Essentials 2024
FORGING
A SUSTAINABLE WORLD
VINCI is a world leader in concessions, energy and construction, operating in more than 120 countries. We are at the centre of the challenges facing today’s world, and our ambition is to play an active part in the energy and environmental transition of living spaces, infrastructure and mobility, while fostering social progress as a humanist group that stands for inclusion and solidarity.
We harness our fields of expertise, our quest for innovation, our business model’s strength and our teams’ engagement to strive towards a goal that our 280,000 employees share: serving a useful purpose and caring for the planet.
Serving a useful purpose and caring for the planet
2023
key data
VINCI’s priority is to actively engage in the energy and environmental transition, by harnessing its innovation capacity to achieve responsible, sustainable growth.
billion
employees
worksites
€68.8 billion
revenue
revenue
VINCI’s 2023 financial statements show strong growth in revenue and earnings compared with 2022. All business lines achieved a substantial increase in operating income, which reached new all-time highs, along with exceptional free cash flow.
Consolidated revenue rose by 11.6% to €68.8 billion.
Consolidated net income attributable to owners of the parent was €4.7 billion.
In France (43% of the total), revenue was €29.6 billion, up 6%.
Consolidated net income came to 4.7 billion euros.
In France (43% of the total), sales rose by 6% to 29.6 billion euros.
Outside France (57% of the total), sales rose by 16% to 39.2 billion euros.
Free cash flow reached a record level of 6.6 billion euros.
14% reduction in direct CO2 emissions from 2018
VINCI is aware of the responsibility it bears, due to the nature of its business activities, but also recognises its ability to contribute positively to the environmental transition. That is why in 2020 the Group recast its 2030 environmental ambition, with a twofold objective: significantly reduce the direct impact of its activities and contribute to improving the footprint of its customers, users, suppliers and partners through the development of shared solutions. This ambition is cascaded into three areas: act for the climate, optimise resources thanks to the circular economy and preserve natural environments.
The Group’s target for 2030, validated by the SBTi (Science Based Target initiative), is to reduce its Scopes 1 and 2 CO2 emissions by 40% relative to 2018 and its Scope 3 emissions by 20% relative to 2019.
In 2023, the Group continued to deploy its environmental strategy, based around its three priority areas:
- climate change
- For VINCI Autoroutes, 100% of its service areas are now equipped with EV charging points.
- For VINCI Airports, four of the network’s airports (Toulon Hyères in France and Funchal, Beja and Ponta Delgada in Portugal) received Level 5 certification under the Airport Carbon Accreditation programme, having successfully achieved net zero for Scope 1 and 2 emissions.
- For VINCI Energies and Cobra IS, electricity transmission and distribution activities and renewable energy generation activities (solar and wind) have represented over €5 billion in revenue for the year aligned with the EU Taxonomy.
8,000 young people on work-based training programmes in 2023
VINCI seeks to help the long-term unemployed, in particular through its ViE social enterprise. This structure manages almost 1.3 million integration hours annually in France, i.e. half the total number of hours provided in the Group.
VINCI continued to roll out a vast programme launched in 2018 in France focused on the guidance and employability of young people from priority neighbourhoods identified under city policy. Called Give Me Five, the initiative targets five areas of action: guidance, individual support, integration, employability and learning. Under the programme’s guidance area of action, VINCI hosts middle school students each year in two specific areas of France’s priority education network for guidance and learning about Group businesses either in schools or VINCI sites throughout France (nearly 7,000 in the 2022-2023 school year). And 8,000 young people joined the Group on work-based training programmes.
The Group is also committed to promoting gender diversity, especially in management. The percentage of women in management positions was 23.1% in 2023 (25.7% in France). The Group has set a goal to increase both the percentage of women in management positions and the percentage of women members on the Group’s management committees to 30% by 2030.74% of Group companies with no lost-time workplace accidents
The zero accident objective for all people working on its construction and operation sites remains the Group’s number-one priority.
This approach applies to all individuals – employees, temporary staff and subcontractors – working on a VINCI construction or operating site, as well as customers of managed infrastructure.
The Group’s health and safety policy is overarching and aims to anticipate and prevent all occupational risks and psychosocial risks.
79,000 employees were trained in the prevention and detection of acts of corruption during the year
VINCI has adopted a rigorous framework so that all its employees can contribute effectively to the Group’s integrity and transparency requirements.
The Code of Ethics and Conduct lays down all the principles of business ethics that apply in all circumstances, in all countries where the Group operates, and to all companies and their employees.
It is used in tandem with the Anti-corruption Code of Conduct, which details the rules concerning the prevention of all acts of corruption, notably identifying risks in business processes and defining conduct to be avoided.
The integrity and transparency requirement does not just apply to Group companies and employees, but also to its partners and subcontractors. In addition to their technical expertise and ability to fulfil their duties, subcontractors are also assessed for their commitment to complying with human rights and business ethics, and their commitment to VINCI’s values.
The online whistleblowing platform called VINCI Integrity is available in five languages on the Group intranet and website. In addition to the systems specific to each entity, it enables employees and all other stakeholders to report any inappropriate behaviour in the areas of human rights, business ethics, environmental risks, and health and safety. It guarantees full traceability and anonymity of all discussions, and the protection of whistleblowers.
Interview with
the Chairman and CEO
The need to tackle the climate emergency right now has turned the long-term future into a short-term concern. The prospects this is opening up for a group such as ours are more tangible, and more enormous, than ever before.Discover
How would you describe VINCI’s performance in 2023?
It is solid. We moved forward on our virtuous growth path despite the uncertainties in our economic environment and the geopolitical situation. We increased our revenue, our operating income and, notwithstanding significantly higher financial costs, our net income. Our free cash flow, which had broken a record in 2022, rose substantially again in 2023, giving us more latitude to press ahead with our development. These accomplishments are the hallmark of a group that is well run and has an organisational and management model that facilitates each company’s and each team’s performance on the ground. We are agile entrepreneurs, and this gives us a valuable advantage in times of radical change. Our business model also makes us resilient. We have been reinforcing our model constantly and consistently since VINCI’s inception, and can see exactly how relevant it is today: our three main fields of expertise – in mobility concessions, in energy and in construction – place us where the answers to the contemporary world’s problems are emerging. All this shines through our current performance and, even more so, our growth prospects. We are also strengthening our resilience by diversifying geographically: our vigorous international expansion has increased our revenue outside France from 37% of the total a decade ago to 57% in 2023.
What are your medium-term prospects looking like?
The trends at work in our markets today will continue: the driver in Concessions will remain demand for mobility, which is higher than ever worldwide; in Construction it will be the constant need to renew infrastructure, buildings and urban spaces, which is showing in the fact that our order book is as full as ever; in Energy it will be the transition to low-carbon sources and the massive shift to electricity in every sector of the economy. We expect these trends to sustain our growth over the next few years. And our financials are solid, so we are in a comfortable position to keep on rolling out our development strategy. These trends will also give rise to considerable opportunities, because all our businesses have a prominent role to play in the mother of all battles – the one to curb climate change. The need to tackle the climate emergency right now has turned the long-term future into a short-term concern. The prospects this is opening up for a group such as ours are more tangible, and more enormous, than ever before. These overlapping time horizons were what prompted us to recast our environmental policy at the beginning of the decade. We did that with two goals in mind: to reduce the direct footprint of our activities and, most importantly, given our business lines’ substantial impact, to actively advance the energy and environmental transition of living environments, infrastructure and mobility.
The need to tackle the climate emergency right now has turned the long-term future into a short-term concern.
Precisely: how are you supporting the ecological transition right now?
With our strategic moves – for instance strengthening our Energy business to play a significant role in meeting rocketing demand for low-carbon electricity infrastructure – and, at the same time, through deep transformation within our own business lines and across our solutions. In our Construction business, we are already cutting carbon emissions, reusing materials and improving energy performance to bring passive buildings closer within reach. For example, we are on track to meet our ambitious objective of using 90% lowcarbon concrete at our worksites by 2030. In our motorway concessions, we have high-power charging stations for our customers at all VINCI Autoroutes service areas, to help encourage long-distance travel in electric vehicles. We are also trialling dynamic charging for heavy vehicles, using induction systems and charging rails on our network, to help develop technologies that lower carbon emissions from road freight. Our airports are already well on their way to net zero emissions, thanks in particular to the on-site solar power plants they have been setting up. And we are working with partner airlines and large industrial groups on alternative fuels – biofuels initially, hydrogen eventually – to decarbonise air travel. So we have wholeheartedly embraced the ecological transition. Even more importantly, we are determined to step up the pace, with all the partners in our ecosystem, to achieve carbon neutrality by 2050 in line with the pledges that France, the European Union and most countries worldwide have made. Reaching that goal will require considerable investment in transport infrastructure and energy grids. And government budgets will not be enough, so public-private partnerships will necessarily be part of the answer. This is another reason why our long-standing model combining concessions and construction and the short and long term is the right one.
To sum up, what is your view on these sea changes?
We have entered a period that will lastingly benefit our businesses. So we have the peace of mind we need to move forward confidently and decisively. The notion of all-round performance, which has always been our compass, is more meaningful than ever in light of the challenges facing the world today. So we will continue our virtuous growth journey, striving to develop our companies and empowering our employees to thrive while serving as a force for good by protecting the planet.
A resilient business model combined with a sustainable growth strategy
VINCI’s business model is stable in its fundamentals and can be applied to ever-expanding geographies and areas of expertise. This stability and versatility are what gives it such immense resilience.
Learn more
A presence in more than 120 countries
Learn more about 7 of our projects worldwide in 2023:
First solar farm in concession
Cobra IS delivered and operates the Sao José do Belmonte photovoltaic farm, which produces around 1,200 GWh of renewable energy per year at full capacity, equivalent to the consumption of over 700,000 homes.
A PPP contract to install EV charging stations in city centers
eliso, a VINCI Concessions’ subsidiary, is going to install 106 charging stations within 3 years in the areas of Berlin, Hamburg and Leipzig, and then operate it. The overall project’s duration is 12 years at least.
VINCI Immobilier is developping the mixed-used intergenerational project Arborescence
Located in the historical downtown area of Angers, this residence is giving much room to vegetation and outdoor shared or private living spaces. It comprises a senior housing Ovelia complex, a urban B&B, a rooftop, apartments, offices, and indoor landscaped garden, a vegetable garden and greened balconies.
Let’s experiment the electric lorry!
VINCI Autoroutes and its partners were awarded in 2023 a Bpifrance project – a world’s first on highways – to experiment in real-life traffic conditions two dynamic charging solutions for electric heavy vehicles: the first uses an inductive coil embedded in the roadway and the second a conductive central rail.
500 km of HV lines in 8 of the 12 country’s departments
900 technicians have been trained by VINCI Energies at the Omexom Institute, which it set up in Cotonou as part of its skills transfer and local employment policy.
Osaka’s airport spruces itself up
In order to welcome the Expo 2025, the new international terminal operated by VINCI Airports has been inaugurated in December 2023 and can now welcome 40 million passengers per year.
City Rail Link in Auckland, the most important urban infrastructure worksite
VINCI Construction is designing and building the extension of a rail line on 3.5 km (including 3.2 km of tunnel) and 3 new stations.
Our businesses
VINCI Autoroutes is France’s leading motorway concession holder. The primary mission of its employees is to ensure – whatever the circumstances – the maintenance and continuity of a public motorway service across its 4,443 km network, which is vital to the economy, society and regional accessibility. To tackle the climate crisis and biodiversity degradation, VINCI Autoroutes has pledged to transform motorways into low-carbon infrastructure and improve their integration in natural environments.
Learn more€6,324 M2023 revenueVINCI Airports is the world’s leading private operator in its sector, managing more than 70 airports across 13 countries. VINCI Airports develops, finances, builds and manages airports, leveraging its investment capacity and know-how in optimising operational performance, modernising infrastructure and steering their environmental transition.
Learn more€3,947 M2023 revenueVINCI Highways finances, builds, operates and maintains motorways, bridges, tunnels, urban roads and toll services over a 3,140 km network in 14 countries, drawing on its know-how as a global mobility operator to apply the highest standards of operational performance, safety and service quality.
Learn more€352 M2023 revenueVINCI Railways designs, finances, builds and operates rail and urban transport infrastructure. In France, it manages the South Europe Atlantic highspeed line, the GSMRail communications network and a part of the right-of-way public transport system in the French overseas territory of Martinique.
Learn more€309 M2023 revenue (combined with VINCI Stadium)VINCI Stadium manages four stadiums built by the Group in France: the Stade de France in Saint-Denis, the Matmut Atlantique in Bordeaux, the Allianz Riviera in Nice and the Stade Marie-Marvingt in Le Mans.
Learn more€309 M2023 revenue (combined with VINCI Railways)
Energy sufficiency, the ecological transition and digital transformation are rapidly rising up the global agenda. These challenges are intensifying the need to modernise and refurbish buildings, infrastructure and industrial production sites to make them more reliable, energy-efficient and sustainable. VINCI Energies supports its customers by deploying a wide array of expertise and bespoke multi-technical solutions. It relies on a network of 2,000 agile, innovative and locally rooted business units – bringing together 97,000 employees – that extends across 61 countries.
Learn more€19,327 M2023 revenueWith +40,000 employees, Cobra IS is active in some 65 countries featuring a strong presence in Spain (its domestic market), Portugal and Latin America. It has solid experience in applied industrial engineering and specialised services in a wide range of sectors, including energy, industry, telecommunications and mobility. While primarily concentrated in its flow business, Cobra IS's activities also range to the development and financing of major renewable energy production projects under long-term contracts.
Learn more€6,495 M2023 revenue
VINCI Construction operates in some 100 countries with its 1,300 business units and 119,000 employees. With operations structured around three complementary pillars – Major Projects, Specialty Networks and Proximity Networks in France and abroad – the company brings together a unique range of expertise which it applies to projects of all sizes, from day-to-day operations to large infrastructure projects. VINCI Construction aims to provide its customers with sustainable and innovative solutions by building structures that support regional growth and will benefit future generations.
Learn more€31,4592023 revenue
VINCI Immobilier, a key player in property development in France, designs, builds and manages residential and business property programmes that contribute to social and economic development in their regions. VINCI Immobilier also operates senior, student and co-living residences that offer community spaces in harmony with users’ needs. Its long-term environmental strategy positions it as a go-to property developer for land recycling projects.
Learn more€1,231 M2023 revenue
Perspective and strategy: a resilient business model combined with a sustainable growth strategy
VINCI’s business model is stable in its fundamentals and can be applied to ever-expanding geographies and areas of expertise. This stability and versatility are what gives it such immense resilience. The Group’s strategy is to adapt and hone this robust model as it continues to develop across its three businesses: Concessions, Energy and Construction.
DiscoverPerspective and strategy: a resilient business model combined with a sustainable growth strategy
VINCI’s business model is stable in its fundamentals and can be applied to ever-expanding geographies and areas of expertise. This stability and versatility are what gives it such immense resilience. The Group’s strategy is to adapt and hone this robust model as it continues to develop across its three businesses: Concessions, Energy and Construction. VINCI’s priority is to actively engage in the energy and environmental transition, by harnessing its innovation capacity to achieve responsible, sustainable growth.
As it has diversified its areas of expertise, so has VINCI entered more and more international markets.
In 2023, the Group generated 57% of its revenue outside France, compared to 37% a decade earlier.
In addition to a broad range of businesses and markets, VINCI gains its resilience from its management approach. The Group’s highly decentralised organisation and supportive management culture gives its companies and people tremendous agility in adapting to changes and unpredictability in their environment.Drawing on these solid and shared fundamentals, VINCI will continue to implement its long-term strategy and to develop its three core businesses. In this context of climate emergency, the environment is VINCI’s strategic priority. The Group is tackling this issue by playing an active role in the transition of the built environment, infrastructure and mobility.
VINCI welcomes the energy and environmental transition as a powerful driver for adding new expertise and solutions while supporting its business activities’ long-term growth. The Group’s policy of innovation is building opportunities in this transformation. As novel solutions and services emerge that create environmental value, promising activities open up for the Group’s business lines.
