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History of results

2015 annual results - Financial statements

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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)20152014
Revenue (*)38,51838,703
Revenue generated in France (*)22,41423,936
% of revenue (*)58.2 %61.8 %
Revenue generated outside France (*)16,10414,767
% of revenue (*)41.8 %38.2 %
Operating income from ordinary activities3,7583,642
% of revenue (*)9.8 %9.4 %
Recurring operating income3,7883,637
Operating income3,7154,243
Net income attributable to owners of the parent2,0462,486
Diluted earnings per share (in €)3.664.43
Net income excluding non-recurring items attributable to owners of the parent2,1091,906
% of revenue (*)5.5 %4.9 %
Diluted earnings per share excluding non-recurring items (in €)3.783.39
Dividend per share (in €)1.842.22 (**)
Cash flows from operations before tax and financing costs5,6645,561
Operating investments (net of disposals)(624)(637)
Growth investments in concessions and PPPs(903)(799)
Free cash flow (after investments)2,9952,197
Equity including non-controlling interests15,25614,868
Net financial debt(12,436)(13,281)

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) Including a special dividend of €0.45.

 

Consolidated income statement for the period

(in € millions)20152014
Revenue (*)38,51838,703
Concession subsidiaries’ revenue derived from works carried out by non-Group companies643340
Total revenue39,16139,043
Revenue from ancillary activities160151
Operating expenses(35,563)(35,552)
Operating income from ordinary activities3,7583,642
Share-based payments (IFRS 2)(95)(102)
Profit/(loss) of companies accounted for under the equity method8966
Other recurring operating items3630
Recurring operating income3,7883,637
Non-recurring operating items(73)607
Operating income 3,7154,243
Cost of gross financial debt(600)(666)
Financial income from cash investments4349
Cost of net financial debt (557)(616)
Other financial income and expense(24)(61)
Income tax expense(1,055)(1,050)
Net income2,0792,516
Net income attributable to non-controlling interests3430
Net income attributable to owners of the parent2,0462,486
Net income excluding non-recurring items attributable to owners of the parent (**)2,1091,906
   
Earnings per share attributable to owners of the parent  
Basic earnings per share (in €) 3.694.47
Diluted earnings per share (in €)3.664.43
   
Earnings per share excluding non-recurring items attributable to owners of the parent   
Earnings per share excluding non-recurring items (in €) 3.813.43
Diluted earnings per share excluding non-recurring items (in €)3.783.39

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) Net income attributable to owners of the parent excluding non-recurring operating items after tax.

 

Consolidated comprehensive income statement for the period

  2015 2014
(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 income2,046342,0792,486302,516
Financial instruments of controlled companies: changes in fair value
of cash flow hedging instruments (*)
71-71(14)-(14)
Financial instruments of companies accounted for under
the equity method: changes in fair value
82-82(350)-(350)
Currency translation differences3543862567
Tax (**)(50)-(50)119-119
Other comprehensive income that may be recycled subsequently
to net income
1374140(184)5(178)
Actuarial gains and losses on retirement benefit obligations(105)-(105)(112)-(112)
Tax25-2523-23
Other comprehensive income that may not be recycled subsequently
to net income
(80)-(80)(89)-(89)
Total other comprehensive income recognised directly in equity57360(272)5 (267)
of which:      
Controlled companies(3)41(29)5(24)
Companies accounted for under the equity method60-60(243)-(243)
Total comprehensive income2,102372,1392,214352,249

(*) 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). .

 

Consolidated balance sheet
Assets

(in € millions)31/12/201531/12/2014
Non-current assets  
Concession intangible assets23,91524,141
Goodwill7,2966,994
Other intangible assets 387413
Property, plant and equipment 4,2414,316
Investments in companies accounted for under the equity method1,4041,309
Other non-current financial assets942930
Derivative financial instruments - non-current assets 803897
Deferred tax assets278255
Total non-current assets39,26739,254
Current assets  
Inventories and work in progress964932
Trade and other receivables10,69610,960
Other current operating assets4,6354,568
Other current non-operating assets3039
Current tax assets365226
Other current financial assets2735
Derivative financial instruments - current assets 364391
Cash management financial assets166213
Cash and cash equivalents5,6326,411
Total current assets22,88023,776
   
Total assets62,14763,030

 

Equity and liabilities

(in € millions)31/12/201531/12/2014
Equity  
Share capital1,4711,475
Share premium9,0448,633
Treasury shares(1,534)(1,560)
Other equity instruments-491
Consolidated reserves 5,0244,205
Currency translation reserves31(1)
Net income attributable to owners of the parent2,0462,486
Amounts recognised directly in equity(962)(987)
Equity attributable to owners of the parent15,11914,743
Non-controlling interests 137125
Total equity 15,25614,868
Non-current liabilities  
Non-current provisions 949956
Provisions for employee benefits1,5151,426
Bonds11,14712,226
Other loans and borrowings3,8544,634
Derivative financial instruments - non-current liabilities224275
Other non-current liabilities129142
Deferred tax liabilities1,6561,757
Total non-current liabilities19,47421,414
Current liabilities  
Current provisions4,0533,844
Trade payables 7,5907,620
Other current operating liabilities10,88410,769
Other current non-operating liabilities360286
Current tax liabilities 351168
Derivative financial instruments - current liabilities193226
Current borrowings3,9863,835
Total current liabilities27,41726,748
   
Total equity and liabilities62,14763,030

 

Consolidated cash flow statement

(in € millions) 20152014
Consolidated net income for the period (including non-controlling interests) 2,0792,516
Depreciation and amortisation 2,0332,091
Net increase/(decrease) in provisions and impairment 61244
Share-based payments (IFRS 2) and other restatements 412
Gain or loss on disposals (1) (3)(819)
Change in fair value of financial instruments -(56)
Share of profit or loss of companies accounted for under the equity method and dividends
received from unconsolidated companies
 (98)(76)
Capitalised borrowing costs (23)(17)
Cost of net financial debt recognised 557616
Current and deferred tax expense recognised 1,0551,050
Cash flows (used in)/from operations before tax and financing costs 5,6645,561
Changes in operating working capital requirement and current provisions 307(158)
Income taxes paid (1,041)(1,282)
Net interest paid (534)(586)
Dividends received from companies accounted for under the equity method 12599
Cash flows (used in)/from operating activitiesI4,5223,633
Purchases of property, plant and equipment and intangible assets (749)(744)
Proceeds from sales of property, plant and equipment and intangible assets 125108
Operating investments (net of disposals) (624)(637)
Operating cash flow 3,8982,997
Investments in concession fixed assets (net of grants received) (886)(763)
Financial receivables (PPP contracts and others) (16)(36)
Growth investments in concessions and PPPs (903)(799)
Free cash flow (after investments) 2,9952,197
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) (2) (403)(592)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) (1) 181,284
Net effect of changes in scope of consolidation (70)674
Net financial investments (456)1,366
Other 44(268)
Net cash flows (used in)/from investing activitiesII(1,938)(338)
Share capital increases and decreases and repurchases of other equity instruments (3) (64)450
Transactions on treasury shares (688)(810)
Non-controlling interests in share capital increases and decreases of subsidiaries -1
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) (4) (27)(789)
Dividends paid (1,044)(1,287)
- to shareholders of VINCI SA (5) (1,019)(1,267)
- to non-controlling interests (25)(20)
Proceeds from new long-term borrowings 1291,019
Repayments of long-term borrowings (1,418)(991)
Change in cash management assets and other current financial debts 3291
Net cash flows (used in)/from financing activitiesIII(3,109)(2,116)
Other changes (6)IV112(641)
Change in net cash I+II+III+IV(413)539
Net cash and cash equivalents at beginning of period 5,4914,952
Net cash and cash equivalents at end of period 5,0775,491
Change in cash management assets and other current financial debts (3)(291)
(Proceeds from)/repayment of loans  1,289(28)
Other changes (6) (28)603
Change in net financial debt 845823
Net financial debt at beginning of period (13,281)(14,104)
Net financial debt at end of period (12,436)(13,281)

(1) Corresponding mainly, in 2014, to the disposal of VINCI Park.
(2) Including, in 2015, the acquisition of Orteng Engenharia e Sistemas for €87 million, HEB Construction for €43 million and a 20% stake in
Constructora Conconcreto for €81 million; and in 2014, the acquisition of Imtech ICT for €238 million and Electrix for €105 million.
(3) Including capital increases totalling €436 million and the early redemption of perpetual subordinated bonds for €500 million.
(4) Relating mainly, in 2014, to the buy-out of non-controlling interests in Cofiroute (16.67%) for €780 million.
(5) Including the €30 million interest payment on the perpetual subordinated bonds in 2015 and €31 million in 2014.
(6) Other changes related mainly, in 2014, to the deconsolidation of VINCI Park’s net financial debt.

Last updated: 04/02/2016