2010 financial statements - Financial statements
- Key figures
- Consolidated income statement
- Statement of comprehensive income
- Consolidated balance sheet
- Consolidated cash flow statement
31/12/2010 | 31/12/2009 Restated (*) | 31/12/2009 | |
|---|---|---|---|
| REVENUE | 34,002.8 | 31,177.7 | 32,459.6 |
| of which: | |||
Revenue - excluding construction by third
parties | 33,375.8 | 30,740.9 | 31,927.6 |
Revenue - construction by third parties of new infrastructure under concession | 627.0 | 436.7 | 532.0 |
| Revenue outside France | 12,480.7 | 11,138.0 | 12,366.1 |
| % of revenue (**) | 37.3% | 36.2% | 38.5% |
| Operating profit from ordinary activities | 3,433.9 | 3,100.1 | 3,192.5 |
| % of revenue (**) | 10.3% | 10.1% | 10.0% |
| Operating profit | 3,429.1 | 3,110.4 | 3,144.8 |
| Net profit attributable to owners of the parent | 1,775.9 | 1,596.0 | 1,596.0 |
| Earnings per share (in €) | 3.35 | 3.27 | 3.27 |
| Diluted earnings per share (in €) | 3.30 | 3.21 | 3.21 |
| Dividend per share (in €) | 1.67 | 1.62 | 1.62 |
| Equity including non-controlling interests | 13,024.7 | 10,467.1 | 10,439.9 |
| Net financial debt | (13,059.7) | (13,129.7) | (13,684.1) |
| Cash flow from operations | 5,052.0 | 4,770.7 | 4,964.2 |
| Net investments in operating assets | (595.4) | (615.5) | (797.7) |
| Operating cash flow | 2,789.8 | 3,319.6 | 3,301.9 |
| Investments in concession assets and PPP contracts | (871.1) | (1,043.9) | (1,227.0) |
| Net financial investments (***) | (1,040.0) | (96.4) | (110.3) |
(*) Restated in accordance with the change of accounting
policy described in Note « Change of accounting policy: consolidation by equity method of jointly
controlled entities ».
(**) Percentage calculated using revenue
excluding the construction by third parties of new infrastructure under
concession.
(***) Including net financial debt of companies acquired or
sold.
| 31/12/2010 | 31/12/2009 (*) | |
|---|---|---|
| REVENUE | 34,002.8 | 31,177.7 |
| of which : | ||
Revenue - excluding construction by third parties
| 33,375.8 | 30,740.9 |
Revenue - construction by third parties | 627.0 | 436.7 |
| Revenue from ancillary activities | 166.1 | 192.8 |
| Operating expenses | (30,735.1) | (28,270.4) |
| Operating profit from ordinary activities | 3 433.9 | 3 100.1 |
| Share-based payment expense (IFRS 2) | (71.2) | (62.9) |
| Goodwill impairment expense | (1.8) | (11.8) |
| Profit/(loss) of equity-accounted companies | 68.2 | 84.9 |
| Operating profit | 3 429.1 | 3 110.4 |
| Cost of gross financial debt | (711.1) | (797.2) |
| Financial income from cash management investments | 75.2 | 83.4 |
| Cost of net financial debt | (635.9) | (713.8) |
| Other financial income | 109.7 | 157.5 |
| Other financial expenses | (154.9) | (123.4) |
| Income tax expense | (847.4) | (727.3) |
| Net profit from continuing operations | 1,900.6 | 1,703.3 |
| Profit after tax from discontinued activities (halted or sold) | ||
| Net profit for the period | 1,900.6 | 1,703.3 |
| Net profit for the period attributable to non-controlling interests | 124.7 | 107.3 |
| Net profit for the period attributable to owners of the parent | 1,775.9 | 1,596.0 |
| Earnings per share from
continuing operations attributable to owners of the parent | ||
| Earnings per share (in €) | 3.35 | 3.27 |
| Diluted earnings per share (in €) | 3.30 | 3.21 |
| Earnings per share attributable to owners of the parent | ||
| Earnings per share (in €) | 3.35 | 3.27 |
| Diluted earnings per share (in €) | 3.30 | 3.21 |
(*) Restated in accordance with the change of accounting policy described in Note « Change of accounting policy: consolidation by equity method of jointly controlled entities ».
| 31/12/2010 | 31/12/2009 (*) | |||||
|---|---|---|---|---|---|---|
| (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 profit for the period (including non-controlling interests) | 1,775.9 | 124.7 | 1,596.0 | 107.3 | 1,703.3 | |
| Financial instruments of controlled entities: changes in fair value | (45.9) | (0.2) | (46.1) | (40.2) | (1.3) | (41.5) |
| of which: | < /td> | |||||
Available-for-sale financial assets | 5.6 | 5.6 | 14.4 | 14.4 | ||
Cash flow hedge (**) | (51.5) | (0.2) | (51.7) | (54.6) | (1.3) | (55.9) |
| Financial instruments of equity-accounted companies: changes in fair value | (76.6) | (5.8) | (82.4) | (21.1) | 0.6 | (20.5) |
| Currency translation differences | 103.9 | 8.6 | 112.5 | 36.6 | 2.4 | 39 .0 |
| Tax (***) | 36.4 | 1.9 | 38.3 | 11.7 | 0.3 | 12.1 |
| Income and expenses for the period recognised directly in equity | 17.7 | 4.5 | 22.3 | (13.0) | 2.1 | < td>(10.9)|
| of which controlled entities | 66.5 | 5.1 | 71.6 | 1.2 | 3.4 | |
| of which equity-accounted companies | (48.7) | (0.6) | (49.3) | (15.1) | 0.9 | (14.3) |
| Total comprehensive income for the period | 1,793.6 | 129.2 | 1,583.0 | 109.4 | 1,692.5 | |
(*) Restated in accordance with the change of accounting
policy described in Note « Change of accounting policy: consolidation by equity method of jointly
controlled entities ».
(**) Changes in the fair value of cash
flow hedges (interest-rate hedges) are recognised in equity for the effective
part. Cumulative gains and losses in equity are recognised through profit or
loss when the cash flow affects profit or loss.
(***) Including
€38.3 million of tax effects relating to changes in the fair value of
financial instruments (compared with €12.1 million in 2009), -€1.9
million relating to available-for-sale financial assets (compared with
-€10 million in 2009) and €40.2 million relating to cash flow hedges
(effective part) (compared with €22.1 million in 2009).
| ASSETS | 31/12/2010 | 31/12/2009 (*) |
|---|---|---|
| Non-current assets | ||
| Concession intangible assets | 23,771.6 | 23,932.2 |
| Goodwill, net | 6,103.1 | 3,598.6 |
| Other intangible assets | 354.9 | 168.3 |
| Property, plant and equipment | 4,411.5 | 3,990.5 |
| Investment property | 40.9 | 41.7 |
| Investments in equity-accounted companies | 713.5 | 640.3 |
| Other non-current financial assets | 869.5 | 650.5 |
| Deferred tax assets | 144.9 | 117.7 |
| Total non-current assets | 36,409.8 | 33,139.7 |
| Current assets | ||
| Inventories and work in progress | 843.8 | 667.3 |
| Trade and other operating receivables | 11,978.9 | 9,969.5 |
| Other current assets | 330.7 | 355.2 |
| Current tax assets | 76.1 | 52.0 |
| Other current financial assets | 292.8 | 243.6 |
| Cash management financial assets | 733.2 | 1,137.3 |
| Cash and cash equivalents | 5,747.9 | 5,413.7 |
| Total current assets (before assets classified as held for sale) | 20,003.4 | 17,838.6 |
| Total current assets | 20,003.4 | 17,838.6 |
| TOTAL ASSETS | 56,413.2 | 50,978.3 |
| EQUITY AND LIABILITIES | 31/12/2010 | 31/12/2009 (*) |
| Equity | ||
| Share capital | 1,381.6 | 1,302.4 |
| Share premium | 6,820.6 | 5,749.6 |
| Treasury shares | (552.2) | (1,108.2) |
| Other equity instruments | 490.6 | 490.6 |
| Consolidated reserves | 2,629.8 | 2,040.9 |
| Currency translation reserves | 28.5 | (75.8) |
| Net profit for the period attributable to owners of the parent | 1,775.9 | 1,596.0 |
| Amounts recognised directly in equity | (270.7) | (184.8) |
| Equity attributable to owners of the parent | 12,304.0 | 9,810.7 |
| Non-controlling interests | 720.6 | 656.4 |
| Total equity | 13,024.7 | 10,467.1 |
| Non-current liabilities | ||
| Non-current provisions | 1,314.1 | 1,031.6 |
| Bonds | 6,020.5 | 5,318.7 |
| Other loans and borrowings | 11,676.2 | 12,337.7 |
| Other non-current liabilities | 65.4 | 121.6 |
| Deferred tax liabilities | 2,355.1 | 2,357.1 |
| Total non-current liabilities | 21,431.2 | 21,166.7 |
| Current liabilities | ||
| Current provisions | 3,235.0 | 2,823.0 |
| Trade payables | 6,692.2 | 5,876.1 |
| Other current payables | 9,571.7 | 8,071.9 |
| Current tax payables | 183.1 | 209.1 |
| Current borrowings | 2,275.3 | 2,364.3 |
| Total current liabilities (excluding
liabilities classified as held for sale) | 21,957.3 | 19,344.5 |
| Total current liabilities | 21,957.3 | 19,344.5 |
| TOTAL EQUITY AND LIABITIES | 56,413.2 | 50,978.3 |
(*) Restated in accordance with the change of accounting policy described in Note « Change of accounting policy: consolidation by equity method of jointly controlled entities ».
| 31/12/2010 | 31/12/2009 (*) | |
|---|---|---|
| Consolidated net profit for the period (including non-controlling interests) | 1,900.6 | 1,703.3 |
| Depreciation and amortisation | 1,730.7 | 1,728.5 |
| Net increase/(decrease) in provision | 135.0 | 145.2 |
| Share-based payments (IFRS 2) and other restatements | (17.7) | (30.6) |
| Gain or loss on disposals | (20.4) | (29.2) |
| Change in fair value of financial instruments | 0.3 | 10.4 |
| Share of profit/(loss) of equity-accounted companies,
dividends received from unconsolidated entities and profit or loss from operations classified as held for sale | (82.8) | (98.8) |
| Capitalised borrowing costs | (77.2) | (99.2) |
| Cost of net financial debt recognised | 635.9 | 713.8 |
| Current and deferred tax expense recognised | 847.4 | 727.3 |
| Cash flows (used in) / from operations before tax and financing costs | 5,052.0 | 4,770.7 |
| Changes in working capital requirement and current provisions | (78.3) | 523.8 |
| Income taxes paid | (949.9) | (643.8) |
| Net interest paid | (692.8) | (762.3) |
| Dividends received from equity-accounted companies | 54.2 | 46.7 |
| Net cash flows (used in) / from operating activities - I | 3,385.3 | 3,935.1 |
| Purchases of property, plant and equipment, and intangible assets | (694.7) | (705.5) |
| Proceeds from sales of property, plant and equipment, and intangible assets | 99.3 | 90.0 |
| Net investments in operating assets | (595.4) | (615.5) |
| Operating cash flow | 2,789.8 | 3,319.6 |
| Purchases of concession fixed assets (net of grants received) | (836.2) | (997.8) |
| Financial receivables (PPP contracts and others) | (34.9) | (46.0) |
| Investments in concession and PPP contracts | (871.1) | (1,043.9) |
| Purchases of shares in subsidiaries and associates (consolidated and unconsolidated) | (690.8) (**) | (156.5) |
| Proceeds from sales of shares in subsidiaries and
associate (consolidated and unconsolidated) | 29.5 | 58.8 |
| Net effect of changes in scope of consolidation | (378.7) (***) | 1.4 |
| Net financial investments | (1,040.0) | (96.4) |
| Other | (68.4) | (31.3) |
| Net cash flows (used in)/from investing activities - II | (2,575.0) | (1,787.1) |
| Changes in share capital | 305.3 (**) | 648.8 |
| Changes in treasury shares | (86.4) | (2.5) |
| Non-controlling interests in share capital increases of subsidiaries | 1.0 | 5.1 |
| Purchase / sale of non-controlling interests (not resulting in the loss of control) | (54.4) | (30.6) |
| Dividends paid | ||
| - to shareholders of VINCI SA | (902.9) | (816.0) |
| - to non-controlling interests | (61.9) | (59.5) |
| Proceeds from new borrowings | 721.0 | 1,449.7 |
| Repayment of borrowings and changes in other current financial debt | (1,303.1) | (2,128.4) |
| Change in cash management assets | 371.4 | (816.2) |
| Net cash flows (used in)/from financing activities - III | (1,009.9) | (1,749.6) | < /tr>
| Change in net cash - I + II + III | (199.6) | 398.5 |
| Net cash and cash equivalents at beginning of period | 4,821.7 | 4,396.1 |
| Other changes | 449.0 (***) | 27.0 |
| Net cash and cash equivalents at end of period | 5,071.1 | 4,821.7 |
| Increase/(decrease) of cash management financial assets | (371.4) | 816.2 |
| (Proceeds from)/repayment of loans | 582.1 | 678.7 |
| Other changes | (390.0) | (49.8) |
| Change in net debt | 70.0 | 1,870.6 |
| Net debt at beginning of period | (13,129.7) | (15,000.3) |
| Net debt at end of period | (13,059.7) | (13,129.7) |
(*) Restated in accordance with the change of accounting
policy described in Note « Change of accounting policy: consolidation by equity method of jointly
controlled entities ».
(**) Excluding the impact of the
acquisition of Cegelec shares paid for by an increase in share capital
(€1,385 million).
(***) Including €334 million relating to the
net financial debt of the companies purchased during the period.