2008 financial statements - Financial statements
- Key figures
- Consolidated income statement
- Consolidated balance sheet
- Consolidated cash flow statement
2008 | 2007 (**) | |
|---|---|---|
| REVENUE | 33,930.3 | 30,874.3 |
| of which: | ||
Revenue excluding construction by third parties | 33,457.8 | 30,337.9 |
Revenue realised by concession operators for the construction | 472.5 | 536.4 |
| Revenue outside France | 12,571.9 | 10,742.6 |
| % of revenue*** | 37.6% | 35.4% |
| Operating profit from ordinary activities | 3,377.8 | 3,117.5 |
| % of revenue*** | 10.1% | 10.3% |
| Operating profit | 3,275.9 | 3,010.7 |
| NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT | 1,591.4 | 1,455.0 |
| Earnings per share (in €) | 3.39 | 3.13 |
| Diluted earnings per share (in €) | 3.30 | 3.01 |
| Dividend per share (in €) | 1.62 | 1.52 |
| Equity including minority interest | 9,025.8 | 8,113.5 |
| Net financial debt | (15,370.8) | (16,303.3) |
| Net financial debt excluding project finance | (14,410.8) | (15,723.3) |
| CASH FLOWS (USED IN) / FROM OPERATIONS | 4,871.8 | 4,513.5 |
| Net investments in operating assets | (897.3) | (683.1) |
| Investments in concession assets and PPP contracts | (1,217.9) | (1,280.9) |
| Net financial investments (****) | (277.9) | (1,731.2) |
(*) See change of accounting policy described in Note A.1.3 "Change of accounting policy: IFRIC 12, Service Concession Arrangements".
(**) Restated in accordance with the change of accounting policy described in Note A.1.3 "Change of accounting policy: IFRIC 12, Service Concession Arrangements".
(***) % calculated using revenue excluding construction by third parties of new infrastructure under concession.
(****) Including cash of companies acquired or sold.
| 2008 | 2007 (**) | |
|---|---|---|
| REVENUE | 33,930.3 | 30,874.3 |
| of which : | ||
Revenue excluding construction by third parties of new infrastructure | 33,457.8 | 30,337.9 |
Revenue realised by concession operators for the construction | 472.5 | 536.4 |
| Revenue from ancillary activities | 216.1 | 238.9 |
| Operating expenses | (30,768.7) | (27,995.7) |
| Operating profit from ordinary activities | 3,377.8 | 3,117.5 |
| Share-based payment expense (IFRS 2) | (103.5) | (117.6) |
| Goodwill impairment expense | (22.2) | (6.0) |
| Profit/(loss) of associates | 23.8 | 16.7 |
| OPERATING PROFIT | 3,275.9 | 3,010.7 |
| Cost of gross financial debt | (1,043.2) | (1,006.5) |
| Financial income from cash management investments | 179.8 | 195.5 |
| Cost of net financial debt | (863.3) | (811.0) |
| Other financial income | 256.0 | 199.5 |
| Other financial expenses | (199.0) | (80.1) |
| Income tax expense | (770.5) | (741.2) |
| Net profit from discontinued operations | 1,699.1 | 1,577.9 |
| Net profit after tax from discontinued operations (halted or sold) | ||
| NET PROFIT for the period | 1,699.1 | 1,577.9 |
| Minority interest | 107.7 | 122.9 |
| NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT | 1,591.4 | 1,455.0 |
| Earnings per share from continuing operations | ||
| Earnings per share (in €) | 3.39 | 3.13 |
| Diluted earnings per share (in €) | 3.30 | 3.01 |
| Earnings per share to equity holder of the parent | ||
| Earnings per share (in €) | 3.39 | 3.13 |
| Diluted earnings per share (in €) | 3.30 | 3.01 |
(*) See change of accounting policy described in Note A.1.3 "Change of accounting policy: IFRIC 12, Service Concession Arrangements".
(**) Restated in accordance with the change of accounting policy described in Note A.1.3 "Change of accounting policy: IFRIC 12, Service Concession Arrangements".
| ASSETS | 2008 | 2007 (*) |
|---|---|---|
| Non-current assets | ||
| Concession intangible assets | 24,059.2 | 23,868.7 |
| Goodwill | 3,578.9 | 3,382.5 |
| Other intangible assets | 177.3 | 141.6 |
| Property, plant and equipment | 4,582.9 | 4,189.5 |
| Investment property | 42.8 | 52.6 |
| Investments in associates | 165.9 | 190.1 |
| Other non-current financial assets | 622.4 | 619.8 |
| Deferred tax assets | 143.8 | 112.3 |
| Total non-current assets | 33,373.2 | 32,557.1 |
| Current assets | ||
| Inventories and work in progress | 786.4 | 647.5 |
| Trade and other operating receivables | 11,561.5 | 11,101.3 |
| Other current assets | 325.6 | 288.4 |
| Current tax assets | 91.5 | 54.8 |
| Other current financial assets | 246.9 | 233.9 |
| Cash management financial assets | 338.6 | 665.0 |
| Cash and cash equivalents | 5,068.5 | 4,223.8 |
| Total current assets (before assets held for sale) | 18,419.0 | 17,214.8 |
| Assets related to discontinued activities and other assets held for sale | 0 | 5.4 |
| Total current assets | 18, 419.0 | 17,220.1 |
| TOTAL ASSETS | 51,792.2 | 49,777.2 |
| Equity and liabilities | 2008 | 2007 (*) |
| Equity | ||
| Share capital | 1,240.4 | 1,214.9 |
| Share premium | 5,162.7 | 4,806.8 |
| Treasury shares | (1,247.5) | (1,102.2) |
| Other equity instruments | 490.6 | 490.6 |
| Consolidated reserves | 1,436.1 | 644.1 |
| Currency translation reserves | (113.6) | (20.4) |
| Net profit for the period attributable to equity holders of the parent | 1,591.4 | 1,455.0 |
| Net income recognised directly in equity | (139.7) | 46.9 |
| Equity attributable to equity holders of the parent | 8,420.5 | 7,535.8 |
| Minority interest | 605.3 | 577.7 |
| Total equity | 9,025.8 | 8,113.5 |
| Non-current liabilities | ||
| Non-current provisions | 905.3 | 996.4 |
| Bonds | 3,958.7 | 5,159.8 |
| Other loans and borrowings | 13,813.6 | 13,480.7 |
| Other non-current liabilities | 114.2 | 85.6 |
| Deferred tax liabilities | 2,478.5 | 2,413.7 |
| Total non-current liabilities | 21,270.4 | 22,136.2 |
| Current liabilities | ||
| Current provisions | 2,672.4 | 2,429.4 |
| Trade payables | 6,803.8 | 6,553.4 |
| Other current payables | 8,574.0 | 7,594.9 |
| Current tax payables | 123.7 | 156.0 |
| Current borrowings | 3,322.0 | 2,792.6 |
| Total current liabilities (before liabilities held for sale) | 21,495.9 | 19,526.2 |
| Liabilities related to discontinued activities and other liabilities held for sale | 1.3 | |
| Total current liabilities | 21,495.9 | 19,527.6 |
| TOTAL EQUITY AND LIABILITIES | 51,792.2 | 49,777.2 |
(*) Restated in accordance with the change of accounting policy described in Note A.1.3 "Change of accounting policy: IFRIC 12, Service Concession Arrangements".
| 2008 | 2007 | |
|---|---|---|
| Net profit for the period (including minority interest) | 1,699.1 | 1,577.9 |
| Depreciation and amortisation | 1,730.1 | 1, 590.3 |
| Net increase/(decrease) in provisions | (83.5) | 58.9 |
| Share-based payments (IFRS 2) and other restatements | 57.0 | 15.0 |
| Gain/(loss) on disposals | (102.0) | (87.8) |
| Change in fair value of financial instruments | 111.8 | (26.8) |
| Share of profit/(loss) of associates, dividends received from unconsolidated entities and profit/(loss) of operations classified as held for sale | (38.7) | (30.6) |
| Capitalised borrowing costs | (135.9) | (135.6) |
| Cost of net financial debt recognised | 863.3 | 811.0 |
| Current and deferred tax expense recognised | 770.5 | 741.2 |
| Cash flows (used in)/from operations before tax and financing costs | 4,871.8 | 4,513.5 |
| Changes in working capital requirement and current provisions | 733.0 | 686.9 |
| Income taxes paid | (582.4) | (782.6) |
| Net interest paid | (881.4) | (836.1) |
| NET CASH FLOWS (USED IN)/FROM OPERATING ACTIVITIES - I | 4,140.9 | 3,581.7 |
| Purchases of property, plant and equipment, and intangible assets | (992.8) | (815.7) |
| Proceeds from sales of property, plant and equipment, and intangible assets | 95.4 | 132.7 |
| Net investments in operating assets | (897.3) | (683.1) |
| Purchases of concession fixed assets (net of grants received) | (1,166.6) | (1,269.5) |
| New PPP contracts (financial receivables) | (51.3) | (11.5) |
| Investments in concession assets and PPP contracts | (1,217.9) | (1,280.9) |
| Purchases of shares in subsidiaries and associates (consolidated and unconsolidated) | (479.8) | (2,095.0) |
| Proceeds from sales of shares in subsidiaries and associate (consolidated and unconsolidated) | 95.5 | 71.9 |
| Net effect of changes in consolidation scope | 106.4 | 292.0 |
| Net financial investments | (277.9) | (1,731.2) |
| Dividends received from associates and unconsolidated entities | 30.5 | 27.2 |
| Other | 40.3 | 2.2 |
| NET CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES - II | (2,322.4) | (3,665.7) |
| Changes in share capital | 381.3 | 369.7 |
| Changes in treasury shares | (200.3) | (939.5) |
| Minority interest in share capital increases of subsidiaries | 5.9 | 2.3 |
| Dividends paid | ||
| - to shareholders of VINCI SA | (765.1) | (664.5) |
| - to minority interests | (63.6) | (48.4) |
| Proceeds from new borrowings | 679.1 | 3 611.8 |
| Repayment of borrowings and changes in other current financial debt | (1,272.7) | (2,366.9) |
| Change in cash management assets | 397.1 | (758.2) |
| NET CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES - III | (838.2) | (793.7) |
| CHANGE IN NET CASH - I + II + III | 980.3 | (877.7) |
| Net cash and cash equivalents at beginning of period | 3,594.0 | 4,487.7 |
| Other changes | (60.9) | (15.9) |
| Net cash and cash equivalents at end of period | 4,513.4 | 3,594.0 |
| Increase/(decrease) of cash management financial assets | (397.1) | 758.2 |
| (Proceeds from)/repayment of loans | 593.6 | (1,244.9) |
| Other changes | (183.4) | (126.5) |
| Change in net debt | 932.5 | (1,506.8) |
| Net debt at beginning of period | (16,303.3) | (14,796.4) |
| Net debt at end of period | (15,370.8) | (16,303.3) |
(*) Restated in accordance with the change of accounting policy described in Note A.1.3 "Change of accounting policy: IFRIC 12, Service Concession Arrangements".
Last updated: 04/03/2009