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2022 Interim financial statements

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29/07/2022 Press release Presentation Webcast Report

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Half-year consolidated 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

Key figures
(in € millions)First half 2022First half 2021Change
first half  2022/2021
Full year 2021First half 2019
Revenue (*)28,51722,60726%49,39621,729
Revenue generated in France (*)13,46612,3659%26,31912,262
% of revenue  (*)47.2%54.7% 53.3%56.4%
Revenue generated outside France (*)15,05010,24247%23,0789,467
% of revenue  (*)52.8%45.3% 46.7%43.6%
Operating income from ordinary activities2,8901,5981,2914,7232,289
% of revenue  (*)10.1%7.1% 9.6%10.5%
Recurring operating income2,7771,4671,3104,4642,341
Operating income2,8311,4671,3644,4382,348
Net income attributable to owners of the parent excluding non- recurring changes in deferred taxes1,9008771,0242,7971,359
Diluted earnings per share excluding non-recurring changes in deferred tax (in €)3.341.531.814.862.43
Net income attributable to owners of the parent (**)1,9006821,2182,5971,359
% of revenue  (*)6.7%3.0% 5.3%6.3%
Diluted earnings per share (in €)3.341.192.154.512.43
Dividend per share (in €)1.00(***)0.650.352.900.79
      
Cash flow from operations before tax and financing costs4,5263,1321,3947,8843,625
Operating investments (net of disposals)(546)(543)(3)(1,077)(525)
Operating cash flow93811(718)6,098823
Growth investments in concessions and PPPs(374)(430)56(815)(507)
Free cash flow(281)381(662)5,282316
      
Equity including non-controlling interests26,17323,3812,79224,77121,583
Net financial debt(22,127)(18,597)(3,530)(19,266)(24,241)

(*) Excluding concession subsidiaries' revenue from works carried out by non-Group companies.
(**) Of which non-recurring changes in deferred tax, mainly in the United Kingdom (€195 million negative impact in the first half of 2021).
(***) Interim dividend to be paid on 17 November 2022.

 

Consolidated income statement for the period

Consolidated income statement for the period
(in € millions)First half 2022First half 2021Full year 2021
Revenue (*)28,51722,60749,396
Concession subsidiaries’ revenue derived from works carried out by non-Group companies263272586
Total revenue28,77922,87949,982
Revenue from ancillary activities94115248
Operating expenses(25,984)(21,396)(45,507)
Operating income from ordinary activities2,8901,5984,723
Share-based payments (IFRS 2)(138)(115)(288)
Profit/(loss) of companies accounted for under the equity method34(17)12
Other recurring operating items(9)117
Recurring operating income2,7771,4674,464
Non-recurring operating items54-(26)
Operating income2,8311,4674,438
Cost of gross financial debt(306)(326)(674)
Financial income from cash investments41717
Cost of net financial debt(265)(319)(658)
Other financial income and expense1241740
Income tax expense(760)(798)(1,625)
Net income1,9303682,195
Net income attributable to non-controlling interests30(314)(402)
Net income attributable to owners of the parent1,9006822,597
Basic earnings per share (in €)3.371.204.56
Diluted earnings per share (in €)3.341.194.51

(*) 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)First half 2022First half 2021Full year 2021
Net income1,9303682,195
Changes in fair value of cash flow and net investment hedging instruments (*)299(74)(138)
Hedging costs9(6)(5)
Tax (**)(84)(31)(50)
Currency translation differences356312527
Share of profit/(loss) of companies accounted for under the equity method, net23462115
Other comprehensive income that may be recycled subsequently to net income813263449
Actuarial gains and losses on retirement benefit obligations45246165
Tax(106)(13)(37)
Other comprehensive income that may not be recycled subsequently to net income34533129
Total other comprehensive income recognised directly in equity1,159295578
Comprehensive income3,0886632,773
of which attributable to owners of the parent3,0279113,046
of which attributable to non-controlling interests62(248)(274)

(*) 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 2022, those changes consisted of a positive €336 million impact related to cash flow hedges and a negative €37 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)30/06/202230/06/202131/12/2021
Non-current assets   
Concession intangible assets25,43725,46625,329
Goodwill16,77311,79416,472
Other intangible assets7,4737,2027,586
Property, plant and equipment10,3359,96510,303
Investments in companies accounted for under the equity method1,001953950
Other non-current financial assets2,8862,2832,450
Derivative financial instruments - non-current assets220822575
Deferred tax assets711489708
Total non-current assets64,83658,97464,373
Current assets   
Inventories and work in progress1,7191,6041,591
Trade and other receivables18,54013,93415,559
Other current assets6,9925,6846,036
Current tax assets332276238
Other current financial assets9667100
Derivative financial instruments - current assets153262291
Cash management financial assets279111200
Cash and cash equivalents9,63210,34111,065
Total current assets37,74432,27935,080
Assets held for sale699-569
Total assets103,27991,254100,022

 

Equity and liabilities

Consolidated balance sheet - Equity and liabilities
(in € millions)30/06/202230/06/2021 (*)31/12/2021
Equity   
Share capital1,4921,4921,481
Share premium12,61012,12012,242
Treasury shares(2,681)(1,914)(1,973)
Consolidated reserves11,21910,7489,956
Currency translation reserves55(502)(304)
Net income attributable to owners of the parent1,9006822,597
Amounts recognised directly in equity(348)(1,140)(1,117)
Equity attributable to owners of the parent24,24721,48622,881
Equity attributable to non-controlling interests1,9261,8951,889
Total equity26,17323,38124,771
Non-current liabilities   
Non-current provisions1,0101,1621,137
Provisions for employee benefits1,1311,5181,459
Bonds20,08923,17522,212
Other loans and borrowings2,9762,8652,757
Derivative financial instruments - non-current liabilities1,226390422
Non-current lease liabilities1,6141,4531,574
Other non-current liabilities928668918
Deferred tax liabilities3,2252,9892,979
Total non-current liabilities32,19834,22133,457
Current liabilities   
Current provisions5,7705,0615,923
Trade payables12,5909,57912,027
Other current liabilities17,26614,53116,736
Current tax liabilities372272360
Current lease liabilities531501524
Derivative financial instruments - current liabilities473442513
Current borrowings7,6533,2655,496
Total current liabilities44,65733,65241,579
Liabilities directly associated with assets held for sale252-214
Total equity and liabilities103,27991,254100,022

(*) Includes the impact arising from the IFRS IC’s agenda decision of May 2021 clarifying how to calculate retirement benefit obligations (see Note A.2.1 in the 2021 Universal Registration Document).

 

Consolidated cash flow statement

Consolidated cash flow statement
(in € millions) First half 2022First half 2021Full year 2021
Consolidated net income for the period (including non-controlling interests) 1,9303682,195
Depreciation and amortisation 1,7011,5583,219
Net increase/(decrease) in provisions and impairment (47)82206
Share-based payments (IFRS 2) and other restatements 1103084
Gain or loss on disposals (78)(11)(27)
Change in fair value of financial instruments (91)(26)(54)
Share of profit/(loss) of companies accounted for under the equity method
and dividends received from unconsolidated companies
 (36)15(18)
Cost of net financial debt recognised 265319658
Capitalised borrowing costs (11)(22)(47)
Financial expense on leases 232143
Current and deferred tax expense recognised 7607981,625
Cash flow from operations before tax and financing costs 4,5263,1327,884
Changes in operating working capital requirement and current provisions (2,581)(735)1,579
Income taxes paid (771)(453)(1,213)
Net interest paid (273)(326)(557)
Dividends received from companies accounted for under the equity method 4837112
Net cash flows (used in)/from operating activitiesI9491,6557,806
Purchases of property, plant and equipment and intangible assets (617)(588)(1,214)
Proceeds from sales of property, plant and equipment and intangible assets 7146137
Operating investments (net of disposals) (546)(543)(1,077)
Investments in concession fixed assets (net of grants received) (385)(430)(849)
Financial receivables (PPP contracts and others) 11-33
Growth investments in concessions and PPPs (374)(430)(815)
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated) (323)(148)(5,258) (*)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated) 649
Cash and cash equivalents of acquired companies 33161,322 (*)
Net financial investments (284)(129)(3,927) (*)
Other (255)(33)(82)
Net cash flows (used in)/from investing activitiesII(1,459)(1,134)(5,902)
Share capital increases and decreases and repurchases of other equity instruments 379613739
Transactions on treasury shares (905)-(602)
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control) (2)(9)(19)
Dividends paid (1,298)(1,173)(1,558)
- to shareholders of VINCI SA (1,266)(1,157)(1,528)
- to non-controlling interests (31)(16)(30)
Proceeds from new long-term borrowings 8579341,791
Repayments of long-term borrowings (1,190)(1,603)(2,195)
Repayments of lease liabilities and financial expense on leases (310)(302)(631)
Change in cash management assets and other current financial debts 1,650(841)(785)
Net cash flows (used in)/from financing activitiesIII(817)(2,380)(3,259)
Other changesIV10249117
Change in net cashI+II+III+IV(1,225)(1,810)(1,238)
Net cash and cash equivalents at beginning of period 10,18811,42611,426
Net cash and cash equivalents at end of period 8,9639,61610,188

(*) Including the acquisition of ACS’s energy business (Cobra IS).

Last updated: 29/07/2022