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History of results

2008 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)2008
First half year
2007
First half year
2007
Full year
REVENUE
15,737.0 13,665.2 30,427.8
Of which revenue outside France
5,643.64,435.9 10,771.2
% of revenue
35.9%32.5%35.2%
Operating profit from ordinary activities
1,459.51,306.2 3,112.8
% of revenue
9.3%9.6%10.2%
Operating profit 1,429.8 1,269.7 3,006.1
NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT
730.7 613.8 1,461.0
Earnings per share (in euros)
1.561.333.14
Diluted earnings per share (in euros)1.521.273.02
Dividend per share. excluding tax credit (in euros)
--1.52
Equity including minority interest
8,588.2 7,586.2 8,196.7
Net financial debt
(16,737.1)(16,756.2)(16,303.2)
CASH FLOWS (USED IN) / FROM OPERATIONS
2,182.0 1,975.2 4,514.7
Net investments in operating assets
(473.0)(309.9)(683.1)
Investments in concession assets
(528.5)(604.0)(1,269.5)
Net financial investments
(101.6)(1,122.3)(2,032.2)

(*) Restated in accordance with Note B.2.1 "Change of présentation : profit or loss of associates".

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Consolidated IFRS income statement
(in € millions)
 2008
First half year
2007
First half year
2007
Full year
REVENUE15,737.013,665.2 30,427.8
Revenue from ancillary activities90.3119.5 234.3
Operating expenses(14,367.9)(12,478.5)(27,549.3)
Operating profit from ordinary activities1,459.5 1,306.2 3,112.8
Share-based payment expense (IFRS 2)(39.6)(45.4)(117.6)
Goodwill impairment expense  (6.0)
Profit or loss of associates9.9 17.0
OPERATING PROFIT1,429.81,269.7 3,006.1
Cost of gross financial debt(480.7)(470.4)(1,006.5)
Financial income from cash management investments85.6107.8 195.5
Cost of net financial debt(395.1)(362.7)(811.0)
Other financial income142.5 96.2 199.5
Other financial expenses(30.9)(29.4)(67.8)
Income tax expense(354.7)(300.3)(743.8)
Net profit from continuing operations
791.6673.6 1.583.0
Net profit or loss after tax of discontinued operations (halted or sold)-  
NET PROFIT FOR THE PERIOD791.6 673.6 1.583.0
Net profit attributable to minority interests60.959.8 122.0
NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT730.7 613.8 1.461.0
    
Earnings per share from continuing operations   
Earnings per share attributable to equity holders of the parent (in euros)1.561.333.14
Diluted earnings per share (in euros)1.521.273.02
    
Earnings per share attributable to equity holders of the parents   
Earnings per share (in euros)1.561.333.14
Diluted earnings per share (in euros)1.521.273.02

(*) Restated in accordance with Note B.2.1 "Change of présentation : profit or loss of associates".

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Consolidated IFRS balance sheet
(in € millions)
Assets2008
First half year
2007
First half year
2007
Full year
Non-current assets   
Goodwills3.460.9 2.864.0 3.382.5
Other intangible assets153.9126.0 141.6
Concession intangible assets25.214.0 24.853.6 25.060.6
Property. plant and equipment2.947.62.412.0 2.824.5
Investment property45.0 45.0 52.6
Investments in associates184.999.5 191.6
Other non-current financial assets554.3432.9 562.3
Deferred tax assets96.4 87.5 110.1
Total non-current assets32.567.130.920.4 32.326.0
Current assets   
Inventories and work in progress868.4 607.4 567.1
Trade and other operating receivables12.199.3 11.006.2 9.503.1
Other current assets345.8256.6 241.0
Current tax assets61.6 189.8 37.5
Other current financial assets348.7 222.4 158.1
Cash management financial assets604.31.551.0 1.223.2
Cash and cash equivalents4.238.9 4.105.8 5.154.8
Total current assets (before assets held for sale)18.667.017.939.2 16.884.8
Assets related to discontinued activities and other assets available for sale5.4 0.0
Total current assets 18.672.417.939.2 16.884.8
TOTAL ASSETS 51.329.448.859.7 47.386.3
 
Equity and liabilities2008
First half year
2007
First half year
2007
Full year
Equity   
Share capital1,234.11,215.9 1,214.9
Share premium5,077.84,845.5 4,806.8
Treasury shares(1,301.4)(1,070.4)(1,102.2)
Other equity instruments490.6 490.6 490.6
Consolidated reserves1,755.6 901.7 727.5
Currency translation reserves(47.8)13.6 (20.7)
Net profit for the period attributable to equity holders of the parent730.7 613.8 1 461.0
Net income recognised directly in equity53.3 65.5 46.9
Equity attributable to equity holders of the parent7,992.87,076.2 7,624.9
Minority interest595.4 510.0 571.8
Total equity8,588.2 7,586.2 8,196.7
Non-current liabilities   
Non-current provisions1,033.2 1,078.5 1,067.2
Bonds5,130.0 3,556.1 5,159.8
Other loans and borrowings13,327.015,666.8 13,480.7
Other non-current liabilities83.9 70.0 85.6
Deferred tax liabilities2,344.4 2,475.1 2,453.4
Total non-current liabilities21,918.522,846.4 22,246.6
Current liabilities   
Current provisions1,995.3 1,652.0 2,003.1
Trade payables6,983.5 6,070.6 6,553.4
Other current payables8,148.37,061.9 7,594.9
Current tax payables173.9 178.4 156.0
Current borrowings3,250.53,464.2 2,792.6
Total current liabilities (before liabilities held for sale) 20,821.418,427.1 19,099.9
Liabilities related to discontinued activities and other liabilities available for sale1.3 1.3
Total current liabilities 20,822.818,427.1 19,101.2
TOTAL EQUITY AND LIABILITIES 51,329.4 48,859.7 49,544.5

 

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Consolidated IFRS cash flow statement
(in € millions)
 2008
First half year
2007
First half year
2007
Full year
Net profit for the period (including minority interest)791.6 673.6 1,583.0
Depreciation and amortisation845.2 769.5 1,594.9
Net increase / (decrease) in provisions(43.4) 14.6 48.1
Share-based payments (IFRS 2) and other restatements5.2(27.5)15.0
Gain or loss on disposals(41.4)(30.0)(87.8)
Change in fair value of foreign currency derivative financial instruments(36.7)(7.1)(26.8)
Share of profit or loss of associates, dividends received from
unconsolidated entities and profit or loss of operations classified
as held for sale
(22.7)(20.4)(30.8)
Capitalised borrowing costs(65.5)(60.4)(135.6)
Cost of net financial debt recognised395.1 362.7 811.0
Current and deferred tax expense recognised354,7 300.3 743.8
Cash flows (used in) / from operations before tax and financing costs2,182.0 1,975.2 4,514.7
Changes in working capital requirement and current provisions(391.9)(399.6)687.5
Income taxes paid(349.4)(365.3)(782.6)
Net interest paid
(463,3)(452.3)(836.1)
Net cash flows (used in) / from operating activities I977.2758.0 3,583.5
Purchases of property, plant and equipment, and intangible assets(510.0)(360.9)(815.7)
Proceeds from sales of property, plant and equipment, and intangible assets37.0 51.0 132.7
Purchases of concession fixed assets (net of grants received)(528.5)(604.0)(1,269.5)
Purchases of shares in subsidiaries and associates (consolidated and unconsolidated)(145.8)(1,143.1)(2,095.0)
Proceeds from sales of shares in subsidiaries and associates (consolidated and unconsolidated) 44.3 20.8 71.9
Net effect of changes in scope of consolidation(44.4) 9.2 292.0
Dividends received from associates and unconsolidated entities26.2 24.8 27.2
Others9.6(3.9)(11,0)
Net cash flows (used in) / from investing activities II(1,111.7)(2,006.1)(3,667.5)
Increases in share capital290.1 409.3 369.7
Purchases of treasury shares(222.6)(891.4)(939.5)
Minority interest in share capital increases of subsidiaries0,0 0.0 2.3
Dividends paid   
- to shareholders of VINCI SA(488.5)(413.9)(664.5)
- to minority interests(34.4)(18.8)(48.4)
Proceeds from new borrowings316.3 3,188.9 3,611.8
Repayment of borrowings and changes in other current financial debt(625.0)(1,780.0)(2,366.9
Change in cash management assets(385.4)(351.2)(758.2)
Net cash flows (used in) / from financing activities III(378.7) 143.0 (793.7)
Net cash flows associated with discontinued operations
or operations halled or sold IV
   
Change in net cash I+II+III +IV(513.2)(1,105.1)533.6
    
Net cash and cash equivalents at beginning of period3,594.04,487.7 4,487.7
Other change(18.6)48.2 (15.9)
Net cash and cash equivalents at end of period3,062.2 3,430.8 3,594.0
    
Increase (decrease) of cash management financial assets(385.4)351.2 758.2
(Proceeds from) / repayment of loans308.7(1,409.0)(1,244.9)
Other change 174.7154.9 (126,4)
Change in net debt(433.8)(1,959.8)(1,506.8)
Net debt at beginning of period(16,303.3)(14,796.4)(14,796.4)
Net debt at end of period(16,737.1)(16,756.2)(16,303.3)

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Last updated: 01/09/2008