2010 interim financial statements - Financial statements
- Key figures
- Consolidated income statement
- Statement of comprehensive income
- Consolidated balance sheet
- Consolidated cash flow statement
| 1st half 2010 | 1st half 2009 | 12 months 2009 | |
|---|---|---|---|
| Revenue | 15,792.5 | 15,391.1 | 32,459.6 |
| of which: | |||
| Revenue excluding construction by third parties of new infrastructure under concession | 15,505.1 | 15,154.7 | 31,927.6 |
| Revenue realised by concession operators for the construction of new infrastructure by third parties | 287.5 | 236.5 | 532.0 |
| Revenue outside France | 6,060.1 | 5,743.8 | 12,366.1 |
| % of revenue (*) | 38.9% | 37.7% | 38.5% |
| Operating profit from ordinary activities | 1,423.3 | 1,357.8 | 3,192.5 |
| % of revenue (*) | 9.2% | 9.0% | 10.0% |
| Operating profit | 1,413.8 | 1,356.2 | 3,144.8 |
| Net profit attributable to owners of the parent | 702.9 | 690.1 | 1,596.0 |
| Earnings per share (in €) | 1.36 | 1.44 | 3.27 |
| Diluted earnings per share (in €) | 1.34 | 1.42 | 3.21 |
| Dividend per share (in €) | 1.62 | ||
| Equity including non-controlling interests | 12,132.1 | 9,732.9 | 10,439.9 |
| Net financial debt | (14,991.6) | (15,701.2) | (13,684.1) |
| Net financial debt excluding project finance | (13,488.6) | (14,676.3) | (12,482.9) |
| Cash flows from operations | 2,228.5 | 2,147.2 | 4,964.2 |
| Net investments in operating assets | (392.2) | (441.9) | (797.7) |
| Investments in concession assets and PPP contracts | (506.7) | (585.3) | (1,227.0) |
| Net financial investments (**) | (283.0) | (47.9) | (110.3) |
| Cash flows (used in)/from operating activities after net investments in operating assets | 15.9 | 272.3 | 3,301.9 |
(*) Percentage calculated using revenue excluding the construction of new infrastructure under concession made by third parties.
(**) Including cash of companies acquired or sold.
| 1st half 2010 | 1st half 2009 | 12 months 2009 | |
|---|---|---|---|
| Revenue | 15,792.5 | 15,391.1 | 32,459.6 |
| of which : | |||
| Revenue excluding construction by third parties of new infrastructure under concession | 15,505.1 | 15,154.7 | 31,927.6 |
| Revenue realised by concession operators for the construction of new infrastructure by third parties | 287.5 | 236.5 | 532.0 |
| Revenue from ancillary activities | 97.6 | 100.3 | 201.5 |
| Operating expenses | (14,466.9) | (14,133.7) | (29,468.6) |
| Operating profit from ordinary activities | 1,423.3 | 1,357.8 | 3,192.5 |
| Share-based payment expense (IFRS 2) | (21.2) | (18.6) | (62.9) |
| Goodwill impairment expense | (11.8) | ||
| Profit/(loss) of associates | 11.7 | 17.0 | 27.1 |
| Operating profit | 1,413.8 | 1,356.2 | 3,144.8 |
| Cost of gross financial debt | (380.7) | (434.9) | (829.6) |
| Financial income from cash management investments | 30.9 | 55.4 | 86.2 |
| Cost of net financial debt | (349.7) | (379.5) | (743.4) |
| Other financial income | 66.1 | 115.0 | 164.8 |
| Other financial expenses | (58.2) | (57.8) | (123.4) |
| Income tax expense | (315.2) | (294.6) | (744.7) |
| Net profit from continuing operations | 756.8 | 739.2 | 1 698.2 |
| Net profit after tax from discontinued operations (halted or sold) | - | ||
| Net profit for the period | 756.8 | 739.2 | 1 698.2 |
| Profit for the period attibutable to non-controlling interests | 53.8 | 49.2 | 102.2 |
| Net profit for the period attributable to owners of the parents | 702.9 | 690.1 | 1 596.0 |
| Earnings per share from continuing operations | |||
| Earnings per share (in €) | 1.36 | 1.44 | 3.27 |
| Diluted earnings per share (in €) | 1.34 | 1.42 | 3.21 |
| Earnings per share attributable to owners of the parent | |||
| Earnings per share (in €) | 1.36 | 1.44 | 3.27 |
| Diluted earnings per share (in €) | 1.34 | 1.42 | 3.21 |
| 1st half 2010 | 1st half 2009 | 12 months 2009 | |
|---|---|---|---|
| Net profit for the period (including non-controlling interests) | 756,8 | 739,2 | 1 698,2 |
| Financial instruments: changes in fair value | (247,1) | (18,5) | (52,1) |
| of which: | |||
| Available-for-sale financial assets (*) | (14,6) | (2,8) | 14,4 |
| Cash flow hedge (effective part) (**) | (232,5) | (15,6) | (66,5) |
| Change in equity of associates recognised directly in equity | (26,8) | 3,6 | (7,7) |
| Currency translation differences | 156,7 | 39,4 | 39,4 |
| Tax (***) | 78,8 | 0,9 | 11,5 |
| Income and expenses for the period recognised directly in equity | (38,5) | 25,5 | (9,0) |
| Total comprehensive income for the period | 718,2 | 764,7 | 1 689,3 |
| of which: | |||
| Attributable to owners of the parent | 664,5 | 711,0 | 1 584,3 |
| Attributable to non-controlling interests | 53,7 | 53,7 | 104,9 |
(*) At the balance sheet date, available-for-sale securities are measured at their fair value. In the absence of an objective indication of impairment, these changes in fair value are recognised directly in equity.
(**) 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 taken to profit or loss at the time when the cash flow affects profit or loss.
(***) €78.8 million of tax effects relating to changes in the fair value of financial instruments (compared with €0.9 million at June 30, 2009), €5.0 million relating to available-for-sale financial assets (compared with -€4.1 million at June 30, 2009) and €73.8 million relating to cash flow hedges (effective part) (compared with €5 million at June 30,2009).
| ASSETS | 30/06/2010 | 30/06/2009 | 31/12/2009 |
|---|---|---|---|
| Non-current assets | |||
| Concession intangible assets | 24,019.1 | 24,136.6 | 24,223.8 |
| Goodwill. net | 5,572.3 | 3,634.0 | 3,638.2 |
| Other intangible assets | 496.5 | 189.0 | 184.3 |
| Property. plant and equipment | 4,763.8 | 4,713.6 | 4,614.0 |
| Investment property | 51.3 | 45.2 | 49.9 |
| Investments in associates | 209.4 | 210.3 | 214.1 |
| Other non-current financial assets | 1,300.6 | 696.4 | 892.6 |
| Deferred tax assets | 181.4 | 136.1 | 144.6 |
| Total non-current assets | 36,594.3 | 33,761.1 | 33,961.4 |
| Current assets | |||
| Inventories and work in progress | 951.9 | 887.6 | 755.7 |
| Trade and other operating receivables | 12,628.5 | 11,698.2 | 10,369.9 |
| Other current assets | 414.9 | 370.0 | 368.1 |
| Current tax assets | 170.1 | 59.5 | 64.6 |
| Other current financial assets | 318.0 | 316.0 | 242.9 |
| Cash management financial assets | 785.0 | 898.5 | 1 116.7 |
| Cash and cash equivalents | 4,866.3 | 4,980.7 | 5,556.9 |
| Total current assets (before assets classified as held for sale) | 20,134.8 | 19,210.6 | 18,474.8 |
| Total current assets | 20,134.8 | 19,210.6 | 18,474.8 |
| Total assets | 56,729.1 | 52,971.7 | 52,436.1 |
| Equity and liabilities | |||
|---|---|---|---|
| (en millions d'euros) | 30/06/2010 | 30/06/2009 | 31/12/2009 |
| Equity | |||
| Share capital | 1,374.2 | 1,288.9 | 1,302.4 |
| Share premium | 6,754.4 | 5,642.9 | 5,749.6 |
| Treasury shares | (490.3) | (1 125.8) | (1 108.2) |
| Other equity instruments | 490.6 | 490.6 | 490.6 |
| Consolidated reserves | 2,951.2 | 2,348.7 | 2,040.9 |
| Currency translation reserves | 71.4 | (78.0) | (75.4) |
| Net profit for the period attributable to owners of the parent | 702.9 | 690.1 | 1,596.0 |
| Amounts recognised directly in equity | (373.0) | (154.7) | (187.6) |
| Equity attributable to owners of the parent | 11,481.5 | 9,102.7 | 9,808.4 |
| Non-controlling interests | 650.6 | 630.2 | 631.5 |
| Total equity | 12,132.1 | 9,732.9 | 10,439.9 |
| Non-current liabilities | |||
| Non-current provisions | 1,182.1 | 927.0 | 994.8 |
| Bonds | 5,962.8 | 5,109.3 | 5,318.7 |
| Other loans and borrowings | 12,846.7 | 12,896.9 | 12,895.9 |
| Other non-current liabilities | 134.8 | 116.2 | 133.6 |
| Deferred tax liabilities | 2,373.6 | 2,436.9 | 2,364.6 |
| Total non-current liabilities | 22,500.1 | 21,486.3 | 21,707.6 |
| Current liabilities | |||
| Current provisions | 3,033.6 | 2,617.6 | 2,842.2 |
| Trade payables | 6,987.3 | 6,284.7 | 6,233.6 |
| Other current payables | 9,536.3 | 8,671.6 | 8,507.8 |
| Current tax payables | 152.4 | 216.4 | 222.2 |
| Current borrowings | 2,387.4 | 3,962.2 | 2,482.8 |
| Total current liabilities (excluding liabilities classified as held for sale) | 22,097.0 | 21,752.5 | 20,288.6 |
| Total current liabilities | 22,097.0 | 21,752.5 | 20,288.6 |
| Total equity and liabilities | 56,729.1 | 52,971.7 | 52,436.1 |
| 30/06/2010 | 30/06/2009 | 31/12/2009 | |
|---|---|---|---|
| Consolidated net profit for the period (including non-controlling interests) | 756.8 | 739.2 | 1,698.2 |
| Depreciation and amortisation | 892.6 | 883.2 | 1,814.0 |
| Net provision expense / (reversals) | 4.4 | 13.9 | 163.4 |
| Share-based payments (IFRS 2) and other restatements | (28.0) | (41.9) | (30.6) |
| Gain or loss on disposals | (9.1) | (29.1) | (29.5) |
| Change in fair value of financial instruments | 10.9 | 6.1 | 7.3 |
| Share of profit/(loss) of associates. dividends received from unconsolidated entities and profit or loss from operations classified as held for sale | (23.4) | (28.2) | (41.2) |
| Capitalised borrowing costs | (40.7) | (70.2) | (105.4) |
| Cost of net financial debt recognised | 349.7 | 379.5 | 743.4 |
| Current and deferred tax expense recognised | 315.2 | 294.6 | 744.7 |
| Cash flows (used in)/from operations before tax and financing costs | 2,228.5 | 2,147.2 | 4,964.2 |
| Changes in working capital requirement and current provisions | (844.6) | (757.0) | 608.8 |
| Income taxes paid | (538.4) | (205.5) | (689.6) |
| Net interest paid | (437.5) | (470.5) | (783.8) |
| Net cash flows (used in)/from operating activities - I | 408.1 | 714.2 | 4,099.6 |
| Purchases of property. plant and equipment. and intangible assets | (445.7) | (481.2) | (893.0) |
| Proceeds from sales of property. plant and equipment. and intangible assets | 53.5 | 39.3 | 95.3 |
| Net investments in operating assets | (392.2) | (441.9) | (797.7) |
| Operating cash flow | (15.9) | 272.3 | 3,301.9 |
| Investments in concession fixed assets (net of grants received) | (333.1) | (541.1) | (1,051.8) |
| Financial receivables (PPP contracts and others) | (173.5) | (44.3) | (175.2) |
| Investments in concession and PPP contracts | (506.7) | (585.3) | (1,227.0) |
| Purchases of shares in subsidiaries and associates (consolidated and unconsolidated) | (*) (109.8) | (82.3) | (185.5) |
| Proceeds from sales of shares in subsidiaries and associate (consolidated and unconsolidated) | 22.3 | 31.2 | 69.5 |
| Net effect of changes in scope of consolidation | (195.5) | 3.2 | 5.7 |
| Net financial investments | (283.0) | (47.9) | (110.3) |
| Dividends received from associates and unconsolidated entities | 25.7 | 21.9 | 33.6 |
| Other | (33.1) | (31.8) | (40.1) |
| Net cash flows (used in)/from investing activities - II | (1,189.3) | (1,085.0) | (2,141.6) |
| Changes in share capital | (*) 231.8 | 528.7 | 648.8 |
| Changes in treasury shares | (5.2) | 0.2 | (2.5) |
| Non-controlling interests in share capital increases of subsidiaries | 0.1 | 5.1 | |
| Dividends paid | |||
| - to shareholders of VINCI SA | (589.9) | (524.7) | (816.0) |
| - to non-controlling interests | (34.9) | (28.5) | (57.0) |
| Proceeds from new borrowings | 610.3 | 1,223.1 | 1,489.5 |
| Repayment of borrowings and changes in other current financial debt | (632.9) | (490.5) | (1,996.5) |
| Change in cash management assets | 266.9 | (521.5) | (813.7) |
| Net cash flows (used in)/from financing activities - III | (153.8) | 186.7 | (1,542.2) |
| Change in net cash - I + II + III | (935.0) | (184.1) | 415.9 |
| Net cash and cash equivalents at beginning of period | 4,956.3 | 4,513.4 | 4,513.4 |
| Other changes | 79.4 | 5.8 | 26.9 |
| Net cash and cash equivalents at end of period | 4,100.7 | 4,335.1 | 4,956.3 |
| Increase/(decrease) of cash management financial assets | (266.9) | 521.5 | 813.7 |
| (Proceeds from)/repayment of loans | 22.6 | (732.6) | 507.0 |
| Other changes | (207.6) | 59.0 | (76.9) |
| Change in net debt | (1,307.5) | (330.4) | 1,686.7 |
| Net debt at beginning of period | (13,684.1) | (15,370.8) | (15,370.8) |
| Net debt at end of period | (14,991.6) | (15,701.2) | (13,684.1) |
(*) Excluding the acquisition of Cegelec shares (1.4 billion euros) paid by a capital increase and by delivery of existing shares.
Last updated: 01/09/2010