2020 interim financial statements - Financial statements
Half-year consolidated financial statements
- Consolidated income statement for the period
- Consolidated comprehensive income statement for the period
- Consolidated balance sheet
- Consolidated cash flow statement
- Reconciliation of key performance indicators with the consolidated cash flow statement
Consolidated income statement for the period
| (in € millions) | First half 2020 | First half 2019 | Full year 2019 |
|---|---|---|---|
| Revenue (*) | 18,493 | 21,729 | 48,053 |
| Concession subsidiaries’ revenue derived from works carried out by non-Group companies | 331 | 323 | 699 |
| Total revenue | 18,824 | 22,052 | 48,753 |
| Revenue from ancillary activities | 70 | 108 | 198 |
| Operating expenses | (18,628) | (19,871) | (43,216) |
| Operating income from ordinary activities | 267 | 2,289 | 5,734 |
| Share-based payments (IFRS 2) | (90) | (100) | (291) |
| Profit/(loss) of companies accounted for under the equity method | (88) | 121 | 212 |
| Other recurring operating items | 29 | 32 | 48 |
| Recurring operating income | 118 | 2,341 | 5,704 |
| Non-recurring operating items | (119) | 7 | (40) |
| Operating income | - | 2,348 | 5,664 |
| Cost of gross financial debt | (317) | (290) | (592) |
| Financial income from cash investments | 14 | 20 | 41 |
| Cost of net financial debt | (303) | (270) | (551) |
| Other financial income and expense | (9) | (31) | (71) |
| Income tax expense | (107) | (635) | (1,634) |
| Net income | (419) | 1,412 | 3,408 |
| Net income attributable to non-controlling interests | (124) | 52 | 148 |
| Net income attributable to owners of the parent | (294) | 1,359 | 3,260 |
| Basic earnings per share (in €) | (0.53) | 2.45 | 5.88 |
| Diluted earnings per share (in €) | (0.53) | 2.43 | 5.82 |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
Consolidated comprehensive income statement for the period
| First half 2020 | First half 2019 | Full year 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| (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 | (294) | (124) | (419) | 1,359 | 52 | 1,412 | 3,260 | 148 | 3,408 |
| Changes in fair value of cash flow and net investment hedging instruments (*) | 38 | - | 38 | (1) | - | (1) | (214) | - | (214) |
| Hedging costs | (9) | - | (9) | 3 | - | 3 | (8) | - | (8) |
| Tax (**) | 61 | - | 61 | 39 | - | 40 | 39 | - | 39 |
| Currency translation differences | (477) | (125) | (602) | (62) | (68) | (130) | 181 | 34 | 215 |
| Share in net income of companies accounted for under the equity method | (58) | - | (58) | (84) | - | (84) | (84) | - | (84) |
| Other comprehensive income that may be recycled subsequently to net income | (445) | (125) | (570) | (106) | (68) | (174) | (87) | 34 | (53) |
| Equity instruments | (1) | - | (1) | - | - | - | (1) | - | (1) |
| Actuarial gains and losses on retirement benefit obligations | (6) | (29) | (36) | (125) | (3) | (128) | (293) | (20) | (313) |
| Tax | (7) | 6 | (1) | 31 | 1 | 32 | 73 | 4 | 77 |
| Share in net income of companies accounted for under the equity method | - | - | - | - | - | - | (2) | - | (2) |
| Other comprehensive income that may not be recycled subsequently to net income | (14) | (23) | (37) | (94) | (3) | (97) | (222) | (17) | (239) |
| Total other comprehensive income recognised directly in equity | (459) | (148) | (607) | (200) | (71) | (271) | (309) | 17 | (292) |
| Total comprehensive income | (753) | (272) | (1,025) | 1,160 | (19) | 1,141 | 2,951 | 165 | 3,117 |
(*) 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. In the first half of 2020, these changes consisted of a €203 million negative impact related to cash flow hedges and a €241 million positive impact related to net investment hedges.
(**) Tax effects relating to changes in the fair value of cash flow hedging financial instruments (effective portion) and hedging costs.
Consolidated balance sheet
Assets
| (in € millions) | 30/06/2020 | 30/06/2019 | 31/12/2019 |
|---|---|---|---|
| Non-current assets | |||
| Concession intangible assets | 26,389 | 26,957 | 26,869 |
| Goodwill | 11,667 | 11,216 | 11,647 |
| Other intangible assets | 6,739 | 7,045 | 7,410 |
| Property, plant and equipment | 9,750 | 9,604 (*) | 10,189 (*) |
| Investments in companies accounted for under the equity method | 1,786 | 1,761 | 1,870 |
| Other non-current financial assets | 1,405 | 1,492 | 1,525 |
| Derivative financial instruments - non-current assets | 1,407 | 1,120 | 1,051 |
| Deferred tax assets | 370 | 323 | 370 |
| Total non-current assets | 59,512 | 59,518 | 60,931 |
| Current assets | |||
| Inventories and work in progress | 1,524 | 1,367 | 1,434 |
| Trade and other receivables | 12,902 | 13,852 | 14,523 |
| Other current operating assets | 5,376 | 5,258 | 5,252 |
| Other current non-operating assets | 29 | 45 | 48 |
| Current tax assets | 637 | 165 | 166 |
| Other current financial assets | 18 | 41 | 53 |
| Derivative financial instruments - current assets | 331 | 227 | 210 |
| Cash management financial assets | 157 | 585 | 287 |
| Cash and cash equivalents | 7,609 | 6,356 | 8,257 |
| Total current assets | 28,583 | 27,895 | 30,229 |
| Total assets | 88,095 | 87,413 | 91,159 |
(*) Adjusted for the application of the IFRS IC interpretation published on 16 December 2019 clarifying the assessment of the non-cancellable period of a lease with retroactive effect from 1 January 2019.
Equity and liabilities
| (in € millions) | 30/06/2020 | 30/06/2019 | 31/12/2019 |
|---|---|---|---|
| Equity | |||
| Share capital | 1,516 | 1,501 | 1,513 |
| Share premium | 10,959 | 10,534 | 10,879 |
| Treasury shares | (3,231) | (2,685) | (3,083) |
| Other equity instruments | 39 | - | - |
| Consolidated reserves | 11,553 | 9,282 | 9,252 |
| Currency translation reserves | (498) | (264) | (18) |
| Net income attributable to owners of the parent | (294) | 1,359 | 3,260 |
| Amounts recognised directly in equity | (1,346) | (1,007) | (1,364) |
| Equity attributable to owners of the parent | 18,697 | 18,720 | 20,438 |
| Non-controlling interests | 2,222 | 2,714 | 2,604 |
| Total equity | 20,919 | 21,434 | 23,042 |
| Non-current liabilities | |||
| Non-current provisions | 1,266 | 1,266 | 1,341 |
| Provisions for employee benefits | 1,934 | 1,718 | 1,911 |
| Bonds | 23,150 | 22,787 | 23,300 |
| Other loans and borrowings | 3,267 | 3,351 | 3,075 |
| Derivative financial instruments - non-current liabilities | 543 | 663 | 473 |
| Non-current lease liabilities | 1,337 | 1,115 (*) | 1,358 (*) |
| Other non-current liabilities | 683 | 374 | 451 |
| Deferred tax liabilities | 2,523 | 2,817 | 2,701 |
| Total non-current liabilities | 34,705 | 34,090 | 34,610 |
| Current liabilities | |||
| Current provisions | 4,654 | 4,358 | 4,741 |
| Trade payables | 8,152 | 7,885 | 8,514 |
| Other current operating liabilities | 13,489 | 12,660 | 14,177 |
| Other current non-operating liabilities | 840 | 489 | 662 |
| Current tax liabilities | 157 | 303 | 292 |
| Current lease liabilities | 490 | 467 (*) | 504 (*) |
| Derivative financial instruments - current liabilities | 428 | 85 | 399 |
| Current borrowings | 4,260 | 5,642 | 4,217 |
| Total current liabilities | 32,471 | 31,889 | 33,507 |
| Total equity and liabilities | 88,095 | 87,413 | 91,159 |
(*) Adjusted for the application of the IFRS IC interpretation published on 16 December 2019 clarifying the assessment of the non-cancellable period of a lease with retroactive effect from 1 January 2019.
Consolidated cash flow statement
| (in € millions) | First half 2020 | First half 2019 | Full year 2019 | |
|---|---|---|---|---|
| Consolidated net income for the period (including non-controlling interests) | (419) | 1,412 | 3,408 | |
| Depreciation and amortisation | 1,598 | 1,431 | 3,040 | |
| Net increase/(decrease) in provisions and impairment | 87 | 26 | 90 | |
| Share-based payments (IFRS 2) and other restatements | 4 | (30) | 64 | |
| Gain or loss on disposals | 20 | (27) | (67) | |
| Change in fair value of financial instruments | 15 | 34 | (4) | |
| Share of profit or loss of companies accounted for under the equity method and dividends received from unconsolidated companies | 86 | (123) | (218) | |
| Cost of net financial debt recognised | 303 | 270 | 551 | |
| Capitalised borrowing costs | (19) | (18) | (41) | |
| Financial expense on leases | 21 | 15 | 40 | |
| Current and deferred tax expense recognised | 107 | 635 | 1,634 | |
| Cash flows from operations before tax and financing costs | 1,803 | 3,625 | 8,497 | |
| Changes in operating working capital requirement and current provisions | 471 | (1,354) | 428 | |
| Income taxes paid | (774) | (529) | (1,547) | |
| Net interest paid | (351) | (250) | (458) | |
| Dividends received from companies accounted for under the equity method | 31 | 110 | 170 | |
| Cash flows (used in)/from operating activities | I | 1,180 | 1,602 | 7,090 |
| Purchases of property, plant and equipment and intangible assets | (547) | (562) | (1,365) | |
| Proceeds from sales of property, plant and equipment and intangible assets | 51 | 36 | 117 | |
| Operating investments (net of disposals) | (497) | (525) | (1,249) | |
| Investments in concession fixed assets (net of grants received) | (564) | (498) | (1,031) | |
| Financial receivables (PPP contracts and others) | (5) | (8) | (34) | |
| Growth investments in concessions and PPPs | (569) | (507) | (1,065) | |
| Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) | (128) | (3,320)(*) | (3,611)(*) | |
| Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) | 1 | 12 | 43 | |
| Net financial investments | (127) | (3,309) | (3,568) | |
| Other | (23) | (102) | (90) | |
| Net cash flows (used in)/from investing activities | II | (1,216) | (4,443) | (5,972) |
| Share capital increases and decreases and repurchases of other equity instruments | 83 | 202 | 560 | |
| Transactions on treasury shares | (336) | (502) | (903) | |
| Non-controlling interests in share capital increases and decreases of subsidiaries | - | 392(*) | 394(*) | |
| Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) | (6) | (5) | (21) | |
| Dividends paid | (9) | (1,092) | (1,772) | |
| - to shareholders of VINCI SA | (1) | (1,065) | (1,504) | |
| - to non-controlling interests | (8) | (26) | (267) | |
| Proceeds from new long-term borrowings | 1,657 | 4,227 | 4,626 | |
| Repayments of long-term borrowings | (1,648) | (2,118) | (2,335) | |
| Repayments of lease liabilities and financial expense on leases | (296) | (254) | (575) | |
| Change in cash management assets and other current financial debts | 486 | 119 | (630) | |
| Net cash flows (used in)/from financing activities | III | (68) | 971 | (656) |
| Other changes | IV | (51) | 69 | 102 |
| Change in net cash | I+II+III+IV | (156) | (1,801) | 564 |
| Net cash and cash equivalents at beginning of period | 7,346 | 6,782 | 6,782 | |
| Net cash and cash equivalents at end of period | 7,190 | 4,980 | 7,346 | |
| Change in cash management assets and other current financial debts | (486) | (119) | 630 | |
| (Proceeds from)/repayment of loans | (9) | (2,109) | (2,291) | |
| Other changes | 162 | (4,657) | (5,003) | |
| Debts assumed during business combinations | (4) | (4,688)(*) | (4,757)(*) | |
| Change in net financial debt | (488) | (8,686) | (6,100) | |
| Net financial debt at beginning of period | (21,654) | (15,554) | (15,554) | |
| Net financial debt at end of period | (22,142) | (24,241) | (21,654) |
(*) Including the acquisition of London Gatwick Airport on 13 May 2019.
Reconciliation of key performance indicators with the consolidated cash flow statement
| (in € millions) | First half 2020 | First half 2019 | Full year 2019 |
|---|---|---|---|
| Cash flows (used in)/from operating activities | 1,180 | 1,602 | 7,090 |
| Operating investments (net of disposals) | (497) | (525) | (1,249) |
| Repayments of lease liabilities and financial expense on leases | (296) | (254) | (575) |
| Operating cash flow | 388 | 823 | 5,266 |
| Growth investments in concessions and PPPs | (569) | (507) | (1,065) |
| Free cash flow | (182) | 316 | 4,201 |
| Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) | (128) | (3,320) | (3,611) |
| Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) | 1 | 12 | 43 |
| Net impact of changes in scope including net debt assumed | 6 | (4,631) | (4,677) |
| Net financial investments | (121) | (7,939) | (8,245) |
| Other | (23) | (102) | (90) |
| Total net financial investments | (144) | (8,041) | (8,335) |
Last updated: 31/07/2020