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Home > Investors > Results > History of results    >    2007 interim financial statements

History of results

2007 interim financial statements - Financial statements

- Key figures
- Consolidated IFRS income statement
- Consolidated IFRS balance sheet
- Consolidated IFRS cash flow statement

Key figures
(in millions of euros)
(in millions of euros)2007
First half year
2006
First half year (*)
2006
Full year (*)
REVENUE13,665.2 11,499.5 25,634.3
Of which revenue outside France4,435.9 3,861.88,809.5
% of revenue32.5%33.6%34.4%
Operating profit from ordinary activities1,306.2 1,039.8 2,579.8
% of revenue9.6%9.0%10.1%
Operating profit from ordinary activities1,260.8 1,004.1 2,476.0
NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT613.8 516.91,270.4
Earnings per share (in euros) (**) 1.331.262.90
Diluted earnings per share (in euros) (**) 1.271.202.77
Dividend per share. excluding tax credit (in euros) (**) --1.33
Equity including minority interest7,586.2 8,204.3 8,568.6
Net financial debt(16,756.2)(15,712.0) (14,796.4)
CASH FLOWS (USED IN) / FROM OPERATIONS1,975.2 1,471.6 3,755.0
Net investments in operating assets(309.9)(221.7)(572.1)
Investments in concession assets(604.0)(536.7)(1,205.3)
Net financial investments(1,122.3)(8,940.5) (9,242.8)

(*) Restated in accordance with the change in method described in Note C.2.1 “Change in method: transactions between shareholders,
acquisition and disposal of non-controlling (minority) interests”.
(**) Restated following the two-for-one share split on 17 May 2007.

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Consolidated IFRS income statement
(in € millions)
 2007
First half year
2006
First half year
2006
Full year
REVENUE13,665.2 11,499.5 25,634.3
Revenue from ancillary activities119.5 109.2 218.8
Operating expenses(12,478.5)(10,568.9)(23,273.3)
Operating profit from ordinary activities 1,306.2 1,039.8 2,579.8
Share-based payment expense (IFRS 2) (45.4)(28.1)(89.5)
Goodwill impairment expense  (7.6)(14.3)
OPERATING PROFIT 1,260.8 1,004.1 2,476.0
Cost of gross financial debt (470.4)(298.6)(733.7)
Financial income from cash management investments 107.8 67.5 152.1
Cost of net financial debt (362.7)(231.1)(581.7)
Other financial income96.2 78.7 186.3
Other financial expenses(29.4)(26.7)(48.9)
Share of profit / (loss) of associates 8.9 16.9 18.3
Income tax expense (300.3)(258.0)(667.4)
Net profit before profit or loss of discontinued operations (halted or sold)673.6 583.8 1,382.7
Net profit or loss after tax of discontinued operations (halted or sold) 3.2 49.4
NET PROFIT FOR THE PERIOD673.6 587.0 1,432.1
of which attributable to minority interest59.8 70.1 161.7
of which net profit attributable to equity holders of the parent613.8 516.9 1,270.4
    
Earnings per share before profit or loss of discontinued operations (halted or sold) or of operations classified as held for sale    
Earnings per share (in euros) (*) 1.331.252.79
Diluted earnings per share (in euros) (*) 1.271.192.67
    
Earnings per share    
Earnings per share (in euros) (*) 1.331.262.90
Diluted earnings per share (in euros) (*) 1.271.202.77

(*) Restated following the two-for-one share split on 17 May 2007.

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Consolidated IFRS balance sheet
(in € millions)
Assets2007
First half year
2006
First half year
2006
Full year
Non-current assets    
Goodwill (*) 2,864.0 2,667.9 2,635.0
Other intangible assets 126.0 115.7 128.3
Concession intangible fixed assets 24,853.6 24,397.1 24,698.5
Property, plant and equipment 2,412.0 2,129.5 2,322.6
Investment property 45.0 46.1 47.3
Investments in associates 99.5 82.8 102.8
Other non-current financial assets 432.9 418.0 348.2
Deferred tax assets 87.5 185.0 218.8
Total non-current assets 30,920.4 30,042.1 30,501.5
Current assets    
Inventories and work in progress 607.4 580.2 567.1
Trade and other operating receivables 11,006.2 9,722.4 9,503.1
Other current assets 256.6 243.0 241.0
Current tax assets 189.8 234.0 37.5
Other current financial assets 222.4 331.7 158.1
Cash management financial assets 1,551.0 708.4 1,223.2
Cash and cash equivalents 4,105.8 3,779.9 5,154.8
Total current assets (excluding assets classified as held for sale) 17,939.2 15,599.6 16,884.8
Assets associated with discontinued operations and other assets classified as held for sale  614.5 0.0
Total current assets 17,939.2 16,214.2 16,884.8
TOTAL ASSETS 48,859.7 46,256.2 47,386.3
 
Equity and liabilities2007
First half year
2006
First half year
2006
Full year
Equity   
Share capital 1,215.9 1,187.4 1,176.6
Share premium4,845.5 4,762.0 4,475.5
Treasury shares(1,070.4)(365.5)(178.4)
Other equity instruments490.6 490.6 490.6
Consolidated reserves 901.7 742.6 555.6
Currency translation reserves 13.6 15.2 20.5
Net profit for the period attributable to equity holders of the parent 613.8 516.9 1,270.3
Net income recognised directly in equity 65.5 17.6 9.5
Equity attributable to equity holders of the parent 7,076.2 7,366.8 7,820.3
Minority interest 510.0 837.5 748.4
Total equity 7,586.2 8,204.3 8,568.6
Non-current liabilities   
Non-current provisions 1,078.5 1,015.8 1,015.0
Bonds 3,556.1 3,880.0 3,591.3
Other loans and borrowings 15,666.8 13,173.2 14,043.7
Other non-current liabilities 70.0 37.2 49.1
Deferred tax liabilities 2,475.1 2,628.0 2,612.7
Total non-current liabilities 22,846.4 20,734.1 21,311.8
Current liabilities    
Current provisions 1,652.0 1,437.6 1,655.9
Trade payables 6,070.6 5,229.0 5,554.1
Other current payables 7,061.9 6,401.1 6,428.7
Current tax payables 178.4 236.2 138.7
Current borrowings 3,464.2 3,429.2 3,728.6
Total current liabilities (excluding liabilities classified as held for sale) 18,427.1 16,733.2 17,505.9
Liabilities associated with discontinued operations and other liabilities classified as held for sale  584.6  
Total current liabilities 18,427.1 17,317.8 17,505.9
TOTAL EQUITY AND LIABILITIES 48,859.7 46,256.2 47,386.3

(*) Restated following the two-for-one share split on 17 May 2007.

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Consolidated IFRS cash flow statement
(in € millions)
 2007
First half year
2006
First half year
2006
Full year
Net profit for the period (including minority interest)673.6 587.0 1,432.1
Depreciation and amortisation 769.5 588.4 1,365.9
Net increase / (decrease) in provisions (*) 14.6 (42.6)2.2
Share-based payments (IFRS 2) and other restatements (27.5)(2.6)40.4
Gain or loss on disposals (30.0)(89.9)(166.0)
Change in fair value of foreign currency derivative financial instruments (7.1)5.2 (0.2)
Share of profit/(loss) of associates, dividends received from unconsolidated entities and profit or loss of operations classified as held for sale(20.4)(26.2)(76.2)
Capitalised borrowing costs (60.4)(36.8)(92.3)
Cost of net financial debt recognised 362.7 231.1 581.7
Current and deferred tax expense recognised 300.3 258.0 667.4
Cash flows (used in) / from operations before tax and financing costs 1,975.2 1,471.6 3,755.0
Changes in working capital requirement and current provisions (399.6)(618.4)12.7
Income taxes paid (365.3)(438.1)(758.2)
Net interest paid(452.3)(160.2)(518.0)
Net cash flows (used in) / from operating activities I 758.0 255.0 2,491.6
Purchases of property, plant and equipment, and intangible assets (360.9)(350.7)(771.8)
Proceeds from sales of property, plant and equipment, and intangible assets 51.0 129.0 199.7
Purchases of concession fixed assets (net of grants received) (604.0)(536.7)(1,205.3)
Purchases of shares in subsidiaries and associates (consolidated and unconsolidated) (1,143.1)(8,967.1)(9,322.4)
Proceeds from sales of shares in subsidiaries and associates (consolidated and unconsolidated) 20.8 26.6 79.7
Net effect of changes in scope of consolidation 9.2 797.3 614.2
Dividends received from associates and unconsolidated entities 24.8 13.0 15.9
Other(3.9)1.6 5.9
Net cash flows (used in) / from investing activities II (2,006.1)(8,887.0)(10,384.1)
Increases in share capital 409.3 3,209.3 3,391.9
Purchases of treasury shares(899.6)(29.3)(329.8)
Minority interest in share capital increases of subsidiaries 0.0 0.0 24.4
Sums collected during the period on the exercise of share options8.2 10.0 19.4
Dividends paid    
- to shareholders of VINCI SA (413.9)(273.7)(472.0)
- to minority interests (18.8)(25.6)(79.6)
Proceeds from new long-term borrowings 3,188.9 4,314.9 5,600.2
Repayment of borrowings and changes in other current financial debt (1,780.0)492.1 104.3
Change in cash management assets (351.2)228.9 (52.2)
Net cash flows (used in) / from financing activities III 143.0 7,926.5 8,206.8
Net cash flows associated with discontinued operations (halted or sold) IV  9.3 219.4
Change in net cash and cash equivalents I+II+III +IV (1,105.1)(696.1)533.6
    
Net cash and cash equivalents at beginning of period4,487.7 3,993.6 3,993.6
Effect of changes in foreign exchange rates 48.2 (38.3)(39.6)
Net cash and cash equivalents at end of period 3,430.8 3,259.3 4,487.7
    
Increase (decrease) of cash management financial assets 351.2 (228.9)52.2
(Proceeds from) / repayment of loans (1,409.0)(4,806.9)(5,704.6)
Other 154.8 (8,365.9)(8,059.0)
Change in net debt (1,959.8)(14,133.0)(13,217.4)
Net debt at beginning of period (14,796.4)(1,579.0)(1,579.0)
Net debt at end of period (16,756.2)(15,712.0)(14,796.4)

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Last updated: 05/09/2007