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2021 Interim financial statements

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30/07/2021 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
- Change in net financial debt during the period

 

Key figures

(in € millions)First half 2021First half 2020Change first half 
2021/2020
First half 2019Full year 2020
Revenue (*)22,60718,493+ 22.3%21,72943,234
Revenue generated in France (*)12,3659,484+ 30%12,26222,912
% of revenue  (*)54.7 %51.3 % 56.4 %53.0 %
Revenue generated outside France (*)10,2429,009+ 14%9,46720,322
% of revenue  (*)45.3 %48.7 % 43.6 %47.0 %
Operating income from ordinary activities1,5982671,3322,2892,859
% of revenue  (*)7.1 %1.4 % 10.5 %6.6 %
Recurring operating income1,4671181,3492,3412,511
Operating income1,467-1,4682,3482,459
Net income attributable to owners of the parent excluding non-current
changes in deferred taxes in the United Kingdom
877(244)1,1211,3591,292
Diluted earnings per share - excluding this effect (in €)1.53(0.44)1.972.432.29
Net income attributable to owners of the parent682(294)9761,3591,242
% of revenue  (*)3.0%(1.6%) 6.3%2.9%
Diluted earnings per share (in €)1.19(0.53)1.722.432.20
Dividend per share (in €)0.65 0.650.792.04
      
Cash flows from operations before tax and financing costs3,1321,8031,3293,625 
Operating investments (net of disposals)(543)(497)(46)(525)(994)
Operating cash-flow8113884238235,075
Investments in concessions and PPPs(430)(569)139(507)(1,085)
Free cash flow 381(182)5633163,990
      
Equity including non-controlling interests23,23220,9192,31321,43423,024
Net financial debt(18,597)(22,142)3,545(24,241)(17,989)

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

 

Consolidated income statement for the period

(in € millions) First half 2021 First half 2020 Full year 2020
Revenue (*) 22,607 18,493 43,234
Concession subsidiaries’ revenue derived from works carried out by non-Group companies 272 331 696
Total revenue 22,879 18,824 43,930
Revenue from ancillary activities 115 70 188
Operating expenses (21,396) (18,628) (41,260)
Operating income from ordinary activities 1,598 267 2,859
Share-based payments (IFRS 2) (115) (90) (239)
Profit/(loss) of companies accounted for under the equity method (17) (88) (146)
Other recurring operating items 1 29 38
Recurring operating income 1,467 118 2,511
Non-recurring operating items - (119) (52)
Operating income 1,467 - 2,459
Cost of gross financial debt (326) (317) (609)
Financial income from cash investments 7 14 21
Cost of net financial debt (319) (303) (589)
Other financial income and expense 17 (9) (47)
Income tax expense (798) (107) (807)
Net income 368 (419) 1,015
Net income attributable to non-controlling interests (314) (124) (226)
Net income attributable to owners of the parent 682 (294) 1,242
Basic earnings per share (in €) 1.20 (0.53) 2.23
Diluted earnings per share (in €) 1.19 (0.53) 2.20

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

 

Consolidated comprehensive income statement for the period

(in € millions) First half 2021 First half 2020 Full year 2020
Net income 368 (419) 1,015
Changes in fair value of cash flow and net investment hedging instruments (*) (74) 38 130
Hedging costs (6) (9) (22)
Tax (**) (31) 61 46
Currency translation differences 312 (602) (795)
Share of profit/(loss) of companies accounted for under the equity method, net 62 (58) (44)
Other comprehensive income that may be recycled subsequently to net income 263 (570) (684)
Equity instruments - (1) (2)
Actuarial gains and losses on retirement benefit obligations 46 (36) 143
Tax (13) (1) (27)
Share of profit/(loss) of companies accounted for under the equity method, net - - -
Other comprehensive income that may not be recycled subsequently to net income 33 (37) 114
Total other comprehensive income recognised directly in equity 295 (607) (570)
Comprehensive income 663 (1,025) 445
of which attributable to owners of the parent 911 (753) 757
of which attributable to non-controlling interests (248) (272) (312)

(*) 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 2021, those changes consisted of a positive €116 million impact related to cash flow hedges and a negative €190 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) 30/06/2021 30/06/2020 31/12/2020
Non-current assets      
Concession intangible assets 25,466 26,389 25,886
Goodwill 11,794 11,667 11,619
Other intangible assets 7,202 6,739 6,846
Property, plant and equipment 9,965 9,750 9,760
Investments in companies accounted for under the equity method 953 1,786 1,035
Other non-current financial assets 2,283 1,405 2,237
Derivative financial instruments - non-current assets 822 1,407 1,250
Deferred tax assets 489 370 493
Total non-current assets 58,974 59,512 59,126
Current assets      
Inventories and work in progress 1,604 1,524 1,428
Trade and other receivables 13,934 12,902 12,493
Other current assets 5,684 5,406 5,719
Current tax assets 276 637 266
Other current financial assets 67 18 30
Derivative financial instruments - current assets 262 331 201
Cash management financial assets 111 157 137
Cash and cash equivalents 10,341 7,609 11,765
Total current assets 32,279 28,583 32,039
       
Total assets 91,254 88,095 91,165

 

Equity and liabilities

(in € millions) 30/06/2021 30/06/2020 31/12/2020
Equity      
Share capital 1,492 1,516 1,471
Share premium 12,120 10,959 11,527
Treasury shares (1,914) (3,231) (2,111)
Other equity instruments - 39 -
Consolidated reserves 10,600 11,553 10,605
Currency translation reserves (502) (498) (723)
Net income attributable to owners of the parent 682 (294) 1,242
Amounts recognised directly in equity (1,140) (1,346) (1,148)
Equity attributable to owners of the parent 21,338 18,697 20,863
Equity attributable to non-controlling interests 1,894 2,222 2,161
Total equity 23,232 20,919 23,024
Non-current liabilities      
Non-current provisions 1,162 1,266 1,140
Provisions for employee benefits 1,716 1,934 1,733
Bonds 23,175 23,150 23,136
Other loans and borrowings 2,865 3,267 3,548
Derivative financial instruments - non-current liabilities 390 543 434
Non-current lease liabilities 1,453 1,337 1,407
Other non-current liabilities 668 683 669
Deferred tax liabilities 2,941 2,523 2,606
Total non-current liabilities 34,370 34,705 34,673
Current liabilities      
Current provisions 5,061 4,654 4,973
Trade payables 9,579 8,152 8,876
Other current liabilities 14,531 14,329 14,668
Current tax liabilities 272 157 221
Current lease liabilities 501 490 501
Derivative financial instruments - current liabilities 442 428 319
Current borrowings 3,265 4,260 3,909
Total current liabilities 33,652 32,471 33,468
       
Total equity and liabilities 91,254 88,095 91,165

 

Consolidated cash flow statement

(in € millions)   First half 2021 First half 2020 Full year 2020
Consolidated net income for the period (including non-controlling interests)   368 (419) 1,015
Depreciation and amortisation   1,558 1,598 3,171
Net increase/(decrease) in provisions and impairment   82 87 218
Share-based payments (IFRS 2) and other restatements   30 4 89
Gain or loss on disposals   (11) 20 (147)
Change in fair value of financial instruments   (26) 15 33
Share of profit/(loss) of companies accounted for under the equity method and dividends received from unconsolidated companies   15 86 142
Cost of net financial debt recognised   319 303 589
Capitalised borrowing costs   (22) (19) (40)
Financial expense on leases   21 21 42
Current and deferred tax expense recognised   798 107 807
Cash flow from operations before tax and financing costs   3,132 1,803 5,919
Changes in operating working capital requirement and current provisions   (735) 471 2,330
Income taxes paid   (453) (774) (1,054)
Net interest paid   (326) (351) (590)
Dividends received from companies accounted for under the equity method   37 31 71
Net cash flows (used in)/from operating activities I 1,655 1,180 6,675
Purchases of property, plant and equipment and intangible assets   (588) (547) (1,117)
Proceeds from sales of property, plant and equipment and intangible assets   46 51 124
Operating investments (net of disposals)   (543) (497) (994)
Investments in concession fixed assets (net of grants received)   (430) (564) (1,043)
Financial receivables (PPP contracts and others)   - (5) (42)
Growth investments in concessions and PPPs   (430) (569) (1,085)
Purchases of shares in subsidiaries and affiliates (consolidated and unconsolidated)   (148) (128) (302)
Proceeds from sales of shares in subsidiaries and affiliates (consolidated and unconsolidated)   4 1 25
Net financial investments   (144) (127) (277)
Other   (33) (23) (85)
Net cash flows (used in)/from investing activities II (1,149) (1,216) (2,442)
Share capital increases and decreases and repurchases of other equity instruments   613 83 669
Transactions on treasury shares   - (336) (336)
Non-controlling interests in share capital increases and decreases of subsidiaries   - - (1)
Acquisitions/disposals of non-controlling interests (without acquisition or loss of control)   (9) (6) (20)
Dividends paid   (1,173) (9) (721) (*)
- to shareholders of VINCI SA   (1,157) (1) (694)
- to non-controlling interests   (16) (8) (27)
Proceeds from new long-term borrowings   934 1,657 2,349
Repayments of long-term borrowings   (1,603) (1,648) (2,136)
Repayments of lease liabilities and financial expense on leases   (302) (296) (607)
Change in cash management assets and other current financial debts   (841) 486 760
Net cash flows (used in)/from financing activities III (2,380) (68) (42)
Other changes IV 65 (51) (112)
Change in net cash I+II+III+IV (1,810) (156) 4,080
Net cash and cash equivalents at beginning of period   11,426 7,346 7,346
Net cash and cash equivalents at end of period   9,616 7,190 11,426

(*) Including dividends paid in shares for €422 million.

 

Change in net financial debt during the period

(in € millions) First half 2021 First half 2020 Full year 2020
Net financial debt at beginning of period (17,989) (21,654) (21,654)
Change in net cash (1,810) (156) 4,080
Change in cash management assets and other current financial debts 841 (486) (760)
(Proceeds from)/repayment of loans 669 (9) (213)
Other changes (309) 162 558
Debts assumed during business combinations (9) (4) (43)
Change in net financial debt (608) (488) 3,665
Net financial debt at end of period (18,597) (22,142) (17,989)
Last updated: 30/07/2021