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2016 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)	2016	2015
*Revenue ^()**	38,073	38,518
Revenue generated in France ^(*)	22,418	22,414
% of revenue ^()*	58.9 %	58.2 %
Revenue generated outside France ^(*)	15,654	16,104
% of revenue ^()*	41.1 %	41.8 %
Operating income from ordinary activities	4,174	3,758
% of revenue ^()*	11.0 %	9.8 %
Recurring operating income	4,167	3,788
Operating income	4,118	3,715
Net income attributable to owners of the parent including non-recurring changes in deferred tax ^(**)	2,505	2,046
% of revenue ^()*	6.6 %	5.3 %
Diluted earnings per share including non-recurring changes in deferred tax (in €) ^(**)	4.48	3.66
Net income attributable to owners of the parent excluding non-recurring changes in deferred tax ^(**)	2,376	2,046
Diluted earnings per share excluding non-recurring changes in deferred tax (in €) ^(**)	4.24	3.66
Dividend per share (in €)	2.10 ^(***)	1.84

Cash flows from operations before tax and financing costs	5,966	5,664
Operating investments (net of disposals)	(558)	(624)
Growth investments in concessions and PPPs	(839)	(903)
Free cash flow (after investments)	2,948	2,995

Equity including non-controlling interests	17,006	15,256
Net financial debt	(13,938)	(12,436)

(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.
(**) The Group’s deferred tax at 31 December 2016 has been revalued mainly following the adoption of the 2017 Finance Act in France, which provides for a reduction in the corporate income tax rate from 33.33% to 28% for all companies from 2020.
The impact on net income attributable to owners of the parent is €129 million (€0.23 per share).
(***) Dividend proposed to the Shareholders' General Meeting of 20 April 2017, including an interim dividend of €0.63 per share paid on 10 November 2016.

Consolidated income statement for the period

(in € millions)	2016	2015
*Revenue ^()**	38,073	38,518
Concession subsidiaries’ revenue derived from works carried out by non-Group companies	475	643
Total revenue	38,547	39,161
Revenue from ancillary activities	130	160
Operating expenses	(34,503)	(35,563)
Operating income from ordinary activities	4,174	3,758
Share-based payments (IFRS 2)	(118)	(95)
Profit/(loss) of companies accounted for under the equity method	69	89
Other recurring operating items	42	36
Recurring operating income	4,167	3,788
Non-recurring operating items	(49)	(73)
Operating income	4,118	3,715
Cost of gross financial debt	(551)	(600)
Financial income from cash investments	26	43
Cost of net financial debt	(526)	(557)
Other financial income and expense	(35)	(24)
Income tax expense	(1,013)	(1,055)
Of which impact of non-recurring changes in deferred tax ^()	129	-
Net income	2,545	2,079
Net income attributable to non-controlling interests	39	34
Net income attributable to owners of the parent	2,505	2,046
Basic earnings per share (in €) ^(**)	4.52	3.69
Diluted earnings per share (in €) ^(**)	4.48	3.66



Net income attributable to owners of the parent excluding non-recurring changes in deferred tax ^(**)	2,376	2,046
Diluted earnings per share excluding non-recurring changes in deferred tax (in €) ^(**)	4.24	3.66

(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.
(**)The Group’s deferred tax at 31 December 2016 has been revalued mainly following the adoption of the 2017 Finance Act in France, which provides for a reduction in the corporate income tax rate from 33.33% to 28% for all companies from 2020. The impact on net income attributable to owners of the parent is €129 million (€0.23 per share).

Consolidated comprehensive income statement for the period

	2016			2015
(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
Net income	2,505	39	2,545	2,046	34	2,079
Changes in fair value of cash flow and net investment hedging instruments ^(*)	33	-	33	71	-	71
Currency translation differences	52	4	56	32	4	36
Tax ^(**)	(12)	-	(12)	(26)	-	(26)
Share in net income of companies accounted for under the equity method	26	-	26	60	-	60
Other comprehensive income that may be recycled subsequently to net income	99	4	103	137	4	140
Actuarial gains and losses on retirement benefit obligations	(149)	-	(149)	(105)	-	(105)
Tax	31	-	31	25	-	25
Other comprehensive income that may not be recycled subsequently to net income	(118)	-	(118)	(80)	-	(80)
Total other comprehensive income recognised directly in equity	(19)	4	(15)	57	3	60
Total comprehensive income	2,486	43	2,529	2,102	37	2,139

(*) Changes in the fair value of cash flow 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)	31/12/2016	31/12/2015
Non-current assets
Concession intangible assets	26,691	23,915
Goodwill	8,113	7,296
Other intangible assets	409	387
Property, plant and equipment	4,468	4,241
Investments in companies accounted for under the equity method	1,505	1,404
Other non-current financial assets	881	942
Derivative financial instruments - non-current assets	721	803
Deferred tax assets	228	278
Total non-current assets	43,016	39,267
Current assets
Inventories and work in progress	935	964
Trade and other receivables	11,422	10,696
Other current operating assets	5,099	4,635
Other current non-operating assets	55	30
Current tax assets	167	365
Other current financial assets	35	27
Derivative financial instruments - current assets	370	364
Cash management financial assets	154	166
Cash and cash equivalents	6,678	5,632
Total current assets	24,915	22,880

Total assets	67,931	62,147

Equity and liabilities

(in € millions)	31/12/2016	31/12/2015
Equity
Share capital	1,473	1,471
Share premium	9,463	9,044
Treasury shares	(1,581)	(1,534)
Consolidated reserves	5,549	5,024
Currency translation reserves	88	31
Net income attributable to owners of the parent	2,505	2,046
Amounts recognised directly in equity	(1,032)	(962)
Equity attributable to owners of the parent	16,465	15,119
Non-controlling interests	541	137
Total equity	17,006	15,256
Non-current liabilities
Non-current provisions	945	949
Provisions for employee benefits	1,653	1,515
Bonds	12,496	11,147
Other loans and borrowings	3,769	3,854
Derivative financial instruments - non-current liabilities	203	224
Other non-current liabilities	135	129
Deferred tax liabilities	1,910	1,656
Total non-current liabilities	21,110	19,474
Current liabilities
Current provisions	4,172	4,053
Trade payables	7,740	7,590
Other current operating liabilities	11,838	10,884
Other current non-operating liabilities	480	360
Current tax liabilities	190	351
Derivative financial instruments - current liabilities	166	193
Current borrowings	5,229	3,986
Total current liabilities	29,815	27,417

Total equity and liabilities	67,931	62,147

Consolidated cash flow statement

(in € millions)		2016	2015
Consolidated net income for the period (including non-controlling interests)		2,545	2,079
Depreciation and amortisation		2,003	2,033
Net increase/(decrease) in provisions and impairment		52	61
Share-based payments (IFRS 2) and other restatements		15	4
Gain or loss on disposals		(80)	(3)
Change in fair value of financial instruments		6	-
Share of profit or loss of companies accounted for under the equity method and dividends received from unconsolidated companies		(76)	(98)
Capitalised borrowing costs		(36)	(23)
Cost of net financial debt recognised		526	557
Current and deferred tax expense recognised		1,013	1,055
Cash flows from operations before tax and financing costs		5,966	5,664
Changes in operating working capital requirement and current provisions		23	307
Income taxes paid		(1,213)	(1,041)
Net interest paid		(525)	(534)
Dividends received from companies accounted for under the equity method		94	125
Cash flows (used in)/from operating activities	I	4,346	4,522
Purchases of property, plant and equipment and intangible assets		(706)	(749)
Proceeds from sales of property, plant and equipment and intangible assets		148	125
Operating investments (net of disposals)		(558)	(624)
Operating cash flow		3,787	3,898
Investments in concession fixed assets (net of grants received)		(824)	(886)
Financial receivables (PPP contracts and others)		(15)	(16)
Growth investments in concessions and PPPs		(839)	(903)
Free cash flow (after investments)		2,948	2,995
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) ⁽¹⁾		(2,579)	(403)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) ⁽²⁾		172	18
Net effect of changes in scope of consolidation		(1,039)	(70)
Net financial investments		(3,446)	(456)
Other		67	44
Net cash flows (used in)/from investing activities	II	(4,777)	(1,938)
Share capital increases and decreases and repurchases of other equity instruments ⁽³⁾		440	(64)
Transactions on treasury shares		(562)	(688)
Non-controlling interests in share capital increases and decreases of subsidiaries		197	-
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control)		(7)	(27)
Dividends paid		(1,084)	(1,044)
- to shareholders of VINCI SA ⁽⁴⁾		(1,052)	(1,019)
- to non-controlling interests		(32)	(25)
Proceeds from new long-term borrowings		2,458	129
Repayments of long-term borrowings		(2,107)	(1,418)
Change in cash management assets and other current financial debts		484	3
Net cash flows (used in)/from financing activities	III	(182)	(3,109)
Other changes ⁽⁵⁾	IV	1,164	112
Change in net cash	I+II+III+IV	551	(413)
Net cash and cash equivalents at beginning of period		5,077	5,491
Net cash and cash equivalents at end of period		5,628	5,077
Change in cash management assets and other current financial debts		(484)	(3)
(Proceeds from)/repayment of loans		(350)	1,289
Other changes ⁽⁵⁾		(1,219)	(28)
Change in net financial debt		(1,502)	845
Net financial debt at beginning of period		(12,436)	(13,281)
Net financial debt at end of period		(13,938)	(12,436)

(1) Including in 2016, the acquisitions of Lamsac, Aerodom, Aéroports de Lyon and J&P Richardson for €1,273 million, €411 million, €535 million and €62 million respectively, along with funding provided to companies operating concessions at Kansai airport (€149 million) and Santiago de Chile airport (€13 million).
In 2015, acquisitions of Orteng Engenharia e Sistemas for €87 million, HEB Construction for €43 million and a 20% stake in Constructora Conconcreto for €81 million.
(2) Including the residual stake in Infra Foch Topco, sold in September 2016.
(3) Including in 2015 capital increases totalling €436 million and the early redemption of perpetual subordinated bonds for €500 million.
(4) Including in 2015 interest payments on the perpetual subordinated bonds for €30 million.
(5) Including the debts of companies integrated during the year (particularly Lamsac, Aerodom, Aéroports de Lyon and J&P Richardson) on their respective acquisition dates.

Last updated: 09/02/2017