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2010 interim financial statements - Financial statements

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

Key figures
(in € millions)
 1st half 20101st half 200912 months 2009
of which:
Revenue excluding construction by third parties
of new infrastructure under concession
Revenue realised by concession operators for the construction
of new infrastructure by third parties
Revenue outside France
% of revenue (*)
Operating profit from ordinary activities
% of revenue (*)
Operating profit 1,413.81,356.23,144.8
Net profit attributable to owners of the parent
Earnings per share (in €)
Diluted earnings per share (in €)1.341.423.21
Dividend per share (in €)
Equity including non-controlling interests
Net financial debt
Net financial debt excluding project finance(13,488.6)(14,676.3)(12,482.9)
Cash flows from operations
Net investments in operating assets
Investments in concession assets and PPP contracts
Net financial investments (**)
Cash flows (used in)/from operating activities
after net investments in operating assets

(*) Percentage calculated using revenue excluding the construction of new infrastructure under concession made by third parties.
(**) Including cash of companies acquired or sold.


Consolidated income statement
(in € millions)
 1st half 20101st half 200912 months 2009
of which :
Revenue excluding construction by third parties of new infrastructure
under concession
Revenue realised by concession operators for the construction
of new infrastructure by third parties
Revenue from ancillary activities97.6100.3201.5
Operating expenses(14,466.9)(14,133.7)(29,468.6)
Operating profit from ordinary activities1,423.31,357.83,192.5
Share-based payment expense (IFRS 2)(21.2)(18.6)(62.9)
Goodwill impairment expense  (11.8)
Profit/(loss) of associates11.717.027.1
Operating profit 1,413.81,356.23,144.8
Cost of gross financial debt(380.7)(434.9)(829.6)
Financial income from cash management investments30.955.486.2
Cost of net financial debt(349.7)(379.5)(743.4)
Other financial income66.1115.0164.8
Other financial expenses(58.2)(57.8)(123.4)
Income tax expense(315.2)(294.6)(744.7)
Net profit from continuing operations
756.8739.21 698.2
Net profit after tax from discontinued operations (halted or sold)  -
Net profit for the period756.8739.21 698.2
Profit for the period attibutable to non-controlling interests53.849.2102.2
Net profit for the period
attributable to owners of the parents
702.9690.11 596.0
Earnings per share from continuing operations   
Earnings per share (in €)1.361.443.27
Diluted earnings per share (in €)1.341.423.21
Earnings per share attributable to owners of the parent   
Earnings per share (in €)1.361.443.27
Diluted earnings per share (in €)1.341.423.21


Statement of comprehensive income
in € millions
 1st half 20101st half 200912 months 2009
Net profit for the period
(including non-controlling interests)
756,8739,21 698,2
Financial instruments: changes in fair value (247,1)(18,5)(52,1)
of which:   
Available-for-sale financial assets (*)(14,6)(2,8)14,4
Cash flow hedge (effective part) (**)(232,5)(15,6)(66,5)
Change in equity of associates recognised directly in equity(26,8)3,6(7,7)
Currency translation differences
Tax (***)78,80,911,5
Income and expenses for the period recognised directly in equity (38,5)25,5(9,0)
Total comprehensive income for the period718,2764,71 689,3
of which:   
Attributable to owners of the parent664,5711,01 584,3
Attributable to non-controlling interests53,753,7104,9

(*) At the balance sheet date, available-for-sale securities are measured at their fair value. In the absence of an objective indication of impairment, these changes in fair value are recognised directly in equity.
(**) 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 taken to profit or loss at the time when the cash flow affects profit or loss.
(***) €78.8 million of tax effects relating to changes in the fair value of financial instruments (compared with €0.9 million at June 30, 2009), €5.0 million relating to available-for-sale financial assets (compared with -€4.1 million at June 30, 2009) and €73.8 million relating to cash flow hedges (effective part) (compared with €5 million at June 30,2009).



Consolidated balance sheet
(in € millions)
Non-current assets
Concession intangible assets24,019.124,136.624,223.8
Goodwill. net5,572.33,634.03,638.2
Other intangible assets496.5189.0184.3
Property. plant and equipment4,763.84,713.64,614.0
Investment property51.345.249.9
Investments in associates209.4210.3214.1
Other non-current financial assets1,300.6696.4892.6
Deferred tax assets181.4136.1144.6
Total non-current assets36,594.333,761.133,961.4
Current assets
Inventories and work in progress951.9887.6755.7
Trade and other operating receivables12,628.511,698.210,369.9
Other current assets414.9370.0368.1
Current tax assets170.159.564.6
Other current financial assets318.0316.0242.9
Cash management financial assets785.0898.51 116.7
Cash and cash equivalents4,866.34,980.75,556.9
Total current assets (before assets classified as held for sale)20,134.819,210.618,474.8
Total current assets20,134.819,210.618,474.8
Total assets56,729.152,971.752,436.1


Equity and liabilities
(en millions d'euros)30/06/201030/06/200931/12/2009
Share capital1,374.21,288.91,302.4
Share premium6,754.45,642.95,749.6
Treasury shares(490.3)(1 125.8)(1 108.2)
Other equity instruments490.6490.6490.6
Consolidated reserves2,951.22,348.72,040.9
Currency translation reserves71.4(78.0)(75.4)
Net profit for the period attributable to owners of the parent702.9690.11,596.0
Amounts recognised directly in equity(373.0)(154.7)(187.6)
Equity attributable to owners of the parent11,481.59,102.79,808.4
Non-controlling interests650.6630.2631.5
Total equity12,132.19,732.910,439.9
Non-current liabilities
Non-current provisions1,182.1927.0994.8
Other loans and borrowings12,846.712,896.912,895.9
Other non-current liabilities134.8116.2133.6
Deferred tax liabilities2,373.62,436.92,364.6
Total non-current liabilities22,500.121,486.321,707.6
Current liabilities
Current provisions3,033.62,617.62,842.2
Trade payables6,987.36,284.76,233.6
Other current payables9,536.38,671.68,507.8
Current tax payables152.4216.4222.2
Current borrowings2,387.43,962.22,482.8
Total current liabilities (excluding liabilities
classified as held for sale)
Total current liabilities 22,097.021,752.520,288.6
Total equity and liabilities 56,729.152,971.752,436.1


Consolidated cash flow statement
(in € millions)
Consolidated net profit for the period
(including non-controlling interests)
Depreciation and amortisation892.6883.21,814.0
Net provision expense / (reversals)4.413.9163.4
Share-based payments (IFRS 2) and other restatements(28.0)(41.9)(30.6)
Gain or loss on disposals(9.1)(29.1)(29.5)
Change in fair value of financial instruments10.96.17.3
Share of profit/(loss) of associates. dividends received from
unconsolidated entities and profit or loss from operations classified
as held for sale
Capitalised borrowing costs(40.7)(70.2)(105.4)
Cost of net financial debt recognised349.7379.5743.4
Current and deferred tax expense recognised315.2294.6744.7
Cash flows (used in)/from operations before tax and financing costs2,228.52,147.24,964.2
Changes in working capital requirement and current provisions(844.6)(757.0)608.8
Income taxes paid(538.4)(205.5)(689.6)
Net interest paid(437.5)(470.5)(783.8)
Net cash flows (used in)/from operating activities - I 408.1714.24,099.6
Purchases of property. plant and equipment. and intangible assets(445.7)(481.2)(893.0)
Proceeds from sales of property. plant and equipment. and intangible assets53.539.395.3
Net investments in operating assets(392.2)(441.9)(797.7)
Operating cash flow(15.9)272.33,301.9
Investments in concession fixed assets (net of grants received)(333.1)(541.1)(1,051.8)
Financial receivables (PPP contracts and others)(173.5)(44.3)(175.2)
Investments in concession and PPP contracts(506.7)(585.3)(1,227.0)
Purchases of shares in subsidiaries and associates
(consolidated and unconsolidated)
(*) (109.8)(82.3)(185.5)
Proceeds from sales of shares in subsidiaries and associate
(consolidated and unconsolidated)
Net effect of changes in scope of consolidation (195.5)3.25.7
Net financial investments(283.0)(47.9)(110.3)
Dividends received from associates and unconsolidated entities25.721.933.6
Net cash flows (used in)/from investing activities - II (1,189.3)(1,085.0)(2,141.6)
Changes in share capital (*) 231.8528.7648.8
Changes in treasury shares(5.2)0.2(2.5)
Non-controlling interests in share capital increases of subsidiaries0.1 5.1
Dividends paid
- to shareholders of VINCI SA(589.9)(524.7)(816.0)
- to non-controlling interests(34.9)(28.5)(57.0)
Proceeds from new borrowings610.31,223.11,489.5
Repayment of borrowings and changes in other current financial debt(632.9)(490.5)(1,996.5)
Change in cash management assets266.9(521.5)(813.7)
Net cash flows (used in)/from financing activities - III(153.8)186.7(1,542.2)
Change in net cash - I + II + III (935.0)(184.1)415.9
Net cash and cash equivalents at beginning of period4,956.34,513.44,513.4
Other changes79.45.826.9
Net cash and cash equivalents at end of period4,100.74,335.14,956.3
Increase/(decrease) of cash management financial assets(266.9)521.5813.7
(Proceeds from)/repayment of loans22.6(732.6)507.0
Other changes(207.6)59.0(76.9)
Change in net debt(1,307.5)(330.4)1,686.7
Net debt at beginning of period(13,684.1)(15,370.8)(15,370.8)
Net debt at end of period(14,991.6)(15,701.2)(13,684.1)

(*) Excluding the acquisition of Cegelec shares (1.4 billion euros) paid by a capital increase and by delivery of existing shares.


Last updated: 01/09/2010