Jahresabschluss 2015 - Finanzdaten
* Internet Explorer 9, Safari, Firefox or Chrome required
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
Key figures
| (in € millions) | 2015 | 2014 |
|---|---|---|
| Revenue (*) | 38,518 | 38,703 |
| Revenue generated in France (*) | 22,414 | 23,936 |
| % of revenue (*) | 58.2 % | 61.8 % |
| Revenue generated outside France (*) | 16,104 | 14,767 |
| % of revenue (*) | 41.8 % | 38.2 % |
| Operating income from ordinary activities | 3,758 | 3,642 |
| % of revenue (*) | 9.8 % | 9.4 % |
| Recurring operating income | 3,788 | 3,637 |
| Operating income | 3,715 | 4,243 |
| Net income attributable to owners of the parent | 2,046 | 2,486 |
| Diluted earnings per share (in €) | 3.66 | 4.43 |
| Net income excluding non-recurring items attributable to owners of the parent | 2,109 | 1,906 |
| % of revenue (*) | 5.5 % | 4.9 % |
| Diluted earnings per share excluding non-recurring items (in €) | 3.78 | 3.39 |
| Dividend per share (in €) | 1.84 | 2.22 (**) |
| Cash flows from operations before tax and financing costs | 5,664 | 5,561 |
| Operating investments (net of disposals) | (624) | (637) |
| Growth investments in concessions and PPPs | (903) | (799) |
| Free cash flow (after investments) | 2,995 | 2,197 |
| Equity including non-controlling interests | 15,256 | 14,868 |
| Net financial debt | (12,436) | (13,281) |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) Including a special dividend of €0.45.
Consolidated income statement for the period
| (in € millions) | 2015 | 2014 |
|---|---|---|
| Revenue (*) | 38,518 | 38,703 |
| Concession subsidiaries’ revenue derived from works carried out by non-Group companies | 643 | 340 |
| Total revenue | 39,161 | 39,043 |
| Revenue from ancillary activities | 160 | 151 |
| Operating expenses | (35,563) | (35,552) |
| Operating income from ordinary activities | 3,758 | 3,642 |
| Share-based payments (IFRS 2) | (95) | (102) |
| Profit/(loss) of companies accounted for under the equity method | 89 | 66 |
| Other recurring operating items | 36 | 30 |
| Recurring operating income | 3,788 | 3,637 |
| Non-recurring operating items | (73) | 607 |
| Operating income | 3,715 | 4,243 |
| Cost of gross financial debt | (600) | (666) |
| Financial income from cash investments | 43 | 49 |
| Cost of net financial debt | (557) | (616) |
| Other financial income and expense | (24) | (61) |
| Income tax expense | (1,055) | (1,050) |
| Net income | 2,079 | 2,516 |
| Net income attributable to non-controlling interests | 34 | 30 |
| Net income attributable to owners of the parent | 2,046 | 2,486 |
| Net income excluding non-recurring items attributable to owners of the parent (**) | 2,109 | 1,906 |
| Earnings per share attributable to owners of the parent | ||
| Basic earnings per share (in €) | 3.69 | 4.47 |
| Diluted earnings per share (in €) | 3.66 | 4.43 |
| Earnings per share excluding non-recurring items attributable to owners of the parent | ||
| Earnings per share excluding non-recurring items (in €) | 3.81 | 3.43 |
| Diluted earnings per share excluding non-recurring items (in €) | 3.78 | 3.39 |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) Net income attributable to owners of the parent excluding non-recurring operating items after tax.
Consolidated comprehensive income statement for the period
| 2015 | 2014 | |||||
|---|---|---|---|---|---|---|
| (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 |
| Net income | 2,046 | 34 | 2,079 | 2,486 | 30 | 2,516 |
| Financial instruments of controlled companies: changes in fair value of cash flow hedging instruments (*) | 71 | - | 71 | (14) | - | (14) |
| Financial instruments of companies accounted for under the equity method: changes in fair value | 82 | - | 82 | (350) | - | (350) |
| Currency translation differences | 35 | 4 | 38 | 62 | 5 | 67 |
| Tax (**) | (50) | - | (50) | 119 | - | 119 |
| Other comprehensive income that may be recycled subsequently to net income | 137 | 4 | 140 | (184) | 5 | (178) |
| Actuarial gains and losses on retirement benefit obligations | (105) | - | (105) | (112) | - | (112) |
| Tax | 25 | - | 25 | 23 | - | 23 |
| Other comprehensive income that may not be recycled subsequently to net income | (80) | - | (80) | (89) | - | (89) |
| Total other comprehensive income recognised directly in equity | 57 | 3 | 60 | (272) | 5 | (267) |
| of which: | ||||||
| Controlled companies | (3) | 4 | 1 | (29) | 5 | (24) |
| Companies accounted for under the equity method | 60 | - | 60 | (243) | - | (243) |
| Total comprehensive income | 2,102 | 37 | 2,139 | 2,214 | 35 | 2,249 |
(*) Changes in the fair value of cash flow hedges (mainly interest rate 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.
(**) Tax effects relating to changes in the fair value of cash flow hedging financial instruments (effective portion). .
Consolidated balance sheet
Assets
| (in € millions) | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Non-current assets | ||
| Concession intangible assets | 23,915 | 24,141 |
| Goodwill | 7,296 | 6,994 |
| Other intangible assets | 387 | 413 |
| Property, plant and equipment | 4,241 | 4,316 |
| Investments in companies accounted for under the equity method | 1,404 | 1,309 |
| Other non-current financial assets | 942 | 930 |
| Derivative financial instruments - non-current assets | 803 | 897 |
| Deferred tax assets | 278 | 255 |
| Total non-current assets | 39,267 | 39,254 |
| Current assets | ||
| Inventories and work in progress | 964 | 932 |
| Trade and other receivables | 10,696 | 10,960 |
| Other current operating assets | 4,635 | 4,568 |
| Other current non-operating assets | 30 | 39 |
| Current tax assets | 365 | 226 |
| Other current financial assets | 27 | 35 |
| Derivative financial instruments - current assets | 364 | 391 |
| Cash management financial assets | 166 | 213 |
| Cash and cash equivalents | 5,632 | 6,411 |
| Total current assets | 22,880 | 23,776 |
| Total assets | 62,147 | 63,030 |
Equity and liabilities
| (in € millions) | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Equity | ||
| Share capital | 1,471 | 1,475 |
| Share premium | 9,044 | 8,633 |
| Treasury shares | (1,534) | (1,560) |
| Other equity instruments | - | 491 |
| Consolidated reserves | 5,024 | 4,205 |
| Currency translation reserves | 31 | (1) |
| Net income attributable to owners of the parent | 2,046 | 2,486 |
| Amounts recognised directly in equity | (962) | (987) |
| Equity attributable to owners of the parent | 15,119 | 14,743 |
| Non-controlling interests | 137 | 125 |
| Total equity | 15,256 | 14,868 |
| Non-current liabilities | ||
| Non-current provisions | 949 | 956 |
| Provisions for employee benefits | 1,515 | 1,426 |
| Bonds | 11,147 | 12,226 |
| Other loans and borrowings | 3,854 | 4,634 |
| Derivative financial instruments - non-current liabilities | 224 | 275 |
| Other non-current liabilities | 129 | 142 |
| Deferred tax liabilities | 1,656 | 1,757 |
| Total non-current liabilities | 19,474 | 21,414 |
| Current liabilities | ||
| Current provisions | 4,053 | 3,844 |
| Trade payables | 7,590 | 7,620 |
| Other current operating liabilities | 10,884 | 10,769 |
| Other current non-operating liabilities | 360 | 286 |
| Current tax liabilities | 351 | 168 |
| Derivative financial instruments - current liabilities | 193 | 226 |
| Current borrowings | 3,986 | 3,835 |
| Total current liabilities | 27,417 | 26,748 |
| Total equity and liabilities | 62,147 | 63,030 |
Consolidated cash flow statement
| (in € millions) | 2015 | 2014 | |
|---|---|---|---|
| Consolidated net income for the period (including non-controlling interests) | 2,079 | 2,516 | |
| Depreciation and amortisation | 2,033 | 2,091 | |
| Net increase/(decrease) in provisions and impairment | 61 | 244 | |
| Share-based payments (IFRS 2) and other restatements | 4 | 12 | |
| Gain or loss on disposals (1) | (3) | (819) | |
| Change in fair value of financial instruments | - | (56) | |
| Share of profit or loss of companies accounted for under the equity method and dividends received from unconsolidated companies | (98) | (76) | |
| Capitalised borrowing costs | (23) | (17) | |
| Cost of net financial debt recognised | 557 | 616 | |
| Current and deferred tax expense recognised | 1,055 | 1,050 | |
| Cash flows (used in)/from operations before tax and financing costs | 5,664 | 5,561 | |
| Changes in operating working capital requirement and current provisions | 307 | (158) | |
| Income taxes paid | (1,041) | (1,282) | |
| Net interest paid | (534) | (586) | |
| Dividends received from companies accounted for under the equity method | 125 | 99 | |
| Cash flows (used in)/from operating activities | I | 4,522 | 3,633 |
| Purchases of property, plant and equipment and intangible assets | (749) | (744) | |
| Proceeds from sales of property, plant and equipment and intangible assets | 125 | 108 | |
| Operating investments (net of disposals) | (624) | (637) | |
| Operating cash flow | 3,898 | 2,997 | |
| Investments in concession fixed assets (net of grants received) | (886) | (763) | |
| Financial receivables (PPP contracts and others) | (16) | (36) | |
| Growth investments in concessions and PPPs | (903) | (799) | |
| Free cash flow (after investments) | 2,995 | 2,197 | |
| Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) (2) | (403) | (592) | |
| Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) (1) | 18 | 1,284 | |
| Net effect of changes in scope of consolidation | (70) | 674 | |
| Net financial investments | (456) | 1,366 | |
| Other | 44 | (268) | |
| Net cash flows (used in)/from investing activities | II | (1,938) | (338) |
| Share capital increases and decreases and repurchases of other equity instruments (3) | (64) | 450 | |
| Transactions on treasury shares | (688) | (810) | |
| Non-controlling interests in share capital increases and decreases of subsidiaries | - | 1 | |
| Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) (4) | (27) | (789) | |
| Dividends paid | (1,044) | (1,287) | |
| - to shareholders of VINCI SA (5) | (1,019) | (1,267) | |
| - to non-controlling interests | (25) | (20) | |
| Proceeds from new long-term borrowings | 129 | 1,019 | |
| Repayments of long-term borrowings | (1,418) | (991) | |
| Change in cash management assets and other current financial debts | 3 | 291 | |
| Net cash flows (used in)/from financing activities | III | (3,109) | (2,116) |
| Other changes (6) | IV | 112 | (641) |
| Change in net cash | I+II+III+IV | (413) | 539 |
| Net cash and cash equivalents at beginning of period | 5,491 | 4,952 | |
| Net cash and cash equivalents at end of period | 5,077 | 5,491 | |
| Change in cash management assets and other current financial debts | (3) | (291) | |
| (Proceeds from)/repayment of loans | 1,289 | (28) | |
| Other changes (6) | (28) | 603 | |
| Change in net financial debt | 845 | 823 | |
| Net financial debt at beginning of period | (13,281) | (14,104) | |
| Net financial debt at end of period | (12,436) | (13,281) |
(1) Corresponding mainly, in 2014, to the disposal of VINCI Park.
(2) Including, in 2015, the acquisition of Orteng Engenharia e Sistemas for €87 million, HEB Construction for €43 million and a 20% stake in
Constructora Conconcreto for €81 million; and in 2014, the acquisition of Imtech ICT for €238 million and Electrix for €105 million.
(3) Including capital increases totalling €436 million and the early redemption of perpetual subordinated bonds for €500 million.
(4) Relating mainly, in 2014, to the buy-out of non-controlling interests in Cofiroute (16.67%) for €780 million.
(5) Including the €30 million interest payment on the perpetual subordinated bonds in 2015 and €31 million in 2014.
(6) Other changes related mainly, in 2014, to the deconsolidation of VINCI Park’s net financial debt.
Letzte Aktualisierung: 04. 02. 2016