European Capital Markets Conference Peter Gomez, Chairman
1 Options for growth Organic growthAlliances & networksM&A Growth of core (I) Growth adjacent to core (II) Growth through competence-based diversification (III) Growth through unrelated diversification (IV) Growth through creation of new industries (V) low riskhigh risk Growth strategies risk / distance from core business Mechanisms of growth risk / speed Consolidation Vertical Integration
2 Story line of speech Public utilitiesDemutualisation important economic function: - financing - capital allocation fixed cost base network effects value focus EU internal market regulatory initiatives (FSAP) striving for consolidation Growth imperative - shareholder value - scale economies (growth options matrix) -new technologies -new business models -internalisation Changing competitive landscape Conclusions -reorganisation of value chain flexibility, knowing your customer -opportunities from regulatory changes?
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