2007 interim financial statements - Financial statements
- Key figures
- Consolidated IFRS income statement
- Consolidated IFRS balance sheet
- Consolidated IFRS cash flow statement
| (in millions of euros) | 2007 First half year | 2006 First half year (*) | 2006 Full year (*) |
|---|---|---|---|
| REVENUE | 13,665.2 | 11,499.5 | 25,634.3 |
| Of which revenue outside France | 4,435.9 | 3,861.8 | 8,809.5 |
| % of revenue | 32.5% | 33.6% | 34.4% |
| Operating profit from ordinary activities | 1,306.2 | 1,039.8 | 2,579.8 |
| % of revenue | 9.6% | 9.0% | 10.1% |
| Operating profit from ordinary activities | 1,260.8 | 1,004.1 | 2,476.0 |
| NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT | 613.8 | 516.9 | 1,270.4 |
| Earnings per share (in euros) (**) | 1.33 | 1.26 | 2.90 |
| Diluted earnings per share (in euros) (**) | 1.27 | 1.20 | 2.77 |
| Dividend per share. excluding tax credit (in euros) (**) | - | - | 1.33 |
| Equity including minority interest | 7,586.2 | 8,204.3 | 8,568.6 |
| Net financial debt | (16,756.2) | (15,712.0) | (14,796.4) |
| CASH FLOWS (USED IN) / FROM OPERATIONS | 1,975.2 | 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.
| 2007 First half year | 2006 First half year | 2006 Full year | |
|---|---|---|---|
| REVENUE | 13,665.2 | 11,499.5 | 25,634.3 |
| Revenue from ancillary activities | 119.5 | 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 income | 96.2 | 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 PERIOD | 673.6 | 587.0 | 1,432.1 |
| of which attributable to minority interest | 59.8 | 70.1 | 161.7 |
| of which net profit attributable to equity holders of the parent | 613.8 | 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) (*) | 1.33 | 1.25 | 2.79 |
| Diluted earnings per share (in euros) (*) | 1.27 | 1.19 | 2.67 |
| Earnings per share | |||
| Earnings per share (in euros) (*) | 1.33 | 1.26 | 2.90 |
| Diluted earnings per share (in euros) (*) | 1.27 | 1.20 | 2.77 |
(*) Restated following the two-for-one share split on 17 May 2007.
| Assets | 2007 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 liabilities | 2007 First half year | 2006 First half year | 2006 Full year |
| Equity | |||
| Share capital | 1,215.9 | 1,187.4 | 1,176.6 |
| Share premium | 4,845.5 | 4,762.0 | 4,475.5 |
| Treasury shares | (1,070.4) | (365.5) | (178.4) |
| Other equity instruments | 490.6 | 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.
| 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 options | 8.2 | 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 period | 4,487.7 | 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) |
Last updated: 05/09/2007