100,550€ +0,30 % 21.11.2024 11:50

Halbjahresabschluss 2019 - Finanzdaten

Half-year consolidated financial statements

- Key figures
- Consolidated income statement for the period
- Consolidated comprehensive income statement for the period
- Consolidated balance sheet
- Consolidated cash flow statement
- Reconciliation of indicators for performance monitoring with the consolidated cash flow statement

Key figures

(in € millions)	First half 2019	First half 2018	Change first half 2019/2018	Full year 2018
*Revenue ^()**	21,729	19,758	10.0 %	43,519
Revenue generated in France ^(*)	12,262	11,480	6.8 %	24,768
% of revenue ^()*	56.4 %	58.1 %		56.9 %
Revenue generated outside France ^(*)	9,467	8,278	14.4 %	18,751
% of revenue ^()*	43.6 %	41.9 %		43.1 %
Operating income from ordinary activities	2,289	2,099	9.1 %	4,997
% of revenue ^()*	10.5 %	10.6 %		11.5 %
Recurring operating income	2,341	2,154	8.7 %	4,924
Operating income	2,348	2,171	8.1 %	4,920
Net income attributable to owners of the parent	1,359	1,300	4.5 %	2,983
% of revenue ^()*	6.3 %	6.6 %		6.9 %
Diluted earnings per share (in €)	2.43	2.32	4.7 %	5.32
Dividend per share (in €)	0.79 ^(**)	0.75	5.3 %	2.67

Cash flows from operations before tax and financing costs	3,625 ^()*	2,937	23.5 % ^()*	6,898
Operating investments and growth investments in concessions and PPPs	(1,032)	(939)	9.9 %	(1,963)
of which operating investments (net of disposals)	(525)	(476)	10.4 %	(986)
of which growth investments in concessions and PPPs	(507)	(463)	9.4 %	(977)
Free cash flow (after investments)	316	(136)	-331.3 %	3,179

Equity including non-controlling interests	21,434	18,333	3,101	19,818
Net financial debt	(24,241)	(16,674)	(7,566)	(15,554)

(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.
(**) Interim dividend to be paid on 7 November 2019.
(***) Of which the impact of IFRS 16 (positive impact of €254 million), a change of +14.8% excluding IFRS 16 impact.

From 1 January 2019, the Group has applied IFRS 16 “Leases” according to the “simplified retrospective” approach, recognising the cumulative effects of first-time adoption on opening equity at 1 January 2019. As a result, the 2018 figures presented for comparison purposes have not been adjusted. The impacts of this first-time adoption are presented in Note A.4. of the condensed half-year consolidated financial statements at 30 June 2019.

Consolidated income statement for the period

(in € millions)	First half 2019	First half 2018	Full year 2018
*Revenue ^()**	21,729	19,758	43,519
Concession subsidiaries’ revenue derived from works carried out by non-Group companies	323	286	633
Total revenue	22,052	20,043	44,152
Revenue from ancillary activities	108	108	202
Operating expenses	(19,871)	(18,052)	(39,357)
Operating income from ordinary activities	2,289	2,099	4,997
Share-based payments (IFRS 2)	(100)	(79)	(206)
Profit/(loss) of companies accounted for under the equity method	121	81	88
Other recurring operating items	32	53	45
Recurring operating income	2,341	2,154	4,924
Non-recurring operating items	7	18	(4)
Operating income	2,348	2,171	4,920
Cost of gross financial debt	(290)	(249)	(491)
Financial income from cash investments	20	13	29
Cost of net financial debt	(270)	(236)	(462)
Other financial income and expense	(31)	19	17
Income tax expense	(635)	(629)	(1,418)
Net income	1,412	1,326	3,057
Net income attributable to non-controlling interests	52	26	74
Net income attributable to owners of the parent	1,359	1,300	2,983
Basic earnings per share (in €)	2.45	2.34	5.38
Diluted earnings per share (in €)	2.43	2.32	5.32

(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.

Consolidated comprehensive income statement for the period

(in € millions)	Attributable to owners of the parent	Attributable to non- controlling interests	Total	Attributable to owners of the parent	Attributable to non- controlling interests	Total	Attributable to owners of the parent	Attributable to non- controlling interests	Total
	First half 2019			First half 2018			Full year 2018
Net income	1,359	52	1,412	1,300	26	1,326	2,983	74	3,057
Changes in fair value of cash flow and net investment hedging instruments ^(*)	(1)	-	(1)	(19)	-	(19)	(51)	-	(51)
Hedging costs	3	-	3	3	-	3	3	-	3
Tax ^(**)	39	-	40	(4)	-	(4)	(3)	-	(3)
Currency translation differences	(62)	(68)	(130)	17	2	19	22	2	23
Share in net income of companies accounted for under the equity method	(84)	-	(84)	32	-	32	18	-	18
Other comprehensive income that may be recycled subsequently to net income	(106)	(68)	(174)	29	2	31	(11)	2	(10)
Equity instruments	-	-	-	1	-	1	-	-	-
Actuarial gains and losses on retirement benefit obligations	(125)	(3)	(128)	(23)	-	(23)	(46)	-	(46)
Tax	31	1	32	6	-	6	15	-	15
Share in net income of companies accounted for under the equity method	-	-	-	(1)	-	(1)	(1)	-	(1)
Other comprehensive income that may not be recycled subsequently to net income	(94)	(3)	(97)	(16)	-	(16)	(31)	-	(31)
Total other comprehensive income recognised directly in equity	(200)	(71)	(271)	13	2	15	(42)	2	(41)
Total comprehensive income	1,160	(19)	1,141	1,314	28	1,341	2,940	76	3,016

(*) Changes in the fair value of cash flow hedges are recognised in equity for the effective portion. Cumulative gains and losses in equity are taken to profit or loss at the time when the cash flow affects profit or loss. Includes a €134 million decrease for cash flow hedges and a €133 million increase for net investment hedges.
(**) Tax effects relating to changes in the fair value of cash flow hedging financial instruments (effective portion) and hedging costs.

Consolidated balance sheet

Assets

(in € millions)	30/06/2019	30/06/2018	31/12/2018
Non-current assets
Concession intangible assets	26,957	26,647	27,118
Goodwill	11,216	9,406	9,792
Other intangible assets	7,045	431	632
Property, plant and equipment	9,547	4,658	5,359
Investments in companies accounted for under the equity method	1,761	1,552	1,674
Other non-current financial assets	1,492	1,263	1,332
Derivative financial instruments - non-current assets	1,120	550	511
Deferred tax assets	323	257	317
Total non-current assets	59,461	44,763	46,736
Current assets
Inventories and work in progress	1,367	1,139	1,173
Trade and other receivables	13,852	12,868	13,584
Other current operating assets	5,258	5,349	5,033
Other current non-operating assets	45	46	52
Current tax assets	165	259	280
Other current financial assets	41	34	37
Derivative financial instruments - current assets	227	232	258
Cash management financial assets	585	174	245
Cash and cash equivalents	6,356	5,997	7,960
Total current assets	27,895	26,098	28,621

Total assets	87,356	70,861	75,357

Equity and liabilities

(in € millions)	30/06/2019	30/06/2018	31/12/2018
Equity
Share capital	1,501	1,491	1,494
Share premium	10,534	10,253	10,339
Treasury shares	(2,685)	(2,161)	(2,323)
Consolidated reserves	9,282	7,886	7,767
Currency translation reserves	(264)	(215)	(213)
Net income attributable to owners of the parent	1,359	1,300	2,983
Amounts recognised directly in equity	(1,007)	(817)	(861)
Equity attributable to owners of the parent	18,720	17,737	19,185
Non-controlling interests	2,714	596	633
Total equity	21,434	18,333	19,818
Non-current liabilities
Non-current provisions	1,266	1,065	1,135
Provisions for employee benefits	1,718	1,519	1,519
Bonds	22,787	14,529	16,588
Other loans and borrowings	3,351	2,907	3,023
Derivative financial instruments - non-current liabilities	663	276	206
Non-current lease liabilities	1,068	-	-
Other non-current liabilities	374	269	345
Deferred tax liabilities	2,817	1,648	1,676
Total non-current liabilities	34,043	22,214	24,491
Current liabilities
Current provisions	4,358	4,181	4,452
Trade payables	7,885	7,707	8,240
Other current operating liabilities	12,660	11,855	12,862
Other current non-operating liabilities	489	416	500
Current tax liabilities	303	241	282
Current lease liabilities	458	-	-
Derivative financial instruments - current liabilities	85	77	76
Current borrowings	5,642	5,838	4,635
Total current liabilities	31,879	30,314	31,048

Total equity and liabilities	87,356	70,861	75,357

Consolidated cash flow statement

(in € millions)		First half 2019	First half 2018	Full year 2018
Consolidated net income for the period (including non-controlling interests)		1,412	1,326	3,057
Depreciation and amortisation		1,431	1,076	2,242
Net increase/(decrease) in provisions and impairment		26	(32)	(16)
Share-based payments (IFRS 2) and other restatements		(30)	(100)	21
Gain or loss on disposals		(27)	(49)	(88)
Change in fair value of financial instruments		34	(22)	(39)
Share of profit or loss of companies accounted for under the equity method and dividends received from unconsolidated companies		(123)	(84)	(104)
Cost of net financial debt recognised		270	236	462
Capitalised borrowing costs		(18)	(43)	(56)
Financial expense on lease contracts		15	-	-
Current and deferred tax expense recognised		635	629	1,418
Cash flows from operations before tax and financing costs		3,625	2,937	6,898
Changes in operating working capital requirement and current provisions		(1,354)	(1,535)	(266)
Income taxes paid ^(*)		(529)	(452)	(1,222)
Net interest paid		(250)	(285)	(444)
Dividends received from companies accounted for under the equity method		110	138	176
*Cash flows (used in)/from operating activities ^()**	I	1,602	803	5,142
Purchases of property, plant and equipment and intangible assets		(562)	(529)	(1,095)
Proceeds from sales of property, plant and equipment and intangible assets		36	54	109
Operating investments (net of disposals)		(525)	(476)	(986)
Investments in concession fixed assets (net of grants received)		(498)	(470)	(986)
Financial receivables (PPP contracts and others)		(8)	7	8
Growth investments in concessions and PPPs		(507)	(463)	(977)
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated)^(**)		(3,320)	(615)	(1,570)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated)		12	5	81
Net financial investments		(3,309)	(610)	(1,489)
Other		(102)	(63)	(165)
Net cash flows (used in)/from investing activities	II	(4,443)	(1,612)	(3,617)
Share capital increases and decreases and repurchases of other equity instruments		202	380	469
Transactions on treasury shares		(502)	(475)	(639)
Non-controlling interests in share capital increases and decreases of subsidiaries		392	-	-
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control)		(5)	(5)	(25)
Dividends paid		(1,092)	(1,011)	(1,443)
- to shareholders of VINCI SA		(1,065)	(974)	(1,391)
- to non-controlling interests		(26)	(36)	(53)
Proceeds from new long-term borrowings		4,227	1,778	4,163
Repayments of long-term borrowings		(2,118)	(1,876)	(2,707)
Repayments of lease liabilities and financial expense on lease contracts		(254)	-	-
Change in cash management assets and other current financial debts		119	1,146	135
Net cash flows (used in)/from financing activities	III	971	(62)	(48)
Other changes	IV	69	(39)	(398)
Change in net cash	I+II+III+IV	(1,801)	(911)	1,079
Net cash and cash equivalents at beginning of period		6,782	5,703	5,703
Net cash and cash equivalents at end of period		4,980	4,792	6,782
Change in cash management assets and other current financial debts		(119)	(1,146)	(135)
(Proceeds from)/repayment of loans		(2,109)	97	(1,456)
Other changes		(4,657)	(714)	(1,042)
Of which liabilities assumed in a business combination		(4,688)	(420)	(792)
Change in net financial debt		(8,686)	(2,673)	(1,553)
Net financial debt at beginning of period		(15,554)	(14,001)	(14,001)
Net financial debt at end of period		(24,241)	(16,674)	(15,554)

(*) Including in the first half of 2018 the impact of non-recurring tax effects: a disbursement of €113 million.
(**) Including the acquisition of London Gatwick Airport in the first half of 2019 for €3,080 million.
In 2018, investments by VINCI Airports (Belgrade Nikola Tesla Airport in Serbia and Airports Worldwide), VINCI Energies (PrimeLine Utility Services and Wah Loon Engineering) and Eurovia (Lane Construction’s Plants & Paving division).

Reconciliation of indicators for performance monitoring with the consolidated cash flow statement

(in € millions)	First half 2019	First half 2018	Full year 2018
Cash flows (used in)/from operating activities	1,602	803	5,142
Operating investments (net of disposals)	(525)	(476)	(986)
Repayments of lease liabilities and financial expense on lease contracts	(254)	-	-
Operating cash flow	823	327	4,156
Growth investments in concessions and PPPs	(507)	(463)	(977)
Cash flow (after investments)	316	(136)	3,179

Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated)	(3,320)	(615)	(1,570)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated)	12	5	81
Net effect of changes in scope of consolidation including liabilities assumed in a business combination	(4,631)	(404)	(1,149)
Net financial investments	(7,939)	(1,013)	(2,638)
Other	(102)	(63)	(165)
Total net financial investments	(8,041)	(1,076)	(2,803)

Letzte Aktualisierung: 31. 07. 2019