Vinci SA explained

VINCI SA
Type:Public (Société Anonyme)
Traded As:
CAC 40 Component
Founders:Alexandre Giros
Louis Loucheur
Hq Location:1973 blvd de la Défense
Location City:Nanterre
Location Country:France
Key People:Xavier Huillard (Chairman and CEO)
Area Served:Worldwide
Industry:Construction
Services:Infrastructure and property construction, transport infrastructure concessions (motorways, tunnels, airports, bridges), energy infrastructure and services
Revenue: €61.675 billion (2022)[1]
Operating Income: €6.824 billion (2022)
Net Income: €4.259 billion (2022)
Assets: €111.991 billion (2022)
Equity: €29.409 billion (2022)
Num Employees:280,000 (2024)[2]
Divisions:Vinci Autoroutes (Autoroutes du Sud de la France, Cofiroute, Escota, Arcour), Vinci Concessions (airports, stadiums, highways), Vinci Energies, Cobra IS, Vinci Construction
Homepage:www.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

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.

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.

During 2001, Vinci acquired Groupe GTM, which was a combination of Dumez (founded in 1880) and GTM (founded in 1891). 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]

Ownership

The breakdown of shareholders at 31 December 2019 is as follows:[43]

Financial data

Financial Data in euro billions! Year! 2010! 2011! 2012! 2013! 2014! 2015! 2016! 2017! 2018! 2019! 2020! 2021! 2022
Sales33,57136,95638,63440,33838,70338,51838,07340,24843,51948,05343,23449,39661,675
EBIT3,4343,6603,6513,7674,2433,7154,1184,6074,9975,7342,4594,7236,824
Net result1,7761,9041,9171,9622,4862,0462,5052,7472,9833,2601,0152,5974,259
Net debt13,06017,16416,21017,55217,13415,00113,93814,00115,55421,65417,98919,26618,536
Staff179,527183,320192,701190,704185,293185,452183,487194,428211,233222,397217,731 219,299271,648
Source: VINCI[44]

Competitors

valign=top
VINCI Autoroutes
  • Abertis
  • Atlantia
  • Eiffage
  • Brisa

Vinci Airports

  • AENA
  • ADP
  • Fraport
  • MAHB
valign=topVINCI Energiesin France:

outside France:

  • Siemens
  • Spie
  • Bilfinger
  • ThyssenKrupp Industrial Solutions
  • Minimax
  • Burkhalter
  • Alpiq
valign=topEUROVIAin 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
valign=topVINCI Constructionin France:
  • Bouygues Construction,
  • Eiffage Construction
  • Fayat
  • NGE
  • Spie Batignolles
  • Demathieu Bard
  • Léon Grosse

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

As of 2013, the turnover was split as follows:[45]

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.[46] During early 2024, the company announced that its turnover had risen by 12% to €69 billion, which was reportedly a 12 year high.[47]

Notable projects

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

Criticism

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.[58] There have also been numerous human rights abuses surrounding the project, with journalists and activists arrested and assaulted.[59] [60]

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.[61]

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,[62] condemned as a "PR stunt" by the GMB union, and described by the Scottish Affairs Committee as "an act of bad faith".[63]

Notes and References

  1. Web site: 2022 Annual financial statements . Vinci. 22 January 2024.
  2. Web site: Our cities ready for the future? Building resilience to climate change [French] with Isabelle Spiegel, VINCI Vice-President, Environment ]. YouTube . 6 May 2024.
  3. "Contact ." (Map) Vinci. Retrieved 7 July 2010.
  4. Web site: Vinci website: company history . Vinci.com . 20 November 2011 . https://web.archive.org/web/20111129110642/http://www.vinci.com/vinci.nsf/en/history-chronology.htm . 29 November 2011 . dead . en.
  5. Web site: Vinci's Serge Michel dies . 20 March 2019 . KHL . 15 June 2020 . en.
  6. Web site: About us: Heritage . Vinci Construction . 20 January 2021 . en.
  7. Web site: Vinci website: SGE history . Vinci.com . 20 November 2011 . 7 February 2012 . https://web.archive.org/web/20120207105138/http://www.vinci.com/vinci.nsf/en/history-companies.htm?OpenAgent&sge . dead . en.
  8. Web site: Vinci hungry . constructionnews.co.uk . 17 March 2005 . en.
  9. Web site: Autoroutes du Sud de La France history . Asf.fr . 16 January 2008 . 20 November 2011 . https://web.archive.org/web/20111005234622/http://www.asf.fr/control/index.aspx?pageid=Internet2007Anglais.9902 . 5 October 2011 . dead . fr.
  10. Web site: Contract Journal . Contract Journal . 19 May 2011 . 20 November 2011 . https://web.archive.org/web/20080511025058/http://www.contractjournal.com/Articles/2007/02/14/53631/vinci-completes-soletanche-takeover.html . 11 May 2008 . dead . en.
  11. McKenna . John . Acquisition: Vinci buys Taylor Woodrow . 15 March 2019 . . 10 September 2008 . en.
  12. Web site: End of an era for Taylor Woodrow . constructionnews.co.uk . 23 January 2009 . NICK . WHITTEN . en.
  13. Web site: Vinci formally acquires part of Haymills . constructionnews.co.uk . 13 August 2009 . GREG . PITCHER . en.
  14. Web site: Vinci to acquire Cegelec from Qatar fund . 1 September 2009 . . Geraldine . Amiel . 22 November 2017 . en.
  15. Web site: Vinci acquires Cegelec from Qatari Diar in £1bn deal . constructionnews.co.uk . 2 September 2009 . NICK . WHITTEN . en.
  16. Web site: Vinci buys Tarmac's European businesses for £250m . The Construction Index . 16 February 2010 . en.
  17. Web site: VINCI Park buys Meteor . Mark . Moran . 4 October 2010 . transportxtra.com . en.
  18. Web site: Hochtief and Vinci win last Crossrail tunnels . theconstructionindex.co.uk . 8 April 2011 . en.
  19. Web site: Network Rail awards two major Crossrail contracts for west London and Berkshire . . 21 October 2013 . en.
  20. Web site: Vinci sees off rivals to buy ANA . 27 December 2012 . Financial Times . 22 November 2017 . en.
  21. Web site: Vinci wraps up acquisition of airport operator . infrastructureinvestor.com . Kelliope . Gourntis . 30 September 2013 . en.
  22. News: Vinci wins U.S. highway project worth 440 million euro . Leila . Abboud . Reuters . 18 December 2013 . en.
  23. News: Vinci achève son désengagement de l'ex-Vinci Park . Vinci disposes of the former Vinci Park . Capital . 13 June 2016 . fr.
  24. News: Fujita . Junko . Orix only confirmed bidder for Kansai airport rights after more drop out . 14 September 2015 . Reuters . 22 May 2015 . en.
  25. Web site: VINCI Airports wins the concession for Salvador's airport in Brazil . VINCI . en.
  26. Web site: VINCI completes expansion work at Salvador Bahia Airport in Brazil . airport-technology.com . 12 December 2019 . en.
  27. Web site: Court approves Scheme of Arrangement . Seymour White . 3 October 2017 . en.
  28. News: Vinci Acquires Sweden-Based Eitech for Undisclosed Amount . 8 November 2017 . Fox Business . 6 December 2017 . en.
  29. Web site: Triton exits Infratek to trade buyer Vinci Group . realdeals.eu.com . Darragh . Riordan . 2 November 2017 . en.
  30. Web site: Green light for HS2 as first major contracts signed . High Speed Two (HS2) Limited . 1 August 2017 . en.
  31. Web site: Balfour Beatty VINCI SYSTRA joint venture awarded HS2 construction management contract for c. £1 billion Old Oak Common station . balfourbeatty.com . 17 September 2019 . en.
  32. Web site: VINCI Wins £5 Billion Contract In The United Kingdom . moveitmagazine.com . William . Thomas . 15 April 2020 . en.
  33. News: London's Gatwick airport sold to French Vinci conglomerate . Hecker . Jürgen . . . . 27 December 2018 . en.
  34. News: Gatwick Airport: Rapid Expansion to Continue as French Firm Vinci Takes Over . Calder . Simon . . London . 14 May 2019 . en.
  35. Web site: COVID-19 . vincifacilities.com . 5 August 2024 . en.
  36. Web site: Kier, McAlpine and Vinci building temporary hospitals . constructionnews.co.uk . 8 April 2020 . CAROLINE . WADHAM . en.
  37. Web site: Vinci picked to build two more coronavirus hospitals in Wales . building.co.uk . Jordan . Marshall . 14 April 2020 . en.
  38. Web site: ACS Group to sell renewables unit to France’s Vinci . pv-magazine.com . 2 October 2020 . PILAR SÁNCHEZ . MOLINA . en.
  39. News: VINCI acquires energy business of ACS for $5.5bn . 3 January 2022 . Power Technology . 7 July 2022 . en.
  40. Web site: The Spanish Acs and the French Vinci consolidate the alliance in the development of renewables . agenzianova.com . 18 September 2023 . en.
  41. Web site: Governo federal arrecada R$ 3,3 bilhões com leilão de 22 aeroportos . Agência Brasil . 7 April 2021 . 7 April 2021 . pt.
  42. Web site: VINCI Airports wins the concession of Manaus airport and 6 other airports in Brazil . globenewswire.com . 7 April 2021 . en.
  43. Web site: Becoming a shareholder - Shareholders - Shareholders [VINCI] |publisher=Vinci.com |date=5 February 2020 |access-date=16 May 2018 |language = en].
  44. Web site: Core businesses . VINCI . en.
  45. Web site: Euronext . Euronext . 14 April 2013 . en.
  46. News: Vinci sees single-digit decline in the UK . 17 June 2021 . The Construction Index . 20 May 2021.
  47. Web site: Vinci’s construction margin hits 12 year high . building.co.uk . Dave . Rogers . 8 February 2024 . en.
  48. Web site: Vinci website: Hendrik Verwoerd Dam . Vinci.com . 20 November 2011 . dead . https://web.archive.org/web/20120207105122/http://www.vinci.com/vinci.nsf/en/history-sites.htm?OpenAgent&hendrik_verwoerd_dam . 7 February 2012 . en.
  49. Web site: Vinci website: Tour Montparnasse . Vinci.com . 20 November 2011 . https://web.archive.org/web/20120207105154/http://www.vinci.com/vinci.nsf/en/history-sites.htm?OpenAgent&montparnasse_tower . 7 February 2012 . dead . en.
  50. Web site: Vinci website: Centre Georges Pompidou . Vinci.com . 20 November 2011 . dead . https://web.archive.org/web/20120207105158/http://www.vinci.com/vinci.nsf/en/history-sites.htm?OpenAgent&georges_pompidou_centre_in_paris . 7 February 2012 . en.
  51. Web site: Vinci website: Basilica of Our Lady of Peace of Yamoussoukro . Vinci.com . 25 March 1988 . 20 November 2011 . dead . https://web.archive.org/web/20111001122407/http://www.vinci.com/vinci.nsf/en/history-sites.htm?OpenAgent&our_lady_of_peace_in_yamoussoukro . 1 October 2011 . en.
  52. Web site: Vinci website: Louvre . Vinci.com . 20 November 2011 . dead . https://web.archive.org/web/20111001122424/http://www.vinci.com/vinci.nsf/en/history-sites.htm?OpenAgent&the_grand_louvre_museum . 1 October 2011 . en.
  53. Web site: Channel Tunnel on Structurae database . de . En.structurae.de . 20 November 2011.
  54. Web site: Pont de Normandie on Structurae database . de . En.structurae.de . 20 November 2011.
  55. Web site: Vinci website: Stade de France . Vinci.com . 20 November 2011 . https://web.archive.org/web/20111001122543/http://www.vinci.com/vinci.nsf/en/history-sites.htm?OpenAgent&stade_de_france . 1 October 2011 . dead . en.
  56. Web site: Rio–Antirrio bridge . Road Traffic Technology . 1 April 2012 . en.
  57. News: Three Qualified To Bid on Third Bridge Over Panama Canal Project . Panama-Guide . 30 March 2012 . 17 April 2012 . en.
  58. Web site: Проблема сохранения Химкинского леса . Levada.ru . 15 September 2010 . 20 November 2011 . https://web.archive.org/web/20120125202328/http://www.levada.ru/press/2010091501.html . 25 January 2012 . dead . ru.
  59. Web site: An engineering mom leads effort to save an old-growth Russian forest . Fred . Weir . 30 April 2012 . . en.
  60. Web site: Russia halts forest highway construction as opposition grows . 26 August 2010 . Julia . Ioffe . Los Angeles Times . en.
  61. Web site: Vinci, Company Profile – Corporate Watch . 13 June 2017 . Corporatewatch.org . 16 May 2018 . en.
  62. News: Construction blacklist compensation scheme opens . 7 September 2015 . . BBC . 4 July 2014 . en.
  63. Web site: Scottish Affairs - Seventh Report Blacklisting in Employment: Final Report . www.parliament.uk . Scottish Affairs Committee . 7 September 2015 . en.

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