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Investors    >    Results    >    2017 Annual financial statements

2017 Annual 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)20172016
Revenue (*)40,24838,073
Revenue generated in France (*)23,68022,418
% of revenue (*)58.8 %58.9%
Revenue generated outside France (*)16,56815,654
% of revenue (*)41.2 %41.1%
Operating income from ordinary activities4,6074,174
% of revenue (*)11.4 %11.0%
Recurring operating income4,5924,167
Operating income4,5504,118
Net income attributable to owners of the parent2,7472,505
% of revenue (*)6.8 %6.6%
Diluted earnings per share (in €)4.914.48
Net income attributable to owners of the parent excluding non-recurring tax effects (**) 2,7372,376
Diluted earnings per share excluding non-recurring tax effects (in €) (**)4.894.24
Dividend per share (in €)2.45 (***)2.10
   
Cash flows from operations before tax and financing costs6,5005,966
Operating investments (net of disposals)(745)(558)
Growth investments in concessions and PPPs(1,010)(839)
Free cash flow (after investments and excluding non-recurring tax effects) (**) 2,7252,948
   
Equity including non-controlling interests18,38317,006
Net financial debt(14,001)(13,938)

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) In 2017, net non-recurring tax effects on net income attributable to owners of the parent was limited (positive impact of €10 million).
Those effects resulted from the following tax measures adopted in France’s 2018 Finance Act and 2017 Amended Finance Act:
the surtax equal to 30% of corporate income tax, the annulment of the 3% dividend tax and the gradual decrease in the corporate income tax rate
in France from 33.33% to 25% in 2022, leading to a revaluation of the Group’s deferred tax. In 2016, the revaluation of the Group’s deferred tax
after the adoption of the 2017 Finance Act had a positive effect of €129 million on the net income attributable to owners of the parent.
Non-recurring tax effects had a €200 million negative impact on 2017 free cash flow.
(***) Dividend proposed to the Shareholders’ General Meeting of 17 April 2018, including an interim dividend of €0.69 per share paid on 9 November 2017.

 

Consolidated income statement for the period

(in € millions)20172016
Revenue (*)40,24838,073
Concession subsidiaries’ revenue derived from works carried out by non-Group companies629475
Total revenue40,87638,547
Revenue from ancillary activities200130
Operating expenses(36,468)(34,503)
Operating income from ordinary activities4,6074,174
Share-based payments (IFRS 2)(163)(118)
Profit/(loss) of companies accounted for under the equity method14669
Other recurring operating items-42
Recurring operating income4,5924,167
Non-recurring operating items(41)(49)
Operating income4,5504,118
Cost of gross financial debt(537)(551)
Financial income from cash investments5626
Cost of net financial debt(481)(526)
Other financial income and expense40(35)
Income tax expense(1,271)(1,013)
of which non-recurring tax effects (**)44129
Net income2,8372,545
Net income attributable to non-controlling interests9039
Net income attributable to owners of the parent (**)2,7472,505
Basic earnings per share (in €) (**)4.954.52
Diluted earnings per share (in €) (**)4.914.48

 

 

Net income attributable to owners of the parent excluding non-recurring tax effects (**)2,7372,376
Diluted earnings per share excluding non-recurring tax effects (in €) (**)4.894.24

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) In 2017, the net impact of non-recurring tax effects was limited: a €44 million positive effect on the consolidated tax charge and a €10 million
positive impact on net income attributable to owners of the parent. That impact resulted from the following tax measures adopted in France’s 2018 Finance Act
and 2017 Amended Finance Act: the surtax equal to 30% of corporate income tax, the annulment of the 3% dividend tax and the gradual decrease
in the corporate income tax rate in France from 33.33% to 25% in 2022, leading to a revaluation of the Group’s deferred tax.
In 2016, the revaluation of the Group’s deferred tax after the adoption of the 2017 Finance Act had a positive effect of €129 million
on the net income attributable to owners of the parent.

 

Consolidated comprehensive income statement for the period

  2017 2016
(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 income2,747902,8372,505392,545
Changes in fair value of cash flow and net investment hedging
instruments (*)
137113733-33
Tax (**)(47)-(47)(12)-(12)
Share in net income of companies accounted for under the
equity method
57-5726-26
Currency translation differences(335)(11)(346)52456
Other comprehensive income that may be recycled
subsequently to net income
(188)(11)(199)994103
Actuarial gains and losses on retirement benefit obligations1371138(149)-(149)
Tax(31)-(31)31-31
Share in net income of companies accounted for under the
equity method
(1)-(1)---
Other comprehensive income that may not be recycled
subsequently to net income
1051106(118)-(118)
Total other comprehensive income recognised
directly in equity
(83)(10)(93)(19)4(15)
Total comprehensive income2,664802,7442,486432,529

(*) 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).

 

Consolidated balance sheet

Assets

(in € millions)31/12/201731/12/2016
Non-current assets  
Concession intangible assets26,53926,691
Goodwill8,6008,113
Other intangible assets 417409
Property, plant and equipment 4,4214,468
Investments in companies accounted for under the equity method1,5731,505
Other non-current financial assets1,102881
Derivative financial instruments – non-current assets 621721
Deferred tax assets255228
Total non-current assets43,52743,016
Current assets  
Inventories and work in progress1,056935
Trade and other receivables12,43211,422
Other current operating assets5,0355,099
Other current non-operating assets5855
Current tax assets406167
Other current financial assets3835
Derivative financial instruments – current assets 261370
Cash management financial assets184154
Cash and cash equivalents6,8076,678
Total current assets26,27624,915
   
Total assets69,80367,931

Equity and liabilities

(in € millions)31/12/201731/12/2016
Equity  
Share capital1,4781,473
Share premium9,8869,463
Treasury shares(1,751)(1,581)
Consolidated reserves 6,5095,549
Currency translation reserves(276)88
Net income attributable to owners of the parent2,7472,505
Amounts recognised directly in equity(782)(1,032)
Equity attributable to owners of the parent17,81216,465
Non-controlling interests 572541
Total equity 18,38317,006
Non-current liabilities  
Non-current provisions 1,053945
Provisions for employee benefits1,4811,653
Bonds14,13012,496
Other loans and borrowings2,5123,769
Derivative financial instruments - non-current liabilities288203
Other non-current liabilities192135
Deferred tax liabilities1,7351,910
Total non-current liabilities21,39121,110
Current liabilities  
Current provisions4,3224,172
Trade payables 8,1987,740
Other current operating liabilities11,85211,838
Other current non-operating liabilities487480
Current tax liabilities 225190
Derivative financial instruments - current liabilities114166
Current borrowings4,8305,229
Total current liabilities30,02929,815
   
Total equity and liabilities69,80367,931

 

Consolidated cash flow statement

(in € millions) 20172016
Consolidated net income for the period (including non-controlling interests) 2,8372,545
Depreciation and amortisation 2,1282,003
Net increase/(decrease) in provisions and impairment (4)52
Share-based payments (IFRS 2) and other restatements 5315
Gain or loss on disposals (44)(80)
Change in fair value of financial instruments 156
Share of profit or loss of companies accounted for under the equity method and dividends received from
unconsolidated companies
 (152)(76)
Capitalised borrowing costs (86)(36)
Cost of net financial debt recognised 481526
Current and deferred tax expense recognised 1,2711,013
Cash flows from operations before tax and financing costs 6,5005,966
Changes in operating working capital requirement and current provisions (286)23
Income taxes paid (1)  (1,647)(1,213)
Net interest paid (470)(525)
Dividends received from companies accounted for under the equity method 18494
Cash flows (used in)/from operating activities (1) I4,2804,346
Purchases of property, plant and equipment and intangible assets (865)(706)
Proceeds from sales of property, plant and equipment and intangible assets 120148
Operating investments (net of disposals) (745)(558)
Operating cash flow (1)  3,5353,787
Investments in concession fixed assets (net of grants received) (1,055)(824)
Financial receivables (PPP contracts and others) 45(15)
Growth investments in concessions and PPPs (1,010)(839)
Free cash flow (after investments) (1)  2,5252,948
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) (946)(2,579)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) (2) 16172
Net effect of changes in scope of consolidation (7)(1,039)
Net financial investments (3) (937)(3,446)
Other (4) (355)67
Net cash flows (used in)/from investing activitiesII (3,046)(4,777)
Share capital increases and decreases and repurchases of other equity instruments 443440
Transactions on treasury shares (647)(562)
Non-controlling interests in share capital increases and decreases of subsidiaries 1197
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) (22)(7)
Dividends paid (1,248)(1,084)
- to shareholders of VINCI SA (1,197)(1,052)
- to non-controlling interests (51)(32)
Proceeds from new long-term borrowings 4,1122,458
Repayments of long-term borrowings (3,258)(2,107)
Change in cash management assets and other current financial debts (581)484
Net cash flows (used in)/from financing activitiesIII (1,200)(182)
Other changes (5)IV421,164
Change in net cash I+II+III+IV75551
Net cash and cash equivalents at beginning of period 5,6285,077
Net cash and cash equivalents at end of period 5,7035,628
Change in cash management assets and other current financial debts 581(484)
(Proceeds from)/repayment of loans  (855)(350)
Other changes (5) 136(1,219)
Change in net financial debt (63)(1,502)
Net financial debt at beginning of period (13,938)(12,436)
Net financial debt at end of period (14,001)(13,938)

(1) Including in 2017, a net outflow of €200 million resulting from non-recurring tax effects.
(2) Including in 2016, the residual stake in Infra Foch Topco (ex-VINCI Park), sold in September 2016.
(3) Including in 2017, the investment realised in the concession for Salvador de Bahia Airport in Brazil for €216 million,
and approximately 30 acquisitions by VINCI Energies for €551 million. Including in 2016 the acquisitions of Lamsac, Aerodom and Aéroports de Lyon for €1,273 million,
€411 million and €535 million respectively, along with funding provided to the company holding the concessions for Kansai airports (€149 million).
(4) Including in 2017, a €256 million shareholder loan granted to LISEA.
(5) Including the debts of companies integrated during the year on their respective acquisition dates.