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2016 Interim financial statements

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Consolidated half-year 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)First half 2016First half 2015Change first half
2016/2015
Full year 2015
Revenue (*) 17,61917,880-1.5%38,518
Revenue generated in France (*)10,34810,621-2.6%22,414
% of revenue (*)58.7%59.4% 58.2%
Revenue generated outside France (*)7,2717,2590.2%16,104
% of revenue (*)41.3%40.6% 41.8%
Operating income from ordinary activities1,7201,54011.7%3,758
% of revenue (*)9.8%8.6% 9.8%
Recurring operating income1,7021,5867.3%3,788
Operating income1,7061,5778.2%3,715
Net income attributable to owners of the parent92081912.4%2,046
Diluted earnings per share (in €)1.651.4712.1%3.66
Dividend per share (in €)0.63 (**)0.5710.5%1.84
Cash flow from operations before tax and financing costs2,6062,4715.5%5,664
Operating investments (net of disposals)(299)(273)9.5%(624)
Growth investments in concessions and PPPs(435)(396)9.8%(903)
Free cash flow (after investments)(38)247-115%2,995
Equity including non-controlling interests15,18014,88929115,256
Net financial debt(14,390)(13,875)(515)(12,436)

(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(**) Interim dividend to be paid on 10 November 2016.

 

Consolidated income statement for the period

(in € millions)First half 2016First half 2015Full year 2015
Revenue (*)17,61917,88038,518
Concession subsidiaries’ revenue derived from works carried out by non-Group companies183252643
Total revenue17,80218,13239,161
Revenue from ancillary activities7486160
Operating expenses(16,156)(16,678)(35,563)
Operating income from ordinary activities1,7201,5403,758
Share-based payments (IFRS 2)(43)(36)(95)
Profit/(loss) of companies accounted for under the equity method24989
Other recurring operating items233336
Recurring operating income1,7021,5863,788
Non-recurring operating items5(9)(73)
Operating income1,7061,5773,715
Cost of gross financial debt(277)(303)(600)
Financial income from cash investments152643
Cost of net financial debt(262)(277)(557)
Other financial income and expense(21)(4)(24)
Income tax expense(483)(462)(1,055)
Net income9408342,079
Net income attributable to non-controlling interests201634
Net income attributable to owners of the parent9208192,046
    
Earnings per share attributable to owners of the parent   
Basic earnings per share (in €) 1.661.483.69
Diluted earnings per share (in €) 1.651.473.66

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

 

Consolidated comprehensive income statement for the period

  First half 2016 First half 2015 Full year 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
TotalAttributable
to owners of
the parent
Attributable
to non-
controlling
interests
Total
Net income92020940819168342,046342,079
Changes in fair value of cash flow hedging
instruments (*)
(1)-(1)45-4571-71
Currency translation differences1(1)-9359832436
Tax (**)---(15)-(15)(26)-(26)
Share in net income of companies accounted
for under the equity method
(30)-(30)66-6660-60
Other comprehensive income that may be
recycled subsequently to net income
(29)(1)(30)18851931374140
Actuarial gains and losses on retirement
benefit obligations
(126)-(126)(207)-(207)(105)-(105)
Tax32-3251-5125-25
Share in net income of companies accounted
for under the equity method
---------
Other comprehensive income that may
not be recycled subsequently to net income
(93)-(93)(156)-(156)(80)-(80)
Total other comprehensive income
recognised directly in equity
(122)(1)(123)3253757360
Total comprehensive income79819817851208712,102372,139

(*) 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)30/06/201630/06/201531/12/2015
Non-current assets   
Concession intangible assets24,31523,89223,915
Goodwill7,6447,1707,296
Other intangible assets 389401387
Property, plant and equipment 4,3134,2254,241
Investments in companies accounted for under the equity method1,4571,3401,404
Other non-current financial assets875988942
Derivative financial instruments – non-current assets 877809803
Deferred tax assets313307278
Total non-current assets40,18339,13239,267
Current assets   
Inventories and work in progress1,029973964
Trade and other receivables10,83511,12710,696
Other current operating assets4,7724,6854,635
Other current non-operating assets324030
Current tax assets125206365
Other current financial assets293027
Derivative financial instruments – current assets 337322364
Cash management financial assets166186166
Cash and cash equivalents4,3585,2075,632
Total current assets21,68322,77722,880
Assets held for sale197--
Total assets62,06261,90962,147

 

Equity and liabilities

(in € millions)30/06/201630/06/201531/12/2015
Equity   
Share capital1,4871,4951,471
Share premium9,3518,9519,044
Treasury shares(1,874)(1,938)(1,534)
Other equity instruments-466-
Consolidated reserves 6,2085,9175,024
Currency translation reserves549631
Net income attributable to owners of the parent9208192,046
Amounts recognised directly in equity(1,107)(1,053)(962)
Equity attributable to owners of the parent15,03914,75215,119
Non-controlling interests 141137137
Total equity 15,18014,88915,256
Non-current liabilities   
Non-current provisions 1,069887949
Provisions for employee benefits1,6311,6341,515
Bonds11,11511,65311,147
Other loans and borrowings3,5394,4293,854
Derivative financial instruments – non-current liabilities171235224
Other non-current liabilities139145129
Deferred tax liabilities1,7341,6701,656
Total non-current liabilities19,39920,65219,474
Current liabilities   
Current provisions3,9863,7674,053
Trade payables 7,1217,3487,590
Other current operating liabilities10,56510,71610,884
Other current non-operating liabilities319278360
Current tax liabilities 189174351
Derivative financial instruments – current liabilities184195193
Current borrowings5,1203,8893,986
Total current liabilities27,48326,36727,417
Liabilities held for sale---
Total equity and liabilities62,06261,90962,147

 

Consolidated cash flow statement

(in € millions) First half 2016First half 2015Full year 2015
Consolidated net income for the period (including non-controlling interests) 9408342,079
Depreciation and amortisation 9871,0412,033
Net increase/(decrease) in provisions and impairment 2(37)61
Share-based payments (IFRS 2) and other restatements (33)(38)4
Gain or loss on disposals (20)13(3)
Change in fair value of financial instruments 10(17)-
Share of profit or loss of companies accounted for under the equity method
and dividends received from unconsolidated companies
 (7)(55)(98)
Capitalised borrowing costs (18)(11)(23)
Cost of net financial debt recognised 262277557
Current and deferred tax expense recognised 4834621,055
Cash flow from operations before tax and financing costs 2,6062,4715,664
Changes in operating working capital requirement and current provisions (1,137)(831)307
Income taxes paid (495)(465)(1,041)
Net interest paid (331)(331)(534)
Dividends received from companies accounted for under the equity method 5473125
Cash flows (used in)/from operating activitiesI6979174,522
Purchases of property, plant and equipment and intangible assets (350)(327)(749)
Proceeds from sales of property, plant and equipment and intangible assets 5154125
Operating investments (net of disposals) (299)(273)(624)
Operating cash flow 3986433,898
Investments in concession fixed assets (net of grants received) (421)(361)(886)
Financial receivables (PPP contracts and others) (14)(36)(16)
Growth investments in concessions and PPPs (435)(396)(903)
Free cash flow (after investments) (38)2472,995
Purchases of shares in subsidiaries and affiliates
(consolidated and unconsolidated) (1)
 (684)(152)(403)
Proceeds from sales of shares in subsidiaries and affiliates
(consolidated and unconsolidated)
 48618
Net effect of changes in scope of consolidation (423)(66)(70)
Net financial investments (1,059)(213)(456)
Other 215244
Net cash flows (used in)/from investing activitiesII (1,773)(831)(1,938)
Share capital increases and decreases and repurchases of other equity instruments(2) 322312(64)
Transactions on treasury shares (348)(466)(688)
Non-controlling interests in share capital increases and decreases
of subsidiaries
 1--
Acquisitions/disposals of non-controlling interests
(without acquisition or loss of control)
 (2)(1)(27)
Dividends paid (719)(683)(1,044)
- to shareholders of VINCI SA (3) (703)(673)(1,019)
- to non-controlling interests (17)(10)(25)
Proceeds from new long-term borrowings 93021129
Repayments of long-term borrowings (791)(796)(1,418)
Change in cash management assets and other current financial debts (80)5243
Net cash flows (used in)/from financing activitiesIII (686)(1,089)(3,109)
Other changes(4)IV440121112
Change in net cash I+II+III+IV(1,322)(882)(413)
Net cash and cash equivalents at beginning of period 5,0775,4915,491
Net cash and cash equivalents at end of period 3,7554,6085,077
Change in cash management assets and other current financial debts 80(524)(3)
(Proceeds from)/repayment of loans  (139)7751,289
Other changes(4) (573)37(28)
Change in net financial debt (1,954)(594)845
Net financial debt at beginning of period (12,436)(13,281)(13,281)
Net financial debt at end of period (14,390)(13,875)(12,436)

(1) Including, in the first half of 2016, the acquisition of Aerodom for €417 million and J&P Richardson for €61 million, 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 in 2015 capital increases totalling €436 million and the early redemption of perpetual subordinated bonds for €500 million.
(3) Including in 2015 interest payments on the perpetual subordinated bonds for €30 million.
(4) Including AERODEOM’s net financial debt at acquisition date.