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Home > Media > Press releases > Restatement of data for the first half of 2014 following application of IFRIC 21 (10/07/2015)

Restatement of data for the first half of 2014 following application of IFRIC 21

10 July 2015 - 5:53 pm - Finances

Interpretation IFRIC 21 “Levies” sets out arrangements for recognising, on the liabilities side of the consolidated balance sheet, levies falling under the scope of IAS 37 “Provisions, contingent liabilities and contingent assets”. In particular, it clarifies when levies should be recognised, which is generally when the activity triggers payment, in accordance with the relevant legislation.

At VINCI Group level, the application of IFRIC 21 has mainly changed the times at which three French taxes, previously recognised pro rata temporis in each set of interim financial statements, are recognised: the taxe foncière (land tax), C3S (company social security levy) and the redevance domaniale (state fee for motorway concession-holders). The first two taxes are now recognised in full under liabilities (with a balancing entry in the income statement) on 1 January, while the state fee is now recognised in full on 1 July.

To enable comparison of the 2015 and 2014 periods, the data for the first half of 2014 has been restated to reflect the application of IFRIC 21. This results in a €42 million increase in Group operating income from ordinary activities (Ebit) for the first half of 2014 and a €25 million increase in consolidated net income.

The table below shows the differences between operating income from ordinary activities as published on 30 June 2014 and the restated figures.

Operating income from ordinary activities by business line

(€millions) H12014
restated (1)
% of
revenue *
H1 2014
% of
revenue *
Concessions 1,196 41,9% 1,124 39.4%
  of which VINCI Autoroutes 994 45.3% 922 41.9%
Contracting 368 2.4% 396 2.5%
   VINCI Energies 230 5.3% 237 5.4%
   Eurovia (52) -1.4% (45) -1.2%
   VINCI Construction 191 2.5% 204 2.7%
   VINCI Immobilier 5 1.9% 7 2.3%
Holding companies 12  13 
Operating income from ordinary activities 1,582 8.6% 1,540 8.3%

* Excluding concession subsidiaries’ construction work carried out by non-Group companies.

(1) Unaudited figures.


VINCI is a global player in concessions, energy and construction businesses, employing more than 260,000 people in nearly 120 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, we are committed to operating in an environmentally, socially responsible and ethical manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. Based on that approach, VINCI’s ambition is to create long-term value for its customers, shareholders, employees, partners and society in general.

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