VINCI - 2005 annual report

Integrating ASF and developing synergies
VINCI’s immediate strategic priority is to integrate ASF. The new
entity will have the critical mass needed to expand on French and
European markets where public-private partnerships are increasingly
replacing direct local authority fi nancing. The ASF - VINCI Concessions
combination should generate revenue synergies based on complementary
networks and expertise and the development of common
projects, especially in services. Cost synergies will notably be achieved
through the exchange of best practices (purchasing, investments, etc.)
and through the optimisation of fi nancial costs thanks to more
dynamic debt management.
Building more close-knit networks in all the Group’s
business lines
VINCI aims for expansion in all its business lines: concessions,
energy, roads, and construction. Expansion will be concentrated
in Europe, where the group accounts for only a small volume share
of the construction market. The strong organic growth momentum
of its subsidiaries will be supported by targeted acquisitions aimed
at strengthening its networks and optimising its market coverage.
Development will be particularly focused on the countries of Central
and Eastern Europe, where the Group got a head start on its competitors
by establishing a foothold on high-potential markets very early
on, and on France, where very close-knit networks ensure optimum
market penetration.
Finally, the ongoing policy combining strict risk control, a management
style that generates profi tability and synergies,
and a quest for productivity gains will continue to bolster the intrinsic
profi tability of these business lines. This economic plan goes hand
in hand with the concomitant pursuit of the Group’s humanist goals,
which focus on people and fi nd expression in the Group’s social
responsibility, its equal opportunities programme, the activities of
the VINCI Foundation for the Community and the Zero Occupational
Accident goal that has already been achieved by half the Group’s
subsidiaries.
STRATEGY
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