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History of results

2011 financial statements - Financial statements

- Key figures
- Consolidated income statement for the period
- Consolidated comprehensive income statement for the period
- Consolidated balance sheet

Key figures

(in € millions)20112010
Revenue (*)36,955.933,375.8
Revenue generated in France (*)23,561.820,921.8
% of revenue (*)63.8%62.7%
Revenue generated outside France (*)13,394.112,454.0
% of revenue (*)36.2%37.3%
Operating income from ordinary activities3,659.93,433.9
% of revenue (*)9.9%10.3%
Operating income3,601.03,429.1
Net income for the period attributable to owners of the parent1,904.31,775.9
Diluted earnings per share (in €)3.483.30
Dividend per share (in €)1.771.67
Cash flows from operations before tax and financing costs5,366.25,052.0
Operating investments (net of disposals)(668.0)(595.4)
Growth investments (concessions and PPPs)(1,135.4)(871.1)
Free cash flow (after investments)2,134.21,918.7
Equity including non-controlling interests13,615.313,024.7
Net financial debt(12,589.6)(13,059.7)

(*) Excluding concession subsidiaries’ revenue derived from works carried out by third parties.

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Consolidated income statement for the period

(in € millions)20112010
Revenue (*)36,955.933,375.8
Concession subsidiaries’ revenue derived from works carried out by third parties690.2627.0
Total revenue37,646.134,002.8
Revenue from ancillary activities205.0166.1
Operating expenses(34,191.2)(30,735.1)
Operating income from ordinary activities3,659.93,433.9
Share-based payment expense (IFRS 2)(101.4)(71.2)
Goodwill impairment expense(8.0)(1.8)
Profit/(loss) of companies accounted for under the equity method50.568.2
Operating income3,601.03,429.1
Cost of gross financial debt(741.9)(711.1)
Financial income from cash investments95.275.2
Cost of net financial debt(646.6)(635.9)
Other financial income99.2109.7
Other financial expense(74.0)(154.9)
Income tax expense(983.6)(847.4)
Net income from continuing operations1,996.01,900.6
Net income from discontinued activities (halted or sold)--
Net income1,996.01,900.6
Net income attributable to non-controlling interests91.7124.7
Net income for the period attributable to owners of the parent1,904.31,775.9
   
Earnings per share from continuing operations - attributable to owners of the parent  
Basic earnings per share (in €)3.523.35
Diluted earnings per share (in €)3.483.30
   
Earnings per share attributable to owners of the parent  
Basic earnings per share (in €)3.523.35
Diluted earnings per share (in €)3.483.30

(*) Excluding concession subsidiaries’ revenue derived from works carried out by third parties

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Consolidated comprehensive income statement for the period

  2011 2010
(in € millions)Attributable
to owners of
the parent
Attributable
to non-
controlling
interests
TotalAttributable
to owners of
the parent
Attributable
to non-
controlling
interests
Total
Net income1,904.391.71,996.01,775.9124.71,900.6
Financial instruments of controlled companies:
changes in fair value
(110.9)0.4(110.6)(45.9)(0.2)(46.1)
of which:------
Available-for-sale financial assets(19.9)(0.0)(19.9)5.6-5.6
Cash flow hedges (*)(91.1)0.4(90.7)(51.5)(0.2)(51.7)
Financial instruments of companies accounted for
under the equity method: changes in fair value
(255.2)(16.8)(272.0)(76.6)(5.8)(82.4)
Currency translation differences(6.1)(1.0)(7.1)103.98.6112.5
Tax (**)117.03.8120.836.41.938.3
Income and expense for the period recognised
directly in equity
(255.3)(13.6)(268.9)17.74.522.3
of which, controlled companies(80.2)(0.5)(80.7)66.55.171.6
of which, companies accounted for
under the equity method
(175.1)(13.1)(188.2)(48.7)(0.6)(49.3)
Total comprehensive income1,649.078.11,727.11,793.6129.21,922.9

(*) Changes in the fair value of cash flow hedges (interest-rate hedges) are recognised in equity for the effective portion. Cumulative gains and losses in equity are taken to profit or loss at the time when the cash flow affects profit or loss.
(**) Including +€120.8 million of tax effects relating to changes in the fair value of financial instruments (compared with +€38.3 million in 2010), +€6.8 million relating to available-for-sale financial assets (compared with –€1.9 million in 2010) and +€114 million relating to cash flow hedges (effective part) (compared with +€40.2 million in 2010).

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Consolidated balance sheet
Assets

(in € millions)31/12/201131/12/2010
Non-current assets  
Concession intangible assets23,921.523,771.6
Goodwill6,263.86,103.1
Other intangible assets374.8354.9
Property, plant and equipment4,399.14,411.5
Investment property48.040.9
Investments in companies accounted for under the equity method748.6713.5
Other non-current financial assets1,267.6869.5
Deferred tax assets179.1144.9
Total non-current assets37,202.536,409.8
Current assets  
Inventories and work in progress1,004.1843.8
Trade receivables10,222.08,816.3
Other current operating assets4,131.33,435.4
Other current non-operating assets46.357.8
Current tax assets70.476.1
Other current financial assets356.6292.8
Cash management financial assets169.6733.2
Cash and cash equivalents7,372.45,747.9
Total current assets (before assets classified as held for sale)23,372.720,003.4
   
Total current assets23,372.720,003.4
   
Total assets60,575.256,413.2

Consolidated balance sheet
Equity and liabilities

(in € millions)31/12/201131/12/2010
Equity  
Share capital1,413.21,381.6
Share premium7,182.46,820.6
Treasury shares(1,097.5)(552.2)
Other equity instruments490.6490.6
Consolidated reserves3,493.92,629.8
Currency translation reserves22.728.5
Net income for the period attributable to owners of the parent1,904.31,775.9
Amounts recognised directly in equity(519.8)(270.7)
Equity attributable to owners of the parent12,889.912,304.0
Non-controlling interests725.4720.6
Total equity13,615.313,024.7
Non-current liabilities  
Non-current provisions1,535.41,314.1
Bonds7,819.86,020.5
Other loans and borrowings9,605.211,676.2
Other non-current liabilities95.665.4
Deferred tax liabilities2,166.92,355.1
Total non-current liabilities21,223.021,431.2
Current liabilities  
Current provisions3,484.13,235.0
Trade payables7,625.06,692.2
Other current operating liabilities10,381.59,075.0
Other current non-operating liabilities567.8496.7
Current tax liabilities232.6183.1
Current borrowings3,445.82,275.3
Total current liabilities (before liabilities classified as held for sale)25,736.921,957.3
   
Total current liabilities25,736.921,957.3
   
Total equity and liabilities60,575.256,413.2

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Consolidated cash flow statement

(in € millions)  20112010 
Consolidated net income for the period
(including non-controlling interests)
 1,996.01,900.6 
Depreciation and amortisation 1,810.71,730.7 
Net increase/(decrease) in provisions 67.7135.0 
Share-based payments (IFRS 2) and other restatements 10.9(17.7) 
Gain or loss on disposals (20.5)(20.4) 
Change in fair value of financial instruments (1.4)0.3 
Share of profit or loss of companies accounted for under the equity method,
dividends received from unconsolidated entities and profit or loss
from operations classified as held for sale
 (66.4)(82.8) 
Capitalised borrowing costs (60.9)(77.2) 
Cost of net financial debt recognised 646.6635.9 
Current and deferred tax expense recognised 983.6847.4 
Cash flows (used in)/from operations before tax and financing costs 5,366.25,052.0 
Changes in operating working capital requirement and current provisions 93.4(78.3) 
Income taxes paid (936.2)(949.9) 
Net interest paid (643.4)(692.8) 
Dividends received from companies accounted for under the equity method 57.754.2 
Cash flows (used in)/from operating activitiesI3,937.63,385.3 
Purchases of property, plant and equipment, and intangible assets  (757.7)(694.7) 
Proceeds from sales of property, plant and equipment, and intangible assets  89.7 99.3  
Operating investments (net of disposals) (668.0)(595.4) 
Operating cash flow  3,269.5 2,789.8  
Investments in concession fixed assets (net of grants received)  (1,106.4)(836.2) 
Financial receivables (PPP contracts and others)  (29.0)(34.9) 
Growth investments in concessions and PPPs (1,135.4)(871.1) 
Free cash flow (after investments) 2,134.21,918.7 
Purchases of shares in subsidiaries and affiliates
(consolidated and unconsolidated)
 (196.8)(690.8) (*)
Proceeds from sales of shares in subsidiaries and affiliates
(consolidated and unconsolidated)
 39.7 29.5  
Net effect of changes in scope of consolidation (**) (15.1)(378.7) 
Net financial investments (172.2)(1,040.0) 
Other (95.9)(68.4) 
Net cash flows (used in)/from investing activitiesII(2,071.5)(2,575.0) 
Changes in share capital 393.5305.3 (*)
Transactions on treasury shares (623.5)(86.4) 
Non-controlling interests in share capital increases of subsidiaries 0.61.0 
Acquisitions/disposals of non-controlling interests
(without acquisition or loss of control)
 (34.9)(54.4) 
Dividends paid -- 
- to shareholders of VINCI .SA. (***) (946.8)(902.9) 
- to non-controlling interests  (89.0)(61.9) 
Proceeds from new long-term borrowings 1,627.0721.0 
Repayments of long-term loans (1,723.7)(1,171.1) 
Change in cash management assets and other current financial debts 933.4239.4 
Net cash flows (used in)/from financing activitiesIII(463.4)(1,009.9) 
Change in net cashI+II+III1,402.7(199.6) 
     
Net cash and cash equivalents at beginning of period 5,071.14,821.7 
Other changes 40.3449.0 
Net cash and cash equivalents at end of period 6,514.15,071.1 
Increase/(decrease) of cash management financial assets (933.4)(239.4) 
(Proceeds from)/repayment of loans 96.7450.0 
Other changes (136.2)(390.0) 
Change in net financial debt 470.170.0 
Net financial debt at beginning of period (13,059.7)(13,129.7) 
Net financial debt at end of period (12,589.6)(13,059.7) 

(*) Excluding acquisition of Cegelec paid in VINCI shares (€1,385 million).
(**) Including net financial debt of companies acquired in the period (€10.3 million in 2011 compared with €386.7 million in 2010).
(***) Including the interest payment of the perpetual subordinated bonds for €31.3 million.

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Last updated: 08/02/2012