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Epoc 2016 European Powers of Construction Epoc Is an Annual Publication Produced by Deloitte and Distributed Free of Charge EPoC 2016 European Powers of Construction EPoC is an annual publication produced by Deloitte and distributed free of charge Director Javier Parada, partner in charge of the Infrastructure Industry, EMEA Coordinated by Margarita Velasco Martín Alurralde Serra Raquel Sánchez Macías Published by Communications, Brand and Business Development department Contact Infrastructure Department, Deloitte Madrid Plaza Pablo Ruiz Picasso, S/N Torre Picasso 28020 Madrid, Spain Phone + 34 91 514 50 00 Fax + 34 91 514 51 80 June 2017 EPoC 2015 | European powers of construction Contents 4 Introduction 5 Ranking of listed European construction companies 7 Top 50 EPoC – ranking by sales 8 Top 20 EPoC – ranking by market capitalisation 10 Outlook for the construction industry in the EU 15 Top 20 EPoC strategies: internationalisation and diversification 21 EPoC 2016 financial performance 33 Diversification of the EPoC 2016 40 Financing of EPoC 2016 43 Internationalisation: Business opportunities 51 Performance of non-European construction companies 58 Top 20 EPoC – Company profiles 3 EPoC 2016 | European Powers of Construction Introduction The fourteenth edition of European Powers of Construction analyses the current economic situation of the construction industry and examines the strategies and performance of the most representative listed European construction groups in 2016. We are pleased to present European This publication includes an analysis of 20 listed European construction companies Powers of Construction 2016, our annual the current macroeconomic situation in terms of revenue. For the selected publication in which we identify and outline and expectations for coming years in companies, we present key data regarding the major listed European construction the European construction industry. The ownership structure, main activities and groups and provide insights into the industry, which is emerging from recession, divisions, international presence, goals and current marketplace. The data in this has returned to a moderate level of growth, strategic objectives and selected financial edition of EPoC was gathered from internal which it regained in 2014. Structural data from the groups’ 2016 financial and external sources, such as annual reforms are expected to consolidate statements, compared with 20151 and company reports, Euroconstruct, European economic recovery and lead to sustainable 20141. Commission and ENR reports. growth. Moreover, this publication reviews the macroeconomic outlook of other We hope that you find our EPoC 2016 The market position and performance regions such as the Americas, Africa and review of the construction industry of of the main industry players in terms Asia-Pacific. interest, and that the information detailed of revenue, market capitalisation, herein helps you to understand and assess internationalisation, diversification, With regard to our analysis of its challenges and opportunities. As always, profitability, indebtedness and other internationalisation and diversification we welcome any thoughts and suggestions financial ratios are examined throughout strategies, we have updated the current you may have with regard to any of the this publication. Additionally, it contains position of the main industry players. In topics discussed. an analysis of the financial situation of 2016 international and non-construction the most representative non-European sales remained in line with 2015 and listed construction groups, which are represented around 52% and 29% of total mainly headed and dominated by Chinese sales, respectively. In this year’s publication companies. we have performed a more in-depth review of non-construction activities. The main In 2016 the aggregate sales and market players in non-construction industries such capitalisation of the major European as concessions, engineering and services companies fell by 2% and 5% respectively have been identified and their main (Figure 1.1). However, it should be noted financial information has been compared that the market value of our most with that of our EPoC. significant EPoC in 2016 remained slightly higher than that achieved prior to the We have also maintained the section on financial crisis which began in 2007. company profiles, which focuses on the Top 1 Please note that prior years' data corresponds in all cases to the audited financial statements for the relevant year, since we do not take into consideration subsequent restatements. In addition, we have converted the financial data of companies with functional currencies other than the euro into euros using the exchange rate prevailing at year-end for balance sheet data, and the average exchange rate for the year for statement of profit or loss data. 4 EPoC 2016 | European Powers of Construction Ranking of listed European construction companies Total EPoC sales decreased by 2% and market cap decreased by 5%. Only 24 of the Top 50 groups managed to increase total revenue in 2016. Of the Top 20, Ferrovial, Salini Impregilo, Barrat and Kier achieved double-digit growth. In terms of revenue, Vinci, ACS and EUR 164,067 million in 2015 to EUR 155,353 Bouygues have led our EPoC ranking million in 2016 (a 5% decrease). The market (Figure 1.2) since 2012, and this is likely to cap growth observed in countries such as remain unchanged in the coming years France, Sweden and Austria partially offset considering the significant gap that exists the downturn experienced by UK groups between these three companies and (-33%) (Figure 1.1). Skanska, ranked in fourth position. The “Big 3”, all of which obtained sales exceeding As in previous years, France remains in EUR 30,000 million, represent 35% and first place in our Top 50 in terms of both 38% of total income and market value total sales and market capitalisation, with recorded by the EPoC in 2016. three companies in the Top 5. While total sales of the French groups remained Total income recorded by the EPoC in 2016 stable, market value rose by 7% to EUR amounted to EUR 294,618 million, slightly 56,000 million, approximately (Figure 1.1) lower than in 2015 (a 2% decrease) (Figure Vinci represents 68% of the total market 1.1). Among the Top 20, only eight groups capitalisation attained by the French EPoC managed to increase total revenue in 2016. and an impressive 25% of total market It is noteworthy that within this group capitalisation of the entire 50 EPoC. Ferrovial, Salini Impregilo, Barratt and Kier achieved double-digit growth. Spain, which is represented by seven groups, recorded 21% of total sales With regard to the EPoC’s stock market obtained by the EPoC in 2016. On an performance, total value decreased from aggregate basis, both market value and 5 EPoC 2016 | European Powers of Construction revenue decreased by 5% in the year residential building construction. Sales of (Figure 1.1). Five groups (ACS, Ferrovial, our British EPoC remained relatively stable Acciona, FCC and OHL) are ranked among compared to 2015, at EUR 56,253 million. the Top 20. While Ferrovial jumped to 7th Without taking into account the effect of position, OHL dropped to 20th place. ACS, foreign exchange rates, total British sales Acciona and FCC remained unchanged and would have increased by approximately San José, which had been out of the ranking 10%. On the other hand, it is worth noting since 2013, returned to 49th place (Figure the performance of these companies in the 1.2). stock markets in 2016: total market value decreased by 33% to EUR 27,878 million The United Kingdom dominates the Top (Figure 1.1). However, since 2011 market 50 in terms of number of companies, with value has grown by 147%. a total of 13 medium-sized groups. Some of the companies are engaged mainly in Figure 1.1 Market Market Number of Sales 2016 Sales 2015 Variation Variation Country Capitalisation Capitalisation companies (€ M) (€ M) 2016 vs 2015 2016 vs 2015 2016 (€ M) 2015 (€ M) FRANCE 3 84,148 85,006 (1%) 56,370 52,907 7% SPAIN 7 61,999 65,500 (5%) 31,104 32,697 (5%) UNITED KINGDOM 13 56,253 55,434 1% 27,878 41,356 (33%) SWEDEN 4 27,451 29,279 (6%) 16,191 14,567 11% AUSTRIA 2 15,817 16,263 (3%) 4,265 3,232 32% NETHERLANDS 3 11,176 11,708 (5%) 1,583 2,033 (22%) ITALY 3 9,969 8,936 12% 2,146 2,835 (24%) TURKEY 2 4,584 5,390 (15%) 6,721 6,176 9% GREECE 3 3,646 3,005 21% 511 426 20% PORTUGAL 2 3,442 3,925 (12%) 617 589 5% FINLAND 2 3,361 3,611 (7%) 1,426 977 46% NORWAY 1 3,080 2,707 14% 1,816 1,508 20% SWITZERLAND 1 2,997 3,079 (3%) 1,289 861 50% BELGIUM 1 2,797 3,239 (14%) 2,619 2,762 (5%) DENMARK 2 2,312 2,251 3% 622 843 (26%) GERMANY 1 1,586 1,656 (4%) 195 298 (34%) Total 50 294,618 300,989 (2%) 155,353 164,067 (5%) Source: Bloomberg. Deloitte analysis 6 EPoC 2016 | European Powers of Construction Top 50 EPoC – ranking by sales Figure 1.2 FY 2016 Sales % Variation EBIT Market Ranking Rank Company Country FY End 2016 2016 vs 2016 Capitalisation 2016 vs 2016 (€ m) 2015 (a) (€ m) 2016 (€ M) 2015 (b) 1 VINCI SA FRANCE Dec 16 38,073 (1%) 4,174 38,128 = 2 ACTIV. DE CONSTR. Y SERV. SA (ACS) SPAIN Dec 16 31,975 (8%) 1,368 9,446 = 3 BOUYGUES SA FRANCE Dec 16 31,768 (2%) 1,121 12,083 = 4 SKANSKA AB SWEDEN Dec 16 15,352 (6%) 762 9,187 = 5 EIFFAGE SA FRANCE Dec 16 14,307 2% 1,597 6,159 = 6 STRABAG SE AUSTRIA Dec 16 12,400 (6%) 425 3,452 = 7 FERROVIAL SA SPAIN Dec 16 10,759 11% 926 12,450 1 8 BALFOUR BEATTY PLC UNITED KINGDOM Dec 16 10,596 (9%) 18 2,171 1 9 KONINKLIJKE BAM GROEP NV NETHERLANDS Dec 16 6,976 (6%) 33 1,188 = 10 CARILLION PLC UNITED KINGDOM Dec 16 6,363 1% 222 1,189 3 11 ACCIONA SA SPAIN Dec 16 5,977 (9%) 988 4,004 = 12 FOMENTO DE CONSTR.
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