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2015 interim financial statements - Financial statements

Consolidated half-year 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 2015	First half 2014 ⁽¹⁾	Change first half 2015/2014 ⁽¹⁾	Full year 2014
Revenue ⁽²⁾	17,880	18,464	-3.2%	38,703
Revenue generated in France ⁽²⁾	10,621	11,687	-9.1%	23,936
% of revenue ⁽²⁾	59.4%	63.3%		61.8%
Revenue generated outside France ⁽²⁾	7,259	6,777	7.1%	14,767
% of revenue ⁽²⁾	40.6%	36.7%		38.2%
Operating income from ordinary activities	1,540	1,582	-2.7%	3,642
% of revenue ⁽²⁾	8.6%	8.6%		9.4%
Recurring operating income	1,586	1,577	0.5%	3,637
Operating income	1,577	2,180	-27.7%	4,243
Net income attributable to owners of the parent	819	1,348	-39.3%	2,486
Diluted earnings per share (in €)	1.47	2.39	-38.6%	4.43
Net income excluding non-recurring items attributable to owners of the parent	827	778	6.3%	1,906
% of revenue ⁽²⁾	4.6%	4.2%		4.9%
Diluted earnings per share excluding non-recurring items (in €)	1.48	1.38	7.5%	3.39
Dividend per share (in €)	0.57 ⁽³⁾	1.00 ⁽⁴⁾	-43.0%	2.22⁽⁴⁾
Cash flow from operations before tax and financing costs	2,471	2,429	1.7%	5,561
Operating investment (net of disposals)	(273)	(275)	-0.5%	(637)
Growth investments in concessions and PPPs	(396)	(380)	4.3%	(799)
Free cash flow (after investments)	247	(469)	152.7%	2,197
Equity including non-controlling interests	14,889	14,301	588	14,868
Net financial debt	(13,875)	(14,885)	1,010	(13,281)

(1) Amounts restated in line with the change in accounting method arising from the application of IFRIC 21 “Levies”.
(2) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(3) Interim dividend to be paid on 12 November 2015.
(4) Including special dividend of €0.45.

Consolidated income statement for the period

(in € millions)	First half 2015	*First half 2014 ^()**	Full year 2014
Revenue ^()**	17,880	18,464	38,703
Concession subsidiaries’ revenue derived from works carried out by non-Group companies	252	153	340
Total revenue	18,132	18,617	39,043
Revenue from ancillary activities	86	79	151
Operating expenses	(16,678)	(17,114)	(35,552)
Operating income from ordinary activities	1,540	1,582	3,642
Share-based payments (IFRS 2)	(36)	(42)	(102)
Profit/(loss) of companies accounted for under the equity method	49	24	66
Other recurring operating items	33	13	30
Recurring operating income	1,586	1,577	3,637
Non-recurring operating income	(9)	603	607
Operating income	1,577	2,180	4,243
Cost of gross financial debt	(303)	(340)	(666)
Financial income from cash investments	26	36	49
Cost of net financial debt	(277)	(304)	(616)
Other financial income and expense	(4)	(23)	(61)
Income tax expense	(462)	(488)	(1,050)
Net income	834	1,365	2,516
Net income attributable to non-controlling interests	16	17	30
Net income attributable to owners of the parent	819	1,348	2,486
Net income excluding non-recurring items attributable to owners of the parent	827	778	1,906

Earnings per share attributable to owners of the parent
Basic earnings per share (in €)	1.48	2.42	4.47
Diluted earnings per share (in €)	1.47	2.39	4.43

Earnings per share excluding non-recurring items attributable to owners of the parent
Earnings per share excluding non-recurring items (in €)	1.49	1.39	3.43
Diluted earnings per share excluding non-recurring items (in €)	1.48	1.38	3.39

(*) Amounts restated in line with the change in accounting method arising from the application of IFRIC 21 “Levies”.
(**) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.

Consolidated comprehensive income statement for the period

	First half 2015			*First half 2014 ^()**			Full year 2014
(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	819	16	834	1,348	17	1,365	2,486	30	2,516
Financial instruments of controlled companies: changes in fair value	45	-	45	(5)	-	(5)	(14)	-	(14)
of which:
Cash flow hedges ^()	45	-	45	(5)	-	(5)	(14)	-	(15)
Financial instruments of companies accounted for under the equity method: changes in fair value	89	-	89	(155)	-	(155)	(350)	-	(350)
Currency translation differences	100	5	104	15	-	15	62	5	67
Tax ^(***)	(45)	-	(45)	52	-	52	119	-	119
Other comprehensive income that may be recycled subsequently to net income	188	5	193	(93)	-	(93)	(184)	5	(178)
Actuarial gains and losses on retirement benefit obligations	(207)	-	(207)	(130)	-	(130)	(112)	-	(112)
Tax	51	-	51	34	-	34	23	-	23
Other comprehensive income that may not be recycled subsequently to net income	(156)	-	(156)	(96)	-	(96)	(89)	-	(89)
Total other comprehensive income recognised directly in equity	32	5	37	(189)	-	(189)	(272)	5	(267)
of which:
Controlled companies	(34)	5	(29)	(87)	-	(87)	(29)	5	(24)
Companies accounted for under the equity method	66	-	66	(102)	-	(102)	(243)	-	(243)
Total comprehensive income	851	20	871	1,159	17	1,176	2,214	35	2,249

(*) Amounts restated in line with the change in accounting method arising from the application of IFRIC 21 “Levies”.
(**) 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).

Last updated: 30/07/2015