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2017 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)	2017	2016
*Revenue ^()**	40,248	38,073
Revenue generated in France ^(*)	23,680	22,418
% of revenue ^()*	58.8 %	58.9%
Revenue generated outside France ^(*)	16,568	15,654
% of revenue ^()*	41.2 %	41.1%
Operating income from ordinary activities	4,607	4,174
% of revenue ^()*	11.4 %	11.0%
Recurring operating income	4,592	4,167
Operating income	4,550	4,118
Net income attributable to owners of the parent	2,747	2,505
% of revenue ^()*	6.8 %	6.6%
Diluted earnings per share (in €)	4.91	4.48
Net income attributable to owners of the parent excluding non-recurring tax effects ^()**	2,737	2,376
Diluted earnings per share excluding non-recurring tax effects (in €) ^(**)	4.89	4.24
Dividend per share (in €)	2.45 ^(***)	2.10

Cash flows from operations before tax and financing costs	6,500	5,966
Operating investments (net of disposals)	(745)	(558)
Growth investments in concessions and PPPs	(1,010)	(839)
Free cash flow (after investments and excluding non-recurring tax effects) ^()**	2,725	2,948

Equity including non-controlling interests	18,383	17,006
Net financial debt	(14,001)	(13,938)

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) In 2017, net non-recurring tax effects on net income attributable to owners of the parent was limited (positive impact of €10 million).
Those effects resulted from the following tax measures adopted in France’s 2018 Finance Act and 2017 Amended Finance Act:
the surtax equal to 30% of corporate income tax, the annulment of the 3% dividend tax and the gradual decrease in the corporate income tax rate
in France from 33.33% to 25% in 2022, leading to a revaluation of the Group’s deferred tax. In 2016, the revaluation of the Group’s deferred tax
after the adoption of the 2017 Finance Act had a positive effect of €129 million on the net income attributable to owners of the parent.
Non-recurring tax effects had a €200 million negative impact on 2017 free cash flow.
(***) Dividend proposed to the Shareholders’ General Meeting of 17 April 2018, including an interim dividend of €0.69 per share paid on 9 November 2017.

Consolidated income statement for the period

(in € millions)	2017	2016
*Revenue ^()**	40,248	38,073
Concession subsidiaries’ revenue derived from works carried out by non-Group companies	629	475
Total revenue	40,876	38,547
Revenue from ancillary activities	200	130
Operating expenses	(36,468)	(34,503)
Operating income from ordinary activities	4,607	4,174
Share-based payments (IFRS 2)	(163)	(118)
Profit/(loss) of companies accounted for under the equity method	146	69
Other recurring operating items	-	42
Recurring operating income	4,592	4,167
Non-recurring operating items	(41)	(49)
Operating income	4,550	4,118
Cost of gross financial debt	(537)	(551)
Financial income from cash investments	56	26
Cost of net financial debt	(481)	(526)
Other financial income and expense	40	(35)
Income tax expense	(1,271)	(1,013)
of which non-recurring tax effects ^()	44	129
Net income	2,837	2,545
Net income attributable to non-controlling interests	90	39
Net income attributable to owners of the parent ^()**	2,747	2,505
Basic earnings per share (in €) ^(**)	4.95	4.52
Diluted earnings per share (in €) ^(**)	4.91	4.48


Net income attributable to owners of the parent excluding non-recurring tax effects ^()**	2,737	2,376
Diluted earnings per share excluding non-recurring tax effects (in €) ^(**)	4.89	4.24

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) In 2017, the net impact of non-recurring tax effects was limited: a €44 million positive effect on the consolidated tax charge and a €10 million
positive impact on net income attributable to owners of the parent. That impact resulted from the following tax measures adopted in France’s 2018 Finance Act
and 2017 Amended Finance Act: the surtax equal to 30% of corporate income tax, the annulment of the 3% dividend tax and the gradual decrease
in the corporate income tax rate in France from 33.33% to 25% in 2022, leading to a revaluation of the Group’s deferred tax.
In 2016, the revaluation of the Group’s deferred tax after the adoption of the 2017 Finance Act had a positive effect of €129 million
on the net income attributable to owners of the parent.

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
	2017			2016
Net income	2,747	90	2,837	2,505	39	2,545
Changes in fair value of cash flow and net investment hedging instruments ^(*)	137	1	137	33	-	33
Tax ^(**)	(47)	-	(47)	(12)	-	(12)
Share in net income of companies accounted for under the equity method	57	-	57	26	-	26
Currency translation differences	(335)	(11)	(346)	52	4	56
Other comprehensive income that may be recycled subsequently to net income	(188)	(11)	(199)	99	4	103
Actuarial gains and losses on retirement benefit obligations	137	1	138	(149)	-	(149)
Tax	(31)	-	(31)	31	-	31
Share in net income of companies accounted for under the equity method	(1)	-	(1)	-	-	-
Other comprehensive income that may not be recycled subsequently to net income	105	1	106	(118)	-	(118)
Total other comprehensive income recognised directly in equity	(83)	(10)	(93)	(19)	4	(15)
Total comprehensive income	2,664	80	2,744	2,486	43	2,529

(*) 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)	31/12/2017	31/12/2016
Non-current assets
Concession intangible assets	26,539	26,691
Goodwill	8,600	8,113
Other intangible assets	417	409
Property, plant and equipment	4,421	4,468
Investments in companies accounted for under the equity method	1,573	1,505
Other non-current financial assets	1,102	881
Derivative financial instruments – non-current assets	621	721
Deferred tax assets	255	228
Total non-current assets	43,527	43,016
Current assets
Inventories and work in progress	1,056	935
Trade and other receivables	12,432	11,422
Other current operating assets	5,035	5,099
Other current non-operating assets	58	55
Current tax assets	406	167
Other current financial assets	38	35
Derivative financial instruments – current assets	261	370
Cash management financial assets	184	154
Cash and cash equivalents	6,807	6,678
Total current assets	26,276	24,915

Total assets	69,803	67,931

Equity and liabilities

(in € millions)	31/12/2017	31/12/2016
Equity
Share capital	1,478	1,473
Share premium	9,886	9,463
Treasury shares	(1,751)	(1,581)
Consolidated reserves	6,509	5,549
Currency translation reserves	(276)	88
Net income attributable to owners of the parent	2,747	2,505
Amounts recognised directly in equity	(782)	(1,032)
Equity attributable to owners of the parent	17,812	16,465
Non-controlling interests	572	541
Total equity	18,383	17,006
Non-current liabilities
Non-current provisions	1,053	945
Provisions for employee benefits	1,481	1,653
Bonds	14,130	12,496
Other loans and borrowings	2,512	3,769
Derivative financial instruments - non-current liabilities	288	203
Other non-current liabilities	192	135
Deferred tax liabilities	1,735	1,910
Total non-current liabilities	21,391	21,110
Current liabilities
Current provisions	4,322	4,172
Trade payables	8,198	7,740
Other current operating liabilities	11,852	11,838
Other current non-operating liabilities	487	480
Current tax liabilities	225	190
Derivative financial instruments - current liabilities	114	166
Current borrowings	4,830	5,229
Total current liabilities	30,029	29,815

Total equity and liabilities	69,803	67,931

Consolidated cash flow statement

(in € millions)		2017	2016
Consolidated net income for the period (including non-controlling interests)		2,837	2,545
Depreciation and amortisation		2,128	2,003
Net increase/(decrease) in provisions and impairment		(4)	52
Share-based payments (IFRS 2) and other restatements		53	15
Gain or loss on disposals		(44)	(80)
Change in fair value of financial instruments		15	6
Share of profit or loss of companies accounted for under the equity method and dividends received from unconsolidated companies		(152)	(76)
Capitalised borrowing costs		(86)	(36)
Cost of net financial debt recognised		481	526
Current and deferred tax expense recognised		1,271	1,013
Cash flows from operations before tax and financing costs		6,500	5,966
Changes in operating working capital requirement and current provisions		(286)	23
Income taxes paid ⁽¹⁾		(1,647)	(1,213)
Net interest paid		(470)	(525)
Dividends received from companies accounted for under the equity method		184	94
Cash flows (used in)/from operating activities ⁽¹⁾	I	4,280	4,346
Purchases of property, plant and equipment and intangible assets		(865)	(706)
Proceeds from sales of property, plant and equipment and intangible assets		120	148
Operating investments (net of disposals)		(745)	(558)
Operating cash flow ⁽¹⁾		3,535	3,787
Investments in concession fixed assets (net of grants received)		(1,055)	(824)
Financial receivables (PPP contracts and others)		45	(15)
Growth investments in concessions and PPPs		(1,010)	(839)
Free cash flow (after investments) ⁽¹⁾		2,525	2,948
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated)		(946)	(2,579)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) ⁽²⁾		16	172
Net effect of changes in scope of consolidation		(7)	(1,039)
Net financial investments ⁽³⁾		(937)	(3,446)
Other ⁽⁴⁾		(355)	67
Net cash flows (used in)/from investing activities	II	(3,046)	(4,777)
Share capital increases and decreases and repurchases of other equity instruments		443	440
Transactions on treasury shares		(647)	(562)
Non-controlling interests in share capital increases and decreases of subsidiaries		1	197
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control)		(22)	(7)
Dividends paid		(1,248)	(1,084)
- to shareholders of VINCI SA		(1,197)	(1,052)
- to non-controlling interests		(51)	(32)
Proceeds from new long-term borrowings		4,112	2,458
Repayments of long-term borrowings		(3,258)	(2,107)
Change in cash management assets and other current financial debts		(581)	484
Net cash flows (used in)/from financing activities	III	(1,200)	(182)
Other changes ⁽⁵⁾	IV	42	1,164
Change in net cash	I+II+III+IV	75	551
Net cash and cash equivalents at beginning of period		5,628	5,077
Net cash and cash equivalents at end of period		5,703	5,628
Change in cash management assets and other current financial debts		581	(484)
(Proceeds from)/repayment of loans		(855)	(350)
Other changes ⁽⁵⁾		136	(1,219)
Change in net financial debt		(63)	(1,502)
Net financial debt at beginning of period		(13,938)	(12,436)
Net financial debt at end of period		(14,001)	(13,938)

(1) Including in 2017, a net outflow of €200 million resulting from non-recurring tax effects.
(2) Including in 2016, the residual stake in Infra Foch Topco (ex-VINCI Park), sold in September 2016.
(3) Including in 2017, the investment realised in the concession for Salvador de Bahia Airport in Brazil for €216 million,
and approximately 30 acquisitions by VINCI Energies for €551 million. Including in 2016 the acquisitions of Lamsac, Aerodom and Aéroports de Lyon for €1,273 million,
€411 million and €535 million respectively, along with funding provided to the company holding the concessions for Kansai airports (€149 million).
(4) Including in 2017, a €256 million shareholder loan granted to LISEA.
(5) Including the debts of companies integrated during the year on their respective acquisition dates.

Last updated: 08/02/2018