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2017 Halbjahresabschluss

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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 2017First half 2016Change first
half 2017/2016
Full year 2016
Revenue (*)18,51317,6195.1%38,073
Revenue generated in France (*)10,97410,3486.0%22,418
% of revenue (*)59.3%58.7% 58.9%
Revenue generated outside France (*)7,5397,2713.7%15,654
% of revenue (*)40.7%41.3% 41.1%
Operating income from ordinary activities1,8831,7209.5%4,174
% of revenue (*)10.2%9.8% 11.0%
Recurring operating income1,8531,7028.9%4,167
Operating income1,8461,7068.2%4,118
Net income attributable to owners of the parent
including non-reccuring changes in deffered tax (**)
1,03092011.9%2, 505
% of revenue (*)5.6%5.2% 6.6%
Diluted earnings per share including non-recurring changes in deferred tax (in €)1.841.6512.0%4.48
Net income attributable to owners of the parent
excluding non-reccuring changes in deffered tax (**)
1,03092011.9%2,376
Diluted earnings per share excluding non recurring changes in deferred tax (in €) (**)1.841.6512.0%4.24
Dividend per share (in €)0.69 (***)0.639.5%2.10
     
Cash flow from operations before tax and financing costs2,8062,6067.7%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 interests16,85915,1801,67917,006
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 2017First half 2016Full year 2016
Revenue (*)18,51317,61938,073
Concession subsidiaries’ revenue derived from works
carried out by non-Group companies
325183475
Total revenue18,83817,80238,547
Revenue from ancillary activities10174130
Operating expenses(17,055)(16,156)(34,503)
Operating income from ordinary activities1,8831,7204,174
Share-based payments (IFRS 2)(57)(43)(118)
Profit/(loss) of companies accounted for under the equity method34269
Other recurring operating items(7)2342
Recurring operating income1,8531,7024,167
Non-recurring operating items(7)5(49)
Operating income1,8461,7064,118
Cost of gross financial debt(279)(277)(551)
Financial income from cash investments451526
Cost of net financial debt(234)(262)(526)
Other financial income and expense18(21)(35)
Income tax expense(575)(483)(1,013)
of which impact of non-recurring changes in deferred tax (**)--129
Net income1,0559402,545
Net income attributable to non-controlling interests252039
Net income attributable to owners of the parent1,0309202,505
Basic earnings per share (in €) 1.861.664.52
Diluted earnings per share (in €) 1.841.654.48
    
    
Net income attributable to owners of the parent
excluding non-recurring changes in deferred tax (**)
1,0309202,376
Diluted earnings per share excluding non-recurring changes
in deferred tax (in €) (**)
1.841.654.24

(*) 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
TotalAttributable
to owners of
the parent
Attributable
to non-
controlling
interests<
TotalAttributable
to owners of
the parent
Attributable
to non-
controlling
interests
Net income1,030251,055920209402,505392,545
Currency translation differences(147)(9)(156)1(1)-52456
Changes in fair value of cash flow and net investment hedging instruments (*)51152(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)994103
Actuarial gains and losses on retirement
benefit obligations
33-33(126)-(126)(149)-(149)
Tax(18)-(18)32-3231-31
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 income97917996798198172,486432,529

(*) 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).

 

Consolidated balance sheet

Assets

(in €millions)30/06/201730/06/201631/12/2016
Non-current assets   
Concession intangible assets26,46324,31526,691
Goodwill8,1937,6448,113
Other intangible assets 413389409
Property, plant and equipment 4,3594,3134,468
Investments in companies accounted for under the equity method1,5001,4571,505
Other non-current financial assets1,146875881
Derivative financial instruments –non-current assets 660877721
Deferred tax assets237313228
Total non-current assets42,97240,18343,016
Current assets   
Inventories and work in progress9461,029935
Trade and other receivables11,63810,83511,422
Other current operating assets4,8234,7725,099
Other current non-operating assets493255
Current tax assets268125167
Other current financial assets292935
Derivative financial instruments –current assets 265337370
Cash management financial assets153166154
Cash and cash equivalents4,7844,3586,678
Total current assets22,95421,68324,915
Assets held for sale-197-
Total assets65,92562,06267,931

 

Equity and liabilities

(in €millions)30/06/201730/06/201631/12/2016
Equity   
Share capital1,4831,4871,473
Share premium9,6609,3519,463
Treasury shares(1,893)(1,874)(1,581)
Consolidated reserves 7,0466,2085,549
Currency translation reserves(72)5488
Net income attributable to owners of the parent1,0309202,505
Amounts recognised directly in equity(924)(1,107)(1,032)
Equity attributable to owners of the parent16,32915,03916,465
Non-controlling interests 531141541
Total equity 16,85915,18017,006
Non-current liabilities   
Non-current provisions 9821,069945
Provisions for employee benefits1,6281,6311,653
Bonds13 ,42811,11512,496
Other loans and borrowings2,6573,5393,769
Derivative financial instruments –non-current liabilities253171203
Other non-current liabilities133139135
Deferred tax liabilities1,8791,7341,910
Total non-current liabilities20,95919,39921,110
Current liabilities   
Current provisions4,0653,9864,172
Trade payables 7,3457,1217,740
Other current operating liabilities11,01410,56511,838
Other current non-operating liabilities395319480
Current tax liabilities 221189190
Derivative financial instruments –current liabilities169184166
Current borrowings 4,8975,1205,229
Total current liabilities28,10627,48329,815
Liabilities held for sale---
Total equity and liabilities65,92562,06267,931

 

Consolidated cash flow statement

(in €millions) First Half 2017First Half 2016Full year 2016
Consolidated net income for the period
(including non-controlling interests)
 1,0559402,545
Depreciation and amortisation 1,0399872,003
Net increase/(decrease) in provisions and impairment 22252
Share-based payments (IFRS 2) and other restatements (6)(33)15
Gain or loss on disposals (36)(20)(80)
Change in fair value of financial instruments 4106
Share of profit or loss of companies accounted
for under the equity method and dividends received from unconsolidated companies
 (35)(7)(76)
Capitalised borrowing costs (45)(18)(36)
Cost of net financial debt recognised 234262526
Current and deferred tax expense recognised 5754831,013
Cash flow from operations before tax and financing costs 2,8062,6065,966
Changes in operating working capital requirement and current provisions (1,130)(1,137)23
Income taxes paid (693)(495)(1,213)
Net interest paid (328)(331)(525)
Dividends received from companies accounted
for under the equity method
 855494
Cash flows (used in)/from operating activitiesI7416974,346
Purchases of property, plant and equipment and intangible assets (380)(350)(706)
Proceeds from sales of property, plant and equipment and intangible assets 6851148
Operating investments (net of disposals) (313)(299)(558)
Operating cash flow 4293983,787
Investments in concession fixed assets (net of grants received) (557)(421)(824)
Financial receivables (PPP contracts and others) -(14)(15)
Growth investments in concessions and PPPs (557)(435)(839)
Free cash flow (after investments) 128)(38)2,948
Purchases of shares in subsidiaries and affiliates
(consolidated and unconsolidated) (1)
 (222)(684)(2,579)
Proceeds from sales of shares in subsidiaries and affiliates
(consolidated and unconsolidated) (2)
 348172
Net effect of changes in scope of consolidation 21(423)(1,039)
Net financial investments (197)(1,059)(3,446)
Other (3) (311)2167
Net cash flows (used in)/from investing activitiesII (1,378)(1,773)(4,777)
Share capital increases and decreases and repurchases of other equity instruments 207322440
Transactions on treasury shares (366)(348)(562)
Non-controlling interests in share capital increases and decreases
of subsidiaries
 -1197
Acquisitions/disposals of non-controlling interests
(without acquisition or loss of control)
 (2)(2)(7)
Dividends paid (840)(719)(1,084)
- to shareholders of VINCI SA (814)(703)(1,052)
- to non-controlling interests (26)(17)(32)
Proceeds from new long-term borrowings 2,5529302,458
Repayments of long-term borrowings (2,394)(791)(2,107)
Change in cash management assets and other current financial debts (223)(80)484
Net cash flows (used in)/from financing activitiesIII (1,065)(686)(182)
Other changes(4)IV(26)4401,164
Change in net cash I+II+III+IV(1,728)(1,322)551
Net cash and cash equivalents at beginning of period 5,6285,0775,077
Net cash and cash equivalents at end of period 3,9003,7555,628
Change in cash management assets and other current financial debts 22380(484)
(Proceeds from)/repayment of loans  (158)(139)(350)
Other changes(4) 61(573)(1,219)
Change in net financial debt (1,603)(1,954)(1,502)
Net financial debt at beginning of period (13,938)(12,436)(12,436)
Net financial debt at end of period (15,541)(14,390)(13,938)

(1) Including, in the first half of 2017, the acquisition of Novabase IMS for €41 million.
Including in 2016, the acquisitions of Lamsac, Aerodom, Aéroports de Lyon and J&P Richardson Industries for €1,273 million, €411 million, €535 million and €62 million respectively, along with funding provided to the companies holding the concessions for Kansai International and Osaka Itami airports (€149 million) and Santiago-Arturo Merino Benítez Airport (€13 million).

(2) Including in 2016, the residual stake in Infra Foch Topco (formerly known as VINCI Park), sold in September.
(3) Including a €256 million shareholder loan granted to LISEA.
(4) Including the debts of companies integrated during the period on their respective acquisition dates. In 2016, this concerned in particular Lamsac, Aerodom, Aéroports de Lyon and J&P Richardson.