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2020 Annual financial statements

Annual financial statements
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05/02/2021 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

Consolidated income statement for the period
(in € millions)20202019
Revenue (*)43,23448,053
Concession subsidiaries’ revenue derived from works carried out by non-Group companies696699
Total revenue43,93048,753
Revenue from ancillary activities188198
Operating expenses(41,260)(43,216)
Operating income from ordinary activities2,8595,734
Share-based payments (IFRS 2)(239)(291)
Profit/(loss) of companies accounted for under the equity method(146)212
Other recurring operating items3848
Recurring operating income2,5115,704
Non-recurring operating items(52)(40)
Operating income2,4595,664
Cost of gross financial debt(609)(592)
Financial income from cash investments2141
Cost of net financial debt(589)(551)
Other financial income and expense(47)(71)
Income tax expense(807)(1,634)
Net income1,0153,408
Net income attributable to non-controlling interests(226)148
Net income attributable to owners of the parent1,2423,260
Basic earnings per share (in €)2.235.88
Diluted earnings per share (in €)2.205.82

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

 

Consolidated comprehensive income statement for the period

Consolidated comprehensive income statement for the period
(in € millions)20202019
Net income1,0153,408
Changes in fair value of cash flow
and net investment hedging instruments (*)
130(214)
Hedging costs(22)(8)
Tax (**)4639
Currency translation differences(795)215
Share of profit/(loss) of companies accounted for under the equity method, net(44)(84)
Other comprehensive income that may be
recycled subsequently to net income
(684)(53)
Equity instruments(2)(1)
Actuarial gains and losses on retirement benefit obligations143(313)
Tax(27)77
Share of profit/(loss) of companies accounted for under the equity method, net-(2)
Other comprehensive income that may not be recycled subsequently to net income114(239)
Total other comprehensive income recognised
directly in equity
(570)(292)
Comprehensive income4453,117
of which attributable to owners of the parent7572,951
of which attributable to non-controlling interests(312)165

(*) 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 2020, those changes consisted of a negative €165 million impact related to cash flow hedges and a positive €295 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

Consolidated balance sheet - Assets
(in € millions)31/12/202031/12/2019 (*)
Non-current assets  
Concession intangible assets25,88626,869
Goodwill11,61911,647
Other intangible assets6,8467,410
Property, plant and equipment9,76010,189 (*)
Investments in companies accounted for under the equity method1,0351,870
Other non-current financial assets2,2371,525
Derivative financial instruments – non-current assets1,2501,051
Deferred tax assets493370
Total non-current assets59,12660,931
Current assets  
Inventories and work in progress1,4281,434
Trade and other receivables12,49314,523
Other current assets5,7195,300
Current tax assets266166
Other current financial assets3053
Derivative financial instruments – current assets201210
Cash management financial assets137287
Cash and cash equivalents11,7658,257
Total current assets32,03930,229
   
Total assets91,16591,159

(*) Adjusted for the application of the IFRS IC interpretation published on 16 December 2019 clarifying the assessment of the non-cancellable period of a lease with retroactive effect from 1 January 2019.

 

Equity and liabilities

Consolidated balance sheet - Equity and liabilities
(in € millions)31/12/202031/12/2019 (*)
Equity  
Share capital1,4711,513
Share premium11,52710,879
Treasury shares(2,111)(3,083)
Consolidated reserves10,6059,252
Currency translation reserves(723)(18)
Net income attributable to owners of the parent1,2423,260
Amounts recognised directly in equity(1,148)(1,364)
Equity attributable to owners of the parent20,86320,438
Equity attributable to non-controlling interests2,1612,604
Total equity23,02423,042
Non-current liabilities  
Non-current provisions1,1401,341
Provisions for employee benefits1,7331,911
Bonds23,13623,300
Other loans and borrowings3,5483,075
Derivative financial instruments – non-current liabilities434473
Non-current lease liabilities1,4071,358 (*)
Other non-current liabilities669451
Deferred tax liabilities2,6062,701
Total non-current liabilities34,67334,610
Current liabilities  
Current provisions4,9734,741
Trade payables8,8768,514
Other current liabilities14,66814,839
Current tax liabilities221292
Current lease liabilities501504 (*)
Derivative financial instruments – current liabilities319399
Current borrowings3,9094,217
Total current liabilities33,46833,507
   
Total equity and liabilities91,16591,159

(*) Adjusted for the application of the IFRS IC interpretation published on 16 December 2019 clarifying the assessment of the non-cancellable period of a lease with retroactive effect from 1 January 2019.

 

Consolidated cash flow statement

Consolidated cash flow statement
(in € millions) 20202019
Consolidated net income for the period (including non-controlling interests) 1,0153,408
Depreciation and amortisation 3,1713,040
Net increase/(decrease) in provisions and impairment 21890
Share-based payments (IFRS 2) and other restatements 8964
Gain or loss on disposals (147)(67)
Change in fair value of financial instruments 33(4)
Share of profit/(loss) of companies accounted for under the equity method
and dividends received from unconsolidated companies
 142(218)
Cost of net financial debt recognised 589551
Capitalised borrowing costs (40)(41)
Financial expense on leases 4240
Current and deferred tax expense recognised 8071,634
Cash flows from operations before tax and financing costs 5,9198,497
Changes in operating working capital requirement and current provisions 2,330428
Income taxes paid (1,054)(1,547)
Net interest paid (590)(458)
Dividends received from companies accounted for under the equity method 71170
Net cash flows (used in)/from operating activitiesI6,6757,090
Purchases of property, plant and equipment and intangible assets (1,117)(1,365)
Proceeds from sales of property, plant and equipment and intangible assets 124117
Operating investments (net of disposals) (994)(1,249)
Investments in concession fixed assets (net of grants received) (1,043)(1,031)
Financial receivables (PPP contracts and others) (42)(34)
Growth investments in concessions and PPPs (1,085)(1,065)
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) (302)(3,611) (*)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) 2543
Net financial investments (277)(3,568)
Other (85)(90)
Net cash flows (used in)/from investing activitiesII(2,442)(5,972)
Share capital increases and decreases and repurchases of other equity instruments 669560
Transactions on treasury shares (336)(903)
Non-controlling interests in share capital increases and decreases of subsidiaries (1)394 (*)
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) (20)(21)
Dividends paid (721) (**)(1,772)
- to shareholders of VINCI SA (694)(1,504)
- to non-controlling interests (27)(267)
Proceeds from new long-term borrowings 2,3494,626
Repayments of long-term borrowings (2,136)(2,335)
Repayments of lease liabilities and financial expense on leases (607)(575)
Change in cash management assets and other current financial debts 760(630)
Net cash flows (used in)/from financing activitiesIII(42)(656)
Other changesIV(112)102
Change in net cashI+II+III+IV4,080564
Net cash and cash equivalents at beginning of period 7,3466,782
Net cash and cash equivalents at end of period 11,4267,346

(*) Including the acquisition of London Gatwick Airport, completed on 13 May 2019.
(**) Including dividends paid in shares (€422 million).

 

Change in net financial debt during the period

Change in net financial debt during the period
(in € millions)20202019
Net financial debt at beginning of period(21,654)(15,554)
Change in net cash4,080564
Change in cash management assets and other current financial debts(760)630
(Proceeds from)/repayment of loans(213)(2,291)
Other changes558(5,003)
Of which debts assumed during business combinations (*)(43)(4,757)
Change in net financial debt3,665(6,100)
Net financial debt at end of period(17,989)(21,654)

(*) Including the acquisition of London Gatwick Airport, completed on 13 May 2019.

Last updated: 05/02/2021