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2014 annual results - Financial statements

Consolidated 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)	2014	2013
*Revenue ^()**	38,703	40,338
Revenue generated in France ^(*)	23,936	25,111
% of revenue ^()*	61.8 %	62.3 %
Revenue generated outside France ^(*)	14,767	15,226
% of revenue ^()*	38.2 %	37.7 %
Operating income from ordinary activities	3,642	3,670
% of revenue ^()*	9.4 %	9.1 %
Recurring operating income	3,637	3,677
Operating income	4,243	3,767
Net income for the period attributable to owners of the parent	2,486	1,962
Diluted earnings per share (in €)	4.43	3.54
Net income excluding non-recurring items attributable to owners of the parent	1,906	1,898
% of revenue ^()*	4.9 %	4.7 %
Diluted earnings per share excluding non-recurring items (in €)	3.39	3.42
Dividend per share (in €)	2.22 ^(**)	1.77
Cash flows from operations before tax and financing costs	5,561	5,596
Operating investments (net of disposals)	(637)	(665)
Growth investments in concessions and PPPs	(799)	(803)
Free cash flow (after investments)	2,197	2,180
Equity including non-controlling interests	14,868	14,260
Net financial debt	(13,281)	(14,104)

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) Dividend proposed to the Shareholders’ General Meeting of 14 April 2015, including an interim dividend of €1.00 per share
(of which €0.45 constitutes a special dividend) paid on 13 November 2014.

Consolidated income statement for the period

(in € millions)	2014	2013
*Revenue ^()**	38,703	40,338
Concession subsidiaries’ revenue derived from works carried out by non-Group companies	340	403
Total revenue	39,043	40,740
Revenue from ancillary activities	151	253
Operating expenses	(35,552)	(37,323)
Operating income from ordinary activities	3,642	3,670
Share-based payments (IFRS 2)	(102)	(86)
Profit/(loss) of companies accounted for under the equity method	66	95
Other recurring operating items	30	(2)
Recurring operating income	3,637	3,677
Non-recurring operating items	607	90
Operating income	4,243	3,767
Cost of gross financial debt	(666)	(675)
Financial income from cash investments	49	76
Cost of net financial debt	(616)	(598)
Other financial income and expense	(61)	(52)
Income tax expense	(1,050)	(1,070)
Net income	2,516	2,046
Net income attributable to non-controlling interests	30	84
Net income for the period attributable to owners of the parent	2,486	1,962
Net income excluding non-recurring items attributable to owners of the parent	1,906	1,898

Earnings per share excluding non-recurring items attributable to owners of the parent
Basic earnings per share (in €)	4.47	3.57
Diluted earnings per share (in €)	4.43	3.54

Basic earnings per share excluding non-recurring items (in €)	3.43	3.45
Diluted earnings per share excluding non-recurring items (in €)	3.39	3.42

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.

Consolidated comprehensive income statement for the period

(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
	2014			2013
Net income	2,486	30	2,516	1,962	84	2,046
Financial instruments of controlled companies: changes in fair value	(14)	-	(14)	87	-	87
of which:
Available-for-sale financial assets ^()*	-	-	-	(33)	-	(33)
Cash flow hedges ^()	(14)	-	(15)	120	-	120
Financial instruments of companies accounted for under the equity method: changes in fair value	(350)	-	(350)	198	47	245
Currency translation differences	62	5	67	(120)	(9)	(129)
Tax ^(***)	119	-	119	(89)	(15)	(104)
Other comprehensive income that may be recycled subsequently to net income	(184)	5	(178)	77	22	99
Actuarial gains and losses on retirement benefit obligations	(112)	-	(112)	(44)	(3)	(47)
Tax	23	-	23	10	1	11
Other comprehensive income that may not be recycled subsequently to net income	(89)	-	(89)	(34)	(2)	(36)
Total other comprehensive income recognised directly in equity	(272)	5	(267)	42	21	63
of which:
Controlled companies	(29)	5	(24)	(86)	(8)	(93)
Companies accounted for under the equity method	(243)	-	(243)	128	28	156
Total comprehensive income	2,214	35	2,249	2,004	105	2,109

(*) In 2013, relating mainly to the reclassification from equity to income of accumulated fair value reserves relating to Aéroports de Paris, which has been accounted for under the equity
method since late November 2013.
(**) Changes in the fair value of cash flow hedges (mainly 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.
(***) Tax effects relating to changes in the fair value of cash flow hedging financial instruments (effective portion) amounting to positive €119 million (negative effect of €115 million in
2013, partly offset by a positive €11 million tax effect relating to available-for-sale financial assets).

Consolidated balance sheet

Assets

(in € millions)	31/12/2014	31/12/2013
Non-current assets
Concession intangible assets	24,141	25,601
Goodwill	6,994	7,000
Other intangible assets	413	417
Property, plant and equipment	4,316	4,550
Investments in companies accounted for under the equity method	1,309	1,265
Other non-current financial assets	1,827	1,304
Deferred tax assets	255	248
Total non-current assets	39,254	40,385
Current assets
Inventories and work in progress	932	969
Trade and other receivables	10,960	10,993
Other current operating assets	4,568	4,469
Other current non-operating assets	39	26
Current tax assets	226	76
Other current financial assets	426	367
Cash management financial assets	213	186
Cash and cash equivalents	6,411	5,605
Total current assets	23,776	22,691

Total assets	63,030	63,076

Equity and liabilities

(in € millions)	31/12/2014	31/12/2013
Equity
Share capital	1,475	1,504
Share premium	8,633	8,212
Treasury shares	(1,560)	(1,795)
Other equity instruments	491	491
Consolidated reserves	4,205	4,486
Currency translation reserves	(1)	(64)
Net income for the period attributable to owners of the parent	2,486	1,962
Amounts recognised directly in equity	(987)	(655)
Equity attributable to owners of the parent	14,743	14,142
Non-controlling interests	125	118
Total equity	14,868	14,260
Non-current liabilities
Non-current provisions	2,382	1,987
Bonds	12,226	11,320
Other loans and borrowings	4,908	6,232
Other non-current liabilities	142	115
Deferred tax liabilities	1,757	1,963
Total non-current liabilities	21,414	21,618
Current liabilities
Current provisions	3,844	3,670
Trade payables	7,620	7,493
Other current operating liabilities	10,769	11,308
Other current non-operating liabilities	286	1,305
Current tax liabilities	168	176
Current borrowings	4,061	3,246
Total current liabilities	26,748	27,198

Total equity and liabilities	63,030	63,076

Consolidated cash flow statement

(in € millions)		2014	2013
Consolidated net income for the period (including non-controlling interests)		2,516	2,046
Depreciation and amortisation		2,091	2,060
Net Increase/(decrease) in provisions and impairment		244	34
Share-based payments (IFRS 2) and other restatements		12	(4)
Gain or loss on disposals ⁽¹⁾		(819)	(191)
Change in fair value of financial instruments		(56)	3
Share of profit or loss of companies accounted for under the equity method and dividends received from unconsolidated entities		(76)	-
Capitalised borrowing costs		(17)	(21)
Cost of net financial debt recognised		616	598
Current and deferred tax expense recognised		1,050	1,070
Cash flows (used in)/from operations before tax and financing costs		5,561	5,596
Changes in operating working capital requirement and current provisions		(158)	6
Income taxes paid		(1,282)	(1,408)
Net interest paid		(586)	(605)
Dividends received from companies accounted for under the equity method		99	57
Cash flows (used in)/from operating activities	I	3,633	3,648
Purchases of property, plant and equipment and intangible assets		(744)	(777)
Proceeds from sales of property, plant and equipment and intangible assets		108	112
Operating investments (net of disposals)		(637)	(665)
Operating cash flow		2,997	2,983
Investments in concession fixed assets (net of grants received)		(763)	(765)
Financial receivables (PPP contracts and others)		(36)	(38)
Growth investments in concessions and PPPs		(799)	(803)
Free cash flow (after investments)		2,197	2,180
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) ⁽²⁾		(592)	(1,680)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) ⁽¹⁾		1,284	150
Net effect of changes in scope of consolidation		674	(1,689)
Net financial investments		1,366	(3,220)
Other		(268)	(95)
Net cash flows (used in)/from investing activities	II	(338)	(4,783)
Changes in share capital		450	785
Transactions on treasury shares		(810)	(222)
Non-controlling interests in share capital increases and decreases of subsidiaries		1	-
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) ⁽³⁾		(789)	(3)
Dividends paid		(1,287)	(1,072)
- to shareholders of VINCI SA ⁽⁴⁾		(1,267)	(993)
- to non-controlling interests		(20)	(79)
Proceeds from new long-term borrowings		1,019	2,178
Repayments of long-term loans		(991)	(2,575)
Change in cash management assets and other current financial debts		291	(338)
Net cash flows (used in)/from financing activities	III	(2,116)	(1,247)
Other changes ⁽⁵⁾	IV	(641)	1,588
Change in net cash	I+II+III+IV	539	(794)
Net cash and cash equivalents at beginning of period		4,952	5,746
Net cash and cash equivalents at end of period		5,491	4,952
Change in cash management assets and other current financial debts		(291)	338
(Proceeds from)/repayment of loans		(28)	397
Other changes ⁽⁵⁾		603	(1,518)
Change in net financial debt		823	(1,577)
Net financial debt at beginning of period		(14,104)	(12,527)
Net financial debt at end of period		(13,281)	(14,104)

(1) Corresponding mainly to the disposal of VINCI Park in June 2014.
(2) Including, in 2014, the acquisition of Imtech ICT for €238 million and Electrix for €105 million and, in 2013, the acquisition of ANA shares
for €1.1 billion and the purchase of additional shares in Aéroports de Paris for €365 million.
(3) Relating mainly to the buy-out of non-controlling interests in Cofiroute (16.67%) in late January 2014 for €780 million.
(4) Including the €31 million interest payment on the perpetual subordinated bonds.
(5) Other changes related mainly, in 2014, to the deconsolidation of VINCI Park's net financial debt
and, in 2013, to the consolidation of ANA's net financial debt from September 2013.

Last updated: 05/02/2015