2012 financial statements - Financial statements
2012 results
- 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) | 2012 | 2011 |
|---|---|---|
| Revenue (*) | 38,633.6 | 36,955.9 |
| Revenue generated in France (*) | 24,324.2 | 23,561.8 |
| % of revenue (*) | 63.0% | 63.8% |
| Revenue generated outside France (*) | 14,309.4 | 13,394.1 |
| % of revenue (*) | 37.0% | 36.2% |
| Operating income from ordinary activities | 3,670.7 | 3,659.9 |
| % of revenue (*) | 9.5% | 9.9% |
| Operating income | 3,651.0 | 3,601.0 |
| Net income for the period attributable to owners of the parent | 1,916.7 | 1,904.3 |
| Diluted earnings per share (in €) | 3.54 | 3.48 |
| Dividend per share (in €) | 1.77 | 1.77 |
| Cash flows from operations before tax and financing costs | 5,418.5 | 5,366.2 |
| Operating investments (net of disposals) | (742.1) | (668.0) |
| Growth investments in concessions and PPPs | (1,139.6) | (1,135.4) |
| Free cash flow (after investments) | 1,983.0 | 2,134.2 |
| Equity including non-controlling interests | 14,069.8 | 13,615.3 |
| Net financial debt | (12,526.8) | (12,589.6) |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
Consolidated income statement for the period
| (in € millions) | 2012 | 2011 | |
|---|---|---|---|
| Revenue (*) | 38,633.6 | 36,955.9 | |
| Concession subsidiaries’ revenue derived from works carried out by non-Group companies | 549.6 | 690.2 | |
| Total revenue | 39,183.2 | 37,646.1 | |
| Revenue from ancillary activities | 234.4 | 205.0 | |
| Operating expenses | (35,746.9) | (34,191.2) | |
| Operating income from ordinary activities | 3,670.7 | 3,659.9 | |
| Share-based payments (IFRS 2) | (94.3) | (101.4) | |
| Goodwill impairment expense | (7.5) | (8.0) | |
| Profit/(loss) of companies accounted for under the equity method | 82.1 | 50.5 | |
| Operating income | 3,651.0 | 3,601.0 | |
| Cost of gross financial debt | (726.8) | (741.9) | |
| Financial income from cash investments | 89.1 | 95.2 | |
| Cost of net financial debt | (637.7) | (646.6) | |
| Other financial income | 111.6 | 99.2 | |
| Other financial expense | (130.4) | (74.0) | |
| Income tax expense | (969.2) | (983.6) | |
| Net income from continuing operations | 2,025.2 | 1,996.0 | |
| Net income from discontinued operations (halted or sold) | - | - | |
| Net income | 2,025.2 | 1,996.0 | |
| Net income attributable to non-controlling interests | 108.5 | 91.7 | |
| Net income for the period attributable to owners of the parent | 1,916.7 | 1,904.3 | |
| Earnings per share from continuing operations – attributable to owners of the parent | |||
| Basic earnings per share (in €) | 3.57 | 3.52 | |
| Diluted earnings per share (in €) | 3.54 | 3.48 | |
| Earnings per share attributable to owners of the parent | |||
| Basic earnings per share (in €) | 3.57 | 3.52 | |
| Diluted earnings per share (in €) | 3.54 | 3.48 |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
Consolidated comprehensive income statement for the period
| 2012 | 2011 | |||||
|---|---|---|---|---|---|---|
| (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 | 1,916.7 | 108.5 | 2,025.2 | 1,904.3 | 91.7 | 1,996.0 |
| Financial instruments of controlled companies: changes in fair value | (47.7) | (0.7) | (48.4) | (110.9) | 0.4 | (110.6) |
| of which: | - | - | - | - | - | - |
| Available-for-sale financial assets | 17.6 | - | 17.6 | (19.9) | (0.0) | (19.9) |
| Cash flow hedges (*) | (65.3) | (0.7) | (66.0) | (91.1) | 0.4 | (90.7) |
| Financial instruments of companies accounted for under the equity method: changes in fair value | (180.3) | (12.6) | (193.0) | (255.2) | (16.8) | (272.0) |
| Currency translation differences | 34.3 | 3.9 | 38.2 | (6.1) | (1.0) | (7.1) |
| Tax (**) | 76.4 | 3.9 | 80.4 | 117.0 | 3.8 | 120.8 |
| Income and expense for the period recognised directly in equity | (117.4) | (5.5) | (122.9) | (255.3) | (13.6) | (268.9) |
| of which: | ||||||
| Controlled companies | 0.6 | 1.1 | 1.7 | (80.2) | (0.5) | (80.7) |
| Companies accounted for under the equity method | (118.0) | (6.6) | (124.6) | (175.1) | (13.1) | (188.2) |
| Total comprehensive income | 1,799.3 | 103.0 | 1,902.3 | 1,649.0 | 78.1 | 1,727.1 |
(*) Changes in the fair value of cash flow hedges (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.
(**) Including positive tax effects of €80.4 million relating to changes in the fair value of financial instruments (compared with +€120.8 million in 2011), negative effects of €6.0 million relating to available-for-sale financial assets (compared with positive effects of €6.8 million in 2011) and positive effects of €86.4 million relating to cash flow hedges (effective part) (compared with +€114 million in 2011).
Consolidated balance sheet
Assets
| (in € millions) | 31/12/2012 | 31/12/2011 |
|---|---|---|
| Non-current assets | ||
| Concession intangible assets | 23,499.9 | 23,921.5 |
| Goodwill | 6,609.3 | 6,263.8 |
| Other intangible assets | 437.4 | 374.8 |
| Property, plant and equipment | 4,746.2 | 4,399.1 |
| Investment property | 10.5 | 48.0 |
| Investments in companies accounted for under the equity method | 810.3 | 748.6 |
| Other non-current financial assets | 1,715.4 | 1,267.6 |
| Deferred tax assets | 202.7 | 179.1 |
| Total non-current assets | 38,031.6 | 37,202.5 |
| Current assets | ||
| Inventories and work in progress | 1,015.5 | 1,004.1 |
| Trade and other receivables | 10,978.6 | 10,222.0 |
| Other current operating assets | 4,505.5 | 4,131.3 |
| Other current non-operating assets | 35.2 | 46.3 |
| Current tax assets | 87.1 | 70.4 |
| Other current financial assets | 421.1 | 356.6 |
| Cash management financial assets | 179.2 | 169.6 |
| Cash and cash equivalents | 6,336.9 | 7,372.4 |
| Total current assets | 23,559.1 | 23,372.7 |
| Total assets | 61,590.7 | 60,575.2 |
Consolidated balance sheet
Equity and liabilities
| (in € millions) | 31/12/2012 | 31/12/2011 |
|---|---|---|
| Equity | ||
| Share capital | 1,443.4 | 1,413.2 |
| Share premium | 7,487.9 | 7,182.4 |
| Treasury shares | (1,661.8) | (1,097.5) |
| Other equity instruments | 490.6 | 490.6 |
| Consolidated reserves | 4,269.2 | 3,493.9 |
| Currency translation reserves | 57.2 | 22.7 |
| Net income for the period attributable to owners of the parent | 1,916.7 | 1,904.3 |
| Amounts recognised directly in equity | (668.8) | (519.8) |
| Equity attributable to owners of the parent | 13,334.4 | 12,889.9 |
| Non-controlling interests | 735.4 | 725.4 |
| Total equity | 14,069.8 | 13,615.3 |
| Non-current liabilities | ||
| Non-current provisions | 1,796.5 | 1,535.4 |
| Bonds | 9,615.3 | 7,819.8 |
| Other loans and borrowings | 6,938.5 | 9,605.2 |
| Other non-current liabilities | 131.5 | 95.6 |
| Deferred tax liabilities | 2,080.4 | 2,166.9 |
| Total non-current liabilities | 20,562.3 | 21,223.0 |
| Current liabilities | ||
| Current provisions | 3,507.7 | 3,484.1 |
| Trade payables | 7,603.6 | 7,625.0 |
| Other current operating liabilities | 11,306.3 | 10,381.5 |
| Other current non-operating liabilities | 539.9 | 567.8 |
| Current tax liabilities | 361.3 | 232.6 |
| Current borrowings | 3,640.0 | 3,445.8 |
| Total current liabilities | 26,958.7 | 25,736.9 |
| Total equity and liabilities | 61,590.7 | 60,575.2 |
Consolidated cash flow statement
| (in € millions) | 2012 | 2011 | ||
|---|---|---|---|---|
| Consolidated net income for the period (including non-controlling interests) | 2,025.2 | 1,996.0 | ||
| Depreciation and amortisation | 1,877.0 | 1,810.7 | ||
| Net increase/(decrease) in provisions | 106.1 | 67.7 | ||
| Share-based payments (IFRS 2) and other restatements | (1.3) | 10.9 | ||
| Gain or loss on disposals | (24.0) | (20.5) | ||
| Change in fair value of financial instruments | (1.4) | (1.4) | ||
| Share of profit or loss of companies accounted for under the equity method and dividends received from unconsolidated entities | (99.0) | (66.4) | ||
| Capitalised borrowing costs | (71.3) | (60.9) | ||
| Cost of net financial debt recognised | 637.7 | 646.6 | ||
| Current and deferred tax expense recognised | 969.2 | 983.6 | ||
| Cash flows (used in)/from operations before tax and financing costs | 5,418.5 | 5,366.2 | ||
| Changes in operating working capital requirement and current provisions | (37.4) | 93.4 | ||
| Income taxes paid | (978.6) | (936.2) | ||
| Net interest paid | (595.0) | (643.4) | ||
| Dividends received from companies accounted for under the equity method | 57.2 | 57.7 | ||
| Cash flows (used in)/from operating activities | I | 3,864.7 | 3,937.6 | |
| Purchases of property, plant and equipment and intangible assets | (870.6) | (757.7) | ||
| Proceeds from sales of property, plant and equipment and intangible assets | 128.5 | 89.7 | ||
| Operating investments (net of disposals) | (742.1) | (668.0) | ||
| Operating cash flow | 3,122.6 | 3,269.5 | ||
| Investments in concession fixed assets (net of grants received) | (1,123.5) | (1,106.4) | ||
| Financial receivables (PPP contracts and others) | (16.1) | (29.0) | ||
| Growth investments in concessions and PPPs | (1,139.6) | (1,135.4) | ||
| Free cash flow (after investments) | 1,983.0 | 2,134.2 | ||
| Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) | (611.8) | (196.8) | ||
| Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) | 7.4 | 39.7 | ||
| Net effect of changes in scope of consolidation | 6.3 | (15.1) | ||
| Net financial investments | (598.0) | (172.2) | ||
| Other | (49.5) | (95.9) | ||
| Net cash flows (used in)/from investing activities | II | (2,529.2) | (2,071.5) | |
| Changes in share capital | 335.7 | 393.5 | ||
| Transactions on treasury shares | (646.9) | (623.5) | ||
| Non-controlling interests in share capital increases and decreases of subsidiaries | (1.3) | 0.6 | ||
| Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) (*) | (96.3) | (34.9) | ||
| Dividends paid | - | - | ||
| - to shareholders of VINCI SA (**) | (978.8) | (946.8) | ||
| - to non-controlling interests | (77.8) | (89.0) | ||
| Proceeds from new long-term borrowings | 1,624.3 | 1,627.0 | ||
| Repayments of long-term loans | (2,539.2) | (1,723.7) | ||
| Change in cash management assets and other current financial debts | 300.9 | 933.4 | ||
| Net cash flows (used in)/from financing activities | III | (2,079.5) | (463.4) | |
| Change in net cash | I+II+III | (744.0) | 1,402.7 | |
| Net cash and cash equivalents at beginning of period | 6,514.1 | 5,071.1 | ||
| Other changes (***) | (24.3) | 40.3 | ||
| Net cash and cash equivalents at end of period | 5,745.8 | 6,514.1 | ||
| Increase/(decrease) in cash management financial assets | (300.9) | (933.4) | ||
| (Proceeds from)/repayment of loans | 914.9 | 96.7 | ||
| Other changes (***) | 217.1 | (136.2) | ||
| Change in net financial debt | 62.8 | 470.1 | ||
| Net financial debt at beginning of period | (12,589.6) | (13,059.7) | ||
| Net financial debt at end of period | (12,526.8) | (12,589.6) |
(*) Corresponding mainly to the buy-out of non-controlling interests (19.83%) in Entrepose Contracting for €102.4 million after the simplified public tender offer.
(**) Including the €31.3 million interest payment on the perpetual subordinated bonds.
(***) Including the change in the consolidation method used for Greek company Gefyra.
Last updated: 06/02/2013