Bouygues SA

Interim / Quarterly Report • Dec 2, 2016

FIRST-HALF 2016 RESULTS Presentation

Financial statements for Bouygues and its subsidiaries

31 August 2016 32 Hoche - Paris

BUILDING THE FUTURE IS OUR GREATEST ADVENTURE

BOUYGUES GROUP2
Consolidated balance sheet2
Consolidated income statement3
Statement of recognised income and expense 4
Changes in consolidated shareholders' equity 5
Consolidated cash flow statement 6
BOUYGUES SA7
Balance sheet - assets7
Balance sheet - liabilities and shareholders' equity8
Income statement9
Cash flow statement 10
BOUYGUES CONSTRUCTION …………………………11
Consolidated balance sheet11
Consolidated income statement12
Statement of recognised income and expense 13
Changes in consolidated shareholders' equity 14
Consolidated cash flow statement 15
BOUYGUES IMMOBILIER16
Consolidated balance sheet16
Consolidated income statement17
Statement of recognised income and expense 18
Changes in consolidated shareholders' equity 19
Consolidated cash flow statement 20
COLAS21
Consolidated balance sheet21
Consolidated income statement22
Statement of recognised income and expense 23
Changes in consolidated shareholders' equity 24
Consolidated cash flow statement 25
TF126
Consolidated balance sheet26
Consolidated income statement27
Statement of recognised income and expense 28
Changes in consolidated shareholders' equity 29
Consolidated cash flow statement 30
BOUYGUES TELECOM31
Consolidated balance sheet31
Consolidated income statement32
Statement of recognised income and expense 33
Changes in consolidated shareholders' equity 34
Consolidated cash flow statement 35

CONSOLIDATED BALANCE SHEET (€ million)

N-52 N Property, plant and equipment 11 6,518 6,523 6,529 Intangible assets 11 2,220 2,131 1,685 Goodwill 3.1 5,375 5,261 5,286 Investments in joint ventures and associates 3.2 2,345 3,401 3,547 Other non-current financial assets 542 542 571 Deferred tax assets and non-current tax receivable 414 352 375 18,210 17,993 NON-CURRENT ASSETS 17,414 Inventories, programmes and broadcasting rights 3,181 3,059 3,091 Advances and down-payments made on orders 439 446 497 Trade receivables 6,971 5,814 7,382 Tax asset (receivable) 306 233 201 Other current receivables and prepaid expenses 2,453 2,217 2,505 Cash and cash equivalents 2,390 3,785 3,441 Financial instruments - Hedging of debt 22 21 21 Other current financial assets 6 15 20 15,590 17,158 CURRENT ASSETS 15,768 Held-for-sale assets and operations 35 508 33,182 33,835 35,659 TOTAL ASSETS LIABILITIES AND SHAREHOLDERS' EQUITY 30/06/2016 31/12/2015 30/06/2015 N-51 N-52 N Share capital 4 345 345 338 Share premium and reserves 6,689 6,971 6,808 Translation reserve 157 146 203 Treasury shares Consolidated net profit/(loss) 11 (28) 403 (42) SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE GROUP 7,163 7,865 7,307 Non-controlling interests 1,252 1,428 1,425 SHAREHOLDERS' EQUITY 8,415 9,293 8,732 Non-current debt 6.1 5,501 5,305 5,609 Non-current provisions 2,128 5.1 2,160 2,278 97 131 Deferred tax liabilities and non-current tax liabilities 126 7,755 NON-CURRENT LIABILITIES 7,562 8,018 Advances and down-payments received on orders 1,152 1,178 1,110 Current debt 6.1 859 831 2,599 Current taxes payable 73 118 81 Trade payables 6,637 6,513 6,770 Current provisions 5.2 968 1,092 1,037 Other current liabilities 6,888 6,965 6,781 Overdrafts and short-term bank borrowings 323 196 436 83 Financial instruments - Hedging of debt 35 27 52 68 Other current financial liabilities 29 17,012 CURRENT LIABILITIES 16,980 18,909 Liabilities related to held-for-sale operations TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 33,182 33,835 35,659 Net surplus cash/(net debt) 7/11 (4,354) (2,561) (5,209)	ASSETS	Note	30/06/2016 Net	31/12/2015 Net	30/06/2015 Net
				N-51

BOUYGUES GROUP CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENT (€ million)

		First half		Second quarter		Full year
	Note	2016	2015	2016	2015	2015
SALES a	8	14,669	15,098	8,135	8,367	32,428
Other revenues from operations		65	50	36	39	92
Purchases used in production		(6,849)	(7,394)	(3,806)	(4,145)	(15,936)
Personnel costs		(3,628)	(3,625)	(1,862)	(1,872)	(7,128)
External charges		(3,308)	(3,192)	(1,709)	(1,688)	(6,659)
Taxes other than income tax		(358)	(372)	(126)	(131)	(650)
Net depreciation and amortisation expense		(743)	(680)	(389)	(360)	(1,454)
Net charges to provisions and impairment losses		(31)	(73)	(69)	(87)	(417)
Changes in production and property development inventories		86	44	27	74	128
Other income from operations b		715	750	310	280	1,441
Other expenses on operations		(412)	(487)	(201)	(164)	(904)
CURRENT OPERATING PROFIT/(LOSS)	9/11	206	119	346	313	941
Other operating income		6	23	3	9	32
Other operating expenses		(155)	(97)	(65)	(61)	(305)
OPERATING PROFIT/(LOSS)	9/11	57	45	284	261	668
Financial income		14	21	8	11	33
Financial expenses		(132)	(167)	(64)	(85)	(308)
INCOME FROM NET SURPLUS CASH/(COST OF NET DEBT)		(118)	(146)	(56)	(74)	(275)
Other financial income		26	48	18	26	91
Other financial expenses		(24)	(23)	(10)	(14)	(85)
Income tax	10	1	36	(88)	(82)	(118)
Share of net profits/losses of joint ventures and associates	11	32	29	23	20	199
NET PROFIT/(LOSS) FROM CONTINUING OPERATIONS		(26)	(11)	171	137	480
Net profit/(loss) from discontinued and held-for-sale operations
NET PROFIT/(LOSS)		(26)	(11)	171	137	480
NET PROFIT/(LOSS) ATTRIBUTABLE TO THE GROUP	11	(28)	(42)	152	115	403
Net profit/(loss) attributable to non-controlling interests		2	31	19	22	77
Basic earnings per share from continuing operations (€)		(0.08)	(0.12)	0.44	0.35	1.19
Diluted earnings per share from continuing operations (€)		(0.08)	(0.12)	0.44	0.34	1.18
(a) Of which sales generated abroad		5,137	5,461	2,964	3,233	12,370
(b) Of which reversals of unutilised provisions/impairment losses		178	144	72	76	401

CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE (€ million)

	First half		Full year
	2016	2015	2015
NET PROFIT/(LOSS)	(26)	(11)	480
Items not reclassifiable to profit or loss
Actuarial gains/losses on post-employment benefits	3	(2)	7
Change in remeasurement reserve
Net tax effect of items not reclassifiable to profit or loss	(2)		(2)
Share of non-reclassifiable income and expense of joint ventures and associates a	(17)	(107)	(150)
Items reclassifiable to profit or loss
Change in cumulative translation adjustment	1	58	87
Net change in fair value of financial instruments used for hedging purposes and
of other financial assets (including available-for-sale financial assets)	(29)	(30)	(30)
Net tax effect of items reclassifiable to profit or loss	15	4	7
Share of reclassifiable income and expense of joint ventures and associates a	12	29	(52)
INCOME AND EXPENSE RECOGNISED DIRECTLY IN EQUITY	b (17)	c (48)	(133)
TOTAL RECOGNISED INCOME AND EXPENSE	(43)	(59)	347
Recognised income and expense attributable to the Group	(43)	(92)	269
Recognised income and expense attributable to non-controlling interests	0	33	78

(a) Relates mainly to Alstom (accounted for by the equity method)

(b) Of which income and expense recognised in the second quarter of 2016 = +10

(c) Of which income and expense recognised in the second quarter of 2015 = (13)

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (€ million)

	Share capital & share premium	Reserves related to capital/ retained earnings	Consolidated reserves and profit/(loss)	Treasury shares	Items recognised directly in equity	TOTAL ATTRIBUTABLE TO THE GROUP	Non controlling interests	TOTAL
POSITION AT 31 DECEMBER 2014	1,631	2,425	4,096		(298)	7,854	1,601	9,455
Movements during the first half of 2015
Capital and reserves transactions, net	47	(124)	124			47
Acquisitions/disposals of treasury shares			(2)			(2)
Acquisitions/disposals without loss of control			11			11	2
Dividend paid			(538)			(538)	(199)
Other transactions with shareholders			2			2
Net profit/(loss)			(42)			(42)	31
Translation adjustment					93	93	3
Other recognised income and expense					(143)	(143)	(1)
Total recognised income and expense b			(42)		(50)	(92)	33	(59)
Other transactions (changes in scope of consolidation and other items)			25			25	(12)	13
POSITION AT 30 JUNE 2015	1,678	2,301	3,676		(348)	7,307	1,425	8,732
Movements during the second half of 2015
Capital and reserves transactions, net	175					175		175
Acquisitions/disposals of treasury shares			2			2		2
Acquisitions/disposals without loss of control			(12)			(12)	(35)	(47)
Dividend paid
Other transactions with shareholders			8			8	1	9
Net profit/(loss)			445			445	46	491
Translation adjustment					(57)	(57)		(57)
Other recognised income and expense					(27)	(27)	(1)	(28)
Total recognised income and expense b			445		(84)	361	45	406
Other transactions (changes in scope of
consolidation and other items)		1	23			24	(8)	16
POSITION AT 31 DECEMBER 2015		1,853	2,302	4,142	(432)	7,865	1,428	9,293
Movements during the first half of 2016
Capital and reserves transactions, net		3	(293)	(293)		3		3
Acquisitions/disposals of treasury shares			(4)			(4)		(4)
Acquisitions/disposals without loss of control			(110)			(110)	(62)	(172)
Dividend paid			(552)			(552)	(104)	(656)
Other transactions with shareholders			4			4		4
Net profit/(loss)			(28)		a	(28)	2 a	(26)
Translation adjustment					11	11	(1)	10
Other recognised income and expense					(26)	(26)	(1)	(27)
Total recognised income and expense b			(28)		(15)	(43)		(43)
Other transactions (changes in scope of consolidation and other items)							(10)	(10)
POSITION AT 30 JUNE 2016	1,856	2,595	3,159		(447)	7,163	c 1,252	8,415

(a) Change in translation reserve:

	Attributable to:	Group	Non controlling interests	Total
Controlled entities		2	(1)	1
Joint ventures and associates		9		9
Total		11	(1)	10

(b) See statement of recognised income and expense.

(c) Includes TF1: 839

CONSOLIDATED CASH FLOW STATEMENT (€ million)

		First half		Full year
	Note	2016	2015	2015
I - CASH FLOW FROM CONTINUING OPERATIONS
A - NET CASH GENERATED BY/(USED IN) OPERATING ACTIVITIES Net profit/(loss) from continuing operations
Share of profits/losses reverting to joint ventures and associates, net of dividends received		(26) (8)	(11) (1)	480 (74)
Elimination of dividends (non-consolidated companies)		(11)	(12)	(17)
Charges to/(reversals of) depreciation, amortisation, impairment & non-current provisions Gains and losses on asset disposals		795	700	1,539
Miscellaneous non-cash charges		(31)	(98) 2	(251) (3)
Sub-total		719	580	1,674
(Income from net surplus cash)/cost of net debt Income tax		118 (1)	146 (36)	275 118
Cash flow	11	836	690	2,067
Income taxes paid		(139)	(65)	(194)
Changes in working capital related to operating activities a		(1,378)	(1,274)	203
NET CASH GENERATED BY/(USED IN) OPERATING ACTIVITIES Tous		(681)	(649)	2,076
B - NET CASH GENERATED BY/(USED IN) INVESTING ACTIVITIES
Purchase price of property, plant and equipment and intangible assets	11	(845)	(613)	(2,028)
Proceeds from disposals of property, plant and equipment and intangible assets Net liabilities related to property, plant and equipment and intangible assets	11	56	60	138
Purchase price of non-consolidated companies and other investments		(237) (9)	(78) (14)	517 (25)
Proceeds from disposals of non-consolidated companies and other investments		2		6
Net liabilities related to non-consolidated companies and other investments Tous		1	6	6
Effects of changes in scope of consolidation
Purchase price of investments in consolidated activities		(200)	(16)	(28)
Proceeds from disposals of investments in consolidated activities		1,079	45	703
Net liabilities related to consolidated activities Other effects of changes in scope of consolidation (cash of acquired and divested companies)		16 72	3 (34)	6 (30)
Other cash flows related to investing activities (changes in loans, dividends received from non		29	4	39
consolidated companies) NET CASH GENERATED BY/(USED IN) INVESTING ACTIVITIES
		(36)	(637)	(696)
C - NET CASH GENERATED BY/(USED IN) FINANCING ACTIVITIES Capital increases/(reductions) paid by shareholders & non-controlling interests and other transactions between shareholders		(13)	48	173
Dividends paid
Dividends paid to shareholders of the parent company		(552)	(538)	(538)
Dividends paid by consolidated companies to non-controlling interests		(104)	(199)	(199)
Tous Change in current and non-current debt		30	1,076	(994)
Income from net surplus cash/(cost of net debt)		(118)	(146)	(275)
Other cash flows related to financing activities			(11)	(10)
NET CASH GENERATED BY/(USED IN) FINANCING ACTIVITIES		(757)	230	(1,843)
Tous D - EFFECT OF FOREIGN EXCHANGE FLUCTUATIONS		(49)	152	143
Tous CHANGE IN NET CASH POSITION (A + B + C + D)		(1,523)	(904)	(320)
Net cash position at start of period	7	3,589	3,910	3,910
Tous Net cash flows	7	(1,523)	(904)	(320)
Other non-monetary flows		1	(1)	(1)
Net cash position at end of period	7	2,067	3,005	3,589
II - CASH FLOWS FROM DISCONTINUED AND HELD-FOR-SALE OPERATIONS
Net cash position at start of period
Net cash flows

(a) Definition of change in working capital related to operating activities: Current assets minus current liabilities (excluding income taxes paid, which are reported separately).

PARENT COMPANY BALANCE SHEET (€ million)

ASSETS	Gross 30/06/2016	Depreciation, amortisation & impairment 30/06/2016	Net 30/06/2016	Net 31/12/2015	Net 30/06/2015
Intangible assets	6	4	2	3	3
Property, plant and equipment
Long-term investments	10,850	463	10,387	11,357	11,363
• Holdings in subsidiaries and affiliates	9,043	162	8,881	11,339	11,343
• Loans and advances to subsidiaries and affiliates a					2
• Other a	1,807	301	1,506	18	18
NON-CURRENT ASSETS	10,856	467	10,389	11,360	11,366
Inventories and work in progress
Advances and down-payments made on orders	1		1		1
Trade receivables b	21		21	7	29
Other receivables b	149	2	147	175	88
Short-term investments	487		487	603	1,044
Cash	506		506	1,574	1,131
CURRENT ASSETS	1,164	2	1,162	2,359	2,293
Other assets b	54		54	61	68
TOTAL ASSETS	12,074	469	11,605	13,780	13,727
(a) Of which due within less than one year (gross)					2
(b) Of which due after more than one year (gross)			42	47	53

PARENT COMPANY BALANCE SHEET (€ million)

LIABILITIES	30/06/2016	31/12/2015	30/06/2015
Share capital	345	345	338
Share premium and reserves	2,319	2,316	2,147
Retained earnings	1,787	1,494	1,494
Net profit/(loss)	490	845	861
Restricted provisions	5	7	7
SHAREHOLDERS' EQUITY	4,946	5,007	4,847
Provisions	79	100	103
Debt a	5,290	5,319	7,023
Advances and down-payments received on orders
Trade payables a	24	21	32
Other payables a	141	148	101
LIABILITIES	5,534	5,588	7,259
OVERDRAFTS AND SHORT-TERM BANK BORROWINGS b	1,122	3,182	1,616
Other liabilities a	3	3	5
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	11,605	13,780	13,727
(a) Of which due within less than one year	861	894	2,564
(b) Of which Bouygues Relais and Uniservice current accounts	1,122	3,182	1,616

INCOME STATEMENT (€ million)

	First half	Full year
	2016	2015	2015
SALES	40	43	73
Other operating revenues	1	1	2
Purchases and changes in inventory
Taxes other than income tax	(3)	(3)	(4)
Personnel costs	(37)	(35)	(54)
Other operating expenses	(34)	(26)	(44)
Depreciation, amortisation, impairment and provisions, net	5	3
OPERATING PROFIT/(LOSS)	(28)	(17)	(27)
Financial income and expenses	461	835	714
PROFIT/(LOSS) BEFORE TAX AND EXCEPTIONAL ITEMS	433	818	687
Exceptional items	42	12	56
Income tax and profit-sharing	15	31	102
NET PROFIT/(LOSS)	490	861	845

CASH FLOW STATEMENT (€ million)

		First half	Full year
	2016	2015	2015
A - OPERATING ACTIVITIES
Net profit/(loss)	490	861	845
Amortisation, depreciation and impairment of non-current assets, net	(189)	8	20
Charges to/(reversals of) provisions, net	(20)	(3)	(6)
Deferred expenses, deferred income and accrued income	(1)	(3)	(4)
Gains and losses on disposals of non-current assets	167		(44)
Cash flow from operations before changes in working capital	447	863	811
Current assets	17	67	3
Current liabilities	(2)	(31)	5
Change in working capital	15	36	8
NET CASH GENERATED BY/(USED IN) OPERATING ACTIVITIES	462	899	819
B - INVESTING ACTIVITIES
Acquisitions of intangible assets and property, plant and equipment		(1)	(1)
Acquisitions and long-term investments	(4)		(5)
Increases in non-current assets	(4)	(1)	(6)
Disposals of non-current assets	997		46
Investments, net	993	(1)	40
Other long-term investments, net	2	(10)	(8)
Amounts receivable/payable in respect of non-current assets, net		6	6
NET CASH GENERATED BY/(USED IN) INVESTING ACTIVITIES	995	(5)	38
C - FINANCING ACTIVITIES
Change in shareholders' equity	3	47	222
Dividends paid	(552)	(538)	(538)
Change in debt	(32)	667	(1,035)
NET CASH GENERATED BY/(USED IN) FINANCING ACTIVITIES	(581)	176	(1,351)
CHANGE IN NET CASH POSITION (A + B + C)	876	1,070	(494)
Net cash position at start of period	(1,005)	(511)	(511)
Other non-monetary flows
Net cash flows	876	1,070	(494)
CASH POSITION AT END OF PERIOD	(129)	559	(1,005)

BOUYGUES CONSTRUCTION GROUP CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEET (€ million)

ASSETS	30/06/2016 Net	31/12/2015 Net	30/06/2015 Net
Property, plant and equipment	737	743	690
Intangible assets	45	46	48
Goodwill	548	557	565
Investments in joint ventures and associates	20	26	63
Other non-current financial assets	260	251	267
Deferred tax assets and non-current tax receivable	110	116	111
NON-CURRENT ASSETS	1,720	1,739	1,744
Inventories	303	345	325
Advances and down-payments made on orders	172	184	197
Trade receivables	3,148	2,704	3,176
Tax asset (receivable)	74	67	58
Other current receivables and prepaid expenses	900	926	952
Cash and cash equivalents	3,563	4,392	3,380
Financial instruments - Hedging of debt
Other current financial assets	6	10	12
CURRENT ASSETS	8,166	8,628	8,100
Held-for-sale assets and operations		35
TOTAL ASSETS	9,886	10,402	9,844

LIABILITIES AND SHAREHOLDERS' EQUITY 30/06/2016 31/12/2015 30/06/2015

Net surplus cash/(net debt)	2,707	3,272	2,433
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	9,886	10,402	9,844
Liabilities related to held-for-sale operations
CURRENT LIABILITIES	7,641	8,037	7,656
Other current financial liabilities	23	49	64
Financial instruments - Hedging of debt
Overdrafts and short-term bank borrowings	277	538	360
Other current liabilities	3,020	3,158	3,004
Current provisions	579	655	608
Trade payables	3,043	2,945	2,982
Current taxes payable	52	53	61
Current debt	10	9	7
Advances and down-payments received on orders	637	630	570
NON-CURRENT LIABILITIES	1,421	1,429	1,486
Deferred tax liabilities and non-current tax liabilities	26	28	32
Non-current provisions	826	828	874
Non-current debt	569	573	580
SHAREHOLDERS' EQUITY	824	936	702
Non-controlling interests	25	24	13
SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE GROUP	799	912	689
Consolidated net profit/(loss)	100	276	110
Treasury shares
Translation reserve	127	107	58
Share premium and reserves	444	401	393
Share capital	128	128	128

CONSOLIDATED INCOME STATEMENT (€ million)

		First half Second quarter		Full year
	2016	2015	2016	2015	2015
SALES a	5,800	5,850	3,029	3,071	11,975
Other revenues from operations	59	50	33	39	91
Purchases used in production	(3,332)	(3,409)	(1,780)	(1,810)	(7,070)
Personnel costs	(1,394)	(1,398)	(697)	(701)	(2,749)
External charges	(849)	(815)	(421)	(433)	(1,619)
Taxes other than income tax	(76)	(80)	(30)	(32)	(153)
Net depreciation and amortisation expense	(97)	(85)	(54)	(45)	(190)
Net charges to provisions and impairment losses	(12)	(70)	(25)	(77)	(238)
Changes in production and property development inventories	(41)	(1)	(22)	7	19
Other income from operations b	178	254	99	83	558
Other expenses on operations	(85)	(148)	(63)	(25)	(275)
CURRENT OPERATING PROFIT/(LOSS)	151	148	69	77	349
Other operating income
Other operating expenses	(8)	(7)	(4)	(7)	(35)
OPERATING PROFIT/(LOSS)	143	141	65	70	314
Financial income	13	16	6	9	27
Financial expenses	(7)	(8)	(3)	(4)	(18)
INCOME FROM NET SURPLUS CASH/(COST OF NET DEBT)	6	8	3	5	9
Other financial income	19	28	14	22	46
Other financial expenses	(6)	(8)	(3)	(5)	(29)
Income tax	(61)	(53)	(27)	(31)	(108)
Share of profits/losses of joint ventures and associates	1	(5)	3	(1)	56
NET PROFIT/(LOSS) FROM CONTINUING OPERATIONS	102	111	55	60	288
Net profit/(loss) from discontinued and held-for-sale operations
NET PROFIT/(LOSS)	102	111	55	60	288
NET PROFIT/(LOSS) ATTRIBUTABLE TO THE GROUP	100	110	53	59	276
Net profit/(loss) attributable to non-controlling interests	2	1	2	1	12
Basic earnings per share from continuing operations (€)	58.61	64.47	31.06	34.58	161.76
Diluted earnings per share from continuing operations (€)	58.61	64.47	31.06	34.58	161.76
(a) Of which sales generated abroad	3,043	2,992	1,567	1,602	6,286
(b) Of which reversals of unutilised provisions/impairment losses	75	75	26	43	244

BOUYGUES CONSTRUCTION GROUP CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE (€ million)

	First half		Full year
	2016	2015	2015
NET PROFIT/(LOSS)	102	111	288
Items not reclassifiable to profit or loss
Actuarial gains/losses on post-employment benefits			(5)
Change in remeasurement reserve
Net tax effect of items not reclassifiable to profit or loss	(1)		1
Share of non-reclassifiable income and expense of joint ventures and associates
Items reclassifiable to profit or loss
Change in cumulative translation adjustment	19	4	53
Net change in fair value of financial instruments used for hedging purposes and	19	(19)	(7)
of other financial assets (including available-for-sale financial assets)	(1)	2	1
Net tax effect of items reclassifiable to profit or loss
Share of reclassifiable income and expense of joint ventures and associates	1	4	5
INCOME AND EXPENSE RECOGNISED DIRECTLY IN EQUITY	37	(9)	48
TOTAL RECOGNISED INCOME AND EXPENSE	139	102	336
Recognised income and expense attributable to the Group	138	100	323
Recognised income and expense attributable to non-controlling interests	1	2	13

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (€ million)

	Share capital & share premium	Reserves related to capital/ retained earnings	Consolidated reserves and profit/(loss)	Treasury shares	Items recognised directly in equity	TOTAL ATTRIBUTABLE TO THE GROUP	Non controlling interests	TOTAL
POSITION AT 31 DECEMBER 2014	143	246	458		(18)	829	12	841
Movements during the first half of 2015 Capital and reserves transactions, net Acquisitions/disposals of treasury shares Acquisitions/disposals without loss of control		5	(5)
Dividend paid Other transactions with shareholders			(253)			(253)	(1)	(254)
Net profit/(loss) Translation adjustment Other recognised income and expense			110		4 (14)	110 4 (14)	1 1	111 5 (14)
Total recognised income and expense b			110		(10)	100	2	102
Other transactions (changes in scope of consolidation and other items)			13			13		13
POSITION AT 30 JUNE 2015	143	251	323		(28)	689	13	702
Movements during the second half of 2015 Capital and reserves transactions, net Acquisitions/disposals of treasury shares Acquisitions/disposals without loss of control Dividend paid Other transactions with shareholders
Net profit/(loss) Translation adjustment Other recognised income and expense			166		49 8	166 49 8	11	177 49 8
Total recognised income and expense b			166		57	223	11	234
Other transactions (changes in scope of consolidation and other items)
POSITION AT 31 DECEMBER 2015	143	251	489		29	912	24	936
Movements during the first half of 2016 Capital and reserves transactions, net Acquisitions/disposals of treasury shares Acquisitions/disposals without loss of control		(5)	5
Dividend paid Other transactions with shareholders			(250)			(250)	(1)	(251)
Net profit/(loss) Translation adjustment Other recognised income and expense			100		20 18	100 a 20 18	2 (1)	102 19 18
Total recognised income and expense b			100		38	138	1	139
Other transactions (changes in scope of consolidation and other items)			(1)			(1)	1
POSITION AT 30 JUNE 2016	143	246	343		67	799	25	824

(a) Change in translation reserve:

	Attributable to:	Group	Non controlling interests	Total
Controlled entities			20 (1)	19
Joint ventures and associates
Total			20 (1)	19
(b) See statement of recognised income and expense.

CONSOLIDATED CASH FLOW STATEMENT (€ million)

	First half		Full year
	2016	2015	2015
I - CASH FLOW FROM CONTINUING OPERATIONS
A - NET CASH GENERATED BY/(USED IN) OPERATING ACTIVITIES
Net profit/(loss) from continuing operations	102	111	288
Share of profits/losses reverting to joint ventures and associates, net of dividends received	2	5	11
Elimination of dividends (non-consolidated companies)	(9)	(10)	(15)
Charges to/(reversals of) depreciation, amortisation, impairment & non-current provisions	88	89	208
Gains and losses on asset disposals	(11)	(8)	(127)
Miscellaneous non-cash charges Sub-total	(2) 170	4 191	3 368
(Income from net surplus cash)/cost of net debt	(6)	(8)	(9)
Income tax	61	53	108
Cash flow	225	236	467
Income taxes paid	(65)	(65)	(146)
Changes in working capital related to operating activities a	(408)	(416)	326
NET CASH GENERATED BY/(USED IN) OPERATING ACTIVITIES	(248)	(245)	647
B - NET CASH GENERATED BY/(USED IN) INVESTING ACTIVITIES
Purchase price of property, plant and equipment and intangible assets	(115)	(82)	(252)
Proceeds from disposals of property, plant and equipment and intangible assets	26	16	38
Net liabilities related to property, plant and equipment and intangible assets Purchase price of non-consolidated companies and other investments	(6)	(2)	15 (2)
Proceeds from disposals of non-consolidated companies and other investments			4
Net liabilities related to non-consolidated companies and other investments	(1)
Effects of changes in scope of consolidation
Purchase price of investments in consolidated activities		(4)	(14)
Proceeds from disposals of investments in consolidated activities	33	8	57
Net liabilities related to consolidated activities	1	3	1
Other effects of changes in scope of consolidation (cash of acquired and divested companies) Other cash flows related to investing activities (changes in loans, dividends received from non			2
consolidated companies)	21		24
NET CASH GENERATED BY/(USED IN) INVESTING ACTIVITIES	(41)	(61)	(127)
C - NET CASH GENERATED BY/(USED IN) FINANCING ACTIVITIES
Capital increases/(reductions) paid by shareholders & non-controlling interests and other transactions
between shareholders
Dividends paid
Dividends paid to shareholders of the parent company	(250)	(253)	(253)
Dividends paid by consolidated companies to non-controlling interests	(1)	(1)	(1)
Change in current and non-current debt	6	(4)	9
Income from net surplus cash/(cost of net debt)	6	8	9
Other cash flows related to financing activities NET CASH GENERATED BY/(USED IN) FINANCING ACTIVITIES	(239)	(250)	(236)
D - EFFECT OF FOREIGN EXCHANGE FLUCTUATIONS	(40)	128	122
CHANGE IN NET CASH POSITION (A + B + C + D)	(568)	(428)	406
Net cash position at start of period	3,854	3,449	3,449
Net cash flows	(568)	(428)	406
Other non-monetary flows		(1)	(1)
Net cash position at end of period	3,286	3,020	3,854
II - CASH FLOWS FROM DISCONTINUED AND HELD-FOR-SALE OPERATIONS

Net cash position at start of period

Net cash flows

Net cash position at end of period

(a) Definition of change in working capital related to operating activities: Current assets minus current liabilities (excluding income taxes paid, which are reported separately).

BOUYGUES IMMOBILIER GROUP CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEET (€ million)

ASSETS	30/06/2016 Net	31/12/2015 Net	30/06/2015 Net
Property, plant and equipment	20	19	19
Intangible assets	36	31	27
Goodwill
Investments in joint ventures and associates	6	5	6
Other non-current financial assets	11	10	11
Deferred tax assets and non-current tax receivable	19	27	29
NON-CURRENT ASSETS	92	92	92
Inventories	1,440	1,323	1,243
Advances and down-payments made on orders	24	20	20
Trade receivables	85	87	107
Tax asset (receivable)	21	12	15
Other current receivables and prepaid expenses	225	223	252
Cash and cash equivalents	39	69	42
Financial instruments - Hedging of debt
Other current financial assets CURRENT ASSETS	1,834	1,734	1,679
Held-for-sale assets and operations
TOTAL ASSETS	1,926	1,826	1,771
LIABILITIES AND SHAREHOLDERS' EQUITY	30/06/2016	31/12/2015	30/06/2015
Share capital	139	139	139
Share premium and reserves	256	256	257
Translation reserve	4	4	4
Treasury shares
Consolidated net profit/(loss)	34	77	34
SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE GROUP	433	476	434
Non-controlling interests	3	3	3
SHAREHOLDERS' EQUITY	436	479	437
Non-current debt	40	41	8
Non-current provisions	80	84	88
Deferred tax liabilities and non-current tax liabilities
NON-CURRENT LIABILITIES	120	125	96
Advances and down-payments received on orders	194	250	140
Current debt	4	10	28
Current taxes payable	10	1	2
Trade payables	757	768	783
Current provisions	21	34	26
Other current liabilities	149	146	171
Overdrafts and short-term bank borrowings Financial instruments - Hedging of debt	235	13	88
Other current financial liabilities
CURRENT LIABILITIES	1,370	1,222	1,238
Liabilities related to held-for-sale operations
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	1,926	1,826	1,771
Net surplus cash/(net debt)	(240)	5	(82)

CONSOLIDATED INCOME STATEMENT (€ million)

		First half		Second quarter	Full year
	2016	2015	2016	2015	2015
SALES a	1,047	1,058	572	545	2,304
Other revenues from operations
Purchases used in production	(808)	(764)	(436)	(444)	(1,684)
Personnel costs	(97)	(95)	(46)	(44)	(179)
External charges	(201)	(187)	(97)	(101)	(398)
Taxes other than income tax	(37)	(35)	(20)	(15)	(69)
Net depreciation and amortisation expense	(3)	(3)	(1)	(1)	(7)
Net charges to provisions and impairment losses	5	5		(1)	(9)
Changes in production and property development inventories	126	58	49	81	141
Other income from operations b	28	23	13	13	42
Other expenses on operations	(1)	(1)		(1)	(3)
CURRENT OPERATING PROFIT/(LOSS)	59	59	34	32	138
Other operating income
Other operating expenses	(2)		(1)		(4)
OPERATING PROFIT/(LOSS)	57	59	33	32	134
Financial income
Financial expenses	(1)	(1)	(1)	(1)	(1)
INCOME FROM NET SURPLUS CASH/(COST OF NET DEBT)	(1)	(1)	(1)	(1)	(1)
Other financial income Other financial expenses	1 (5)	(4)	(3)	(1)	1 (11)
Income tax	(18)	(20)	(11)	(11)	(45)
Share of profits/losses of joint ventures and associates					(1)
NET PROFIT/(LOSS) FROM CONTINUING OPERATIONS	34	34	18	19	77
Net profit/(loss) from discontinued and held-for-sale operations
NET PROFIT/(LOSS)	34	34	18	19	77
NET PROFIT/(LOSS) ATTRIBUTABLE TO THE GROUP	34	34	18	19	77
Net profit/(loss) attributable to non-controlling interests
Basic earnings per share from continuing operations (€)	375.50	378.47	204.99	209.24	842.09
Diluted earnings per share from continuing operations (€)	375.50	378.47	204.99	209.24	842.09
(a) Of which sales generated abroad
(b) Of which reversals of unutilised provisions/impairment losses	37	45	18	16	100
	25	19	11	11	30

CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE (€ million)

	First half	Full year
	2016	2015	2015
NET PROFIT/(LOSS)	34	34	77
Items not reclassifiable to profit or loss
Actuarial gains/losses on post-employment benefits
Change in remeasurement reserve
Net tax effect of items not reclassifiable to profit or loss
Share of non-reclassifiable income and expense of joint ventures and associates
Items reclassifiable to profit or loss
Change in cumulative translation adjustment
Net change in fair value of financial instruments used for hedging purposes and
of other financial assets (including available-for-sale financial assets)		1
Net tax effect of items reclassifiable to profit or loss
Share of reclassifiable income and expense of joint ventures and associates
INCOME AND EXPENSE RECOGNISED DIRECTLY IN EQUITY		1
TOTAL RECOGNISED INCOME AND EXPENSE	34	35	77
Recognised income and expense attributable to the Group	34	35	77
Recognised income and expense attributable to non-controlling interests

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (€ million)

	Share capital & share premium	Reserves related to capital/ retained earnings	Consolidated reserves and profit/(loss)	Treasury shares	Items recognised directly in equity	TOTAL ATTRIBUTABLE TO THE GROUP	Non controlling interests	TOTAL
POSITION AT 31 DECEMBER 2014	196	181	118		3	498	4	502
Movements during the first half of 2015 Capital and reserves transactions, net Acquisitions/disposals of treasury shares		1	2			3		3
Acquisitions/disposals without loss of control Dividend paid			(102)			(102)		(102)
Other transactions with shareholders Net profit/(loss) Translation adjustment			34			34		34
Other recognised income and expense					1	1		1
Total recognised income and expense a			34		1	35		35
Other transactions (changes in scope of consolidation and other items)							(1)	(1)
POSITION AT 30 JUNE 2015	196	182	52		4	434	3	437
Movements during the second half of 2015 Capital and reserves transactions, net Acquisitions/disposals of treasury shares Acquisitions/disposals without loss of control Dividend paid			(3)			(3)		(3)
Other transactions with shareholders Net profit/(loss) Translation adjustment			43			43		43
Other recognised income and expense			(1)			(1)		(1)
Total recognised income and expense a			42			42		42
Other transactions (changes in scope of consolidation and other items)			3			3		3
POSITION AT 31 DECEMBER 2015	196	182	94		4	476	3	479
Movements during the first half of 2016 Capital and reserves transactions, net Acquisitions/disposals of treasury shares		9	(9)
Acquisitions/disposals without loss of control Dividend paid			(77)			(77)		(77)
Other transactions with shareholders Net profit/(loss) Translation adjustment Other recognised income and expense			34			34		34
Total recognised income and expense a			34			34		34
Other transactions (changes in scope of consolidation and other items)
POSITION AT 30 JUNE 2016	196	191	42		4	433	3	436

(a) See statement of recognised income and expense.

CONSOLIDATED CASH FLOW STATEMENT (€ million)

	First half		Full year
	2016	2015	2015
I - CASH FLOW FROM CONTINUING OPERATIONS
A - NET CASH GENERATED BY/(USED IN) OPERATING ACTIVITIES
Net profit/(loss) from continuing operations	34	34	77
Share of profits/losses reverting to joint ventures and associates, net of dividends received			1
Elimination of dividends (non-consolidated companies) Charges to/(reversals of) depreciation, amortisation, impairment & non-current provisions	(1)	(4)	(4)
Gains and losses on asset disposals	1
Miscellaneous non-cash charges Sub-total	34	30	74
Income from net surplus cash/(cost of net debt)	1		1
Income tax	18	20	45
Cash flow	53	50	120
Income taxes paid	(11)	(42)	(63)
Changes in working capital related to operating activities a	(214)	(176)	(129)
NET CASH GENERATED BY/(USED IN) OPERATING ACTIVITIES	(172)	(168)	(72)
B - NET CASH GENERATED BY/(USED IN) INVESTING ACTIVITIES
Purchase price of property, plant and equipment and intangible assets Proceeds from disposals of property, plant and equipment and intangible assets	(10)	(6)	(13)
Net liabilities related to property, plant and equipment and intangible assets	(1)	(1)	(2)
Purchase price of non-consolidated companies and other investments		(1)	(1)
Proceeds from disposals of non-consolidated companies and other investments
Net liabilities related to non-consolidated companies and other investments
Effects of changes in scope of consolidation
Purchase price of investments in consolidated activities	(16)
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)	15	(7)	(7)
Other cash flows related to investing activities (changes in loans, dividends received from non
consolidated companies)		1	2
NET CASH GENERATED BY/(USED IN) INVESTING ACTIVITIES	(12)	(14)	(21)
C - NET CASH GENERATED BY/(USED IN) FINANCING ACTIVITIES Capital increases/(reductions) paid by shareholders & non-controlling interests and other transactions
between shareholders
Dividends paid
Dividends paid to shareholders of the parent company Dividends paid by consolidated companies to non-controlling interests	(77)	(102)	(102)
Change in current and non-current debt	9	12	26
Income from net surplus cash/(cost of net debt)	(1)		(1)
Other cash flows related to financing activities
NET CASH GENERATED BY/(USED IN) FINANCING ACTIVITIES	(69)	(90)	(77)
D - EFFECT OF FOREIGN EXCHANGE FLUCTUATIONS
CHANGE IN NET CASH POSITION (A + B + C + D)	(253)	(272)	(170)
Net cash position at start of period	56	226	226
Net cash flows	(253)	(272)	(170)
Other non-monetary flows	1
Net cash position at end of period	(196)	(46)	56
II - CASH FLOWS FROM DISCONTINUED AND HELD-FOR-SALE OPERATIONS
Net cash position at start of period
Net cash flows
Net cash position at end of period

(a) Definition of change in working capital related to operating activities: Current assets minus current liabilities (excluding income taxes paid, which are reported separately).

COLAS GROUP CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEET (€ million)

ASSETS	30/06/2016 Net	31/12/2015 Net	30/06/2015 Net
Property, plant and equipment	2,302	2,392	2,456
Intangible assets	95	86	91
Goodwill	498	507	524
Investments in joint ventures and associates	317	307	284
Other non-current financial assets	202	212	218
Deferred tax assets and non-current tax receivable	181	165	164
NON-CURRENT ASSETS	3,595	3,669	3,737
Inventories	575	511	695
Advances and down-payments made on orders
Trade receivables	3,040	2,360	3,297
Tax asset (receivable)	156	124	143
Other current receivables and prepaid expenses	660	543	716
Cash and cash equivalents	334	848	391
Financial instruments - Hedging of debt	19	18	18
Other current financial assets			1
CURRENT ASSETS	4,784	4,404	5,261
Held-for-sale assets and operations

TOTAL ASSETS 8,379 8,073 8,998 LIABILITIES AND SHAREHOLDERS' EQUITY 30/06/2016 31/12/2015 30/06/2015 Share capital 49 49 49 Share premium and reserves 2,388 2,328 2,317 Translation reserve 62 83 106 Treasury shares (2) (1) (1) Consolidated net profit/(loss) (71) 234 (69) SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE GROUP 2,426 2,693 2,402 Non-controlling interests 29 31 30 SHAREHOLDERS' EQUITY 2,455 2,724 2,432 Non-current debt 230 176 555 Non-current provisions 829 837 865 Deferred tax liabilities and non-current tax liabilities 72 73 86 NON-CURRENT LIABILITIES 1,131 1,086 1,506 Advances and down-payments received on orders 313 293 386 Current debt 82 44 95 Current taxes payable 21 57 22 Trade payables 1,931 1,763 2,055 Current provisions 316 348 276 Other current liabilities 1,769 1,669 1,895 Overdrafts and short-term bank borrowings 333 62 301 Financial instruments - Hedging of debt 24 24 27 Other current financial liabilities 4 3 3 CURRENT LIABILITIES 4,793 4,263 5,060 Liabilities related to held-for-sale operations

(569)
(316) 560

CONSOLIDATED INCOME STATEMENT (€ million)

		First half		Second quarter
	2016	2015	2016	2015	2015
SALES a	4,678	5,204	2,924	3,225	11,960
Other revenues from operations
Purchases used in production	(2,015)	(2,514)	(1,256)	(1,553)	(5,645)
Personnel costs	(1,604)	(1,653)	(858)	(897)	(3,271)
External charges	(1,115)	(1,086)	(627)	(601)	(2,379)
Taxes other than income tax	(85)	(92)	(34)	(35)	(160)
Net depreciation and amortisation expense	(171)	(183)	(99)	(108)	(420)
Net charges to provisions and impairment losses	(13)	(25)	(20)	(9)	(186)
Changes in production and property development inventories	1	(13)		(14)	(32)
Other income from operations b	339	332	126	149	658
Other expenses on operations	(100)	(89)	(18)	(32)	(181)
CURRENT OPERATING PROFIT/(LOSS)	(85)	(119)	138	125	344
Other operating income
Other operating expenses	(30)		(15)		(95)
OPERATING PROFIT/(LOSS)	(115)	(119)	123	125	249
Financial income	9	9	5	4	17
Financial expenses	(16)	(19)	(9)	(11)	(36)
INCOME FROM NET SURPLUS CASH/(COST OF NET DEBT)	(7)	(10)	(4)	(7)	(19)
Other financial income	3	9	2	6	13
Other financial expenses	(3)	(7)	(2)	(5)	(15)
Income tax	22	30	(35)	(34)	(68)
Share of net profits/losses of joint ventures and associates	31	30	18	18	78
NET PROFIT/(LOSS) FROM CONTINUING OPERATIONS	(69)	(67)	102	103	238
Net profit/(loss) from discontinued and held-for-sale operations
NET PROFIT/(LOSS)	(69)	(67)	102	103	238
NET PROFIT/(LOSS) ATTRIBUTABLE TO THE GROUP	(71)	(69)	100	101	234
Net profit/(loss) attributable to non-controlling interests	2	2	2	2	4
Basic earnings per share from continuing operations (€)	(2.17)	(2.10)	3.08	3.11	7.16
Diluted earnings per share from continuing operations (€)	(2.17)	(2.10)	3.08	3.11	7.16
(a) Of which sales generated abroad	2,040	2,391	1,370	1,601	5,916
(b) Of which reversals of unutilised provisions/impairment losses	60	40	31	20	106

CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE (€ million)

	First half	Full year
	2016	2015	2015
NET PROFIT/(LOSS)	(69)	(67)	238
Items not reclassifiable to profit or loss
Actuarial gains/losses on post-employment benefits	3	(2)	11
Change in remeasurement reserve
Net tax effect of items not reclassifiable to profit or loss	(1)		(2)
Share of non-reclassifiable income and expense of joint ventures and associates
Items reclassifiable to profit or loss
Change in cumulative translation adjustment	(18)	49	30
Net change in fair value of financial instruments used for hedging purposes and
of other financial assets (including available-for-sale financial assets)	2	(1)
Net tax effect of items reclassifiable to profit or loss		1
Share of reclassifiable income and expense of joint ventures and associates
	(3)	2	(1)
INCOME AND EXPENSE RECOGNISED DIRECTLY IN EQUITY	(17)	49	38
TOTAL RECOGNISED INCOME AND EXPENSE	(86)	(18)	276
Recognised income and expense attributable to the Group	(88)	(20)	271
Recognised income and expense attributable to non-controlling interests	2	2	5

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (€ million)

	Share capital & share premium	Reserves related to capital/ retained earnings	Consolidated reserves and profit/(loss)	Treasury shares	Items recognised directly in equity	TOTAL ATTRIBUTABLE TO THE GROUP	Non controlling interests	TOTAL
POSITION AT 31 DECEMBER 2014	384	866	1,682		(17)	2,915	30	2,945
Movements during the first half of 2015
Capital and reserves transactions, net
Acquisitions/disposals of treasury shares			1			1		1
Acquisitions/disposals without loss of control
Dividend paid Other transactions with shareholders			(503)			(503)	(2)	(505)
Net profit/(loss)			(69)			(69)	2	(67)
Translation adjustment					51	51		51
Other recognised income and expense					(2)	(2)		(2)
Total recognised income and expense b			(69)		49	(20)	2	(18)
Other transactions (changes in scope of
consolidation and other items)			9			9		9
POSITION AT 30 JUNE 2015	384	866	1,120		32	2,402	30	2,432
Movements during the second half of 2015 Capital and reserves transactions, net Acquisitions/disposals of treasury shares Acquisitions/disposals without loss of control Dividend paid							1	1
Other transactions with shareholders
Net profit/(loss)			303			303	2	305
Translation adjustment					(23)	(23)	1	(22)
Other recognised income and expense					11	11		11
Total recognised income and expense b			303		(12)	291	3	294
Other transactions (changes in scope of
consolidation and other items) POSITION AT 31 DECEMBER 2015	384	866	1,423		20	2,693	(3) 31	(3) 2,724
Movements during the first half of 2016
Capital and reserves transactions, net
Acquisitions/disposals of treasury shares			(1)			(1)		(1)
Acquisitions/disposals without loss of control Dividend paid			(178)			(178)	(3)	(181)
Other transactions with shareholders
Net profit/(loss)			(71)			(71)	2	(69)
Translation adjustment					(21)	a (21)		(21)
Other recognised income and expense					4	4		4
Total recognised income and expense b			(71)		(17)	(88)	2	(86)
Other transactions (changes in scope of
consolidation and other items)							(1)	(1)
POSITION AT 30 JUNE 2016	384	866	1,173		3	2,426	29	2,455

(a) Change in translation reserve:

Attributable to:	Group	Non controlling interests	Total
			(18)
			(3)
			(21)
			(18) (3) (21)

(b) See statement of recognised income and expense.

CONSOLIDATED CASH FLOW STATEMENT (€ million)

	First half		Full year
	2016	2015	2015
I - CASH FLOW FROM CONTINUING OPERATIONS
A - NET CASH GENERATED BY/(USED IN) OPERATING ACTIVITIES
Net profit/(loss) from continuing operations	(69)	(67)	238
Share of profits/losses reverting to joint ventures and associates, net of dividends received	(10)	(19)	(35)
Elimination of dividends (non-consolidated companies)	(1)	(1)	(2)
Charges to/(reversals of) depreciation, amortisation, impairment & non-current provisions Gains and losses on asset disposals	171 (15)	198 (53)	495 (107)
Miscellaneous non-cash charges			(6)
Sub-total	76	58	583
(Income from net surplus cash)/cost of net debt Income tax	7 (22)	10 (30)	19 68
Cash flow	61	38	670
Income taxes paid	(67)	(45)	(104)
Changes in working capital related to operating activities a	(541)	(572)	128
NET CASH GENERATED BY/(USED IN) OPERATING ACTIVITIES	(547)	(579)	694
B - NET CASH GENERATED BY/(USED IN) INVESTING ACTIVITIES
Purchase price of property, plant and equipment and intangible assets Proceeds from disposals of property, plant and equipment and intangible assets	(143) 15	(124) 40	(406) 95
Net liabilities related to property, plant and equipment and intangible assets	(66)	(74)	(20)
Purchase price of non-consolidated companies and other investments	0		(5)
Proceeds from disposals of non-consolidated companies and other investments	1		2
Net liabilities related to non-consolidated companies and other investments
Effects of changes in scope of consolidation
Purchase price of investments in consolidated activities	(6)	(12)	(13)
Proceeds from disposals of investments in consolidated activities	48		26
Net liabilities related to consolidated activities Other effects of changes in scope of consolidation (cash of acquired and divested companies)	1	6	5 7
Other cash flows related to investing activities (changes in loans, dividends received from non
consolidated companies)	11		5
NET CASH GENERATED BY/(USED IN) INVESTING ACTIVITIES	(139)	(164)	(304)
C - NET CASH GENERATED BY/(USED IN) FINANCING ACTIVITIES Capital increases/(reductions) paid by shareholders & non-controlling interests and other transactions
between shareholders	(1)	1	1
Dividends paid
Dividends paid to shareholders of the parent company Dividends paid by consolidated companies to non-controlling interests	(178) (3)	(503) (2)	(503) (1)
Change in current and non-current debt	98	376	(53)
Income from net surplus cash/(cost of net debt)	(7)	(10)	(19)
Other cash flows related to financing activities NET CASH GENERATED BY/(USED IN) FINANCING ACTIVITIES	1 (90)	(138)	(575)
D - EFFECT OF FOREIGN EXCHANGE FLUCTUATIONS	(9)	15	15
CHANGE IN NET CASH POSITION (A + B + C + D)	(785)	(866)	(170)
Net cash position at start of period	786	956	956
Net cash flows	(785)	(866)	(170)
Other non-monetary flows
Net cash position at end of period	1	90	786
II - CASH FLOWS FROM DISCONTINUED AND HELD-FOR-SALE OPERATIONS
Net cash position at start of period
Net cash flows
Net cash position at end of period

(a) Definition of change in working capital related to operating activities: Current assets minus current liabilities (excluding income taxes paid, which are reported separately).

TF1 GROUP CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEET (€ million)

ASSETS	30/06/2016 Net	31/12/2015 Net	30/06/2015 Net
Property, plant and equipment	174	170	172
Intangible assets	237	125	108
Goodwill	563	433	432
Investments in joint ventures and associates	85	84	79
Other non-current financial assets	35	30	29
Deferred tax assets and non-current tax receivable
NON-CURRENT ASSETS	1,094	842	820
Inventories, programmes and broadcasting rights	714	727	675
Advances and down-payments made on orders	148	173	192
Trade receivables	625	540	643
Tax asset (receivable)	29		2
Other current receivables and prepaid expenses	335	225	326
Cash and cash equivalents	358	703	313
Financial instruments - Hedging of debt
Other current financial assets		4	7
CURRENT ASSETS	2,209	2,372	2,158
Held-for-sale assets and operations			491
TOTAL ASSETS	3,303	3,214	3,469
LIABILITIES AND SHAREHOLDERS' EQUITY	30/06/2016	31/12/2015	30/06/2015
Share capital	42	42	42
Share premium and reserves	1,426	1,620	1,650
Translation reserve
Treasury shares	(3)	(20)
Consolidated net profit/(loss)	(1)	100	61
SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE GROUP	1,464	1,742	1,753
Non-controlling interests	12	19	24
SHAREHOLDERS' EQUITY	1,476	1,761	1,777

SHAREHOLDERS' EQUITY	1,476	1,761	1,777
Non-current debt	203
Non-current provisions	52	51	50
Deferred tax liabilities and non-current tax liabilities	43	12	30
NON-CURRENT LIABILITIES	298	63	80
Advances and down-payments received on orders	6	3	10
Current debt	19
Current taxes payable		10
Trade payables	617	673	665
Current provisions	37	37	35
Other current liabilities	845	665	897
Overdrafts and short-term bank borrowings	3	2	5
Financial instruments - Hedging of debt
Other current financial liabilities	2
CURRENT LIABILITIES	1,529	1,390	1,612
Liabilities related to held-for-sale operations
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	3,303	3,214	3,469
Net surplus cash/(net debt)	133	701	308

CONSOLIDATED INCOME STATEMENT (€ million)

	First half		Second quarter	Full year
	2016	2015	2016	2015	2015
SALES a	1,025	981	543	506	2,004
Other revenues from operations	5		2
Purchases used in production	(470)	(492)	(238)	(227)	(1,017)
Personnel costs	(207)	(168)	(103)	(79)	(327)
External charges	(187)	(170)	(86)	(81)	(341)
Taxes other than income tax	(61)	(64)	(28)	(31)	(124)
Net depreciation and amortisation expense	(91)	(28)	(41)	(14)	(57)
Net charges to provisions and impairment losses	(19)	19	(26)	6	12
Changes in production and property development inventories
Other income from operations b	116	69	46	7	106
Other expenses on operations b	(53)	(50)	(26)	(18)	(98)
CURRENT OPERATING PROFIT/(LOSS)	58	97	43	69	158
Other operating income
Other operating expenses	(55)	(12)	(21)	(12)	(17)
OPERATING PROFIT/(LOSS)	3	85	22	57	141
Financial income		1		1	1
Financial expenses	(1)		(1)
INCOME FROM NET SURPLUS CASH/(COST OF NET DEBT)	(1)	1	(1)	1	1
Other financial income	1		1		1
Other financial expenses	(2)		(2)		(4)
Income tax		(23)	(9)	(28)	(42)
Share of profits/losses of joint ventures and associates		1	2		6
NET PROFIT/(LOSS) FROM CONTINUING OPERATIONS	1	64	13	30	103
Net profit/(loss) from discontinued and held-for-sale operations
NET PROFIT/(LOSS)	1	64	13	30	103
NET PROFIT/(LOSS) ATTRIBUTABLE TO THE GROUP	(1)	61	12	28	100
Net profit/(loss) attributable to non-controlling interests	2	3	1	2	3
Basic earnings per share from continuing operations (€)		0.29	0.06	0.14	0.47
Diluted earnings per share from continuing operations (€)		0.29	0.06	0.14	0.47
(a) Of which sales generated abroad	25	29	18	12	60
(b) Of which reversals of unutilised provisions/impairment losses	6	4	2	1	8

CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE (€ million)

	First half		Full year
	2016	2015	2015
NET PROFIT/(LOSS)	1	64	103
Items not reclassifiable to profit or loss
Actuarial gains/losses on post-employment benefits			(3)
Change in remeasurement reserve
Net tax effect of items not reclassifiable to profit or loss			1
Share of non-reclassifiable income and expense of joint ventures and associates
Items reclassifiable to profit or loss
Change in cumulative translation adjustment		1
Net change in fair value of financial instruments used for hedging purposes and
of other financial assets (including available-for-sale financial assets)	(2)	(1)	(2)
Net tax effect of items reclassifiable to profit or loss	1		1
Share of reclassifiable income and expense of joint ventures and associates
INCOME AND EXPENSE RECOGNISED DIRECTLY IN EQUITY	(1)		(3)
TOTAL RECOGNISED INCOME AND EXPENSE		64	100
Recognised income and expense attributable to the Group	(2)	61	97
Recognised income and expense attributable to non-controlling interests	2	3	3

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (€ million)

	Share capital & share premium	Reserves related to capital/ retained earnings	Consolidated reserves and profit/(loss)	Treasury shares	Items recognised directly in equity	TOTAL ATTRIBUTABLE TO THE GROUP	Non controlling interests	TOTAL
POSITION AT 31 DECEMBER 2014	50	1,111	848		(5)	2,004	36	2,040
Movements during the first half of 2015
Capital and reserves transactions, net Acquisitions/disposals of treasury shares Acquisitions/disposals without loss of control	2					2		2
Dividend paid Other transactions with shareholders			(317)			(317)		(317)
Net profit/(loss)			61			61	3	64
Translation adjustment					1	1		1
Other recognised income and expense					(1)	(1)		(1)
Total recognised income and expense a			61			61	3	64
Other transactions (changes in scope of consolidation and other items)			3			3	(15)	(12)
POSITION AT 30 JUNE 2015	52	1,111	595		(5)	1,753	24	1,777
Movements during the second half of 2015
Capital and reserves transactions, net Acquisitions/disposals of treasury shares	2		(19)	20 (40)		3 (40)		3 (40)
Acquisitions/disposals without loss of control Dividend paid			(10)			(10)	(5)	(15)
Other transactions with shareholders
Net profit/(loss) Translation adjustment			39		(1)	39 (1)		39 (1)
Other recognised income and expense					(2)	(2)		(2)
Total recognised income and expense a			39		(3)	36		36
Other transactions (changes in scope of consolidation and other items)
POSITION AT 31 DECEMBER 2015	54	1,111	605	(20)	(8)	1,742	19	1,761
Movements during the first half of 2016
Capital and reserves transactions, net	1		1			2		2
Acquisitions/disposals of treasury shares				(11)		(11)		(11)
Acquisitions/disposals without loss of control			(3)	28		25	(24)	1
Dividend paid			(167)			(167)		(167)
Other transactions with shareholders Net profit/(loss)			(1)			(1)	2	1
Translation adjustment
Other recognised income and expense					(1)	(1)		(1)
Total recognised income and expense a			(1)		(1)	(2)	2
Other transactions (changes in scope of
consolidation and other items)			(125)			(125)	15	(110)
POSITION AT 30 JUNE 2016	55	1,111	310	(3)	(9)	1,464	12	1,476

(a) See statement of recognised income and expense.

CONSOLIDATED CASH FLOW STATEMENT (€ million)

		First half	Full year
	2016	2015	2015
I - CASH FLOW FROM CONTINUING OPERATIONS
A - NET CASH GENERATED BY/(USED IN) OPERATING ACTIVITIES
Net profit/(loss) from continuing operations Share of profits/losses reverting to joint ventures and associates, net of dividends received	1	64 13	103 8
Elimination of dividends (non-consolidated companies)
Charges to/(reversals of) depreciation, amortisation, impairment & non-current provisions	121	25	54
Gains and losses on asset disposals Miscellaneous non-cash charges	(2)	(33) (4)	(32) (10)
Sub-total	120	65	123
(Income from net surplus cash)/cost of net debt Income tax	1	(1) 23	(1) 42
Cash flow	121	87	164
Income taxes paid	(44)	(13)	(35)
Changes in working capital related to operating activities a	(38)	63	8
NET CASH GENERATED BY/(USED IN) OPERATING ACTIVITIES	39	137	137
B - NET CASH GENERATED BY/(USED IN) INVESTING ACTIVITIES Purchase price of property, plant and equipment and intangible assets	(96)	(15)	(58)
Proceeds from disposals of property, plant and equipment and intangible assets
Net liabilities related to property, plant and equipment and intangible assets Purchase price of non-consolidated companies and other investments	(5) (2)	(1)	(6)
Proceeds from disposals of non-consolidated companies and other investments
Net liabilities related to non-consolidated companies and other investments
Effects of changes in scope of consolidation
Purchase price of investments in consolidated activities	(179)
Proceeds from disposals of investments in consolidated activities Net liabilities related to consolidated activities	2	36	527
Other effects of changes in scope of consolidation (cash of acquired and divested companies)	71	(33)	(32)
Other cash flows related to investing activities (changes in loans, dividends received from non-consolidated
companies) NET CASH GENERATED BY/(USED IN) INVESTING ACTIVITIES	(4) (213)	1 (12)	2 433
C - NET CASH GENERATED BY/(USED IN) FINANCING ACTIVITIES
Capital increases/(reductions) paid by shareholders & non-controlling interests and other transactions between shareholders	(12)	2	(50)
Dividends paid
Dividends paid to shareholders of the parent company Dividends paid by consolidated companies to non-controlling interests	(167)	(317)	(317)
Change in current and non-current debt Income from net surplus cash/(cost of net debt)	8 (1)	(1) 1	(1) 1
Other cash flows related to financing activities
NET CASH GENERATED BY/(USED IN) FINANCING ACTIVITIES	(172)	(315)	(367)
D - EFFECT OF FOREIGN EXCHANGE FLUCTUATIONS
CHANGE IN NET CASH POSITION (A + B + C + D)	(346)	(190)	203
Net cash position at start of period	701	498	498
Net cash flows	(346)	(190)	203
Net cash position at end of period	355	308	701
II - CASH FLOWS FROM DISCONTINUED AND HELD-FOR-SALE OPERATIONS
Net cash position at start of period
Net cash flows
Net cash position at end of period

(a) Definition of change in working capital related to operating activities: Current assets minus current liabilities (excluding income taxes paid, which are reported separately).

BOUYGUES TELECOM GROUP CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEET (€ million)

ASSETS	30/06/2016 Net	31/12/2015 Net	30/06/2015 Net
Property, plant and equipment	3,170	3,083	3,072
Intangible assets	1,785	1,820	1,387
Goodwill	5	5	5
Investments in joint ventures and associates			12
Other non-current financial assets	10	11	15
Deferred tax assets and non-current tax receivable	26	27	18
NON-CURRENT ASSETS	4,996	4,946	4,509
Inventories	110	116	112
Advances and down-payments made on orders	18	19	26
Trade receivables	711	724	750
Tax asset (receivable)	30	25	20
Other current receivables and prepaid expenses	425	367	351
Cash and cash equivalents	21	19	18
Financial instruments - Hedging of debt
Other current financial assets
CURRENT ASSETS	1,315	1,270	1,277
Held-for-sale assets and operations
TOTAL ASSETS	6,311	6,216	5,786

LIABILITIES AND SHAREHOLDERS' EQUITY	30/06/2016	31/12/2015	30/06/2015
Share capital	713	713	713
Share premium and reserves	2,047	2,112	2,107
Translation reserve
Treasury shares
Consolidated net profit/(loss)	(14)	(65)	(73)
SHAREHOLDERS' EQUITY ATTRIBUTABLE TO THE GROUP	2,746	2,760	2,747
Non-controlling interests
SHAREHOLDERS' EQUITY	2,746	2,760	2,747
Non-current debt	1,246	876	964
Non-current provisions	254	258	310
Deferred tax liabilities and non-current tax liabilities
NON-CURRENT LIABILITIES	1,500	1,134	1,274
Advances and down-payments received on orders	4	4	4
Current debt	39	33	31
Current taxes payable	4	4
Trade payables	937	978	875
Current provisions	7	6	71
Other current liabilities	1,071	1,297	783
Overdrafts and short-term bank borrowings	3
Financial instruments - Hedging of debt
Other current financial liabilities			1
CURRENT LIABILITIES	2,065	2,322	1,765
Liabilities related to held-for-sale operations
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	6,311	6,216	5,786
Net surplus cash/(net debt)	(1,267)	(890)	(977)

CONSOLIDATED INCOME STATEMENT (€ million)

		First half		Second quarter
	2016	2015	2016	2015	2015
SALES a	2,291	2,156	1,160	1,093	4,505
Other revenues from operations
Purchases used in production	(324)	(306)	(146)	(149)	(709)
Personnel costs	(259)	(248)	(130)	(121)	(491)
External charges	(1,077)	(1,047)	(545)	(531)	(2,142)
Taxes other than income tax	(94)	(98)	(13)	(18)	(138)
Net depreciation and amortisation expense	(378)	(377)	(192)	(189)	(773)
Net charges to provisions and impairment losses	(4)	(6)	(2)	(9)	(2)
Changes in production and property development inventories
Other income from operations b	55	62	30	17	75
Other expenses on operations	(172)	(190)	(91)	(85)	(336)
CURRENT OPERATING PROFIT/(LOSS)	38	(54)	71	8	(11)
Other operating income	5	23	4	9	32
Other operating expenses	(48)	(78)	(25)	(42)	(155)
OPERATING PROFIT/(LOSS)	(5)	(109)	50	(25)	(134)
Financial income
Financial expenses	(5)	(4)	(3)	(2)	(8)
INCOME FROM NET SURPLUS CASH/(COST OF NET DEBT)	(5)	(4)	(3)	(2)	(8)
Other financial income
Other financial expenses	(3)	(4)	(2)	(3)	(8)
Income tax	(1)	43	(15)	11	51
Share of profits/losses of joint ventures and associates		1		1	34
NET PROFIT/(LOSS) FROM CONTINUING OPERATIONS	(14)	(73)	30	(18)	(65)
Net profit/(loss) from discontinued and held-for-sale operations
NET PROFIT/(LOSS)	(14)	(73)	30	(18)	(65)
NET PROFIT/(LOSS) ATTRIBUTABLE TO THE GROUP	(14)	(73)	30	(18)	(65)
Net profit/(loss) attributable to non-controlling interests
Basic earnings per share from continuing operations (€)	(0.29)	(1.56)	0.66	(0.39)	(1.38)
Diluted earnings per share from continuing operations (€)	(0.29)	(1.56)	0.66	(0.39)	(1.38)
(a) Of which sales generated abroad
(b) Of which reversals of unutilised provisions/impairment losses	12	6	3	1	12

BOUYGUES TELECOM GROUP CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE (€ million)

		First half
	2016	2015	2015
NET PROFIT/(LOSS)	(14)	(73)	(65)
Items not reclassifiable to profit or loss
Actuarial gains/losses on post-employment benefits			5
Change in remeasurement reserve
Net tax effect of items not reclassifiable to profit or loss			(2)
Share of non-reclassifiable income and expense of joint ventures and associates
Items reclassifiable to profit or loss
Change in cumulative translation adjustment
Net change in fair value of financial instruments used for hedging purposes and
of other financial assets (including available-for-sale financial assets)		(1)
Net tax effect of items reclassifiable to profit or loss
Share of reclassifiable income and expense of joint ventures and associates
INCOME AND EXPENSE RECOGNISED DIRECTLY IN EQUITY		(1)	3
TOTAL RECOGNISED INCOME AND EXPENSE	(14)	(74)	(62)
Recognised income and expense attributable to the Group	(14)	(74)	(62)
Recognised income and expense attributable to non-controlling interests

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (€ million)

	Share capital & share premium	Reserves related to capital/ retained earnings	Consolidated reserves and profit/(loss)	Treasury shares	Items recognised directly in equity	TOTAL ATTRIBUTABLE TO THE GROUP	Non controlling interests	TOTAL
POSITION AT 31 DECEMBER 2014	1,742	652	422		(1)	2,815		2,815
Movements during the first half of 2015 Capital and reserves transactions, net Acquisitions/disposals of treasury shares Acquisitions/disposals without loss of control Dividend paid		61	(61)
Other transactions with shareholders Net profit/(loss) Translation adjustment Other recognised income and expense			(73)		(1)	(73) (1)		(73) (1)
Total recognised income and expense a			(73)		(1)	(74)		(74)
Other transactions (changes in scope of consolidation and other items)			6			6		6
POSITION AT 30 JUNE 2015	1,742	713	294		(2)	2,747		2,747
Movements during the second half of 2015 Capital and reserves transactions, net Acquisitions/disposals of treasury shares Acquisitions/disposals without loss of control Dividend paid Other transactions with shareholders Net profit/(loss) Translation adjustment Other recognised income and expense			1 8		4	1 8 4		1 8 4
Total recognised income and expense a			8		4	12		12
Other transactions (changes in scope of consolidation and other items)
POSITION AT 31 DECEMBER 2015	1,742	713	303		2	2,760		2,760
Movements during the first half of 2016 Capital and reserves transactions, net Acquisitions/disposals of treasury shares Acquisitions/disposals without loss of control Dividend paid		(88)	88
Other transactions with shareholders Net profit/(loss) Translation adjustment Other recognised income and expense			(14)			(14)		(14)
Total recognised income and expense a			(14)			(14)		(14)
Other transactions (changes in scope of consolidation and other items)
POSITION AT 30 JUNE 2016	1,742	625	377		2	2,746		2,746

(a) See statement of recognised income and expense.

CONSOLIDATED CASH FLOW STATEMENT (€ million)

	First half		Full year
	2016	2015	2015
I - CASH FLOW FROM CONTINUING OPERATIONS
A - NET CASH GENERATED BY/(USED IN) OPERATING ACTIVITIES
Net profit/(loss) from continuing operations	(14)	(73)	(65)
Share of profits/losses reverting to joint ventures and associates, net of dividends received			(33)
Elimination of dividends (non-consolidated companies)
Charges to/(reversals of) depreciation, amortisation, impairment & non-current provisions Gains and losses on asset disposals	417 (8)	389 (3)	798 (3)
Miscellaneous non-cash charges
Sub-total	395	313	697
(Income from net surplus cash)/cost of net debt Income tax	5 1	3 (43)	8 (51)
Cash flow	401	273	654
Income taxes paid	(5)	31	27
Changes in working capital related to operating activities a	(141) 255	(131) 173	(84) 597
NET CASH GENERATED BY/(USED IN) OPERATING ACTIVITIES
B - NET CASH GENERATED BY/(USED IN) INVESTING ACTIVITIES
Purchase price of property, plant and equipment and intangible assets	(478)	(384)	(1,298)
Proceeds from disposals of property, plant and equipment and intangible assets	14	4	9
Net liabilities related to property, plant and equipment and intangible assets Purchase price of non-consolidated companies and other investments	(164)	(2)	524
Proceeds from disposals of non-consolidated companies and other investments			(1)
Net liabilities related to non-consolidated companies and other investments
Effects of changes in scope of consolidation Purchase price of investments in consolidated activities
Proceeds from disposals of investments in consolidated activities			46
Net liabilities related to consolidated activities
Other effects of changes in scope of consolidation (cash of acquired and divested companies)
Other cash flows related to investing activities (changes in loans, dividends received from non
consolidated companies)		1	5
NET CASH GENERATED BY/(USED IN) INVESTING ACTIVITIES	(628)	(381)	(715)
C - NET CASH GENERATED BY/(USED IN) FINANCING ACTIVITIES
Capital increases/(reductions) paid by shareholders & non-controlling interests and other transactions
between shareholders
Dividends paid Dividends paid to shareholders of the parent company
Dividends paid by consolidated companies to non-controlling interests
Change in current and non-current debt	377	217	133
Income from net surplus cash/(cost of net debt)	(5)	(3)	(8)
Other cash flows related to financing activities
NET CASH GENERATED BY/(USED IN) FINANCING ACTIVITIES	372	214	125
D - EFFECT OF FOREIGN EXCHANGE FLUCTUATIONS
CHANGE IN NET CASH POSITION (A + B + C + D)	(1)	6	7
Net cash position at start of period	19	12	12
Net cash flows	(1)	6	7
Other non-monetary flows
Net cash position at end of period	18	18	19
II - CASH FLOWS FROM DISCONTINUED AND HELD-FOR-SALE OPERATIONS
Net cash position at start of period
Net cash flows
Net cash position at end of period

(a) Definition of change in working capital related to operating activities: Current assets minus current liabilities (excluding income taxes paid, which are reported separately).