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Meanwhile, the Group has pursued its development in new (greenfield) and existing (brownfield)
concessions. In particular, VINCI won in 2011 the concession for the South Europe Atlantic high-speed rail
line between Tours and Bordeaux, the largest in its history. On 27 December 2012, VINCI Concessions was
selected by the Portuguese government to acquire ANA. This company holds a 50-year concession contract
for the country’s 10 main airports that handled 30 million passengers in 2011 and has a large proportion of
international business. The takeover, in progress as at the date of this Base Prospectus, of ANA ushers in a
new phase in the development of the Concessions business.
Corporate Purpose of VINCI
VINCI's corporate purposes (as more fully set out in Article 2 of VINCI's bylaws (statuts)) are:
- undertaking all forms of public (civil engineering) and private construction works and in particular
all types of underground works, foundations, hydraulics and reinforced concrete and;
- more generally, undertaking all industrial, commercial, financial, securities and property operations
related to the purposes specified above.
Business overview
The Group's activities are structured along two main business lines, Concessions and Contracting.
VINCI's business model is built on the strategic fit between its Concessions and Contracting businesses (i.e.
construction, roads and energy):
operating cycles are long in Concessions and short to medium term in Contracting;
from a financial point of view, Concessions are capital intensive and generate stable and recurring
cash flows, whereas Contracting requires very little capital and is structurally cash positive but can
have more volatile cash flows;
expertise is different in each business and relies on programme organization and financing, project
management during construction and operation in Concessions, and on design and turnkey
execution of complex structures in Contracting.
This strategic model has benefited to VINCI since its inception, underpinning its expansion in times of
economic growth and providing resilience in a cyclical downturn.
VINCI’s strategy is to continue to build on this model and achieve balanced growth in its two main
businesses. Both of them intend to pursue their robust expansion. Major recent external growth operations
illustrate this strategy. In the meantime, the creation of Vinci Autoroutes brought about a change of scale in
Concessions. In order to complete this strategy as a way to deliver growing revenues, expanding margins
and value creation, VINCI intends in particular to focus on:
developing a culture of partnership for better project outcomes;
faster international growth;
strengthening VINCI’s presence in markets with long-term growth potential.
The Group is employing close to 193,000 people in some 100 countries. In 2012, its turnover was € 38.6
billion and its operating profit from ordinary activities was € 3,671 million corresponding to 9.5 per cent. of
its turnover.
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