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History of results

2012 financial statements - Financial statements

2012 results

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

Key figures

(in € millions)20122011
Revenue (*)38,633.6 36,955.9
Revenue generated in France (*)24,324.2 23,561.8 
% of revenue (*)63.0%63.8%
Revenue generated outside France (*)14,309.4 13,394.1 
% of revenue (*)37.0%36.2%
Operating income from ordinary activities3,670.7 3,659.9 
% of revenue (*)9.5%9.9%
Operating income3,651.0 3,601.0 
Net income for the period attributable to owners of the parent1,916.7 1,904.3 
Diluted earnings per share (in €)3.54 3.48 
Dividend per share (in €)1.77 1.77 
Cash flows from operations before tax and financing costs5,418.5 5,366.2 
Operating investments (net of disposals)(742.1) (668.0)
Growth investments in concessions and PPPs(1,139.6) (1,135.4)
Free cash flow (after investments)1,983.0 2,134.2 
Equity including non-controlling interests14,069.8 13,615.3 
Net financial debt(12,526.8) (12,589.6)

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.

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Consolidated income statement for the period

(in € millions) 20122011
Revenue (*) 38,633.6 36,955.9 
Concession subsidiaries’ revenue derived from works carried out by non-Group companies 549.6 690.2 
Total revenue 39,183.2 37,646.1 
Revenue from ancillary activities 234.4 205.0 
Operating expenses (35,746.9) (34,191.2)
Operating income from ordinary activities 3,670.7 3,659.9 
Share-based payments (IFRS 2) (94.3) (101.4)
Goodwill impairment expense (7.5) (8.0)
Profit/(loss) of companies accounted for under the equity method 82.1 50.5 
Operating income 3,651.0 3,601.0 
Cost of gross financial debt (726.8) (741.9)
Financial income from cash investments 89.1 95.2 
Cost of net financial debt (637.7) (646.6)
Other financial income 111.6 99.2 
Other financial expense (130.4) (74.0)
Income tax expense (969.2) (983.6)
Net income from continuing operations 2,025.2 1,996.0 
Net income from discontinued operations (halted or sold) 
Net income 2,025.2 1,996.0 
Net income attributable to non-controlling interests 108.5 91.7 
Net income for the period attributable to owners of the parent 1,916.7 1,904.3 
    
Earnings per share from continuing operations – attributable to owners of the parent   
Basic earnings per share (in €)  3.57 3.52 
Diluted earnings per share (in €) 3.54 3.48 
    
Earnings per share attributable to owners of the parent   
Basic earnings per share (in €)  3.57 3.52 
Diluted earnings per share (in €) 3.54 3.48 

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.

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Consolidated comprehensive income statement for the period

  2012 2011
(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 income1,916.7 108.5 2,025.2 1,904.3 91.7 1,996.0 
Financial instruments of controlled companies: changes in fair value(47.7) (0.7)(48.4) (110.9) 0.4 (110.6)
of which:
Available-for-sale financial assets17.6 - 17.6 (19.9) (0.0) (19.9)
Cash flow hedges (*)(65.3) (0.7)(66.0) (91.1) 0.4 (90.7)
Financial instruments of companies accounted for under the equity method: changes in fair value(180.3) (12.6) (193.0) (255.2) (16.8) (272.0)
Currency translation differences34.3 3.9 38.2 (6.1) (1.0)(7.1)
Tax (**)76.4 3.9 80.4 117.0 3.8 120.8
Income and expense for the period recognised directly in equity(117.4) (5.5) (122.9) (255.3) (13.6) (268.9)
of which:      
Controlled companies0.6 1.1 1.7 (80.2) (0.5)(80.7)
Companies accounted for under the equity method(118.0) (6.6) (124.6) (175.1) (13.1) (188.2)
Total comprehensive income1,799.3 103.0 1,902.3 1,649.0 78.1 1,727.1 

(*) 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 positive tax effects of €80.4 million relating to changes in the fair value of financial instruments (compared with +€120.8 million in 2011), negative effects of €6.0 million relating to available-for-sale financial assets (compared with positive effects of €6.8 million in 2011) and positive effects of €86.4 million relating to cash flow hedges (effective part) (compared with +€114 million in 2011).

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Consolidated balance sheet
Assets

(in € millions)31/12/201231/12/2011
Non-current assets  
Concession intangible assets23,499.9 23,921.5 
Goodwill6,609.3 6,263.8 
Other intangible assets437.4 374.8 
Property, plant and equipment4,746.2 4,399.1 
Investment property10.5 48.0 
Investments in companies accounted for under the equity method810.3 748.6 
Other non-current financial assets1,715.4 1,267.6 
Deferred tax assets202.7 179.1 
Total non-current assets38,031.6 37,202.5 
Current assets  
Inventories and work in progress1,015.5 1,004.1
Trade and other receivables10,978.6 10,222.0 
Other current operating assets4,505.5 4,131.3 
Other current non-operating assets35.2 46.3 
Current tax assets87.1 70.4 
Other current financial assets421.1 356.6
Cash management financial assets179.2 169.6 
Cash and cash equivalents6,336.9 7,372.4 
Total current assets23,559.1 23,372.7 
   
Total assets61,590.7 60,575.2 

 

Consolidated balance sheet
Equity and liabilities

(in € millions)31/12/201231/12/2011
Equity  
Share capital1,443.4 1,413.2 
Share premium7,487.9 7,182.4 
Treasury shares(1,661.8) (1,097.5)
Other equity instruments490.6 490.6 
Consolidated reserves4,269.2 3,493.9 
Currency translation reserves57.2 22.7 
Net income for the period attributable to owners of the parent1,916.7 1,904.3 
Amounts recognised directly in equity(668.8) (519.8)
Equity attributable to owners of the parent13,334.4 12,889.9 
Non-controlling interests735.4 725.4 
Total equity14,069.8 13,615.3 
Non-current liabilities  
Non-current provisions1,796.5 1,535.4 
Bonds9,615.3 7,819.8 
Other loans and borrowings6,938.5 9,605.2 
Other non-current liabilities131.5 95.6 
Deferred tax liabilities2,080.4 2,166.9 
Total non-current liabilities20,562.3 21,223.0 
Current liabilities  
Current provisions3,507.7 3,484.1 
Trade payables7,603.6 7,625.0 
Other current operating liabilities11,306.3 10,381.5 
Other current non-operating liabilities539.9 567.8 
Current tax liabilities361.3 232.6 
Current borrowings3,640.0 3,445.8 
Total current liabilities26,958.7 25,736.9 
   
Total equity and liabilities61,590.7 60,575.2 

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Consolidated cash flow statement

(in € millions)  20122011
Consolidated net income for the period (including non-controlling interests)  2,025.2 1,996.0 
Depreciation and amortisation  1,877.0 1,810.7 
Net increase/(decrease) in provisions  106.1 67.7 
Share-based payments (IFRS 2) and other restatements  (1.3)10.9
Gain or loss on disposals  (24.0) (20.5)
Change in fair value of financial instruments  (1.4)(1.4)
Share of profit or loss of companies accounted for under the equity method and dividends received from unconsolidated entities  (99.0) (66.4)
Capitalised borrowing costs  (71.3) (60.9)
Cost of net financial debt recognised  637.7 646.6 
Current and deferred tax expense recognised  969.2 983.6 
Cash flows (used in)/from operations before tax and financing costs  5,418.5 5,366.2 
Changes in operating working capital requirement and current provisions  (37.4) 93.4 
Income taxes paid  (978.6) (936.2)
Net interest paid  (595.0) (643.4)
Dividends received from companies accounted for under the equity method  57.2 57.7 
Cash flows (used in)/from operating activitiesI 3,864.7 3,937.6 
Purchases of property, plant and equipment and intangible assets  (870.6) (757.7)
Proceeds from sales of property, plant and equipment and intangible assets  128.5 89.7 
Operating investments (net of disposals)  (742.1) (668.0)
Operating cash flow  3,122.6 3,269.5 
Investments in concession fixed assets (net of grants received)  (1,123.5) (1,106.4)
Financial receivables (PPP contracts and others)  (16.1) (29.0)
Growth investments in concessions and PPPs  (1,139.6) (1,135.4)
Free cash flow (after investments)  1,983.0 2,134.2 
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated)  (611.8) (196.8)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated)  7.4 39.7 
Net effect of changes in scope of consolidation  6.3 (15.1)
Net financial investments  (598.0) (172.2)
Other  (49.5) (95.9)
Net cash flows (used in)/from investing activitiesII (2,529.2) (2,071.5)
Changes in share capital  335.7 393.5 
Transactions on treasury shares  (646.9) (623.5)
Non-controlling interests in share capital increases and decreases of subsidiaries  (1.3)0.6 
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) (*)  (96.3) (34.9)
Dividends paid  
- to shareholders of VINCI SA (**)  (978.8) (946.8)
- to non-controlling interests  (77.8) (89.0)
Proceeds from new long-term borrowings  1,624.3 1,627.0 
Repayments of long-term loans  (2,539.2) (1,723.7)
Change in cash management assets and other current financial debts  300.9 933.4 
Net cash flows (used in)/from financing activitiesIII (2,079.5) (463.4)
Change in net cashI+II+III (744.0) 1,402.7 
     
Net cash and cash equivalents at beginning of period  6,514.1 5,071.1 
Other changes (***)  (24.3) 40.3 
Net cash and cash equivalents at end of period  5,745.8 6,514.1 
Increase/(decrease) in cash management financial assets  (300.9) (933.4)
(Proceeds from)/repayment of loans  914.9 96.7 
Other changes (***)  217.1 (136.2)
Change in net financial debt  62.8 470.1 
Net financial debt at beginning of period  (12,589.6) (13,059.7)
Net financial debt at end of period  (12,526.8) (12,589.6)

(*) Corresponding mainly to the buy-out of non-controlling interests (19.83%) in Entrepose Contracting for €102.4 million after the simplified public tender offer.
(**) Including the €31.3 million interest payment on the perpetual subordinated bonds.
(***) Including the change in the consolidation method used for Greek company Gefyra.

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Last updated: 06/02/2013