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2010 financial statements - Financial statements

- Key figures
- Consolidated income statement
- Statement of comprehensive income
- Consolidated balance sheet
- Consolidated cash flow statement

Key figures
(in € millions)
 

31/12/2010

31/12/2009
Restated (*)

31/12/2009
Published

REVENUE
34,002.831,177.732,459.6
of which:   

Revenue - excluding construction by third parties
of new infrastructure under concession

33,375.830,740.931,927.6

Revenue - construction by third parties of new infrastructure under concession

627.0436.7532.0
Revenue outside France
12,480.711,138.012,366.1
% of revenue (**)
37.3%36.2%38.5%
Operating profit from ordinary activities
3,433.93,100.13,192.5
% of revenue (**)
10.3%10.1%10.0%
Operating profit 3,429.13,110.43,144.8
Net profit attributable to owners of the parent
1,775.91,596.01,596.0
Earnings per share (in €)
3.353.273.27
Diluted earnings per share (in €)3.303.213.21
Dividend per share (in €)
1.671.621.62
Equity including non-controlling interests
13,024.710,467.110,439.9
Net financial debt
(13,059.7)(13,129.7)(13,684.1)
Cash flow from operations5,052.04,770.74,964.2
Net investments in operating assets
(595.4)(615.5)(797.7)
Operating cash flow2,789.83,319.63,301.9
Investments in concession assets and PPP contracts
(871.1)(1,043.9)(1,227.0)
Net financial investments (***)
(1,040.0)(96.4)(110.3)

(*) Restated in accordance with the change of accounting policy described in Note « Change of accounting policy: consolidation by equity method of jointly controlled entities ».
(**) Percentage calculated using revenue excluding the construction by third parties of new infrastructure under concession.
(***) Including net financial debt of companies acquired or sold.

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Consolidated income statement
(in € millions)
 31/12/201031/12/2009 (*)
REVENUE34,002.831,177.7
of which :  

Revenue - excluding construction by third parties
of new infrastructure under concession

33,375.830,740.9

Revenue - construction by third parties
of new infrastructure under concession

627.0436.7
Revenue from ancillary activities166.1192.8
Operating expenses(30,735.1)(28,270.4)
Operating profit from ordinary activities3 433.93 100.1
Share-based payment expense (IFRS 2)(71.2)(62.9)
Goodwill impairment expense(1.8)(11.8)
Profit/(loss) of equity-accounted companies68.284.9
Operating profit3 429.13 110.4
Cost of gross financial debt(711.1)(797.2)
Financial income from cash management investments75.283.4
Cost of net financial debt(635.9)(713.8)
Other financial income109.7157.5
Other financial expenses(154.9)(123.4)
Income tax expense(847.4)(727.3)
Net profit from continuing operations
1,900.61,703.3
Profit after tax from discontinued activities (halted or sold)   
Net profit for the period1,900.61,703.3
Net profit for the period attributable to non-controlling interests124.7107.3
Net profit for the period attributable
to owners of the parent
1,775.91,596.0
 
Earnings per share from continuing operations attributable to owners of the parent
Earnings per share (in €)3.353.27
Diluted earnings per share (in €)3.303.21
 
Earnings per share attributable to owners of the parent
Earnings per share (in €)3.353.27
Diluted earnings per share (in €)3.303.21

(*) Restated in accordance with the change of accounting policy described in Note « Change of accounting policy: consolidation by equity method of jointly controlled entities ».

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< td>(10.9)
Statement of comprehensive income
 31/12/201031/12/2009 (*)
(in € millions)

Attributable to owners of the parent

Attributable to non-controlling interests

Total

Attributable to owners of the parent

Attributable to non-controlling interests

Total

Net profit for the period (including non-controlling interests)1,775.9124.71,900.61,596.0107.31,703.3
Financial instruments of controlled entities: changes in fair value  (45.9)(0.2)(46.1)(40.2)(1.3)(41.5)
of which:      < /td> 

 Available-for-sale financial assets

5.6 5.614.4 14.4

 Cash flow hedge (**)

(51.5)(0.2)(51.7) (54.6)(1.3)(55.9)
Financial instruments of equity-accounted companies: changes in fair value (76.6)(5.8)(82.4)(21.1)0.6 (20.5)
Currency translation differences 103.98.6112.536.62.439 .0
Tax (***)36.41.938.311.70.312.1
Income and expenses for the period recognised directly in equity17.74.5 22.3(13.0)2.1
of which controlled entities66.55.171.62.11.23.4
of which equity-accounted companies(48.7)(0.6)(49.3) (15.1)0.9(14.3)
Total comprehensive income for the period1,793.6129.21,922.91,583.0109.41,692.5

(*) Restated in accordance with the change of accounting policy described in Note « Change of accounting policy: consolidation by equity method of jointly controlled entities ».
(**) Changes in the fair value of cash flow hedges (interest-rate hedges) are recognised in equity for the effective part. Cumulative gains and losses in equity are recognised through profit or loss when the cash flow affects profit or loss.
(***) Including €38.3 million of tax effects relating to changes in the fair value of financial instruments (compared with €12.1 million in 2009), -€1.9 million relating to available-for-sale financial assets (compared with -€10 million in 2009) and €40.2 million relating to cash flow hedges (effective part) (compared with €22.1 million in 2009).

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Consolidated balance sheet
(in € millions)
ASSETS31/12/201031/12/2009 (*)
Non-current assets  
Concession intangible assets23,771.623,932.2
Goodwill, net6,103.13,598.6
Other intangible assets354.9168.3
Property, plant and equipment4,411.53,990.5
Investment property40.941.7
Investments in equity-accounted companies713.5640.3
Other non-current financial assets869.5650.5
Deferred tax assets144.9117.7
Total non-current assets36,409.833,139.7
   
Current assets  
Inventories and work in progress843.8667.3
Trade and other operating receivables11,978.99,969.5
Other current assets330.7355.2
Current tax assets76.152.0
Other current financial assets292.8243.6
Cash management financial assets733.21,137.3
Cash and cash equivalents5,747.95,413.7
Total current assets (before assets classified as held for sale)20,003.417,838.6
   
Total current assets20,003.417,838.6
   
TOTAL ASSETS56,413.250,978.3
   
EQUITY AND LIABILITIES31/12/201031/12/2009 (*)
Equity  
Share capital1,381.61,302.4
Share premium6,820.65,749.6
Treasury shares(552.2)(1,108.2)
Other equity instruments490.6490.6
Consolidated reserves2,629.82,040.9
Currency translation reserves28.5(75.8)
Net profit for the period attributable to owners of the parent1,775.91,596.0
Amounts recognised directly in equity(270.7)(184.8)
Equity attributable to owners of the parent12,304.09,810.7
Non-controlling interests720.6656.4
Total equity13,024.710,467.1
   
Non-current liabilities  
Non-current provisions1,314.11,031.6
Bonds6,020.55,318.7
Other loans and borrowings11,676.212,337.7
Other non-current liabilities65.4121.6
Deferred tax liabilities2,355.12,357.1
Total non-current liabilities21,431.221,166.7
   
Current liabilities  
Current provisions3,235.02,823.0
Trade payables6,692.25,876.1
Other current payables9,571.78,071.9
Current tax payables183.1209.1
Current borrowings2,275.32,364.3
Total current liabilities (excluding liabilities
classified as held for sale)
21,957.319,344.5
   
Total current liabilities 21,957.319,344.5
   
TOTAL EQUITY AND LIABITIES56,413.250,978.3

(*) Restated in accordance with the change of accounting policy described in Note « Change of accounting policy: consolidation by equity method of jointly controlled entities ».

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Consolidated cash flow statement
(in € millions)
 31/12/201031/12/2009 (*)
Consolidated net profit for the period (including non-controlling interests)1,900.61,703.3
Depreciation and amortisation1,730.71,728.5
Net increase/(decrease) in provision135.0145.2
Share-based payments (IFRS 2) and other restatements

(17.7)

(30.6)
Gain or loss on disposals(20.4)(29.2)
Change in fair value of financial instruments0.310.4
Share of profit/(loss) of equity-accounted companies, dividends received
from unconsolidated entities and profit or loss from operations classified as held for sale
(82.8)(98.8)
Capitalised borrowing costs(77.2)(99.2)
Cost of net financial debt recognised635.9713.8
Current and deferred tax expense recognised847.4727.3
Cash flows (used in) / from operations before tax and financing costs5,052.04,770.7
Changes in working capital requirement and current provisions(78.3)523.8
Income taxes paid(949.9)(643.8)
Net interest paid(692.8)(762.3)
Dividends received from equity-accounted companies54.246.7
Net cash flows (used in) / from operating activities - I 3,385.33,935.1
Purchases of property, plant and equipment, and intangible assets(694.7)(705.5)
Proceeds from sales of property, plant and equipment, and intangible assets99.390.0
Net investments in operating assets(595.4)(615.5)
Operating cash flow2,789.83,319.6
Purchases of concession fixed assets (net of grants received)(836.2)(997.8)
Financial receivables (PPP contracts and others)(34.9)(46.0)
Investments in concession and PPP contracts(871.1)(1,043.9)
Purchases of shares in subsidiaries and associates
(consolidated and unconsolidated)
(690.8) (**)(156.5)
Proceeds from sales of shares in subsidiaries and associate
(consolidated and unconsolidated)
29.558.8
Net effect of changes in scope of consolidation (378.7) (***)1.4
Net financial investments(1,040.0)(96.4)
Other(68.4)(31.3)
Net cash flows (used in)/from investing activities - II (2,575.0) (1,787.1)
Changes in share capital305.3 (**)648.8
Changes in treasury shares(86.4)(2.5)
Non-controlling interests in share capital increases of subsidiaries1.05.1
Purchase / sale of non-controlling interests (not resulting in the loss of control)(54.4)(30.6)
Dividends paid  
- to shareholders of VINCI SA(902.9)(816.0)
- to non-controlling interests(61.9)(59.5)
Proceeds from new borrowings721.01,449.7
Repayment of borrowings and changes in other current financial debt(1,303.1)(2,128.4)
Change in cash management assets371.4(816.2)
Net cash flows (used in)/from financing activities - III(1,009.9)(1,749.6)
Change in net cash - I + II + III (199.6)398.5
 
Net cash and cash equivalents at beginning of period4,821.74,396.1
Other changes449.0 (***)27.0
Net cash and cash equivalents at end of period5,071.14,821.7
 
Increase/(decrease) of cash management financial assets(371.4)816.2
(Proceeds from)/repayment of loans582.1678.7
Other changes(390.0)(49.8)
Change in net debt70.01,870.6
Net debt at beginning of period(13,129.7)(15,000.3)
Net debt at end of period(13,059.7)(13,129.7)

(*) Restated in accordance with the change of accounting policy described in Note « Change of accounting policy: consolidation by equity method of jointly controlled entities ».
(**) Excluding the impact of the acquisition of Cegelec shares paid for by an increase in share capital (€1,385 million).
(***) Including €334 million relating to the net financial debt of the companies purchased during the period.

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Last updated: 02/03/2011