2017 IFRS individual financial statements

IFRS INDIVIDUAL FINANCIAL STATEMENTS

2017

IFRS individual financial statements at 31 December 2017

IFRS INDIVIDUAL FINANCIAL STATEMENTS

AT 31 DECEMBER 2017

2

Income statement

2

Statement of comprehensive income

2

Balance sheet - Assets

3

Balance sheet - Equity and liabilities

3

Cash flow statement

4

Statement of changes in equity

5

NOTES TO THE IFRS INDIVIDUAL FINANCIAL STATEMENTS 6

A. General principles and use of estimates

7

B. Key events of the period

10

C. Main items in the income statement

10

D. Service Concession Contracts

15

E. Other balance sheet items and commitments

related to the business

17

F. Equity

20

G. Financing and financial risk management

21

H. Employee benefits and share-based payments

31

I. Other notes

34

J. Post-balance sheet events

35

K. Disputes

35

REPORT OF THE STATUTORY AUDITORS

ON THE IFRS INDIVIDUAL FINANCIAL STATEMENTS

36

IFRS individual financial statements 2017 1

IFRS individual financial statements at 31 December 2017 IFRS individual financial statements

IFRS INDIVIDUAL FINANCIAL STATEMENTS AT 31 DECEMBER 2017

Income statement

(in millions) Revenue

o/w: Operating revenue Revenue ? construction of new infrastructure assets under concession Income from ancillary activities Operating expenses Operating income from ordinary activities Share-based payments (IFRS 2) Other current operating items Current operating income Other non-current operating items Operating income Cost of gross financial debt Financial income from cash management investments Cost of net financial debt Other financial income and expenses Income tax expense including non-current tax effects(*) Net income

Notes 3.1

3.2 20

3.2

4 4 5

2017 1,521.4

1,400.4 121.0 1.9

(718.7) 804.5

(2.0) 0.0 802.5 0.0 802.5 (90.0) 0.0 (90.0) (2.6) (252.9) (9.2) 457.1

2016 1,457.7

1,363.6 94.1 2.4

(692.5) 767.6

(1.8) 19.8 785.6

0.0 785.6 (102.2)

1.2 (101.0)

(7.8) (200.0)

31.1 476.8

Net earnings per share (in euros) - including non-current tax effects(*)

6

112.62

117.48

Net earnings per share (in euros) - excluding non-current tax effects(*)

114.89

109.80

(*) In 2017 the net effect of non-current taxes on Cofiroute's net income remained limited to -9.2 million and was the result of the following tax measures adopted in France by the amending 2017 Finance Act and the 2018 Finance Act: the exceptional contribution of 15% tax on companies with revenue of between 1 billion and 3 billion (-36.1 million), a refund of the 3% contribution on dividends (+10.8 million), the gradual lowering of the income tax rate in France from 33.33% to 25% in 2022, entailing a remeasurement of the deferred taxes (+16 million). The impact of this last measure is without effect on cash flow for the year, unlike the first two (-25.3 million).

Statement of comprehensive income

(in millions) Net income Changes in fair value of cash flow and net investment hedging instruments(1) Tax expense(2) Other comprehensive income items that can be subsequently recycled in net income Actuarial gains and losses on retirement benefit obligations Tax expense Other comprehensive income items that cannot be subsequently recycled in net income Total other comprehensive income items recognised directly in equity Comprehensive income

2017 457.1

(0.3) 0.1 (0.2) 1.4 (0.5) 0.9 0.7 457.8

2016 476.8

(0.3) 0.1 (0.2) (1.6) 0.6 (1.1) (1.3) 475.5

(1) Changes in the fair value of cash flow hedges (interest rate hedges) are recognised in equity for the effective portion. Cumulative gains or losses in equity are recorded in the income statement if the hedged cash flow affects earnings.

(2) Tax effects related to changes in the fair value of cash flow hedges (effective portion).

2 IFRS individual financial statements 2017

IFRS individual financial statements at 31 December 2017 IFRS individual financial statements

Balance sheet - Assets

(in millions) Non-current assets Concession intangible assets Other intangible assets Concession property, plant and equipment Property, plant and equipment Non-current derivative instruments, assets Total non-current assets

Current assets Inventories and work in progress Trade and other receivables Other current operating assets Other current non-operating assets Current derivative instruments, assets Cash management financial assets Cash and cash equivalents Total current assets Total assets

Balance sheet - Equity and liabilities

(in millions) Share capital Share capital Reserves Net income for the period Transactions recognised directly in equity Total equity Non-current liabilities Non-current provisions Provisions for employee benefits Bonds Other loans and borrowings Non-current derivative instruments, liabilities Other non-current liabilities Net deferred tax liabilities Total non-current liabilities Current liabilities Current provisions Trade payables Payables related to non-current assets Other current operating liabilities Current tax liabilities Current derivative instruments, liabilities Current financial liabilities Total current liabilities Total equity & liabilities

Notes

7 8 8 8 15 - 17

10 10 10

15 - 17 15 15

31/12/2017

4,768.2 2.7

228.5 7.1 54.2

5,060.7

2.0 110.2

38.6 1.5 51.4 4.0

840.6 1,048.4 6,109.1

31/12/2016

4,757.3 4.2

342.3 8.4 76.6

5,188.8

2.1 107.5

41.0 0.0 77.8 4.0 5.6 238.0 5,426.8

Notes

13 11 19 15 15

5.3

10.4 10.1 10.1 15 - 17

15

31/12/2017

158.3 166.9 457.1

(2.0) 780.2

0.0 18.8 3,131.8 708.4 49.5

2.5 146.0 4,057.0

241.0 32.9 47.1 111.5 6.0 26.8 806.5

1,271.9 6,109.1

31/12/2016

158.3 (116.4) 476.8

(2.7) 516.0

0.2 21.7 3,030.3 839.9 39.2

1.8 166.6 4,099.8

238.2 28.5 34.8 108.4 31.3 50.9 318.9

811.1 5,426.8

IFRS individual financial statements 2017 3

IFRS individual financial statements at 31 December 2017 IFRS individual financial statements

Cash flow statement

(in millions) Net income for the period Depreciation and amortisation Net increase/(decrease) in provisions Share-based payments and other restatements Gain on disposals Cost of net financial debt recognised Current and deferred tax expense recognised Cash flows (used in)/from operations before tax and financing costs Changes in operating working capital requirement and current provisions Income taxes paid Net interest paid Cash flows (used in)/from operating activities

Purchases of property, plant and equipment and intangible assets Disposals of property, plant and equipment and intangible assets Operating investments (net of disposals) Operating cash flow Investments in concession fixed assets (net of grants received) Free cash flow (after investments) Other Net cash flows (used in)/from investing activities Dividends paid to Cofiroute SA shareholders Proceeds from new long-term borrowings Repayment of long-term borrowings Change in cash management assets and other current liabilities Net cash flows (used in)/from financing activities Change in net cash Net cash at start of period Net cash at end of period

Increase/(decrease) in cash management financial assets (Issue) repayment of borrowings Other changes Change in net financial debt Net financial debt at beginning of period Net financial debt at end of period

I

II III I + II + III

Notes 3.4 20 4 5 10 4

7 - 8

14 15 15 15 - 16 15 - 16

15

2017 457.1 248.9

1.1 (1.0) (0.6) 90.0 252.9 1,048.3 7.1 (298.6) (83.3) 673.4 (2.2) (0.2) (2.4) 671.1 (129.3) 541.7 0.0 (131.7) (192.4) 740.3 (54.2) 0.0 493.7 1,035.5 (194.9) 840.6

0.0 (686.1)

(7.0) 342.3 (4,115.2) (3,772.8)

2016 476.8 246.7 (11.7)

(0.4) 0.3 101.0 200.0 1,012.7 (16.4) (224.9) (103.8) 667.5 (1.7) 0.0 (1.7) 665.8 (121.1) 544.7 0.0 (122.7) (2,806.2) 1,296.3 (553.2) 0.1 (2,063.0) (1,518.2) 1,323.3 (194.9)

(0.1) (743.1)

2.5 (2,258.9) (1,856.3) (4,115.2)

4 IFRS individual financial statements 2017

IFRS individual financial statements at 31 December 2017 IFRS individual financial statements

Statement of changes in equity

(in millions) Equity at 01/01/2016 Net income for the period Other comprehensive income items Comprehensive income for the period Appropriation of net income and dividend payments Share-based payments Equity at 31/12/2016 Net income for the period Other comprehensive income items Comprehensive income for the period Appropriation of net income and dividend payments Share-based payments Equity at 31/12/2017

Capital 158.3

0.0 158.3

0.0 158.3

Reserves 2,314.9

0.0 (2,430.3)

(1.0) (116.4)

0.0 284.4

(1.1) 166.9

Equity Transactions recognised

directly in equity (1.4)

(1.3) (1.3)

(2.7)

0.7 0.7

(2.0)

Net income 375.9 476.8

476.8 (375.9)

476.8 457.1

457.1 (476.8)

457.1

Total 2,847.6

476.8 (1.3)

475.5 (2,806.2)

(1.0) 516.0 457.1

0.7 457.8 (192.4)

(1.1) 780.2

IFRS individual financial statements 2017 5

IFRS individual financial statements at 31 December 2017 Notes to the IFRS individual financial statements

NOTES TO THE IFRS INDIVIDUAL FINANCIAL STATEMENTS

A. General principles and use of estimates

7

1. Basis of preparation of the financial statements

7

2. Use of estimates

8

B. Key events of the period

10

C. Main items in the income statement

10

3. Revenue and operating profit

10

4. Financial income and expenses

12

5. Income tax expense

13

6. Earnings per share

15

D. Service Concession Contracts

15

7. Concession intangible assets

16

E. Other balance sheet items and commitments

related to the business

17

8. Property, plant and equipment and other intangible assets

17

9. Other non-current financial assets

18

10. Working capital requirement and current provisions

18

11. Non-current provisions

20

12. Other contractual obligations and commitments given and received

20

F. Equity

20

13. Information related to equity

20

14. Dividends

21

G. Financing and financial risk management

21

15. Information on net financial debt

21

16. Net cash managed and available resources

24

17. Information on financial risk management

25

18. Carrying amount and fair value by accounting category

29

H. Employee benefits and share-based payments

31

19. Provisions for employee benefits

31

20. Share-based payments

33

I. Other notes

34

21. Transactions with related parties

34

22. Statutory Auditors' fees

35

J. Post-balance sheet events

35

K. Disputes

35

6 IFRS individual financial statements 2017

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