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Home > Investors > Results > History of results    >    2014 annual results

History of results

2014 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)20142013
Revenue (*)38,70340,338
Revenue generated in France (*)23,93625,111
% of revenue (*)61.8 %62.3 %
Revenue generated outside France (*)14,76715,226
% of revenue (*)38.2 %37.7 %
Operating income from ordinary activities3,6423,670
% of revenue (*)9.4 %9.1 %
Recurring operating income3,6373,677
Operating income4,2433,767
Net income for the period attributable to owners of the parent2,4861,962
Diluted earnings per share (in €) 4.433.54
Net income excluding non-recurring items attributable to owners of the parent1,9061,898
% of revenue (*)4.9 %4.7 %
Diluted earnings per share excluding non-recurring items (in €) 3.393.42
Dividend per share (in €) 2.22 (**)1.77
Cash flows from operations before tax and financing costs5,5615,596
Operating investments (net of disposals)(637)(665)
Growth investments in concessions and PPPs(799)(803)
Free cash flow (after investments)2,1972,180
Equity including non-controlling interests14,86814,260
Net financial debt(13,281)(14,104)

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) Dividend proposed to the Shareholders’ General Meeting of 14 April 2015, including an interim dividend of €1.00 per share
(of which €0.45 constitutes a special dividend) paid on 13 November 2014.

 

Consolidated income statement for the period
































(in € millions)20142013
Revenue (*)38,70340,338
Concession subsidiaries’ revenue derived from works carried out by non-Group companies340403
Total revenue39,04340,740
Revenue from ancillary activities151253
Operating expenses(35,552)(37,323)
Operating income from ordinary activities3,6423,670
Share-based payments (IFRS 2)(102)(86)
Profit/(loss) of companies accounted for under the equity method6695
Other recurring operating items30(2)
Recurring operating income3,6373,677
Non-recurring operating items60790
Operating income4,2433,767
Cost of gross financial debt(666)(675)
Financial income from cash investments4976
Cost of net financial debt(616)(598)
Other financial income and expense(61)(52)
Income tax expense(1,050)(1,070)
Net income2,5162,046
Net income attributable to non-controlling interests3084
Net income for the period attributable to owners of the parent2,4861,962
Net income excluding non-recurring items attributable to owners of the parent1,9061,898
 
Earnings per share excluding non-recurring items attributable to owners of the parent  
Basic earnings per share (in €)4.473.57
Diluted earnings per share (in €)4.433.54
 
Basic earnings per share excluding non-recurring items (in €)3.433.45
Diluted earnings per share excluding non-recurring items (in €)3.393.42

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

 

Consolidated comprehensive income statement for the period






















 20142013
(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 income2,486302,5161,962842,046
Financial instruments of controlled companies: changes in fair value (14)-(14)87-87
of which:     
Available-for-sale financial assets (*)---(33)-(33)
Cash flow hedges (**)(14)-(15)120-120
Financial instruments of companies accounted for under the equity method:
changes in fair value
(350)-(350)19847245
Currency translation differences62567(120)(9)(129)
Tax (***)119-119(89)(15)(104)
Other comprehensive income that may be recycled subsequently to net income(184)5(178)772299
Actuarial gains and losses on retirement benefit obligations(112)-(112)(44)(3)(47)
Tax23-2310111
Other comprehensive income that may not be recycled subsequently to net income(89)-(89)(34)(2)(36)
Total other comprehensive income recognised directly in equity(272)5(267)422163
of which:     
Controlled companies(29)5(24)(86)(8)(93)
Companies accounted for under the equity method(243)-(243)12828156
Total comprehensive income2,214352,2492,0041052,109

(*) 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 late November 2013.
(**) Changes in the fair value of cash flow hedges (mainly 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.
(***) Tax effects relating to changes in the fair value of cash flow hedging financial instruments (effective portion) amounting to positive €119 million (negative effect of €115 million in
2013, partly offset by a positive €11 million tax effect relating to available-for-sale financial assets).

 

Consolidated balance sheet

Assets

























(in € millions)31/12/201431/12/2013
Non-current assets  
Concession intangible assets24,14125,601
Goodwill6,9947,000
Other intangible assets 413417
Property, plant and equipment 4,3164,550
Investments in companies accounted for under the equity method1,3091,265
Other non-current financial assets1,8271,304
Deferred tax assets255248
Total non-current assets39,25440,385
Current assets  
Inventories and work in progress932969
Trade and other receivables10,96010,993
Other current operating assets4,5684,469
Other current non-operating assets3926
Current tax assets22676
Other current financial assets426367
Cash management financial assets213186
Cash and cash equivalents6,4115,605
Total current assets23,77622,691
 
Total assets63,03063,076

Equity and liabilities

































(in € millions)31/12/201431/12/2013
Equity  
Share capital1,4751,504
Share premium8,6338,212
Treasury shares(1,560)(1,795)
Other equity instruments491491
Consolidated reserves 4,2054,486
Currency translation reserves(1)(64)
Net income for the period attributable to owners of the parent2,4861,962
Amounts recognised directly in equity(987)(655)
Equity attributable to owners of the parent14,74314,142
Non-controlling interests 125118
Total equity 14,86814,260
Non-current liabilities  
Non-current provisions 2,3821,987
Bonds12,22611,320
Other loans and borrowings4,9086,232
Other non-current liabilities142115
Deferred tax liabilities1,7571,963
Total non-current liabilities21,41421,618
Current liabilities  
Current provisions3,8443,670
Trade payables 7,6207,493
Other current operating liabilities10,76911,308
Other current non-operating liabilities2861,305
Current tax liabilities 168176
Current borrowings4,0613,246
Total current liabilities26,74827,198
 
Total equity and liabilities63,03063,076

 

Consolidated cash flow statement























































(in € millions) 20142013
Consolidated net income for the period (including non-controlling interests) 2,5162,046
Depreciation and amortisation 2,0912,060
Net Increase/(decrease) in provisions and impairment 24434
Share-based payments (IFRS 2) and other restatements 12(4)
Gain or loss on disposals (1) (819)(191)
Change in fair value of financial instruments (56)3
Share of profit or loss of companies accounted for under the equity method and dividends received
from unconsolidated entities
 (76)-
Capitalised borrowing costs (17)(21)
Cost of net financial debt recognised 616598
Current and deferred tax expense recognised 1,0501,070
Cash flows (used in)/from operations before tax and financing costs 5,5615,596
Changes in operating working capital requirement and current provisions (158)6
Income taxes paid (1,282)(1,408)
Net interest paid (586)(605)
Dividends received from companies accounted for under the equity method 9957
Cash flows (used in)/from operating activitiesI3,6333,648
Purchases of property, plant and equipment and intangible assets (744)(777)
Proceeds from sales of property, plant and equipment and intangible assets 108112
Operating investments (net of disposals) (637)(665)
Operating cash flow 2,9972,983
Investments in concession fixed assets (net of grants received) (763)(765)
Financial receivables (PPP contracts and others) (36)(38)
Growth investments in concessions and PPPs (799)(803)
Free cash flow (after investments) 2,1972,180
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) (2) (592)(1,680)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) (1) 1,284150
Net effect of changes in scope of consolidation 674(1,689)
Net financial investments 1,366(3,220)
Other (268)(95)
Net cash flows (used in)/from investing activitiesII (338)(4,783)
Changes in share capital 450785
Transactions on treasury shares (810)(222)
Non-controlling interests in share capital increases and decreases of subsidiaries 1-
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) (3) (789)(3)
Dividends paid (1,287)(1,072)
- to shareholders of VINCI SA (4) (1,267)(993)
- to non-controlling interests (20)(79)
Proceeds from new long-term borrowings 1,0192,178
Repayments of long-term loans (991)(2,575)
Change in cash management assets and other current financial debts 291(338)
Net cash flows (used in)/from financing activitiesIII (2,116)(1,247)
Other changes (5)IV(641)1,588
Change in net cash I+II+III+IV539(794)
Net cash and cash equivalents at beginning of period 4,9525,746
Net cash and cash equivalents at end of period 5,4914,952
Change in cash management assets and other current financial debts (291)338
(Proceeds from)/repayment of loans  (28)397
Other changes (5) 603(1,518)
Change in net financial debt 823(1,577)
Net financial debt at beginning of period (14,104)(12,527)
Net financial debt at end of period (13,281)(14,104)

(1) Corresponding mainly to the disposal of VINCI Park in June 2014.
(2) Including, in 2014, the acquisition of Imtech ICT for €238 million and Electrix for €105 million and, in 2013, the acquisition of ANA shares
for €1.1 billion and the purchase of additional shares in Aéroports de Paris for €365 million.
(3) Relating mainly to the buy-out of non-controlling interests in Cofiroute (16.67%) in late January 2014 for €780 million.
(4) Including the €31 million interest payment on the perpetual subordinated bonds.
(5) Other changes related mainly, in 2014, to the deconsolidation of VINCI Park's net financial debt
and, in 2013, to the consolidation of ANA's net financial debt from September 2013.

Last updated: 05/02/2015