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2022 annual results - Financial statements

Consolidated financial statements

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

Consolidated income statement for the period

(in € millions)20222021
Revenue (*) 61,67549,396
Concession subsidiaries’ revenue from work carried out by non-Group companies590586
Total revenue 62,26549,982
Revenue from ancillary activities249248
Operating expenses(55,691)(45,507)
Operating income from ordinary activities6,8244,723
Share-based payments (IFRS 2)(356)(288)
Profit/(loss) of companies accounted for under the equity method2212
Other recurring operating items(9)17
Recurring operating income6,4814,464
Non-recurring operating items8(26)
Operating income6,4894,438
Cost of gross financial debt(750)(674)
Financial income from cash investments13617
Cost of net financial debt (614)(658)
Other financial income and expense27940
Income tax expense(1,737)(1,625)
Net income 4,4172,195
Net income attributable to non-controlling interests157(402)
Net income attributable to owners of the parent 4,2592,597
Basic earnings per share (in €)7.554.56
Diluted earnings per share (in €)7.474.51

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

Consolidated comprehensive income statement for the period

(in € millions)20222021
Net income 4,4172,195
Changes in fair value of cash flow and net investment hedging instruments (*) 514(138)
Hedging costs 11(5)
Tax(**) (110)(50)
Currency translation differences 22527
Share of profit/(loss) of companies accounted for under the equity method, net359115
Other comprehensive income that may be recycled subsequently to net income795449
Actuarial gains and losses on retirement benefit obligations362165
Tax (97)(37)
Share of profit/(loss) of companies accounted for under the equity method, net2-
Other comprehensive income that may not be recycled subsequently to net income266129
Total other comprehensive income recognised directly in equity1,061578
Comprehensive income 5,4782,773
of which attributable to owners of the parent5,3613,046
of which attributable to non-controlling interests 117(274)

(*) Changes in the fair value of cash flow 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. In 2022, those changes consisted of a positive €423 million impact related to cash flow hedges and a positive €90 million impact related to net investment hedges.
(**) Tax effects relating to changes in the fair value of cash flow hedging financial instruments (effective portion) and hedging costs.

Consolidated balance sheet

Assets

(in € millions)31/12/202231/12/2021 (*)
Non-current assets   
Concession intangible assets 28,22425,329
Goodwill 17,36016,099
Other intangible assets 9,0458,421
Property, plant and equipment 10,80510,303
Investments in companies accounted for under the equity method1,014950
Other non-current financial assets 2,5882,450
Derivative financial instruments - non-current assets376575
Deferred tax assets 883767
Total non-current assets 70,29464,894
Current assets   
Inventories and work in progress1,7851,591
Trade and other receivables18,09215,832
Other current assets7,4026,036
Current tax assets259238
Other current financial assets84100
Derivative financial instruments - current assets115291
Cash management financial assets755200
Cash and cash equivalents12,57811,065
Total current assets 41,07035,353
Assets held for sale 627569
Total assets 111,991100,816

(*) Amounts adjusted following the final purchase price allocation for Cobra IS, acquired on 31 December 2021. See Note B.2, “Changes in consolidation scope in previous periods”.

Equity and liabilities

(in € millions)31/12/202231/12/2021 (*)
Equity   
Share capital 1,4731,481
Share premium 12,71912,242
Treasury shares (2,088)(1,973)
Consolidated reserves 9,8729,956
Currency translation reserves (240)(304)
Net income attributable to owners of the parent4,2592,597
Amounts recognised directly in equity(56)(1,117)
Equity attributable to owners of the parent25,93922,881
Equity attributable to non-controlling interests3,4701,889
Total equity 29,40924,771
Non-current liabilities   
Non-current provisions 9611,137
Provisions for employee benefits1,1491,459
Bonds20,42522,212
Other loans and borrowings3,2052,757
Derivative financial instruments - non-current liabilities1,939422
Non-current lease liabilities1,5801,574
Other non-current liabilities894992
Deferred tax liabilities4,1623,225
Total non-current liabilities 34,31633,778
Current liabilities   
Current provisions6,5996,123
Trade payables 13,08812,027
Other current liabilities20,31516,736
Current tax liabilities 607360
Current lease liabilities522524
Derivative financial instruments - current liabilities440513
Current borrowings6,3685,769
Total current liabilities 47,93942,052
Liabilities directly associated with assets held for sale327214
Total equity and liabilities 111,991100,816

(*) Amounts following the final purchase price allocation for Cobra IS, acquired on 31 December 2021. See Note B.2, “Changes in consolidation scope in previous periods”.

Consolidated cash flow statement

(in € millions) 20222021
Consolidated net income for the period (including non-controlling interests) 4,4172,195
Depreciation and amortisation  3,6133,219
Net increase/(decrease) in provisions and impairment -206
Share-based payments (IFRS 2) and other restatements 16284
Gain or loss on disposals  (68)(27)
Change in fair value of financial instruments (236)(54)
Share of profit/(loss) of companies accounted for under the equity method
and dividends received from unconsolidated companies
 (42)(18)
Cost of net financial debt recognised 614658
Capitalised borrowing costs  (29)(47)
Financial expense on leases  4843
Current and deferred tax expense recognised 1,7371,625
Cash flow from operations before tax and financing costs 10,2157,884
Changes in operating working capital requirement and current provisions 3921,579
Income taxes paid (1,603)(1,213)
Net interest paid (563)(557)
Dividends received from companies accounted for under the equity method 92112
Other long-term advances  854 (*)-
Net cash flows (used in)/from operating activitiesI9,3877,806
Purchases of property, plant and equipment and intangible assets (2,621)(1,214)
Proceeds from sales of property, plant and equipment and intangible assets 165137
Operating investments (net of disposals) (2,456)(1,077)
Investments in concession fixed assets (net of grants received) (880)(849)
Financial receivables (PPP contracts and others) 4433
Growth investments in concessions and PPPs (836)(815)
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) (2,131) (**)(5,258) (***)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) 239
Cash and cash equivalents of acquired companies 140 (**)1,322 (***)
Net financial investments (1,967) (**)(3,927) (***)
Other (59)(82)
Net cash flows (used in)/from investing activitiesII (5,318)(5,902)
Share capital increases and decreases and repurchases of other equity instruments 491739
Transactions on treasury shares (1,100)(602)
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) (53)(19)
Dividends paid (1,892)(1,558)
- to shareholders of VINCI SA (1,830)(1,528)
- to non-controlling interests (62)(30)
Proceeds from new long-term borrowings 2,7861,791
Repayments of long-term borrowings (3,653)(2,195)
Repayments of lease liabilities and financial expense on leases  (661)(631)
Change in cash management assets and other current financial debts 1,245(785)
Net cash flows (used in)/from financing activitiesIII (2,836)(3,259)
Other changesIV74117
Change in net cash I+II+III+IV1,306(1,238)
Net cash and cash equivalents at beginning of period  10,18811,426
Net cash and cash equivalents at end of period 11,49510,188

(*) Long- term advances received from the offtaker in respect of Polo Carmópolis in Brazil – see Note H.17.1, “Other intangible assets”.
(**) Including the acquisition of Mexican airport operator OMA. See Note B.1, “Changes in consolidation scope during the period”.
(***) Including the acquisition of ACS’s energy business (Cobra IS). See Note B.2, “Changes in consolidation scope in previous periods”.

Last updated: 09/02/2023