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06. 02. 2019 Press release Presentation Webcast* Bericht

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

Key figures

(in € millions)20182017
Revenue (*)43,51940,248
Revenue generated in France (*)24,76823,680
% of revenue (*)56.9 %58.8 %
Revenue generated outside France (*)18,75116,568
% of revenue (*)43.1 %41.2 %
Operating income from ordinary activities4,9974,607
% of revenue (*)11.5 %11.4 %
Recurring operating income4,9244,592
Operating income4,9204,550
Net income attributable to owners of the parent2,9832,747
% of revenue (*)6.9 %6.8 %
Diluted earnings per share (in €)5.324.91
Net income attributable to owners of the parent excluding non-recurring tax effects (**)2,9832,737
Diluted earnings per share excluding non-recurring tax effects (in €) (**)5.324.89
Dividend per share (in €)2.67(***)2.45
   
Cash flows from operations before tax and financing costs6,8986,500
Operating investments (net of disposals)(986)(745)
Growth investments in concessions and PPPs(977)(1,010)
Free cash flow (after investments)3,1792,525
   
Equity including non-controlling interests19,81818,383
Net financial debt(15,554)(14,001)

(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.
(**) In 2017, net non-recurring tax effects on net income attributable to owners of the parent had a positive impact of €10 million. Those effects resulted from the following tax measures adopted in 2018 Finance Act and 2017 Amended Finance Act in France: the surtax equal to 30% of corporate income tax, the annulment of the 3% dividend tax and the gradual decrease in the corporate income tax rate in France from 33.33% to 25% in 2022, leading to a revaluation of the Group's deferred tax.
(***) Dividend proposed to the Shareholders' General Meeting of 17 April 2019, including an interim dividend of €0.75 per share paid on 8 November 2018.

 

From 1 January 2018, the Group has applied IFRS 15 “Revenue from Contracts with Customers” and IFRS 9 “Financial instruments” according to the “simplified retrospective” approach, recognising the cumulative effects of first-time adoption on opening equity at 1 January 2018. As a result, the 2017 figures presented for comparison purposes have not been adjusted. The impacts of this first-time adoption are presented in Note A.4. of the consolidated financial statements at 31 December 2018.

 

Consolidated income statement for the period

(in € millions)20182017
Revenue (*)43,51940,248
Concession subsidiaries’ revenue derived from works carried out by non-Group companies633629
Total revenue44,15240,876
Revenue from ancillary activities202200
Operating expenses(39,357)(36,468)
Operating income from ordinary activities4,9974,607
Share-based payments (IFRS 2)(206)(163)
Profit/(loss) of companies accounted for under the equity method88146
Other recurring operating items45-
Recurring operating income4,9244,592
Non-recurring operating items(4)(41)
Operating income4,9204,550
Cost of gross financial debt(491)(537)
Financial income from cash investments2956
Cost of net financial debt(462)(481)
Other financial income and expense1740
Income tax expense(1,418)(1,271)
of which non-recurring tax effects (**)-44
Net income3,0572,837
Net income attributable to non-controlling interests7490
Net income attributable to owners of the parent (**)2,9832,747
Basic earnings per share (in €)  (**)5.384.95
Diluted earnings per share (in €)  (**)5.324.91
   
   
   
Net income attributable to owners of the parent excluding non-recurring tax effects (**)2,9832,737
Diluted earnings per share excluding non-recurring tax effects (in €) (**)5.324.89

(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.
(**) In 2017, the net impact of non-recurring tax effects was a €44 million positive effect on the consolidated tax charge and a €10 million positive impact on net income attributable to owners of the parent. That impact resulted from the following tax measures adopted 2018 Finance Act and 2017 Amended Finance Act in France: the surtax equal to 30% of corporate income tax, the annulment of the 3% dividend tax and the gradual decrease in the corporate income tax rate in France from 33.33% to 25% in 2022, leading to a revaluation of the Group's deferred tax.

 

Consolidated comprehensive income statement for the period

  2018 2017
(in € millions)Attributable
to owners of
the parent
Attributable
to non-
controlling
interests
TotalAttributable
to owners of
the parent
Attributable
to non-
controlling
interests
Total
Net income2,983743,0572,747902,837
Changes in fair value of cash flow and net investment hedging
instruments (*)
(51)-(51)1371137
Hedging costs3-3---
Tax (**)(3)-(3)(47)-(47)
Currency translation differences22223(335)(11)(346)
Share in net income of companies accounted for under the
equity method
18-1857-57
Other comprehensive income that may be recycled
subsequently to net income
(11)2(10)(188)(11)(199)
Equity instruments------
Actuarial gains and losses on retirement benefit obligations(46)-(46)1371138
Tax15-15(31)-(31)
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
(31)-(31)1051106
Total other comprehensive income recognised directly in equity(42)2(41)(83)(10)(93)
Total comprehensive income2,940763,0162,664802,744

(*) 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) and hedging costs.

 

Consolidated balance sheet

Asset

(in € millions)31/12/201831/12/2017
Non-current assets  
Concession intangible assets27,11826,539
Goodwill9,7928,600
Other intangible assets 632417
Property, plant and equipment 5,3594,421
Investments in companies accounted for under the equity method1,6741,573
Other non-current financial assets1,3321,102
Derivative financial instruments – non-current assets 511621
Deferred tax assets317255
Total non-current assets46,73643,527
Current assets  
Inventories and work in progress1,1731,056
Trade and other receivables13,58412,432
Other current operating assets5,0335,035
Other current non-operating assets5258
Current tax assets280406
Other current financial assets3738
Derivative financial instruments – current assets 258261
Cash management financial assets245184
Cash and cash equivalents7,9606,807
Total current assets28,62126,276
   
Total assets75,35769,803

Equity and liabilities

(in € millions)31/12/201831/12/2017
Equity  
Share capital1,4941,478
Share premium10,3399,886
Treasury shares(2,323)(1,751)
Consolidated reserves 7,7676,509
Currency translation reserves(213)(276)
Net income attributable to owners of the parent2,9832,747
Amounts recognised directly in equity(861)(782)
Equity attributable to owners of the parent19,18517,812
Non-controlling interests 633572
Total equity 19,81818,383
Non-current liabilities  
Non-current provisions 1,1351,053
Provisions for employee benefits1,5191,481
Bonds16,58814,130
Other loans and borrowings3,0232,512
Derivative financial instruments – non-current liabilities206288
Other non-current liabilities345192
Deferred tax liabilities1,6761,735
Total non-current liabilities24,49121,391
Current liabilities  
Current provisions4,4524,322
Trade payables 8,2408,198
Other current operating liabilities12,86211,852
Other current non-operating liabilities500487
Current tax liabilities 282225
Derivative financial instruments – current liabilities76114
Current borrowings4,6354,830
Total current liabilities31,04830,029
   
Total equity and liabilities75,35769,803

 

Consolidated cash flow statement

(in € millions) 20182017
Consolidated net income for the period (including non-controlling interests) 3,0572,837
Depreciation and amortisation 2,2422,128
Net increase/(decrease) in provisions and impairment (16)(4)
Share-based payments (IFRS 2) and other restatements 2153
Gain or loss on disposals (88)(44)
Change in fair value of financial instruments (39)15
Share of profit or loss of companies accounted for under the equity method and dividends received from
unconsolidated companies
 (104)(152)
Capitalised borrowing costs (56)(86)
Cost of net financial debt recognised 462481
Current and deferred tax expense recognised 1,4181,271
Cash flows from operations before tax and financing costs 6,8986,500
Changes in operating working capital requirement and current provisions (266)(286)
Income taxes paid (1) (1,222)(1,647)
Net interest paid (444)(470)
Dividends received from companies accounted for under the equity method 176184
Cash flows (used in)/from operating activities (1)I5,1424,280
Purchases of property, plant and equipment and intangible assets (1,095)(865)
Proceeds from sales of property, plant and equipment and intangible assets 109120
Operating investments (net of disposals) (986)(745)
Operating cash flow (1) 4,1563,535
Investments in concession fixed assets (net of grants received) (986)(1,055)
Financial receivables (PPP contracts and others) 845
Growth investments in concessions and PPPs (977)(1,010)
Free cash flow (after investments) (1) 3,1792,525
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated)  (1,570)(946)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) 8116
Net effect of changes in scope of consolidation (1,149)(7)
Net financial investments (2) (2,638)(937)
Other (165)(355)
Net cash flows (used in)/from investing activitiesII (4,765)(3,046)
Share capital increases and decreases and repurchases of other equity instruments 469443
Transactions on treasury shares (639)(647)
Non-controlling interests in share capital increases and decreases of subsidiaries -1
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) (25)(22)
Dividends paid (1,443)(1,248)
- to shareholders of VINCI SA (1,391)(1,197)
- to non-controlling interests (53)(51)
Proceeds from new long-term borrowings 4,1634,112
Repayments of long-term borrowings (2,707)(3,258)
Change in cash management assets and other current financial debts 135(581)
Net cash flows (used in)/from financing activitiesIII (48)(1,200)
Other changes (3)IV75142
Change in net cash I+II+III+IV1,07975
Net cash and cash equivalents at beginning of period 5,7035,628
Net cash and cash equivalents at end of period 6,7825,703
Change in cash management assets and other current financial debts (135)581
(Proceeds from)/repayment of loans  (1,456)(855)
Other changes (3) (1,042)136
Change in net financial debt (1,553)(63)
Net financial debt at beginning of period (14,001)(13,938)
Net financial debt at end of period (15,554)< /td>(14,001)

(1) Including non-recurring tax effects in 2018: net inflow of €103 million (in 2017, net outflow of €200 million).
(2) Including, 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). In 2017, investment in the Salvador Airport concession in Brazil and around 30 acquisitions made by VINCI Energies.
(3) Including the debt of entities integrated during the year on the respective dates on which control was acquired.