Visibility remains extremely low at the beginning of 2021, as concessions activities depend on the evolving health situation and potential resulting restrictions. At this stage, it is impossible to offer reliable traffic forecasts for the next few quarters, either for VINCI Airports or VINCI Autoroutes.
For VINCI Autoroutes, traffic was still impacted by travel restrictions at the beginning of 2021. However, levels could return to normal relatively fast once measures are lifted, as was observed in the summer of 2020.
For VINCI Airports, recovery will be more gradual. The main indicators show that activity will fall further in 2021 compared to pre-pandemic levels.
Given the circumstances, VINCI’s concessions business lines will continue to implement their cost optimisation and investment plans, while honouring their contractual and regulatory obligations.
Over and above short-term uncertainties, concessions should be analysed with respect to their long-cycle economic rationale, whether this means their business model, fundamental mobility needs underlying their markets, public service projects they undertakefor authorities, or their relations with users. Building on that analysis, VINCI’s concessions business lines will continue to strengthen their partnerships with the regions in which they operate as key players, and develop services that improve mobility and the travel experience, thanks in particular to digital technology.
The same long-term vision will guide their environmental approach. In line with its commitments,VINCI pledges to make an active contribution to ecological transition in the mobility sector by transforming its infrastructure and fostering new practices that reduce the carbon footprint of travel.
VINCI Autoroutes’ competitive position
Motorway networks under concession in Europe (in km)
Sources: internal studies, company communication.
VINCI Airports’ competitive position
VINCI Airports is the leading private operator and the most geographically diversified, with 45 airports operated worldwide.
The main listed airport operators in Europe are Aena, Groupe ADP and Fraport.
In Europe, VINCI Airports operates 10 airports in Portugal (18.0 million passengers) and 11 airports in France (6.8 million passengers), including Lyon-Saint Exupéry (3.6 million passengers). It also operates London Gatwick Airport (10.2 million passengers) and Belfast International Airport (1.7 million passengers) in the United Kingdom, Belgrade Airport in Serbia (1.9 million passengers) and Stockholm Skavsta Airport in Sweden (0.6 million passengers).
In Asia, VINCI Airports operates the three airports in Cambodia (2.2 million passengers) and holds the concession, as part of a consortium with Japanese partners, for the three airports in the Kansai region of Japan (15.8 million passengers).
In Latin America, VINCI Airports holds concessions for the Salvador airport in Brazil (3.9 million passengers), the Guanacaste airport in Costa Rica (0.5 million passengers) and six airports in the Dominican Republic (2.5 million passengers).
In Chile, as part of a consortium with Groupe ADP and Astaldi, VINCI Airports operates the international airport in Santiago (8.5 million passengers).
In the United States, VINCI Airports operates five airports under concession or management contracts (4.0 million passengers).
Source: internal studies, company literature.
In spite of the uncertainties surrounding the global health crisis, VINCI Energies should continue to display resilience in 2021.Its diverse business lines and geographies, combined with a network-based management model, will contribute to improving economic performance in the short term, as VINCI Energies’ business units continue to adapt to their customers’ evolving requirements.
In all its markets, VINCI Energies will gain from buoyant medium- and long-term trends. The expanding ecological transition will impact all activities; at the same time, advances in digital technologies, in particular as regards data analysis and processing, will drive the transformation of energy and transport infrastructure, industrial processes, buildings and communication networks.
VINCI Energies will support these developments by offering ever more environmentally beneficial solutions and services to assist its customers in reducing their carbon footprint, while also working on shrinking its own emissions.
In this context, by combining environmental impact management, operating performance, new services and user comfort, VINCI Energies will step up its position as a technology integrator with the capacity to offer its customers the most efficient and sustainable solutions.
VINCI Energies' competitive position
VINCI Energies is a major player in the French market, where it competes mainly with Spie, Engie Solutions, SNEF, Eiffage Énergie and Bouygues Energies & Services.
VINCI Energies is a top player in Germany, where it generated revenue of over €2 billion in 2020, 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, for instance in Austria, Italy, the Czech Republic or Poland, VINCI Energies is a significant player in certain business activities.
VINCI Energies is a long-time player in the African market, where it is a leader in Morocco and growing its operations in West Africa. VINCI Energies also operates in the Middle East and has a solid foothold in Oceania, through its presence 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, following that of PrimeLine Utility Services in 2018, VINCI Energies is expanding its presence in energy infrastructure services in North America. In South America, VINCI Energies mainly operates in Brazil
Source: company literature.
VINCI Construction: VINCI Construction’s order book, up 24% year on year, reached an all-time record of €24 billion at the end of 2020. In 2021, while growth will ultimately depend on how and when the health and economic situations improve, the business line will focus on significantly improving its results, particularly in France, by applying selective order-taking to bid on the projects that create the most value.
VINCI Construction will seek to maintain a balance between major projects that leverage its design-build model and its ability to carry out complex operations, as illustrated by the many sizeable contracts it won in 2020, and, on the other hand, smaller- scale projects that strengthen its regional roots. These two pillars contribute to effective synergies within the business line as well as with the Group’s other entities.
VINCI Construction France expects a slowdown in the office building market in the medium term, but should reap the benefits of robust activity in the Greater Paris area thanks to the major building projects under way or recently won (including The Link in La Défense) and the Grand Paris rail projects.
Business levels for local subsidiary networks outside France are expected to vary from one region to another, declining in Africa, remaining stable in Central Europe and the United Kingdom, and expanding in Oceania.
Following record order intake in 2019 and 2020, the Major Projects Division is expected to post strong growth; 2021 will see work commencing on several significant projects won recently. The division will also gain from the contribution of the energy infrastructure and waste-to-energy activities previously carried out by Entrepose.
Slight growth is expected in Soletanche Freyssinet’s specialist activities, which are employed on a wide variety of projects.
In accordance with the Group’s commitments, VINCI Construction will accelerate its efforts to reduce the environmental footprint of its activities and develop more environmentally conscious products and services for its customers.
Eurovia: The order book at the end of the year suggests that revenue in 2021 will be comparable to 2020. Eurovia could benefit, in most of the countries where it has operations, from the recovery plans introduced by governments in response to the crisis. These measures may start to produce positive effects for Eurovia in the near term as a large proportion of the company’s revenue is generated by activities that are eligible for public investments.
Eurovia will strive to continue to improve operational performance and maintain a high level of earnings. To achieve this, it will draw on the agile, market-driven organisation which has lent it the resilience it needed to weather the current crisis and downturns in the past.
In France, after a doubly exceptional year in 2020 due to the public health and electoral context, local authorities and their elected representatives are expected to step up much-needed investments in the modernisation and maintenance of infrastructure and urban facilities. The demand for sustainable transport will generate a growing number of projects to adapt roads and public spaces across all regions. In the Greater Paris area, activity should also be supported by the major railway projects under way or recently won as part of the Grand Paris programme.
Eurovia will benefit from similarly strong trends in other European countries and in the Americas, taking advantage of its operations spanning a wide variety of markets across mobility infrastructure and urban amenities.
In line with the Group’s commitments, Eurovia will accelerate the environmental transformation of its business activities, products and services, by developing processes aimed at reducing the carbon footprint of roadworks operations, systematically incorporating circular economy principles in its materials production activities, and broadening its expertise in the protection of natural habitats and ecological engineering. This will significantly reduce the direct environmental impact of its operations while contributing to the ecological transition of the sector as a whole.
VINCI Construction est leader devant Bouygues Construction, Eiffage Construction, Fayat, NGE et Spie Batignolles sur un marché estimé à environ 200 milliards d’euros de chiffre d’affaires. Le reste du marché se répartit entre plusieurs entreprises régionales de taille moyenne (notamment Demathieu Bard et Léon Grosse) et un grand nombre de petits entrepreneurs.
VINCI Construction UK est un acteur de taille significative au Royaume-Uni, dans les métiers du bâtiment et du génie civil. Ses principaux concurrents sont les groupes Balfour Beatty, Kier, Laing O’Rourke, Interserve et Sir Robert McAlpine. Le marché britannique est estimé à environ 150 milliards de livres sterling de chiffre d’affaires.
EUROPE CENTRALE VINCI Construction est présent dans cette zone grâce à ses filiales de taille moyenne implantées localement, notamment en Pologne, en République tchèque et en Slovaquie. Ses principaux concurrents dans cette zone sont Strabag, Skanska, Porr mais aussi, en Pologne, Budimex (groupe Ferrovial), et en République tchèque, Metrostav.
Présent dans 23 pays, Sogea-Satom est un acteur majeur en Afrique centrale, en Afrique de l’Ouest, en Afrique équatoriale et en Afrique de l’Est. Ses principaux concurrents sont européens, asiatiques, en particulier chinois, et africains.
VINCI Construction est un acteur majeur des infrastructures sur le marché néo-zélandais au travers de sa filiale HEB Construction. Depuis fin 2017, VINCI Construction a renforcé sa présence en Australie suite à l’acquisition de Seymour Whyte.
MARCHÉS DE SPÉCIALITÉS
Soletanche Freyssinet, en position de leader mondial du génie civil spécialisé, est présent sur un marché très fragmenté. Parmi ses concurrents figurent Trevi, Bauer et Keller pour les activités de fondations spéciales, VSL (filiale du groupe Bouygues) pour les systèmes de précontrainte et de haubanage.
Sources : Euroconstruct, novembre 2019 (taille et marchés), communication des sociétés.
Eurovia est, avec Colas et Eiffage Infrastructures, l’un des leaders du marché des travaux routiers et ferroviaires. Ce marché se répartit, par ailleurs, entre de nombreuses entreprises régionales et locales. Eurovia est leader sur le marché des granulats, où opèrent également ses concurrents routiers et des groupes cimentiers comme LafargeHolcim, GSM (HeidelbergCement Group) et Cemex, ainsi que plusieurs centaines de producteurs locaux.
Eurovia GmbH est l’un des principaux acteurs du secteur avec Strabag, dans un marché composé principalement de nombreuses sociétés à caractère régional.
Par ailleurs, ETF, filiale de travaux ferroviaires d’Eurovia, développe son activité dans le pays au travers de la société THG Baugesellschaft GmbH.
Eurovia UK, via sa filiale Ringway, est un acteur majeur sur le marché des contrats de maintenance routière à long terme. Ses principaux concurrents sont Amey (groupe Ferrovial), Kier et Balfour Beatty. Eurovia UK intervient également dans les métiers de travaux routiers classiques, en concurrence avec Balfour Beatty et Tarmac (groupe CRH), Aggregate Industries (LafargeHolcim), Hanson (Heidelberg) et Conway.
Eurovia CS est l’un des leaders dans les travaux d’infrastructures routières et ferroviaires. Ses principaux concurrents sont Porr, Metrostav et Strabag.
AMÉRIQUE DU NORD
Au Canada, Eurovia est l’un des acteurs majeurs des travaux d’infrastructures routières dans les provinces du Québec, de l’Alberta et de la Colombie-Britannique au travers de ses filiales Eurovia Québec Construction, Carmacks et BA Blacktop. Ses principaux concurrents sont des filiales des groupes Colas, CRH et LafargeHolcim, ainsi que des entreprises locales. Aux États-Unis, Eurovia est l’un des leaders des travaux routiers de la côte Est avec une présence dans 12 États, ainsi qu’au Texas. Ses principaux concurrents sont Archer Western Contractors (filiale de Walsh Group) et Lane Construction (Salini Impregilo) pour les travaux de construction et Preferred Materials (CRH) et de multiples acteurs régionaux pour la fabrication et la mise en oeuvre de béton bitumeux.
Source : communication des sociétés.