2021 UNIVERSAL REGISTRATION DOCUMENT

Consolidated financial statements

General and financial elements

Consolidated financial statements

Consolidated income statement for the period

(in  € millions  ) Notes 2021  2020
Revenue (*) Revenue (*)

Notes

1-2
Revenue (*)202149,396 Revenue (*)

 2020

43,234
Concession subsidiaries’ revenue derived from works carried out by non-Group companies 

Concession subsidiaries’ revenue derived from works carried out by non-Group companies 

Notes

 

Concession subsidiaries’ revenue derived from works carried out by non-Group companies 

2021

586

Concession subsidiaries’ revenue derived from works carried out by non-Group companies 

 2020

696

Total revenue 

Total revenue 

Notes

 

Total revenue 

2021

49,982

Total revenue 

 2020

43,930

Revenue from ancillary activities

Revenue from ancillary activities

Notes

4

Revenue from ancillary activities

2021

248

Revenue from ancillary activities

 2020

188

Operating expenses

Operating expenses

Notes

4

Operating expenses

2021

(45,507)

Operating expenses

 2020

(41,260)

Operating income from ordinary activities Operating income from ordinary activities

Notes

1-4
Operating income from ordinary activities20214,723 Operating income from ordinary activities

 2020

2,859
Share-based payments

Share-based payments

Notes

30

Share-based payments

2021

(288)

Share-based payments

 2020

(239)

Profit/(loss) of companies accounted for under the equity method

Profit/(loss) of companies accounted for under the equity method

Notes

4-10

Profit/(loss) of companies accounted for under the equity method

2021

12

Profit/(loss) of companies accounted for under the equity method

 2020

(146)

Other recurring operating

Other recurring operating

Notes

4

Other recurring operating

2021

17

Other recurring operating

 2020

38

Recurring operating income Recurring operating income

Notes

4
Recurring operating income20214,464 Recurring operating income

 2020

2,511
Non-recurring operating items

Non-recurring operating items

Notes

4

Non-recurring operating items

2021

(26)

Non-recurring operating items

 2020

(52)

Operating income Operating income

Notes

4
Operating income20214,438 Operating income

 2020

2,459
Cost of gross financial debt

Cost of gross financial debt

Notes

 

Cost of gross financial debt

2021

(674)

Cost of gross financial debt

 2020

(609)

Financial income from cash investments

Financial income from cash investments

Notes

 

Financial income from cash investments

2021

17

Financial income from cash investments

 2020

21

Cost of net financial debt
Cost of net financial debt

Notes

5
Cost of net financial debt
2021(658)
Cost of net financial debt

 2020

(589)
Other financial income and expense

Other financial income and expense

Notes

6

Other financial income and expense

2021

40

Other financial income and expense

 2020

(47)

Income tax expense 

Income tax expense 

Notes

7

Income tax expense 

2021

(1,625)

Income tax expense 

 2020

(807)

Net income Net income

Notes

 

Net income20212,195 Net income

 2020

1,015
Net income attributable to owners of the parent

Net income attributable to owners of the parent

Notes

23.5

Net income attributable to owners of the parent

2021

(402)

Net income attributable to owners of the parent

 2020

(226)

Net income attributable to owners of the parent Net income attributable to owners of the parent

Notes

 

Net income attributable to owners of the parent20212,597 Net income attributable to owners of the parent

 2020

1,242
Basic earnings per share

Basic earnings per share

Notes

8

Basic earnings per share

2021

4.56

Basic earnings per share

 2020

2.23

Diluted earnings per share

Diluted earnings per share

Notes

8

Diluted earnings per share

2021

4.51

Diluted earnings per share

 2020

2.20

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.

Consolidated comprehensive income statement for the period

(in  € millions )  2021  2020
Net income  Net income  20212,195 Net income 

 2020

1,015
Changes in fair value of cash flow and net investment hedging instruments (*)

Changes in fair value of cash flow and net investment hedging instruments (*)

 2021

(138)

Changes in fair value of cash flow and net investment hedging instruments (*)

 2020

130

Hedging costs 

Hedging costs 

 2021

(5)

Hedging costs 

 2020

(22)

Tax (**)

Tax (**)

 2021

(50)

Tax (**)

 2020

46

Currency translation differences

Currency translation differences

 2021

527

Currency translation differences

 2020

(795)

Share of profit/(loss) of companies accounted for under the equity method, net

Share of profit/(loss) of companies accounted for under the equity method, net

 2021

115

Share of profit/(loss) of companies accounted for under the equity method, net

 2020

(44)

Other comprehensive income that may be recycled subsequently to net income
Other comprehensive income that may be recycled subsequently to net income
 2021449
Other comprehensive income that may be recycled subsequently to net income

 2020

(684)
Equity instruments

Equity instruments

 2021

-

Equity instruments

 2020

(2)

Actuarial gains and losses on retirement benefit obligations

Actuarial gains and losses on retirement benefit obligations

 2021

165

Actuarial gains and losses on retirement benefit obligations

 2020

143

Tax 

Tax 

 2021

(37)

Tax 

 2020

(27)

Share of profit/(loss) of companies accounted for under the equity method, net

Share of profit/(loss) of companies accounted for under the equity method, net

 2021

-

Share of profit/(loss) of companies accounted for under the equity method, net

 2020

-

Other comprehensive income that may not be recycled subsequently Other comprehensive income that may not be recycled subsequently 2021129 Other comprehensive income that may not be recycled subsequently

 2020

114
Total other comprehensive income recognised directly in equity Total other comprehensive income recognised directly in equity 2021578 Total other comprehensive income recognised directly in equity

 2020

(570)
Comprehensive income
Comprehensive income
 20212,773
Comprehensive income

 2020

445
of which attributable to owners of the parent of which attributable to owners of the parent 2021

3,046

of which attributable to owners of the parent

 2020

757

of which attributable to non-controlling interests of which attributable to non-controlling interests 2021

(274)

of which attributable to non-controlling interests

 2020

(312)

(*)  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 2021, those changes consisted of a positive €186 million impact related to cash flow hedges and a negative €324 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.