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2021 Annual financial statements

Annual financial statements
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04/02/2022 Press release Presentation Webcast Report

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
- Change in net financial debt during the period

 

Consolidated income statement for the period

(in € millions)20212020
Revenue (*)49,39643,234
Concession subsidiaries’ revenue from work carried out by non-Group companies586696
Total revenue49,98243,930
Revenue from ancillary activities248188
Operating expenses(45,507)(41,260)
Operating income from ordinary activities4,7232,859
Share-based payments (IFRS 2)(288)(239)
Profit/(loss) of companies accounted for under the equity method12(146)
Other recurring operating items1738
Recurring operating income4,4642,511
Non-recurring operating items(26)(52)
Operating income4,4382,459
Cost of gross financial debt(674)(609)
Financial income from cash investments1721
Cost of net financial debt(658)(589)
Other financial income and expense40(47)
Income tax expense(1,625)(807)
Net income2,1951,015
Net income attributable to non-controlling interests(402)(226)
Net income attributable to owners of the parent2,5971,242
Basic earnings per share (in €)4.562.23
Diluted earnings per share (in €)4.512.20

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

 

Consolidated comprehensive income statement for the period

(in € millions)20212020
Net income2,1951,015
Changes in fair value of cash flow and net investment hedging instruments (*)(138)130
Hedging costs(5)(22)
Tax (**)(50)46
Currency translation differences527(795)
Share of profit/(loss) of companies accounted for under the equity method, net115(44)
Other comprehensive income that may be recycled subsequently to net income449(684)
Equity instruments-(2)
Actuarial gains and losses on retirement benefit obligations165143
Tax(37)(27)
Share of profit/(loss) of companies accounted for under the equity method, net--
Other comprehensive income that may not be recycled subsequently to net income129114
Total other comprehensive income recognised directly in equity578(570)
Comprehensive income2,773445
of which attributable to owners of the parent3,046757
of which attributable to non-controlling interests(274)(312)

(*) 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 2021, those changes consisted of a positive €186 million impact related to cash flow hedges and a negative €324 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)31/12/202131/12/2020
Non-current assets  
Concession intangible assets25,32925,886
Goodwill16,47211,619
Other intangible assets7,5866,846
Property, plant and equipment10,3039,760
Investments in companies accounted for under the equity method9501,035
Other non-current financial assets2,4502,237
Derivative financial instruments - non-current assets5751,250
Deferred tax assets708493
Total non-current assets64,37359,126
Current assets  
Inventories and work in progress1,5911,428
Trade and other receivables15,55912,493
Other current assets6,0365,719
Current tax assets238266
Other current financial assets10030
Derivative financial instruments - current assets291201
Cash management financial assets200137
Cash and cash equivalents11,06511,765
Total current assets35,08032,039
Assets held for sale569-
Total assets100,02291,165

 

Equity and liabilities

(in € millions)31/12/202131/12/2020 (*)
Equity  
Share capital1,4811,471
Share premium12,24211,527
Treasury shares(1,973)(2,111)
Consolidated reserves9,95610,753
Currency translation reserves(304)(723)
Net income attributable to owners of the parent2,5971,242
Amounts recognised directly in equity(1,117)(1,148)
Equity attributable to owners of the parent22,88121,011
Equity attributable to non-controlling interests1,8892,162
Total equity24,77123,173
Non-current liabilities  
Non-current provisions1,1371,140
Provisions for employee benefits1,4591,535
Bonds22,21223,136
Other loans and borrowings2,7573,548
Derivative financial instruments - non-current liabilities422434
Non-current lease liabilities1,5741,407
Other non-current liabilities918669
Deferred tax liabilities2,9792,655
Total non-current liabilities33,45734,524
Current liabilities  
Current provisions5,9234,973
Trade payables12,0278,876
Other current liabilities16,73614,668
Current tax liabilities360221
Current lease liabilities524501
Derivative financial instruments - current liabilities513319
Current borrowings5,4963,909
Total current liabilities41,57933,468
Liabilities directly associated with assets held for sale214-
Total equity and liabilities100,02291,165

(*) Adjusted as at 1 January 2020 following the IFRS IC’s agenda decision of May 2021 clarifying how to calculate retirement benefit obligations.

 

Consolidated cash flow statement

(in € millions) 20212020
Consolidated net income for the period (including non-controlling interests) 2,1951,015
Depreciation and amortisation 3,2193,171
Net increase/(decrease) in provisions and impairment 206218
Share-based payments (IFRS 2) and other restatements 8489
Gain or loss on disposals (27)(147)
Change in fair value of financial instruments (54)33
Share of profit/(loss) of companies accounted for under the equity method
and dividends received from unconsolidated companies
 (18)142
Cost of net financial debt recognised 658589
Capitalised borrowing costs (47)(40)
Financial expense on leases 4342
Current and deferred tax expense recognised 1,625807
Cash flow from operations before tax and financing costs 7,8845,919
Changes in operating working capital requirement and current provisions 1,5792,330
Income taxes paid (1,213)(1,054)
Net interest paid (557)(590)
Dividends received from companies accounted for under the equity method 11271
Net cash flows (used in)/from operating activitiesI7,8066,675
Purchases of property, plant and equipment and intangible assets (1,214)(1,117)
Proceeds from sales of property, plant and equipment and intangible assets 137124
Operating investments (net of disposals) (1,077)(994)
Investments in concession fixed assets (net of grants received) (849)(1,043)
Financial receivables (PPP contracts and others) 33(42)
Growth investments (concessions and PPPs) (815)(1,085)
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) (5,258) (*)(302)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) 925
Cash and cash equivalents of acquired companies 1,322 (*)35
Net financial investments (3,927) (*)(242)
Other (82)(85)
Net cash flows (used in)/from investing activitiesII(5,902)(2,406)
Share capital increases and decreases and repurchases of other equity instruments 739669
Transactions on treasury shares (602)(336)
Non-controlling interests in share capital increases and decreases of subsidiaries -(1)
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) (19)(20)
Dividends paid (1,558)(721)(**)
- to shareholders of VINCI SA (1,528)(694)
- to non-controlling interests (30)(27)
Proceeds from new long-term borrowings 1,7912,349
Repayments of long-term borrowings (2,195)(2,136)
Repayments of lease liabilities and financial expense on leases (631)(607)
Change in cash management assets and other current financial debts (785)760
Net cash flows (used in)/from financing activitiesIII(3,259)(42)
Other changesIV117(147)
Change in net cashI+II+III+IV(1,238)4,080
Net cash and cash equivalents at beginning of period 11,4267,346
Net cash and cash equivalents at end of period 10,18811,426

(*) Including the acquisition of ACS’s energy business (Cobra IS).
(**) Including dividends paid in shares for €422 million.

 

Change in net financial debt during the period

(in € millions)20212020
Net financial debt at beginning of period(17,989)(21,654)
Change in net cash(1,238)4,080
Change in cash management assets and other current financial debts785(760)
(Proceeds from)/repayment of loans404(213)
Other changes(1,228)558
Of which (debts)/surpluses transferred during business combinations (*)(634)(43)
Change in net financial debt(1,276)3,665
Net financial debt at end of period(19,266)(17,989)

(*) Including the acquisition of ACS’s energy business (Cobra IS).

Last updated: 04/02/2022