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2023 Interim financial statements

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28/07/2023 Press release Presentation Webcast Report

Consolidated interim financial statements

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- 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 2023First half 2022 (*)2023/2022
change
Full year 2022
Revenue (**)32,36528,517+13.5%61,675
Revenue generated in France (**)14,37913,466+6.8%27,948
% of revenue (**)44.4%47.2% 45.3%
Revenue generated outside France (**)17,98715,050+19.5%33,727
% of revenue (**)55.6%52.8% 54.7%
Operating income from ordinary activities3,5492,8267246,824
% of revenue (**)11.0%9.9% 11.1%
Recurring operating income3,3932,7136806,481
Operating income3,4102,7676436,489
Net income attributable to owners of the parent2,0891,8552344,259
% of revenue (**)6.5%6.5% 6.9%
Diluted earnings per share (in €)3.653.260.397.47
Dividend per share (in €)1.05 (***)1.000.054.00
     
Cash flow from operations before tax and financing costs5,3094,52678310,215
Operating investments (net of disposals)(822)(546)(276)(2,456)
Operating cash flow844937516,270
Growth investments (concessions and PPPs)(583)(374)(209)(836)
Free cash flow 261(281)5425,433
     
Equity including non-controlling interests30,84926,1284,72129,409
Net financial debt(20,910)(22,127)1,217(18,536)

(*) The financial statements for the first half of 2022 have been adjusted for the effects of the final purchase price allocation for Cobra IS.
(**) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
(***) Interim dividend to be paid on 16 November 2023.

 

Consolidated income statement for the period

(in € millions)First half 2023 First half 2022 (*) Full year 2022
Revenue (**) 32,365 28,517 61,675
Concession subsidiaries’ revenue derived from works carried out by non-Group companies 369 263 590
Total revenue 32,735 28,779 62,265
Revenue from ancillary activities 163 94 249
Operating expenses (29,348) (26,048) (55,691)
Operating income from ordinary activities 3,549 2,826 6,824
Share-based payments (IFRS 2) (260) (138) (356)
Profit/(loss) of companies accounted for under the equity method 63 34 22
Other recurring operating items 41 (9) (9)
Recurring operating income 3,393 2,713 6,481
Non-recurring operating items 17 54 8
Operating income 3,410 2,767 6,489
Cost of gross financial debt (523) (306) (750)
Financial income from cash investments 183 41 136
Cost of net financial debt (340) (265) (614)
Other financial income and expense (16) 124 279
Income tax expense (816) (741) (1,737)
Net income 2,238 1,885 4,417
Net income attributable to non-controlling interests 148 30 157
Net income attributable to owners of the parent 2,089 1,855 4,259
Basic earnings per share (in €) 3.70 3.29 7.55
Diluted earnings per share (in €) 3.65 3.26 7.47

(*) The financial statements for the first half of 2022 have been adjusted for the effects of the final purchase price allocation for Cobra IS.
(**) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.

 

Consolidated comprehensive income statement for the period

(in € millions)First half 2023 First half 2022 (*) Full year 2022
Net income 2,238 1,885 4,417
Changes in fair value of cash flow and net investment hedging instruments (**) (267) 299 514
Hedging costs 62 9 11
Tax (***) 42 (84) (110)
Currency translation differences 557 356 22
Share of profit/(loss) of companies accounted for under the equity method, net (12) 234 359
Other comprehensive income that may be recycled subsequently to net income 382 813 795
Equity instruments (1) - -
Actuarial gains and losses on retirement benefit obligations 82 452 362
Tax (21) (106) (97)
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 income 60 345 266
Total other comprehensive income recognised directly in equity 443 1,159 1,061
Comprehensive income 2,680 3,043 5,478
of which attributable to owners of the parent2,2782,9825,361
of which attributable to non-controlling interests40262117

(*) The financial statements for the first half of 2022 have been adjusted for the effects of the final purchase price allocation for Cobra IS.
(**) 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 2023, those changes consisted of a negative €237 million impact related to cash flow hedges and a negative €30 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

(in € millions)30/06/2023 30/06/2022(*) 31/12/2022
Non-current assets    
Concession intangible assets 28,922 25,437 28,224
Goodwill 17,476 16,400 17,360
Other intangible assets 9,185 8,244 9,045
Property, plant and equipment 11,255 10,335 10,805
Investments in companies accounted for under the equity method 1,194 1,001 1,014
Other non-current financial assets 2,820 2,886 2,588
Derivative financial instruments - non-current assets 134 220 376
Deferred tax assets 951 770 883
Total non-current assets 71,937 65,293 70,294
Current assets    
Inventories and work in progress 1,958 1,719 1,785
Trade and other receivables 20,314 18,540 18,092
Other current assets 7,976 6,992 7,402
Current tax assets 445 332 259
Other current financial assets 96 96 84
Derivative financial instruments - current assets 129 153 115
Cash management financial assets 398 279 755
Cash and cash equivalents 10,760 9,632 12,578
Total current assets 42,076 37,744 41,070
Assets held for sale 649 699 627
Total assets 114,662 103,736 111,991

(*) The financial statements for the first half of 2022 have been adjusted for the effects of the final purchase price allocation for Cobra IS.

 

Equity and liabilities

(in € millions)30/06/2023 30/06/2022 (*) 31/12/2022
Equity    
Share capital 1,491 1,492 1,473
Share premium 13,271 12,610 12,719
Treasury shares (2,163) (2,681) (2,088)
Consolidated reserves 12,447 11,219 9,872
Currency translation reserves 49 55 (240)
Net income attributable to owners of the parent 2,089 1,855 4,259
Amounts recognised directly in equity (157) (348) (56)
Equity attributable to owners of the parent 27,029 24,202 25,939
Equity attributable to non-controlling interests 3,819 1,926 3,470
Total equity 30,849 26,128 29,409
Non-current liabilities    
Non-current provisions 1,023 1,010 961
Provisions for employee benefits 1,077 1,131 1,149
Bonds 21,320 20,089 20,425
Other loans and borrowings 3,116 2,976 3,205
Derivative financial instruments - non-current liabilities 1,786 1,226 1,939
Non-current lease liabilities 1,616 1,614 1,580
Other non-current liabilities 927 1,002 894
Deferred tax liabilities 4,273 3,452 4,162
Total non-current liabilities 35,138 32,500 34,316
Current liabilities    
Current provisions 6,656 5,970 6,599
Trade payables 13,935 12,590 13,088
Other current liabilities 20,562 17,266 20,315
Current tax liabilities 491 372 607
Current lease liabilities 527 531 522
Derivative financial instruments - current liabilities 501 473 440
Current borrowings 5,613 7,653 6,368
Total current liabilities 48,286 44,857 47,939
Liabilities directly associated with assets held for sale 390 252 327
Total equity and liabilities 114,662 103,736 111,991

(*) The financial statements for the first half of 2022 have been adjusted for the effects of the final purchase price allocation for Cobra IS.

 

Consolidated cash flow statement

(in € millions) First half 2023 First half 2022 (*) Full year 2022
Consolidated net income for the period (including non-controlling interests)  2,238 1,885 4,417
Depreciation and amortisation  1,848 1,765 3,613
Net increase/(decrease) in provisions and impairment  33 (47) -
Share-based payments (IFRS 2) and other restatements  158 110 162
Gain or loss on disposals  (28) (78) (68)
Change in fair value of financial instruments  (1) (91) (236)
Share of profit/(loss) of companies accounted for under the equity method and dividends
received from unconsolidated companies
 (88) (36) (42)
Cost of net financial debt recognised  340 265 614
Capitalised borrowing costs  (38) (11) (29)
Financial expense on leases  30 23 48
Current and deferred tax expense recognised  816 741 1,737
Cash flow from operations before tax and financing costs  5,309 4,526 10,215
Changes in operating working capital requirement and current provisions  (1,952) (2,581) 392
Income taxes paid  (1,202) (771) (1,603)
Net interest paid  (313) (273) (563)
Dividends received from companies accounted for under the equity method  66 48 92
Other long-term advances (**)  75 - 854
Net cash flows (used in)/from operating activities I 1,982 949 9,387
Purchases of property, plant and equipment and intangible assets (889)(617)(2,621)
Proceeds from sales of property, plant and equipment and intangible assets 6771165
Operating investments (net of disposals)  (822) (546) (2,456)
Investments in concession fixed assets (net of grants received) (538)(385)(880)
Financial receivables (PPP contracts and others) (45)1144
Growth investments (concessions and PPPs)  (583) (374) (836)
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) (397)(323)(2,131) (***)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) 90623
Cash and cash equivalents of acquired companies 11133140 (***)
Net financial investments
 excluding financial debts transferred in business combinations
 (196) (284) (1,967) (***)
Other  (239) (255) (59)
Net cash flows (used in)/from investing activities II (1,840) (1,459) (5,318)
Share capital increases and decreases and repurchases of other equity instruments  570 379 491
Transactions in treasury shares  (251) (905) (1,100)
Capital increases and reductions of subsidiaries subscribed by third parties 2--
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control)  1 (2) (53)
Dividends paid  (1,839) (1,298) (1,892)
- to shareholders of VINCI SA (1,694)(1,266)(1,830)
- to non-controlling interests (145)(31)(62)
Proceeds from new long-term borrowings  1,705 857 2,786
Repayments of long-term borrowings  (1,388) (1,190) (3,653)
Repayments of lease liabilities and financial expense on leases  (316) (310) (661)
Change in cash management assets and other current financial debts  (147) 1,650 1,245
Net cash flows (used in)/from financing activities III (1,663) (817) (2,836)
Other changes IV 62 102 74
Change in net cash I+II+III+IV (1,459) (1,225) 1,306
Net cash and cash equivalents at beginning of period  11,495 10,188 10,188
Net cash and cash equivalents at end of period  10,036 8,963 11,495

(*) The financial statements for the first half of 2022 have been adjusted for the effects of the final purchase price allocation for Cobra IS.
(**) Long-term advances received from the offtaker in respect of Polo Carmópolis in Brazil.
(***) Including the acquisition of the business activities of Mexican airport operator OMA.

Last updated: 28/07/2023