2013 interim financial statements - Financial statements
Financial statements
- 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) | First half 2013 | First half 2012 (*) | Change first half 2013/2012 (*) | Full year 2012 (*) |
|---|---|---|---|---|
| Revenue (**) | 18,711.3 | 17,942.3 | 4.3% | 38,633.6 |
| Revenue generated in France (**) | 11,809.6 | 11,495.4 | 2.7% | 24,324.2 |
| % of revenue (**) | 63.1% | 64.1% | 63.0% | |
| Revenue generated outside France (**) | 6,901.7 | 6,446.9 | 7.1% | 14,309.4 |
| % of revenue (**) | 36.9% | 35.9% | 37.0% | |
| Operating income from ordinary activities | 1,487.0 | 1,546.5 | -3.8% | 3,679.4 |
| % of revenue (**) | 7.9% | 8.6% | 9.5% | |
| Operating income | 1,484.4 | 1,525.9 | -2.7% | 3,659.9 |
| Net income attributable to owners of the parent | 747.8 | 784.6 | -4.7% | 1,917.2 |
| Diluted earnings per share (in €) | 1.37 | 1.44 | -4.7% | 3.54 |
| Dividend per share (in €) | 0.55 (***) | 0.55 (***) | 0.0% | 1.77 |
| Cash flow from operations | 2,382.9 | 2,346.9 | 1.5% | 5,418.5 |
| Operating investment (net of disposals) | (298.2) | (357.9) | -16.7% | (742.1) |
| Growth investments in concessions and PPPs | (398.6) | (598.1) | -33.4% | (1,139.6) |
| Free cash flow (after investments) | (233.3) | (358.6) | -34.9% | 1,983.0 |
| Equity including non-controlling interests | 14,385.9 | 13,111.2 | 1,274.6 | 13,767.6 |
| Net financial debt | (12,997.7) | (14,239.2) | 1,241.5 | (12,526.8) |
(*) Amounts adjusted in line with the change in accounting method arising from the application of IAS 19 Amended "Employee Benefits".
(**) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(***) Interim dividend which, in respect of 2013, will be paid in the second half of the year.
Consolidated income statement for the period
| (in € millions) | First half 2013 | First half 2012 (*) | Full year 2012 (*) |
|---|---|---|---|
| Revenue (**) | 18,711.3 | 17,942.3 | 38,633.6 |
| Concession subsidiaries’ revenue derived from works carried out by non-Group companies | 172.0 | 279.5 | 549.6 |
| Total revenue | 18,883.2 | 18,221.8 | 39,183.2 |
| Revenue from ancillary activities | 118.2 | 108.5 | 234.4 |
| Operating expenses | (17,514.4) | (16,783.8) | (35,738.3) |
| Operating income from ordinary activities | 1,487.0 | 1,546.5 | 3,679.4 |
| Share-based payments (IFRS 2) | (43.2) | (48.6) | (94.3) |
| Goodwill impairment expense | (0.7) | (1.0) | (7.5) |
| Profit/(loss) of companies accounted for under the equity method | 41.3 | 29.0 | 82.3 |
| Operating income | 1,484.4 | 1,525.9 | 3,659.9 |
| Cost of gross financial debt | (334.4) | (374.8) | (726.8) |
| Financial income from cash investments | 39.1 | 49.2 | 89.1 |
| Cost of net financial debt | (295.4) | (325.6) | (637.7) |
| Other financial income | 36.7 | 69.1 | 111.6 |
| Other financial expense | (48.5) | (49.6) | (135.9) |
| Income tax expense | (384.5) | (392.1) | (972.0) |
| Net income from continuing operations | 792.6 | 827.7 | 2,025.9 |
| Net income from discontinued operations (halted or sold) | - | - | - |
| Net income | 792.6 | 827.7 | 2,025.9 |
| Net income attributable to non-controlling interests | 44.9 | 43.1 | 108.7 |
| Net income attributable to owners of the parent | 747.8 | 784.6 | 1,917.2 |
| Earnings per share attributable to owners of the parent | |||
| Basic earnings per share (in €) | 1.38 | 1.46 | 3.57 |
| Diluted earnings per share (in €) | 1.37 | 1.44 | 3.54 |
(*) Amounts adjusted in line with the change in accounting method arising from the application of IAS 19 Amended "Employee Benefits".
(**) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
Consolidated comprehensive income statement for the period
| First half 2013 | First half 2012 (*) | Full year 2012 (*) | |||||||
|---|---|---|---|---|---|---|---|---|---|
| (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 | Attributable to owners of the parent | Attributable to non- controlling interests | Total |
| Net income | 747.8 | 44.9 | 792.6 | 784.6 | 43.1 | 827.7 | 1,917.2 | 108.7 | 2,025.9 |
| Financial instruments of controlled companies: changes in fair value of which | 112.4 | - | 112.4 | (50.6) | (0.8) | (51.5) | (47.7) | (0.7) | (48.4) |
| Available-for-sale financial assets | 53.5 | (0.0) | 53.5 | 21.6 | (0.0) | 21.6 | 17.6 | (0.0) | 17.6 |
| Cash flow hedges (**) | 58.9 | - | 58.9 | (72.2) | (0.8) | (73.1) | (65.3) | (0.7) | (66.0) |
| Financial instruments of companies accounted for under the equity method: changes in fair value | 74.0 | 7.3 | 81.3 | (153.7) | (12.0) | (165.7) | (180.3) | (12.6) | (193.0) |
| Currency translation differences | (61.3) | (3.4) | (64.7) | 48.1 | 5.3 | 53.4 | 32.7 | 3.9 | 36.6 |
| Tax (***) | (59.5) | (2.3) | (61.8) | 63.1 | 3.9 | 67.0 | 76.4 | 3.9 | 80.4 |
| Other comprehensive income that may be recycled subsequently to net income | 65.5 | 1.6 | 67.1 | (93.1) | (3.6) | (96.7) | (118.9) | (5.5) | (124.4) |
| Actuarial gains and losses on retirement benefit obligations | (77.0) | (0.1) | (77.2) | (127.9) | (2.8) | (130.7) | (189.6) | (3.9) | (193.5) |
| Tax | 18.8 | - | 18.8 | 26.7 | 0.2 | 26.9 | 39.4 | 0.3 | 39.7 |
| Other comprehensive income that may not be recycled subsequently to net income | (58.2) | (0.1) | (58.3) | (101.2) | (2.6) | (103.9) | (150.2) | (3.6) | (153.8) |
| Total other comprehensive income recognised directly in equity | 7.3 | 1.5 | 8.8 | (194.4) | (6.2) | (200.6) | (269.1) | (9.1) | (278.2) |
| of which : | |||||||||
| Controlled companies | (43.5) | (2.8) | (46.3) | (90.8) | 0.2 | (90.6) | (151.0) | (2.3) | (153.3) |
| Companies accounted for under the equity method | 50.8 | 4.3 | 55.1 | (103.6) | (6.4) | (110.0) | (118.2) | (6.8) | (124.9) |
| Total comprehensive income | 755.1 | 46.4 | 801.4 | 590.3 | 36.9 | 627.1 | 1,648.0 | 99.6 | 1,747.7 |
(*) Amounts adjusted in line with the change in accounting method arising from the application of IAS 19 Amended "Employee Benefits".
(**) 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 negative tax effects of €61.8 million relating to changes in the fair value of financial instruments in the first half of 2013 (compared with positive tax effects of €67.0 million in the first half of 2012), negative effects of €18.4 million relating to available-for-sale financial assets (compared with negative effects of €7.4 million in the first half of 2012) and negative effects of €43.4 million relating to the effective portion of cash flow hedges (compared with positive effects of €74.5 million in the first half of 2012).
Consolidated balance sheet
Assets
| (in € millions) | 30/06/2013 | 30/06/2012 (*) | 31/12/2012 (*) |
|---|---|---|---|
| Non-current assets | |||
| Concession intangible assets | 23,244.8 | 23,861.8 | 23,499.9 |
| Goodwill | 6,598.1 | 6,428.2 | 6,609.3 |
| Other intangible assets | 434.1 | 379.0 | 437.4 |
| Property, plant and equipment | 4,602.9 | 4,536.5 | 4,746.2 |
| Investment property | 10.2 | 30.7 | 10.5 |
| Investments in companies accounted for under the equity method | 844.2 | 779.1 | 806.4 |
| Other non-current financial assets | 1,667.6 | 1,571.5 | 1,646.4 |
| Deferred tax assets | 234.5 | 203.5 | 229.9 |
| Total non-current assets | 37,636.3 | 37,790.4 | 37,985.9 |
| Current assets | |||
| Inventories and work in progress | 1,065.3 | 1,066.3 | 1,015.5 |
| Trade and other receivables | 11,603.7 | 11,325.7 | 10,978.6 |
| Other current operating assets | 4,731.7 | 4,388.7 | 4,505.5 |
| Other current non-operating assets | 30.4 | 32.7 | 35.2 |
| Current tax assets | 128.4 | 87.8 | 87.1 |
| Other current financial assets | 484.2 | 383.5 | 421.1 |
| Cash management financial assets | 1,308.6 | 254.5 | 179.2 |
| Cash and cash equivalents | 5,928.4 | 4,962.6 | 6,336.9 |
| Total current assets | 25,280.2 | 22,501.8 | 23,559.1 |
| Total assets | 62,916.6 | 60,292.1 | 61,545.0 |
(*) Amounts adjusted in line with the change in accounting method arising from the application of IAS 19 Amended "Employee Benefits"