Following the positive trends observed in the second half of 2021, traffic on the French motorway network – barring exceptional events – should continue to grow and exceed the 2019 level over 2022 as a whole. Continued improvement in traffic is also anticipated on road infrastructure outside France.
In the airports sector, unless the public health situation worsens further, the improvement observed since the summer of 2021 is expected to continue, especially in Europe and the Americas. VINCI Airports passenger traffic could recover to around 60% of the 2019 level (base case scenario) in 2022, driven by domestic and intracontinental flights and VFR (visiting friends and relatives) in its business mix. VINCI Airports will also continue to optimise its costs and investments, while honouring its contractual and regulatory obligations. In these circumstances, it could report net earnings close to breakeven in 2022.
Over and above short-term uncertainties linked to the health crisis that has not yet stabilised, concessions should be analysed with respect to their long-cycle economic rationale, whether this means their business model, the growing mobility needs underlying their markets, the public service projects they undertake for authorities, or their relations with users. Building on that analysis, VINCI’s concessions business lines will continue to strengthen partnerships with the regions in which they operate as key players, and develop services that improve mobility and the travel experience, with a particular emphasis on digital technology.
The concessions business lines will also play a key role in implementing the Group’s environmental ambition. Following on from the actions already taken, they will step up development of solutions to reduce the direct footprint of their business activities and support users of road infrastructure and airline companies in their efforts to decarbonise mobility. The investments made and the innovative initiatives pursued by the Group, alongside its industrial and financial partners, should lead to significant advances, most notably in the field of hydrogen-powered vehicles and aircraft.
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 in 2021.The main listed airport operators in Europe are Aena, Groupe ADP and Fraport.
In Europe, VINCI Airports operates 10airports in Portugal (24.9 million passengers) and 11 airports in France (8.7million passengers), including Lyon-Saint Exupéry (4.5 million passengers). It also operates LondonGatwick (6.3 million passengers) and Belfast International (2.3 million passengers) in the United Kingdom, Belgrade airport in Serbia (3.3 million passengers) and Stockholm Skavsta Airport in Sweden (0.6 million passengers).
In Asia, VINCI Airports operates the three airports in Cambodia (0.3 million passengers) and holds the concession, as part of a consortium with Japanese partners, for the three airports in the Kansai region of Japan (11.4 million passengers).
In Latin America, VINCI Airports holds concessions for Salvador Bahia airport in Brazil (5.6 million passengers), Guanacaste airport in Costa Rica (0.8million passengers) and six airports in the Dominican Republic (4.6 million passengers). In Chile, as part of a consortium with Groupe ADP and Astaldi, VINCI Airports operates the international airport in Santiago (10.0million passengers).
In the United States, VINCI Airports operates five airports under concession or management contracts (7.0 million passengers).
VINCI Energies operates in buoyant markets and boasts a robust order backlog, and should thus once again grow its business volume and further improve its very high operational performance in 2022. Its position as a multi-technical integrator and its broad geographical wingspan will enable it to deploy efficient and sustainable solutions across all its business segments.
The need to embrace the ecological transition is opening up opportunities for transforming infrastructure, buildings and industrial processes. VINCI Energies is playing a role in this process by emphasising the environmental dimension of its solutions and services in order to help customers reduce their carbon footprint.
At the same time, VINCI Energies is leveraging the digital transformation momentum in all sectors of the economy – across communication networks, data storage, security and analytics – by helping its customers optimise performance in this area.
VINCI Energies is a major player in the French market, where it competes mainly with Spie, Equans, SNEF, Eiffage Énergie and Bouygues Energies & Services.
VINCI Energies is a top player in Germany, where it generated revenue of over €2.4 billion in 2021, 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.
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. VINCIEnergies 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 2017, VINCI Energies is expanding its presence in energy infrastructure services in North America. In South America, VINCI Energies mainly operates in Brazil.
At the end of 2021, VINCI Construction’s order book stood at €33.4billion, close to its highest level ever. It includes a larger proportion of orders revolving around its core business than in 2020, when it was awarded an exceptional volume of major contracts. The balance between large operations tapping into VINCIConstruction’s substantial production and project management capabilities and smaller projects generated by its local business units will strengthen its resilience. In these circumstances, it is expected to continue to see high business volumes in 2022.
VINCI Construction will remain selective, focusing principally on further improving its earnings. Its new integrated organisation and increased synergies between its entities will enhance value creation on projects and help to optimise operational performance.
In the near as well as the more distant future, VINCIConstruction will benefit from buoyant trends in all its markets, driven by growing demand for construction, renovation and transformation of buildings, living environments and infrastructure. It will address the major challenges surrounding the environmental transition by speeding up rollout of its products, services and solutions that optimise energy efficiency and carbon footprints in the structures it builds, while pushing ahead with its efforts to reduce its direct footprint.
Soletanche Freyssinet, world leader in specialist civil engineering, operates in more than 100 countries and is active on a very fragmented market. Its competitors include Trevi, Bauer and Keller in special foundations, and VSL (a Bouygues subsidiary) in prestressing and stay cable systems.
VINCI Construction is the leader in the building and civil engineering sectors, ahead of Bouygues Construction, Eiffage Construction, Fayat, NGE and Spie Batignolles. The remaining market is divided among several medium-sized regional companies (including Demathieu Bard and Léon Grosse) and a large number of small contractors. In the transport infrastructure and urban development sectors, VINCI Construction, including Eurovia and its subsidiaries, is a market leader alongside Colas (Bouygues group) and Eiffage Infrastructures. The market is otherwise shared by a large number of local and regional companies. Eurovia is also market leader in aggregates, where its competitors include roadworks companies and cement groups such as Holcim, GSM (HeidelbergCement group) and Cemex, along with several hundred local producers.
Eurovia GmbH is one of the sector’s main players with Strabag, in a market made up mainly of numerous regional players.
VINCI Construction operates in the United Kingdom through its subsidiaries specialising in five markets: building (VINCI Construction UK), civil engineering (Taylor Woodrow and Eurovia Contracting), roadworks (Eurovia), long-term building maintenance services (VINCI Facilities) and road maintenance (Ringway). Its main competitors are Balfour Beatty, Kier, Morgan Sindall, Laing O’Rourke, Tarmac (CRH group), Amey (Ferrovial group), FM Conway, Sir Robert McAlpine, Aggregate Industries (Holcim) and Hanson (HeidelbergCement).
VINCI Construction operates in the region through its local subsidiaries, notably in Poland, the Czech Republic and Slovakia. Eurovia CS is among the leaders in road and rail works in the Czech Republic. Its main competitors are Porr, Metrostav and Strabag.
In Canada, VINCI Construction, together with its local entities, is one of the major players in road infrastructure works in Quebec, Alberta and British Columbia. Its main competitors are subsidiaries of Colas, CRH and Holcim, as well as local companies. In the United States, VINCI Construction, together with its local entities, is a market leader in roadworks on the east coast, with operations in 10 eastern states and in Texas. For construction works, its main competitors are Archer Western Contractors (Walsh Group) and Lane Construction (Webuild); for the manufacture and application of asphalt concrete, it competes against Preferred Materials (CRH) and a large number of regional players.
Operating in 23 countries, VINCI Construction, together with its subsidiary Sogea-Satom, is a major player in Central Africa, West Africa, Equatorial Africa and East Africa. Its main competitors are European, African and Asian (particularly Chinese) companies.
VINCI Construction is a major player in the New Zealand and Australian infrastructure markets through its subsidiaries HEB Construction and Seymour Whyte.