2017 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 2017 | First half 2016 | Change first half 2017/2016 | Full year 2016 |
|---|---|---|---|---|
| Revenue (*) | 18,513 | 17,619 | 5.1% | 38,073 |
| Revenue generated in France (*) | 10,974 | 10,348 | 6.0% | 22,418 |
| % of revenue (*) | 59.3% | 58.7% | 58.9% | |
| Revenue generated outside France (*) | 7,539 | 7,271 | 3.7% | 15,654 |
| % of revenue (*) | 40.7% | 41.3% | 41.1% | |
| Operating income from ordinary activities | 1,883 | 1,720 | 9.5% | 4,174 |
| % of revenue (*) | 10.2% | 9.8% | 11.0% | |
| Recurring operating income | 1,853 | 1,702 | 8.9% | 4,167 |
| Operating income | 1,846 | 1,706 | 8.2% | 4,118 |
| Net income attributable to owners of the parent including non-reccuring changes in deffered tax (**) | 1,030 | 920 | 11.9% | 2, 505 |
| % of revenue (*) | 5.6% | 5.2% | 6.6% | |
| Diluted earnings per share including non-recurring changes in deferred tax (in €) | 1.84 | 1.65 | 12.0% | 4.48 |
| Net income attributable to owners of the parent excluding non-reccuring changes in deffered tax (**) | 1,030 | 920 | 11.9% | 2,376 |
| Diluted earnings per share excluding non recurring changes in deferred tax (in €) (**) | 1.84 | 1.65 | 12.0% | 4.24 |
| Dividend per share (in €) | 0.69 (***) | 0.63 | 9.5% | 2.10 |
| Cash flow from operations before tax and financing costs | 2,806 | 2,606 | 7.7% | 5,966 |
| Operating investments (net of disposals) | (313) | (299) | 4.4% | (558) |
| Growth investments in concessions and PPPs | (557) | (435) | 27.9% | (839) |
| Free cash flow (after investments) | (128) | (38) | 2,948 | |
| Equity including non-controlling interests | 16,859 | 15,180 | 1,679 | 17,006 |
| Net financial debt | (15,541) | (14,390) | (1,151) | (13,938) |
(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.
(**) The Group’s deferred tax at 31 December 2016 was 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. At 31 December 2016, the impact on net income attributable to owners of the parent was €129 million (€0.23 per share). At 30 June 2017, deferred tax was valued using the same the same assumptions.
(***) Interim dividend to be paid on 9 November 2017.
Consolidated income statement for the period
| (in €millions) | First half 2017 | First half 2016 | Full year 2016 |
|---|---|---|---|
| Revenue (*) | 18,513 | 17,619 | 38,073 |
| Concession subsidiaries’ revenue derived from works carried out by non-Group companies | 325 | 183 | 475 |
| Total revenue | 18,838 | 17,802 | 38,547 |
| Revenue from ancillary activities | 101 | 74 | 130 |
| Operating expenses | (17,055) | (16,156) | (34,503) |
| Operating income from ordinary activities | 1,883 | 1,720 | 4,174 |
| Share-based payments (IFRS 2) | (57) | (43) | (118) |
| Profit/(loss) of companies accounted for under the equity method | 34 | 2 | 69 |
| Other recurring operating items | (7) | 23 | 42 |
| Recurring operating income | 1,853 | 1,702 | 4,167 |
| Non-recurring operating items | (7) | 5 | (49) |
| Operating income | 1,846 | 1,706 | 4,118 |
| Cost of gross financial debt | (279) | (277) | (551) |
| Financial income from cash investments | 45 | 15 | 26 |
| Cost of net financial debt | (234) | (262) | (526) |
| Other financial income and expense | 18 | (21) | (35) |
| Income tax expense | (575) | (483) | (1,013) |
| of which impact of non-recurring changes in deferred tax (**) | - | - | 129 |
| Net income | 1,055 | 940 | 2,545 |
| Net income attributable to non-controlling interests | 25 | 20 | 39 |
| Net income attributable to owners of the parent | 1,030 | 920 | 2,505 |
| Basic earnings per share (in €) | 1.86 | 1.66 | 4.52 |
| Diluted earnings per share (in €) | 1.84 | 1.65 | 4.48 |
| Net income attributable to owners of the parent excluding non-recurring changes in deferred tax (**) | 1,030 | 920 | 2,376 |
| Diluted earnings per share excluding non-recurring changes in deferred tax (in €) (**) | 1.84 | 1.65 | 4.24 |
(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.
(**) The Group’s deferred tax at 31 December 2016 was 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. At 31 December 2016, the impact on net income attributable to owners of the parent was €129 million (€0.23 per share). At 30 June 2017, deferred tax was valued using the same assumptions.
Consolidated comprehensive income statement for the period
| First half 2017 | First half 2016 | Full year 2016 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| (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 | |
| Net income | 1,030 | 25 | 1,055 | 920 | 20 | 940 | 2,505 | 39 | 2,545 |
| Currency translation differences | (147) | (9) | (156) | 1 | (1) | - | 52 | 4 | 56 |
| Changes in fair value of cash flow and net investment hedging instruments (*) | 51 | 1 | 52 | (1) | - | (1) | 33 | - | 33 |
| Tax (**) | (17) | - | (17) | - | - | - | (12) | - | (12) |
| Share in net income of companies accounted for under the equity method | 49 | - | 49 | (30) | - | (30) | 26 | - | 26 |
| Other comprehensive income that may be recycled subsequently to net income | (64) | (8) | (73) | (29) | (1) | (30) | 99 | 4 | 103 |
| Actuarial gains and losses on retirement benefit obligations | 33 | - | 33 | (126) | - | (126) | (149) | - | (149) |
| Tax | (18) | - | (18) | 32 | - | 32 | 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 | 14 | - | 14 | (93) | - | (93) | (118) | - | (118) |
| Total other comprehensive income recognised directly in equity | (51) | (8) | (59) | (122) | (1) | (123) | (19) | 4 | (15) |
| Total comprehensive income | 979 | 17 | 996 | 798 | 19 | 817 | 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).