Results

2016 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)20162015
Revenue (*)38,07338,518
Revenue generated in France (*)22,41822,414
% of revenue (*)58.9 %58.2 %
Revenue generated outside France (*)15,65416,104
% of revenue (*)41.1 %41.8 %
Operating income from ordinary activities4,1743,758
% of revenue (*)11.0 %9.8 %
Recurring operating income4,1673,788
Operating income4,1183,715
Net income attributable to owners of the parent
including non-recurring changes in deferred tax (**)
2,5052,046
% of revenue (*)6.6 %5.3 %
Diluted earnings per share
including non-recurring changes in deferred tax (in €) (**)
4.483.66
Net income attributable to owners of the parent
excluding non-recurring changes in deferred tax (**)
2,3762,046
Diluted earnings per share
excluding non-recurring changes in deferred tax (in €) (**)
4.243.66
Dividend per share (in €)2.10 (***)1.84
   
Cash flows from operations before tax and financing costs5,9665,664
Operating investments (net of disposals)(558)(624)
Growth investments in concessions and PPPs(839)(903)
Free cash flow (after investments)2,9482,995
   
Equity including non-controlling interests17,00615,256
Net financial debt(13,938)(12,436)

(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.
(**) The Group’s deferred tax at 31 December 2016 has been revalued mainly following the adoption of the 2017 Finance Act in France, which provides for a reduction in the corporate income tax rate from 33.33% to 28% for all companies from 2020.
The impact on net income attributable to owners of the parent is €129 million (€0.23 per share).
(***) Dividend proposed to the Shareholders' General Meeting of 20 April 2017, including an interim dividend of €0.63 per share paid on 10 November 2016.

 

Consolidated income statement for the period

(in € millions)20162015
Revenue (*)38,07338,518
Concession subsidiaries’ revenue derived from works carried out
by non-Group companies
475643
Total revenue38,54739,161
Revenue from ancillary activities130160
Operating expenses(34,503)(35,563)
Operating income from ordinary activities4,1743,758
Share-based payments (IFRS 2)(118)(95)
Profit/(loss) of companies accounted for under the equity method6989
Other recurring operating items4236
Recurring operating income4,1673,788
Non-recurring operating items(49)(73)
Operating income4,1183,715
Cost of gross financial debt(551)(600)
Financial income from cash investments2643
Cost of net financial debt(526)(557)
Other financial income and expense(35)(24)
Income tax expense(1,013)(1,055)
Of which impact of non-recurring changes in deferred tax (**)129-
Net income2,5452,079
Net income attributable to non-controlling interests3934
Net income attributable to owners of the parent2,5052,046
Basic earnings per share (in €)   (**)4.523.69
Diluted earnings per share (in €)   (**)4.483.66
   
   
   
Net income attributable to owners of the parent
excluding non-recurring changes in deferred tax (**)
2,3762,046
Diluted earnings per share
excluding non-recurring changes in deferred tax (in €)   (**)
4.243.66

(*) Excluding concession subsidiaries' revenue derived from works carried out by non-Group companies.
(**)The Group’s deferred tax at 31 December 2016 has been revalued mainly following the adoption of the 2017 Finance Act in France, which provides for a reduction in the corporate income tax rate from 33.33% to 28% for all companies from 2020. The impact on net income attributable to owners of the parent is €129 million (€0.23 per share).

 

Consolidated comprehensive income statement for the period

  2016 2015



(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 income2,505392,5452,046342,079
Changes in fair value of cash flow and
net investment hedging instruments (*)
33-3371-71
Currency translation differences5245632436
Tax (**)(12)-(12)(26)-(26)
Share in net income of companies accounted
for under the equity method
26-2660-60
Other comprehensive income that may be recycled
subsequently to net income
9941031374140
Actuarial gains and losses on retirement benefit obligations(149)-(149)(105)-(105)
Tax31-3125-25
Other comprehensive income that may not be recycled
subsequently to net income
(118)-(118)(80)-(80)
Total other comprehensive income recognised
directly in equity
(19)4(15)57360
Total comprehensive income2,486432,5292,102372,139

(*) 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)31/12/201631/12/2015
Non-current assets  
Concession intangible assets26,69123,915
Goodwill8,1137,296
Other intangible assets 409387
Property, plant and equipment 4,4684,241
Investments in companies accounted for under the equity method1,5051,404
Other non-current financial assets881942
Derivative financial instruments - non-current assets 721803
Deferred tax assets228278
Total non-current assets43,01639,267
Current assets  
Inventories and work in progress935964
Trade and other receivables11,42210,696
Other current operating assets5,0994,635
Other current non-operating assets5530
Current tax assets167365
Other current financial assets3527
Derivative financial instruments - current assets 370364
Cash management financial assets154166
Cash and cash equivalents6,6785,632
Total current assets24,91522,880
   
Total assets67,93162,147

Equity and liabilities

(in € millions)31/12/201631/12/2015
Equity  
Share capital1,4731,471
Share premium9,4639,044
Treasury shares(1,581)(1,534)
Consolidated reserves 5,5495,024
Currency translation reserves8831
Net income attributable to owners of the parent2,5052,046
Amounts recognised directly in equity(1,032)(962)
Equity attributable to owners of the parent16,46515,119
Non-controlling interests 541137
Total equity 17,00615,256
Non-current liabilities  
Non-current provisions 945949
Provisions for employee benefits1,6531,515
Bonds12,49611,147
Other loans and borrowings3,7693,854
Derivative financial instruments - non-current liabilities203224
Other non-current liabilities135129
Deferred tax liabilities1,9101,656
Total non-current liabilities21,11019,474
Current liabilities  
Current provisions4,1724,053
Trade payables 7,7407,590
Other current operating liabilities11,83810,884
Other current non-operating liabilities480360
Current tax liabilities 190351
Derivative financial instruments - current liabilities166193
Current borrowings5,2293,986
Total current liabilities29,81527,417
   
Total equity and liabilities67,93162,147

 

Consolidated cash flow statement

(in € millions) 20162015
Consolidated net income for the period (including non-controlling interests) 2,5452,079
Depreciation and amortisation 2,0032,033
Net increase/(decrease) in provisions and impairment 5261
Share-based payments (IFRS 2) and other restatements 154
Gain or loss on disposals (80)(3)
Change in fair value of financial instruments 6-
Share of profit or loss of companies accounted for under the equity method and
dividends received from unconsolidated companies
 (76)(98)
Capitalised borrowing costs (36)(23)
Cost of net financial debt recognised 526557
Current and deferred tax expense recognised 1,0131,055
Cash flows from operations before tax and financing costs 5,9665,664
Changes in operating working capital requirement and current provisions 23307
Income taxes paid (1,213)(1,041)
Net interest paid (525)(534)
Dividends received from companies accounted for under the equity method 94125
Cash flows (used in)/from operating activitiesI4,3464,522
Purchases of property, plant and equipment and intangible assets (706)(749)
Proceeds from sales of property, plant and equipment and intangible assets 148125
Operating investments (net of disposals) (558)(624)
Operating cash flow 3,7873,898
Investments in concession fixed assets (net of grants received) (824)(886)
Financial receivables (PPP contracts and others) (15)(16)
Growth investments in concessions and PPPs (839)(903)
Free cash flow (after investments) 2,9482,995
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) (1) (2,579)(403)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) (2) 17218
Net effect of changes in scope of consolidation (1,039)(70)
Net financial investments (3,446)(456)
Other 6744
Net cash flows (used in)/from investing activitiesII (4,777)(1,938)
Share capital increases and decreases and repurchases of other equity instruments (3) 440(64)
Transactions on treasury shares (562)(688)
Non-controlling interests in share capital increases and decreases of subsidiaries 197-
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) (7)(27)
Dividends paid (1,084)(1,044)
- to shareholders of VINCI SA (4) (1,052)(1,019)
- to non-controlling interests (32)(25)
Proceeds from new long-term borrowings 2,458129
Repayments of long-term borrowings (2,107)(1,418)
Change in cash management assets and other current financial debts 4843
Net cash flows (used in)/from financing activitiesIII (182)(3,109)
Other changes (5)IV1,164112
Change in net cash I+II+III+IV551(413)
Net cash and cash equivalents at beginning of period 5,0775,491
Net cash and cash equivalents at end of period 5,6285,077
Change in cash management assets and other current financial debts (484)(3)
(Proceeds from)/repayment of loans  (350)1,289
Other changes (5) (1,219)(28)
Change in net financial debt (1,502)845
Net financial debt at beginning of period (12,436)(13,281)
Net financial debt at end of period (13,938)(12,436)

(1) Including in 2016, the acquisitions of Lamsac, Aerodom, Aéroports de Lyon and J&P Richardson for €1,273 million, €411 million, €535 million and €62 million respectively, along with funding provided to companies operating concessions at Kansai airport (€149 million) and Santiago de Chile airport (€13 million).
In 2015, acquisitions of Orteng Engenharia e Sistemas for €87 million, HEB Construction for €43 million and a 20% stake in Constructora Conconcreto for €81 million.
(2) Including the residual stake in Infra Foch Topco, sold in September 2016.
(3) Including in 2015 capital increases totalling €436 million and the early redemption of perpetual subordinated bonds for €500 million.
(4) Including in 2015 interest payments on the perpetual subordinated bonds for €30 million.
(5) Including the debts of companies integrated during the year (particularly Lamsac, Aerodom, Aéroports de Lyon and J&P Richardson) on their respective acquisition dates.