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2019 Annual financial statements

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05/02/2020 Press release Presentation Webcast* Report

Consolidated financial statements

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- Key figures
- Consolidated income statement for the period
- Consolidated comprehensive income statement for the period
- Consolidated balance sheet
- Consolidated cash flow statement
- Reconciliation of key performance indicators with the consolidated cash flow statement

Key figures

(in € millions)20192018
Revenue (*)48,05343,519
Revenue generated in France (*)26,30724,768
% of revenue (*)54.7%56.9%
Revenue generated outside France (*)21,74618,751
% of revenue (*)45.3%43.1%
Operating income from ordinary activities5,7344,997
% of revenue (*)11.9%11.5%
Recurring operating income5,7044,924
Operating income5,6644,920
Net income attributable to owners of the parent3,2602,983
% of revenue (*)6.8%6.9%
Diluted earnings per share (in €)5.825.32
Dividend per share (in €)3.05 (**)2.67
   
Cash flows from operations before tax and financing costs8,497 (***)6,898
Operating investments (net of disposals)(1,249)(986)
Operating cash flow5,2664,156
Growth investments in concessions and PPPs (1,065)(977)
Free cash flow4,2013,179
   
Equity including non-controlling interests23,04219,818
Net financial debt(21,654)(15,554)

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) Dividend proposed to the Shareholders’ General Meeting of 9 April 2020, including an interim dividend of € 0.79 per share paid on 7 November 2019.
(***) Including IFRS 16 impact of €575 million, representing a 14.8% increase excluding the IFRS 16 impact.

 

From 1 January 2019, the Group has applied IFRS 16 “Leases” according to the “simplified retrospective” approach, recognising the cumulative effects of first-time adoption on opening equity at 1 January 2019. As a result, 2018 figures have not been adjusted. The impacts of this first-time adoption are presented in Note A.4 to the consolidated financial statements at 31 December 2019.

 

Consolidated income statement for the period

(in € millions)20192018
Revenue (*)48,05343,519
Concession subsidiaries’ revenue derived from works carried out by non-Group companies699633
Total revenue48,75344,152
Revenue from ancillary activities198202
Operating expenses(43,216)(39,357)
Operating income from ordinary activities5,7344,997
Share-based payments (IFRS 2)(291)(206)
Profit/(loss) of companies accounted for under the equity method21288
Other recurring operating items4845
Recurring operating income5,7044,924
Non-recurring operating items(40)(4)
Operating income5,6644,920
Cost of gross financial debt(592)(491)
Financial income from cash investments4129
Cost of net financial debt(551)(462)
Other financial income and expense(71)17
Income tax expense(1,634)(1,418)
Net income3,4083,057
Net income attributable to non-controlling interests14874
Net income attributable to owners of the parent3,2602,983
Basic earnings per share (in €)5.885.38
Diluted earnings per share (in €)5.825.32

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

 

Consolidated comprehensive income statement for the period

  2019 2018
(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 income3,2601483,4082,983743,057
Changes in fair value of cash flow
and net investment hedging instruments (*)
(214)-(214)(51)-(51)
Hedging costs(8)-(8)3-3
Tax (**)39-39(3)-(3)
Currency translation differences1813421522223
Share in net income of companies accounted for under the
equity method
(84)-(84)18-18
Other comprehensive income that may be
recycled subsequently to net income
(87)34(53)(11)2(10)
Equity instruments(1)-(1)---
Actuarial gains and losses on retirement benefit obligations(293)(20)(313)(46)-(46)
Tax7347715-15
Share in net income of companies accounted for under the
equity method
(2)-(2)(1)-(1)
Other comprehensive income that may not be recycled
subsequently to net income
(222)(17)(239)(31)-(31)
Total other comprehensive income recognised
directly in equity
(309)17(292)(42)2(41)
Comprehensive income2,9511653,1172,940763,016

(*) Including a negative amount of €131 million related to cash flow hedge derivatives and a negative amount of €83 million related to net investment hedge instruments. 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.
(**) 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)31/12/201931/12/2018
Non-current assets  
Concession intangible assets26,86927,118
Goodwill11,6479,792
Other intangible assets 7,410632
Property, plant and equipment 10,1315,359
Investments in companies accounted for under the equity method1,8701,674
Other non-current financial assets1,5251,332
Derivative financial instruments – non-current assets1,051511
Deferred tax assets370317
Total non-current assets60,87346,736
Current assets  
Inventories and work in progress1,4341,173
Trade and other receivables14,52313,584
Other current operating assets5,2525,033
Other current non-operating assets4852
Current tax assets166280
Other current financial assets5337
Derivative financial instruments – current assets210258
Cash management financial assets287245
Cash and cash equivalents8,2577,960
Total current assets 30,22928,621
   
Total assets91,10275,357

 

Equity and liabilities

(in € millions)31/12/201931/12/2018
Equity  
Share capital1,5131,494
Share premium10,87910,339
Treasury shares(3,083)(2,323)
Consolidated reserves 9,2527,767
Currency translation reserves(18)(213)
Net income attributable to owners of the parent3,2602,983
Amounts recognised directly in equity(1,364)(861)
Equity attributable to owners of the parent20,43819,185
Non-controlling interests 2,604633
Total equity 23,04219,818
Non-current liabilities  
Non-current provisions 1,3411,135
Provisions for employee benefits1,9111,519
Bonds23,30016,588
Other loans and borrowings3,0753,023
Derivative financial instruments – non-current liabilities473206
Non-current lease liabilities1,311-
Other non-current liabilities451345
Deferred tax liabilities2,7011,676
Total non-current liabilities34,56324,491
Current liabilities  
Current provisions4,7414,452
Trade payables 8,5148,240
Other current operating liabilities14,17712,862
Other current non-operating liabilities662500
Current tax liabilities 292282
Current lease liabilities494-
Derivative financial instruments – current liabilities39976
Current borrowings4,2174,635
Total current liabilities33,49731,048
   
Total equity and liabilities91,10275,357

 

Consolidated cash flow statement

(in € millions) 20192018
Consolidated net income for the period (including non-controlling interests) 3,4083,057
Depreciation and amortisation 3,0402,242
Net increase/(decrease) in provisions and impairment 90(16)
Share-based payments (IFRS 2) and other restatements 6421
Gain or loss on disposals (67)(88)
Change in fair value of financial instruments (4)(39)
Share of profit or loss of companies accounted for under the equity method and dividends received from
unconsolidated companies
 (218)(104)
Cost of net financial debt recognised 551462
Capitalised borrowing costs (41)(56)
Financial expense on leases 40-
Current and deferred tax expense recognised 1,6341,418
Cash flows from operations before tax and financing costs 8,4976,898
Changes in operating working capital requirement and current provisions 428(266)
Income taxes paid (*) (1,547)(1,222)
Net interest paid (458)(444)
Dividends received from companies accounted for under the equity method 170176
Net cash flows (used in)/from operating activities (*)I7,0905,142
Purchases of property, plant and equipment and intangible assets (1,365)(1,095)
Proceeds from sales of property, plant and equipment and intangible assets 117109
Operating investments (net of disposals) (1,249)(986)
Investments in concession fixed assets (net of grants received) (1,031)(986)
Financial receivables (PPP contracts and others) (34)8
Growth investments in concessions and PPPs (1,065)(977)
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) (**) (3,611)(1,570)
Proceeds from sales of shares in subsidiaries and affiliates 4381
Net financial investments (3,568)(1,489)
Other (90)(165)
Net cash flows (used in)/from investing activitiesII (5,972)(3,617)
Share capital increases and decreases and repurchases of other equity instruments 560469
Transactions on treasury shares (903)(639)
Non-controlling interests in share capital increases and decreases of subsidiaries 394-
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) (21)(25)
Dividends paid (1,772)(1,443)
- to shareholders of VINCI SA (1,504)(1,391)
- to non-controlling interests (267)(53)
Proceeds from new long-term borrowings 4,6264,163
Repayments of long-term borrowings (2,335)(2,707)
Repayments of lease liabilities and financial expense on lease contracts  (575)-
Change in cash management assets and other current financial debts (630)135
Net cash flows (used in)/from financing activitiesIII (656)(48)
Other changesIV102(398)
Change in net cash I+II+III+IV5641,079
Net cash and cash equivalents at beginning of period 6,7825,703
Net cash and cash equivalents at end of period 7,3466,782
Change in cash management assets and other current financial debts 630(135)
(Proceeds from)/repayment of loans  (2,291)(1,456)
Other changes  (5,003)(1,042)
Debts assumed during business combinations (4,757)(792)
Change in net financial debt (6,100)(1,553)
Net financial debt at beginning of period (15,554)(14,001)
Net financial debt at end of period (21,654)(15,554)

(*) Including non-current tax effects in 2018: net inflow of €103 million.
(**) Including, in 2019, the acquisition of London Gatwick airport for €3,080 million. In 2018, acquisitions at VINCI Airports (Belgrade Nikola Tesla airport in Serbia and Airports Worldwide), VINCI Energies (PrimeLine Utility Services and Wah Loon Engineering) and Eurovia (Lane Construction’s Plants & Paving division).

 

Reconciliation of key performance indicators with the consolidated cash flow statement

(in € millions)20192018
Net cash flows (used in)/from operating activities7,0905,142
Operating investments (net of disposals)(1,249)(986)
Repayments of lease liabilities and financial expense on leases (575)-
Operating cash flow5,2664,156
Growth investments in concessions and PPPs(1,065)(977)
Free cash flow4,2013,179
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated)(3,611)(1,570)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated)4381
Net impact of changes in scope including net debt assumed(4,677)(1,149)
Net financial investments(8,245)(2,638)
Other(90)(165)
Total net financial investments(8,335)(2,802)
Last updated: 05/02/2020