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Vinci SA

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VINCI SA
Company typePublic (Société Anonyme)
Euronext Paris: DG
CAC 40 component
ISINFR0000125486 Edit this on Wikidata
IndustryConstruction
Founded1899; 125 years ago (1899)
FoundersAlexandre Giros
Louis Loucheur
Headquarters1973 blvd de la Défense,
Nanterre
,
France
Area served
Worldwide
Key people
Xavier Huillard (Chairman and CEO)
ServicesInfrastructure and property construction, transport infrastructure concessions (motorways, tunnels, airports, bridges), energy infrastructure and services
RevenueIncrease €68.8 billion (2023)[1]
Increase €8.3 billion (2023)[1]
Increase €4.7 billion (2023)[1]
Total assetsIncrease €118.5 billion (2023)[1]
Total equityIncrease €32 billion (2023)[1]
Number of employees
280,000 (2024)[2]
DivisionsVinci Autoroutes (Autoroutes du Sud de la France, Cofiroute, Escota, Arcour), Vinci Concessions (airports, stadiums, highways), Vinci Energies, Cobra IS, Vinci Construction
Websitewww.vinci.com

Vinci (corporately styled VINCI) is a French concessions and construction company founded in 1899 as Société Générale d'Entreprises. Its head office is in Nanterre, in the western suburbs of Paris.[3] Vinci is listed on Euronext's Paris stock exchange and is a member of the Euro Stoxx 50 index.

History

[edit]

The company was founded by Alexandre Giros and Louis Loucheur as Société Générale d'Entreprises S.A. (SGE) in 1899.[4] SGE was owned by Compagnie générale d'électricité (CGE), now Alcatel, from 1966 until 1981, when Saint-Gobain acquired a majority stake.[5]

Companies acquired by SGE include Sogea (a civil engineering firm founded in 1878), bought in 1986, Campenon Bernard (a civil engineering and development firm founded in 1920), bought in 1988, and Norwest Holst (a British civil engineering firm founded in 1969 by the merger of Holst & Co, established in 1918, and Norwest Construction, established in 1923),[6] bought in 1991.[4]

In 1988, SGE was acquired by Compagnie générale des eaux, which was later renamed Vivendi.[7] In 2000, the company changed its name to Vinci.[4]

During 2001, Vinci acquired Groupe GTM, which was a combination of Dumez (founded in 1880) and GTM (founded in 1891).[4] One year later, the British-based business Norwest Holst was renamed Vinci plc.[6][8]

The company went on to acquire Autoroutes du Sud de la France (the Southern Freeways Company) in 2006,[9] and Bachy-Soletanche, the world's second-largest geotechnical specialist contractor (after Bauer) in February 2007.[10] It also bought the UK operations of Taylor Woodrow Construction for £74m in September 2008.[11][12]

During August 2009, Vinci acquired a portion of the troubled contractor Haymills.[13] One month later, it acquired the French engineering firm Cegelec from the Qatar Investment Authority in exchange for €1.18 billion ($1.69 billion).[14][15] During February 2010, it bought the European aggregates businesses of Tarmac from Anglo American in exchange for £250 million.[16] It also purchased Meteor Parking from the Go-Ahead Group in September 2010.[17]

During the early 2010s, the company was awarded multiple contracts to construct portions of London's Crossrail project.[18][19] In 2012, Vinci signed a deal to buy ANA Aeroportos de Portugal in exchange for €3,080 million.[20][21] During December 2013, Vinci was awarded a contract worth €440 million to build an express-lane highway system in Atlanta, Georgia.[22]

During 2014, Vinci sold 75% of the shares of Vinci Park to a consortium Ardian Infrastructure and Crédit Agricole Assurances; Vinci Park then became Indigo. In June 2016, Vinci sold the remaining 25.4% ex-Vinci Park shares to the consortium Ardian Infrastructure and Crédit Agricole Assurances.[23]

During May 2015, Vinci and Orix were jointly awarded a 45-year contract to operate Itami Airport and Kansai International Airport in Osaka Prefecture, Japan, under a deal valued at around $18 billion.[24]

In March 2017, the company won the concession to operate the international airport at Salvador, Bahia for 30 years.[25][26] During October 2017, the Australian construction contractor Seymour Whyte was purchased by Vinci.[27] In November 2017, the company invested in Sweden to acquire Eitech and Infratek, specialists in electrical works and engineering.[28][29]

Between 2017 and 2020, Vinci, as part of a joint venture with Balfour Beatty and Systra, was awarded multiple contracts to work on Britain's High Speed 2 project.[30][31][32]

In May 2019, Vinci acquired a 50.01% stake in Gatwick Airport; at the time of the transaction, the company pledged to invest £1.1 billion into passenger improvements at the airport by 2023.[33][34]

Throughout 2020, the company's activities were heavily influenced by the COVID-19 pandemic; strict guidelines were implemented at its workplaces amongst other consequences.[35] In the UK, Vinci was involved in the construction of several specialist hospitals.[36][37]

During October 2020, Vinci issued a €5.2 billion ($6.08 billion) offer to the Spanish construction conglomerate ACS Group to acquire its ACS Industrial division;[38] this transaction was completed during the following year.[39] Additional arrangements between the two companies led to the creation of a joint venture focused on the renewable energy sector.[40]

On 7 April 2021, Vinci was awarded a 30-year concession to operate the following Brazilian airports: Manaus-Brig. Eduardo Gomes International Airport, Tabatinga International Airport, Tefé Airport, Rio Branco International Airport, Cruzeiro do Sul International Airport, Porto Velho-Gov. Jorge Teixeira de Oliveira International Airport, and Boa Vista International Airport.[41][42]

In October 2024, Vinci agreed terms to purchase FM Conway.[43]

Ownership

[edit]

The breakdown of shareholders at 31 December 2019 is as follows:[44]

Financial data

[edit]
Financial Data in euro billions
Year 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Sales 33,571 36,956 38,634 40,338 38,703 38,518 38,073 40,248 43,519 48,053 43,234 49,396 61,675 68,838
EBIT 3,434 3,660 3,651 3,767 4,243 3,715 4,118 4,607 4,997 5,734 2,459 4,723 6,824 8,357
Net result 1,776 1,904 1,917 1,962 2,486 2,046 2,505 2,747 2,983 3,260 1,015 2,597 4,259 4,702
Net debt 13,060 17,164 16,210 17,552 17,134 15,001 13,938 14,001 15,554 21,654 17,989 19,266 18,536 16,126
Staff 179,527 183,320 192,701 190,704 185,293 185,452 183,487 194,428 211,233 222,397 217,731 219,299 271,648 279,426

Source: VINCI[45]

Competitors

[edit]
Main competitors for VINCI
VINCI Autoroutes
  • Abertis
  • Atlantia
  • Eiffage
  • Brisa

Vinci Airports

  • AENA
  • ADP
  • Fraport
  • MAHB
 VINCI Energies

in France:

outside France:

  • Siemens
  • Spie
  • Bilfinger
  • ThyssenKrupp Industrial Solutions
  • Minimax
  • Burkhalter
  • Alpiq
 EUROVIA

in France:

  • Colas
  • Eiffage Infrastructures
  • LafargeHolcim
  • Heidelberg Cement Group
  • Cemex

outside France:

  • Royal BAM Group
  • Strabag
  • Amey
  • Kier
  • Balfour Beatty
  • Tarmac
  • Conway
  • Aggregate Industries
  • Hanson
  • Skanska
  • Metrostav
  • Cormac
 VINCI Construction

in France:

outside France:

  • Royal BAM Group
  • Balfour Beatty
  • Kier
  • Laing O'Rourke
  • Interserve
  • Strabag
  • Skanska
  • Porr
  • Budimex
  • Metrostav
  • Trevi
  • Bauer
  • Keller

Source: VINCI Annual report 2016

Turnover analysis

[edit]

As of 2013, the turnover was split as follows:[46]

  • design and construction of works (35.5%): primarily in the building, civil engineering and hydraulics
  • design, execution, and maintenance of energy and telecom infrastructures (26.5%; Vinci Energies);
  • construction, renovation and upkeep of transport infrastructures (19.7%; Eurovia): roads, highways, and rail roads. The group is also active in urban design and granulate production (No. 1 in France);
  • sub-contracted infrastructure management (16.3%; Vinci Concessions): primarily managing roads and highways (mainly through Autoroutes du Sud de la France and Cofiroute), airport activities;
  • other (2%)

Net sales break down geographically as follows: France (58.9%), Europe (25.4%), North America (3.9%), Africa (3.5%) and other (8.3%).

In 2020, Vinci UK turnover was £858.5m, with pre-tax profit of £16.2m.[47] However, by 2024, Vinci UK had endured two consecutive years of losses. Vinci Construction UK (comprising Taylor Woodrow Construction, Vinci Building and Vinci Facilities) made a pre-tax loss of £51.4m in 2023 (2022: £43.5m pre-tax loss) on £1.34bn of turnover (2022: £1.24bn).[48]

During early 2024, the company announced that its turnover had risen by 12% to €69 billion, which was reportedly a 12 year high.[49]

Notable projects

[edit]

Vinci and its predecessor companies have been involved in many notable projects including:

Criticism

[edit]

Vinci is involved in construction of the first 43 km of the Moscow-Saint Petersburg motorway through the valuable Khimki Forest. This construction has raised many protests in Russia, 75% of the local community – about 208,000 citizens of Khimki – oppose the project.[61] There have also been numerous human rights abuses surrounding the project, with journalists and activists arrested and assaulted.[62][63]

Vinci attracted protests in relation to its project to build an airport in Notre-Dame-des-Landes near Nantes, expected to become the third largest airport in France and being built on a site of 2,000 hectares of woodland and marsh with an acknowledged social and ecological value. This project was financed through a public-private partnership with profits going to Vinci. In November 2012, protests took place to prevent the expulsion of villagers and farmers who were struggling to protect their environment who were receiving support at both a national and international level.[64]

Vinci's Norwest Holst and Taylor Woodrow were revealed as subscribers to the UK's Consulting Association, exposed in 2009 for operating an illegal construction industry blacklist. Vinci was later one of eight businesses involved in the 2014 launch of the Construction Workers Compensation Scheme,[65] condemned as a "PR stunt" by the GMB union, and described by the Scottish Affairs Committee as "an act of bad faith".[66]

Russian invasion of Ukraine

[edit]

Vinci SA has faced scrutiny for its continued presence in Russia amid the war in Ukraine. According to Le Monde, despite halting new investments, the company remains active through its subsidiaries, raising concerns about its ongoing operations and ethical responsibilities.[67]

References

[edit]
  1. ^ a b c d e "consolidated financial statements at 31 december-2023" (PDF). Vinci. Retrieved 22 January 2024.
  2. ^ "🌍 Our cities ready for the future? Building resilience to climate change [French] with Isabelle Spiegel, VINCI Vice-President, Environment". YouTube. Retrieved 6 May 2024.
  3. ^ "Contact Archived 27 March 2010 at the Wayback Machine." (Map Archived 26 July 2011 at the Wayback Machine) Vinci. Retrieved 7 July 2010.
  4. ^ a b c d "Vinci website: company history". Vinci.com. Archived from the original on 29 November 2011. Retrieved 20 November 2011.
  5. ^ "Vinci's Serge Michel dies". KHL. 20 March 2019. Retrieved 15 June 2020.
  6. ^ a b "About us: Heritage". Vinci Construction. Retrieved 20 January 2021.
  7. ^ "Vinci website: SGE history". Vinci.com. Archived from the original on 7 February 2012. Retrieved 20 November 2011.
  8. ^ "Vinci hungry". Construction News. 17 March 2005.
  9. ^ "Autoroutes du Sud de La France history" (in French). Asf.fr. 16 January 2008. Archived from the original on 5 October 2011. Retrieved 20 November 2011.
  10. ^ "Contract Journal". Contract Journal. 19 May 2011. Archived from the original on 11 May 2008. Retrieved 20 November 2011.
  11. ^ McKenna, John (10 September 2008). "Acquisition: Vinci buys Taylor Woodrow". New Civil Engineer. Retrieved 15 March 2019.
  12. ^ WHITTEN, NICK (23 January 2009). "End of an era for Taylor Woodrow". constructionnews.co.uk.
  13. ^ PITCHER, GREG (13 August 2009). "Vinci formally acquires part of Haymills". constructionnews.co.uk.
  14. ^ Amiel, Geraldine (1 September 2009). "Vinci to acquire Cegelec from Qatar fund". The Wall Street Journal. Retrieved 22 November 2017.
  15. ^ WHITTEN, NICK (2 September 2009). "Vinci acquires Cegelec from Qatari Diar in £1bn deal". constructionnews.co.uk.
  16. ^ "Vinci buys Tarmac's European businesses for £250m". The Construction Index. 16 February 2010.
  17. ^ Moran, Mark (4 October 2010). "VINCI Park buys Meteor". transportxtra.com.
  18. ^ "Hochtief and Vinci win last Crossrail tunnels". theconstructionindex.co.uk. 8 April 2011.
  19. ^ "Network Rail awards two major Crossrail contracts for west London and Berkshire". Network Rail. 21 October 2013.
  20. ^ "Vinci sees off rivals to buy ANA". Financial Times. 27 December 2012. Retrieved 22 November 2017.
  21. ^ Gourntis, Kelliope (30 September 2013). "Vinci wraps up acquisition of airport operator". infrastructureinvestor.com.
  22. ^ Abboud, Leila (18 December 2013). "Vinci wins U.S. highway project worth 440 million euro". Reuters.
  23. ^ "Vinci achève son désengagement de l'ex-Vinci Park" [Vinci disposes of the former Vinci Park] (in French). Capital. 13 June 2016.
  24. ^ Fujita, Junko (22 May 2015). "Orix only confirmed bidder for Kansai airport rights after more drop out". Reuters. Retrieved 14 September 2015.
  25. ^ "VINCI Airports wins the concession for Salvador's airport in Brazil". VINCI.
  26. ^ "VINCI completes expansion work at Salvador Bahia Airport in Brazil". airport-technology.com. 12 December 2019.
  27. ^ "Court approves Scheme of Arrangement" (PDF). Seymour White. 3 October 2017.
  28. ^ "Vinci Acquires Sweden-Based Eitech for Undisclosed Amount". Fox Business. 8 November 2017. Retrieved 6 December 2017.
  29. ^ Riordan, Darragh (2 November 2017). "Triton exits Infratek to trade buyer Vinci Group". realdeals.eu.com.
  30. ^ "Green light for HS2 as first major contracts signed". High Speed Two (HS2) Limited. 1 August 2017.
  31. ^ "Balfour Beatty VINCI SYSTRA joint venture awarded HS2 construction management contract for c. £1 billion Old Oak Common station". balfourbeatty.com. 17 September 2019.
  32. ^ Thomas, William (15 April 2020). "VINCI Wins £5 Billion Contract In The United Kingdom". moveitmagazine.com.
  33. ^ Hecker, Jürgen. "London's Gatwick airport sold to French Vinci conglomerate". The Jakarta Post. London. Agence France-Presse. Retrieved 27 December 2018.
  34. ^ Calder, Simon (14 May 2019). "Gatwick Airport: Rapid Expansion to Continue as French Firm Vinci Takes Over". The Independent. London.
  35. ^ "COVID-19". vincifacilities.com. Retrieved 5 August 2024.
  36. ^ WADHAM, CAROLINE (8 April 2020). "Kier, McAlpine and Vinci building temporary hospitals". constructionnews.co.uk.
  37. ^ Marshall, Jordan (14 April 2020). "Vinci picked to build two more coronavirus hospitals in Wales". building.co.uk.
  38. ^ MOLINA, PILAR SÁNCHEZ (2 October 2020). "ACS Group to sell renewables unit to France's Vinci". pv-magazine.com.
  39. ^ "VINCI acquires energy business of ACS for $5.5bn". Power Technology. 3 January 2022. Retrieved 7 July 2022.
  40. ^ "The Spanish Acs and the French Vinci consolidate the alliance in the development of renewables". agenzianova.com. 18 September 2023.
  41. ^ "Governo federal arrecada R$ 3,3 bilhões com leilão de 22 aeroportos". Agência Brasil (in Portuguese). 7 April 2021. Retrieved 7 April 2021.
  42. ^ "VINCI Airports wins the concession of Manaus airport and 6 other airports in Brazil". globenewswire.com. 7 April 2021.
  43. ^ Vinci announces purchase of FM Conway New Civil Engineer 30 October 2024
  44. ^ "Becoming a shareholder - Shareholders - Shareholders [VINCI]". Vinci.com. 5 February 2020. Retrieved 16 May 2018.
  45. ^ "Core businesses". VINCI.
  46. ^ "Euronext". Euronext. Retrieved 14 April 2013.
  47. ^ "Vinci sees single-digit decline in the UK". The Construction Index. 20 May 2021. Retrieved 17 June 2021.
  48. ^ "More losses for Vinci UK". The Construction Index. 16 September 2024. Retrieved 16 September 2024.
  49. ^ Rogers, Dave (8 February 2024). "Vinci's construction margin hits 12 year high". building.co.uk.
  50. ^ "Vinci website: Hendrik Verwoerd Dam". Vinci.com. Archived from the original on 7 February 2012. Retrieved 20 November 2011.
  51. ^ "Vinci website: Tour Montparnasse". Vinci.com. Archived from the original on 7 February 2012. Retrieved 20 November 2011.
  52. ^ "Vinci website: Centre Georges Pompidou". Vinci.com. Archived from the original on 7 February 2012. Retrieved 20 November 2011.
  53. ^ "Vinci website: Basilica of Our Lady of Peace of Yamoussoukro". Vinci.com. 25 March 1988. Archived from the original on 1 October 2011. Retrieved 20 November 2011.
  54. ^ "Vinci website: Louvre". Vinci.com. Archived from the original on 1 October 2011. Retrieved 20 November 2011.
  55. ^ "Channel Tunnel on Structurae database" (in German). En.structurae.de. Retrieved 20 November 2011.
  56. ^ "Pont de Normandie on Structurae database" (in German). En.structurae.de. Retrieved 20 November 2011.
  57. ^ "Vinci website: Stade de France". Vinci.com. Archived from the original on 1 October 2011. Retrieved 20 November 2011.
  58. ^ "Rio–Antirrio bridge". Road Traffic Technology. Retrieved 1 April 2012.
  59. ^ Whiston Hospital, St Helens and Knowsley Teaching Hospitals NHS Trust, retrieved 3 May 2018
  60. ^ "Three Qualified To Bid on Third Bridge Over Panama Canal Project". Panama-Guide. 30 March 2012. Archived from the original on 2 April 2012. Retrieved 17 April 2012.{{cite news}}: CS1 maint: unfit URL (link)
  61. ^ "Проблема сохранения Химкинского леса" (in Russian). Levada.ru. 15 September 2010. Archived from the original on 25 January 2012. Retrieved 20 November 2011.
  62. ^ Weir, Fred (30 April 2012). "An engineering mom leads effort to save an old-growth Russian forest". Christian Science Monitor.
  63. ^ Ioffe, Julia (26 August 2010). "Russia halts forest highway construction as opposition grows". Los Angeles Times.
  64. ^ "Vinci, Company Profile – Corporate Watch". Corporatewatch.org. 13 June 2017. Retrieved 16 May 2018.
  65. ^ "Construction blacklist compensation scheme opens". BBC News. BBC. 4 July 2014. Retrieved 7 September 2015.
  66. ^ "Scottish Affairs - Seventh Report Blacklisting in Employment: Final Report". www.parliament.uk. Scottish Affairs Committee. Retrieved 7 September 2015.
  67. ^ "War in Ukraine: French companies grapple with leaving Russia". 23 February 2024. Retrieved 17 December 2024.
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