Obbligazione BOUYGUES SA 4.25% ( FR0010212852 ) in EUR

BOUYGUES SA

100 EUR ⇌

Francia

FR0010212852 ( in EUR )

4.25% per anno ( pagato 1 volta l'anno)

22/07/2020 - Obbligazione è scaduto

Prospetto opuscolo dell'obbligazione Bouygues FR0010212852 in EUR 4.25%, scaduta

50 000 EUR

1 000 000 000 EUR

Bouygues è un gruppo francese multinazionale operante nei settori delle costruzioni, delle telecomunicazioni e dei media.

The Obbligazione issued by BOUYGUES SA ( France ) , in EUR, with the ISIN code FR0010212852, pays a coupon of 4.25% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 22/07/2020

PROSPECTUS dated 16 February 2006

(a société anonyme incorporated in the Republic of France)
Euro 250,000,000 4.25 per cent. Bonds due 2020
to be assimilated (assimilées) with the existing
Euro 750,000,000 4.25 per cent. Bonds due 2020 issued on 22 July 2005
Issue Price: 97.203 per cent. of the principal amount of the Bonds plus an amount
of Euro 1,240.07 per Bond corresponding to accrued interest with respect to the period
from, and including, 22 July 2005 to, but excluding, 20 February 2006
This prospectus constitutes a prospectus (the "Prospectus") for the purposes of Article 5.3 of Directive 2003/71/EC (the "Prospectus Directive")
and the relevant implementing measures in the Grand Duchy of Luxembourg. This Prospectus contains information relating to the issue by Bouygues
S.A. (the "Issuer") of its Euro 250,000,000 4.25 per cent. Bonds due 2020 (the "Bonds") to be assimilated (assimilées) and be interchangeable for
trading purposes with, the existing Euro 750,000,000 4.25 per cent. Bonds due 2020 issued on 22 July 2005 (the "Existing Bonds") immediately
upon their issue.
The Bonds will be issued outside the Republic of France on 20 February 2006 and will bear interest at a rate of 4.25 per cent. per annum from, and
including, 22 July 2005 to, but excluding, 22 July 2020, payable annually in arrear on 22 July in each year, commencing on 22 July 2006, as more
fully described in "Terms and Conditions of the Bonds Interest" herein. Payments of principal and interest on the Bonds will be made without
deduction for or on account of French taxes as more fully described in "Terms and Conditions of the Bonds Taxation".
Unless previously redeemed or purchased and cancelled, the Bonds will be redeemed in full at their principal amount on 22 July 2020. The Bonds
may, in certain circumstances, be redeemed, in whole but not in part, at their principal amount together with accrued interest in the event that certain
French taxes are imposed (See "Terms and Conditions of the Bonds Redemption and Purchase" herein).
Application has been made for the Bonds to be admitted to the official list and traded on the Regulated Market (regulated by Directive 2004/39/EC) of
the Luxembourg Stock Exchange in accordance with the Prospectus Directive. This Prospectus (together with any documents incorporated by
reference therein) is available on the Luxembourg Stock Exchange website (www.bourse.lu).
The Bonds have been accepted for clearance through Euroclear France, Clearstream Banking, société anonyme ("Clearstream, Luxembourg") and
Euroclear Bank SA/N.V., as operator of the Euroclear System ("Euroclear"). The Bonds will on the Issue Date be inscribed (inscription en compte) in
the books of Euroclear France which shall credit the accounts of the Account Holders (as defined in "Terms and Conditions of the Bonds - Form,
Denomination and Title" below) including the depositary banks for Euroclear and Clearstream, Luxembourg.
The Bonds will be issued in dematerialised bearer form in the denomination of 50,000 each. The Bonds will at all times be represented in book entry
form (dématérialisé) in the books of the Account Holders in compliance with Article L.211-4 of the French Code monétaire et financier. No physical
document of title will be issued in respect of the Bonds.
The Bonds have been assigned a rating of A- by Standard & Poor's Ratings Services. A rating is not a recommendation to buy, sell or hold Bonds
and may be subject to revision, suspension, reduction or withdrawal at any time by the relevant rating agency.
See "Risk Factors" on page 4 of this Prospectus for certain information relevant to an investment in the Bonds.

Joint Lead Managers
ABN AMRO
CALYON Corporate and Investment Bank
HSBC
NATEXIS BANQUES POPULAIRES
1

The Issuer accepts responsibility for the information contained in (or incorporated by reference in) this
Prospectus. To the best of the knowledge and belief of the Issuer, having taking all reasonable care to
ensure that such is the case, the information contained (or incorporated by reference in) in this Prospectus is
in accordance with the facts and does not omit anything likely to affect the import of such information.
The delivery of this Prospectus at any time does not imply that any information contained herein or therein is
correct at any time subsequent to the date hereof.
In connection with the issue and sale of the Bonds, no person is authorised to give any information or to
make any representation not contained (or incorporated by reference in) in this Prospectus, and neither the
Issuer nor any of the Managers accepts responsibility for any information or representation so given that is
not contained (or incorporated by reference in) in this Prospectus. This Prospectus does not constitute an
offer of Bonds, and neither may be used for the purposes of an offer or solicitation by anyone in any
jurisdiction in which such offer or solicitation is not authorised, or to any person to whom it is unlawful to
make such offer or solicitation and no action is being taken to permit an offering of the Bonds or the
distribution of this Prospectus in any jurisdiction where any such action is required except as specified
herein.
The distribution of this Prospectus and the offering of the Bonds in certain jurisdictions may be restricted by
law. Persons into whose possession this Prospectus comes are required by the Issuer to inform themselves
about, and to observe, and such restrictions.
The Bonds have not been and will not be registered under the United Securities Act of 1933 , as amended
(the "Securities Act") and, subject to certain exceptions, may not be offered, sold or delivered within the
United States.
A further description of certain restrictions on offers and sales of the Bonds in the United States, and in
certain other jurisdictions, is set forth below under "Subscription and Sale".
In this Prospectus, references to "euro", "EURO", `Euro" and "" refer to the currency introduced at the start
of the third stage of European economic and monetary union pursuant to the Treaty establishing the
European Community, as amended by the Treaty on European Union and as amended by the Treaty of
Amsterdam.
In connection with the issue of the Bonds, HSBC France will act as stabilising manager (the "Stabilising
Manager"). The Stabilising Manager may over-allot Bonds (provided that the aggregate principal amount of
Bonds allotted does not exceed 105 per cent. of the aggregate nominal amount of the Bonds) or effect
transactions with a view to supporting the market price of the Bonds at a level higher than that which might
otherwise prevail. However, there is no assurance that the Stabilising Manager will undertake stabilisation
action. Any stabilisation action may begin on or after the date on which adequate public disclosure of the
final terms of the offer of the Bonds is made and, if begun, may be ended at any time, but it must end no
later than the earlier of 30 days after the issue date of the Bonds and 60 days after the date of the allotment
of the Bonds. Such stabilisation shall be made in accordance with applicable laws and regulations.

2

TABLE OF CONTENTS

RISK FACTORS RELATING TO THE BONDS ................................................................................................ 4
DOCUMENTS TO BE INCORPORATED BY REFERENCE............................................................................ 5
COMPLEMENTARY INFORMATION ABOUT THE ISSUER........................................................................... 9
TERMS AND CONDITIONS OF THE BONDS............................................................................................... 12
USE OF PROCEEDS ..................................................................................................................................... 21
RECENT DEVELOPMENTS .......................................................................................................................... 22
TAXATION...................................................................................................................................................... 42
SUBSCRIPTION AND SALE.......................................................................................................................... 44
GENERAL INFORMATION ............................................................................................................................ 46

3

RISK FACTORS RELATING TO THE BONDS

The following are certain risk factors of the offering of the Bonds of which prospective investors should be
aware. Prior to making an investment decision, prospective investors should consider carefully all of the
information set out in this Prospectus, including in particular the following risk factors detailed below. Further
risk factors relating to the Issuer and its activities are contained in the Reference Document. Prospective
investors should make their own independent evaluations of all investment considerations. Terms defined in
"Terms and Conditions of the Bonds" below shall have the same meaning where used below.

Prior Market for the Bonds; Resale Restrictions
While there is an existing market for the Existing Bonds with which the Bonds will be assimilated (assimilées)
and be interchangeable for trading purposes as described in this Prospectus, there can be no assurance that
such market will further develop and/or be maintained for the Bonds or the Existing Bonds, or that holders of
the Bonds will be able to sell their Bonds in the secondary market in which case the market or trading price
and liquidity of the Bonds may be adversely affected.
Fixed Rate Interest
Subsequent changes in interest rates may adversely affect the value of the Bonds.
The Bonds may be redeemed prior to maturity
In the event that the Issuer would be obliged to pay additional amounts in respect of any Bonds due to any
withholding as provided in Condition 5(b) of the Terms and Conditions of the Bonds, the Issuer may and, in
certain circumstances, shall redeem all of the Bonds then outstanding in accordance with such Condition. As
a consequence, investors that choose to reinvest monies they receive through an early redemption may be
able to do so only in securities with a lower yield than the redeemed Bonds.
4

DOCUMENTS TO BE INCORPORATED BY REFERENCE
This Prospectus should be read and construed in conjunction with the following documents all of which are
incorporated by reference in the Prospectus and which the Issuer has filed with the Commission de
Surveillance du Secteur Financier:
(i)
the reference document dated 21 July 2005, with the exception of the section entitled "Auditors'
opinion on the financial review" (the "Reference Document");
(ii)
the section entitled "Complementary information about the Issuer", with the exception of paragraph
9.1 thereof, contained on pages 8 to 12 of the prospectus dated 21 July 2005 in relation to the issue
of the Existing Bonds (the "Existing Bonds Prospectus");
(iii)
the unaudited consolidated financial statements of the Issuer as at, and for the six months ended, 30
June 2005 (including the notes thereto and the auditors' limited review report thereon) (the "Semi-
Annual Accounts");
(iv)
the unaudited consolidated financial statements of the Issuer as at, and for the nine months ended,
30 September 2005 (the "Third Quarter Accounts").
So long as any of the Bonds are outstanding, this Prospectus and the documents incorporated by reference
in this Prospectus will be available during usual business hours on any weekday (except Saturdays,
Sundays and public holidays) for inspection and collection free of charge, at the specified office of the
Paying Agents. The Reference Document contains, inter alia, the Annual Report of the Issuer (including the
Audited Consolidated Financial Statements and related Notes and Audit Report) for the 2004 financial year
("Bouygues 2004 Financial Review").
For the purposes of the Prospectus Directive, information can be found in such documents incorporated by
reference or this Prospectus in accordance with the following cross-reference table (in which the numbering
refers to the relevant Sections of Annex IX of Regulation EC 809/2004):

1. PERSONS
RESPONSIBLE
1.1.
See page 164 of the Bouygues 2004 Financial Review.
2. STATUTORY
AUDITORS
2.1.
See page 75 of the Bouygues 2004 Financial Review.

3. RISK
FACTORS
3.1.
See pages 56 to 64 of the Bouygues 2004 Financial Review.
4.
INFORMATION ABOUT THE ISSUER
4.1.
See page 92 of the Bouygues 2004 Financial Review.
4.1.1.
See page 92 of the Bouygues 2004 Financial Review.
4.1.2.
See page 92 of the Bouygues 2004 Financial Review.
5

4.1.3.
See page 92 of the Bouygues 2004 Financial Review.
4.1.4.
See page 92 and the last page of the Bouygues 2004 Financial Review.

5. BUSINESS
OVERVIEW

5.1. Principal
activities:
5.1.1.
See pages 13 to 34 of the Bouygues 2004 Financial Review.
5.1.2.
See "Complementary Information about the Issuer", on page 8 of the Existing Bonds Prospectus.
6. ORGANISATIONAL
STRUCTURE
6.1.
See page 5 of the Bouygues 2004 Financial Review.
9.
ADMINISTRATIVE, MANAGEMENT, AND SUPERVISORY BODIES
9.1.
See pages 66 to 68 of the Bouygues 2004 Financial Review.

9.2.
See "Complementary Information about the Issuer", on page 12 of the Existing Bonds
Prospectus.
10. MAJOR
SHAREHOLDERS
10.1.
See page 80 of the Bouygues 2004 Financial Review.
11.
FINANCIAL INFORMATION CONCERNING THE ISSUER'S ASSETS AND LIABILITIES,
FINANCIAL POSITION AND PROFITS AND LOSSES

11.1.
Historical Financial Information

For the year 2003:
(v)
consolidated balance sheet: see page 2 in the Appendix A of the Reference
Document
(vi) consolidated income statement: see page 3 in the Appendix A of the Reference
Document
(vii) accounting policies and explanatory notes: see page 5 in the Appendix A of the
Reference Document
(viii) audit report: see Appendix page 31 in the Appendix A of the Reference Document

For the year 2004:
(i)
consolidated balance sheet: see page 94 of the Bouygues 2004 Financial Review
(ii)
consolidated income statement: see page 95 of the Bouygues 2004 Financial Review
(iii)
accounting policies and explanatory notes: see pages 97 to 122 of the Bouygues
6

2004 Financial Review
(iv)
audit report: see page 143 of the Bouygues 2004 Financial Review

For the six months ended 30 June 2005:
(v)
consolidated balance sheet: see page 4 of the Semi-Annual Accounts
(vi)
consolidated income statement: see page 5 of the Semi-Annual Accounts
(vii) accounting policies and explanatory notes: see pages 8 to 47 of the Semi-Annual
Accounts
(viii) limited review report: see pages 48 and 49 of the Semi-Annual Accounts

For the nine months ended 30 September 2005:
(ix)
consolidated balance sheet: see page 4 of the Third Quarter Accounts
(x)
consolidated income statement: see page 5 of the Third Quarter Accounts
(xi)
accounting policies and explanatory notes: see pages 8 to 47 of the Third Quarter
Accounts

11.2.
Individual Financial statements

For the year 2004:
(i)
balance sheet: see page 123 of the Bouygues 2004 Financial Review
(ii)
income statement: see page 124 of the Bouygues 2004 Financial Review
(iii)
accounting policies and explanatory notes: see pages 125 to 132 of the Bouygues
2004 Financial Review
(iv)
audit report: see pages 142 of the Bouygues 2004 Financial Review

11.3.
Auditing of historical annual financial information
11.3.1.
See "Complementary Information about the Issuer", on page 12 of the Existing Bonds
Prospectus.
See page 142 and 143 of the Bouygues 2004 Financial Review.
See Appendix A of the Reference Document.

11.3.2.
See "Complementary Information about the Issuer", on page 12 of the Existing Bonds
Prospectus.

11.5.
See page 61 of the Bouygues 2004 Financial Review.

13.
THIRD PARTY INFORMATION AND STATEMENT BY EXPERTS AND DECLARATIONS 0F
ANY INTEREST

13.2.
Third party information
See "Complementary Information about the Issuer", on page 12 of the Existing Bonds
Prospectus.

7

The information incorporated by reference in this Prospectus but not listed in the cross-reference table
above is given for information purposes only.
8

COMPLEMENTARY INFORMATION ABOUT THE ISSUER
(Numbering refers to the relevant Sections of Annex IX of Regulation EC 809/2004)

9. Administrative, Management, and Supervisory Bodies
9.1.

Name, address, position
Principal activities performed outside the Issuer
Martin Bouygues
1 avenue Eugène Freyssinet
Chairman, SCDM
78280 Guyancourt
Director, TF1, Sodeci, CIE and HSBC France

Standing Representative, of SCDM on the board of Actiby and on the
Chairman & CEO,
chairmanship of SCDM PARTICIPATIONS

Director
Olivier Poupart-Lafarge
1 avenue Eugène Freyssinet
Managing Director, SCDM
78280 Guyancourt
Director, Bouygues Telecom, Colas, TF1 and Bic

Standing Representative of Bouygues SA on the board of Bouygues Construction
Deputy CEO,
and on the board of Bouygues Immobilier

Director
Managing Director, SCDM
Olivier Bouygues
Chairman, Board of Directors of Finagestion
1 avenue Eugène Freyssinet
Director, Finagestion
78280 Guyancourt
Chairman & CEO, Director, Seci,

Director TF1, Bouygues Telecom, Colas, Bouygues Construction, Eurosport,
Deputy CEO
Cefina, Novasaur, Sodeci, CIE and Sénégalaise des Eaux

Standing Representative of SCDM on the board of SCDM Energie
Standing Representative of SCDM
Non-shareholder manager, SIR and SIB
SCDM
1 avenue Eugène Freyssinet
78280 Guyancourt
Chairman, Actiby, SCDM Energie and SCDM PARTICIPATIONS

Director
Pierre Barberis
Deputy CEO and Director, Oberthur Card Systems
71/73 rue des Hautes Pâtures
Chairman and Director, Wilson Gestion
92726 Nanterre Cedex
Manager, Amrom

Director
Managing Director and Director, Artemis
Board Vice-Chairman of the Board and Director, PPR
Managing Director and Director, Palazzo Grassi
Patricia Barbizet
Chairman & Director, Théâtre Marigny
12 rue François 1er
Chairman & CEO and Director, Piasa
75008 Paris
Chairman and Director, Christies Intern. Plc

Director, FNAC, TF1 and Air France
Director
Supervisory Board Member, Gucci, Yves Saint Laurent,
Standing Representative of Artemis on the boards of Sebdo Le Point, Agefi
Management Board Member, SC Vignoble de Château Latour
Managing Director and Supervisory Board Member, Financière Pinault
Mrs Francis Bouygues
50 rue Fabert
75007 Paris

Director
Georges Chodron de Courcel
Deputy CEO, BNP Paribas
3 rue d'Antin
Director, Alstom, Nexans and FFP (Société Foncière Financière et de
9

Name, address, position
Principal activities performed outside the Issuer
75002 Paris
Participation)

Supervisory Board Member, Lagardère SCA
Director
Non-voting Director, Scor SA, Scor Vie and Safran
Charles de Croisset
Vice Chairman for Europe, Goldman Sachs
4 rue Barye
Chairman, Fondation du Patrimoine
75017 Paris
Director, Renault, Thales

Supervisory Board Member, Euler & Hermes
Director
Non-voting Director, SA des Galeries Lafayette
Michel Derbesse
Villa Montmorency
19/21 avenue des Tilleuls
Director, FNTP
75016 Paris
Director, Société Fermière du Casino Municipal de Cannes

Director
Lucien Douroux
20 rue de la Baume
Chairman and Director, Banque de Gestion Privée Indosuez
75008 Paris
Director, Euris

Director
Chairman & CEO, Colas SA
Chairman & CEO, Colasie
Chairman and Director, Boards of Colas Inc
Director Colas Ile de France Normandie, Colas Rhône Alpes, Smac, Spac, Société
Parisienne d'Etudes d'Informatique et de Gestion, Colas Suisse Holding,
Colascanada, Colas Ltd, Colas Danmark, Hindustant Colas Ltd and Syndicat
Alain Dupont
Professionnel des Entrepreneurs des Travaux Publics de France et d'Outre-Mer
7 place René Clair
Director, Tasco
92653 Boulogne Billancourt
Standing Representative of Colas on the board of Colas Centre Ouest, Colas Midi

Méditerranée, Colas Sud Ouest, Cofiroute and Somaro
Director
Standing Representative of Colas on the Supervisory Board of Grand Travaux
Routiers et Colas Emulsion
Standing Representative of Spare on the board of Colas Est
Standing Representative of SPRI on the board of Colas Nord Picardie
Supervisory Board Member, Route Marocaine et Société Moghrébienne
d'Entreprises et de Travaux
Vice Chairman, FNTP
Yves Gabriel
Chairman & CEO, Bouygues Construction
1 avenue Eugène Freyssinet
Director, ETDE and FNTP
78280 Guyancourt
Standing Representative of Bouygues Construction on the board of Bouygues

Bâtiment International, Bouygues Bâtiment Ile de France and Bouygues Travaux
Director
Publics
Jean-Michel Gras
3-5 Avenue Morane Saulnier
78944 Velizy Cedex

Director
Representative of employee shareholders
Thierry Jourdaine
1 avenue Eugène Freyssinet
78280 Guyancourt

Director
Representative of employee shareholders
Chairman & CEO, TF1
Patrick Le Lay
Director, Colas and Prima TV
1 quai du Point du Jour
Chairman, Incunables & Cie
92656 Boulogne-Billancourt
Standing Representative of TF1 on the board of Téléma

Standing Representative of TPS Sport on the board of TPS Motivation
Director
Standing Representative of TF1 Developpement on the board of Télévision par
Satellite Gestion
10