRONMENTAL INFORMATION
1. General environmental policy
1.1 The organisation of the company to
take account of environmental issues
17
4. Climate change
4.1 Greenhouse gas emissions
4.2 Adaptation to the consequences of
climate change
5. Protection of biodiversity
5.1 Measures to preserve or develop biodiversity
INFORMATION REGARDING
COMMUNITY INVOLVEMENT
PROMOTING SUSTAINABLE
DEVELOPMENT
1. Regional, economic and social
impact of the companys business
1.1 Regarding employment
and local development
18
NOTES
31/12/2012
31/12/2011
Net
Net
658
685
3 AND 16
INTANGIBLE ASSETS
3 AND 16
55
78
GOODWILL
3 AND 16
491
457
INVESTMENTS IN ASSOCIATES
3 AND 16
75
54
304
332
100
93
1,683
1,699
INVENTORIES
332
346
151
116
TRADE RECEIVABLES
2,520
2,537
29
18
711
698
3,845
3,550
NON-CURRENT ASSETS
4
22
7,594
7,272
9,277
8,971
19
NOTES
31/12/2012
31/12/2011
SHARE CAPITAL
128
414
423
(13)
TRANSLATION RESERVE
TREASURY SHARES
CONSOLIDATED NET PROFIT FOR THE PERIOD
SHAREHOLDERS EQUITY ATTRIBUTABLE TO THE GROUP
MINORITY INTERESTS
SHAREHOLDERS EQUITY
128
267
226
814
764
10
15
824
779
NON-CURRENT DEBT
8 AND 16
503
476
NON-CURRENT PROVISIONS
6 AND 16
884
797
33
36
1,420
1,309
826
900
10
22
51
73
2,740
2,619
408
386
2,754
2,671
235
196
29
7,033
6,883
9,277
8,971
3,093
2,869
20
NOTES
10,640
9,802
106
138
(5,978)
(5,389)
PERSONNEL COSTS
(2,501)
(2,375)
EXTERNAL CHARGES
(1,537)
(1,559)
(146)
(133)
(212)
(171)
(278)
(197)
(28)
57
SALES (1)
11 AND 16
12 AND 16
12 AND 16
FINANCIAL INCOME
FINANCIAL EXPENSES
432
315
(134)
(135)
364
353
364
353
31
40
(15)
(21)
16
19
13 AND 16
13 AND 16
32
21
13 AND 16
(15)
(11)
14 AND 16
(129)
(140)
3 AND 16
(6)
(13)
16
262
229
22
NET PROFIT
16
262
229
16
267
226
(5)
15
156.49
132.46
15
156.49
132.46
5,028
240
4,452
172
21
NET PROFIT
262
229
(24)
(2)
17
43
NET CHANGE IN FAIR VALUE OF FINANCIAL INSTRUMENTS USED FOR HEDGING PURPOSES
AND OF OTHER FINANCIAL ASSETS (including available-for-sale nancial assets)
20
(21)
(13)
19
15
281
244
287
240
(6)
22
TOTAL
Treasury
Items
shares recognised ATTRIBUTABLE
directly in TO THE GROUP
equity
Minority
interests
TOTAL
143
351
327
(80)
741
14
755
(19)
19
DIVIDEND PAID
(201)
(201)
(2)
(203)
(16)
(16)
(3)
(19)
226
226
229
TRANSLATION ADJUSTMENT
42
42
43
(28)
(28)
(28)
226
14
240
244
OTHER TRANSACTIONS
(changes in scope of consolidation and other items)
143
332
355
(66)
764
15
779
(19)
19
(2)
(2)
DIVIDEND PAID
(226)
(226)
(1)
(227)
(2)
(2)
267
267
(5)
262
TRANSLATION ADJUSTMENT
18
(1)
17
18 (1)
267
20
287
(6)
281
OTHER TRANSACTIONS
(changes in scope of consolidation and other items)
(9)
(9)
(9)
143
313
404
(46)
814
10
824
Group
Controlled entities
Associates
(2) See the statement of recognised income and expense.
18
18
Minority
interests
(1)
(1)
Total
17
17
23
NOTES
262
6
229
14
(8)
(6)
256
198
(28)
(11)
(2)
486
425
(16)
(19)
129
140
599
546
(160)
(151)
SUB-TOTAL
CASH FLOW
16
154
140
593
535
(221)
62
(303)
35
16
NET LIABILITIES RELATED TO PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
PURCHASE PRICE OF NON-CONSOLIDATED COMPANIES AND OTHER INVESTMENTS
16
(9)
(7)
21
16
(28)
(38)
OTHER EFFECTS OF CHANGES IN SCOPE OF CONSOLIDATION (cash of acquired and divested companies)
25
OTHER CASH FLOWS RELATED TO INVESTING ACTIVITIES (changes in loans, dividends received from non-consolidated companies)
NET CASH GENERATED BY/(USED IN) INVESTING ACTIVITIES
C - NET CASH GENERATED BY/(USED IN) FINANCING ACTIVITIES
16
(55)
(168)
(337)
(14)
CAPITAL INCREASES PAID BY SHAREHOLDERS & MINORITY INTERESTS AND OTHER TRANSACTIONS
BETWEEN SHAREHOLDERS
DIVIDENDS PAID DURING THE PERIOD:
(226)
(201)
(1)
(2)
52
74
16
19
(173)
(109)
4
256
24
113
3,354
256
3,241
113
3,610
3,354
4 AND 10
4 AND 10
22
24
NOTE 2
ACCOUNTING POLICIES AND VALUATION
METHODS UNDER IFRS
The consolidated nancial statements of the Bouygues Construction group for the year ended 31 December 2012 have
been prepared in accordance with International Financial
Reporting Standards (IFRS) as endorsed by the European Union
(European Council Regulation 1606/2002 of 19 July 2002).
The term IFRS refers collectively to International Financial
Reporting Standards (IFRSs), to International Accounting
Standards (IASs), and to interpretations of those standards
(SICs and IFRICs).
The Bouygues Construction group applied the same standards,
interpretations and accounting policies for the year ended 31
December 2012 as were applied in its consolidated nancial
statements for the year ended 31 December 2011, except for
new IFRS requirements applicable from 1 January 2012 (see
below) and the early adoption of the amendment to IAS 19.
These changes did not have a material impact on the consolidated nancial statements.
Principal new standards, amendments and interpretations effective within the European Union and mandatorily applicable or permitted for early adoption for
periods beginning on or after 1 January 2012:
Amendment to IFRS 7: Disclosures Transfers of Financial
Assets (mandatorily applicable from 1 January 2012). This
amendment does not alter the existing accounting treatment of
securitisation transactions, but species the disclosure requirements for such transactions.
Amendment to IAS 1: Presentation of items of Other Comprehensive Income (OCI). Although the amendment to IAS 1 had
not been adopted by the European Union as of 31 December
2011, it was early adopted by the Group from 1 January 2011
since it was not in conict with pronouncements that had already
been endorsed. This amendment became effective within the
25
IASB EFFECTIVE
DATE*
EXPECTED IMPACT
ON THE GROUP
1 JANUARY 2015
NOT QUANTIFIABLE
AT PRESENT (pending)
*Unless otherwise indicated, applicable to accounting periods beginning on or after the date shown in this column.
The nancial statements have been prepared using the historical cost convention, with the exception of certain items in
particular some nancial assets and nancial liabilities which
are measured at fair value.
Preparing nancial statements to comply with IFRS requires the
use of estimates and assumptions which may have affected the
amounts reported for assets and liabilities at the balance sheet
date, and the amounts of income and expenses reported for
the nancial year. These estimates and assumptions have been
applied consistently on the basis of past experience and of
various other factors regarded as reasonable forming the basis
of assessments of the valuations of assets and liabilities for
accounting purposes. Actual results may differ materially from
these estimates if different assumptions or conditions apply.
The main areas in which estimates and assumptions are
involved are the measurement of provisions and forecast data
regarding the completion of construction contracts in progress.
31/12/2011
FULLY CONSOLIDATED:
219
210
PROPORTIONATELY
CONSOLIDATED:
106
91
ASSOCIATES (EQUITY
METHOD):
30
29
355
330
26
asset. The useful life of an asset is the period over which the
Group expects the asset to be available for use.
The depreciable amount of an asset is cost less any estimated
residual value net of costs of disposal. The residual value of
an item of property, plant and equipment is the amount the
Group would receive currently for the asset if the asset were
already of the age and in the condition expected at the end of
its useful life (excluding the effects of ination).
The principal useful lives applied are:
Buildings: 10, 20 or 30 years, depending on whether the
building is of lightweight or durable construction
Plant, equipment and tooling: 3 to 8 years
Other property, plant and equipment: 3 to 10 years,
depending on the type of asset (vehicles, ofce equipment
and furniture, etc)
Depreciation periods are reviewed annually, and may be
adjusted if expectations differ from previous estimates.
Any such changes in estimates are accounted for prospectively.
Finance leases:
A nance lease is a contract under which substantially all the
risks and rewards of ownership are transferred to the lessee,
whether or not title is ultimately transferred to the lessee.
Assets acquired under nance leases are, if material, recognised as an asset in the balance sheet under Property, plant
and equipment, with a matching liability recognised under
Debt on the liabilities side of the balance sheet.
These assets are depreciated over their expected useful lives.
Site rehabilitation costs:
Rehabilitation costs arising from the gradual deterioration of
a site are covered by provisions recognised on the liabilities
side of the balance sheet.
Investment properties:
The Bouygues Construction group has not identied any asset
that qualies as an investment property.
Intangible assets
IAS 38 denes an intangible asset as an identiable non-monetary asset without physical substance. An asset is identiable:
if it is separable, i.e. capable of being independently sold,
transferred, licensed, rented or exchanged;
or if it is derived from contractual or other legal rights,
whether separable or not.
Intangible assets with nite useful lives are depreciable. Intangible assets with indenite useful lives are not depreciable,
but are tested for impairment at each balance sheet date.
Development expenses
Development expenses are capitalised if the IAS 38 criteria are
met, i.e. if they are expected to generate future economic benets
and their cost can be reliably measured.
Incorporation and research expenses are expensed as incurred.
Intangible assets with no legal protection
Acquired intangible assets with no legal protection are included in
goodwill.
Business combinations
With effect from 1 January 2010, business combinations have
been accounted for in accordance with the revised IFRS 3 and
IAS 27, which use the concept of obtaining control in determining the accounting treatment to be applied to acquisitions or
disposals of equity interests; depending on the circumstances,
the impacts of such acquisitions and disposals are recognised
either in consolidated prot or loss or in equity.
In a business combination, the fair value of the consideration
transferred is allocated to the identiable assets and liabilities of
the acquiree, which are measured at fair value at the acquisition
date and presented in the balance sheet using the full fair value
method in accordance with the revised IFRS 3. This method
involves remeasuring the assets and liabilities acquired at fair
value in full (including minority interests), rather than remeasuring just the percentage interest acquired.
The revised IFRS 3 allows entities to elect one of two methods of
accounting for minority interests in each business combination:
at fair value (full goodwill method), i.e. the minority interests
are allocated their share of goodwill;
at the minority interests proportionate share of the acquired
entitys identifiable assets and liabilities (partial goodwill
method), i.e. no share of goodwill is allocated to the minority
interests.
Goodwill recognised prior to 1 January 2004 continues to be
measured using the partial fair value method. This method
involves restricting the fair value remeasurement of identiable
items to the percentage interest acquired. Minority interests in
these items are measured on the basis of the carrying amount
of the items as shown in the balance sheet of the acquired entity.
The revised standards allow the acquirer to elect to account for
each new business combination on either a full goodwill basis
or a partial goodwill basis.
Fair value is the amount for which an asset or cash generating
unit (CGU) could be sold between knowledgeable, willing parties in an arms length transaction.
Goodwill is the excess of the acquisition cost over the acquirers
interest in the fair value of the acquirees identiable assets, liabilities and contingent liabilities that can be reliably measured at
the acquisition date.
27
28
29
30
These instruments:
are used solely for hedging purposes;
are contracted solely with high-quality French and foreign
banks;
carry no liquidity risk in the event of a downturn.
Specic reports are prepared on a regular basis for those
responsible for the management and supervision of the relevant
Group companies, describing the use of hedging instruments;
the selection of counterparties with whom they are contracted;
and more generally, the management of exposure to currency
risk and interest rate risk.
a) Risks to which the Group is exposed, and principles
applied to the management of these nancial risks
Currency risk
In general, the Bouygues Construction group has little exposure
to currency risk in routine commercial transactions. Where possible, expenses relating to a contract are incurred in the same
currency as that in which the contract is billed. This applies to
most projects executed outside France, on which local-currency
expenses (sub-contracting and supplies) represent a much
higher proportion than euro-denominated expenses. Particular
attention is paid to risks relating to assets denominated in nonconvertible currencies, and to country risk generally.
Group policy is to hedge systematically all residual exposure to
currency risk on commercial transactions relative to the functional currency of a project or entity. If the future cash ow is
certain, the currency risk is hedged by buying or selling currency
forward, or by means of currency swaps. For some large contracts, options may be taken out for hedging purposes before
the contract award has been conrmed.
Equity investments in foreign companies are usually hedged by
a liability of a similar amount in the same currency in the books
of the entity that holds the investment.
Interest rate risk
Interest rate risk arises on variable-rate debt, and is hedged using
variable-rate investments.
The Groups income statement could be adversely affected by
a signicant fall in European interest rates. Interest rate swaps
may be contracted to lock in the income streams from the
Groups surplus cash.
b) Hedge accounting policies and rules
The Group accounts for hedges in accordance with IAS 39.
Hedge accounting is applied where a derivative instrument
wholly or partly offsets changes in the fair value or cash ows
of a hedged item. Hedge effectiveness is assessed on a regular
basis, and at least once a quarter.
31
32
NOTE 3
NON-CURRENT ASSETS
For a breakdown of non-current assets by business segment see Note 16, Segment Information.
ACQUISITIONS OF NON-CURRENT ASSETS DURING THE YEAR, NET OF DISPOSALS
31/12/2012
204
17
221
26
247
(70)
177
31/12/2011
294
9
303
45
348
(35)
313
(1) Net of investment grants obtained (netted off the asset in the balance sheet).
658
Land and
buildings
Plant,
equipment and
tooling
Other property,
plant and
equipment
PP&E under
construction and
advance payments
Total
227
2
16
13
(7)
251
5
711
7
25
1
174
(93)
825
2
263
1
6
37
(29)
278
39
(1)
(41)
1
70
68
1,240
9
8
294
(129)
1,422
7
65
19
24
(27)
332
5
(3)
10
98
(81)
849
2
6
3
37
(43)
281
(87)
45
26
(3)
(6)
22
204
(151)
1,488
7
1 JANUARY 2011
(55)
(431)
(174)
(660)
TRANSLATION ADJUSTMENTS
TRANSFERS BETWEEN ACCOUNTS
CHANGES IN SCOPE OF CONSOLIDATION
DISPOSALS AND OTHER REDUCTIONS
DEPRECIATION EXPENSE
IMPAIRMENT LOSSES CHARGED
IMPAIRMENT LOSSES REVERSED
31 DECEMBER 2011
OF WHICH FINANCE LEASES
MOVEMENTS DURING 2012
TRANSLATION ADJUSTMENTS
TRANSFERS BETWEEN ACCOUNTS
CHANGES IN SCOPE OF CONSOLIDATION
DISPOSALS AND OTHER REDUCTIONS
DEPRECIATION EXPENSE
IMPAIRMENT LOSSES CHARGED
IMPAIRMENT LOSSES REVERSED
31 DECEMBER 2012
OF WHICH FINANCE LEASES
4
(12)
(63)
(3)
(1)
1
(1)
58
(108)
(482)
(1)
(1)
(5)
26
(38)
(192)
(2)
1
(6)
88
(158)
(737)
(4)
(5)
16
(20)
(72)
(3)
2
3
57
(141)
(561)
(1)
(3)
(2)
37
(37)
(197)
(7)
110
(198)
(830)
(4)
31 DECEMBER 2011
188
343
86
68
685
2
260
2
1
288
1
84
26
3
658
3
GROSS VALUE
1 JANUARY 2011
TRANSLATION ADJUSTMENTS
TRANSFERS BETWEEN ACCOUNTS
CHANGES IN SCOPE OF CONSOLIDATION
ACQUISITIONS DURING THE PERIOD
DISPOSALS AND OTHER REDUCTIONS
31 DECEMBER 2011
OF WHICH FINANCE LEASES
MOVEMENTS DURING 2012
TRANSLATION ADJUSTMENTS
TRANSFERS BETWEEN ACCOUNTS
CHANGES IN SCOPE OF CONSOLIDATION
ACQUISITIONS DURING THE PERIOD
DISPOSALS AND OTHER REDUCTIONS
31 DECEMBER 2012
OF WHICH FINANCE LEASES
CARRYING AMOUNT
Analyses by business segment and geographical area of the carrying amount of intangible assets and property, plant and equipment, and of capital expenditure, are provided in Note 16, Segment Information.
33
55
Development
expenses
Concessions, patents
and similar rights
Other intangible
assets
Total
116
10
4
(3)
127
22
(10)
1
5
18
138
1
9
(3)
145
8
(28)
8
(1)
114
(8)
19
(28)
17
(1)
133
(52)
2
(12)
(62)
(4)
(1)
(5)
(56)
2
(13)
(67)
(13)
(72)
(1)
(6)
(14)
(78)
65
42
13
13
78
55
1 JANUARY 2011
TRANSLATION ADJUSTMENTS
TRANSFERS BETWEEN ACCOUNTS
CHANGES IN SCOPE OF CONSOLIDATION
ACQUISITIONS DURING THE PERIOD
DISPOSALS AND OTHER REDUCTIONS
31 DECEMBER 2011
MOVEMENTS DURING 2012
TRANSLATION ADJUSTMENTS
TRANSFERS BETWEEN ACCOUNTS
CHANGES IN SCOPE OF CONSOLIDATION
ACQUISITIONS DURING THE PERIOD
DISPOSALS AND OTHER REDUCTIONS
31 DECEMBER 2012
CARRYING AMOUNT
31 DECEMBER 2011
31 DECEMBER 2012
3.3. GOODWILL
1 JANUARY 2011
CHANGES IN SCOPE OF CONSOLIDATION, TRANSLATION
ADJUSTMENTS & OTHER MOVEMENTS
IMPAIRMENT LOSSES
31 DECEMBER 2011
CHANGES IN SCOPE OF CONSOLIDATION, TRANSLATION
ADJUSTMENTS & OTHER MOVEMENTS
IMPAIRMENT LOSSES
31 DECEMBER 2012
491
Gross value
Impairment
Carrying
amount
Energy
& Services
417
417
167
250
40
40
38
457
457
205
252
34
34
33
491
491
238
253
34
379
Other non-current nancial assets
1 JANUARY 2011
TRANSLATION ADJUSTMENTS
TRANSFERS BETWEEN ACCOUNTS
CHANGES IN SCOPE OF CONSOLIDATION
ACQUISITIONS AND OTHER INCREASES
DISPOSALS AND OTHER REDUCTIONS
AMORTISATION AND IMPAIRMENT, NET
31 DECEMBER 2011
TRANSLATION ADJUSTMENTS
TRANSFERS BETWEEN ACCOUNTS
CHANGES IN SCOPE OF CONSOLIDATION
ACQUISITIONS AND OTHER INCREASES
DISPOSALS AND OTHER REDUCTIONS
AMORTISATION AND IMPAIRMENT, NET
31 DECEMBER 2012
Investments
in associates
Investments in
non-consolidated
companies
Other non-current
assets
Total
gross value
Amortisation
and impairment
Carrying
amount
67
21
2
(36)
54
13
11
13
(16)
75
186
2
(2)
7
(1)
192
(1)
(2)
(18)
5
(10)
166
193
3
2
(1)
110
(29)
278
(1)
1
14
104
(117)
279
446
5
23
(3)
119
(66)
524
(2)
12
7
122
(143)
520
(122)
(16)
2
(2)
(138)
(1)
2
(4)
(141)
324
5
7
(1)
119
(66)
(2)
386
(2)
11
9
122
(143)
(4)
379
75
SHARE OF NET
ASSETS HELD
1 JANUARY 2011
TRANSLATION ADJUSTMENTS
TRANSFERS BETWEEN ACCOUNTS
CHANGES IN SCOPE OF CONSOLIDATION
ACQUISITIONS AND OTHER INCREASES
DISPOSALS AND OTHER REDUCTIONS
IMPAIRMENT LOSSES
31 DECEMBER 2011
TRANSLATION ADJUSTMENTS
TRANSFERS BETWEEN ACCOUNTS
CHANGES IN SCOPE OF CONSOLIDATION
ACQUISITIONS AND OTHER INCREASES
DISPOSALS AND OTHER REDUCTIONS
IMPAIRMENT LOSSES
31 DECEMBER 2012
GOODWILL ON
ASSOCIATES (NET)
67
21
2
(36)
54
13
11
13
(16)
75
CARRYING
AMOUNT
67
21
2
(36)
54
13
11
13
(16)
75
The Bouygues Construction group owns a number of investments in associates, a list of which is provided in Note 25, List of principal
consolidated entities. Summary information about the assets, liabilities, income and expenses of the Bouygues Construction groups
principal associates is provided below.
31 DECEMBER 2012
Figures are for 100% of the associate
NON-CURRENT ASSETS (1)
CURRENT ASSETS
TOTAL ASSETS
SHAREHOLDERS' EQUITY
NON-CURRENT LIABILITIES
CURRENT LIABILITIES
TOTAL LIABILITIES AND EQUITY
SALES
OPERATING PROFIT
NET PROFIT/(LOSS)
(1) Net of investment grants obtained.
31 DECEMBER 2011
ALIS
Stade de France
ADELAC
ALIS
Stade de France
ADELAC
527
68
595
(148)
705
38
595
56
27
(17)
189
82
271
64
127
80
271
93
16
10
815
21
836
(68)
810
94
836
37
19
(20)
524
109
633
(95)
685
43
633
54
25
(7)
188
70
258
53
128
77
258
79
6
3
817
33
850
(27)
859
18
850
32
16
(22)
35
1 JANUARY 2012
STADE DE FRANCE
HERMES AIRPORT
ADELAC
ALIS
WARNOWQUERUNG
BINA (FINCOM and ISTRA)
TRANSJAMAICAN
SOCOPRIM
OTHER
TOTAL
12
8
10
6
54
31 DECEMBER 2012
14
4
21
21
12
8
10
14
10
75
(1) Includes: share of net prot/loss for the period, acquisitions, changes in scope of consolidation, translation adjustments, dividends paid, capital increases, and changes in the fair value of nancial
instruments. Accumulated unrecognised losses on associates: 29m.
96
31 December 2012
Carrying
amount
% interest
Total
assets (2)
Total
sales (2)
Net prot/
(loss) (2)
10
3
2
17
32
(8)
(1)
(1)
(10)
2
2
2
16
22
100%
100%
100%
2
2
2
53
22
9
6
5
5
4
2
28
134
166
(22)
(9)
(6)
(5)
(5)
(4)
(2)
(7)
(60)
(70)
53
0
0
0
0
0
0
0
21
74
96
15%
100%
100%
22%
51%
100%
100%
100%
137
18
34
(11)
Carrying
amount
% interest
Total
assets (2)
Total
sales (2)
Net prot/
(loss) (2)
2
2
2
15
21
100%
100%
100%
2
2
2
54
0
13
0
9
0
0
0
0
1
1
0
19
97
118
15%
100%
61%
100%
17%
22%
51%
100%
100%
100%
100%
79%
150
96
1
411
3
2
1
20
73
399
1
2
9
26
17
(14)
31 December 2011
Gross value Impairment
FRENCH COMPANIES
FONCIRE POINT DU JOUR
10
(8)
OEDC
3
(1)
FICHALLENGE
2
OTHER INVESTMENTS IN FRENCH COMPANIES
15
SUB-TOTAL
30
(9)
FOREIGN COMPANIES
HONG KONG IEC LIMITED
54
22
(22)
VSL CORPORATION (United States)
13
SOCOPRIM (Ivory Coast)
BOUYGUES POLSKA
9
(9)
9
BOMBELA CONCESSION CO (South Africa)
6
(6)
C.C.I.B (Romania)
5
(5)
EQUIBY LTD (Jersey)
5
(5)
FROG ELECTR. CONT (South Africa)
4
(4)
BOREAL (Cyprus)
BOUYGUES SHANGHAI ENGINEERING
4
(3)
BOUYGUES DEUTSCHLAND GMBH
3
(2)
2
(2)
SETAO (Ivory Coast)
OTHER INVESTMENTS IN FOREIGN COMPANIES
26
(7)
SUB-TOTAL
162
(65)
TOTAL
192
(74)
(1) Not consolidated because:
- the Group does not exercise control or signicant inuence over the entity;
- the potential contribution of the entity to the consolidated nancial statements is immaterial.
(2) Based on available annual information.
36
208
44
141
23
18
5
3.4.4. ANALYSIS OF INVESTMENTS IN NON-CONSOLIDATED COMPANIES AND OTHER NON-CURRENT ASSETS BY TYPE
The gures below do not include investments in associates.
31 DECEMBER 2011
MOVEMENTS DURING 2012
31 DECEMBER 2012
DUE WITHIN LESS THAN 1 YEAR
DUE WITHIN 1 TO 5 YEARS
DUE AFTER MORE THAN 5 YEARS
Available-forsale nancial
assets
Loans and
receivables
122
(21)
101
101
210
(7)
203
46
98
59
Financial assets
at fair value through
prot or loss
Held-to-maturity
nancial assets
304
Total
332
(28)
304
46
98
160
31/12/2012
31/12/2011
106
709
815
(233)
70
978
815
922
44
19
126
733
859
(211)
87
983
859
906
11
22
100
31/12/2012
31/12/2011
100
100
93
0
93
37
NOTE 4
CURRENT ASSETS
4.1. INVENTORIES
332
INVENTORIES
31 DECEMBER 2012
Gross value
31 DECEMBER 2011
Gross value
344
(12)
332
354
(8)
346
344
(12)
332
354
(8)
346
IMPAIRMENT OF INVENTORIES
RAW MATERIALS AND SUPPLIES, FINISHED GOODS AND PROPERTY DEVELOPMENT INVENTORIES
TOTAL
2012
2011
2012
2011
(5)
(5)
(3)
(3)
4
4
2
2
151
31 DECEMBER 2012
Gross value
151
151
31 DECEMBER 2011
Gross value
151
151
116
116
3 260
31 DECEMBER 2012
Gross value
TRADE RECEIVABLES
116
116
31 DECEMBER 2011
Gross value
2,733
(213)
2,520
2,770
(233)
2,537
29
29
18
18
386
(11)
375
382
(13)
369
263
110
3,521
(37)
226
110
3,260
280
84
3,534
(36)
(282)
245
84
3,253
(261)
4.4. SPLIT OF TRADE RECEIVABLES BETWEEN NON PAST DUE AND PAST DUE BALANCES
AT 31 DECEMBER 2012 (AGEING OF TRADE RECEIVABLES)
Non past due
balances
TRADE RECEIVABLES
IMPAIRMENT OF TRADE RECEIVABLES
TOTAL TRADE RECEIVABLES
COMPARATIVE AS AT 31 DECEMBER 2011
2,059
(28)
2,031
1,930
6-12 months
> 12 months
398
(45)
353
385
96
(18)
78
166
180
(122)
58
56
Total
2,733
(213)
2,520
2,537
38
3 845
31 DECEMBER 2012
BOUYGUES RELAIS
UNISERVICE
OTHER CASH
CASH EQUIVALENTS
TOTAL
31 DECEMBER 2011
Gross value
Impairment
Carrying
amount
Gross value
Impairment
Carrying
amount
1,941
1,153
679
72
3,845
1,941
1,153
679
72
3,845
2,063
934
516
37
3,550
2,063
934
516
37
3,550
Singapore
dollar
Qatar
riyal
US
dollar
CFA
franc
Other
Total
209
209
62
62
153
153
69
69
140
140
3,773
72
3,845
Qatar
riyal
US
dollar
CFA
franc
Other
Total
46
46
138
138
41
4
45
152
2
154
3,513
37
3,550
Euro
Pound
sterling
2,244
72
2,316
266
266
384
384
Euro
Pound
sterling
2,518
31
2,549
193
193
246
246
319
319
106
106
Cash equivalents have a maturity of less than three months, or are readily convertible into cash.
SPLIT BY CATEGORY
AVAILABLE-FOR-SALE
TOTAL
31/12/2012
3,845
3,845
31/12/2011
3,550
3,550
The net cash position shown in the cash flow statement comprises the following items:
31/12/2012
CASH
CASH EQUIVALENTS
TOTAL
OVERDRAFTS AND SHORT-TERM BANK BORROWINGS
NET CASH POSITION
3,773
72
3,845
(235)
3,610
31/12/2011
3,513
37
3,550
(196)
3,354
39
NOTE 5
SHAREHOLDERS EQUITY
127,967,250
As of 31 December 2012, the share capital amounted to 127,967,250, comprising 1,706,230 shares with a par value of 75. Movements during
2012 were as follows:
1 January 2012
SHARES
INVESTMENT CERTIFICATES
NUMBER OF SHARES
PAR VALUE
SHARE CAPITAL ()
1,706,230
1,706,230
75
127,967,250
31 December 2012
Reductions
Increases
1,706,230
1,706,230
75
127,967,250
+5M
The translation reserve represents translation differences arising since 1 January 2004, when the reserve was deemed to be zero under the option
allowed by IFRS 1. The translation reserve includes the cumulative translation differences of associates. Principal translation differences in the year
ended 31 December 2012 arising on foreign companies reporting in:
CURRENCY
POUND STERLING
SWISS FRANC
CROATIAN KUNA
RUSSIAN ROUBLE
U.S. DOLLAR
HONG KONG DOLLAR
SINGAPORE DOLLAR
AUSTRALIAN DOLLAR
SOUTH AFRICAN RAND
POLISH ZLOTY
OTHER CURRENCIES
TOTAL
31 December 2011
31 December 2012
1
(3)
1
1
(5)
1
1
1
(14)
1
2
(13)
(1)
1
17
(1)
1
18
2
(3)
1
1
(5)
0
2
1
3
0
3
5
31 December 2011
31 December 2012
(59)
(59)
20
20
(39)
(39)
REVALUATION RESERVE
ACTUARIAL GAINS/(LOSSES)
TOTAL
-39M
-12M
31 December 2011
31 December 2012
4
2
6
(18)
(18)
4
(16)
(12)
40
NOTE 6
NON-CURRENT AND CURRENT PROVISIONS
6.1. NON-CURRENT PROVISIONS
884
Employee
benets
Litigation and
claims
131
(1)
193
262
1
33
96
67
782
1
6
(2)
(1)
(3)
(8)
8
(4)
(1)
125
60
(11)
(49)
195
81
(52)
(19)
273
2
(1)
(1)
36
5
(1)
(4)
96
24
(5)
(13)
72
(8)
180
(74)
(87)
797
11
(1)
0
12
12
(1)
13
24
11
(1)
171
53
(14)
(52)
183
83
(48)
(21)
289
4
(2)
(1)
48
12
(4)
(15)
89
60
(12)
(15)
104
24
223
(81)
(104)
884
Risks on
completed projects
Project
completion
expenses
Expected losses
to completion
Other current
provisions
Total
54
30
(15)
(10)
59
132
1
(1)
(2)
69
(48)
(23)
128
186
(5)
(3)
41
(71)
(14)
134
63
(3)
2
27
(14)
(10)
65
435
(7)
1
(5)
167
(148)
(57)
386
(1)
1
13
(9)
(18)
45
(2)
120
(44)
(35)
167
(2)
(3)
1
36
(35)
(18)
113
(2)
6
(1)
33
(11)
(7)
83
(4)
0
1
202
(99)
(78)
408
1 JANUARY 2011
TRANSLATION ADJUSTMENTS
TRANSFERS BETWEEN ACCOUNTS
Customer
Risks on
warranties subsidiaries and
afliates
1 JANUARY 2011
TRANSLATION ADJUSTMENTS
TRANSFERS BETWEEN ACCOUNTS
CHANGES IN METHOD AND IN SCOPE OF CONSOLIDATION
CHARGES TO PROVISIONS
REVERSALS (provisions used)
REVERSALS (provisions not used)
31 DECEMBER 2011
MOVEMENTS DURING 2012
TRANSLATION ADJUSTMENTS
TRANSFERS BETWEEN ACCOUNTS
CHANGES IN METHOD AND IN SCOPE OF CONSOLIDATION
CHARGES TO PROVISIONS
REVERSALS (provisions used)
REVERSALS (provisions not used)
31 DECEMBER 2012
Total
408
41
NOTE 7
Net expense
Other movements
31/12/2012
93
(3)
10
100
Changes in
scope of
consolidation
Translation
adjustments
Gain
Expense
Other items
2
14
16
(1)
(7)
(8)
(1)
(1)
4
6
10
66
11
77
93
0
2
(1)
(1)
0
1
4
5
5
0
(8)
6
3
9
8
72
18
90
100
(1) Arising on timing differences between tax and accounting treatments, and on consolidation adjustments.
Net gains
Other movements
31/12/2012
36
(2)
(1)
33
Changes in
scope of
consolidation
Translation
adjustments
Gain
Expense
Other items
36
36
36
0
0
0
0
(2)
(2)
(2)
0
0
(1)
(1)
(1)
33
33
33
(1) Arising on timing differences between tax and accounting treatments, and on consolidation adjustments.
100
46
15
15
10
10
4
33
67
31/12/2011
93
36
16
14
4
16
7
36
57
42
2 TO 5 YEARS
48
TOTAL
19
100
31/12/2011
86
125
211
88
118
206
NOTE 8
NON-CURRENT AND CURRENT DEBT
8.1. INTEREST-BEARING DEBT BY MATURITY
DEBT
512
Current
Non-current
1
3
1-2 years
2014
2-3 years
2015
3-4 years
2016
4-5 years
2017
172
185
37
17
200
220
41
11
45
59
170
5
179
2
1
4
1
8
3
5-6 years
6 years
Total
Total
2018 2019+later 31/12/2012 31/12/2011
4
6
23
30
43
44
1
49
418
512
482
ENERGY &
SERVICES
50
1
77
354
482
TOTAL
BOND ISSUES
BANK BORROWINGS
OTHER BORROWINGS
PARTICIPATING BORROWINGS
INTRA-GROUP BORROWINGS
TOTAL
Drawdowns - Maturity
< 1 year
1-5 years
> 5 years
Total
< 1 year
1-5 years
> 5 years
Total
4
5
31
454
485
26
8
34
61
467
528
4
5
15
454
469
26
8
34
45
467
512
43
Available cash
4,000
Undrawn
medium/
long-term
facilities
3,500
3,000
2,500
Net cash
position
2,000
1,500
1,000
500
0
Liquidity
2013
2014
2015
2016
2017
2018
2019 +
later
31/12/2011
4%
96%
5%
95%
NON-CURRENT AT 31/12/2012
CURRENT AT 31/12/2012
NON-CURRENT AT 31/12/2011
CURRENT AT 31/12/2011
Euro
Pound
sterling
Swiss
franc
U.S.
dollar
Czech
koruna
32
2
50
3
135
4
114
151
150
80
54
28
27
31
32
2
38
2
12
1
12
1
Total
503
9
476
6
44
NOTE 9
CHANGE IN NET SURPLUS CASH
9.1. CHANGE IN NET SURPLUS CASH
3 093
31/12/2011
3,550
(196)
3,354
(476)
(6)
(3)
(485)
2,869
MOVEMENTS IN 2012
295
(39)
256 (1)
(27)
(3)
(2)
(32)
224
31/12/2012
3,845
(235)
3,610
(503)
(9)
(5)
(517)
3,093
2,869
593
(168)
(227)
16
21
5
(16)
3,093
45
NOTE 10
OTHER CURRENT LIABILITIES
10.1. TRADE PAYABLES AND OTHER LIABILITIES
6 371
31/12/2012
31/12/2011
826
51
2,740
2,754
428
431
294
1,601
900
73
2,619
2,671
389
429
328
1,525
235
Euro
Hong Kong
dollar
Other
Total
53
104
22
21
35
235
Euro
Hong Kong
dollar
CFA franc
Other
Total
102
50
26
18
196
46
NOTE 11
SALES AND OTHER REVENUES FROM OPERATIONS
11.1. ANALYSIS BY ACCOUNTING CLASSIFICATION
31/12/2012 (1)
SALES OF GOODS
SALES OF SERVICES
CONSTRUCTION CONTRACTS
SALES
OTHER REVENUES FROM OPERATIONS
TOTAL
31/12/2011(1)
175
2,065
8,400
10,640
106
10,746
139
1,896
7,767
9,802
138
9,940
360
125
1,363
771
14,349
2012 sales
2011 sales
France
International
Total
31/12/2012
% of total
sales
France
International
Total
31/12/2011
% of total
sales
4,525
1,087
5,612
5%
4,574
454
5,028
13%
9,099
1,541
10,640
9%
86%
14%
100%
4,289
1,061
5,350
4,011
441
4,452
8,300
1,502
9,802
85%
15%
100%
2012 sales
FRANCE
EUROPEAN UNION
REST OF EUROPE
AFRICA
MIDDLE EAST
AMERICAS
ASIA/PACIFIC
TOTAL
2011 sales
Total
% of total sales
Total
% of total sales
5,612
1,449
849
664
177
420
1,469
10,640
52.7%
13.6%
8.0%
6.2%
1.7%
4.0%
13.8%
100.0%
5,350
1,314
825
766
139
290
1,118
9,802
54.6%
13.4%
8.4%
7.8%
1.4%
3.0%
11.4%
100.0%
2012
2011
France
International
Combined
France
International
Combined
44%
56%
56%
44%
50%
50%
46%
54%
60%
40%
52%
48%
47
NOTE 12
OPERATING PROFIT
CURRENT OPERATING PROFIT
SALES
OTHER REVENUE FROM OPERATIONS
PURCHASES USED IN PRODUCTION AND EXTERNAL CHARGES
PERSONNEL COSTS
TAXES OTHER THAN INCOME TAX
NET DEPRECIATION AND AMORTISATION EXPENSES
NET CHARGES TO PROVISIONS AND IMPAIRMENT LOSSES
CHANGE IN PRODUCTION & PROPERTY DEVELOPMENT INVENTORIES
OTHER INCOME AND EXPENSES ON OPERATIONS:
REVERSALS OF IMPAIRMENT LOSSES AND UNUSED PROVISIONS
NET GAINS ON DISPOSALS OF NON-CURRENT ASSETS
NET FOREIGN EXCHANGE GAINS/(LOSSES)
OTHER INCOME/(EXPENSES)
CURRENT OPERATING PROFIT
OTHER OPERATING INCOME AND EXPENSES
OPERATING PROFIT
2012
2011
10,640
106
(7,515)
(2,501)
(146)
(212)
(278)
(28)
9,802
138
(6,948)
(2,375)
(133)
(171)
(197)
57
240
22
(8)
44
364
0
364
172
12
(25)
21
353
0
353
NOTE 13
INCOME FROM NET SURPLUS CASH AND OTHER FINANCIAL
INCOME AND EXPENSES
13.1. COMPONENTS OF INCOME FROM NET SURPLUS CASH
2012
COST OF DEBT
INCOME FROM CASH AND CASH EQUIVALENTS
INCOME FROM NET SURPLUS CASH
INCOME FROM NET SURPLUS CASH COMPRISES:
NET INTEREST EXPENSE ON DEBT
INTEREST EXPENSE ON FINANCE LEASES
IMPACT OF FINANCIAL INSTRUMENTS ON DEBT
SUB-TOTAL
NET INTEREST INCOME FROM CASH AND CASH EQUIVALENTS
IMPACT OF FINANCIAL INSTRUMENTS ON NET CASH POSITION
INCOME FROM AVAILABLE-FOR-SALE FINANCIAL ASSETS AND CASH EQUIVALENTS
SUB-TOTAL
2011
(8)
24
16
(6)
25
19
(8)
(8)
24
24
(6)
(6)
25
25
2011
8
(3)
6
(2)
12
17
10
48
NOTE 14
INCOME TAX EXPENSE
14.1. ANALYSIS OF INCOME TAX EXPENSE
2012
France Other countries
TAX PAYABLE TO THE TAX AUTHORITIES
CHANGE IN DEFERRED TAX LIABILITIES (1) (2)
CHANGE IN DEFERRED TAX ASSETS (1) (2)
DIVIDEND TAX
TOTAL
(93)
2
(2)
(93)
(34)
(1)
(1)
(36)
2011
Total
(127)
2
(3)
(1)
(129)
(87)
Total
(46)
(2)
(4)
(1)
(53)
(145)
6
(1)
(140)
2012
(1) includes deferred taxes arising from:
- temporary differences
- tax loss carry-forwards
- changes in tax rates or new taxes
(2) includes tax charges/credits on temporary differences from prior periods not previously recognised:
- current taxes
- deferred taxes
2011
7
(8)
3
3
14.2. TAX PROOF (RECONCILIATION BETWEEN STANDARD TAX RATE AND EFFECTIVE TAX RATE)
Differences between the standard corporate income tax rate applicable in France and the effective tax rate based on the consolidated nancial
statements are explained as follows:
2012
STANDARD TAX RATE IN FRANCE
DIFFERENCES IN TAX RATES BETWEEN FRANCE AND OTHER COUNTRIES
UNRECOGNISED DEFERRED TAX ASSETS
EFFECT OF PERMANENT DIFFERENCES
FLAT-RATE AND REDUCED-RATE TAXES
DIVIDEND TAXES
OTHER
EFFECTIVE TAX RATE
34.43%
-1.63%
3.41%
-3.54%
1.54%
0.27%
-1.52%
32.96%
2011
34.43%
-3.01%
7.14%
-5.56%
4.44%
0.38%
0.06%
37.88%
NOTE 15
BASIC AND DILUTED EARNINGS PER SHARE
Basic earnings per share is calculated by dividing net prot attributable to the Group by the weighted average number of shares outstanding during
the year (excluding the average number of ordinary shares bought and held as treasury shares), i.e. 1,706,230 shares.
2012
NET PROFIT ATTRIBUTABLE TO THE GROUP (M)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
BASIC EARNINGS PER SHARE ()
2011
267
1,706,230
226
1,706,230
156.49
132.46
Diluted earnings per share is calculated by reference to the weighted average number of shares outstanding, adjusted for the conversion of all
potentially dilutive shares. Because Bouygues Construction does not use dilutive instruments, there is no difference between basic earnings
per share and diluted earnings per share.
2012
NET PROFIT USED TO CALCULATE DILUTED EARNINGS PER SHARE (M)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED TO CALCULATE DILUTED EARNINGS PER SHARE
DILUTED EARNINGS PER SHARE ()
267
1,706,230
156.49
2011
226
1,706,230
132.46
49
NOTE 16
SEGMENT INFORMATION
The segment information reported below is a breakdown of the contribution of each segment to the main line items in the balance sheet,
income statement and cash ow statement.
TOTAL
9,156
(57)
9,099
331
331
16
16
(117)
(5)
241
241
246
1,645
(104)
1,541
33
33
1
(12)
(1)
21
21
21
10,801
(161)
10,640
364
364
16
17
(129)
(6)
262
262
267
625
38
238
75
76
24
3,750
3,371
33
17
253
24
5
95
653
658
55
491
75
100
29
3,845
4,024
499
803
33
46
215
5,970
4
81
5
20
777
544
(202)
3
(17)
194
33
55
(19)
(1)
18
11
599
(221)
2
(17)
212
44
546
3,042
295
68
51
32
614
3,093
327
9,277
503
884
33
51
235
6,747
824
9,277
50
TOTAL
8,353
(53)
8,300
342
342
21
10
(135)
(11)
227
227
224
1,589
(87)
1,502
11
11
(2)
(5)
(2)
2
2
2
9,942
(140)
9,802
353
353
19
10
(140)
(13)
229
229
226
644
41
205
54
68
14
3,464
3,346
41
37
252
25
4
86
690
685
78
457
54
93
18
3,550
4,036
457
736
36
68
177
5,761
19
61
5
19
853
517
(283)
(5)
(15)
153
23
29
(20)
(2)
18
4
546
(303)
(7)
(15)
171
27
521
2,823
147
28
46
10
549
2,869
157
8,971
476
797
36
73
196
6,614
779
8,971
51
France
(incl. overseas
territories)
European
Union
Rest of
Europe
Africa
Asia/
Pacic
Americas
Middle
East
Total
5,612
1,449
849
664
1 469
420
177
10,640
355
48
32
6
39
113
90
1
22
658
55
(124)
(5)
(19)
(31)
(35)
(5)
(2)
(221)
(5)
(1)
(16)
(17)
France
(incl. overseas
territories)
European
Union
Rest of
Europe
Africa
Asia/
Pacic
Americas
Middle
East
Total
5,350
1,314
825
766
1,118
290
139
9,802
306
71
30
6
32
138
114
1
52
13
685
78
(95)
(7)
(28)
(51)
(80)
(32)
(10)
(303)
(4)
(3)
(7)
(15)
(15)
31 DECEMBER 2011
INCOME STATEMENT
THIRD-PARTY SALES
BALANCE SHEET
PROPERTY, PLANT AND EQUIPMENT (1)
INTANGIBLE ASSETS
CASH FLOW STATEMENT
ACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT & INTANGIBLE ASSETS
ACQUISITIONS OF INVESTMENTS IN NON-CONSOLIDATED COMPANIES
& OTHER INVESTMENTS
ACQUISITIONS OF INVESTMENTS IN CONSOLIDATED COMPANIES,
NET OF ACQUIRED CASH
1,708 mm
2011
CONSOLIDATED SALES
COST OF SALES
GROSS PROFIT
RESEARCH AND DEVELOPMENT EXPENSES
SELLING EXPENSES
ADMINISTRATIVE EXPENSES
OTHER INCOME AND EXPENSES
GOODWILL IMPAIRMENT
CURRENT OPERATING PROFIT
331
342
33
11
TOTAL
10,640
(9,199)
1,441
(17)
(388)
(671)
(1)
364
TOTAL
9,802
(8,449)
1,353
(15)
(365)
(618)
(2)
353
52
NOTE 17
FINANCIAL INSTRUMENTS
The disclosures presented below show the aggregate notional amounts at 31 December 2012 for each type of financial instrument used, split by
residual maturity for interest rate hedges and by currency for currency hedges.
2013
2014 to 2017
After 2017
Total
31/12/2012
Total
31/12/2011
19
(1)
19 (2)
20
In the case of renewable interest rate hedges, the amounts shown in each column relate to the longest maturity.
ANALYSIS BY BUSINESS SEGMENT
Notional amounts at 31/12/2012
INTEREST RATE SWAPS
ON FINANCIAL ASSETS
ON FINANCIAL LIABILITIES
FUTURE RATE AGREEMENTS
ON FINANCIAL ASSETS
ON FINANCIAL LIABILITIES
CAPS/FLOORS
ON FINANCIAL ASSETS
ON FINANCIAL LIABILITIES
Energy &
Services
Total
31/12/2012
Total
31/12/2011
19
19
20
53
FORWARD PURCHASES/SALES
FORWARD PURCHASES
FORWARD SALES
CURRENCY SWAPS
CURRENCY OPTIONS
USD
GBP
PLN
HKD
AED
ZAR
CHF
Other
Total
31/12/2012
Total
31/12/2011
32
145
39
21
7
1
47
12
5
35
71
15
66
344
27
105
464
22
Energy
& Services
Total
31/12/2012
Total
31/12/2011
FORWARD PURCHASES/SALES
FORWARD PURCHASES
FORWARD SALES
CURRENCY SWAPS
CURRENCY OPTIONS
66
335
27
66
344
27
105
464
22
54
NOTE 18
OFF BALANCE SHEET COMMITMENTS AT 31DECEMBER 2012
This note discloses information about guarantee commitments, sundry contractual commitments, and lease commitments.
31/12/2012
PLEDGES, MORTGAGES AND COLLATERAL
GUARANTEES AND ENDORSEMENTS GIVEN (1)
TOTAL GUARANTEE COMMITMENTS GIVEN
PLEDGES, MORTGAGES AND COLLATERAL
GUARANTEES AND ENDORSEMENTS RECEIVED
TOTAL GUARANTEE COMMITMENTS RECEIVED
5
17
22
MORE THAN
5 YEARS
1 TO 5 YEARS
13
13
4
3
7
1
1
2
(1) In connection with its ordinary activities, the Bouygues Construction group grants multi-year guarantees (such as 10-yearbuilding guarantees), which are usually covered by statistically-based provisions
on the liabilities side of the balance sheet. Contract guarantees provided by banks to Group customers represent off balance sheet commitments for those banks; where such guarantees are liable to result
in payments being made, a provision is recognised in the Groups consolidated balance sheet.
31/12/2012
LUMP-SUM RETIREMENT BENEFIT OBLIGATIONS
UNMATURED BILLS
OTHER
TOTAL SUNDRY CONTRACTUAL COMMITMENTS GIVEN
LUMP-SUM RETIREMENT BENEFIT OBLIGATIONS
UNMATURED BILLS
OTHER
TOTAL SUNDRY CONTRACTUAL COMMITMENTS RECEIVED
MORE THAN
5 YEARS
1 TO 5 YEARS
No material off balance sheet commitments have been omitted from this disclosure, in accordance with applicable accounting standards.
31/12/2012
OPERATING LEASE COMMITMENTS (given/received)
41
MORE THAN
5 YEARS
1 TO 5 YEARS
8
22
11
Minimum future lease payments due until the normal renewal date of the lease (or earliest potential termination date) under operating leases
relating to current operations (land, buildings, plant & equipment, etc).
31/12/2012
FINANCE LEASE COMMITMENTS
MORE THAN
5 YEARS
1 TO 5 YEARS
1
55
31/12/2011
PLEDGES, MORTGAGES AND COLLATERAL
GUARANTEES AND ENDORSEMENTS GIVEN (1)
TOTAL GUARANTEE COMMITMENTS GIVEN
PLEDGES, MORTGAGES AND COLLATERAL
GUARANTEES AND ENDORSEMENTS RECEIVED
TOTAL GUARANTEE COMMITMENTS RECEIVED
6
28
34
MORE THAN
5 YEARS
1 TO 5 YEARS
11
11
4
15
19
2
2
4
(1) In connection with its ordinary activities, the Bouygues Construction group grants multi-year guarantees (such as 10-yearbuilding guarantees), which are usually covered by statistically-based provisions
on the liabilities side of the balance sheet. Contract guarantees provided by banks to Group customers represent off balance sheet commitments for those banks; where such guarantees are liable to result
in payments being made, a provision is recognised in the Groups consolidated balance sheet.
31/12/2011
LUMP-SUM RETIREMENT BENEFIT OBLIGATIONS
UNMATURED BILLS
OTHER
TOTAL SUNDRY CONTRACTUAL COMMITMENTS GIVEN
LUMP-SUM RETIREMENT BENEFIT OBLIGATIONS
UNMATURED BILLS
OTHER
TOTAL SUNDRY CONTRACTUAL COMMITMENTS RECEIVED
11
11
MORE THAN
5 YEARS
1 TO 5 YEARS
1
No material off balance sheet commitments have been omitted from this disclosure, in accordance with applicable accounting standards.
31/12/2011
OPERATING LEASE COMMITMENTS (given/received)
40
MORE THAN
5 YEARS
1 TO 5 YEARS
8
22
10
Minimum future lease payments due until the normal renewal date of the lease (or earliest potential termination date) under operating leases
relating to current operations (land, buildings, plant & equipment, etc).
31/12/2011
FINANCE LEASE COMMITMENTS
MORE THAN
5 YEARS
1 TO 5 YEARS
1
56
NOTE 19
HEADCOUNT AND EMPLOYEE BENEFIT OBLIGATIONS
19.1. AVERAGE HEADCOUNT
2012
HEADCOUNT - FRANCE:
MANAGERIAL STAFF
SUPERVISORY, TECHNICAL AND CLERICAL STAFF
SITE WORKERS
SUB - TOTAL - FRANCE
HEADCOUNT - INTERNATIONAL
TOTAL AVERAGE HEADCOUNT
2011
9,759
6,382
8,229
24,370
29,407
53,777
9,317
6,238
8,438
23,993
28,935
52,928
The gures disclosed above are the contributions paid to pension funds for compulsory and top-up schemes.
2011
181
168
57
LUMP-SUM RETIREMENT
BENEFITS
PENSIONS
2012
2011
2012
2011
1
1
(1)
(1)
1
1
(1)
(1)
0
LUMP-SUM RETIREMENT
BENEFITS
PENSIONS
31/12/2012
31/12/2011
31/12/2012
31/12/2011
140
140
111
2
(13)
100
18
(17)
15
(15)
LUMP-SUM RETIREMENT
BENEFITS
PENSIONS
2012
2011
2012
2011
100
5
12
23
140
103
5
(8)
100
1
1
31/12/2012
31/12/2011
DISCOUNT RATE
LUMP-SUM RETIREMENT BENEFITS
3.30%
(IBOXX A10)
5.46%
(IBOXX A10)
PENSIONS
MORTALITY TABLE
SALARY INFLATION RATE
LUMP-SUM RETIREMENT BENEFITS
PENSIONS
4.4%
INSEE
4.7%
INSEE
1.8 to 3.3%
3.6%
1.9 to 3.5%
3.5%
58
NOTE 20
DISCLOSURES ON RELATED PARTIES AND ON REMUNERATION
OF DIRECTORS AND SENIOR EXECUTIVES
20.1. RELATED-PARTY INFORMATION
Expenses
PARTIES WITH AN OWNERSHIP INTEREST
JOINT VENTURES
ASSOCIATES
OTHER RELATED PARTIES
TOTAL
DUE WITHIN LESS THAN 1 YEAR
DUE WITHIN 1 TO 5 YEARS
DUE AFTER MORE THAN 5 YEARS
OF WHICH BAD DEBT WRITE-OFFS
OF WHICH IMPAIRMENT OF RECEIVABLES
Income
Receivables
Liabilities
2012
2011
2012
2011
2012
2011
2012
2011
(123)
(21)
(2)
(9)
(155)
(150)
(6)
(2)
(5)
(163)
309
151
87
72
619
216
143
57
113
529
3,170 (1)
233
59
67
3,529
3,455
50
24
3,053
244
59
58
3,414
3,325
19
70
602
42
25
34
703
286
417
474
52
9
35
570
217
353
102
84
The off balance sheet commitments disclosed in note 18 to these consolidated nancial statements include 9m of commitments to related parties.
20.2. DISCLOSURES ABOUT REMUNERATION AND BENEFITS PAID TO DIRECTORS AND SENIOR EXECUTIVES
Disclosures about senior executives cover members of the Executive Committee who were in post on 31 December 2012.
Direct remuneration amounted to 10,471k, comprising 6,021k of basic remuneration; 4,450k of variable remuneration payable in 2013
on the basis of 2012 performance; and 25k of directors fees.
Short-term benefits: none.
Post-employment benefits: Members of the Executive Committee belong to a top-up retirement plan based on 0.92% of their reference salary
for each years membership of the plan. This top-up plan is contracted out to an insurance company. Contributions paid into the fund
managed by the insurance company amounted to 405,573 in 2012.
Long-term benefits: none.
Termination benefits: These comprise lump-sum retirement benefits of 3,193k.
Share-based payment: A total of 253,000 stock options were awarded on 13 June 2012, at an exercise price of 20.11. The earliest exercise
date is 14 June 2016.
59
NOTE 21
ADDITIONAL CASH FLOW STATEMENT INFORMATION
CASH FLOWS OF ACQUIRED AND DIVESTED SUBSIDIARIES:
Breakdown by business segment of net cash ows resulting from acquisitions and divestments of consolidated companies.
BUILDING & CIVIL
ENGINEERING
ENERGY &
SERVICES
TOTAL 2012
(7)
(7)
(26)
35
(2)
(12)
(27)
4
14
(28)
25
(16)
(16)
(3)
(6)
6
(4)
(7)
18
(26)
19
(2)
(8)
(43)
4
11
(34)
6
4
(20)
(4)
(24)
ENERGY &
SERVICES
TOTAL 2011
(1)
(1)
(39)
(26)
3
27
(37)
23
(1)
(1)
(39)
(26)
3
27
(37)
23
(14)
(14)
60
NOTE 22
DISCONTINUED AND HELD-FOR-SALE OPERATIONS
None.
NOTE 23
PRINCIPAL EXCHANGE RATES
Principal exchange rates used in the preparation of the consolidated nancial statements:
CLOSING RATE
CZECH KORUNA
QATAR RYIAL
US DOLLAR
SINGAPORE DOLLAR
HONG KONG DOLLAR
CFA FRANC
SWISS FRANC
POUND STERLING
SOUTH AFRICAN RAND
POLISH ZLOTY
31/12/2012
31/12/2011
2012
2011
0.039760
0.208221
0.757920
0.620694
0.097790
0.001524
0.828363
1.225340
0.089504
0.245459
0.038779
0.213147
0.772857
0.594566
0.099493
0.001524
0.822639
1.197175
0.095393
0.224316
0.039778
0.212952
0.773296
0.621913
0.099705
0.001524
0.830300
1.231635
0.094518
0.239940
0.040651
0.196291
0.714277
0.570177
0.091777
0.001524
0.811804
1.147776
0.098585
0.241664
NOTE 24
AUDITORS FEES
The table below shows fees paid to the auditors (and member rms of their networks) responsible for the audit of the consolidated nancial
statements of Bouygues Construction and consolidated companies (excluding associates), as expensed through the income statement in 2012.
in 000
ENGAGEMENT
Mazars network
2012
2011
2012
2011
2,643
99%
2,152
3,520
98%
RELATED ENGAGEMENTS
SUB-TOTAL 1
B - OTHER SERVICES
LEGAL, TAX, EMPLOYMENT LAW
OTHER
SUB-TOTAL 2
TOTAL FEE EXPENSE
12
2,655
0%
99%
228
2,380
77
3,597
2%
100%
31
31
2,686
1%
1%
100%
55
55
2,435
0
3,597
0%
100%
Other rms
Total charge
2012
2011
2012
2011
3,213
323
44%
471
6,486
5,836
151
3,364
230
553
32%
76%
52
523
319
6,805
431
6,267
71
71
3,435
175
175
728
24%
24%
100%
194
126
320
843
206
0
206
7,011
320
126
446
6,713
A - AUDIT
61
NOTE 25
LIST OF PRINCIPAL CONSOLIDATED ENTITIES AT 31DECEMBER 2012
COMPANY
ADDRESS
CITY
COUNTRY
% INTEREST % INTEREST
31/12/2012 31/12/2011
% CONTROL
31/12/2012
% CONTROL
31/12/2011
FULLY CONSOLIDATED
BOUYGUES CONSTRUCTION SA
BOUYGUES CONSTRUCTION RELAIS SNC
BYPAR SARL
CHALLENGER INVESTISSEMENT SAS
CHALLENGER SNC
DISTRIMO SNC
GIE BOUYGUES CONSTRUCTION MATERIEL
GIE BOUYGUES CONSTRUCTION PURCHASING
GIE STRUCTIS
BOUYGUES CONSTRUCTION MIDDLE EAST
SAS URBICITE
1 avenue Eugne-Freyssinet
1 avenue Eugne-Freyssinet
12 F rue Guillaume Kroll
1 avenue Eugne-Freyssinet
1 avenue Eugne-Freyssinet
Rue Hlne-Boucher-de-Perthes
27 boulevard Gabriel-Pri
1 avenue Eugne-Freyssinet
1 avenue Eugne-Freyssinet
1 avenue Eugne-Freyssinet
1 avenue Eugne-Freyssinet
78280 GUYANCOURT
78280 GUYANCOURT
L-1882 LUXEMBOURG
78280 GUYANCOURT
78280 GUYANCOURT
76410 CLON
76410 CLON
78280 GUYANCOURT
78280 GUYANCOURT
78280 GUYANCOURT
78280 GUYANCOURT
FRANCE
FRANCE
LUXEMBOURG
FRANCE
FRANCE
FRANCE
FRANCE
FRANCE
FRANCE
FRANCE
FRANCE
100.00%
99.50%
100.00%
100.00%
100.00%
99.93%
99.93%
100.00%
98.98%
99.99%
100.00%
100.00%
99.50%
100.00%
100.00%
100.00%
99.93%
99.93%
100.00%
98.98%
-
-
100.00%
99.50%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
99.00%
100.00%
100.00%
100.00%
99.50%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
99.00%
1 avenue Eugne-Freyssinet
20 rue Christophe-Colomb
1 avenue Eugne-Freyssinet
78280 GUYANCOURT
94310 ORLY
78280 GUYANCOURT
FRANCE
FRANCE
FRANCE
100.00%
99.35%
100.00%
100.00%
99.35%
100.00%
100.00%
99.35%
100.00%
100.00%
99.35%
100.00%
60280 MARGNY-LSCOMPIGNE
FRANCE
99.35%
99.35%
99.35%
99.35%
ELAN SARL
SODEARIF SA
1 avenue Eugne-Freyssinet
1 avenue Eugne-Freyssinet
78280 GUYANCOURT
78280 GUYANCOURT
FRANCE
FRANCE
99.99%
99.99%
99.99%
99.99%
99.99%
99.99%
99.99%
99.99%
1 avenue Eugne-Freyssinet
78280 GUYANCOURT
FRANCE
100.00%
100.00%
100.00%
100.00%
735 MALABO
EQUATORIAL
GUINEA
99.96%
99.96%
99.96%
99.96%
PORT OF SPAIN
TRINIDAD
100.00%
100.00%
100.00%
100.00%
11120 CHANGWAT
NONTHABURI
THAILAND
49.00%
49.00%
49.00%
49.00%
BOUYGUES UK LTD
SE1 7 NQ LONDON
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
BY DEVELOPMENT LTD
SE1 7 NQ LONDON
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
Boulevard de la Corniche
Phare dEl Hank BP 16013
CASABLANCA
MOROCCO
99.99%
99.99%
99.99%
99.99%
089058 SINGAPORE
SINGAPORE
100.00%
90.00%
100.00%
100.00%
089058 SINGAPORE
SINGAPORE
100.00%
100.00%
100.00%
100.00%
NIGERIA
80.00%
80.00%
80.00%
80.00%
6. al Wyscigowa
1 avenue Eugne-Freyssinet
02-699 WARSZAWA
78280 GUYANCOURT
POLAND
FRANCE
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
UNITED
KINGDOM
100.00%
51.00%
100.00%
51.00%
SE1 7 NQ LONDON
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
SE1 7 NQ LONDON
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
BREZILLON SA
BYMARO
62
% CONTROL
31/12/2012
% CONTROL
31/12/2011
100.00%
80.00%
80.00%
80.00%
80.00%
CZECH
REPUBLIC
100.00%
100.00%
100.00%
100.00%
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
SE17 NQ LONDON
UNITED
KINGDOM
90.00%
90.00%
90.00%
90.00%
59651 VILLENEUVE-DASCQ
33700 MRIGNAC
54320 MAXVILLE
69300 CALUIRE-ET-CUIRE
59651 VILLENEUVE-D'ASCQ
76000 ROUEN
33700 MRIGNAC
06200 NICE
69300 CALUIRE-ET-CUIRE
44000 NANTES
59651 VILLENEUVE-D'ASCQ
54320 MAXVILLE
76000 ROUEN
98013 MONACO
FRANCE
FRANCE
FRANCE
FRANCE
FRANCE
FRANCE
FRANCE
FRANCE
FRANCE
FRANCE
FRANCE
FRANCE
FRANCE
FRANCE
100.00%
99.90%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
90.00%
100.00%
99.90%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
90.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
COMPANY
THOMAS VALE GROUP
TOWER HAMLETS LEP LTD
VCES HOLDING SRO AND ITS SUBSIDIARIES
WARINGS CONSTRUCTION GROUP HOLDING
LIMITED AND ITS SUBSIDIARIES
WESTMINSTER LOCAL EDUCATION
PARTNERSHIP LTD
CITY
UNITED
KINGDOM
100.00%
SE1 7 NQ LONDON
UNITED
KINGDOM
Na Harfe 337/3
190 05 PRAHA 9
COUNTRY
% INTEREST % INTEREST
31/12/2012 31/12/2011
ADDRESS
08908 BARCELONA
SPAIN
100.00%
100.00%
100.00%
100.00%
52 avenue de Cortenbergh-Bote 6
1000 BRUXELLES
BELGIUM
100.00%
100.00%
100.00%
100.00%
08908 BARCELONA
3098 KNIZ
3098 KNIZ
SPAIN
SWITZERLAND
SWITZERLAND
60.00%
100.00%
100.00%
60.00%
100.00%
100.00%
60.00%
100.00%
100.00%
60.00%
100.00%
100.00%
1 avenue Eugne-Freyssinet
78280 GUYANCOURT
FRANCE
100.00%
100.00%
100.00%
100.00%
BOUYGUES CONSTRUCTION
SERVICES NUCLEAIRES
BOUYGUES BELGIUM
COLT ESPANA
LOSINGER HOLDING AG
LOSINGER MARAZZI AG
1 avenue Eugne-Freyssinet
78280 GUYANCOURT
FRANCE
100.00%
100.00%
100.00%
100.00%
Rue Pierre-et-Marie-Curie
6 route nationale Bois des Ctes
31670 LABGE
69760 LIMONEST
FRANCE
FRANCE
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
JOHANNESBURG
SOUTH AFRICA
100.00%
100.00%
100.00%
100.00%
33132 MIAMI
UNITED STATES
100.00%
100.00%
100.00%
100.00%
CHINA
100.00%
100.00%
100.00%
100.00%
SWITZERLAND
99.67%
99.67%
99.67%
99.67%
18 BP 605
ABIDJAN 18
CTE D'IVOIRE
99.80%
97.89%
99.80%
99.80%
COMPANY
5 - VSL
VSL INTERNATIONAL LTD
OUTSIDE FRANCE
C.T.T. STRONGHOLD SA
INTRAFOR HONG KONG LIMITED
VSL ENGINEERING CORP. LTD (CHINA)
VSL AUSTRALIA PTY LTD
VSL ANNAHUTTE SYSTEM AG
VSL GEO SISTEMAS DE APLICACAO
VSL HONG KONG
VSL INDIA
VSL INDONESIA
VSL MALAYSIA
VSL MEXICO
VSL MIDDLE EAST LLC
VSL POLSKA
VSL PORTUGAL
VSL SINGAPORE
VSL SWITZERLAND
VSL SYSTEMS (BRUNEI)
VSL SYSTEMS MANUFACTURER (SPAIN)
VSL TAIWAN
VSL TCHEQUECZ
VSL THAILAND
VSL VIETNAM LTD
6 - DTP TERRASSEMENT
DTP TERRASSEMENT SA
EUROPE FONDATIONS
63
ADDRESS
CITY
COUNTRY
% INTEREST % INTEREST
31/12/2012 31/12/2011
% CONTROL
31/12/2012
% CONTROL
31/12/2011
Sgestrasse 76
3098 KNIZ
SWITZERLAND
99.90%
99.90%
99.90%
99.90%
Paseo de Gracia 11
Stairs B 1st Floor
08007 BARCELONA
SPAIN
99.65%
99.65%
99.75%
99.75%
CHINA
99.90%
99.90%
100.00%
100.00%
CHINA
59.94%
59.94%
60.00%
60.00%
6 Pioneer Avenue
AUSTRALIA
99.90%
99.90%
100.00%
100.00%
Rapperswil Jona
Engelhlzlistrasse 17a
Quinta da Fonte, Rua da Quint
Ed. D. Joo I, N 4 Piso 2
20/F Eight Commercial Tower
8 Sun Yip Street
602B 6th Floor, Campus 4B,
RMZ Millennia Business
Park 143, Dr. MGR Road
SWITZERLAND
69.84%
69.84%
70.00%
70.00%
PORTUGAL
53.45%
53.45%
66.00%
66.00%
CHINA
99.90%
99.90%
100.00%
100.00%
INDIA
99.90%
99.90%
100.00%
100.00%
10210 JAKARTA
INDONESIA
66.93%
66.93%
67.00%
67.00%
MALAYSIA
99.90%
49.95%
100.00%
50.00%
MEXICO
99.90%
99.90%
100.00%
100.00%
121890 DUBAI
UNITED ARAB
EMIRATES
POLAND
PORTUGAL
79.92%
79.92%
80.00%
80.00%
99.90%
74.93%
99.90%
74.93%
100.00%
75.00%
100.00%
75.00%
00-872 WARSZAWA
2770-203 PAO DE ARCOS
758047 SINGAPORE
SINGAPORE
99.90%
99.90%
100.00%
100.00%
Dahlienweg 23
Unit 14, 2F Jaya Setia Square
Berakas A,
BB2713 Bandar Seri Begawan
CH 4553 SBINGEN
SWITZERLAND
99.78%
99.78%
99.88%
99.88%
DARUSSALAM
BRUNEI
59.94%
59.94%
60.00%
60.00%
08520 BARCELONA
SPAIN
99.90%
99.65%
100.00%
99.75%
TAIWAN
99.90%
99.90%
100.00%
100.00%
339/5 V Nasypu
15200 PRAHA
CZECH
REPUBLIC
99.90%
99.90%
100.00%
100.00%
10120 BANGKOK
THAILAND
82.10%
82.10%
88.00%
88.00%
VIETNAM
99.90%
99.90%
100.00%
100.00%
1 avenue Eugne-Freyssinet
1 avenue Eugne-Freyssinet
78280 GUYANCOURT
78280 GUYANCOURT
FRANCE
FRANCE
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
64
COMPANY
GOUNKOTO MINING SERVICES
MINING AND REHANDLING SERVICES (MARS)
TONGONAISE DES MINES
KIBALI MINIG SERVICES (KMS) SPRL
DTP AUSTRALIA PTY LTD
ADDRESS
CITY
COUNTRY
% INTEREST % INTEREST
31/12/2012 31/12/2011
% CONTROL
31/12/2012
% CONTROL
31/12/2011
BAMAKO
MALI
100.00%
100.00%
100.00%
100.00%
3098 BAMAKO
MALI
100.00%
100.00%
100.00%
100.00%
KORHOGO
COTE D'IVOIRE
100.00%
100.00%
100.00%
100.00%
WATSA PROVINCE
ORIENTALE
100.00%
100.00%
SYDNEY
DEMOCRATIC
REPUBLIC OF
CONGO
AUSTRALIA
100.00%
100.00%
HONG KONG
CHINA
90.00%
90.00%
90.00%
90.00%
CHINA
100.00%
100.00%
100.00%
100.00%
HONG KONG
CHINA
60.00%
60.00%
60.00%
60.00%
19 rue Stephenson
78180 MONTIGNY-LEBRETONNEUX
FRANCE
100.00%
100.00%
100.00%
100.00%
th
92240 MALAKOFF
FRANCE
100.00%
100.00%
100.00%
100.00%
94200 YVRY-SUR-SEINE
FRANCE
100.00%
100.00%
100.00%
100.00%
19 rue Stephenson
78180 MONTIGNY-LEBRETONNEUX
FRANCE
100.00%
100.00%
100.00%
100.00%
19 rue Stephenson
78180 MONTIGNY-LEBRETONNEUX
FRANCE
100.00%
100.00%
100.00%
100.00%
78180 MONTIGNY-LEBRETONNEUX
FRANCE
100.00%
100.00%
100.00%
100.00%
74520 VALLEIRY
FRANCE
100.00%
100.00%
100.00%
100.00%
69320 FEYZIN
FRANCE
100.00%
100.00%
100.00%
100.00%
19 rue Stephenson
78180 MONTIGNY-LEBRETONNEUX
FRANCE
100.00%
100.00%
100.00%
100.00%
GENVE
SWITZERLAND
100.00%
100.00%
100.00%
100.00%
SE1 7 NQ LONDON
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
SE1 7 NQ LONDON
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
SE1 7 NQ LONDON
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
COGEMEX SAS
COMPANY
65
ADDRESS
CITY
COUNTRY
% INTEREST % INTEREST
31/12/2012 31/12/2011
% CONTROL
31/12/2012
% CONTROL
31/12/2011
SE1 7 NQ LONDON
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
HARLOW
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
SE1 7 NQ LONDON
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
BP 26 Mpila
BRAZZAVILLE
CONGO
100.00%
100.00%
100.00%
100.00%
SCOTLAND
100.00%
100.00%
100.00%
100.00%
ABIDJAN
9027 GYOR
COTE D'IVOIRE
HUNGARY
90.17%
100.00%
90.17%
100.00%
90.17%
100.00%
90.17%
100.00%
BOUYGUES E&S UK
UNITED
KINGDOM
100.00%
100.00%
EUROPLAND LTD
SE1 7 NQ LONDON
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
BOUYGUES E&S FM UK
BOUYGUES E&S CONGO
BOUYGUES E&S CONTRACTING UK
BOUYGUES E&S CTE D'IVOIRE
BOUYGUES E&S HUNGARY
GIE LUMEN
BP 2189
LIBREVILLE
GABON
50.65%
50.65%
60.00%
60.00%
SE1 7 NQ LONDON
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
Bernerstrasse Sd 167
8048 ZURICH
SWITZERLAND
100.00%
100.00%
100.00%
100.00%
SE1 7 NQ LONDON
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
LIBREVILLE
GABON
84.42%
84.42%
84.42%
84.42%
SE1 7 NQ LONDON
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
PO Box 31316
70 York Street
DOHA
TORONTO
QATAR
CANADA
49.00%
75.00%
49.00%
75.00%
08908 LHOSPITALET DE
LLOBREGAT
SPAIN
50.00%
50.00%
50.00%
50.00%
99303 JOHANNESBURG
SOUTH AFRICA
45.00%
45.00%
45.00%
45.00%
Rue Modeste-Goulet
51100 REIMS
FRANCE
50.00%
50.00%
50.00%
50.00%
TANGER
MOROCCO
66.67%
66.67%
66.67%
66.67%
1 avenue Eugne-Freyssinet
1 avenue Eugne-Freyssinet
1 avenue Eugne-Freyssinet
78280 GUYANCOURT
78280 GUYANCOURT
78280 GUYANCOURT
FRANCE
FRANCE
FRANCE
66.67%
49.00%
49.00%
66.67%
66.67%
49.00%
49.00%
66.67%
PROPORTIONATELY CONSOLIDATED
1 - BOUYGUES BATIMENT INTERNATIONAL
BOUYGUES CONSTRUCTION QATAR LLC
BOUYGUES KENAIDAN
2 - ENTREPRISES FRANCE
EUROPE SUBSIDIARIES
EUROPERFIL
66
COMPANY
4 - BOUYGUES ENERGIES & SERVICES
THEMIS FM SAS
EVESA SAS
PLESSENTIEL GIE
PLESSENTIEL SAS
5 - BAFR
CHRYSALIS DEVELOPPEMENT SAS
6 - VSL
VSL SPAM
VSL SISTEMAS ESPECIALES DE
CONSTRUCTION
ADDRESS
CITY
COUNTRY
% INTEREST % INTEREST
31/12/2012 31/12/2011
% CONTROL
31/12/2012
% CONTROL
31/12/2011
12 boulevard du Roi
7 rue Antoine-Bourdelle
6 rue Galile Quartier Europe
6 rue Galile Quartier Europe
78000 VERSAILLES
75015 PARIS
78280 GUYANCOURT
78280 GUYANCOURT
FRANCE
FRANCE
FRANCE
FRANCE
50.00%
33.00%
28.50%
28.50%
50.00%
33.00%
50.00%
33.00%
28.50%
28.50%
50.00%
33.00%
35 rue de la Gare
75019 PARIS
FRANCE
65.00%
65.00%
65.00%
65.00%
Paseo de Gracia 11
08007 BARCELONA
SPAIN
49.95%
50.00%
6650571 SANTIAGO
CHILE
49.95%
49.95%
50.00%
50.00%
SAINT HELIER
JERSEY
49.90%
49.90%
93216 SAINT-DENIS
FRANCE
33.33%
33.33%
33.33%
33.33%
PC 2003 NICOSIA
CYPRUS
22.00%
22.00%
22.00%
22.00%
19 rue Stephenson
78180 MONTIGNY-LEBRETONNEUX
FRANCE
15.00%
15.00%
15.00%
15.00%
7 - DTP TERRASSEMENT
KAS 1 LIMITED
ASSOCIATES (equity method)
1 - BOUYGUES CONSTRUCTION
CONSORTIUM STADE DE FRANCE SA
2 - BOUYGUES BATIMENT INTERNATIONAL
HERMES AIRPORTS LTD
3 - ETDE
AXIONE INFRASTRUCTURES SAS AND ITS
SUBSIDIARIES
4 - BOUYGUES TRAVAUX PUBLICS
ADELAC SAS
AUTOROUTE DE LIAISON SEINE - SARTHE SA
BINA FINCOM
BOMBELA TKC JV PTY LTD
TRANSJAMAICAN HIGHWAY LIMITED
WARNOWQUERUNG
SOCIETE CONCESSIONNAIRE
DU PONT RIVIERA MARCORY
Btiment Europe
2 Parc International dAffaires
3e Boulevard
Lieu-dit Le Haut-Croth
Savska 106 / 4
22 Milkyway Linbro Ofce Park
2 Goodwood Terrace
8 Zum Sudtor
74160 ARCHAMPS
FRANCE
39.20%
39.20%
39.20%
39.20%
27310 BOURG-ACHARD
10000 ZAGREB
99303 JOHANNESBURG
KINGSTON 10
18147 ROSTOCK
FRANCE
CROATIA
SOUTH AFRICA
JAMAICA
GERMANY
33.17%
45.00%
25.00%
48.89%
30.00%
33.17%
45.00%
25.00%
48.89%
30.00%
33.17%
45.00%
25.00%
48.89%
30.00%
33.17%
45.00%
25.00%
48.89%
30.00%
01 ABIDJAN
CTE D'IVOIRE
49.00%
49.00%
452-3 SEOUL
SOUTH KOREA
31.79%
31.79%
31.82%
31.82%
JAPAN
24.98%
24.98%
25.00%
25.00%
5 - VSL
VSL SOUTH KOREAN
VSL JAPAN
67
68
31/12/2012
31/12/2011
Gross
Amortisation,
depreciation &
impairment
Net
Net
INTANGIBLE ASSETS
71
37
34
37
18
660
659
659
OTHER
350
350
284
LONG-TERM INVESTMENTS
SUB-TOTAL
NON-CURRENT ASSETS
INVENTORIES AND WORK IN PROGRESS
ADVANCES AND DOWN-PAYMENTS ON ORDERS
1,010
1,009
943
1,098
47
1,051
986
TRADE RECEIVABLES
26
26
28
OTHER RECEIVABLES
180
179
110
SHORT-TERM INVESTMENTS
CASH
1,942
1,942
2,064
CURRENT ASSETS
2,147
2,146
2,202
OTHER ASSETS
56
56
61
TOTAL ASSETS
3,301
48
3,253
3,249
69
31/12/2012
31/12/2011
128
128
15
15
13
13
299
319
211
207
SHAREHOLDERS EQUITY
666
681
PROVISIONS
DEBT
ADVANCES AND DOWN-PAYMENTS RECEIVED
TRADE PAYABLES
OTHER PAYABLES
NON-FINANCIAL LIABILITIES
OVERDRAFTS AND SHORT-TERM BANK BORROWINGS
ACCRUALS AND DEFERRED INCOME
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY
39
41
431
360
31
27
71
79
102
107
1,973
2,013
42
46
3,253
3,249
70
31/12/2012
SALES
31/12/2011
162
150
(5)
(5)
(55)
(54)
(101)
(90)
(8)
(7)
(2)
(1)
(4)
216
215
214
211
(1)
EXCEPTIONAL ITEMS
INCOME TAX EXPENSE
NET PROFIT FOR THE YEAR
(3)
(3)
211
207
71
31/12/2012
31/12/2011
A - OPERATING ACTIVITIES
CASH FLOW
NET PROFIT FOR THE YEAR
DEPRECIATION AND AMORTISATION
NET CHANGE IN IMPAIRMENT AND PROVISIONS (1)
211
207
(1)
(1)
(0)
217
213
(61)
(34)
(9)
27
147
206
(9)
(4)
(0)
(4)
(9)
(9)
(66)
(40)
(0)
(1)
(74)
(49)
(226)
(201)
71
35
(156)
(166)
(82)
(9)
51
59
(82)
(9)
(32)
51
72
BOUYGUES CONSTRUCTION SA
YEAR ENDED 31 DECEMBER 2012 (in millions)w
COMPANY
Share
capital (1)
Other
equity
(1) (4)
% interest
Gross
carrying
amount of
shares held
Net carrying
amount of
shares held
10
10
100.00
24
24
25
31
89.32
75
75
13
29
99.70
103
103
38
10
98.07
93
93
ETDE (3)
51
87
100.00
158
158
QUILLE
15
14
100.00
43
43
PERTUY CONSTRUCTION
15
11
100.00
27
27
DV CONSTRUCTION
100.00
11
11
NORPAC
100.00
GFC CONSTRUCTION
15
100.00
FICHALLENGE
100.00
CHALLENGER
99.99
15
15
566
566
100.00
26
26
10
17
15
99.96
22
22
50
58
100.00
93.81
62
62
30
30
30
30
FRENCH SUBSIDIARIES
FOREIGN SUBSIDIARIES
FRENCH AFFILIATES
ACIEROID
TOTAL (in millions)
DETAILED INFORMATION - AFFILIATES (interest 10% to 50%)
CONSORTIUM STADE DE FRANCE
30
18
33%
FOREIGN AFFILIATES
OVERALL TOTAL (in millions)
(1) In millions of local currency units.
(2) Exchange rate as of 31 December 2012.
(3) Consolidated reserves and net prot for the year excluding minority interests, and consolidated sales.
(4) Excluding net prot/(loss) for the year.
(5) Financial year-end other than 31 December.
660
659
Loans and
advances
receivable by
the parent
Guarantees
given by
the parent
73
Sales
Net prot/
for last
(loss)
nancial
for last
year nancial year
Dividends
received by
the parent
during
the year
65
225
11
164
639
62
39
171
1,823
66
49
16
417
35
16
154
18
1,645
21
13
17
222
10
15
16
275
10
223
10
364
(0)
14
383
241
32
20
(5)
Comments
23
24
98
258
42
(5)
77
130
517
241
/RJR
)6&j
YHQLU
Bouygues Construction
1, avenue Eugne Freyssinet Guyancourt
78065 Saint-Quentin-en-Yvelines Cedex
Tel.: +33(0)1 30 60 33 00
www.bouygues-construction.com