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2020 Interim financial statements

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Half-year 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
- Reconciliation of key performance indicators with the consolidated cash flow statement

Consolidated income statement for the period

Consolidated income statement for the period
(in € millions)First half 2020First half 2019Full year 2019
Revenue (*)18,49321,72948,053
Concession subsidiaries’ revenue derived from works carried out by non-Group companies331323699
Total revenue18,82422,05248,753
Revenue from ancillary activities70108198
Operating expenses(18,628)(19,871)(43,216)
Operating income from ordinary activities2672,2895,734
Share-based payments (IFRS 2)(90)(100)(291)
Profit/(loss) of companies accounted for under the equity method(88)121212
Other recurring operating items293248
Recurring operating income1182,3415,704
Non-recurring operating items(119)7(40)
Operating income-2,3485,664
Cost of gross financial debt(317)(290)(592)
Financial income from cash investments142041
Cost of net financial debt(303)(270)(551)
Other financial income and expense(9)(31)(71)
Income tax expense(107)(635)(1,634)
Net income(419)1,4123,408
Net income attributable to non-controlling interests(124)52148
Net income attributable to owners of the parent(294)1,3593,260
Basic earnings per share  (in €) (0.53)2.455.88
Diluted earnings per share  (in €) (0.53)2.435.82

(*) 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
 First half 2020First half 2019Full year 2019
(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 income(294)(124)(419)1,359521,4123,2601483,408
Changes in fair value of cash flow and net investment hedging instruments (*)38-38(1)-(1)(214)-(214)
Hedging costs(9)-(9)3-3(8)-(8)
Tax (**)61-6139-4039-39
Currency translation differences(477)(125)(602)(62)(68)(130)18134215
Share in net income of companies accounted for under the equity method(58)-(58)(84)-(84)(84)-(84)
Other comprehensive income that may be recycled subsequently
to net income
(445)(125)(570)(106)(68)(174)(87)34(53)
Equity instruments(1)-(1)---(1)-(1)
Actuarial gains and losses on retirement
benefit obligations
(6)(29)(36)(125)(3)(128)(293)(20)(313)
Tax(7)6(1)3113273477
Share in net income of companies accounted for under the equity method------(2)-(2)
Other comprehensive income that may not be recycled subsequently
to net income
(14)(23)(37)(94)(3)(97)(222)(17)(239)
Total other comprehensive income
recognised directly in equity
(459)(148)(607)(200)(71)(271)(309)17(292)
Total comprehensive income(753)(272)(1,025)1,160(19)1,1412,9511653,117

(*) 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 the first half of 2020, these changes consisted of a €203 million negative impact related to cash flow hedges and a €241 million positive 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)30/06/202030/06/201931/12/2019
Non-current assets   
Concession intangible assets26,38926,95726,869
Goodwill11,66711,21611,647
Other intangible assets 6,7397,0457,410
Property, plant and equipment 9,7509,604 (*)10,189 (*)
Investments in companies accounted for under the equity method1,7861,7611,870
Other non-current financial assets1,4051,4921,525
Derivative financial instruments - non-current assets 1,4071,1201,051
Deferred tax assets370323370
Total non-current assets59,51259,51860,931
Current assets   
Inventories and work in progress1,5241,3671,434
Trade and other receivables12,90213,85214,523
Other current operating assets5,3765,2585,252
Other current non-operating assets294548
Current tax assets637165166
Other current financial assets184153
Derivative financial instruments - current assets 331227210
Cash management financial assets157585287
Cash and cash equivalents7,6096,3568,257
Total current assets28,58327,89530,229
    
Total assets88,09587,41391,159

(*) 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)30/06/202030/06/201931/12/2019
Equity   
Share capital1,5161,5011,513
Share premium10,95910,53410,879
Treasury shares(3,231)(2,685)(3,083)
Other equity instruments39--
Consolidated reserves 11,5539,2829,252
Currency translation reserves(498)(264)(18)
Net income attributable to owners of the parent(294)1,3593,260
Amounts recognised directly in equity(1,346)(1,007)(1,364)
Equity attributable to owners of the parent18,69718,72020,438
Non-controlling interests 2,2222,7142,604
Total equity 20,91921,43423,042
Non-current liabilities   
Non-current provisions 1,2661,2661,341
Provisions for employee benefits1,9341,7181,911
Bonds23,15022,78723,300
Other loans and borrowings3,2673,3513,075
Derivative financial instruments - non-current liabilities543663473
Non-current lease liabilities1,3371,115 (*)1,358 (*)
Other non-current liabilities683374451
Deferred tax liabilities2,5232,8172,701
Total non-current liabilities34,70534,09034,610
Current liabilities   
Current provisions4,6544,3584,741
Trade payables 8,1527,8858,514
Other current operating liabilities13,48912,66014,177
Other current non-operating liabilities840489662
Current tax liabilities 157303292
Current lease liabilities490467 (*)504 (*)
Derivative financial instruments - current liabilities42885399
Current borrowings4,2605,6424,217
Total current liabilities32,47131,88933,507
    
Total equity and liabilities88,09587,41391,159

(*) 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) First half 2020First half 2019Full year 2019
Consolidated net income for the period (including non-controlling interests) (419)1,4123,408
Depreciation and amortisation 1,5981,4313,040
Net increase/(decrease) in provisions and impairment 872690
Share-based payments (IFRS 2) and other restatements 4(30)64
Gain or loss on disposals 20(27)(67)
Change in fair value of financial instruments 1534(4)
Share of profit or loss of companies accounted for under the equity method and dividends received from unconsolidated companies 86(123)(218)
Cost of net financial debt recognised 303270551
Capitalised borrowing costs (19)(18)(41)
Financial expense on leases 211540
Current and deferred tax expense recognised 1076351,634
Cash flows from operations before tax and financing costs 1,8033,6258,497
Changes in operating working capital requirement and current provisions 471(1,354)428
Income taxes paid (774)(529)(1,547)
Net interest paid (351)(250)(458)
Dividends received from companies accounted for under the equity method 31110170
Cash flows (used in)/from operating activitiesI1,1801,6027,090
Purchases of property, plant and equipment and intangible assets (547)(562)(1,365)
Proceeds from sales of property, plant and equipment and intangible assets 5136117
Operating investments (net of disposals) (497)(525)(1,249)
Investments in concession fixed assets (net of grants received) (564)(498)(1,031)
Financial receivables (PPP contracts and others) (5)(8)(34)
Growth investments in concessions and PPPs (569)(507)(1,065)
Purchases of shares in subsidiaries and affiliates
(consolidated and unconsolidated)
 (128)(3,320)(*)(3,611)(*)
Proceeds from sales of shares in subsidiaries and affiliates
(consolidated and unconsolidated)
 11243
Net financial investments (127)(3,309)(3,568)
Other (23)(102)(90)
Net cash flows (used in)/from investing activitiesII(1,216)(4,443)(5,972)
Share capital increases and decreases and repurchases of other equity instruments 83202560
Transactions on treasury shares (336)(502)(903)
Non-controlling interests in share capital increases and decreases
of subsidiaries
 -392(*)394(*)
Acquisitions/disposals of non-controlling interests
(without acquisition or loss of control)
 (6)(5)(21)
Dividends paid (9)(1,092)(1,772)
- to shareholders of VINCI SA (1)(1,065)(1,504)
- to non-controlling interests (8)(26)(267)
Proceeds from new long-term borrowings 1,6574,2274,626
Repayments of long-term borrowings (1,648)(2,118)(2,335)
Repayments of lease liabilities and financial expense on leases  (296)(254)(575)
Change in cash management assets and other current financial debts 486119(630)
Net cash flows (used in)/from financing activitiesIII(68)971(656)
Other changesIV(51)69102
Change in net cash I+II+III+IV(156)(1,801)564
Net cash and cash equivalents at beginning of period 7,3466,7826,782
Net cash and cash equivalents at end of period 7,1904,9807,346
Change in cash management assets and other current financial debts (486)(119)630
(Proceeds from)/repayment of loans  (9)(2,109)(2,291)
Other changes 162(4,657)(5,003)
Debts assumed during business combinations (4)(4,688)(*)(4,757)(*)
Change in net financial debt (488)(8,686)(6,100)
Net financial debt at beginning of period (21,654)(15,554)(15,554)
Net financial debt at end of period (22,142)(24,241)(21,654)

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

 

Reconciliation of key performance indicators with the consolidated cash flow statement

Reconciliation of key performance indicators with the consolidated cash flow statement
(in € millions)First half 2020First half 2019Full year 2019
Cash flows (used in)/from operating activities1,1801,6027,090
Operating investments (net of disposals)(497)(525)(1,249)
Repayments of lease liabilities and financial expense on leases (296)(254)(575)
Operating cash flow3888235,266
Growth investments in concessions and PPPs(569)(507)(1,065)
Free cash flow(182)3164,201
Purchases of shares in subsidiaries and affiliates
(consolidated and unconsolidated)
(128)(3,320)(3,611)
Proceeds from sales of shares in subsidiaries and affiliates
(consolidated and unconsolidated)
11243
Net impact of changes in scope including net debt assumed6(4,631)(4,677)
Net financial investments(121)(7,939)(8,245)
Other(23)(102)(90)
Total net financial investments(144)(8,041)(8,335)
Last updated: 31/07/2020