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2015 annual results - Financial statements

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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)	2015	2014
*Revenue ^()**	38,518	38,703
Revenue generated in France ^(*)	22,414	23,936
% of revenue ^()*	58.2 %	61.8 %
Revenue generated outside France ^(*)	16,104	14,767
% of revenue ^()*	41.8 %	38.2 %
Operating income from ordinary activities	3,758	3,642
% of revenue ^()*	9.8 %	9.4 %
Recurring operating income	3,788	3,637
Operating income	3,715	4,243
Net income attributable to owners of the parent	2,046	2,486
Diluted earnings per share (in €)	3.66	4.43
Net income excluding non-recurring items attributable to owners of the parent	2,109	1,906
% of revenue ^()*	5.5 %	4.9 %
Diluted earnings per share excluding non-recurring items (in €)	3.78	3.39
Dividend per share (in €)	1.84	2.22 ^(**)
Cash flows from operations before tax and financing costs	5,664	5,561
Operating investments (net of disposals)	(624)	(637)
Growth investments in concessions and PPPs	(903)	(799)
Free cash flow (after investments)	2,995	2,197
Equity including non-controlling interests	15,256	14,868
Net financial debt	(12,436)	(13,281)

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) Including a special dividend of €0.45.

Consolidated income statement for the period

(in € millions)	2015	2014
*Revenue ^()**	38,518	38,703
Concession subsidiaries’ revenue derived from works carried out by non-Group companies	643	340
Total revenue	39,161	39,043
Revenue from ancillary activities	160	151
Operating expenses	(35,563)	(35,552)
Operating income from ordinary activities	3,758	3,642
Share-based payments (IFRS 2)	(95)	(102)
Profit/(loss) of companies accounted for under the equity method	89	66
Other recurring operating items	36	30
Recurring operating income	3,788	3,637
Non-recurring operating items	(73)	607
Operating income	3,715	4,243
Cost of gross financial debt	(600)	(666)
Financial income from cash investments	43	49
Cost of net financial debt	(557)	(616)
Other financial income and expense	(24)	(61)
Income tax expense	(1,055)	(1,050)
Net income	2,079	2,516
Net income attributable to non-controlling interests	34	30
Net income attributable to owners of the parent	2,046	2,486
Net income excluding non-recurring items attributable to owners of the parent ^()**	2,109	1,906

Earnings per share attributable to owners of the parent
Basic earnings per share (in €)	3.69	4.47
Diluted earnings per share (in €)	3.66	4.43

Earnings per share excluding non-recurring items attributable to owners of the parent
Earnings per share excluding non-recurring items (in €)	3.81	3.43
Diluted earnings per share excluding non-recurring items (in €)	3.78	3.39

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) Net income attributable to owners of the parent excluding non-recurring operating items after tax.

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
	2015			2014
Net income	2,046	34	2,079	2,486	30	2,516
Financial instruments of controlled companies: changes in fair value of cash flow hedging instruments ^(*)	71	-	71	(14)	-	(14)
Financial instruments of companies accounted for under the equity method: changes in fair value	82	-	82	(350)	-	(350)
Currency translation differences	35	4	38	62	5	67
Tax ^(**)	(50)	-	(50)	119	-	119
Other comprehensive income that may be recycled subsequently to net income	137	4	140	(184)	5	(178)
Actuarial gains and losses on retirement benefit obligations	(105)	-	(105)	(112)	-	(112)
Tax	25	-	25	23	-	23
Other comprehensive income that may not be recycled subsequently to net income	(80)	-	(80)	(89)	-	(89)
Total other comprehensive income recognised directly in equity	57	3	60	(272)	5	(267)
of which:
Controlled companies	(3)	4	1	(29)	5	(24)
Companies accounted for under the equity method	60	-	60	(243)	-	(243)
Total comprehensive income	2,102	37	2,139	2,214	35	2,249

(*) 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). .

Consolidated balance sheet
Assets

(in € millions)	31/12/2015	31/12/2014
Non-current assets
Concession intangible assets	23,915	24,141
Goodwill	7,296	6,994
Other intangible assets	387	413
Property, plant and equipment	4,241	4,316
Investments in companies accounted for under the equity method	1,404	1,309
Other non-current financial assets	942	930
Derivative financial instruments - non-current assets	803	897
Deferred tax assets	278	255
Total non-current assets	39,267	39,254
Current assets
Inventories and work in progress	964	932
Trade and other receivables	10,696	10,960
Other current operating assets	4,635	4,568
Other current non-operating assets	30	39
Current tax assets	365	226
Other current financial assets	27	35
Derivative financial instruments - current assets	364	391
Cash management financial assets	166	213
Cash and cash equivalents	5,632	6,411
Total current assets	22,880	23,776

Total assets	62,147	63,030

Equity and liabilities

(in € millions)	31/12/2015	31/12/2014
Equity
Share capital	1,471	1,475
Share premium	9,044	8,633
Treasury shares	(1,534)	(1,560)
Other equity instruments	-	491
Consolidated reserves	5,024	4,205
Currency translation reserves	31	(1)
Net income attributable to owners of the parent	2,046	2,486
Amounts recognised directly in equity	(962)	(987)
Equity attributable to owners of the parent	15,119	14,743
Non-controlling interests	137	125
Total equity	15,256	14,868
Non-current liabilities
Non-current provisions	949	956
Provisions for employee benefits	1,515	1,426
Bonds	11,147	12,226
Other loans and borrowings	3,854	4,634
Derivative financial instruments - non-current liabilities	224	275
Other non-current liabilities	129	142
Deferred tax liabilities	1,656	1,757
Total non-current liabilities	19,474	21,414
Current liabilities
Current provisions	4,053	3,844
Trade payables	7,590	7,620
Other current operating liabilities	10,884	10,769
Other current non-operating liabilities	360	286
Current tax liabilities	351	168
Derivative financial instruments - current liabilities	193	226
Current borrowings	3,986	3,835
Total current liabilities	27,417	26,748

Total equity and liabilities	62,147	63,030

Consolidated cash flow statement

(in € millions)		2015	2014
Consolidated net income for the period (including non-controlling interests)		2,079	2,516
Depreciation and amortisation		2,033	2,091
Net increase/(decrease) in provisions and impairment		61	244
Share-based payments (IFRS 2) and other restatements		4	12
Gain or loss on disposals ⁽¹⁾		(3)	(819)
Change in fair value of financial instruments		-	(56)
Share of profit or loss of companies accounted for under the equity method and dividends received from unconsolidated companies		(98)	(76)
Capitalised borrowing costs		(23)	(17)
Cost of net financial debt recognised		557	616
Current and deferred tax expense recognised		1,055	1,050
Cash flows (used in)/from operations before tax and financing costs		5,664	5,561
Changes in operating working capital requirement and current provisions		307	(158)
Income taxes paid		(1,041)	(1,282)
Net interest paid		(534)	(586)
Dividends received from companies accounted for under the equity method		125	99
Cash flows (used in)/from operating activities	I	4,522	3,633
Purchases of property, plant and equipment and intangible assets		(749)	(744)
Proceeds from sales of property, plant and equipment and intangible assets		125	108
Operating investments (net of disposals)		(624)	(637)
Operating cash flow		3,898	2,997
Investments in concession fixed assets (net of grants received)		(886)	(763)
Financial receivables (PPP contracts and others)		(16)	(36)
Growth investments in concessions and PPPs		(903)	(799)
Free cash flow (after investments)		2,995	2,197
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) ⁽²⁾		(403)	(592)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) ⁽¹⁾		18	1,284
Net effect of changes in scope of consolidation		(70)	674
Net financial investments		(456)	1,366
Other		44	(268)
Net cash flows (used in)/from investing activities	II	(1,938)	(338)
Share capital increases and decreases and repurchases of other equity instruments ⁽³⁾		(64)	450
Transactions on treasury shares		(688)	(810)
Non-controlling interests in share capital increases and decreases of subsidiaries		-	1
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) ⁽⁴⁾		(27)	(789)
Dividends paid		(1,044)	(1,287)
- to shareholders of VINCI SA ⁽⁵⁾		(1,019)	(1,267)
- to non-controlling interests		(25)	(20)
Proceeds from new long-term borrowings		129	1,019
Repayments of long-term borrowings		(1,418)	(991)
Change in cash management assets and other current financial debts		3	291
Net cash flows (used in)/from financing activities	III	(3,109)	(2,116)
Other changes ⁽⁶⁾	IV	112	(641)
Change in net cash	I+II+III+IV	(413)	539
Net cash and cash equivalents at beginning of period		5,491	4,952
Net cash and cash equivalents at end of period		5,077	5,491
Change in cash management assets and other current financial debts		(3)	(291)
(Proceeds from)/repayment of loans		1,289	(28)
Other changes ⁽⁶⁾		(28)	603
Change in net financial debt		845	823
Net financial debt at beginning of period		(13,281)	(14,104)
Net financial debt at end of period		(12,436)	(13,281)

(1) Corresponding mainly, in 2014, to the disposal of VINCI Park.
(2) Including, in 2015, the acquisition of Orteng Engenharia e Sistemas for €87 million, HEB Construction for €43 million and a 20% stake in
Constructora Conconcreto for €81 million; and in 2014, the acquisition of Imtech ICT for €238 million and Electrix for €105 million.
(3) Including capital increases totalling €436 million and the early redemption of perpetual subordinated bonds for €500 million.
(4) Relating mainly, in 2014, to the buy-out of non-controlling interests in Cofiroute (16.67%) for €780 million.
(5) Including the €30 million interest payment on the perpetual subordinated bonds in 2015 and €31 million in 2014.
(6) Other changes related mainly, in 2014, to the deconsolidation of VINCI Park’s net financial debt.

Last updated: 04/02/2016