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2019 Halbjahresabschluss

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31.07.2019Press releasePresentationWebcast* Bericht

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Half-year consolidated financial statements

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- Key figures
- Consolidated income statement for the period
- Consolidated comprehensive income statement for the period
- Consolidated balance sheet
- Consolidated cash flow statement
- Reconciliation of indicators for performance monitoring with the consolidated cash flow statement

Key figures

(in € millions)First half 2019First half 2018Change first half
2019/2018
Full year 2018
Revenue (*)21,72919,75810.0 %43,519
Revenue generated in France (*)12,26211,4806.8 %24,768
% of revenue  (*)56.4 %58.1 % 56.9 %
Revenue generated outside France (*)9,4678,27814.4 %18,751
% of revenue  (*)43.6 %41.9 % 43.1 %
Operating income from ordinary activities2,2892,0999.1 %4,997
% of revenue  (*)10.5 %10.6 % 11.5 %
Recurring operating income2,3412,1548.7 %4,924
Operating income2,3482,1718.1 %4,920
Net income attributable to owners of the parent1,3591,3004.5 %2,983
% of revenue  (*)6.3 %6.6 % 6.9 %
Diluted earnings per share (in €)2.432.324.7 %5.32
Dividend per share (in €)0.79 (**)0.755.3 %2.67
     
Cash flows from operations before tax and financing costs3,625 (***) 2,93723.5 % (***)6,898
Operating investments and growth investments in concessions and PPPs (1,032)(939)9.9 %(1,963)
of which operating investments (net of disposals)(525)(476)10.4 %(986)
of which growth investments in concessions and PPPs(507)(463)9.4 %(977)
Free cash flow (after investments)316(136)-331.3 %3,179
     
Equity including non-controlling interests21,43418,3333,10119,818
Net financial debt(24,241)(16,674)(7,566)(15,554)

(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.
(**) Interim dividend to be paid on 7 November 2019.
(***) Of which the impact of IFRS 16 (positive impact of €254 million), a change of +14.8% excluding IFRS 16 impact.

From 1 January 2019, the Group has applied IFRS 16 “Leases” according to the “simplified retrospective” approach, recognising the cumulative effects of first-time adoption on opening equity at 1 January 2019. As a result, the 2018 figures presented for comparison purposes have not been adjusted. The impacts of this first-time adoption are presented in Note A.4. of the condensed half-year consolidated financial statements at 30 June 2019.

 

Consolidated income statement for the period

(in € millions)First half 2019First half 2018Full year 2018
Revenue (*)21,72919,75843,519
Concession subsidiaries’ revenue derived from works carried out by non-Group companies323286633
Total revenue22,05220,04344,152
Revenue from ancillary activities108108202
Operating expenses(19,871)(18,052)(39,357)
Operating income from ordinary activities2,2892,0994,997
Share-based payments (IFRS 2)(100)(79)(206)
Profit/(loss) of companies accounted for under the equity method1218188
Other recurring operating items325345
Recurring operating income2,3412,1544,924
Non-recurring operating items718(4)
Operating income2,3482,1714,920
Cost of gross financial debt(290)(249)(491)
Financial income from cash investments201329
Cost of net financial debt(270)(236)(462)
Other financial income and expense(31)1917
Income tax expense(635)(629)(1,418)
Net income1,4121,3263,057
Net income attributable to non-controlling interests522674
Net income attributable to owners of the parent1,3591,3002,983
Basic earnings per share (in €) 2.452.345.38
Diluted earnings per share (in €) 2.432.325.32

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

 

Consolidated comprehensive income statement for the period

 First half 2019First half 2018Full year 2018
(in € millions)Attributable
to owners of
the parent
Attributable
to non-
controlling
interests
TotalAttributable
to owners of
the parent
Attributable
to non-
controlling
interests
TotalAttributable
to owners of
the parent
Attributable
to non-
controlling
interests
Total
Net income1,359521,4121,300261,3262,983743,057
Changes in fair value of cash flow and net
investment hedging instruments (*)
(1)-(1)(19)-(19)(51)-(51)
Hedging costs3-33-33-3
Tax (**)39-40(4)-(4)(3)-(3)
Currency translation differences(62)(68)(130)1721922223
Share in net income of companies accounted
for under the equity method
(84)-(84)32-3218-18
Other comprehensive income that may be
recycled subsequently
to net income
(106)(68)(174)29231(11)2(10)
Equity instruments---1-1---
Actuarial gains and losses on retirement
benefit obligations
(125)(3)(128)(23)-(23)(46)-(46)
Tax311326-615-15
Share in net income of companies accounted
for under the equity method
---(1)-(1)(1)-(1)
Other comprehensive income that may not
be recycled subsequently
to net income
(94)(3)(97)(16)-(16)(31)-(31)
Total other comprehensive income
recognised directly in equity
(200)(71)(271)13215(42)2(41)
Total comprehensive income1,160(19)1,1411,314281,3412,940763,016

(*) 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. Includes a €134 million decrease for cash flow hedges and a €133 million increase for 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)30/06/201930/06/201831/12/2018
Non-current assets   
Concession intangible assets26,95726,64727,118
Goodwill11,2169,4069,792
Other intangible assets 7,045431632
Property, plant and equipment 9,5474,6585,359
Investments in companies accounted for under the equity method1,7611,5521,674
Other non-current financial assets1,4921,2631,332
Derivative financial instruments - non-current assets 1,120550511
Deferred tax assets323257317
Total non-current assets59,46144,76346,736
Current assets   
Inventories and work in progress1,3671,1391,173
Trade and other receivables13,85212,86813,584
Other current operating assets5,2585,3495,033
Other current non-operating assets454652
Current tax assets165259280
Other current financial assets413437
Derivative financial instruments - current assets 227232258
Cash management financial assets585174245
Cash and cash equivalents6,3565,9977,960
Total current assets27,89526,09828,621
    
Total assets87,35670,86175,357

 

Equity and liabilities

(in € millions)30/06/201930/06/201831/12/2018
Equity   
Share capital1,5011,4911,494
Share premium10,53410,25310,339
Treasury shares(2,685)(2,161)(2,323)
Consolidated reserves 9,2827,8867,767
Currency translation reserves(264)(215)(213)
Net income attributable to owners of the parent1,3591,3002,983
Amounts recognised directly in equity(1,007)(817)(861)
Equity attributable to owners of the parent18,72017,73719,185
Non-controlling interests 2,714596633
Total equity 21,43418,33319,818
Non-current liabilities   
Non-current provisions 1,2661,0651,135
Provisions for employee benefits1,7181,5191,519
Bonds22,78714,52916,588
Other loans and borrowings3,3512,9073,023
Derivative financial instruments - non-current liabilities663276206
Non-current lease liabilities1,068--
Other non-current liabilities374269345
Deferred tax liabilities2,8171,6481,676
Total non-current liabilities34,04322,21424,491
Current liabilities   
Current provisions4,3584,1814,452
Trade payables 7,8857,7078,240
Other current operating liabilities12,66011,85512,862
Other current non-operating liabilities489416500
Current tax liabilities 303241282
Current lease liabilities458--
Derivative financial instruments - current liabilities857776
Current borrowings5,6425,8384,635
Total current liabilities31,87930,31431,048
    
Total equity and liabilities87,35670,86175,357

 

Consolidated cash flow statement

(in € millions) First half 2019First half 2018Full year 2018
Consolidated net income for the period (including non-controlling interests) 1,4121,3263,057
Depreciation and amortisation 1,4311,0762,242
Net increase/(decrease) in provisions and impairment 26(32)(16)
Share-based payments (IFRS 2) and other restatements (30)(100)21
Gain or loss on disposals (27)(49)(88)
Change in fair value of financial instruments 34(22)(39)
Share of profit or loss of companies accounted for under the equity method and dividends
received from unconsolidated companies
 (123)(84)(104)
Cost of net financial debt recognised 270236462
Capitalised borrowing costs (18)(43)(56)
Financial expense on lease contracts 15--
Current and deferred tax expense recognised 6356291,418
Cash flows from operations before tax and financing costs 3,6252,9376,898
Changes in operating working capital requirement and current provisions (1,354)(1,535)(266)
Income taxes paid (*) (529)(452)(1,222)
Net interest paid (250)(285)(444)
Dividends received from companies accounted for under the equity method 110138176
Cash flows (used in)/from operating activities (*)I1,6028035,142
Purchases of property, plant and equipment and intangible assets (562)(529)(1,095)
Proceeds from sales of property, plant and equipment and intangible assets 3654109
Operating investments (net of disposals) (525)(476)(986)
Investments in concession fixed assets (net of grants received) (498)(470)(986)
Financial receivables (PPP contracts and others) (8)78
Growth investments in concessions and PPPs (507)(463)(977)
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) (**) (3,320)(615)(1,570)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) 12581
Net financial investments (3,309)(610)(1,489)
Other (102)(63)(165)
Net cash flows (used in)/from investing activitiesII(4,443)(1,612)(3,617)
Share capital increases and decreases and repurchases of other equity instruments 202380469
Transactions on treasury shares (502)(475)(639)
Non-controlling interests in share capital increases and decreases of subsidiaries 392--
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) (5)(5)(25)
Dividends paid (1,092)(1,011)(1,443)
- to shareholders of VINCI SA (1,065)(974)(1,391)
- to non-controlling interests (26)(36)(53)
Proceeds from new long-term borrowings 4,2271,7784,163
Repayments of long-term borrowings (2,118)(1,876)(2,707)
Repayments of lease liabilities and financial expense on lease contracts (254)--
Change in cash management assets and other current financial debts 1191,146135
Net cash flows (used in)/from financing activitiesIII971(62)(48)
Other changesIV69(39)(398)
Change in net cash I+II+III+IV(1,801)(911)1,079
Net cash and cash equivalents at beginning of period 6,7825,7035,703
Net cash and cash equivalents at end of period 4,9804,7926,782
Change in cash management assets and other current financial debts (119)(1,146)(135)
(Proceeds from)/repayment of loans  (2,109)97(1,456)
Other changes (4,657)(714)(1,042)
Of which liabilities assumed in a business combination (4,688)(420)(792)
Change in net financial debt (8,686)(2,673)(1,553)
Net financial debt at beginning of period (15,554)(14,001)(14,001)
Net financial debt at end of period (24,241)(16,674)(15,554)

(*) Including in the first half of 2018 the impact of non-recurring tax effects: a disbursement of €113 million.
(**) Including the acquisition of London Gatwick Airport in the first half of 2019 for €3,080 million.
In 2018, investments by VINCI Airports (Belgrade Nikola Tesla Airport in Serbia and Airports Worldwide), VINCI Energies (PrimeLine Utility Services and Wah Loon Engineering) and Eurovia (Lane Construction’s Plants & Paving division).

 

Reconciliation of indicators for performance monitoring with the consolidated cash flow statement

(in € millions)First half 2019First half 2018Full year 2018
Cash flows (used in)/from operating activities1,6028035,142
Operating investments (net of disposals)(525)(476)(986)
Repayments of lease liabilities and financial expense on lease contracts(254)--
Operating cash flow8233274,156
Growth investments in concessions and PPPs(507)(463)(977)
Cash flow (after investments)316(136)3,179
    
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated)(3,320)(615)(1,570)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated)12581
Net effect of changes in scope of consolidation including liabilities
assumed in a business combination
(4,631)(404)(1,149)
Net financial investments(7,939)(1,013)(2,638)
Other(102)(63)(165)
Total net financial investments(8,041)(1,076)(2,803)
Letzte Aktualisierung: 31. 07. 2019