2011 interim financial statements - Financial statements
- Key figures
- Consolidated income statement
- Statement of comprehensive income
- Consolidated balance sheet
- Consolidated cash flow statement
| (In € millions) | 1st half 2011 | 1st half 2010(*) | Change 1st half 2011/2010 | 2010 |
|---|---|---|---|---|
| Revenue **) | 17,322.5 | 14,771.3 | 17.3% | 33,375.8 |
| Concession subsidiaries’ revenue derived from works carried out by non-Group companies | 369.7 | 269.2 | 37.4% | 627.0 |
| Total revenue | 17,692.2 | 15,040.4 | 17.6% | 34,002.8 |
| Revenue outside France (**) | 6,196.6 | 5,323.0 | 16.4% | 12,454.0 |
| % of revenue (**) | 35.8% | 36.0% | - | 37.3% |
| Operating profit from ordinary activities | 1,568.9 | 1,360.4 | 15.3% | 3,433.9 |
| % of revenue (**) | 9.1% | 9.2% | - | 10.3% |
| Operating profit | 1,554.4 | 1,389.1 | 11.9% | 3,429.1 |
| Net profit for the period attributable to owners of the parent |
813.5 | 703.2 | 15.7% | 1,775.9 |
| Diluted earnings per share (in €) | 1.48 | 1.34 | 10.4% | 3.30 |
| Dividend per share (in €) | 0.55 (***) | 0.52 (***) | 5.8% | 1.67 |
| Cash flow from operations | 2,332.9 | 2,110.8 | < strong>10.5% | 5,052.0 |
| Net investments in operating assets | (271.8) | (285.7) | -4.8% | (595.4) |
| Investments in concessions and PPP contracts | (492.1) | (333.5) | 47.6% | (871.1) |
| Free cash flow | (601.6) | 203.8 | 195.3% | 1,918.7 |
| Equity including non-controlling interests | 13,055.3 | 12,173.4 | 7.2% | 13,024.7 |
| Net financial debt | (14,558.2) | (14,036.7) | 3.7% | (13,059.7) |
(*) Restated following the change of method ”equity
accounting of jointly controlled entities”.
(**) Excluding Concession
subsidiaries’ revenue derived from works carried out by non-Group companies.
(***) Interim dividend.
| (In € millions) | 1st half 2011 | 1st half 2010(*) | 2010 |
|---|---|---|---|
| Revenue (**) | 17,322.5 | 14,771.3 | 33,375.8 |
| Concession subsidiaries’ revenue derived from works carried out by non-Group companies | 369.7 | 269.2 | 627.0 |
| Total revenue | 17,692.2 | 15,040.4 | 34,002.8 |
| Revenue from ancillary activities | 73.2 | 93.3 | 166.1 |
| Operating expenses | (16,196.5) | (13,773.3) | (30,735.1) |
| Operating profit from ordinary activities | 1,568.9 | 1,360.4 | < strong>3,433.9 |
| Share-based payment expense (IFRS 2) | (40.7) | (21.2) | (71.2) |
| Goodwill impairment expense | - | - | (1.8) |
| Profit/(loss) of equity-accounted companies | 26.2 | 49.9 | 68.2 |
| Operating profit | 1,554.4 | 1,389.1 | < strong>3,429.1 |
| Cost of gross financial debt | (362.2) | (357.4) | (711.1) |
| Financial income from cash management investments | 43.9 | 29.5 | 75.2 |
| Cost of net financial debt | (318.3) | (327.9) | (635.9) |
| Other financial income | 46.6 | 63.4 | 109.7 |
| Other financial expenses | (32.5) | (56.7) | (154.9) |
| Income tax expense | (379.8) | (306.2) | (847.4) |
| Net profit from continuing operations | 870.4 | 761.6 | |
| Profit after tax from discontinued activities (halted or sold) | - | - | - |
| Net profit for the period | 870.4 | 761.6 | |
| Net profit for the period attributable to non-controlling interests | 56.9 | 58.4 | 124.7 |
| Net profit for the period attributable to owners of the parent | 813.5 | 703.2 | |
| Earnings per share from continuing operations - attributable to owners of the parent | |||
| Basic earnings per share (in €) | 1.50 | 1.36 | 3.35 |
| Diluted earnings per share (in €) | 1.48 | 1.34 | 3.30 |
| Earnings per share attributable to owners of the parent | |||
| Basic earnings per share (in €) | 1.50 | 1.36 | 3.35 |
| Diluted earnings per share (in €) | 1.48 | 1.34 | 3.30 |
(*) Restated following the change of method ”equity
accounting of jointly controlled entities”.
(**) Excluding Concession
subsidiaries’ revenue derived from works carried out by non-Group
companies
| (In € millions) | 1st half 2011 | 1st half 2010 (*) | 2010 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| Net profit for the period | 813.5 | 56.9 | 870.4 | 703.2 | 761.6 | 1,775.9 | 124.7 | 1,900.6 | |
| Financial instruments of controlled companies: changes in fair value | 43.9 | 1.2 | 45.1 | (123.2) | (0.9) | (124.2) | (45.9) | (0.2) | (46.1) |
| of which: | |||||||||
| Available-for-sale financial assets | 19.0 | (0.0) | 19.0 | (14.6) | (0.0) | 5.6 | (0.0) | 5.6 | |
| Cash flow hedges (**) | 24.9 | 1.2 | 26.1 | (108.6) | (0.9) | < td>(109.6)(51.5) | (0.2) | ( 51.7) | |
| Financial instruments of equity-accounted companies: changes in fair value | 20.2 | 2.8 | 23.0 | (136.0) | (12.1) | (148.1) | (76.6)< /td> | (5.8) | (82.4) |
| Currency translation differences | (45.6) | (5.8) | (51.5) | 147.7 | 12.5 | 160.2 | 103.9 | < td>8.6112.5 | |
| Tax (**) | (20.4) | (1.0) | (21.5) | 74.6 | 3.7 | 78.3 | 36.4 | 1 .9 | 38.3 |
| Income and expenses for the period recognised directly in equity | (2.0) | (2.8) | (4.9) | (36.9) | (33.8) | 17.7 | 4.5 | 22.3 | |
| of which: | |||||||||
| Controlled companies | (12.8) | (3.1) | (15.9) | 56.8 | 7.0 | 63.7 | 66.5 | 5.1 | 71.6 |
| Equity-accounted companies | 10.8 | 0.2 | 11.0 | (93.7) | (3.9) | (48.7) | (0.6) | (49 .3) | |
| Total comprehensive income for the period | 811.5 | 54.1 | 865.5 | 666.3 | 727.8 | 1,793.6 | 129.2 | ||
(*) Restated following the change of method ”equity
accounting of jointly controlled entities”.
(**) Changes in the fair value
of cash flow hedging instruments (interest-rate hedges) are recognised in
equity for the effective part of the hedge. Cumulative gains and losses in
equity are taken to profit or loss at the time when the cash flow affects
profit or loss.
(***) –€21.5 million of tax effects relating to
changes in the fair value of financial instruments in the first half of 2011
(+€78.3 million in the first half of 2010), including –€6.5 million
relating to available-for-sale financial assets (+€5 million in the first
half of 2010) and –€14.9 million relating to cash flow hedges (effective
part) (+€73.3 million in the first half of 2010).
| (In € millions) | 30/06/11 | 30/06/10 (*) | 31/12/10 |
|---|---|---|---|
| Non-current assets | |||
| Concession intangible assets | 23,888.5 | 23,730.3 | 23,771.6 |
| Goodwill, net | 6,139.2 | 5,522.7 | 6,103.1 |
| Other intangible assets | 351.6 | 471.2 | 354.9 |
| Property, plant and equipment | 4,217.6 | 4,060.6 | 4,411.5 |
| Investment property | 50.6 | 47.7 | 40.9 |
| Investments in equity-accounted companies | 724.4 | 671.1 | 713.5 |
| Other non-current financial assets | 1,059.9 | 909.2 | 869.5 |
| Deferred tax assets | 146.1 | 118.5 | 144.9 |
| Total non-current assets | 36,577.9 | 35,531.4 | 36,409.8 |
| Current assets | |||
| Inventories and work in progress | 880.4 | 837.0 | 843.8 |
| Trade receivables | 10,515.2 | 9,316.2 | 8,816.3 |
| Other current operating assets | 4,145.0 | 3,193.8 | 3,435.4 |
| Other current non-operating assets | 33.4 | 20.5 | 57.8 |
| Current tax assets | 170.3 | 170.6 | 76.1 |
| Other current financial assets | 246.5 | 318.2 | 292.8 |
| Cash management financial assets | 750.1 | 812.2 | 733.2 |
| Cash and cash equivalents | 4,001.4 | 4,709.4 | 5,747.9 |
| Total current assets (before assets classified as held for sale) | 20,742.3 | 19,377.8 | 20,003.4 |
| Total current assets | 20,742.3 | 19,377.8 | 20,003.4 |
| Total assets | 57,320.2 | 54,909.2 | 56,413.2 |
| Equity and liabilities | |||
|---|---|---|---|
| 30/06/11 | 30/06/10 (*) | 31/12/10 | |
| Equity | |||
| Share capital | 1,409.9 | 1,374.2 | 1,381.6 |
| Share premium | 7,144.9 | 6,754.4 | 6,820.6 |
| Treasury shares | (1,052.0) | (490.3) | (552.2) |
| Other equity instruments | 490.6 | 490.6 | 490.6 |
| Consolidated reserves | 3,765.2 | 2,951.1 | 2,629.8 |
| Currency translation reserves | (16.3) | 71.3 | 28.5 |
| Net profit for the period attributable to owners of the parent | 813.5 | 703.2 | 1,775.9 |
| Amounts recognised directly in equity | (227.1) | (369.0) | (270.7) |
| Equity attributable to owners of the parent | 12,328.8 | 11,485.6 | 12,304.0 |
| Non-controlling interests | 726.5 | 687.9 | 720.6 |
| Total equity | 13,055.3 | 12,173.4 | 13,024.7 |
| Non-current liabilities | |||
| Non-current provisions | 1,347.7 | 1,305.7 | 1,314.1 |
| Bonds | 6,013.7 | 5,962.8 | 6,020.5 |
| Other loans and borrowings | 11,595.9 | 11,944.8 | 11,676.2 |
| Other non-current liabilities | 68.3 | 119.5 | 65.4 |
| Deferred tax liabilities | 2,348.6 | 2,365.6 | 2,355.1 |
| Total non-current liabilities | 21,374.1 | 21,698.5 | 21,431.2 |
| Current liabilities | |||
| Current provisions | 3,166.9 | 3,015.4 | 3,235.0 |
| Trade payables | 7,373.7 | 6,619.1 | 6,692.2 |
| Other current operating liabilities | 9,570.2 | 8,713.7 | 9,075.0 |
| Other current non-operating liabilities | 530.0 | 330.8 | 496.7 |
| Current tax payables | 160.4 | 150.4 | 183.1 |
| Current borrowings | 2,089.6 | 2,207.8 | 2,275.3 |
| Total current liabilities (before liabilities classified as held for sale) | 22,890.8 | 21,037.3 | 21,957.3 |
| Total current liabilities | 22,890.8 | 21,037.3 | 21,957.3 |
| Total equity and liabilities | 57,320.2 | 54,909.2 | 56,413.2 |
(*) Restated following the change of method ”equity accounting of jointly controlled entities”.
| (In € millions) | 1st half 2011 | 1st half 2010 (*) | 2010 |
|---|---|---|---|
| Consolidated net profit for the period (including non-controlling interests) | 870.4 | 761.6 | |
| Depreciation and amortisation | 895.4 | 847.4 | 1,730.7 |
| Net increase/(decrease) in provisions | (12.4) | 1.7 | 135.0 |
| Share-based payments (IFRS 2) and other restatements | (39.5) | (28.0) | (17.7) |
| Gain or loss on disposals | (11.1) | (7.0) | (20.4) |
| Change in fair value of financial instruments | (3.3) | 0.2 | 0.3 |
| Share of profit or loss of equity-accounted companies, dividends received from unconsolidated entities and profit or loss from operations classified as held for sale | (35.6) | (61.3) | (82.8) |
| Capitalised borrowing costs | (29.1) | (37.9) | (77.2) |
| Cost of net financial debt recognised | 318.3 | 327.9 | 635.9 |
| Current and deferred tax expense recognised | 379.8 | 306.2 | 847.4 |
| Cash flows (used in)/from operations before tax and financing costs | 2,332.9 | 2,110.8 | < strong>5,052.0 |
| Changes in working capital requirement and current provisions | (1,335.1) | (807.8) | (78.3) |
| Income taxes paid | (481.0) | (515.9) | (949.9) |
| Net interest paid | (376.0) | (419.5) | (692.8) |
| Dividends received from equity-accounted companies | 21.5 | 47.6 | 54.2 |
| Cash flows (used in)/from operating activities - I | 162.3 | 415.4 | |
| Purchases of property, plant and equipment, and intangible assets | (308.3) | (328.9) | (694.7) |
| Proceeds from sales of property, plant and equipment, and intangible assets | 36.5 | 43.2 | 99.3 |
| Net investments in operating assets | (271.8) | (285.7) | < strong>(595.4) |
| Operating cash flow | (109.6) | 129.7 | 2,789.8 |
| Investments in concession fixed assets (net of grants received) | (481.9) | (319.4) | (836.2) |
| Financial receivables (PPP contracts and others) | (10.2) | (14.0) | (34.9) |
| Growth investments in concessions and PPPs | (492.1) | (333.5) | (871.1) |
| Free cash flow (after investment) | (601.6) | (203.8) | 1,918.7 |
| Purchases of shares in subsidiaries and associates (consolidated and unconsolidated) | (55.7) | (106.0) (**) | (690.8) (**) |
| Proceeds from sales of shares in subsidiaries and associates (consolidated and unconsolidated) | 11.8 | 24.6 | 29.5 |
| Net effect of changes in scope of consolidation (***) | 12.6 | (220.3) | (378.7) |
| Net financial investments | (31.2) | (301.8) | |
| Other | (105.4) | (41.2) | (68.4) |
| Net cash flows (used in)/from investing activities - II | (900.6) | (962.1) | < strong>(2,575.0) |
| Changes in share capital | 352.7 | 231.8 (**) | 305.3 (**) |
| Changes in treasury shares | (501.0) | (5.2) | (86.4) |
| Non-controlling interests in share capital increases of subsidiaries | 0.9 | 0.1 | 1.0 |
| Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) | (14.2) | (5.9) | (54.4) |
| Dividends paid | - | - | - |
| - to shareholders of VINCI SA | (618.4) | (589.9) | (902.9) |
| - to non-controlling interests | (51.6) | (31.7) | (61.9) |
| Proceeds from new long-term loans | 82.3 | 546.0 | 721.0 |
| Repayments of long-term loans | (633.0) | (785.3) | (1,171.1) |
| Change in cash management assets and other current financial debts | 361.4 | 205.7 | 239.4 |
| Net cash flows (used in)/from financing activities - III | (1,020.9) | (434.3) | (1,009.9) |
| Change in net cash - I + II + III | (1,759.2) | (981.0) | (199.6) |
| Net cash and cash equivalents at beginning of period | 5,071.1 | 4,821.7 | < strong>4,821.7 |
| Other changes (***) | (19.0) | 105.9 | 449.0 |
| Net cash and cash equivalents at end of period | 3,292.9 | 3,946.5 | < strong>5,071.1 |
| Increase (decrease) in cash management financial assets and other current financial debts | (361.4) | (205.7) | (239.4) |
| (Proceeds from)/repayment of long-term loans | 550.7 | 239.3 | 450.0 |
| Other changes | 90.4 | (65.4) | (390.0) |
| Change in net debt | (1,498.5) | (906.9) | 70.0 |
| Net debt at beginning of period | (13,059.7) | (13,129.7) | (13,129.7) |
| Net debt at end of period | (14,558.2) | (14,036.7) | (13,059.7) |
(*) Restated following the change of method ”equity
accounting of jointly controlled entities”.
(**) Excluding acquisition in
2010 of Cegelec shares paid in VINCI shares (€1,385 million).
(***)
Including net financial debt of companies acquired in the period.
Last updated: 31/08/2011