CHS 2012 Financial - Report

Financial report

BOUYGUES CONSTRUCTION_2012 FINANCIAL REPORT
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
47. Operating prot

47. Income from net surplus cash and other
nancial income and expenses
48. Income tax expense
48. Basic and diluted earnings per share
49. Segment information
52. Financial instruments
54. Off balance sheet commitments
56. Headcount and employee benet
obligations
58. Disclosures on related parties and on
remuneration of directors and senior
executives
59. Additional cash ow statement
information
60. Discontinued and held-for-sale
operations
60. Principal exchange rates
60. Auditors fees
61. List of principal consolidated entities
at 31 December 2012
67.
STATUTORY AUDITORS
REPORT ON THE
CONSOLIDATED
68.
PARENT COMPANY
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
Net prot att. to the Group
bn
+18%
15
A record order intake

with 15 contracts
greater than 100m.
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.
ENERGY AND SERVICES

Bouygues Construction's energy and services
businesses enable the company to take positions on promising energy-performance markets and to offer full-service solutions that
generate recurring long-term income. The company is also strengthening its positions in hightechnology segments such as broadband,
very-high-speed services and data centres.
ETDE is being renamed Bouygues Energies &
Services in 2013 to better assert its position
as a full-service operator and its complementarity with Bouygues Construction's designbuild activities.
INTERNATIONAL MARKETS
Bouygues Construction operates on international markets on a long-term basis through
local subsidiaries or on one-off major projects.
The two approaches are complementary and
give the company the necessary exibility to
mobilise its resources quickly on high-potential
markets. As a result of this strategy, Bouygues
Construction generates half its sales on international markets.
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;
a robust nancial situation and good

performance: over the last ten years,
Bouygues Construction has demonstrated its
capacity to generate revenue growth while
preserving protability, backed up by a healthy
and robust nancial situation;
the capacity to adapt to changing
markets: the value and depth of its order
book give the company visibility that enables
it to promptly adjust costs and concentrate
investment on the most buoyant markets;
a policy of controlling operating and
nancial risks: strict application of procedures at all levels of the company guarantees
that the right projects are selected and carried
out smoothly.
OUTLOOK FOR 2013

In a still-tough economic climate, Bouygues
Construction has set its sales target for 2013
at 10.7 billion, 1% higher than in 2012.
Bouygues Construction enjoys good visibility,
backed up by:
orders at 31 December 2012 to be
executed in 2013 worth 8.5 billion, covering 79% of forecast sales;
sustained international activity outside
Europe, especially in places less affected by
the economic crisis, such as Hong Kong,
Singapore, Qatar and Canada;
a long-term order book (more than ve
years) worth 2.7 billion at 31 December
2012;
a sound nancial structure, with a net
cash surplus of 3.1 billion;
an expanding range of sustainable

construction products and services,
with strong energy and environmental performance commitments.
Tight control over the execution of major
projects, a selective approach to orders in the
face of competitive pressure and obtaining
nancing for future projects will continue to
be central priorities for Bouygues Construction
in 2013.
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).
RECORD COMMERCIAL ACTIVITY, A

ROBUST OPERATING MARGIN AND
A SOUND FINANCIAL STRUCTURE
A RECORD ORDER INTAKE: 11,976M
Order intake in 2012 rose 9% versus 2011 to
a record 11,976 million and included 15

contracts worth over 100 million each (nine
on international markets), three of which were
worth over 300 million.
Order intake in France rose 5% to 7,199 million, boosted by the conclusion of two major
public-private partnership (PPP) projects: the
Paris law courts complex and the NmesMontpellier railway bypass.
On international markets it rose 16% to
4,777 million, driven by the order for a section of the bridge linking Hong Kong to Macao
and more generally by commercial successes
in countries less hard-hit by the economic
crisis, such as Switzerland, Thailand and
Canada. It was also boosted by the integration
of Thomas Vale in the UK.
Buildings with environmental certification
accounted for 57% of the order intake, compared with 55% in 2011.
GROWTH IN THE ORDER BOOK (UP 12%)
The order book rose by 12% year-on-year to
stand at 17.1 billion at year-end, with international markets accounting for 45% of the
total. Orders to be executed in 2013 amounted
to 8.5 billion. An increase in the mediumand long-term end of the order book gives
greater visibility, especially in energy and
services activities. At the end of 2012, the
order book for execution beyond one year was
therefore up 16% year-on-year
ROBUST SALES GROWTH:
10,640M (UP 9%)
Sales rose by 9% in 2012 to 10,640 million,
with building and civil works accounting for 86%
and energy and services for 14%. Both France,
where sales increased 5% to 5,612 million, and
international markets, up 13% to 5,028 million,
contributed to this growth, accounting for 53%
and 47% of sales respectively.
Outside France, sales were boosted by the
acquisition in 2011 of Leadbitter, consolidated
from the second quarter of 2011, and Thomas
Vale, the acquisition of which was completed
in June 2012. Both these transactions were
carried out in the UK.
Like-for-like and at constant exchange rates,
sales rose by 4%.
A RISE IN NET PROFIT: 267M (UP 18%)

Current operating prot remained satisfactory
at 364 million, 11 million more than in the
previous year, a rise of 3%, yielding an operating margin of 3.4%, down 0.2 points. Financial
income, at 33 million, remained at the same
level as in the previous year, despite the
decline in income from net surplus cash which
was due to the impact of the fall in the interest
rates on Bouygues Construction's cash surplus. After a tax charge of 129 million, net
prot attributable to the Group rose sharply
to 267 million in 2012, representing 2.5%
of sales.
A VERY SUBSTANTIAL CASH SURPLUS:
3,093M (UP 224M)
Bouygues Construction had a net cash surplus of 3.1 billion at end-2012, 224 million
more than in 2011, thus further strengthening
its robust nancial structure.
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,
Hong Kong). Where countries are less

advanced in this sphere, Bouygues Construction takes a proactive stance, especially in
promoting the environmental certication of
its projects.
BUILDING AND CIVIL WORKS

Sales in the building and civil works segment rose to 9,099 million, 10% higher
than in 2011 (8,300 million* in 2011).
Sales amounted to 4,525 million in France
and 4,574 million on international markets
(80 countries).
during the year, highlights Bouygues Construction's ambitious environmental

approach.
Private renovation and construction activity
also ourished, both in the residential segment (handover of the Suresnes-Sentou
residential complex) and the commercial
segment (Lumen new office project at
Montrouge), as well as mixed-use projects
such as the transformation of Laennec
Hospital in Paris into ofces and housing
and the Fort d'Issy eco-neighbourhood in
Issy-les-Moulineaux.
In civil works, Bouygues Construction has

regional agencies all over France that specialise in smaller-scale civil engineering projects
and earthworks. In addition to its core business, the company also carries out complex
major projects like ongoing civil engineering
works for the Flamanville EPR nuclear power
plant and LNG storage tanks in Dunkirk.
Another commercial highlight of 2012 was the
order, in the framework of a PPP, for the
Nmes-Montpellier railway bypass project. It
will be France's rst shared-track high-speed
line, carrying both freight and passengers.
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
Commercial activity was sustained by public-sector orders, especially PPPs such as

the Paris law courts complex and the SaintQuentin-en-Yvelines Velodrome, orders for
which were booked in early 2012.
Despite difculties related to the economic
crisis, orders remained rm for both privatesector renovation projects, especially in the
commercial segment (The Ritz Paris Hotel,
Tour Athna in La Dfense, Quai Le Gallo
ofces in Boulogne-Billancourt) and new-build
projects (Saussure-Cardinet ofce complex in
Paris, Val de Bivre complex at Gentilly).
Elsewhere in France, Bouygues Construction's ve regional building subsidiaries
held up well in a depressed economic environment. The construction of amenities,
especially public hospitals, helped to cushion the decline in activity. Bouygues Construction handed over the Metz-Thionville
hospital in 2012 and work continued on the
Amiens-Picardie and Orlans hospitals. The
ongoing reconguration of the Velodrome
Stadium in Marseille is a showcase example
of Bouygues Construction's expertise in the
construction of leisure facilities and the
execution of works on sites in use.
The order for the Cit Municipale in
Bordeaux, a positive-energy building to
house the city's municipal services, illustrates Bouygues Construction's energy performance commitments.
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.
economy benets all sectors, especially

construction. Attractive possibilities also
exist in some other emerging regions, though
the risk factor is high.
2012 SALES: 1,469M (UP 31%)
In Hong Kong, the Civil Aviation Department
headquarters building was handed over. Activity was sustained by major projects begun in
2011, including the Kai Tak Cruise Terminal
building and two sections of the rail tunnel for
the Hong Kong to Guangzhou high-speed rail
link. The commercial highlights of 2012 were
orders for a section of the gigantic bridge linking Hong Kong, Zhuhai and Macao and for the
Trade & Industry Tower.
Bouygues Construction remains a recognised player on the Asian building market,
especially for high-rise structures. Major
residential complexes are under construction
in Singapore. In Bangkok, the company has
taken orders for three residential towers in a
highly desirable business neighbourhood
and for the Mahanakhon tower which, on
handover in 2015, will be the highest in the
Thai capital and a historic record for
Bouygues Construction. Work continues on
the Singapore SportsHub, the world's largest
sports-related PPP project.
In Turkmenistan, activity was sustained by
ongoing work on projects booked in 2011,
including a turnkey five-star hotel, the Finance
Ministry and renovation of the Rukhiet Palace,
completed during the year. In early 2013,
Bouygues Construction took orders for the
Congress Centre and Theatre and Concert
Centre in the capital, Ashgabat.
AFRICA MIDDLE EAST

ASIA
Construction markets in Asia are particularly
buoyant, with continuing high growth rates
sustained by effective government intervention. Bouygues Construction benets from
its position as a long-standing player in Hong
Kong, though local and foreign competition
is intensifying. Thailand, where growth was
hit by the oods in 2011, is now experiencing
an economic revival. Singapore's thriving
Economic growth has dipped in North Africa,

due in particular to a drop in tourist revenue at
the time of the Arab Spring and the deteriorating
economic situation of the euro zone, on which
North African countries depend for much of
their trade. Sub-Saharan Africa has resisted the
global economic downturn, with the exception
of South Africa. However, transport infrastructure needs and the exploitation of natural
resources make this a high-potential region.
Oil-exporting Middle Eastern countries are

taking advantage of high oil prices to step
up their investment in major infrastructure
projects. Qatar in particular is investing in
preparation for the FIFA World Cup which
will be taking place there in 2022.
2012 SALES: 711M (DOWN 7%)
In Africa, Bouygues Construction's building
and civil engineering rms work together on
major infrastructure projects.
In Equatorial Guinea, Bouygues Construction
has taken an order to build a portion of the
Bata seafront road as part of the government infrastructure modernisation programme. The company is also continuing
to build the national headquarters of the
Bank of Central African States at Malabo
and a two-lane motorway linking Bata to the
east of the country.
In Morocco, work is continuing on the
second container port in Tangier. Line 3 of
the Cairo metro in Egypt was completed
during the year.
In Ivory Coast, Bouygues Construction started
work on the Riviera Marcory bridge in Abidjan,
which it will also operate. The project will be
one of the rst concessions in West Africa.
In South Africa, the last section of the tunnel
for the Gautrain, a fast rail link between
Johannesburg, Pretoria and Johannesburg
International Airport, came into service.
In the Middle East, Bouygues Construction
is involved in complex major projects such
as the Hodariyat bridge in Abu Dhabi
(United Arab Emirates), handed over in
early 2012, and the Qatar Petroleum District, a vast complex that includes nine highrise office buildings, currently under
construction in Doha.
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).
2012 SALES: 414M (UP 45%)

Bouygues Construction has long-term operations in Cuba, where it is a recognised specialist in the construction of turnkey luxury hotel
complexes. In 2012, the company took orders
for luxury hotel complexes on Laguna del Este
on Cayo Santa Maria and on Cayo Coco.
In Jamaica, the last section of Highway 2000
came into service, illustrating Bouygues
Construction's involvement in the development of the country's road and motorway
network over a number of years.
At Baluarte in Mexico, Bouygues Construction
completed its work on the world's highest
cable-stayed bridge.
In Canada, Bouygues Construction handed
over the Royal Canadian Mounted Police headquarters in Surrey and won the contract to
build a set of sporting facilities in Ontario for
the 2015 Pan American Games.
In the United States, work is continuing on the
Miami port tunnel within the framework of a
35 year public-private partnership.
ENERGIES AND SERVICES

ETDE was renamed Bouygues Energies &
Services on 1 January 2013 to better assert
its position as a full-service operator and its
complementarity with Bouygues Construction's
design-build activities.
Bouygues Energies & Services contributed
1,541 million to Bouygues Construction's
consolidated sales, 3% more than in 2011
(1,502 million*). Bouygues Energies &
Services has three business lines: network
infrastructure (52% of sales), electrical and
HVAC engineering (25%) and facilities management (23%).
Demographic growth, spreading urbanisation
and increasingly scarce raw materials mean
that energy and environmental performance is
a central concern. Fast-growing telecommunications needs have also increased demand for
network infrastructure. These two key trends on
the energy and services markets offer Bouygues
Construction sources of growth, both in the
countries where it has most of its operations
(France, the UK, Switzerland and Canada) and
in emerging countries, especially in Africa.
In France, the market in very concentrated.

Short-term economic uncertainties remain
due to pressure on central and local government budgets, affecting network infrastructure works in particular, and the difculty of
raising private nance, especially for commercial property projects and public-private
partnerships. The situation is aggravated by
erce price competition on a highly concentrated market.
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.
RISK MANAGEMENT POLICY

The risks facing the Bouygues Construction
group in 2012 were of the same nature as
those identied in previous years: operational
risks relating to major projects, country risk,
recession-related risk and compliance risk.
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
extra themes to its own assessment, and of

dening its own scope for deployment. Overall,
the campaign involved over 600 people in
around 100 entities or units. The average
number of principles assessed was 180 at
entity level, and 150 at prot centre level.
The self-assessment campaign was conducted during the spring, with summary
reports presented in the autumn. The data
collected were used to compile findings
about the effectiveness of internal control
within Bouygues Construction, and to
develop and implement action plans with a
view to constantly improving the internal control system.
Each entity developed its own action plan. At
Bouygues Construction level, managers of the
support functions and centres of excellence
are overseeing action plans for the common
themes, broadening and deepening actions
already in progress:
Legal compliance: the rollout of the ethics
policy continued in 2012, with ethics and compliance training programmes deployed at
entity level, and the phased integration of
these issues into existing managerial and
commercial training.
Information systems: the aim is to continue, enhance and strengthen security
based on the components of ISO 27000:
implementation of the information systems
security policy, tightening access controls
(especially for critical applications), and protection of sensitive data.
Treasury: the introduction of a treasury
management tool and a bank cash pool is
ongoing, with the objective of achieving tighter
control over treasury management and the
risk of payment instrument fraud.
Accounting and nancial control: within the
context of the rollout of the Groups new
accounting and nancial information system,
the objectives here are to manage segregation
of duties via tighter authorisation controls and
to monitor mitigating controls.
The results of the 2012 self-assessment
campaign showed progress in acceptance
of the internal control approach and grow-
ing maturity among the teams responsible

for implementation in all entities.
By providing feedback and pooling their
results, those involved are helping internal
control to become a training, team-building
and management tool. The experience gained
from successive campaigns will improve the
practices of those involved, which in turn will
enhance the effectiveness of internal control.
RISK MAPPING
Risk mapping is now integrated into the
Bouygues Construction management cycle as
part of the strategic plan. It is also submitted
to the Accounts Committee and the Board of
Directors.
This management process provides a shared
vision of major risks at both entity and Group
level, with the aim of constantly improving control over these risks. In addition, synergies
between risk management, internal control and
internal audit can deliver added value in terms
of the organisations control processes. For
example, the 2013 audit plan includes assignments that are more closely targeted at the key
risks identied by the mapping process.
The risk mapping campaign was conducted
in the spring of 2012. The work done at entity
level was supplemented by contributions from
the support functions; this was used as the
basis for preparing the risk mapping for the
Bouygues Construction group as a whole.
As part of the campaign, key risk factsheets
which identify action plans were updated.
RESOURCES DEPLOYED
The internal control rollout strategy adopted
by Bouygues Construction reects the Groups
decentralised structure, and the decision to
rely on strong and highly-structured support
functions. The control environment has been
adapted accordingly:
Role of the Bouygues Construction
holding company
Project management is handled by a dedicated team within the Legal Affairs, Audit and
Internal Control directorate. The holding company plays the lead role in the process, co-
ordinates the self-assessment campaigns,

and provides methodological support to the
entities. It also prepares the Group-level summary report, monitors transverse action
plans, and drafts Group-level risk mapping.
Role of the entities
Within the entities, internal control is the
responsibility of the General Counsel. Each
entity compiles its own risk mapping, and
presents it as part of the strategic plan. Internal control correspondents are responsible for
the evaluation process; this includes monitoring progress on the self-assessment campaign
and drafting the summary report.
Within operational units, the General Counsel
is responsible for onward deployment.
Role of the support functions
The support functions bind the process
together, building on the work done at entity
level. Managers of the support functions and
centres of excellence are responsible for
approving certain principles; they also prepare
a summary report, and monitor transverse
action plans. Most of the support functions
also carry out risk mapping (accounting and
nancial control, information systems, legal
affairs, purchasing).
Training and awareness programmes
A wide range of training and awareness campaigns ran alongside the campaign: implementation of a computerised internal control
self-assessment application, training for
respondents and approvers, discussion
forums and feedback meetings, committee
meetings and seminars at support function
level, and regular reporting to the Executive
Committees.
ACCOUNTING AND FINANCIAL
INTERNAL CONTROL
The entities have specic resources in both
accounting and nancial control. Accounting
teams may be centralised or decentralised,
depending on the circumstances. Financial
controllers present at every level of the
organisation work closely with operational
managers. Both functions operate on the
double reporting principle.
The nancial control function (over 900 staff)
is headed up by the Financial Control and
Accounting Director, to whom the Chief

Accountant (responsible for the accounting
function, with over 600 staff) reports.
Both functions have a role in deploying and
adapting the Groups accounting and nancial
information system, and in reducing the leadtimes to publication of accounting and nancial information.
An internal control campaign launch day was
held in May 2012, and feedback meetings
were held with various entities in late October.
The 2012 campaign provided an opportunity
to revisit the key accounting and nancial
themes such as compliance with accounting
rules, organisation and security of information
systems, and preparations for the accounting
close. Overall, the scores achieved point to
good levels of control in these various areas.
Going forward, the accounting and nancial
control teams remain committed to achieving
further progress.
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
major risks, Bouygues Construction operates

an organisational structure that reects the
specific requirements of each business,
backed up by rigorous approval and control
procedures.
Each entity has access to substantial, highlyqualied resources in technical elds such as
design, costing, feasibility studies and methods. Clusters of staff with extensive expertise
in highly specialised areas (high-rise buildings,
materials engineering, facades and sustainable construction, for example) share knowledge and capitalise on experiences across all
Bouygues Construction entities.
Support functions are organised on similar
lines, with separate departments covering
legal affairs, human resources, accounting,
management control, information systems
and procurement, all headed up by members of the Bouygues Construction management team. Specialist clusters dedicated to
treasury management, nancial engineering, tax and insurance provide expertise to
all group entities.
Approval and control procedures apply at each
key stage in design and execution. For major
projects, project selection and key risks are
subject to systematic monitoring.
Key operational risks are further mitigated by
the fact that project execution teams are highly
professional and adequately-staffed, and are
actively supervised by experienced managers.
Design and execution processes are documented in management systems at operational unit level, and are subject to various
measures designed to enhance performance
and control:
Particular attention is paid to the pre-execution phase of major projects, especially in
design, contract drafting and site preparation.
In the design phase, external consultants
are used to back up in-house expertise on
technical issues for the highest-risk projects.
Regular costing audits are performed to
check the reliability of procedures for
expenses, subcontractor budgets, and site

supervision costs.
Support functions are always involved
upfront, especially in contract management
and procurement.
Particular care is taken in the selection and
monitoring of customers and partners.
The subcontracting process is closely
supervised, with major subcontractors and
partners thoroughly assessed ahead of the
awarding of highly-sensitive work packages
(architectural, technical trades, etc.).
Risk monitoring is assisted by the use of
specically-developed procedures and tools.
Specic areas of focus during 2012 included:
providing leadership to the Project Management and Worksite supervisory functions;
management of temporary workers and
measures to combat illegal employment;
tightening of procedures in contractual
management and operational planning.
No signicant operational risks materialized
during 2012. However, two projects are subject to special attention: the Gautrain project
in South Africa, and the Miami tunnel project
in the United States. For a description of the
current status of these projects, see the claims
and litigation section.
COUNTRY RISK
Bouygues Construction generates 53% of its
business in France and 77% in OECD countries.
Outside these areas, the risks to which
Bouygues Construction is exposed are of two
types: political/social and economic/nancial. Political and social risks include those
deriving from governmental actions such as
embargoes, asset seizures or the freezing of
bank accounts, and from general strikes or
civil disturbances. Economic and nancial
risks include currency devaluation, currency
shortages or payment default.
Bouygues Construction uses a variety of
means to limit these risks. Thorough investigations are conducted before prospecting for
business in a new country. It is company
policy to suspend commercial activities in
12
regions with a particularly serious political risk,

and not to prospect for business in the highestrisk countries (in particular those experiencing
serious civil or military unrest, or subject to
United Nations embargo). The company also
operates preventive legal, nancial and insurance measures. These include systematically
halting projects in the event of non-payment,
favouring the use of multilateral international
nancing, and obtaining political risk insurance whenever it is available on the market on
satisfactory nancial terms.
The Quality, Security and Environment departments are becoming increasingly involved in
regular reviews of the security situation in the
countries in which Bouygues Construction
operates, in liaison with the Bouygues group
security department.
Regularly-updated business continuity plans
are also in place. A key aim of such plans is
to safeguard people, in particular by ensuring that guidelines issued by French embassies in at-risk countries are strictly followed,
and by liaising with the embassies to develop
evacuation plans for various alert levels. In
addition, exible and responsive organisational structures mean that in exceptional
circumstances, Bouygues Construction can
withdraw resources from countries where
such risks materialise while keeping its
losses to a minimum.
The political disturbances that marked 2012
in many countries had only a limited impact
on the companys business and personnel.
Bouygues Construction continues to monitor
very closely the situation in a number of African countries (Nigeria, Mali, Ivory Coast, and
the Democratic Republic of Congo).
RECESSION-RELATED RISK
The European construction sector is operating in a degraded macroeconomic environment, especially with the euro zone recently
moving into recession, and will continue to
face difculties throughout 2013 in most
market segments.
Bouygues Construction, which generates 74%
of its sales in Europe, achieved sales growth

during 2012 both in France (where the construction market in the Paris region remains
very lively) and in the United Kingdom (via the
acquisition of Thomas Vale).
revenue prospects. Bouygues Construction

uses forecasts to anticipate adverse trends,
so that it can react appropriately and reallocate production resources to less affected
markets or activities.
Despite healthy levels of activity, market

prices remain under pressure, and there is
a growing risk of a slowdown in orders from
the public sector.
Like many companies in the industry, Bouygues
Construction is nding it increasingly difcult
to obtain the investment and bank nancing to
secure complex transactions.
In addition to the risk of a sharp downturn in
activity during the three-year plan, Bouygues
Construction may be faced with specic oneoff problems connected with delays to or the
abandonment of projects, and difculties in
obtaining payment for ongoing projects. Moreover, the counterparty risk to which Bouygues
Construction is normally exposed (customers,
subcontractors, suppliers, etc.) could increase
signicantly.
Nevertheless, the company has many
strengths to help it resist and adapt to the
economic climate. A diverse business mix and
broad geographical footprint mean that it is
less exposed than a mono-line or mono-region
business.
Finally, Bouygues Construction encourages

job mobility between businesses and geographical areas and the development of
synergies between Group entities, so that it
is always well placed to anticipate, react
and adapt to changes in the economic environment.
In addition, Bouygues Construction is still

exposed to a favourable business environment
in some countries or sectors. This applies to
the companys established markets in Asia
(Hong Kong and Singapore), but also to Central America (especially Cuba, where a growing tourist industry with good future prospects
is fuelling expansion in the hotel business).
Prospects are positive for certain industries,
such as open cast gold mines in Africa. The
company is also engaged in a geographical
diversication strategy, focusing on expansion
in buoyant markets (Australia, Canada) or in
zones experiencing robust economic development (Sub-Saharan Africa).
After stripping out long-term contracts
(beyond 2017), the order backlog represented 16.3 months of sales at end-December 2012, giving good visibility on short-term
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),
delivered the rst phase of a large-scale rail

infrastructure project in June 2010 linking the
countrys principal airport to Johannesburg
and Pretoria. This phase has been in service
since this date.
Delivery of phase 2 has been disrupted by
disagreements between Bombela Ltd, the
concession company holding the contract, in
which Bouygues Travaux Publics owns a 17%
equity stake, and Gauteng Province, regarding
execution of the project works.
A problem arose in relation to the waterproofing of the tunnel in several sections of phase
2: water seepage levels were higher than
stipulated in the technical specifications,
according to Gauteng Provinces reading of the
contract. This disagreement was referred to
the Dispute Resolution Board (DRB) provided for in the concession contract. The DRB
found that the tunnel and its sealing against
water inow were in compliance with specications in all sections other than the Park
Station to E2 section.
Water seepage for this section was found to
be higher than the levels stipulated in the contract technical specications. Remedial works
were carried out to rectify this problem at end2011/beginning of 2012. As a result of this
issue, the line did not come fully into service
until 7 June 2012.
Gauteng Province is now challenging:
the validity of the DRBs nding as to the
compliance of the tunnel;
the effectiveness of the works required of the
contractors by the DRB, and now completed;
the conditions of the acceptance and certication of the transit system by the independent engineer.
The Province has appealed the DRB decision
to the Arbitration Foundation of South Africa
(AFSA). The other issues will also ultimately
be heard before the AFSA.
The parties have also referred a number of
other disputes to the AFSA; the principal dis-
13
pute relates to the consequences of delays by

the Province in expropriating the land needed
for execution of the works. These delays seriously disrupted execution of the contract, and
have had signicant nancial repercussions.
Proceedings are ongoing, and the initial hearings on these disputes will be held at the end
of 2013.
A further arbitration case relates to the construction of the Sandton Cavern station.
Bombela proposed a variant solution which
resulted in additional costs for Gauteng Province; this was disputed by the Province, given
that the construction contract was a xedprice contract. The AFSA has issued a ruling
that Bombelas demand was valid. Further
hearings are to be held by the AFSA during
2013 to determine whether the Province must
bear the additional costs, and if so how much.
France Flamanville EPR
Bouygues Travaux Publics was awarded the
civil engineering contract to build the European Pressurised Reactor (EPR) at the Flamanville nuclear power plant, which it signed
with EDF on 2 October 2006.
Technical difculties since execution of this
contract began have, in the past, already
prompted the parties to amend its terms and
conditions, in particular as regards price and
delivery date.
Under an addendum to the contract, signed
in 2011, an increase in the contract price
was agreed. This mainly covered difculties
encountered in the design and construction
of the metal liners of pools for some of the
reactors, and the cost of adapting construction methods (largely to reect the growing
complexity of reinforcement and concreting
works).
In addition, an industrial accident involving
a temporary worker employed by a subcontractor of the consortium responsible for the
works has led to a preliminary investigation
for involuntary manslaughter. Employees of
the consortium have been interviewed as
part of this investigation.
Finally, another investigation is ongoing into

suspected undeclared employment, illegal
use of temporary workers, and irregularities
in the reporting of industrial accidents. This
investigation covers members of the consortium responsible for civil engineering, and
various companies involved in the project.
Managers of the various parties involved in the
project have been interviewed.
France le-de-France Regional
Authority Contracts
Following a Competition Council (now Competition Authority) ruling of 9 May 2007, the
le-de-France Regional Authority led a compensation claim in 2008 as relief for losses it
claims to have incurred as a result of the anticompetitive practices of construction companies in connection with the awarding of public
works contracts for the renovation of secondary school buildings in the region.
The Regional Authoritys urgent application to
the Paris District Court was denied in a ruling
issued on 15 January 2009 on the grounds
that, prima facie, there were genuine reasons
for objecting to the very principle of the compensation claim.
Invited to revisit the substantive issues of the
claim, the Regional Authority led a further
application to the Paris District Court in February 2010, this time claiming damages for a
loss it estimated at 232,000,000 based on
the joint and several liability of the parties collectively responsible for the loss, i.e. the companies and individuals alleged to have
engaged in anti-competitive practices.
The construction companies involved, which
dispute both the reality and the amount of the
alleged loss, in turn applied to the Court to
compel the Regional Authority to disclose a
number of documents. This was so that the
decision-making process behind the award of
each of the contracts could be reconstructed
as precisely as possible, thus providing evidence of the alleged loss.
In an injunction dated 3 March 2011, the
Paris District Court ordered the Regional
14
Authority to individualise its claims (in terms

of loss suffered, and the contractor against
which the action is directed) for each of the
88 contract tranches involved in the case,
and to disclose archived documents not yet
adduced in evidence.
In an injunction dated 31 May 2012, the Paris
District Court admitted a request by the contractors to examine the potential inadmissibility of the Authoritys civil action on grounds of
limitation, before addressing the substantive
issues of the Regional Authoritys claim.
This decision demonstrates the seriousness of
the arguments advanced by the contractors.
France EOLE
Following a Competition Council (now Competition Authority) ruling of 21 March 2006,
imposing penalties on a number of companies for general collusion in sharing contracts and specic collusion on tranches 34B
and 37B of the East-West Express Rail Link
(EOLE) project, on 21 March 2011 SNCF
brought an action in damages before the
Paris Administrative Court seeking relief for
losses that it claims to have suffered as a
result of anti-competitive practices by construction companies when the project
tranches were awarded.
Bouygues Construction contests the reality of
the alleged loss suffered by SNCF, and it considers the action potentially time-barred.
USA Port of Miami Tunnel
Bouygues Travaux Publics was awarded a
contract to nance, design, build and maintain a major road tunnel in the port of Miami.
Before the tunnelling work started, Bouygues
Travaux Publics conducted additional geological surveys which showed signicant divergences from the geological data originally
supplied by the customer (Florida Department
of Transportation).
The customer was officially notified of the
results of these additional surveys, to inform it
of the likely alterations to tunnelling methods.
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
a patent relating to devices for anchoring

structural cable on cable-stayed bridges.
Freyssinet Inc. alleges that VStructural LLC, a
licensee of VSL International AG, infringed the
patent on a number of bridges on which it
worked. The VSL group contests the allegation. Negotiations towards an out-of-court settlement are ongoing.
Spain Decision by the Comisin
Nacional de la Competencia on 2
August 2012
On 2 August 2012, the Comisin Nacional de
la Competencia (CNC), the Spanish competition commission, issued a decision establishing the existence of anti-competitive practices
over several years involving a number of companies in the FCC, VSLI, Dywidag, Freyssinet,
Acciona, Ferrovial and other groups.
As regards companies in the Bouygues
Construction group, the CNC imposed a ne
of 2.4 million on CTT Stronghold and a ne
of 0.4 million on VSL Spain.
CTT Stronghold and VSL Spain have appealed
against this decision.
This claim has been covered by a provision in
the 2012 consolidated nancial statements.
France Paris Law Courts complex
The contractual documents enabling work to
start on the major project to build the new
Paris Law Courts complex were signed on 15
February 2012.
Justice dans la Cit, a not-for-prot organisation that intends to use all possible means to
prevent the relocation of the Paris District
Court to the Batignolles district in the 17th
arrondissement of Paris, has led a number
of claims with the Paris Administrative Court
challenging the legality of various administrative procedures relating to the project.
More specically, the claimant contests the
eligibility of the project for a public-private
partnership contract. The Paris Administrative
Court is due to deliver its ruling during the rst
quarter of 2013.
France Ministry of Defense building

at the Balard site in Paris
Execution of this contact began several
months ago.
In 2012, the Paris City Authority led two
claims seeking annulation of (i) the order
whereby the Prfet of the le-de-France
Regional Authority declared, in favour of the
French State, that the proposed construction of the Defence Ministry and Army High
Command complex in the Balard district of
Paris was in the public interest, and
amended the Paris City Authoritys local
development plan accordingly and (ii) the
order whereby the Prfet of the le-deFrance Regional Authority issued the building consent required for the project.
In a judgment issued on 21 February 2013,
the Paris Administrative Court rejected all the
claims made by the Paris City Authority.
The Paris City Authority has given notice of its
intention to appeal.
INSURANCE RISK COVERAGE
Bouygues Constructions policy on insurance
cover focuses on optimising and ensuring the
continuing validity of the policies contracted
for the company and its subsidiaries; the aim
is to protect against exceptionally large or
numerous potential claims at a cost that does
not impair the companys competitiveness.
This long-term approach to insurance cover
requires partnerships with high-quality, nancially sound insurers. To preserve these partnerships and prevent information being used
to the detriment of Bouygues Construction,
especially in legal disputes, the amount of premiums and the terms of cover are kept strictly
condential, especially in liability insurance.
In addition to insurance policies required by
law, Bouygues Construction also takes out
liability cover against loss or injury to third
parties for which Group companies may be
liable. Because Group companies vary greatly
in size and in the nature of their operations,
15
cover is tailored to the risks incurred, but is

generally in excess of 5 million per claim.
Permanent premises (like the headquarters
building, branch ofces, depots and workshops) are protected by comprehensive
insurance policies that provide cover up to a
contractual rebuild cost agreed with the
insurers on a maximum probable loss basis.
Projects in progress are usually covered by
contractors comprehensive insurance policies that provide protection for property
damage. The insured sum is generally the
market value.
However, in some cases, the insured sum
may be limited by the total capacity available
in the world insurance market, in light of
specic criteria such as geographical location, the type of project (e.g. tunnels), the risk
covered (e.g. storms or earthquakes), or the
nature of the cover (e.g. 10-year construction
guarantees for major building projects).
For all these contracts, deductibles are set
so as to optimise the overall cost to Bouygues
Construction, based on the likelihood of
claims and the premium reductions that can
be obtained from insurers by increasing the
deductible.
The refurbishment works being carried out at
the Challenger building near Paris are covered
by specic Damage to the Works and Contractors All Risks policies.
Finally, Bouygues Construction and its subsidiaries operate a prevent and protect policy,
including the development of new measures
to further reduce the incidence and nancial
effect of accidents and claims.
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
of our operations. Cash ow and nancial risk

projections are prepared for major projects
from the prospecting phase onwards, and are
regularly updated.
The quality and nancial soundness of sensitive customers, consortium members,
partners, suppliers and subcontractors is
closely analysed. Depending on the contractual and commercial context of a project,
we may:
require an upfront advance from the customer before works commence;
require the customer to provide bank guarantees against payments;
assign trade receivables without recourse;
take out export risk insurance (covering
against country risk and political risk);
take out credit insurance.
The Bouygues Construction group is not
exposed to any risk of dependency with a specic customer.
Subcontractors provide the lead contractor
with bank guarantees of a nature and scope
at least equivalent to those of the guarantees
provided by the Group to its customers.
In the case of ad-hoc consortia, temporary
allocations of cash between consortium
members are covered by bank guarantees
securing the return of the cash.
BANKING CREDIT
AND COUNTERPARTY RISK
Any investment of funds with a third party
requires the prior approval of the Treasury
Department, in terms of both the choice
of bank counterparty (based on an analysis of the banks rating) and the type of
instrument.
The main investment products used:
term deposits with a maturity of no more
than 6 months with high-grade counterparties;
pure money-market funds with daily
liquidity.
These investments are subject to review
and monitoring on a monthly basis.
16
No losses arose during 2012 on any of the

investment products used by the Group.
As of 31 December 2012, no single bank held
more than 10% of the Groups available liquidity. Over 90% of investments are placed with
counterparties rated investment grade or
better (minimum: Standard & Poors BBB+).
LIQUIDITY RISK
As of 31 December 2012, net cash amounted
to 3,610 million, and the Group also had
16 million of undrawn conrmed mediumterm credit facilities on that date. Consequently, Bouygues Construction is not exposed
to liquidity risk. The bank loans contracted by
the Group contain no nancial covenants or
trigger event clauses.
INTEREST RATE RISK

EXPOSURE TO INTEREST
RATE RISK
Interest rate risk exposure arises on variablerate debt recognised in the balance sheet, and
is hedged by variable-rate investments.
Bouygues Construction systematically negotiates upfront payments with customers before
starting work on a contract, and hence has a
substantial net cash surplus which is invested
in the short term in products that are sensitive
to interest rate movements.
INTEREST RATE RISK
HEDGING RULES
The only instruments that can be used for
interest rate risk hedging purposes are interest rate swaps, caps and collars. These
instruments are used solely for hedging purposes, are contracted solely with high-quality
French and foreign banks, and carry no
liquidity risk in the event of a downturn. Specic reports are prepared 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 interest rate risk.
Bouygues Construction group policy is to
hedge some or all of its nancial assets and
liabilities, where these are foreseeable and
recurring. Given Bouygues Constructions

level of debt and capital expenditure needs,
use of the nancial instruments listed above
is limited to hedging the companys risk
exposures.
CURRENCY RISK
rmed. 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.
RISK RELATING TO EQUITIES AND

OTHER FINANCIAL INSTRUMENTS
EXPOSURE TO CURRENCY RISK

Bouygues Construction has low 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 construction projects
executed outside France, on which localcurrency expenses (sub-contracting and supplies) represent a much higher proportion
than euro-denominated expenses. Bouygues
Construction also pays particular attention
to risks relating to assets denominated in
non-convertible currencies, and to country
risk generally.
Bouygues Construction has no exposure to

equities risk.
Financial instruments may occasionally be
contracted to hedge a commodities risk,
provided that an appropriate instrument is
available on the nancial markets.
CURRENCY RISK HEDGING RULES

The only instruments that can be used for
currency risk hedging purposes are forward
currency purchases and sales, currency
swaps and currency options. These instruments are used solely for hedging purposes,
are contracted solely with high-quality French
and foreign banks, and carry no liquidity risk
in the event of a downturn. Specic reports
are prepared 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.
In compliance with Article 225 of the Grenelle

2 Law, Bouygues Construction is posting its
entire Corporate Social and Environmental
Responsibility (CSER) Report on the Internet.
It can be consulted in the Sustainable Development section of the www.bouygues-construction.
com website. The structure of the report is set
out below.
Bouygues Construction 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 con-
SOCIAL AND ENVIRONMENTAL

RESPONSIBILITY AT BOUYGUES
CONSTRUCTION
As part of its sustainable development policy,
in place since 2007, Bouygues Construction
reports annually on the impact of its operations and works with each of its stakeholders
in a process of common progress.
Principal themes covered in Bouygues

Constructions CSR Report 2012:
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
and, where applicable, environmental

evaluation and certication procedures
1.2 Training and information for employees
on environmental protection
1.3 Resources dedicated to preventing
environmental risks and pollution
1.4 Financial provisions and guarantees for
environmental risks, unless the disclosure of this information were to be
seriously harmful to the company in an
ongoing dispute
2. Pollution and waste management
2.1 Prevention, reduction and xing of air/
water/soil emissions causing serious
harm to the environment
2.2 Measures to prevent, recycle and dispose of waste
2.3 Dealing with noise pollution and other
types of pollution specic to a business
3. Sustainable use of resources
3.1 Water consumption and supply considering local resources
3.2 Consumption of raw materials and
measures to improve the efciency of
their use
3.3 Energy consumption and measures
to improve energy efficiency and to
increase the use of renewable
energies
3.4 Land use
1.2 On neighbouring and local

communities
2. Relations with individuals or organisations with an interest
in the companys business
2.1 Conditions of dialogue with these
individuals or organisations
2.2 Philanthropic actions and community
sponsorship
3. Subcontracting and suppliers
3.1 Inclusion of social and environmental
issues in the sourcing policy
3.2 Scale of subcontracting and inclusion
of corporate social and environmental
responsibility in relations with suppliers
and subcontractors
4. Fairness of practices
4.1 Actions undertaken to prevent corruption
4.2 Measures to promote consumers
health and safety
4.3 Other actions undertaken to promote
human rights, in respect of information
on social commitments
BOUYGUES CONSTRUCTION
LISTENING TO ITS STAKEHOLDERS
Description of forms of dialogue with the companys principal stakeholders.
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
* ILO : International Labour Organisatoin
18
Consolidated financial statements

CONSOLIDATED BALANCE SHEET ( million)
ASSETS
NOTES
31/12/2012
31/12/2011
Net
Net
658
685
PROPERTY, PLANT AND EQUIPMENT
3 AND 16
INTANGIBLE ASSETS
3 AND 16
55
78
GOODWILL
3 AND 16
491
457
INVESTMENTS IN ASSOCIATES
3 AND 16
75
54
OTHER NON-CURRENT FINANCIAL ASSETS
304
332
DEFERRED TAX ASSETS AND NON-CURRENT TAX RECEIVABLE
100
93
1,683
1,699
INVENTORIES
332
346
ADVANCES AND DOWN-PAYMENTS ON ORDERS
151
116
TRADE RECEIVABLES
2,520
2,537
TAX ASSET (receivable)
29
18
711
698
3,845
3,550
NON-CURRENT ASSETS
OTHER CURRENT RECEIVABLES AND PREPAID EXPENSES

CASH AND CASH EQUIVALENTS
FINANCIAL INSTRUMENTS (1)
OTHER CURRENT FINANCIAL ASSETS
CURRENT ASSETS
ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
TOTAL ASSETS
(1) Fair value hedges of nancial liabilities.
4
22
7,594
7,272
9,277
8,971
LIABILITIES AND SHAREHOLDERS EQUITY
19
NOTES
31/12/2012
31/12/2011
SHARE CAPITAL
128
SHARE PREMIUM AND RESERVES
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
DEFERRED TAX LIABILITIES AND NON-CURRENT TAX LIABILITIES

NON-CURRENT LIABILITIES
ADVANCES AND DOWN-PAYMENTS RECEIVED
CURRENT DEBT
CURRENT TAXES PAYABLE

TRADE PAYABLES
CURRENT PROVISIONS
OTHER CURRENT LIABILITIES

OVERDRAFTS AND SHORT-TERM BANK BORROWINGS
OTHER CURRENT FINANCIAL LIABILITIES
CURRENT LIABILITIES
10
LIABILITIES ON HELD-FOR-SALE ASSETS AND DISCONTINUED OPERATIONS
22
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY

NET SURPLUS CASH/(NET DEBT)
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
CONSOLIDATED INCOME STATEMENT ( million)
NOTES
FULL YEAR 2012
FULL YEAR 2011
10,640
9,802
106
138
PURCHASES USED IN PRODUCTION
(5,978)
(5,389)
PERSONNEL COSTS
(2,501)
(2,375)
EXTERNAL CHARGES
(1,537)
(1,559)
TAXES OTHER THAN INCOME TAX
(146)
(133)
NET DEPRECIATION AND AMORTISATION EXPENSE
(212)
(171)
NET CHARGES TO PROVISIONS AND IMPAIRMENT LOSSES
(278)
(197)
(28)
57
SALES (1)
11 AND 16
OTHER REVENUES FROM OPERATIONS
CHANGES IN PRODUCTION AND PROPERTY DEVELOPMENT INVENTORIES

OTHER INCOME FROM OPERATIONS (2)
OTHER EXPENSES ON OPERATIONS
CURRENT OPERATING PROFIT
12 AND 16
OTHER OPERATING INCOME

OTHER OPERATING EXPENSES
OPERATING PROFIT
12 AND 16
FINANCIAL INCOME
FINANCIAL EXPENSES
432
315
(134)
(135)
364
353
364
353
31
40
(15)
(21)
16
19
INCOME FROM NET SURPLUS CASH
13 AND 16
OTHER FINANCIAL INCOME
13 AND 16
32
21
OTHER FINANCIAL EXPENSES
13 AND 16
(15)
(11)
INCOME TAX EXPENSE
14 AND 16
(129)
(140)
3 AND 16
(6)
(13)
SHARE OF PROFITS AND LOSSES OF ASSOCIATES

NET PROFIT FROM CONTINUING OPERATIONS
16
262
229
NET PROFIT FROM DISCONTINUED AND HELD-FOR-SALE OPERATIONS
22
NET PROFIT
16
262
229
NET PROFIT ATTRIBUTABLE TO THE GROUP
16
267
226
(5)
BASIC EARNINGS PER SHARE FROM CONTINUING OPERATIONS ()
15
156.49
132.46
DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ()
15
156.49
132.46
NET PROFIT ATTRIBUTABLE TO MINORITY INTERESTS
(1) Of which sales generated abroad.

(2) Of which reversals of unutilised provisions/impairment losses.
5,028
240
4,452
172
21
STATEMENT OF RECOGNISED INCOME AND EXPENSE ( million)
NET PROFIT
FULL YEAR 2012
FULL YEAR 2011
262
229
ITEMS NOT RECLASSIFIABLE TO PROFIT OR LOSS

ACTUARIAL GAINS/LOSSES ON EMPLOYEE BENEFITS
(24)
CHANGE IN REMEASUREMENT RESERVE
NET TAX EFFECT OF EQUITY ITEMS NOT RECLASSIFIABLE TO PROFIT OR LOSS
(2)
SHARE OF NON-RECLASSIFIABLE INCOME AND EXPENSE OF ASSOCIATES
CHANGE IN CUMULATIVE TRANSLATION ADJUSTMENT OF CONTROLLED ENTITIES
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)
ITEMS RECLASSIFIABLE TO PROFIT OR LOSS
NET TAX EFFECT OF EQUITY ITEMS RECLASSIFIABLE TO PROFIT OR LOSS

SHARE OF RECLASSIFIABLE INCOME AND EXPENSE OF ASSOCIATES
(13)
19
15
TOTAL RECOGNISED INCOME AND EXPENSE
281
244
RECOGNISED INCOME AND EXPENSE ATTRIBUTABLE TO THE GROUP
287
240
(6)
INCOME AND EXPENSE RECOGNISED DIRECTLY IN EQUITY
RECOGNISED INCOME AND EXPENSE ATTRIBUTABLE TO MINORITY INTERESTS
22
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY ( million)
Share Reserves Consolidated

reserves
capital & related to
and prot
capital/
share
premium retained for the period
earnings
POSITION AT 31 DECEMBER 2010
TOTAL
Treasury
Items
shares recognised ATTRIBUTABLE
directly in TO THE GROUP
equity
Minority
interests
TOTAL
143
351
327
(80)
741
14
755
CAPITAL AND RESERVES TRANSACTIONS, NET
(19)
19
ACQUISITIONS/DISPOSALS OF TREASURY SHARES
ACQUISITIONS/DISPOSALS WITHOUT LOSS OF

CONTROL
DIVIDEND PAID
(201)
(201)
(2)
(203)
OTHER TRANSACTIONS WITH SHAREHOLDERS
(16)
(16)
(3)
(19)
NET PROFIT FOR THE PERIOD
226
226
229
TRANSLATION ADJUSTMENT
42
42
43
OTHER RECOGNISED INCOME AND EXPENSE
(28)
(28)
(28)
TOTAL RECOGNISED INCOME AND EXPENSE (2)
226
14
240
244
OTHER TRANSACTIONS
(changes in scope of consolidation and other items)
143
332
355
(66)
764
15
779
MOVEMENTS DURING 2011

CAPITAL AND RESERVES TRANSACTIONS, NET
(19)
19
ACQUISITIONS/DISPOSALS OF TREASURY SHARES
ACQUISITIONS/DISPOSALS WITHOUT LOSS OF

CONTROL
(2)
(2)
DIVIDEND PAID
(226)
(226)
(1)
(227)
OTHER TRANSACTIONS WITH SHAREHOLDERS
(2)
(2)
NET PROFIT FOR THE PERIOD
267
267
(5)
262
TRANSLATION ADJUSTMENT
18
(1)
17
18 (1)
OTHER RECOGNISED INCOME AND EXPENSE
TOTAL RECOGNISED INCOME AND EXPENSE (2)
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

(1) Translation reserve.
Group
Controlled entities
Associates
(2) See the statement of recognised income and expense.
18
18
Minority
interests
(1)
(1)
Total
17
17
23
CONSOLIDATED CASH FLOW STATEMENT ( million)

CASH FLOW FROM CONTINUING OPERATIONS
NOTES
FULL YEAR 2012
FULL YEAR 2011
262
6
229
14
A - NET CASH GENERATED BY/(USED IN) OPERATING ACTIVITIES

SHARE OF PROFITS EFFECTIVELY REVERTING TO ASSOCIATES
ELIMINATION OF DIVIDENDS (non-consolidated companies)
(8)
(6)
CHARGES TO/(reversals of) DEPRECIATION, AMORTISATION, IMPAIRMENT & NON-CURRENT PROVISIONS
256
198
GAINS AND LOSSES ON ASSET DISPOSALS
(28)
(11)
MISCELLANEOUS NON-CASH CHARGES
(2)
486
425
(16)
(19)
INCOME TAX EXPENSE FOR THE PERIOD
129
140
599
546
(160)
(151)
SUB-TOTAL
CASH FLOW
16
INCOME TAXES PAID DURING THE PERIOD

CHANGES IN WORKING CAPITAL RELATED TO OPERATING ACTIVITIES (1)
154
140
NET CASH GENERATED BY/(USED IN) OPERATING ACTIVITIES

B - NET CASH GENERATED BY/(USED IN) INVESTING ACTIVITIES
593
535
(221)
62
(303)
35
PURCHASE PRICE OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS

PROCEEDS FROM DISPOSALS OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
16
NET LIABILITIES RELATED TO PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
PURCHASE PRICE OF NON-CONSOLIDATED COMPANIES AND OTHER INVESTMENTS
16
PROCEEDS FROM DISPOSALS OF NON-CONSOLIDATED COMPANIES AND OTHER INVESTMENTS
(9)
(7)
NET LIABILITIES RELATED TO NON-CONSOLIDATED COMPANIES AND OTHER INVESTMENTS

EFFECTS OF CHANGES IN SCOPE OF CONSOLIDATION
21
PURCHASE PRICE OF INVESTMENTS IN CONSOLIDATED ACTIVITIES
16
(28)
(38)
PROCEEDS FROM DISPOSALS OF INVESTMENTS IN CONSOLIDATED ACTIVITIES
NET LIABILITIES RELATED TO CONSOLIDATED ACTIVITIES
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)
DIVIDENDS PAID TO MINORITY SHAREHOLDERS OF CONSOLIDATED COMPANIES
(1)
(2)
CHANGE IN CURRENT AND NON-CURRENT DEBT
52
74
16
19
DIVIDENDS PAID TO SHAREHOLDERS OF THE PARENT COMPANY
OTHER CASH FLOWS RELATED TO FINANCING ACTIVITIES

NET CASH GENERATED BY/(USED IN) FINANCING ACTIVITIES
(173)
(109)
4
256
24
113
3,354
256
3,241
113
3,610
3,354
D - EFFECT OF FOREIGN EXCHANGE FLUCTUATIONS

CHANGE IN NET CASH POSITION (A + B + C + D)
NET CASH POSITION AT 1 JANUARY
NET CASH FLOWS DURING THE PERIOD
OTHER NON-MONETARY FLOWS
NET CASH POSITION AT END OF PERIOD
CASH FLOWS FROM DISCONTINUED AND HELD-FOR-SALE OPERATIONS
4 AND 10
4 AND 10
22
NET CASH POSITION AT 1 JANUARY

NET CASH FLOWS DURING THE PERIOD
NET CASH POSITION AT END OF PERIOD
(1) Denition of change in working capital related to operating activities: Current assets minus current liabilities (excluding income taxes paid, which are reported separately).
24
Notes to the consolited

financial statements
NOTE 1
SIGNIFICANT EVENTS OF THE YEAR:
Signicant events of the year:
None.
Signicant events and changes in scope of consolidation since 31 December 2012:

There have been no signicant events or changes in the scope
of consolidation since 31 December 2012.
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
European Union on 6 June 2012 and is mandatorily applicable

from 1 January 2013.
Amendment to IAS 19, Employee Benets (published in
the Ofcial Journal of the European Union on 6 June 2012,
mandatorily applicable from 1 January 2013, early adoption
permitted from 1 January 2012). The Group has early adopted
this amendment in the consolidated nancial statements for
the year ended 31 December 2012. Given that the Group
already recognises in equity actuarial gains and losses on
dened-benet employee benet plans, applying this change
in method would have had an immaterial impact on net assets
as of 31 December 2011 and on net prot for the year then
ended. The negative impact on consolidated equity of 9 million
(net of deferred tax assets) relates primarily to a plan amendment that occurred in 2005, net of the amount already amortised through prot or loss under IAS 19 as previously applied.
IFRS 10 Consolidated Financial Statements, IFRS 11
Joint Arrangements, IFRS 12 Disclosures of Interests in
Other Entities, IAS 27 Separate Financial Statements (as
amended in 2011), IAS 28 Investments in Associates and
Joint Ventures (as amended in 2011): These standards were
endorsed on 29 December 2012 and are mandatorily applicable from 1 January 2014. The impact of these standards,
which were not early adopted by the Group from 1 January
2012, is currently under review.
Amendments to IAS 12, Income Taxes (Deferred Tax
Recovery of Underlying Assets) and IFRS 1, First-Time Adoption
of International Financial Reporting Standards (Severe Hyperination and Removal of Fixed Dates for First-Time Adopters),
and IFRS 13 Fair Value Measurement: These pronouncements were endorsed on 29 December 2012 and are mandatorily applicable from 1 January 2013. They have no impact on
the nancial statements of the Bouygues Construction group.
25
Other key standards, amendments and interpretations issued by the IASB

but not yet endorsed by the European Union
The table below shows the principal standards, amendments and interpretations that had been issued by the IASB prior to
31 December 2012 but have not yet come into effect:
STANDARD/AMENDMENT
IFRS 9: Financial Instruments - Classication
and Measurement of Financial Assets
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.
2.1 CONSOLIDATION METHODS

2.1.1 CONSOLIDATION METHODS AND SCOPE OF
CONSOLIDATION
Companies over which Bouygues Construction exercises legal
or de facto exclusive control are consolidated by the full consolidation method.
Companies controlled jointly by more than one shareholder
(joint ventures) are consolidated by the proportionate consolidation method.
Entities over which Bouygues Construction exercises signicant
inuence (associates) are accounted for by the equity method.
CHANGES IN THE SCOPE OF CONSOLIDATION
31/12/2012
31/12/2011
FULLY CONSOLIDATED:
219
210
PROPORTIONATELY
CONSOLIDATED:
106
91
ASSOCIATES (EQUITY
METHOD):
30
29
355
330
2.1.2 TRANSLATION OF THE FINANCIAL STATEMENTS OF FOREIGN ENTITIES

The nancial statements of consolidated subsidiaries with a
functional currency other than the euro are translated at the
exchange rate prevailing at the balance sheet date (in the case
of the balance sheet) and at the average exchange rate for the
year (in the case of the income statement and cash ow statement). The resulting translation differences are taken to equity
under Translation reserve.
Translation differences arising on foreign-currency liabilities
accounted for as hedges of a net investment in a foreign operation are recognised in equity.
2.1.3 TRANSLATION OF TRANSACTIONS
DENOMINATED IN FOREIGN CURRENCIES
Entities that have the euro as their functional currency translate
foreign-currency transactions into euros at the exchange rate
prevailing on the transaction date. Monetary assets and liabilities
denominated in foreign currencies at the balance sheet date
are translated at the closing exchange rate, with the resulting
translation differences recognised in prot or loss for the period.
2.1.4 DEFERRED TAXATION
Deferred taxation is recognised on all differences between the
carrying amount and the tax base of assets or liabilities (balance
sheet liability method). These differences arise from:
Temporary differences between the carrying amount and tax
base of assets or liabilities, which may be:
- items generating a tax liability in the future (deferred tax liabilities), arising mainly from income that is liable to tax in future
periods; or
- items deductible from taxable prots in the future (deferred tax
assets), mainly provisions that are temporarily non-deductible
for tax purposes. Deferred tax assets are reviewed at each balance sheet date, and recognised where it is probable there will
be sufcient taxable prots to enable the temporary differences
to be offset.
Tax losses available for carry-forward (deferred tax assets),
provided that there is a strong probability of recovery in future
periods.
26
Deferred taxes are measured at the tax rate applicable at the

balance sheet date, adjusted as necessary for the effect of
changes in tax legislation.
The effects of changes in corporate income tax rates are
recognised in prot or loss for the period, in accordance with
the liability method.
The estimated amount of non-recoverable taxes on dividends
payable by French or foreign subsidiaries is covered by a
provision where material.
2.1.5 CONCESSION CONTRACTS AND PUBLICPRIVATE PARTNERSHIPS (PPP)
The Bouygues Construction group has equity interests in
associates that have been awarded concession/PPP contracts; these are accounted for in accordance with IFRIC 12.
2.2 ACCOUNTING POLICIES AND VALUATION

METHODS
The Bouygues Construction group applies Recommendation
2009-R-03 on the presentation of nancial statements, issued
on 2 July 2009 by the Conseil National de la Comptabilit
(CNC), now the Autorit des Normes Comptables (ANC), the
French national accounting standard-setter.
2.2.1 ASSETS
a) Non-current assets
Property, plant and equipment
Property, plant and equipment is measured at acquisition cost
less accumulated depreciation and impairment.
Where an item of property, plant and equipment consists of
signicant components with different useful lives or different
depreciation methods, each component is accounted for and
depreciated as a separate item of property, plant and equipment (component-based approach).
The cost of an item of property, plant and equipment comprises the purchase price after deducting any commercial
discounts and rebates, including import duties and nonrefundable taxes and any costs directly attributable to bringing
the asset to the location and condition necessary for it to be
capable of operating as intended by management.
Subsequent costs are recognised as an expense unless they
improve the performance of the asset as originally specied,
extend its useful life, or reduce the cost of operating the asset
as previously established.
Following initial recognition as an asset, items of property,
plant and equipment are carried at cost less accumulated
depreciation and impairment. The Bouygues Construction
group accounts for property, plant and equipment using the
benchmark historical cost model.
Depreciation is calculated over the expected useful life of the
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
It represents the payment made by the acquirer in anticipation

of the future economic benets arising from assets that cannot
be individually identied and separately recognised, and is
reported separately as an asset in the balance sheet.
Positive goodwill appears in asset item goodwill - negative
goodwill (i.e. gained from bargain purchase) is taken to the
income statement in the period in which the acquisition is made.
The measurement period is limited to the period required to
identify and measure the acquirees assets and liabilities, minority interests, the consideration paid, and the fair value of any
previously-held equity interest, subject to a maximum of twelve
months.
Subsequent to initial recognition, goodwill is measured at cost
less accumulated impairment losses in accordance with IAS
36, and is tested for impairment annually. Any impairment
losses are recognised in prot or loss, as a component of operating prot.
Goodwill is allocated to the CGU beneting from the business
combination or to the group of CGUs at the level of which return
on investment is measured.
The value in use of CGUs is determined using the discounted cash
ow (DCF) method, applying the following principles:
The discount rate is determined by reference to the weighted
average cost of capital.
The cash ows used are derived from the medium-term
business plan prepared by the management of the CGU.
The terminal value is calculated by aggregating the discounted
cash ows to innity, based on normative cash ows and a
perpetual growth rate that is consistent with the growth potential
of the markets in which the CGU operates and with its competitive position in those markets.
Bouygues Construction has identied two CGUs:
A CGU comprising French and international building and civil
engineering activities:
The business plan used was prepared within the context of the
Groups management cycle.
The assumptions applied include no changes in the scope of
the Groups building and civil engineering activities, and the
continuation of these activities as a going concern over the
three-year period covered by the business plan.
The Bouygues Construction group has set a year by year protability target for its building and civil engineering activities.
This target is incorporated into the assumptions used in the
business plan, which also takes into account past experience
and external sources of information.
Discount rate applied: 11.51%/10.36%, depending on the
assumptions used. Growth rate applied: 0%.
There were no events or circumstances requiring the recognition
of an impairment loss in 2012.
28
A CGU comprising French and International Energy and

Services activities:
The business plan used was prepared within the context of the
Groups management cycle.
The assumptions applied include no changes in the scope of
the Groups Energy and Services activities, and the continuation
of these activities as a going concern over the three-year period
covered by the business plan.
The Bouygues Construction group has set a year by year protability target for its Energy and Services activities. This target is
incorporated into the assumptions used in the business plan,
which also takes into account past experience and external
sources of information.
Discount rate applied: 6.98%/6.27%, depending on the
assumptions used. Growth rate applied: 1%.
There were no events or circumstances requiring the recognition
of an impairment loss in 2012.
Financial assets
Investments in non-consolidated companies and
other long-term investment securities:
Investments in non-consolidated companies and other long-term
investment securities are classied as available-for-sale nancial
assets, and are recognised at fair value in the balance sheet.
Changes in fair value are recognised in equity except in the case
of other-than temporary impairment, in which case the impairment loss is recognised in prot or loss for the period. When an
asset is derecognised, the change in fair value previously recognised in equity is reclassied to prot or loss.
Non-current loans receivable:
Loans, advances to non-consolidated companies, and deposits
and caution money are measured at fair value on initial recognition, and subsequently at amortised cost.
b) Current assets
Inventories
Inventories are stated at the lower of cost (weighted average unit
cost) or market price.
Where the realisable value of inventory is lower than cost, an
impairment loss is recognised.
Trade and other receivables
Trade receivables are essentially short-term, and are carried at
face value net of impairment allowances recorded to reect the
probability of recovery.
In line with the percentage of completion method of accounting
for long-term contracts, trade receivables include:
statements issued as works are executed or services pro-
vided, and accepted by the project owner;

unbilled receivables, arising where works are entitled to acceptance but billing or acceptance by the project owner has been
temporarily delayed.
Cash and cash equivalents
Cash equivalents (short-term investments) are measured at fair
value and classied as available-for-sale nancial assets.
Cash, short-term deposits and bank overdrafts:
Because of the short-term nature of these items, the carrying
amounts shown in the consolidated nancial statements are a
reasonable estimate of market value.
2.2.2 LIABILITIES AND SHAREHOLDERS EQUITY
a) Non-current liabilities
Non-current provisions
A provision is recorded where the Group has a present obligation
to a third party at the balance sheet date resulting from a past
event, the settlement of which is expected to result in a probable
outow from the Group of resources embodying economic benets that can be measured reliably.
These mainly comprise:
Employee benets
Provisions for lump-sum retirement benet obligations
The Group records a provision for its obligations to pay lumpsum benets to its employees on retirement, to the extent that
these obligations are not covered by insurance policies.
This provision is calculated using the projected unit credit
method based on nal salary, projected to the retirement date.
The amount of the provision is determined on the basis of the
relevant collective agreement, and taking account of the following factors:
- classication of employees into groups with common characteristics in terms of status, age and length of service;
- monthly salary, uplifted by a coefcient to reect the applicable percentage of employers social security charges;
- nal salary ination rate;
- discount rate applied to the obligation over the projected
period to the retirement date;
- employee turnover rate, determined by age bracket and
socio-professional category;
- life expectancy, determined using the INSEE 2006-2008
mortality table.
In accordance with the revised IAS 19, all actuarial gains and
losses on dened-benet post-employment benet plans are
recognised in non-current provisions, with the matching entry
recognised in equity via the statement of recognised income
and expense.
Provision for long-service awards:

The Group records a provision for its obligations in respect of
long-service awards (10, 20, 30 and 40 years) using the projected unit credit method, projected over the period to the date
of the award.
Provisions for litigation, claims and foreseeable risk
exposures
Customer warranty provisions
These provisions are intended to cover risks for which the
company is liable during the warranty period (essentially the
10-year warranty in France).
The provision is determined by applying a statistical rate (determined annually by reference to warranty information specic
to each entity) to sales.
b) Current liabilities
Trade and other payables
Because of the short-term nature of these liabilities, the carrying amounts shown in the consolidated nancial statements
are a reasonable estimate of market value.
Advances and down-payments received
This item comprises advances and down-payments received
from customers on construction contract starts.
Current provisions
These mainly comprise:
Provisions for project risks and project completion
Provisions for expected losses to completion:
These relate to construction contracts in progress, and take
account of claims accepted by the client. They are measured
on a contract by contract basis, with no netting between them.
2.2.3 INCOME STATEMENT
a) Consolidated sales
Consolidated sales represent the aggregate amount of contract revenues, sales of products and sales of services, including sales generated by the following entities (after eliminating
any intercompany transactions):
fully-consolidated entities;
construction project partnerships (whether or not managed
by the Group) and other proportionately-consolidated entities,
to the extent of the Groups share.
Sales are broken down into construction contracts, sales of
goods, and sales of services.
b) Accounting for construction contracts
All activities related to construction contracts are accounted
29
for using the percentage of completion method.

Under this method, the revenue recognised equals the latest
estimate of the total selling price of the contract multiplied by
the actual completion rate determined by reference to the
physical state of progress of the works. The latest estimate of
the total selling price takes account of claims accepted by the
client.
If it is regarded as probable that a contract will generate a loss
on completion, a provision for expected losses on completion
is recognised as a current provision in the balance sheet. The
loss is provided for in full as soon as it can be reliably measured, irrespective of the completion rate.
c) Prots/losses from joint operations
These represent the Groups share of prots or losses from
non-consolidated partnerships and joint ventures; as such,
they are a component of operating prot and are reported on
the lines Other income from operations and Other
expenses on operations.
d) Operating prot
Operating prot represents the net amount of all income and
expenses not generated by nancing activities, associates,
discontinued or held-for-sale operations, and income taxes.
Any impairment of goodwill is recognised as a charge against
operating prot.
e) Income from net surplus cash
Income from net surplus cash comprises all gains, losses,
income and expenses generated by components of net surplus cash during the period (see Note 9, Change in net
surplus cash), including gains and losses on related interest
rate and currency hedges.
f) Other nancial income and expenses
This comprises nancial income and expenses that are of a
non-operating nature and do not relate to components of net
surplus cash.
2.2.4 FINANCIAL INSTRUMENTS
Some Group entities use hedging instruments to limit the
impact on the income statement of uctuations in exchange
rates and interest rates. The Groups policy on the use of
nancial instruments is described below.
The only instruments used for hedging purposes are:
forward currency purchases and sales, currency swaps and
currency options for currency risk hedging purposes;
interest rate swaps and purchases of caps and collars for
interest rate risk hedging purposes.
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.
To qualify for hedge accounting, nancial instruments must

meet the following conditions:
formal designation and documentation of the hedging relationship on inception of the hedge;
hedge effectiveness demonstrated throughout the life of the
nancial instrument.
If a hedging relationship cannot be demonstrated, all changes
in fair value are recognised in prot or loss.
All derivative instruments are measured at fair value. Fair value
is the quoted market price in the case of listed instruments, or
is determined using calculation and valuation models based on
market data (yield curves, exchange rates, etc) in other cases.
No embedded derivatives within the meaning of IAS 39 have
been identied within the Bouygues Construction group.
Cash ow hedges
A cash ow hedge is a hedge of the exposure to variability in the
future cash ows from a hedged item or a future transaction.
Where a derivative instrument is used to hedge the exposure to
variability in the cash ows from a rm commitment or a forecast transaction, the change in the fair value of the portion of
the hedging instrument that is determined to be an effective
hedge is recognised directly in equity.
The change in fair value of the portion of the hedge regarded as
ineffective is recognised immediately in prot or loss.
Fair value hedges
The purpose of a fair value hedge is to limit the variability of the
fair value of an asset or a liability recognised in the balance sheet.
Where a derivative instrument hedges exposure to changes in
the fair value of a receivable or a payable, the change in the fair
value of the hedging instrument is recognised immediately in
prot or loss. The gain or loss on the hedged item attributable
to the hedged risk is accounted for as an adjustment to the
carrying amount of the hedged item, and is recognised directly
in prot or loss.
The fair value of hedged items corresponds to their carrying
amount translated into euros using the rate prevailing at the
balance sheet date.
Hedge of a net investment in a foreign operation
A hedge of a net investment in a foreign operation is a hedge of
the currency risk exposure on the parent companys interest in
the net assets of that operation.
Where a liability denominated in a foreign currency is used to
hedge a net investment in a foreign operation, translation differences arising between that currency and the euro are recognised directly in equity. If the hedging instrument is a derivative
instrument, the change in the fair value of the portion of the
hedging instrument that is determined to be an effective hedge

is recognised directly in equity; the change in fair value of the
ineffective portion is recognised immediately in prot or loss.
2.2.5 CASH FLOW STATEMENT
The cash ow statement is presented in accordance with IAS
7 and with CNC recommendation 2009-R-03 of 2 July 2009
(indirect method).
The net prot of consolidated entities is adjusted to eliminate
the impact of transactions with no cash effect, and of income
and expenses related to investing or nancing activities.
Cash ow as reported in the cash ow statement is dened
as follows:
Net prot from consolidated entities before: net depreciation
and amortisation expense, net changes in provisions and impairment losses, gains and losses on asset disposals, income from
net suplus cash or cost of net debt (included in nancing activities in the cash ow statement), and net income tax expense
for the period.
The cash ow statement explains changes in the Groups net
cash position, which is dened as the net total of the following
balance sheet items:
cash and cash equivalents;
overdrafts and short-term bank borrowings.
No cash or cash equivalents were unavailable as of 31
December 2012.
2.2.6 OFF BALANCE SHEET COMMITMENTS
A summary of off balance sheet commitments is provided
in Note 18.
2.2.7 EBITDA
EBITDA equals Current operating prot after stripping out
Net depreciation and amortisation expense, Net charges to
provisions and impairment losses, and reversals of unused
provisions and impairment losses reported in Other income
from operations and Other expenses from operations.
2.2.8 FREE CASH FLOW
Free cash ow equals cash ow after income from surplus cash
(or cost of net debt) and income tax expense, less net capital
expenditure for the period.
Net capital expenditure equals the purchase price of property,
plant and equipment and intangible assets acquired during
the period, net of proceeds from disposals and investment
grants obtained.
2.2.9 NET SURPLUS CASH
Net surplus cash is the sum total of the following items:
31
cash and cash equivalents;

overdrafts and short-term bank borrowings;
non-current and current debt;
nancial instruments used to hedge nancial liabilities
measured at fair value.
2.3 OTHER INFORMATION

Comparability of the nancial statements:
The impact of changes in the scope of consolidation between
1 January and 31 December 2012 does not impair the comparability of the consolidated nancial statements as presented.
Under the revised IAS 1, Presentation of Financial Statements, the Group has elected to present the components of
comprehensive income in two detailed statements, as permitted by the IASB:
a) an income statement;
b) a statement of recognised income and expense that reports
other comprehensive income, including income and expenses
recognised directly in equity.
Bouygues Construction is included in the scope of consolidation
of Bouygues SA for the purposes of the presentation of the
Bouygues SA consolidated nancial statements.
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
ACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT (1)

ACQUISITIONS OF INTANGIBLE ASSETS (1)
CAPITAL EXPENDITURE
ACQUISITIONS OF NON-CURRENT FINANCIAL ASSETS (investments in consolidated and non-consolidated companies, other long-term investments)
ACQUISITIONS OF NON-CURRENT ASSETS
DISPOSALS OF NON-CURRENT ASSETS
ACQUISITIONS OF NON-CURRENT ASSETS, NET OF DISPOSALS
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).
3.1. PROPERTY, PLANT AND EQUIPMENT
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
DEPRECIATION EXPENSE
31 DECEMBER 2012
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

31 DECEMBER 2012
2
260
2
1
288
1
84
26
3
658
3
GROSS VALUE
1 JANUARY 2011
ACQUISITIONS DURING THE PERIOD
31 DECEMBER 2011
31 DECEMBER 2012
DEPRECIATION AND IMPAIRMENT
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
3.2. INTANGIBLE ASSETS

GROSS VALUE
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
31 DECEMBER 2011
31 DECEMBER 2012
AMORTISATION AND IMPAIRMENT

1 JANUARY 2011
AMORTISATION EXPENSE
31 DECEMBER 2011
AMORTISATION EXPENSE
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
Building & Civil

Engineering
Energy
& Services
417
417
167
250
40
40
38
457
457
205
252
34
34
33
491
491
238
253
34
3.4. NON-CURRENT FINANCIAL ASSETS
379
Other non-current nancial assets
1 JANUARY 2011
ACQUISITIONS AND OTHER INCREASES
AMORTISATION AND IMPAIRMENT, NET
31 DECEMBER 2011
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
3.4.1. INVESTMENTS IN ASSOCIATES
75
SHARE OF NET
ASSETS HELD
1 JANUARY 2011
IMPAIRMENT LOSSES
31 DECEMBER 2011
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
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
MOVEMENT DURING THE PERIOD
1 JANUARY 2012
STADE DE FRANCE
HERMES AIRPORT
ADELAC
ALIS
WARNOWQUERUNG
BINA (FINCOM and ISTRA)
TRANSJAMAICAN
SOCOPRIM
OTHER
TOTAL
NET MOVEMENTS DURING 2012 (1)

18
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.
3.4.2. INVESTMENTS IN NON-CONSOLIDATED COMPANIES
96
31 December 2012
INVESTMENTS IN NON-CONSOLIDATED COMPANIES (1)
Gross value Impairment

FRENCH COMPANIES
FONCIRE POINT DU JOUR
OEDC
FICHALLENGE
OTHER INVESTMENTS IN FRENCH COMPANIES
SUB-TOTAL
FOREIGN COMPANIES
HONG KONG IEC LIMITED
VSL CORPORATION (United States)
BOUYGUES POLSKA
C.C.I.B (Romania)
EQUIBY LTD (Jersey)
FROG ELECTR. CONT (South Africa)
BOREAL (Cyprus)
VORSPANNTECHNIK (Germany)
OTHER INVESTMENTS IN FOREIGN COMPANIES
SUB-TOTAL
TOTAL
INVESTMENTS IN NON-CONSOLIDATED COMPANIES (1)
Carrying
amount
% interest
Total
assets (2)
Total current & noncurrent liabilities (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 current & noncurrent liabilities (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
3.4.3. OTHER NON-CURRENT ASSETS
208
THE MAIN ITEMS INCLUDED IN THIS HEADING ARE:

ADVANCES TO NON-CONSOLIDATED COMPANIES
NON-CURRENT LOANS AND RECEIVABLES
OTHER LONG-TERM INVESTMENTS:
COMPRISING:
- DEPOSITS AND CAUTION MONEY
- OTHER LONG-TERM INVESTMENT SECURITIES
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
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
3.4.5. JOINT VENTURES

The Bouygues Construction group owns a number of investments in joint ventures. A list of the principal consolidated entities at
31 December 2012 is provided in Note 25. Summary information about the assets, liabilities, income and expenses of joint ventures is provided below.
BOUYGUES CONSTRUCTION SHARE
NON-CURRENT ASSETS
CURRENT ASSETS
TOTAL ASSETS
SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
TOTAL LIABILITIES AND EQUITY
SALES
OPERATING PROFIT/(LOSS)
NET PROFIT/(LOSS)
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
3.5. NON-CURRENT TAX ASSETS
DEFERRED TAX ASSETS (1)

OTHER NON-CURRENT TAX ASSETS
TOTAL NON-CURRENT TAX ASSETS (1)
(1) See Note 7 for details.
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
RAW MATERIALS AND SUPPLIES, FINISHED GOODS

AND PROPERTY DEVELOPMENT INVENTORIES
TOTAL
31 DECEMBER 2011
Impairment Carrying amount
Gross value
344
(12)
332
354
(8)
346
344
(12)
332
354
(8)
346
IMPAIRMENT OF INVENTORIES
CHARGED DURING THE YEAR
RAW MATERIALS AND SUPPLIES, FINISHED GOODS AND PROPERTY DEVELOPMENT INVENTORIES
TOTAL
REVERSED DURING THE YEAR
2012
2011
2012
2011
(5)
(5)
(3)
(3)
4
4
2
2
4.2. ADVANCES AND DOWN-PAYMENTS ON ORDERS
151
31 DECEMBER 2012
Gross value

TOTAL
151
151
31 DECEMBER 2011
Gross value
151
151
116
116
4.3. TRADE AND OTHER RECEIVABLES
3 260
31 DECEMBER 2012
Gross value
TRADE RECEIVABLES
(including unbilled receivables)

CURRENT TAX ASSETS (tax receivable)
OTHER RECEIVABLES AND PREPAID EXPENSES:
OTHER OPERATING 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
( employees, social security, government and other)

SUNDRY RECEIVABLES (including current accounts)
PREPAID EXPENSES
TOTAL TRADE AND OTHER RECEIVABLES
(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
Balances past due by:

0-6 months
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
4.5. OTHER CURRENT FINANCIAL ASSETS
See Note 17, Financial Instruments.
4.6. CASH AND CASH EQUIVALENTS
3 845
31 DECEMBER 2012
BOUYGUES RELAIS
UNISERVICE
OTHER CASH
CASH EQUIVALENTS
TOTAL
SPLIT BY CURRENCY: 2012

CASH
CASH EQUIVALENTS
TOTAL
SPLIT BY CURRENCY: 2011

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
Swiss Hong Kong

franc
dollar
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
Swiss Hong Kong

franc
dollar
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
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
5.1. SHARE CAPITAL
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 ()
Movements during 2012
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
5.2. ITEMS RECOGNISED DIRECTLY IN EQUITY

5.2.1. TRANSLATION RESERVE
+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
5.2.2. FAIR VALUE REMEASUREMENT RESERVE

The fair value remeasurement reserve is used to record changes in fair value that will be reclassied to prot or loss at a future date.
It includes fair value remeasurements of nancial instruments used as cash ow hedges and of available-for-sale nancial assets.
FAIR VALUE REMEASUREMENT RESERVE

TOTAL
31 December 2011
31 December 2012
(59)
(59)
20
20
(39)
(39)
5.2.3. OTHER RESERVES
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
CHANGES IN METHOD AND IN SCOPE

OF CONSOLIDATION
(2)
(1)
(3)
RECOGNISED DIRECTLY IN EQUITY

CHARGES TO PROVISIONS
REVERSALS (provisions used)
REVERSALS (provisions not used)
31 DECEMBER 2011
(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
CHANGES IN METHOD AND IN SCOPE OF

CONSOLIDATION
RECOGNISED DIRECTLY IN EQUITY
31 DECEMBER 2012
Customer
Risks on
warranties subsidiaries and
afliates
Miscellaneous Other non-current

foreign risks
provisions
6.2. CURRENT PROVISIONS
1 JANUARY 2011
CHANGES IN METHOD AND IN SCOPE OF CONSOLIDATION
31 DECEMBER 2011
CHANGES IN METHOD AND IN SCOPE OF CONSOLIDATION
31 DECEMBER 2012
Total
408
41
NOTE 7
NON-CURRENT TAX ASSETS AND LIABILITIES
ASSETS 100 / LIABILITIES 33
7.1. NON-CURRENT TAX ASSETS AND LIABILITIES

MOVEMENT IN DEFERRED TAX ASSETS IN THE CONSOLIDATED
BALANCE SHEET

31/12/2011
Net expense
Other movements
31/12/2012
93
(3)
10
100
DEFERRED TAX ASSETS
7.2. DEFERRED TAX ASSETS BY BUSINESS SEGMENT

TYPE OF DEFERRED TAXATION
BY BUSINESS SEGMENT

Deferred tax assets
31/12/2011
Changes in
scope of
consolidation
Translation
adjustments
Gain
Expense
Other items
Deferred tax assets

31/12/2012
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
(A) TAX LOSSES AVAILABLE FOR CARRY-FORWARD

BUILDING AND CIVIL ENGINEERING
Energy and Services
SUB-TOTAL
(B) TEMPORARY DIFFERENCES (1)
Energy and Services
SUB-TOTAL
TOTAL DEFERRED TAX ASSETS
(1) Arising on timing differences between tax and accounting treatments, and on consolidation adjustments.
7.3. NON-CURRENT TAX LIABILITIES

MOVEMENT IN DEFERRED TAX LIABILITIES IN THE CONSOLIDATED
BALANCE SHEET

31/12/2011
Net gains
Other movements
31/12/2012
36
(2)
(1)
33
DEFERRED TAX LIABILITIES
7.4. DEFERRED TAX LIABILITIES BY BUSINESS SEGMENT

TYPE OF DEFERRED TAXATION
BY BUSINESS SEGMENT

Deferred tax liabilities
31/12/11
Changes in
scope of
consolidation
Translation
adjustments
Gain
Expense
Other items
Deferred tax liabilities

31/12/2012
36
36
36
0
0
0
0
(2)
(2)
(2)
0
0
(1)
(1)
(1)
33
33
33
TEMPORARY DIFFERENCES (1)

ENERGY AND SERVICES
SUB-TOTAL
TOTAL DEFERRED TAX LIABILITIES
(1) Arising on timing differences between tax and accounting treatments, and on consolidation adjustments.
7.5. MAIN SOURCES OF DEFERRED TAXATION

31/12/2012
DEFERRED TAX ASSETS
EMPLOYEE BENEFITS
CUSTOMER WARRANTIES
EXPECTED LOSSES TO COMPLETION
PROVISIONS FOR CUSTOMER DISPUTES AND BAD DEBTS
TAX LOSSES AVAILABLE FOR CARRY-FORWARD
OTHER SOURCES OF DEFERRED TAX ASSETS
DEFERRED TAX LIABILITIES
TOTAL
100
46
15
15
10
10
4
33
67
31/12/2011
93
36
16
14
4
16
7
36
57
42
7.6. PERIOD TO RECOVERY OF DEFERRED TAX ASSETS

31 DECEMBER 2012
LESS THAN 2 YEARS
DEFERRED TAX ASSETS
2 TO 5 YEARS
48
MORE THAN 5 YEARS

33
TOTAL
19
100
7.7. UNRECOGNISED DEFERRED TAX ASSETS

31/12/2012
BOUYGUES GROUP TAX ELECTION
OTHER
TOTAL
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
0-3 months 3-12 months

2013
2013
BOND ISSUES
BANK BORROWINGS
FINANCE LEASE OBLIGATIONS
OTHER BORROWINGS
PARTICIPATING BORROWINGS
UNISERVICE BORROWINGS
TOTAL INTEREST-BEARING DEBT
COMPARATIVE AT 31/12/2011
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
FINANCE LEASE OBLIGATIONS BY

BUSINESS SEGMENT
5-6 years
6 years
Total
Total
2018 2019+later 31/12/2012 31/12/2011
4
6
BUILDING & CIVIL

ENGINEERING
NON-CURRENT, 31 DECEMBER 2012

CURRENT, 31 DECEMBER 2012
NON-CURRENT, 31 DECEMBER 2011
CURRENT, 31 DECEMBER 2011
23
30
43
44
1
49
418
512
482
ENERGY &
SERVICES
50
1
77
354
482
TOTAL
8.2. CONFIRMED CREDIT FACILITIES AND DRAWDOWNS

Conrmed facilities - Maturity
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
8.3. LIQUIDITY AT 31 DECEMBER 2012

As at 31 December 2012, the net cash position stood at 3,610m, plus 16m of confirmed medium-term credit facilities undrawn as of that date.
See Note 4.6 for further details about cash and cash equivalents.
Available cash
Debt maturity schedule(1)
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
(1) Non-current debt (503m) and current debt (9m).
Consequently, the Bouygues Construction group is not exposed to liquidity risk.

The credit facilities contracted by the Bouygues Construction group contain no financial covenants or trigger event clauses.
8.4. SPLIT OF CURRENT AND NON-CURRENT DEBT BY INTEREST RATE TYPE

Split of current and non-current debt, including the effect of all open interest rate hedging contracts at the balance sheet date:
31/12/2012
FIXED RATE (1)
VARIABLE RATE
31/12/2011
4%
96%
5%
95%
(1) Debt at xed rate for more than one year.
8.5. SPLIT OF DEBT BY CURRENCY
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
An analysis of debt by business segment is provided in Note 16 Segment information
Polish Hong Kong

Other
zloty
dollar currencies
33
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

BANK OVERDRAFTS & SHORT-TERM BANK BORROWINGS
NET CASH POSITION
NON-CURRENT DEBT
CURRENT DEBT
DEBT
NET SURPLUS CASH
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
(1) Net cash position as analysed in the cash ow statement.

9.2. PRINCIPAL MOVEMENTS DURING THE PERIOD:
NET SURPLUS CASH AT 31 DECEMBER 2011

NET CASH GENERATED BY OPERATING ACTIVITIES
NET CASH USED IN INVESTING ACTIVITIES
DIVIDENDS PAID
EFFECT OF CHANGES IN SCOPE OF CONSOLIDATION ON DEBT
EFFECT OF EXCHANGE RATES ON NET CASH POSITION AND DEBT
OTHER MOVEMENTS
NET SURPLUS CASH AT 31 DECEMBER 2012
2,869
593
(168)
(227)
16
21
5
(16)
3,093
45
NOTE 10
10.1. TRADE PAYABLES AND OTHER LIABILITIES
6 371
31/12/2012

CURRENT TAXES PAYABLE
TRADE PAYABLES
EMPLOYEE-RELATED AND SOCIAL SECURITY LIABILITIES
AMOUNTS DUE TO GOVERNMENT AND LOCAL AUTHORITIES
DEFERRED INCOME
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
10.2. OVERDRAFTS AND SHORT-TERM BANK BORROWINGS

SPLIT BY CURRENCY: 31/12/2012
- OVERDRAFTS AND SHORT-TERM BANK BORROWINGS
SPLIT BY CURRENCY: 31/12/2011

- OVERDRAFTS AND SHORT-TERM BANK BORROWINGS
10.3. OTHER CURRENT FINANCIAL LIABILITIES

See Note 17, Financial Instruments.
235
Euro
Hong Kong
dollar
CFA franc Pound sterling
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
(1) There were no exchanges of goods or services during the period..
INFORMATION ABOUT CONSTRUCTION CONTRACTS

AS AT 31 DECEMBER 2012
ASSETS
UNBILLED WORKS
WARRANTY RETENTIONS
LIABILITIES
WORKS BILLED IN ADVANCE
ADVANCE PAYMENTS RECEIVED
COSTS INCURRED SINCE INCEPTION ON CONTRACTS IN PROGRESS (plus recognised prots, minus recognised losses)
360
125
1,363
771
14,349
11.2. ANALYSIS OF SALES BY BUSINESS SEGMENT

BUSINESS SEGMENT
BUILDING & CIVIL ENGINEERING

ENERGY & SERVICES
SALES
% CHANGE 2012 VS. 2011
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%
11.3. ANALYSIS OF SALES BY GEOGRAPHICAL AREA

ANALYSIS BY GEOGRAPHICAL AREA
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%
11.4. ANALYSIS OF SALES BY TYPE OF CONTRACT (%)

TYPE OF CONTRACT
PUBLIC-SECTOR (1)
PRIVATE-SECTOR
(1) Sales billed directly to government departments, local authorities or public enterprises in France and abroad.
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
SALES
OTHER REVENUE FROM OPERATIONS
PURCHASES USED IN PRODUCTION AND EXTERNAL CHARGES
PERSONNEL COSTS
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)
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
An analysis by business segment is provided in Note 16.
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 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
13.2. BREAKDOWN OF OTHER FINANCIAL INCOME AND EXPENSES

2012
DIVIDENDS FROM NON-CONSOLIDATED COMPANIES
NET (INCREASE)/DECREASE IN FINANCIAL PROVISIONS
NET DISCOUNTING EXPENSE
CHANGE IN FAIR VALUE OF OTHER FINANCIAL ASSETS AND LIABILITIES
CURRENT ACCOUNT WAIVERS, NET GAINS/LOSSES ON DISPOSALS OF INVESTMENTS IN NON-CONSOLIDATED COMPANIES AND OTHER
FINANCIAL ASSETS, NET INTEREST OTHER THAN ON DEBT, AND OTHER ITEMS
OTHER FINANCIAL INCOME/(EXPENSES), NET
An analysis by business segment is provided in Note 16.
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)
France Other countries

(99)
2
10
(87)
Total
(46)
(2)
(4)
(1)
(53)
(145)
6
(1)
(140)
An analysis by business segment is provided in note 16.
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.
16.1. ANALYSIS BY BUSINESS SEGMENT: YEAR ENDED 31 DECEMBER 2012

BUILDING & CIVIL
ENGINEERING
INCOME STATEMENT
TOTAL SALES
INTER-SEGMENT SALES
THIRD-PARTY SALES
OPERATING PROFIT
INCOME FROM NET SURPLUS CASH/(cost of net debt)
OTHER FINANCIAL INCOME/(expenses), NET
INCOME TAX EXPENSE
SHARE OF PROFITS/(losses) OF ASSOCIATES
NET PROFIT OF DISCONTINUED AND HELD-FOR-SALE OPERATIONS
NET PROFIT
BALANCE SHEET
PROPERTY, PLANT AND EQUIPMENT (1)
INTANGIBLE ASSETS
GOODWILL
DEFERRED TAX ASSETS AND LONG-TERM TAX RECEIVABLE
CURRENT TAX RECEIVABLE
OTHER SEGMENTAL ASSETS
UNALLOCATED ASSETS
TOTAL ASSETS
NON-CURRENT DEBT
CURRENT TAX LIABILITIES
BANK OVERDRAFTS AND SHORT-TERM BANK BORROWINGS
OTHER SEGMENTAL LIABILITIES (2)
UNALLOCATED LIABILITIES
TOTAL LIABILITIES
CASH FLOW STATEMENT
CASH FLOW
PURCHASE PRICE OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS (3)
PURCHASE PRICE OF INVESTMENTS IN CONSOLIDATED COMPANIES (4)
DEPRECIATION/AMORTISATION OF PROPERTY, PLANT AND EQUIPMENT & INTANGIBLE ASSETS
OTHER NON-CASH EXPENSES/(income)(5)
OTHER INDICATORS
EBITDA
NET SURPLUS CASH/(net debt) (6)
FREE CASH FLOW
(1) Including assets held under nance leases.
(2) Trade payables, advance payments received, current provisions, etc.
(4) Net of cash acquired and debt assumed on acquisitions.
(5) Net charges to non-current provisions and impairment losses.
(6) Segment-level contribution.
ENERGY & SERVICES
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
16.2. ANALYSIS BY BUSINESS SEGMENT: YEAR ENDED 31 DECEMBER 2011

BUILDING & CIVIL
ENGINEERING
INCOME STATEMENT
TOTAL SALES
INTER-SEGMENT SALES
THIRD-PARTY SALES
OPERATING PROFIT
INCOME FROM NET SURPLUS CASH/(cost of net debt)
OTHER FINANCIAL INCOME/(expenses), NET
INCOME TAX EXPENSE
SHARE OF PROFITS/(losses) OF ASSOCIATES
NET PROFIT OF DISCONTINUED AND HELD-FOR-SALE OPERATIONS
NET PROFIT
BALANCE SHEET
INTANGIBLE ASSETS
GOODWILL
DEFERRED TAX ASSETS AND LONG-TERM TAX RECEIVABLE
CURRENT TAX RECEIVABLE
OTHER SEGMENTAL ASSETS
UNALLOCATED ASSETS
TOTAL ASSETS
NON-CURRENT DEBT
CURRENT TAX LIABILITIES
BANK OVERDRAFTS AND SHORT-TERM BANK BORROWINGS
OTHER SEGMENTAL LIABILITIES (2)
UNALLOCATED LIABILITIES
TOTAL LIABILITIES
CASH FLOW STATEMENT
CASH FLOW
PURCHASE PRICE OF PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS (3)
PURCHASE PRICE OF INVESTMENTS IN CONSOLIDATED COMPANIES (4)
DEPRECIATION/AMORTISATION OF PROPERTY, PLANT AND EQUIPMENT & INTANGIBLE ASSETS
OTHER NON-CASH EXPENSES/(income)(5)
OTHER INDICATORS
EBITDA
NET SURPLUS CASH/(net debt) (6)
FREE CASH FLOW
(2) Trade payables, advance payments received, current provisions, etc.
(4) Net of cash acquired and debt assumed on acquisitions.
(5) Net charges to non-current provisions and impairment losses.
(6) Segment-level contribution.
ENERGY & SERVICES
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
16.3. ANALYSIS BY GEOGRAPHICAL AREA

31 DECEMBER 2012
INCOME STATEMENT
THIRD-PARTY SALES
BALANCE SHEET
INTANGIBLE ASSETS
CASH FLOW STATEMENT
ACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT & INTANGIBLE ASSETS
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)
ACQUISITIONS OF INVESTMENTS IN NON-CONSOLIDATED COMPANIES

& OTHER INVESTMENTS
(5)
ACQUISITIONS OF INVESTMENTS IN CONSOLIDATED COMPANIES,

NET OF ACQUIRED CASH
(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
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
16.4. INCOME STATEMENT BY FUNCTION

2012
CONSOLIDATED SALES
COST OF SALES
GROSS PROFIT
RESEARCH AND DEVELOPMENT EXPENSES
SELLING EXPENSES
ADMINISTRATIVE EXPENSES
OTHER INCOME AND EXPENSES
GOODWILL IMPAIRMENT
2011
CONSOLIDATED SALES
COST OF SALES
GROSS PROFIT
RESEARCH AND DEVELOPMENT EXPENSES
SELLING EXPENSES
ADMINISTRATIVE EXPENSES
OTHER INCOME AND EXPENSES
GOODWILL IMPAIRMENT
BUILDING & CIVIL

ENGINEERING
9,099
(7,895)
1,204
(14)
(336)
(521)
(2)
331
BUILDING & CIVIL

ENGINEERING
8,300
(7,184)
1,116
(12)
(314)
(446)
(2)
342
ENERGY & SERVICES

1,541
(1,304)
237
(3)
(52)
(150)
1
33
ENERGY & SERVICES

1,502
(1,265)
237
(3)
(51)
(172)
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.
17.1. INTEREST RATE HEDGES

ANALYSIS BY MATURITY
Notional amounts at 31/12/2012
Maturity
INTEREST RATE SWAPS
ON FINANCIAL ASSETS
ON FINANCIAL LIABILITIES
FUTURE RATE AGREEMENTS
ON FINANCIAL ASSETS
CAPS/FLOORS
ON FINANCIAL ASSETS
2013
2014 to 2017
After 2017
Total
31/12/2012
Total
31/12/2011
19
(1)
19 (2)
20
(1) Of which receive xed rate.

(2) Of which pay xed rate: 19.
In the case of renewable interest rate hedges, the amounts shown in each column relate to the longest maturity.
ANALYSIS BY BUSINESS SEGMENT
INTEREST RATE SWAPS
ON FINANCIAL ASSETS
FUTURE RATE AGREEMENTS
ON FINANCIAL ASSETS
CAPS/FLOORS
ON FINANCIAL ASSETS
Building & Civil

Engineering
Energy &
Services
Total
31/12/2012
Total
31/12/2011
19
19
20
53
17.2. CURRENCY HEDGES

ANALYSIS BY CURRENCY
31/12/2012 (equivalent value in m)
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
ANALYSIS BY BUSINESS SEGMENT

Building & Civil

Engineering
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
17.3. MARKET VALUE OF HEDGING INSTRUMENTS

At 31 December 2012, the market value (net present value) of the hedging instruments portfolio was -3.2m. This amount mainly comprises the net present value of forwards and futures contracted to hedge currency risk arising on commercial transactions, and the net
present value of interest rate swaps contracted to hedge the Groups debt.
The split of this market value by type of hedge is as follows:
- fair value hedges:
-2.2m
- cash ow hedges:
-1.0m
- hedges of a net investment in a foreign operation: 0.0m
In the event of a +1.00% movement in the euro yield curve, the hedging instruments portfolio would have a market value of -0.6m; in
the event of a -1.00% movement in the euro yield curve (subject to a yield curve oor of 0.0%), the hedging instruments portfolio would
have a market value of -7.0m.
In the event of a uniform 1% depreciation in the euro against all other currencies, the hedging instruments portfolio would have a market
value of -1.7m.
These calculations were prepared by the Bouygues Construction group, or obtained from the banks with whom the instruments were
contracted.
54
NOTE 18
OFF BALANCE SHEET COMMITMENTS AT 31DECEMBER 2012
This note discloses information about guarantee commitments, sundry contractual commitments, and lease commitments.
18.1. GUARANTEE COMMITMENTS

LESS THAN
1 YEAR
31/12/2012
PLEDGES, MORTGAGES AND COLLATERAL
GUARANTEES AND ENDORSEMENTS GIVEN (1)
TOTAL GUARANTEE COMMITMENTS GIVEN
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.
18.2. SUNDRY CONTRACTUAL COMMITMENTS

LESS THAN
1 YEAR
31/12/2012
LUMP-SUM RETIREMENT BENEFIT OBLIGATIONS
UNMATURED BILLS
OTHER
TOTAL SUNDRY CONTRACTUAL COMMITMENTS GIVEN
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.
18.3. OPERATING LEASES

LESS THAN
1 YEAR
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).
18.4. FINANCE LEASES (ALREADY RECOGNISED IN THE BALANCE SHEET)

LESS THAN
1 YEAR
31/12/2012
FINANCE LEASE COMMITMENTS
MORE THAN
5 YEARS
1 TO 5 YEARS
1
55
OFF BALANCE SHEET COMMITMENTS AT 31DECEMBER 2011

18.5. GUARANTEE COMMITMENTS
LESS THAN
1 YEAR
31/12/2011
GUARANTEES AND ENDORSEMENTS GIVEN (1)
TOTAL GUARANTEE COMMITMENTS GIVEN
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.
18.6. SUNDRY CONTRACTUAL COMMITMENTS

LESS THAN
1 YEAR
31/12/2011
UNMATURED BILLS
OTHER
TOTAL SUNDRY CONTRACTUAL COMMITMENTS GIVEN
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.
18.7. OPERATING LEASES

LESS THAN
1 YEAR
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).
18.8. FINANCE LEASES (ALREADY RECOGNISED IN THE BALANCE SHEET)

LESS THAN
1 YEAR
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
19.2. EMPLOYEE BENEFIT OBLIGATIONS

19.2.1. DEFINED-CONTRIBUTION PLANS
2012
AMOUNTS RECOGNISED AS EXPENSES
The gures disclosed above are the contributions paid to pension funds for compulsory and top-up schemes.
2011
181
168
57
19.2.2. DEFINED-BENEFIT PLANS (RETIREMENT BENEFIT OBLIGATIONS)

NET EXPENSE RECOGNISED IN THE INCOME STATEMENT
(AS AN OPERATING ITEM)
CURRENT SERVICE COST
INTEREST EXPENSE ON OBLIGATION
EXPECTED RETURN ON PLAN ASSETS
NET RECOGNISED ACTUARIAL GAINS/LOSSES
PAST SERVICE COST
NET EXPENSE RECOGNISED IN THE INCOME STATEMENT
ACTUAL RETURN ON PLAN ASSETS
AMOUNTS RECOGNISED IN THE BALANCE SHEET

PRESENT VALUE OF OBLIGATION
FAIR VALUE OF PLAN ASSETS
NET UNRECOGNISED ACTUARIAL GAINS/LOSSES
UNRECOGNISED PAST SERVICE COST
NET OBLIGATION RECOGNISED
MOVEMENT IN BALANCE SHEET ITEMS

1 JANUARY
EXPENSE RECOGNISED
CHANGES IN ACCOUNTING POLICY AND OTHER CHANGES
ACTUARIAL GAINS/LOSSES RECOGNISED DIRECTLY IN EQUITY
31 DECEMBER
MAIN ACTUARIAL ASSUMPTIONS USED TO MEASURE POST-EMPLOYMENT

BENEFIT PLAN OBLIGATIONS
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
(1) Includes Bouygues Relais 1,941m, Uniservice 1,153m.
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

INTANGIBLE ASSETS
GOODWILL
NON-CURRENT FINANCIAL ASSETS
IMPACT ON EQUITY
WORKING CAPITAL NEEDS
NET DIVESTMENT/(acquisition) COST
GAINS ON DIVESTMENTS OF CONSOLIDATED COMPANIES
CASH DIVESTED OR ACQUIRED
(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
NET CASH FLOW ARISING FROM DIVESTMENTS/

(ACQUISITIONS) OF CONSOLIDATED COMPANIES
(20)
(4)
(24)
BUILDING & CIVIL

ENGINEERING
ENERGY &
SERVICES
TOTAL 2011

INTANGIBLE ASSETS
GOODWILL
NON-CURRENT FINANCIAL ASSETS
IMPACT ON EQUITY
WORKING CAPITAL NEEDS
NET DIVESTMENT/(acquisition) COST
GAINS ON DIVESTMENTS OF CONSOLIDATED COMPANIES
CASH DIVESTED OR ACQUIRED
(1)
(1)
(39)
(26)
3
27
(37)
23
(1)
(1)
(39)
(26)
3
27
(37)
23
NET CASH FLOW ARISING FROM DIVESTMENTS/

(ACQUISITIONS) OF CONSOLIDATED COMPANIES
(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
AVERAGE RATE FOR THE PERIOD
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
Ernst & Young network
2012
2011
2012
2011
AUDIT OF CONSOLIDATED AND INDIVIDUAL

COMPANY FINANCIAL STATEMENTS
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
12 F rue Guillaume Kroll
Rue Hlne-Boucher-de-Perthes
27 boulevard Gabriel-Pri
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 - BOUYGUES BATIMENT ILE DE FRANCE

BOUYGUES BATIMENT ILE DE FRANCE SA
BATI RENOV SA
BOUYGUES BATIMENT ILE DE FRANCE PPP SA
20 rue Christophe-Colomb
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%
128 rue de Beauvais
60280 MARGNY-LSCOMPIGNE
FRANCE
99.35%
99.35%
99.35%
99.35%
ELAN SARL
SODEARIF SA
78280 GUYANCOURT
78280 GUYANCOURT
FRANCE
FRANCE
99.99%
99.99%
99.99%
99.99%
99.99%
99.99%
99.99%
99.99%
2 - BOUYGUES BATIMENT INTERNATIONAL

BOUYGUES BATIMENT INTERNATIONAL SA
OUTSIDE FRANCE
78280 GUYANCOURT
FRANCE
100.00%
100.00%
100.00%
100.00%
Camino de Banapa Apartedo de

Correos
735 MALABO
EQUATORIAL
GUINEA
99.96%
99.96%
99.96%
99.96%
5/7 Sweet Briar Road-St-Clair
PORT OF SPAIN
TRINIDAD
100.00%
100.00%
100.00%
100.00%
BOUYGUES THAI LTD
489 Bond Street Road Tambon

Bang Phund Ampoe, Prakked
11120 CHANGWAT
NONTHABURI
THAILAND
49.00%
49.00%
49.00%
49.00%
BOUYGUES UK LTD
39 York Road Waterloo Center

Elizabeth House
SE1 7 NQ LONDON
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
BY DEVELOPMENT LTD

Elizabeth House
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%
BYME SINGAPORE PRIVATE COMPANY LTD
19 Keppel Road - #10-00 Jit Poh

Building
089058 SINGAPORE
SINGAPORE
100.00%
90.00%
100.00%
100.00%
DRAGAGES ET TRAVAUX PUBLICS SINGAPORE

PTE LTD
19 Keppel Road - #10-00 Jit Poh

Building
089058 SINGAPORE
SINGAPORE
100.00%
100.00%
100.00%
100.00%
Independence Avenue Central Area
PLOT 564/565 ABUJA
NIGERIA
80.00%
80.00%
80.00%
80.00%
6. al Wyscigowa
02-699 WARSZAWA
78280 GUYANCOURT
POLAND
FRANCE
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Grange Court Abingdon

Science Park
OX14 3NU ABINGDON
UNITED
KINGDOM
100.00%
51.00%
100.00%
51.00%
LEWISHAM SCHOOLS PROJECT LTD

Elizabeth House
SE1 7 NQ LONDON
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
MID ESSEX HOSPITAL PROJECT LTD
39 York Road Elizabeth House

Waterloo Center
SE1 7NQ LONDON
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
NORTH MIDDLESEX HOSPITAL PROJECT LTD
SE1 7 NQ LONDON
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
BREZILLON SA
BOUYGUES BATIMENT GUINEE

EQUATORIALE SA
BOUYGUES BATIMENT TRINIDAD & TOBAGO
BYMARO
DRAGAGES ENGINEERING AND

CONSTRUCTION NIGERIA LTD
KARMAR SA
KOHLER INVESTMENT
LEADBITTER BOUYGUES HOLDING LIMITED
AND ITS SUBSIDIARIES
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%
PO2 0TU PORTSMOUTH
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
SE17 NQ LONDON
UNITED
KINGDOM
90.00%
90.00%
90.00%
90.00%
3 - ENTREPRISES FRANCE EUROPE SUBSIDIARIES

FRANCE
ALTAIR SCCV
1 avenue de lHorizon
CIRMAD CENTRE SUD OUEST SNC
22 avenue Pythagore
CIRMAD EST SNC
22 rue Blaise-Pascal
CIRMAD GRAND SUD SNC
5 - 7 avenue du Poumeyrol
CIRMAD NORD SNC
CIRMAD PROSPECTIVES SNC
6 rue Saint-loi
DV CONSTRUCTION SA
22 avenue Pythagore
MIRAGLIA
7-11 avenue Raymond-Fraud
GFC CONSTRUCTION SA
5 avenue du Poumeyrol
QUILLE CONSTRUCTION SA
24 mail Pablo-Picasso
NORPAC SA
PERTUY CONSTRUCTION SA
20 rue Blaise-Pascal
QUILLE SA
4 rue Saint-loi
RICHELMI SA
27 boulevard des Moulins
OUTSIDE FRANCE
ACIEROID SA
179 Avenida de la Gran Va
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
Lombard House Worcester Road

Stourport-on-Severn
DY13 9BZ WORCESTERSHIRE
UNITED
KINGDOM
100.00%
SE1 7 NQ LONDON
UNITED
KINGDOM
Na Harfe 337/3
190 05 PRAHA 9
Gatcombe House Hilsea
COUNTRY
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%

76 Sgestrasse
76 Sgestrasse
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%
4 - BOUYGUES TRAVAUX PUBLICS

BOUYGUES TP SA
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
78280 GUYANCOURT
FRANCE
100.00%
100.00%
100.00%
100.00%
BYTP REGIONS FRANCE SA

NOVI SAS
OUTSIDE FRANCE
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%
BOUYGUES CIVIL WORKS
22 Milkyway - Linbro Business Park

PO Box 1177 Kelvin 2054
JOHANNESBURG
SOUTH AFRICA
100.00%
100.00%
100.00%
100.00%
1050 MacArthur Causeway

510 3/F Kings Road Island
Place Tower
110 route de Vissigen
33132 MIAMI
UNITED STATES
100.00%
100.00%
100.00%
100.00%
NORTH POINT HONG KONG
CHINA
100.00%
100.00%
100.00%
100.00%
1950 SION - 4192
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%
BOUYGUES CIVIL WORKS FLORIDA

DCW
PRADER LOSINGER SA
SOCIETE DE CONSTRUCTION
DU PONT RIVIERA MARCORY
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
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%
20/F Eight Commercial Tower

8 Sun Yip Street
CHAIWAN HONG KONG
CHINA
99.90%
99.90%
100.00%
100.00%
662 FuRong Road

Hefei Economic and Technological
Development Zone, Anhui province
230 601 HEFEI
CHINA
59.94%
59.94%
60.00%
60.00%
6 Pioneer Avenue
NSW 2120 THORNLEIGH

SYDNEY
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
8645 RAPPERSWIL- JONA
SWITZERLAND
69.84%
69.84%
70.00%
70.00%
2770-203 PAO DE ARCOS
PORTUGAL
53.45%
53.45%
66.00%
66.00%
CHAIWAN HONG KONG
CHINA
99.90%
99.90%
100.00%
100.00%
600 096 CHENNAI
INDIA
99.90%
99.90%
100.00%
100.00%
10210 JAKARTA
INDONESIA
66.93%
66.93%
67.00%
67.00%
58100 KUALA LUMPUR
MALAYSIA
99.90%
49.95%
100.00%
50.00%
06500 MEXICO D.F.
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%
Jl. Bendungan Hilir Raya No. 50

Lots 6.03 & 6.04, Menara 1, Faber
Towers, Jalan Desa Bahagia, Taman
Desa, Off Jalan Kelang Lama
Ro Sena No. 63 4to Piso Col
Cuauhtmoc Delegacion
Cuauhtmoc
Plot No. 597 Dubai Investment
Park PO Box
Ul. Chodna 48/199
Quinta da Fonte, Rua da Quint
00-872 WARSZAWA
2770-203 PAO DE ARCOS
25 Senoko Way Woodlands East

Industrial Estate
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%
Polgono Industrial Les Franqueses

Del Valls
08520 BARCELONA
SPAIN
99.90%
99.65%
100.00%
99.75%
16F-1 159 Songde Road
11085 TAIPEI CITY
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%
1168/14, 12A Floor Lumpini

Tower Rama IV Road
Tungmahamek Sathorn
10120 BANGKOK
THAILAND
82.10%
82.10%
88.00%
88.00%
R-0212 E-Town 1 Building 364

Cong Hoa Street Ward 13
TAN BINH DISTRICT HCMC
VIETNAM
99.90%
99.90%
100.00%
100.00%
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
31/12/2012 31/12/2011
% CONTROL
31/12/2012
% CONTROL
31/12/2011
Niarela du Pre Michel - Face

Campagne
BAMAKO
MALI
100.00%
100.00%
100.00%
100.00%
Hamdallaye ACI 2000, Villa n8 BP
3098 BAMAKO
MALI
100.00%
100.00%
100.00%
100.00%
Quartier Petite France Btiment MTN
KORHOGO
COTE D'IVOIRE
100.00%
100.00%
100.00%
100.00%
Kibali Goldmines Sprl Doko
WATSA PROVINCE
ORIENTALE
100.00%
100.00%
6 Pioneer Avenue, Thornleigh
SYDNEY
DEMOCRATIC
REPUBLIC OF
CONGO
AUSTRALIA
100.00%
100.00%
304B - 306A _Island Place Tower

510 Kings Road North
HONG KONG
CHINA
90.00%
90.00%
90.00%
90.00%
3/F - Island Place Tower 510 Kings

Road
NORTH POINT - HONG KONG
CHINA
100.00%
100.00%
100.00%
100.00%
27 Floor 625 Kings Road

North Point
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%
7 - OTHER BUILDING & CIVIL

ENGINEERING SUBSIDIARIES
OUTSIDE FRANCE
BYME ENGINEERING HONG KONG LIMITED
DRAGAGES ET TRAVAUX PUBLICS
(Hong Kong) LIMITED
th
IEC INVESTMENTS LTD
8 - BOUYGUES ENERGIES & SERVICES

BOUYGUES ENERGIES & SERVICES
FRANCE
AXIONE
130 boulevard Camelinat
92240 MALAKOFF
FRANCE
100.00%
100.00%
100.00%
100.00%
130 rue Marcel-Hartmann

Leapark Bt. C
94200 YVRY-SUR-SEINE
FRANCE
100.00%
100.00%
100.00%
100.00%
BOUYGUES E&S FONDATIONS
19 rue Stephenson
FRANCE
100.00%
100.00%
100.00%
100.00%
BOUYGUES E&S FM FRANCE
19 rue Stephenson
FRANCE
100.00%
100.00%
100.00%
100.00%
19/25 rue Michael-Faraday parc dactivits du Pas du Lac
FRANCE
100.00%
100.00%
100.00%
100.00%
130 route de Chenex
74520 VALLEIRY
FRANCE
100.00%
100.00%
100.00%
100.00%
12 rue Henri-Becquerel ZA. du Chteau
69320 FEYZIN
FRANCE
100.00%
100.00%
100.00%
100.00%
19 rue Stephenson
FRANCE
100.00%
100.00%
100.00%
100.00%
23 avenue Industrielle - Carouge
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
BOUYGUES E&S INDUSTRIE ET LOGISTIQUE

MARC FAVRE SAS
BOUYGUES E&S MAINTENANCE INDUSTRIELLE
THIAIS LUMIERE SAS
OUTSIDE FRANCE
BALESTRA GALIOTTO TCC
BARKING & DAGENHAM SCHOOLS PROJECT LTD
BARNET HOSPITAL PROJECT LTD
BY HOME LTD

COMPANY
65
ADDRESS
CITY
COUNTRY
31/12/2012 31/12/2011
% CONTROL
31/12/2012
% CONTROL
31/12/2011
CENTRAL MIDDLESEX HOSPITAL PROJECT LTD
SE1 7 NQ LONDON
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
BOUYGUES E&S INFRASTRUCTURE UK
Field House - Station Approach

CM20 2 FB
HARLOW
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
Waterloo Elizabeth House

39 York Road
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%
Transfer House, Rankine avenue Scottish Entreprise Technology Park
G750QF EAST KILBRIDE
SCOTLAND
100.00%
100.00%
100.00%
100.00%
22 rue des Foreurs BP 843

Pesti Ut 1/B
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
SE1 7NQ LONDON
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%
ICEL MAIDSTONE LTD AND ITS SUBSIDIARIES
SE1 7 NQ LONDON
UNITED
KINGDOM
100.00%
100.00%
100.00%
100.00%
MIBAG PROPERTY + FACILITY MANAGEMENT

AND ITS SUBSIDIARIES
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%
PETERBOROUGH SCHOOLS PROJECT LTD

BOUYGUES E&S GABON
WEST MIDDLESEX HOSPITAL PROJECT LTD
Zone dOloumi BP 305
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%
22 Milkyway Linbro Ofce Park
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%
Parcelle n 1 Oued RMel Route de

Fnideq Commune Anjra
TANGER
MOROCCO
66.67%
66.67%
66.67%
66.67%
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
BOUYGUES CONSTRUCTION QATAR LLC
BOUYGUES KENAIDAN
2 - ENTREPRISES FRANCE
EUROPE SUBSIDIARIES
EUROPERFIL

BOMBELA CIVILS JV LTD
GIE TRAM DE REIMS CONSTRUCTEUR GENIE CIVIL
SOCIETE POUR LA REALISATION DU PORT
DE TANGER MEDITERRANEE
TMBYS SAS
OC'VIA MAINTENANCE SAS
GIE OC'VIA CONSTRUCTION
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
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%
Rosario Norte 532 Piso 7 Comuna

de Las Condes
6650571 SANTIAGO
CHILE
49.95%
49.95%
50.00%
50.00%
3rd Floor Unity Chambers

28 Halkett Street
SAINT HELIER
JERSEY
49.90%
49.90%
ZAC du Cornillon Nord
93216 SAINT-DENIS
FRANCE
33.33%
33.33%
33.33%
33.33%
Shakolas House - Palaios Dromos

Lefcosia - Lemesou Athalassa
PC 2003 NICOSIA
CYPRUS
22.00%
22.00%
22.00%
22.00%
19 rue Stephenson
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
HERMES AIRPORTS LTD
3 - ETDE
AXIONE INFRASTRUCTURES SAS AND ITS
SUBSIDIARIES
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%
22 rue Foreurs - BP 1781
01 ABIDJAN
CTE D'IVOIRE
49.00%
49.00%
3th Floor Shinho - Villart 452 3

Seongnae - Dongkangdon - Ku
452-3 SEOUL
SOUTH KOREA
31.79%
31.79%
31.82%
31.82%
Tachibana Shinjuku Bldg. 5 F 2-26,

3 - Chome Nishi - Shinjuku
DHINIJUKU - KU, TOKYO 160 0023
JAPAN
24.98%
24.98%
25.00%
25.00%
5 - VSL
VSL SOUTH KOREAN
VSL JAPAN
67
Statutory auditors report

on the consolidated financial
statements
To the Shareholders,
In compliance with the assignment entrusted to us by your
Annual General Meetings, we hereby report to you, for the
year ended December 31, 2012 on:
the audit of the accompanying consolidated nancial statements of Bouygues Construction,
the justication of our assessments,
the specic verication required by law.
These consolidated nancial statements have been approved
by the Board of Directors. Our role is to express an opinion on
these consolidated nancial statements based on our audit.
I. - OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTS

We conducted our audit in accordance with professional standards applicable in France; those standards require that we
plan and perform the audit to obtain reasonable assurance
about whether the consolidated nancial statements are free
of material misstatement. An audit involves performing procedures, using sampling techniques or other methods of
selection, to obtain audit evidence about the amounts and
disclosures in the consolidated nancial statements. An audit
also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates
made, as well as the overall presentation of the consolidated
nancial statements. We believe that the audit evidence we
have obtained is sufcient and appropriate to provide a basis
for our audit opinion.
In our opinion, the consolidated nancial statements give a
true and fair view of the assets and liabilities and of the nancial position of the Group as at December 31, 2012 and of the
results of its operations for the year then ended in accordance
with International Financial Reporting Standards as adopted
by the European Union.
II. - JUSTIFICATION OF OUR ASSESSMENTS

In accordance with the requirements of article L. 823-9 of the
French commercial code (Code de commerce) relating to the
justication of our assessments, we bring to your attention
the following matters:
Current and non-current provisions carried on the balance
sheet were measured as described in Note 2.2.2 to the
consolidated nancial statements. In light of available information, our assessment of these provisions was based
primarily on an analysis of the processes implemented by
management to identify and evaluate risks.
As indicated in note 2.2.3 to the consolidated nancial
statements, the Group accounts for construction contracts
using the percentage of completion method, which leads
to assess year-end margin based on cost to complete estimates. Our work was namely to assess the appropriateness
of the assumptions taken and the assessment of the stage
of completion margin.
These assessments were made as part of our audit of the
consolidated nancial statements taken as a whole, and therefore contributed to the opinion we formed which is expressed
in the rst part of this report.
III. - SPECIFIC VERIFICATION

As required by law we have also veried in accordance with
professional standards applicable in France the information
presented in the Groups management report.
We have no matters to report as to its fair presentation and its
consistency with the consolidated nancial statements.
Courbevoie and Paris-La Dfense, March 25, 2013
The statutory auditors
Ernst & Young Audit: Jean Bouquot
Mazars: Guillaume Potel, Olivier Thireau
68
Parent company financial

statements
BOUYGUES CONSTRUCTION SA - BALANCE SHEET AT 31 DECEMBER 2012 ( million)
ASSETS
31/12/2012
31/12/2011
Gross
Amortisation,
depreciation &
impairment
Net
Net
INTANGIBLE ASSETS
71
37
34
37
18
HOLDINGS IN SUBSIDIARIES AND AFFILIATES
660
659
659
OTHER
350
350
284
LONG-TERM INVESTMENTS
SUB-TOTAL
NON-CURRENT ASSETS
INVENTORIES AND WORK IN PROGRESS
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
LIABILITIES AND SHAREHOLDERS EQUITY

SHARE CAPITAL
SHARE PREMIUM
REVALUATION RESERVES
OTHER RESERVES
RETAINED EARNINGS
69
31/12/2012
31/12/2011
128
128
15
15
13
13
299
319
NET PROFIT FOR THE YEAR
211
207
SHAREHOLDERS EQUITY
666
681
PROVISIONS
DEBT
TRADE PAYABLES
OTHER PAYABLES
NON-FINANCIAL LIABILITIES
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
BOUYGUES CONSTRUCTION SA - INCOME STATEMENT,

YEAR ENDED 31 DECEMBER 2012 ( million)
31/12/2012
SALES
31/12/2011
162
150
OTHER OPERATING REVENUES
PURCHASES AND CHANGES IN INVENTORY

PERSONNEL COSTS
OTHER OPERATING EXPENSES
DEPRECIATION, AMORTISATION, IMPAIRMENT AND PROVISIONS, NET
SHARE OF PROFIT/(LOSS) OF JOINT VENTURE OPERATIONS
OPERATING PROFIT/(LOSS)
(5)
(5)
(55)
(54)
(101)
(90)
(8)
(7)
(2)
(1)
(4)
FINANCIAL INCOME AND EXPENSES
216
215
PRE-TAX PROFIT ON ORDINARY ACTIVITIES
214
211
(1)
EXCEPTIONAL ITEMS
INCOME TAX EXPENSE
(3)
(3)
211
207
71
BOUYGUES CONSTRUCTION SA - YEAR ENDED 31DECEMBER 2012

CASH FLOW STATEMENT ( million)
31/12/2012
31/12/2011
A - OPERATING ACTIVITIES
CASH FLOW
DEPRECIATION AND AMORTISATION
NET CHANGE IN IMPAIRMENT AND PROVISIONS (1)
211
207
(1)
(1)
(0)
217
213
(61)
(34)
(9)
27
147
206
ACQUISITIONS OF INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT
(9)
(4)
ACQUISITIONS OF HOLDINGS IN SUBSIDIARIES AND AFFILIATES
(0)
(4)
(9)
(9)
DISPOSALS OF INTANGIBLE ASSETS AND PROPERTY, PLANT AND EQUIPMENT
DISPOSALS OF HOLDINGS IN SUBSIDIARIES AND AFFILIATES
(66)
(40)
(0)
(1)
(74)
(49)
(226)
(201)
71
35
(156)
(166)
(82)
(9)
NET GAINS ON ASSET DISPOSALS AND OTHER ITEMS (2)
CHANGE IN WORKING CAPITAL

CURRENT ASSETS, PREPAYMENTS & ACCRUED INCOME
NET ADVANCES & DOWN-PAYMENTS RECEIVED, NON-FINANCIAL LIABILITIES AND OTHER
NET CASH GENERATED BY/(USED IN) OPERATING ACTIVITIES
B - INVESTING ACTIVITIES
INCREASES IN NON-CURRENT ASSETS
DISPOSALS OF NON-CURRENT ASSETS
OTHER FINANCIAL INVESTMENTS, NET

AMOUNTS RECEIVABLE PAYABLE IN RESPECT OF NON-CURRENT ASSETS, NET
NET CASH GENERATED BY/(USED IN) INVESTING ACTIVITIES
C - FINANCING ACTIVITIES
INCREASE IN SHAREHOLDERS' EQUITY
DIVIDENDS PAID DURING THE YEAR
CHANGE IN DEBT
NET CASH GENERATED BY/(USED IN) FINANCING ACTIVITIES
CHANGE IN NET CASH POSITION (A + B + C)
NET CASH POSITION AT 1 JANUARY (3)
NET CASH FLOWS DURING THE YEAR, EXCLUDING TRANSFERS BETWEEN ACCOUNTS
IMPACT OF TRANSFERS BETWEEN ACCOUNTS
NET CASH POSITION AT END OF PERIOD (3)
(1) Excluding impairment of current assets.
(2) Net of corporate income tax.
(3) Cash + Short-term investments - Overdrafts and short-term bank borrowings.
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
DETAILED INFORMATION - SUBSIDIARIES (interest > 50%)

FRENCH SUBSIDIARIES
DTP TERRASSEMENT
10
10
100.00
24
24
BOUYGUES BATIMENT INTERNATIONAL
25
31
89.32
75
75
BOUYGUES BATIMENT ILE DE FRANCE
13
29
99.70
103
103
BOUYGUES TRAVAUX PUBLICS
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
TOTAL (in millions)

FOREIGN SUBSIDIARIES
VSL INTERNATIONAL (Switzerland)
10
17
LOSINGER MARAZZI (Switzerland)
15
99.96
22
22
DRAGAGES HONG KONG (Hong Kong)
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
TOTAL (in millions)
18
33%
AGGREGATE INFORMATION ON OTHER

SUBSIDIARIES AND AFFILIATES
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
(2) 1 CHF = 0.828363
23
24
(2) 1 CHF = 0.828363
98
258
(2) 1 HKD = 0.097790
42
(5)
77
130
517
241
(5) YEAR ENDED 30 JUNE 2011
Bouygues Construction Coporate Communications department. Production:

Cover: Dragon Rouge.
May 2013. The French or English versions of the 2011 Financial report can be obtained on request
by calling +33 30 60 55 59 or downloaded from the www.bouygues-construction.com
Print: TI Mdian impressions.
/RJR
)6&j
YHQLU
This report is certied

alcohol-free printing.
The paper is certied by
the Forest Stewardship
Council schemes (FSC) and
the inks are vegetable based.
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

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Financial report

BOUYGUES CONSTRUCTION_2012 FINANCIAL REPORT

47. Operating prot

Net prot att. to the Group

A record order intake

BOUYGUES CONSTRUCTION_2012 FINANCIAL REPORT

ENERGY AND SERVICES

a robust nancial situation and good

OUTLOOK FOR 2013

an expanding range of sustainable

RECORD COMMERCIAL ACTIVITY, A

a record 11,976 million and included 15

A RISE IN NET PROFIT: 267M (UP 18%)

BOUYGUES CONSTRUCTION_2012 FINANCIAL REPORT

Hong Kong). Where countries are less

BUILDING AND CIVIL WORKS

during the year, highlights Bouygues Construction's ambitious environmental

In civil works, Bouygues Construction has

Commercial activity was sustained by public-sector orders, especially PPPs such as

economy benets all sectors, especially

AFRICA MIDDLE EAST

Economic growth has dipped in North Africa,

Oil-exporting Middle Eastern countries are

BOUYGUES CONSTRUCTION_2012 FINANCIAL REPORT

2012 SALES: 414M (UP 45%)

ENERGIES AND SERVICES

In France, the market in very concentrated.

RISK MANAGEMENT POLICY

extra themes to its own assessment, and of

ing maturity among the teams responsible

ordinates the self-assessment campaigns,

BOUYGUES CONSTRUCTION_2012 FINANCIAL REPORT

Accounting Director, to whom the Chief

major risks, Bouygues Construction operates

expenses, subcontractor budgets, and site

regions with a particularly serious political risk,

of its sales in Europe, achieved sales growth

revenue prospects. Bouygues Construction

Despite healthy levels of activity, market

Finally, Bouygues Construction encourages

In addition, Bouygues Construction is still

BOUYGUES CONSTRUCTION_2012 FINANCIAL REPORT

delivered the rst phase of a large-scale rail

pute relates to the consequences of delays by

Finally, another investigation is ongoing into

Authority to individualise its claims (in terms

a patent relating to devices for anchoring

BOUYGUES CONSTRUCTION_2012 FINANCIAL REPORT

France Ministry of Defense building

cover is tailored to the risks incurred, but is

of our operations. Cash ow and nancial risk

No losses arose during 2012 on any of the

INTEREST RATE RISK

recurring. Given Bouygues Constructions

rmed. Equity investments in foreign companies are usually hedged by a liability of a

RISK RELATING TO EQUITIES AND

EXPOSURE TO CURRENCY RISK

Bouygues Construction has no exposure to

CURRENCY RISK HEDGING RULES

In compliance with Article 225 of the Grenelle

Bouygues Construction group policy is to

SOCIAL AND ENVIRONMENTAL

Principal themes covered in Bouygues