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2019 Top 250 International Contractors – Subsidiaries by Rank

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2019 Top 250 International Contractors – Subsidiaries by Rank Overview p. 34 // International Market Analysis p. 34 // Past Decade’s International Contracting Revenue p. 34 // International Region Analysis p. 35 // 2018 Revenue Breakdown p. 35 // 2018 New Contracts p. 35 // Domestic Staff Hiring p. 35 International Staff Hiring p. 35 // Profit-Lossp. 36 // 2018 Backlog p. 36 // Top 10 by Region p. 36 // Top 10 by Market p. 37 Top 20 Non-U.S. International Construction/Program Managers p. 38 // Top 20 Non-U.S. Global Construction/Program Managers p. 38 // Hyundai Engineering Co.’s Uzbekistan Methane Plant p. 39 // How Contractors Shared the 2018 Market p. 40 // How To Read the Tables p. 40 // Top 250 International Contractors List p. 41 // International Contractors Index p. 48 // Top 250 Global Contractors List p. 49 // Global Contractors Index p. 54 NUMBER 05 NUMBER BRIDGEWORK Strabag and Sacyr (No. 48) are building the Autopista al Mar 1 toll road between Medellín and Santa Fe de Antioquia in Colombia. PHOTO COURTESY OF STRABAG SE PHOTO COURTESY International Contractors Global Market Is Risky Business Failures of numerous major international competitors have firms focused more on the bottom line than on the top line. By Gary J. Tulacz and Peter Reina enr.com August 19/26, 2019 ENR 33 0826_Top250_IC_Intro.indd 33 8/20/19 2:38 PM 31.2% Transportation THE TOP 250 INTERNATIONAL CONTRACTORS $152,188.9 23.5% Buildings $114,564.4 Int’l Market Analysis 15.7% Petroleum $76,510.0 (Measured $ millions) 10.4% Power $50,703.7 5.1% % 3.0 4.5% Other $25,018.1 1.4% Water Industrial Telecom $14,405.3 $21,684.5 $6,873.6 3.3% 0.1% 1.7% Manufacturing Hazardous Sewer/Waste $16,092.6 Waste $8,523.0 $728.0 SOURCE: ENR Comparing the Past $ $ Decade’s International $383.8 $383.7 $453.0 $507.5* $544.0 $521.5 $500.1 $468.1 482.4 487.3 2013 2015 2016 2017 2018 Contractor Revenue 2009 2010 2011 2012 2014 (in $ billions) *Figures for 2009-2011 represent the Top 225 International Contractors before ENR expanded the list to 250. SOURCE: ENR The global construction market is sluggish and has tough conditions in contracts, pushing more risk been for several years. After enjoying boom years onto companies. from 2012 to 2014, the bubble burst, leaving inter- national contractors scrambling. This stagnation has Failures created a severe buyer’s market that has had negative, This risk shifting has begun to take a severe toll on and in some cases fi nal, consequences for fi rms. some major international fi rms. Last year saw the fail- The uncertainties in the international market are “Our ure or near failure of several major companies, begin- experience seen in the 2019 results of the ENR Top 250 Interna- in the ning in January 2018 with the collapse of Carillion, tional Contractors survey. This list ranks companies international one of the U.K.’s largest contractors. Spain’s Isolux based on contracting revenue from projects outside market is that Corsan soon followed, and Joannou & Paraskevaides their home countries, measuring presence in interna- it’s a punishing (Overseas), the largest unit of Cyprus-based Joannou tional commerce. ENR’s separate Top 250 Global environment.” & Paraskevaides Group, defaulted on bank loans and Contractors list ranks fi rms’ total worldwide contract- S. Paramasivan, now is under court supervision. The owners of J&P ing revenue, regardless of project location. managing are in court to break up the company. director, Afcons The Top 250 International Contractors reported Italian contractors had more than their share of Infrastructure $487.29 billion in contracting revenue in 2018 from Ltd. problems. Trevi-Finanziaria Industriale SpA and Con- projects outside their home countries, up only 1% dotte d’Acqua SpA are under court administration and from $482.40 billion in 2017. As a group, fi rms also are selling off assets. C.M.C. di Ravenna is in bank- reported $1.148 trillion in revenue from domestic ruptcy reorganization, as is Astaldi after defaulting on projects in 2018, up 10% from $1.043 trillion in 2017. a series of U.S. contracts. However, the modest rise in the international Brazil’s Odebrecht SA, reeling from the impact of market does not refl ect its struggles. This past year’s the “Operation Car Wash” bribery scandal that im- revenue fi gures are off by 10.4% from fi ve years ago plicated numerous contractors and officials in 11 and were falling steadily until 2017. The small re- countries, fi led for bankruptcy protection and reorga- covery comes at a price. Owners around the world nization—possibly the largest debt-protection fi ling have seen large contractors fi ghting for work and in the country’s history. have used this desperation to impose increasingly Many large international contractors now are tak- 34 Ⅲ ENR Ⅲ August 19/26, 2019 enr.com 0826_Top250_Overview.indd 34 8/20/19 3:07 PM OVERVIEW Int’l Region Analysis 26.1% 16.6% Asia and Middle Australia Revenue (in $ billions) (Measured $ millions) East $127,391.8 $80,921.8 13.1% 22.1% $1,635.0 Domestic Revenue 5.6% United Europe Latin States $107,807.3 $1,147.7 International Revenue $ America 64,027.4 Total Revenue 3.5% $27,139.3 $487.3 Canada 7.6% $16,898.0 South and SOURCE: ENR Central Africa 0.5% 4.7% $36,980.6 Caribbean North (in $ billions) Islands Africa New Contracts $ $2,653.6 23,104.8 $2,400.5 0.1% Domestic New Contracts Arctic/ $1,795.7 Int’l New Contracts Antarctic $367.5 Total New Contracts $604.8 SOURCE: ENR Professional 95 Professional 90 Increase (Measured in Domestic 27 International Decrease 35 firms reporting) Staff Hiring Staff Hiring 71 72 Stayed the Same SOURCE: ENR ing action to limit exposure to risk in international trends, but satisfactory margins are more elusive. markets. After sustaining significant quarterly losses Jérôme Stubler, chairman of France’s VINCI Construc- from bad projects this year, Fluor and McDermott, 223 tion, says, “2019 will be another year of growth in rev- of the Top 250 both from the U.S., have established board-level risk enue.” While pre-tax profits have risen nearly 20% sent in surveys review committees to oversee their firms’ exposure to annually over the last three years, the current 2.8% last year cost overruns. New Zealand contracting giant Fletcher operating profit still falls 2.2% short of Stubler’s target. Building said in early 2018 it was leaving vertical mar- “I believe all contractors should have a 5% target when kets after losing $425 million over the previous year. 52.0% I see the levels of [their] risk and effort,” he says. Fluor, Granite Construction from the U.S. and increased Despite “challenging” residential markets, Sweden’s Canada-based SNC-Lavalin also announced recently international Skanska AB is pushing to improve construction profit- that they are leaving fixed-price, turnkey markets after revenue in 2018 ability by selective bidding, especially in Europe, says experiencing major losses. Fluor will continue to pur- CEO Anders Danielsson. Its 6.2% gross margin in the sue fixed-price work in energy and chemicals markets, first half rose 1% from last year. Bidding selectively in but only where there are limited bidders and it has a 48.0% difficult markets, Skanska’s backlog is 11% below work measurable advantage over competitors. had lower done in the last period. international Thomas Birtel, CEO of Austria’s Strabag SE, is Risky Business revenue in 2018 “astonished” how good this year has been for the firm. International contractors are becoming increasingly Despite disruption in core markets by the U.S.-China wary of risk exposure and project management exper- trade war and Brexit in the U.K., “we don’t see any tise. “Our experience in the international market is that material negative impacts,” he says. Strabag reported it’s a punishing environment,” says S. Paramasivan, 19% sales growth in this year’s first quarter, pointing managing director of India’s Afcons Infrastructure Ltd. to a projected 3.3% [earnings before interest and taxes] But he says the firm’s commitment to risk management margin in 2019, says Birtel, who aims for 4% next year. and operational efficiency has allowed it to complete This level of profitability is satisfactory for a “pure play all 50 of its international projects over the past decade construction company,” he believes. on or ahead of schedule. In Europe, Milan-based Salini Impregilo SpA is on European firms seem content with current revenue the acquisition trail both to increase its global footprint enr.com August 19/26, 2019 ENR 35 0826_Top250_Overview.indd 35 8/20/19 3:08 PM THE TOP 250 INTERNATIONAL CONTRACTORS The Top 10 by Region 1 ASIA 2 EUROPE 3 MIDDLE EAST Top 10 Revenue: $64,208.7 Mil. Top 10 Revenue: $ 67,361.6 M il. Top 10 Revenue: $30,879.5 Mil. RANK RANK RANK 2019 2018 Region’s Revenue: $127,391.8 Mil. 2019 2018 Region’s Revenue: $107,807.3 Mil. 2019 2018 Region’s Revenue: $80,921.8 Mil. 1 1 CHINA COMMUNICATIONS CONSTRUCTION GROUP LTD. 1 1 STRABAG SE 1 1 CONSOLIDATED CONTRACTORS GROUP 2 2 ACS, ACTIVIDADES DE CONSTRUCCIÓN Y SERVICIOS SA 2 2 VINCI 2 3 TECNICAS REUNIDAS 3 3 HOCHTIEF AKTIENGESELLSCHAFT 3 5 BOUYGUES 3 2 PETROFAC LTD. 4 4 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. 4 6 FERROVIAL 4 4 LARSEN & TOUBRO LTD. 5 5 POWER CONSTRUCTION CORP. OF CHINA 5 4 SKANSKA AB 5 10 GS ENGINEERING & CONSTRUCTION 6 8 HYUNDAI ENGINEERING & CONSTRUCTION CO.
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