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History of results

2013 annual results - Financial statements

Consolidated financial statements

- 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)20132012 (*)
Revenue (**) 40,338 38,634 
Revenue generated in France (**) 25,111 24,324 
% of revenue (**)62.3%63.0%
Revenue generated outside France (**) 15,226 14,309 
% of revenue (**)37.7%37.0%
Operating income from ordinary activities3,670 3,679 
% of revenue (**)9.1%9.5%
Recurring operating income3,677 3,672 
Operating income3,767 3,667 
Net income for the period attributable to owners of the parent1,962 1,917 
Diluted earnings per share (in €)3.54 3.54 
Dividend per share (in €)1.77  (***)1.77 
Cash flows from operations before tax and financing costs5,596 5,418 
Operating investments (net of disposals)(665)(742)
Growth investments in concessions and PPPs(803)(1,140)
Free cash flow (after investments)2,180 1,983 
Equity including non-controlling interests14,260 13,768 
Net financial debt(14,104)(12,527)

(*) Amounts adjusted in line with the change in accounting method arising from the application of IAS 19 Amended “Employee Benefits”.
(**) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(***) Dividend proposed to the Shareholders' General Meeting of 15 April 2014.

 

Consolidated income statement for the period

(in € millions)20132012 (*)
Revenue (**) 40,338 38,634 
Concession subsidiaries’ revenue derived from works carried out by
non-Group companies
403  550 
Total revenue40,740 39,183 
Revenue from ancillary activities253 234 
Operating expenses(37,323)(35,738)
Operating income from ordinary activities3,670 3,679 
Share-based payments (IFRS 2)(86)(94)
Profit/(loss) of companies accounted for under the equity method95 82 
Other recurring operating items(2)
Recurring operating income3,677 3,672 
Non-recurring operating items90 (5)
Operating income3,767 3,667 
Cost of gross financial debt(675)(727)
Financial income from cash investments76 89 
Cost of net financial debt(598)(638)
Other financial income and expense(52) (32)
Income tax expense(1,070)(972)
Net income2,046 2,026 
Net income attributable to non-controlling interests84 109 
Net income for the period attributable to owners of the parent1,962 1,917 
   
Earnings per share from continuing operations attributable to owners of the parent  
Basic earnings per share (in €)3.57 3.57 
Diluted earnings per share (in €)3.54 3.54 
   
Earnings per share attributable to owners of the parent  
Basic earnings per share (in €)3.57 3.57 
Diluted earnings per share (in €)3.54 3.54 

(*) Amounts adjusted in line with the change in accounting method arising from the application of IAS 19 Amended “Employee Benefits”.
(**) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.

 

Consolidated comprehensive income statement for the period

 2013 2012 (1)
(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 income1,962 84 2,046 1,917 109 2,026 
Financial instruments of controlled companies: changes in fair value 87 87 (48)(1)(48)
of which:      
Available-for-sale financial assets (2)(33)(0)(33)18 (0)18 
Cash flow hedges (3)120 120 (65)(1)(66)
Financial instruments of companies accounted for
under the equity method: changes in fair value
198 47 245 (180)(13)(193)
Currency translation differences(120)(9)(129)33 37 
Tax (4)(89)(15)(104)76 80 
Other comprehensive income that may be recycled subsequently to net income77 22 99 (119)(6)(124)
Actuarial gains and losses on retirement benefit obligations (44)(3)(47)(190)(4)(193)
Tax 10 11 39 40 
Other comprehensive income that may not be recycled subsequently to net income (34) (2)(36)(150)(4)(154)
Total other comprehensive income recognised directly in equity42 21 63 (269)(9)(278)
of which:      
Controlled companies(86)(8)(93)(151)(2)(153)
Companies accounted for under the equity method128 28 156 (118)(7)(125)
Total comprehensive income2,004 105 2,109 1,648 100 1,748 

1) Amounts adjusted in line with the change in accounting method arising from the application of IAS 19 Amended “Employee Benefits”.
(2) In 2013, relating mainly to the reclassification from equity to income of accumulated fair value reserves relating to Aéroports de Paris, which has been accounted for under the equity method since 29 November 2013.
(3) 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.
(4) Including €104 million of negative tax effects relating to changes in the fair value of financial instruments in 2013 (compared with positive effects of €80 million in 2012), an €11 million positive effect relating to available-for-sale financial assets (compared with negative effects of €6 million in 2012) and a €115 negative effect million relating to cash flow hedges (effective portion) (compared with positive effects of €86 million in 2012).

 

Consolidated balance sheet
Asset

(in € millions)31/12/201331/12/2012 (*)
Non-current assets  
Concession intangible assets25,601 23,500 
Goodwill7,000 6,609 
Other intangible assets 417 437 
Property, plant and equipment 4,541 4,746 
Investment property11 
Investments in companies accounted for under the equity method1,265 806 
Other non-current financial assets1,304 1,646 
Deferred tax assets248 230 
Total non-current assets40,385 37,986 
Current assets  
Inventories and work in progress969 1,016 
Trade and other receivables10,993 10,979 
Other current operating assets4,469 4,505 
Other current non-operating assets26 35 
Current tax assets76 87 
Other current financial assets367 421 
Cash management financial assets186 179 
Cash and cash equivalents5,605 6,337 
Total current assets22,691 23,559 
   
Total assets63,076 61,545 

(*) Amounts adjusted in line with the change in accounting method arising from the application of IAS 19 Amended “Employee Benefits”.

 

Consolidated balance sheet
Equity and liabilities

(in € millions)31/12/201331/12/2012 (*)
Equity  
Share capital1,504 1,443 
Share premium8,212 7,488 
Treasury shares(1,795)(1,662)
Other equity instruments491 491 
Consolidated reserves 4,486 4,123 
Currency translation reserves(64)56 
Net income for the period attributable to owners of the parent1,962 1,917 
Amounts recognised directly in equity(655)(819)
Equity attributable to owners of the parent14,142 13,037 
Non-controlling interests 118 730 
Total equity 14,260 13,768 
Non-current liabilities  
Non-current provisions 1,987 2,115 
Bonds11,320 9,615 
Other loans and borrowings6,232 6,939 
Other non-current liabilities115 132 
Deferred tax liabilities1,963 2,016 
Total non-current liabilities21,618 20,816 
Current liabilities  
Current provisions3,670 3,508 
Trade payables 7,493 7,604 
Other current operating liabilities11,308 11,306 
Other current non-operating liabilities1,305 542 
Current tax liabilities 176 361 
Current borrowings3,246 3,640 
Total current liabilities27,198  26,961 
   
Total equity and liabilities63,076 61,545 

(*) Amounts adjusted in line with the change in accounting method arising from the application of IAS 19 Amended “Employee Benefits”.

 

Consolidated cash flow statement

(in € millions) 20132012 (1)
Consolidated net income for the period (including non-controlling interests) 2,046 2,026 
Depreciation and amortisation 2,060 1,877 
Net increase/(decrease) in provisions 34 103 
Share-based payments (IFRS 2) and other restatements (4)(1)
Gain or loss on disposals (191)(24)
Changes in fair value of financial instruments (1)
Share of profit or loss of companies accounted for under the equity method and dividends received
from unconsolidated entities
 (0)(99)
Capitalised borrowing costs (21)(71)
Cost of net financial debt recognised 598 638 
Current and deferred tax expense recognised 1,070 972 
Cash flows (used in)/from operations before tax and financing costs 5,596 5,418 
Changes in operating working capital requirement and current provisions (37)
Income taxes paid (1,408)(979)
Net interest paid (605)(595)
Dividends received from companies accounted for under the equity method 57 57 
Cash flows (used in)/from operating activitiesI3,648 3,865 
Purchases of property, plant and equipment and intangible assets (777)(871)
Proceeds from sales of property, plant and equipment and intangible assets 112 129 
Operating investments (net of disposals) (665)(742)
Operating cash flow 2,983 3,123 
Investments in concession fixed assets (net of grants received) (765)(1,123)
Financial receivables (PPP contracts and others) (38)(16)
Growth investments in concessions and PPPs (803)(1,140)
Free cash flow (after investments) 2,180 1,983 
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) (2) (1,680)(612)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) 150 
Net effect of changes in scope of consolidation  (1,689)
Net financial investments (3,220)(598)
Other (95)(49)
Net cash flows (used in)/from investing activitiesII (4,783)(2,529)
Changes in share capital 785 336 
Transactions on treasury shares (222)(647)
Non-controlling interests in share capital increases and decreases of subsidiaries (0)(1)
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) (3)(96)
Dividends paid 
- to shareholders of VINCI SA (3) (993)(979)
-to non-controlling interests (79) (78)
Proceeds from new long-term borrowings 2,178 1,624 
Repayments of long-term loans (2,575)(2,540)
Change in cash management assets and other current financial debts (338)301 
Net cash flows (used in)/from financing activitiesIII (1,247)(2,080)
Other changes (4) IV1,588 (24)
    
Change in net cash I+II+III+IV(794)(768)
Net cash and cash equivalents at start of period 5,746 6,514 
Net cash and cash equivalents at end of period  4,952  5,746 
Increase/(decrease) in cash management financial assets  338  (301)
(Proceeds from)/repayment of loans  397 915 
Other changes (4) (1,518)217 
Change in net financial debt  (1,577) 63 
Net financial debt at start of period (12,527)(12,590)
Net financial debt at end of period (14,104)(12,527)

(1) Amounts adjusted in line with the change in accounting method arising from the application of IAS 19 Amended “Employee Benefits”.
(2) Corresponding mainly in 2013 to the acquisition of ANA shares for €1.1 billion and the purchase of additional shares in Aéroports de Paris for €365 million.
(3) Including the €31 million interest payment on the perpetual subordinated bonds.
(4) Other changes in 2013 related mainly to the assumption of net financial debt from ANA, which has been fully consolidated since 17 September 2013.

Last updated: 06/02/2014