2008 interim financial statements - Financial statements
- Key figures
- Consolidated IFRS income statement
- Consolidated IFRS balance sheet
- Consolidated IFRS cash flow statement
| (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 | 5,643.6 | 4,435.9 | 10,771.2 |
| % of revenue | 35.9% | 32.5% | 35.2% |
| Operating profit from ordinary activities | 1,459.5 | 1,306.2 | 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) | 1.56 | 1.33 | 3.14 |
| Diluted earnings per share (in euros) | 1.52 | 1.27 | 3.02 |
| 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".
| 2008 First half year | 2007 First half year | 2007 Full year | |
|---|---|---|---|
| REVENUE | 15,737.0 | 13,665.2 | 30,427.8 |
| Revenue from ancillary activities | 90.3 | 119.5 | 234.3 |
| Operating expenses | (14,367.9) | (12,478.5) | (27,549.3) |
| Operating profit from ordinary activities | 1,459.5 | 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 associates | 9.9 | 17.0 | |
| OPERATING PROFIT | 1,429.8 | 1,269.7 | 3,006.1 |
| Cost of gross financial debt | (480.7) | (470.4) | (1,006.5) |
| Financial income from cash management investments | 85.6 | 107.8 | 195.5 |
| Cost of net financial debt | (395.1) | (362.7) | (811.0) |
| Other financial income | 142.5 | 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 | 791.6 | 673.6 | 1.583.0 |
| Net profit or loss after tax of discontinued operations (halted or sold) | - | ||
| NET PROFIT FOR THE PERIOD | 791.6 | 673.6 | 1.583.0 |
| Net profit attributable to minority interests | 60.9 | 59.8 | 122.0 |
| NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT | 730.7 | 613.8 | 1.461.0 |
| Earnings per share from continuing operations | |||
| Earnings per share attributable to equity holders of the parent (in euros) | 1.56 | 1.33 | 3.14 |
| Diluted earnings per share (in euros) | 1.52 | 1.27 | 3.02 |
| Earnings per share attributable to equity holders of the parents | |||
| Earnings per share (in euros) | 1.56 | 1.33 | 3.14 |
| Diluted earnings per share (in euros) | 1.52 | 1.27 | 3.02 |
(*) Restated in accordance with Note B.2.1 "Change of présentation : profit or loss of associates".
| Assets | 2008 First half year | 2007 First half year | 2007 Full year |
|---|---|---|---|
| Non-current assets | |||
| Goodwills | 3.460.9 | 2.864.0 | 3.382.5 |
| Other intangible assets | 153.9 | 126.0 | 141.6 |
| Concession intangible assets | 25.214.0 | 24.853.6 | 25.060.6 |
| Property. plant and equipment | 2.947.6 | 2.412.0 | 2.824.5 |
| Investment property | 45.0 | 45.0 | 52.6 |
| Investments in associates | 184.9 | 99.5 | 191.6 |
| Other non-current financial assets | 554.3 | 432.9 | 562.3 |
| Deferred tax assets | 96.4 | 87.5 | 110.1 |
| Total non-current assets | 32.567.1 | 30.920.4 | 32.326.0 |
| Current assets | |||
| Inventories and work in progress | 868.4 | 607.4 | 567.1 |
| Trade and other operating receivables | 12.199.3 | 11.006.2 | 9.503.1 |
| Other current assets | 345.8 | 256.6 | 241.0 |
| Current tax assets | 61.6 | 189.8 | 37.5 |
| Other current financial assets | 348.7 | 222.4 | 158.1 |
| Cash management financial assets | 604.3 | 1.551.0 | 1.223.2 |
| Cash and cash equivalents | 4.238.9 | 4.105.8 | 5.154.8 |
| Total current assets (before assets held for sale) | 18.667.0 | 17.939.2 | 16.884.8 |
| Assets related to discontinued activities and other assets available for sale | 5.4 | 0.0 | |
| Total current assets | 18.672.4 | 17.939.2 | 16.884.8 |
| TOTAL ASSETS | 51.329.4 | 48.859.7 | 47.386.3 |
| Equity and liabilities | 2008 First half year | 2007 First half year | 2007 Full year |
| Equity | |||
| Share capital | 1,234.1 | 1,215.9 | 1,214.9 |
| Share premium | 5,077.8 | 4,845.5 | 4,806.8 |
| Treasury shares | (1,301.4) | (1,070.4) | (1,102.2) |
| Other equity instruments | 490.6 | 490.6 | 490.6 |
| Consolidated reserves | 1,755.6 | 901.7 | 727.5 |
| Currency translation reserves | (47.8) | 13.6 | (20.7) |
| Net profit for the period attributable to equity holders of the parent | 730.7 | 613.8 | 1 461.0 |
| Net income recognised directly in equity | 53.3 | 65.5 | 46.9 |
| Equity attributable to equity holders of the parent | 7,992.8 | 7,076.2 | 7,624.9 |
| Minority interest | 595.4 | 510.0 | 571.8 |
| Total equity | 8,588.2 | 7,586.2 | 8,196.7 |
| Non-current liabilities | |||
| Non-current provisions | 1,033.2 | 1,078.5 | 1,067.2 |
| Bonds | 5,130.0 | 3,556.1 | 5,159.8 |
| Other loans and borrowings | 13,327.0 | 15,666.8 | 13,480.7 |
| Other non-current liabilities | 83.9 | 70.0 | 85.6 |
| Deferred tax liabilities | 2,344.4 | 2,475.1 | 2,453.4 |
| Total non-current liabilities | 21,918.5 | 22,846.4 | 22,246.6 |
| Current liabilities | |||
| Current provisions | 1,995.3 | 1,652.0 | 2,003.1 |
| Trade payables | 6,983.5 | 6,070.6 | 6,553.4 |
| Other current payables | 8,148.3 | 7,061.9 | 7,594.9 |
| Current tax payables | 173.9 | 178.4 | 156.0 |
| Current borrowings | 3,250.5 | 3,464.2 | 2,792.6 |
| Total current liabilities (before liabilities held for sale) | 20,821.4 | 18,427.1 | 19,099.9 |
| Liabilities related to discontinued activities and other liabilities available for sale | 1.3 | 1.3 | |
| Total current liabilities | 20,822.8 | 18,427.1 | 19,101.2 |
| TOTAL EQUITY AND LIABILITIES | 51,329.4 | 48,859.7 | 49,544.5 |
| 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 amortisation | 845.2 | 769.5 | 1,594.9 |
| Net increase / (decrease) in provisions | (43.4) | 14.6 | 48.1 |
| Share-based payments (IFRS 2) and other restatements | 5.2 | (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 recognised | 395.1 | 362.7 | 811.0 |
| Current and deferred tax expense recognised | 354,7 | 300.3 | 743.8 |
| Cash flows (used in) / from operations before tax and financing costs | 2,182.0 | 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 I | 977.2 | 758.0 | 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 assets | 37.0 | 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 entities | 26.2 | 24.8 | 27.2 |
| Others | 9.6 | (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 capital | 290.1 | 409.3 | 369.7 |
| Purchases of treasury shares | (222.6) | (891.4) | (939.5) |
| Minority interest in share capital increases of subsidiaries | 0,0 | 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 borrowings | 316.3 | 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 period | 3,594.0 | 4,487.7 | 4,487.7 |
| Other change | (18.6) | 48.2 | (15.9) |
| Net cash and cash equivalents at end of period | 3,062.2 | 3,430.8 | 3,594.0 |
| Increase (decrease) of cash management financial assets | (385.4) | 351.2 | 758.2 |
| (Proceeds from) / repayment of loans | 308.7 | (1,409.0) | (1,244.9) |
| Other change | 174.7 | 154.9 | (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) |
Last updated: 01/09/2008