2014 interim 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 | < /tr>
| Revenue generated in France (**) | 11,809.6 | 11,495.4 | 2.7% | 24,324.2 |
| % of revenue (**) | 63.1% | 64.1% | < td>63.0% | |
| Revenue generated outside France (**) | 6,901.7 | 6,446.9 | 7.1% | 14,309.4&n bsp; |
| % of revenue (**) | 36.9% | 35.9% | < td>37.0% | |
| Operating income from ordinary activities | 1,487.0 | 1,546.5 | -3.8% | 3,679.4&n bsp; |
| % of revenue (**) | 7.9% | 8.6% | 9.5% | |
| Operating income | 1,484.4 | 1,525.9 | -2.7% | 3,659.9&n bsp; |
| 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 (***) | < td>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% | < td>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) | < strong>(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 < /td> |
| 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) | (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 | < td class="fond">67.1(93.1) | (96.7) | (118.9) | (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) | (103.9) | (150.2) | < strong>(3.6) | (153.8) | |
| Total other comprehensive
income recognised directly in equity | 7.3 | 1.5 | 8.8 | (194.4) | (200.6) | (269.1) | < strong>(9.1) | (278.2) | |
| of which : | |||||||||
| Controlled companies | (43.5) | (2.8) | (46.3) | (90.8) | 0.2 | (151.0) | (2.3) | (153.3) | |
| Companies accounted for under the equity method | 50.8 | 4.3 | 55.1 | (103.6) | (6.4) | < td class="fond">(110.0)(118.2) | (6.8) | (124.9) | |
| Total comprehensive income | 755.1 | 46.4 | 801.4 | 590.3 | 627.1 | 1,648.0 | 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"
Consolidated balance sheet
Equity and liabilities
| (in € millions) | 30/06/2013 | 30/06/2012 (*) | 31/12/2012 (*) |
|---|---|---|---|
| Equity | |||
| Share capital | 1,497.0 | 1,438.2 | 1,443.4 |
| Share premium | 8,125.5 | 7,446.0 | 7,487.9 |
| Treasury shares | (1,697.2) | (1,552.9) | (1,661.8) |
| Other equity instruments | 490.6 | 490.6 | 490.6 |
| Consolidated reserves | 5,266.1 | 4,502.8 | 4,123.4 |
| Currency translation reserves | (3.5) | 71.6 | 55.6 |
| Net income attributable to owners of the parent | 747.8 | 784.6 | 1,917.2 |
| Amounts recognised directly in equity | (750.5) | (762.3) | (819.0) |
| Equity attributable to owners of the parent | 13,675.9 | 12,418.8 | 13,037.3 |
| Non-controlling interests | 709.9 | 692.5 | 730.3 |
| Total equity | 14,385.9 | 13,111.2 | 13,767.6 |
| Non-current liabilities | |||
| Non-current provisions | 2,145.3 | 1,985.6 | 2,114.5 |
| Bonds | 11,381.2 | 9,459.1 | 9,615.3 |
| Other loans and borrowings | 6,292.6 | 8,069.9 | 6,938.5 |
| Other non-current liabilities | 142.4 | 106.5 | 131.5 |
| Deferred tax liabilities | 1,935.7 | 2,017.6 | 2,016.4 |
| Total non-current liabilities | 21,897.2 | 21,638.7 | 20,816.3 |
| Current liabilities | |||
| Current provisions | 3,407.1 | 3,311.7 | 3,507.7 |
| Trade payables | 7,550.6 | 7,586.0 | 7,603.6 |
| Other current operating liabilities | 11,458.7 | 10,971.1 | 11,306.3 |
| Other current non-operating liabilities | 454.4 | 510.4 | 542.3 |
| Current tax liabilities | 203.5 | 208.2 | 361.3 |
| Current borrowings | 3,559.3 | 2,954.8 | 3,640.0 |
| Total current liabilities | 26,633.5 | 25,542.3 | 26,961.1 |
| Total equity and liabilities | 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".
Consolidated cash flow statement
| (in € millions) | First half 2013 | First half 2012 (1) | Full year 2012 (1) | |
|---|---|---|---|---|
| Consolidated net income for the period (including non-controlling interests) | 792.6 | 827.7 | 2,025.9 | |
| Depreciation and amortisation | 991.7 | 913.7 | 1,877.0 | |
| Net increase/(decrease) in provisions | 13.2 | 15.2 | 102.9 | |
| Share-based payments (IFRS 2) and other restatements | (17.5) | (29.3) | (1.3) | |
| Gain or loss on disposals | (11.1) | (21.7) | (24.0) | |
| Change in fair value of financial instruments | 0.4 | (0.4) | (1.4) | |
| Share of profit or loss of companies accounted
for under the equity method and dividends received from unconsolidated companies | (53.4) | (40.3) | (99.2) | |
| Capitalised borrowing costs | (12.9) | (35.7) | (71.3) | |
| Cost of net financial debt recognised | 295.4 | 325.6 | 637.7 | |
| Current and deferred tax expense recognised | 384.5 | 392.1 | 972.0 | |
| Cash flow from operations before tax and financing costs | 2,382.9 | 2,346.9 | 5,418.5 | |
| Changes in operating working capital requirement and current provisions | (880.7) | (920.5) | (37.4) | |
| Income taxes paid | (690.5) | (511.0) | (978.6) | |
| Net interest paid | (371.7) | (345.6) | (595.0) | |
| Dividends received from companies accounted for under the equity method | 23.5 | 27.5 | 57.2 | |
| Cash flows (used in)/from operating activities | I | 463.5 | 597.4 | 3,864.7 |
| Purchases of property, plant and equipment and intangible assets | (359.8) | (413.6) | (870.6)< /td> | |
| Proceeds from sales of property, plant and equipment and intangible assets | 61.7 | 55.7 | 128.5 | |
| Operating investments (net of disposals) | (298.2) | (357.9) | (742.1) | |
| Operating cash flow | 165.3 | 239.5 | 3,122.6 | |
| Investments in concession fixed assets (net of grants received) | (363.4) | (581.8) | (1,123.5) | |
| Financial receivables (PPP contracts and others) | (35.2) | (16.3) | (16.1) | |
| Growth investments in concessions and PPPs | (398.6) | (598.1) | (1,139.6) | |
| Free cash flow (after investments) | (233.3) | (358.6) | 1,983.0 | |
| Purchases of shares in subsidiaries and affiliates (consolidates and unconsolidated) | (49.1) | (306.4) | (611.8) | |
| Proceeds from shares in subsidiaries and affiliates (consolidates and unconsolidated) | 10.2 | 3.4 | 7.4 | |
| Net effect of changes in consolidation scope (2) | 3.7 | 16.9 | 6.3 | |
| Net financial investments | (35.1) | (286.0) | (598.0) | |
| Other | (178.9) | (31.7) | (49.5) | |
| Net cash flows (used in)/from investing activities | II | (910.8) | (1,273.7) | (2,529.2) |
| Increases and decreases in share capital | 691.2 | 288.7 | 335.7 | |
| Transactions in treasury shares | (123.6) | (456.2) | (646.9) | |
| Non-controlling interests in share capital increases and decreases of subsidiaries | - | (0.0) | (1.3) | |
| Acquisitions/disposals of non-controlling
interests (without acquisition or loss of control) (3) | (2.2) | (90.3) | (96.3) | |
| Dividends paid: | ||||
| - to shareholders of VINCI SA | (654.0) | (652.6) | (978.8)< /td> | |
| - to non-controlling interests | (47.2) | (45.4) | (77.8) | |
| Proceeds from new long-term borrowings | 1,932.2 | 1,434.0 | 1,624.3 ; | |
| Repayments of long-term borrowings | (763.9) | (1,998.4) | (2,539.2) | |
| Change in cash management assets and other current financial debts | (1,193.5) | (453.7) | 300.9 | |
| Net cash flows (used in)/from financing activities | III | (160.9) | (1,973.9) | (2,079.5) |
| Change in net cash | I+II+III | (608.2) | (2,650.3) | (744.0) |
| < /em> | ||||
| Net cash and cash equivalents at start of period | 5,745.8 | 6,514.1 | 6,514.1 | |
| Other changes (4) | (24.6) | 23.5 | (24.3) | |
| Net cash and cash equivalents at end of period | 5,113.0 | 3,887.3 | 5,745.8 | |
| Increase/(decrease) in cash management financial assets | (1,193.5) | 453.7 | (300.9) | |
| (Proceeds from)/repayment of borrowings | (1,168.3) | 564.4 | 914.9 < /td> | |
| Other changes (4) | 136.7 | (41.0) | 217.1 | |
| Change in net financial debt | (470.9) | (1,649.7) | 62.8 | |
| Net financial debt at start of period | (12,526.8) | (12,589.6) | (12,589.6) | |
| Net financial debt at end of period | (12,997.7) | (14,239.2) | (12,526.8) |
(1) Amounts adjusted in line with the change in
accounting method arising from the application of IAS 19 Amended
"Employee Benefits".
(2) Including a downpayment of €100 million
at the end of February 2013 related to the acquisition of ANA shares.
(3)
2012 figure corresponds mainly to the buy-out of non-controlling interests
(19.83%) in Entrepose Contracting for €102.4 million after the simplified
public tender offer and subsequent squeeze-out.
(4) Other changes in the
second half of 2012 include the impact of the change in consolidation method
used for Greek company Gefyra.