Message from the Chairman
of the Board of Directors

The 2022 financial year will be remembered as the year of great results in Constructel Visabeira’s statement on the global market, exceeding the threshold of one billion euros, leading to an impressive growth of more than 20%. The company has thus confirmed the growth path of the previous year and has become one of the main European players in the sector of integrated offering of engineering services for telecommunications and energy networks.

During 2022, Constructel Visabeira reached memorable milestones with an exceptional positive performance of a consolidated  turnover of 1026 million euros, corresponding to an increase of 20.6% compared to the 2021 financial year. The EBITDA level reached 111 million euros, achieving a growth of 8.4% compared to the same period during the previous year. In the European market outside of Portugal, turnover was 795 million euros, representing 77% of Constructel Visabeira’s total, with the United Kingdom, France, Belgium and Germany standing out as the most representative countries.

Within this context, it is important to highlight the capacity for growth shown both in the area of telecommunications and in the area of energy, reaching 814 million euros and 212 million euros, respectively. Moreover, it is also worth mentioning the American market, which has already accounted for around 6.5% of consolidated turnover. The achievement of these important results is even more relevant as it was achieved during a particularly difficult year, in which uncertainties and challenges increased: the Covid-19 pandemic became an endemic disease together with the unpredictability which marked this year, the unimaginable collateral impacts of the outbreak of war in Ukraine with critical problems regarding supplies, logistics and distribution, as well as the outbreak of an inflationary surge that had not been experienced for more than 3 decades. 

2022 was a year marked by the expansion of Constructel Visabeira. Strong growth, predominantly organic, with the United Kingdom, Belgium, Germany and Italy being the main drivers of the increase in turnover. At the same time, within the scope of the acquisition policy, it is important to highlight the four companies which were brought into our portfolio: Elektro-Würkner which operates in Germany, Obelisk which operates in the Republic of Ireland, Inpower Group which operates in Italy as well as MJ Quinn Solar which operates in the United Kingdom. 

Special mention goes to the partnership with Goldman Sachs Asset Management, which resulted in an investment of 200 million euros, in exchange for a minority shareholding in Constructel Visabeira.  The proceeds of the investment will be used predominantly to accelerate organic and inorganic growth through acquisitions, supporting the company’s expansion strategy. The company has thus reinforced its position, combining its view of markets, operational competence and unique execution capacity, its international platform and Goldman Sachs’ global resources to develop business and accelerate value creation in Constructel Visabeira’s portfolios of activities.

Thus, we have reinforced our strategy focused on strong and sustainable growth, increasingly supported by a robust and continuous portfolio of contracts which, on the 31st of December, exceeded 4 billion euros in services and strategically diversified by the largest telecommunications operators and energy utilities in Europe.

Increasingly strengthening its goal as a transnational and global company, the group Constructel Visabeira brings together, as of the 31st of December 2022, more than 30 companies, operating in countries such as Portugal, France, United Kingdom, Belgium, Germany, Italy, Republic of Ireland, Denmark, Spain, Sweden and the United States of America.

The strategy for the next cycle remains focused on reinforcing the successful course that has been achieved, with the foundations on the macro trends of the digital transition, as well as on the modernisation of energy infrastructures and the commitment towards renewable energies. We will be focused on reinforcing the dynamics that are so characteristic of the company, in the certainty that the Constructel Visabeira teams are unsurpassed in their motivation and commitment to overcome all obstacles with creativity, competence and assertiveness, always meeting the expectations of their clients. 

As a result of this crucial year for the Constructel Visabeira brand, we wish to share the success achieved with all our Clients, Partners, Suppliers and Employees. Our sincere gratitude goes to each one playing a role as an essential part of this success which includes all of us. Moreover, it is important to state that this can only serve to reinforce the motivation of the whole team to continue building the future every day, overcoming increasingly ambitious challenges.

 

Nuno Miguel Rodrigues Terras Marques 
Chairman of the Board of Directors