Konzessionen
Concessions Outlook
Barring exceptional events, traffic on the French motorway network should continue to prove resilient in 2024 and even increase slightly compared to 2023. Long-term growth trends show that roads are and will remain predominant in France’s transport system. They account for more than 85% of travel, and no projection scenario predicts that this figure can be brought below 80%. Traffic on road infrastructure outside France is also expected to continue growing, boosted by integration of the Brazilian highways in 2023 and extension of the network operated in Germany and the Czech Republic starting in 2024.
Despite differences between airports and geographical locations, traffic in the VINCI Airports network is expected to remain brisk and should slightly exceed 2019 levels overall. As shown by the rebound in activity in the majority of airports after the pandemic, structural mobility needs, particularly for VFR (visiting friends and relatives) and tourist travel, are expected to continue to drive growth in traffic in the medium and long term.
Building on and stepping up the pace of the initiatives already introduced, the Concessions business lines will work towards reducing the direct environmental impact of their activities and help all their stakeholders meet their shared goal of decarbonising mobility. The investment required over the coming years and decades to transform motorways and airports into low-carbon and climate-resilient infrastructure makes the concession contract model appear even more appropriate. This type of agreement provides a way of raising necessary capital without straining public debt. These changes also confirm the validity of the Group’s longterm strategy and positioning as a player at the centre of sustainable mobility challenges.
Wettbewerbsposition von VINCI Autoroutes
Autobahnnetze auf Konzessionsbasis in Europa (in km)
| Autobahnnetz | Km |
|---|---|
| Mundys | 8,683 |
| VINCI Autoroutes | 4.443 |
| Eiffage | 2.581 |
| Brisa | 1.363 |
Quellen: interne Studien, Unternehmenskommunikation.
Position in the sector
VINCI Airports is the leading private operator and the most geographically diversified, with more than 70 airports operated worldwide in 2023.
The main listed airport operators in Europe are Aena, Groupe ADP and Fraport.
In Europe, VINCI Airports operates 10 airports in Portugal (66.3 million passengers) and 12 airports in France (18.1 million passengers), including Lyon-Saint Exupéry (10.0 million passengers).
It also operates London Gatwick (40.9 million passengers) and Belfast International (6.0 million passengers) in the United Kingdom and Belgrade airport in Serbia (7.9 million passengers).
In Asia, with the closure of the Siem Reap airport in October 2023, VINCI Airports now operates two airports in Cambodia (4.0 million passengers) and holds the concession, as part of a consortium with Japanese partners, for the three airports in the Kansai region of Japan (41.5 million passengers).
In Latin America, VINCI Airports holds concessions for eight airports in Brazil (11.5 million passengers), Guanacaste airport in Costa Rica (1.7 million passengers) and six airports in the Dominican Republic (6.6 million passengers). In Chile, as part of a consortium with Groupe ADP and Webuild (formerly Astaldi), VINCI Airports operates the international airport in Santiago (23.3 million passengers). In December 2022, VINCI Airports became the largest shareholder of OMA, a group operating 13 airports in Mexico (26.8 million passengers).
In the United States, VINCI Airports operates eight(*) airports under concession or management contracts (9.9 million passengers).
As of July 2023, VINCI Airports also operates Cabo Verde’s seven airports (2.6 million passengers).
(*) Three of which are under partial management (not consolidated in the network).
Energie
Energy Outlook
Activity across the Energy business is set to remain buoyant, driven by the energy transition and the digital revolution. These two powerful fundamental trends are driving up demand for energy as well as the need for faster decarbonisation of infrastructure, buildings and industrial sites.
Against this backdrop and on the strength of its high order book, VINCI Energies’ revenue should see further organic growth in 2024, albeit on a smaller scale than in 2023. In addition, it will continue to benefit from the breadth of the expertise it has deployed worldwide, as well as from its ability to integrate new companies. Its proactive approach to supporting customers in their energy and digital transformation will help to sustain this momentum.
Cobra IS is also set to continue its growth trajectory, driven by both a good level of performance in its flow business and the ramp-up of recently won major EPC (engineering, procurement and construction) projects.
New projects will come in and enhance its renewable energy asset portfolio, which boasted 2 GW of capacity in operation or under construction at the end of 2023.
Wettbewerbsposition von VINCI Energies
Position in the sectors
FRANCE
VINCI Energies is a major player in the French market, where it competes mainly with Equans (Bouygues), Spie, Eiffage Énergie Systèmes and SNEF.
EUROPE
VINCI Energies is a top player in Germany, where it generated revenue of over €3.1 billion in 2023, as well as in Switzerland, Scandinavia (Sweden, Finland and Norway), Belgium, the Netherlands, Spain, Portugal, the United Kingdom and Romania. In the rest of Europe, such as Austria, Italy, the Czech Republic or Poland, VINCI Energies is a significant player in certain business activities.
Cobra IS has a strong presence in Spain, its domestic market, where it generated close to €2.9 billion in revenue in 2023. Its main competitors in the engineering, construction and services sectors are Elecnor, Acciona and Técnicas Reunidas. Several large groups, such as Iberdrola, are also active in the development of renewable energy projects. Cobra IS has a long-established presence in Portugal and regularly applies its expertise elsewhere in Europe – Germany, Belgium, Scandinavia, Italy and the United Kingdom.
OUTSIDE EUROPE
VINCI Energies is a long-time player in Africa, where it is a leader in Morocco and expanding its operations in West Africa. VINCI Energies also operates in the Middle East and has a solid foothold in New Zealand and Australia, as well as in South-East Asia, with operations in Indonesia and Singapore. With the acquisition of Transelec Common Inc. in Canada in 2020 and that of PrimeLine Utility Services in 2018, VINCI Energies expanded its presence in North America. In South America, VINCI Energies mainly operates in Brazil.
Cobra IS is a long-established player in Brazil, where it regularly carries out large EPC (Engineering, Procurement and Construction) projects and develops renewable energy assets. Broadly speaking, Central and South America – especially Mexico and Peru – are key markets for Cobra IS.
Source: company literature.
Bau
Construction Outlook
The good momentum in order intake – both in recurring business and in major projects – has led to a satisfactory replenishment of the order book, which reached €32.7 billion at the end of 2023. Bolstered by the visibility this high level provides, VINCI Construction will continue taking a highly selective approach to new business and focus on improving its Ebit margin, by targeting projects that create the most value.
Despite an uncertain geopolitical and macroeconomic environment, VINCI Construction will be able to continue to chart its course by drawing on its broad spectrum of expertise, geographical diversification and organisational model. The latter combines strong local roots with the ability to mobilise teams to form networks, thus generating a wide variety of contracts ranging from local jobs and maintenance operations to large-scale projects.
In the medium and long term, VINCI Construction will continue to benefit from strong underlying trends. The energy transition will undoubtedly generate substantial opportunities in infrastructure projects – energy grids, water management, low-carbon transport, climate-resilient structures – which already account for a growing share of new business. Similarly, building and urban development activities will benefit from the focus on environmental issues and on the challenges of urbanisation and its impact on how people live and work.
Against this backdrop, the business line will accelerate the development of production and construction processes that reduce the environmental footprint of its activities and that of the buildings and infrastructure it builds. Developing a value chain for the recycling of materials and regeneration of natural environments and spaces will also lend momentum to the environmental transition, while consolidating VINCI Construction’s strong position in these markets.
Wettbewerbsposition von VINCI Construction
SPEZIALBAU
Soletanche Freyssinet, Weltmarktführer im Spezialtiefbau mit Aktivitäten in über 100 Ländern weltweit, ist auf einem stark fragmentierten Markt tätig. Zu seinen Wettbewerbern zählen Trevi, Bauer und Keller im Spezialgründungsbau sowie VSL (eine Tochter der Bouygues-Gruppe) im Bereich Vorspannung und Schrägseilsysteme.
FRANKREICH
VINCI Construction ist im Hoch- und Tiefbau in Frankreich führend – vor Bouygues Construction, Eiffage Construction, Fayat, NGE und Spie Batignolles. Der restliche Markt verteilt sich auf mehrere regionale Unternehmen mittlerer Größe (u.a. Demathieu Bard und Léon Grosse) und eine Vielzahl kleiner Unternehmen.
Im Bereich Verkehrsinfrastrukturen und Kommunalbau ist VINCI Construction neben Colas (Bouygues-Gruppe) und Eiffage Infrastructures einer der führenden Anbieter auf dem Markt, der sich ansonsten auf eine große Zahl regionaler und lokaler Unternehmen verteilt. VINCI Construction hat auch bei Zuschlagstoffen eine Spitzenposition inne; die ebenfalls auf diesem Markt tätigen Wettbewerber sind andere Straßenbauunternehmen, Zementhersteller wie LafargeHolcim, GSM (HeidelbergCement Group) und Cemex sowie zahlreiche lokale Produzenten.
DEUTSCHLAND
VINCI Construction ist mit der Eurovia GmbH neben Strabag einer der führenden Akteure auf einem Markt, der sich vorwiegend aus regional tätigen Unternehmen zusammensetzt.
GROSSBRITANNIEN
In Großbritannien ist VINCI Construction mit spezialisierten Tochterunternehmen in den fünf Tätigkeitsbereichen Hochbau, Tiefbau, Straßenbau, langfristige Straßenerhaltung und Facility Management (Gebäude) aktiv. Die Hauptkonkurrenten sind Balfour Beatty, Kier, Morgan Sindall, Laing O’Rourke, Tarmac (CRH-Gruppe), Amey (Ferrovial-Gruppe), FM Conway, Sir Robert McAlpine, Aggregate Industries (Holcim) und Hanson (HeidelbergCement Group).
MITTELEUROPA
In dieser Region ist VINCI Construction über lokal ansässige Tochtergesellschaften, insbesondere in Polen, der Tschechischen Republik und der Slowakei, vertreten.
VINCI Construction ist einer der führenden Anbieter im Straßen- und Eisenbahnbau in der Tschechischen Republik. Die wichtigsten Mitbewerber sind Porr, Metrostav und Strabag.
NORDAMERIKA
In Kanada ist VINCI Construction mit seinen lokalen Tochtergesellschaften einer der bedeutendsten Straßenbau-Akteure in den Provinzen Québec, Alberta und British Columbia. Die wichtigsten Mitbewerber sind Tochtergesellschaften der Konzerne Colas, CRH et Holcim sowie diverse lokale Unternehmen.
In den Vereinigten Staaten ist VINCI Construction mit seinen lokalen Tochtergesellschaften einer der führenden Anbieter im Straßenbau an der Ostküste, mit einer Präsenz in zehn Bundesstaaten, sowie in Texas. Seine Hauptkonkurrenten sind Archer Western Contractors (Tochter der Walsh Group) und Lane Construction (Webuild) im Bereich Bauausführung sowie Preferred Materials (CRH) und eine Vielzahl regionaler Akteure im Bereich Herstellung und Einbau von Asphaltbeton.
AFRIKA
VINCI Construction ist mit Sogea-Satom in rund 20 Ländern präsent und führender Akteur in Zentralafrika, Westafrika, Äquatorialafrika und Ostafrika.
OZEANIEN
VINCI Construction ist mit den Tochtergesellschaften HEB Construction und Seymour Whyte einer der maßgeblichen Marktakteure des Infrastrukturbaus in Neuseeland und Australien.
Quellen: interne Studien, Angaben der Unternehmen.