€100.700 +0.05 % 22/11/2024 17:37

First Half 2023 Financial Results - Financial statements

Consolidated interim 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 2023	*First half 2022 ^()**	2023/2022 change	Full year 2022
Revenue ^()**	32,365	28,517	+13.5%	61,675
Revenue generated in France ^(**)	14,379	13,466	+6.8%	27,948
% of revenue ^()	44.4%	47.2%		45.3%
Revenue generated outside France ^(**)	17,987	15,050	+19.5%	33,727
% of revenue ^()	55.6%	52.8%		54.7%
Operating income from ordinary activities	3,549	2,826	724	6,824
% of revenue ^()	11.0%	9.9%		11.1%
Recurring operating income	3,393	2,713	680	6,481
Operating income	3,410	2,767	643	6,489
Net income attributable to owners of the parent	2,089	1,855	234	4,259
% of revenue ^()	6.5%	6.5%		6.9%
Diluted earnings per share (in €)	3.65	3.26	0.39	7.47
Dividend per share (in €)	1.05 ^(***)	1.00	0.05	4.00

Cash flow from operations before tax and financing costs	5,309	4,526	783	10,215
Operating investments (net of disposals)	(822)	(546)	(276)	(2,456)
Operating cash flow	844	93	751	6,270
Growth investments (concessions and PPPs)	(583)	(374)	(209)	(836)
Free cash flow	261	(281)	542	5,433

Equity including non-controlling interests	30,849	26,128	4,721	29,409
Net financial debt	(20,910)	(22,127)	1,217	(18,536)

^(*) The financial statements for the first half of 2022 have been adjusted for the effects of the final purchase price allocation for Cobra IS.
^(**) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
^(***) Interim dividend to be paid on 16 November 2023.

Consolidated income statement for the period

(in € millions)	First half 2023	*First half 2022 ^()**	Full year 2022
Revenue ^()**	32,365	28,517	61,675
Concession subsidiaries’ revenue derived from works carried out by non-Group companies	369	263	590
Total revenue	32,735	28,779	62,265
Revenue from ancillary activities	163	94	249
Operating expenses	(29,348)	(26,048)	(55,691)
Operating income from ordinary activities	3,549	2,826	6,824
Share-based payments (IFRS 2)	(260)	(138)	(356)
Profit/(loss) of companies accounted for under the equity method	63	34	22
Other recurring operating items	41	(9)	(9)
Recurring operating income	3,393	2,713	6,481
Non-recurring operating items	17	54	8
Operating income	3,410	2,767	6,489
Cost of gross financial debt	(523)	(306)	(750)
Financial income from cash investments	183	41	136
Cost of net financial debt	(340)	(265)	(614)
Other financial income and expense	(16)	124	279
Income tax expense	(816)	(741)	(1,737)
Net income	2,238	1,885	4,417
Net income attributable to non-controlling interests	148	30	157
Net income attributable to owners of the parent	2,089	1,855	4,259
Basic earnings per share (in €)	3.70	3.29	7.55
Diluted earnings per share (in €)	3.65	3.26	7.47

Consolidated comprehensive income statement for the period

(in € millions)	First half 2023	*First half 2022 ^()**	Full year 2022
Net income	2,238	1,885	4,417
Changes in fair value of cash flow and net investment hedging instruments ^(**)	(267)	299	514
Hedging costs	62	9	11
Tax ^(***)	42	(84)	(110)
Currency translation differences	557	356	22
Share of profit/(loss) of companies accounted for under the equity method, net	(12)	234	359
Other comprehensive income that may be recycled subsequently to net income	382	813	795
Equity instruments	(1)	-	-
Actuarial gains and losses on retirement benefit obligations	82	452	362
Tax	(21)	(106)	(97)
Share of profit/(loss) of companies accounted for under the equity method, net	-	-	2
Other comprehensive income that may not be recycled subsequently to net income	60	345	266
Total other comprehensive income recognised directly in equity	443	1,159	1,061
Comprehensive income	2,680	3,043	5,478
of which attributable to owners of the parent	2,278	2,982	5,361
of which attributable to non-controlling interests	402	62	117

^(*) The financial statements for the first half of 2022 have been adjusted for the effects of the final purchase price allocation for Cobra IS.
^(**) 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 2023, those changes consisted of a negative €237 million impact related to cash flow hedges and a negative €30 million 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)	30/06/2023	*30/06/2022 ^()**	31/12/2022
Non-current assets
Concession intangible assets	28,922	25,437	28,224
Goodwill	17,476	16,400	17,360
Other intangible assets	9,185	8,244	9,045
Property, plant and equipment	11,255	10,335	10,805
Investments in companies accounted for under the equity method	1,194	1,001	1,014
Other non-current financial assets	2,820	2,886	2,588
Derivative financial instruments - non-current assets	134	220	376
Deferred tax assets	951	770	883
Total non-current assets	71,937	65,293	70,294
Current assets
Inventories and work in progress	1,958	1,719	1,785
Trade and other receivables	20,314	18,540	18,092
Other current assets	7,976	6,992	7,402
Current tax assets	445	332	259
Other current financial assets	96	96	84
Derivative financial instruments - current assets	129	153	115
Cash management financial assets	398	279	755
Cash and cash equivalents	10,760	9,632	12,578
Total current assets	42,076	37,744	41,070
Assets held for sale	649	699	627
Total assets	114,662	103,736	111,991

^(*) The financial statements for the first half of 2022 have been adjusted for the effects of the final purchase price allocation for Cobra IS.

Equity and liabilities

(in € millions)	30/06/2023	*30/06/2022 ^()**	31/12/2022
Equity
Share capital	1,491	1,492	1,473
Share premium	13,271	12,610	12,719
Treasury shares	(2,163)	(2,681)	(2,088)
Consolidated reserves	12,447	11,219	9,872
Currency translation reserves	49	55	(240)
Net income attributable to owners of the parent	2,089	1,855	4,259
Amounts recognised directly in equity	(157)	(348)	(56)
Equity attributable to owners of the parent	27,029	24,202	25,939
Equity attributable to non-controlling interests	3,819	1,926	3,470
Total equity	30,849	26,128	29,409
Non-current liabilities
Non-current provisions	1,023	1,010	961
Provisions for employee benefits	1,077	1,131	1,149
Bonds	21,320	20,089	20,425
Other loans and borrowings	3,116	2,976	3,205
Derivative financial instruments - non-current liabilities	1,786	1,226	1,939
Non-current lease liabilities	1,616	1,614	1,580
Other non-current liabilities	927	1,002	894
Deferred tax liabilities	4,273	3,452	4,162
Total non-current liabilities	35,138	32,500	34,316
Current liabilities
Current provisions	6,656	5,970	6,599
Trade payables	13,935	12,590	13,088
Other current liabilities	20,562	17,266	20,315
Current tax liabilities	491	372	607
Current lease liabilities	527	531	522
Derivative financial instruments - current liabilities	501	473	440
Current borrowings	5,613	7,653	6,368
Total current liabilities	48,286	44,857	47,939
Liabilities directly associated with assets held for sale	390	252	327
Total equity and liabilities	114,662	103,736	111,991

^(*) The financial statements for the first half of 2022 have been adjusted for the effects of the final purchase price allocation for Cobra IS.

Consolidated cash flow statement

(in € millions)		First half 2023	*First half 2022 ^()**	Full year 2022
Consolidated net income for the period (including non-controlling interests)		2,238	1,885	4,417
Depreciation and amortisation		1,848	1,765	3,613
Net increase/(decrease) in provisions and impairment		33	(47)	-
Share-based payments (IFRS 2) and other restatements		158	110	162
Gain or loss on disposals		(28)	(78)	(68)
Change in fair value of financial instruments		(1)	(91)	(236)
Share of profit/(loss) of companies accounted for under the equity method and dividends received from unconsolidated companies		(88)	(36)	(42)
Cost of net financial debt recognised		340	265	614
Capitalised borrowing costs		(38)	(11)	(29)
Financial expense on leases		30	23	48
Current and deferred tax expense recognised		816	741	1,737
Cash flow from operations before tax and financing costs		5,309	4,526	10,215
Changes in operating working capital requirement and current provisions		(1,952)	(2,581)	392
Income taxes paid		(1,202)	(771)	(1,603)
Net interest paid		(313)	(273)	(563)
Dividends received from companies accounted for under the equity method		66	48	92
Other long-term advances ^(**)		75	-	854
Net cash flows (used in)/from operating activities	I	1,982	949	9,387
Purchases of property, plant and equipment and intangible assets		(889)	(617)	(2,621)
Proceeds from sales of property, plant and equipment and intangible assets		67	71	165
Operating investments (net of disposals)		(822)	(546)	(2,456)
Investments in concession fixed assets (net of grants received)		(538)	(385)	(880)
Financial receivables (PPP contracts and others)		(45)	11	44
Growth investments (concessions and PPPs)		(583)	(374)	(836)
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated)		(397)	(323)	(2,131) ^(*)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated)		90	6	23
Cash and cash equivalents of acquired companies		111	33	140 ^(*)
Net financial investments excluding financial debts transferred in business combinations		(196)	(284)	(1,967) ^(***)
Other		(239)	(255)	(59)
Net cash flows (used in)/from investing activities	II	(1,840)	(1,459)	(5,318)
Share capital increases and decreases and repurchases of other equity instruments		570	379	491
Transactions in treasury shares		(251)	(905)	(1,100)
Capital increases and reductions of subsidiaries subscribed by third parties		2	-	-
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control)		1	(2)	(53)
Dividends paid		(1,839)	(1,298)	(1,892)
- to shareholders of VINCI SA		(1,694)	(1,266)	(1,830)
- to non-controlling interests		(145)	(31)	(62)
Proceeds from new long-term borrowings		1,705	857	2,786
Repayments of long-term borrowings		(1,388)	(1,190)	(3,653)
Repayments of lease liabilities and financial expense on leases		(316)	(310)	(661)
Change in cash management assets and other current financial debts		(147)	1,650	1,245
Net cash flows (used in)/from financing activities	III	(1,663)	(817)	(2,836)
Other changes	IV	62	102	74
Change in net cash	I+II+III+IV	(1,459)	(1,225)	1,306
Net cash and cash equivalents at beginning of period		11,495	10,188	10,188
Net cash and cash equivalents at end of period		10,036	8,963	11,495

^(*) The financial statements for the first half of 2022 have been adjusted for the effects of the final purchase price allocation for Cobra IS.
^(**) Long-term advances received from the offtaker in respect of Polo Carmópolis in Brazil.
^(***) Including the acquisition of the business activities of Mexican airport operator OMA.

Last updated: 28/07/2023