全球建筑龙头企业.pdf

GPoC 2022Global Powers of ConstructionGPoC is an annual publication produced by Deloitte Spain and distributed free of chargeJavier Parada,Director Global Engineering&Construction Sector Leader Deloitte SpainCoordinated by Martn Alurralde,Partner Deloitte Spain Margarita Velasco,Senior Manager Deloitte Spain Eduardo Oliver,Experienced Senior Deloitte SpainPublished by Marketing&Brand DepartmentContact Infrastructure Department,Deloitte Madrid Plaza Pablo Ruiz Picasso,S/N Torre Picasso 28020 Madrid,Spain Phone[phone] Fax[phone] July 2023GPoC 2022|Global Powers of Construction3Contents 4 Introduction 5 Ranking of listed global construction companies 7 Top 100 GPoC ranking by sales10 Top 30 GPoC ranking by market capitalization12 Top 30 GPoC ranking by international sales14 Outlook for the construction industry20 The challenges facing the construction industry22 Financial performance of the GPoC 202235 Return on investment in the construction industry39 GeographicalandportfoliodiversificationofourGPoC46 Study methodology and data sources47 Deloitte Global construction and infrastructure group contacts48 Appendix-Exchange rates49 EndnotesGPoC 2022|Global Powers of Construction4Global Powers of Construction analyzes the outlook for the construction industry worldwide and discusses the strategies and performance of the most representative listed global construction groups in 2022.IntroductionWe are pleased to present the sixth edition of Global Powers of Construction,a publication in which we identify,rank and outline the worlds major listed construction groups and gather data that serves as a basis for a financial analysis and intends to provide insights in terms of challenges and innovation trends within the industry.In line with prior editions,the data included in GPoC is the product of an in-depth review of various external sources,which include mainly company annual reports and International Monetary Fund,World Bank,Euroconstruct,European Commission,Forbes and ENR reports.We also channel into our analysis insightful comments and suggestions received from Deloitte professionals.As has been the case in prior years,this publication includes an analysis of the current macroeconomic outlook and expectations for the coming years in the global construction industry.The conflicts in Europe in early 2022 disrupted the expected recovery from the multiple impacts of the this issue.In 2022 the aggregate USD sales of the Top 100 GPoC rose by 6.3%,while market capitalization fell by 14.9%(see Figure 1.1).We also include a section in which we analyze certain industry trends that have been shaping construction over the past few years or are expected to have a major impact in the near future,taking into account the new post-pandemic priorities.In general,the industry has a ways to go in terms of profitability,digitalization and sustainability,which will foreseeably be winning trends in the years ahead.We hope that you find our GPoC 2022 analysis of the global construction industry of interest and that the information detailed herein helps you to understand and assess the related challenges and opportunities for the coming years.As always,we are grateful for any thoughts and suggestions you may have.COVID-19 pandemic on the industry and inaugurated a period of commodity price surges,supply chain disruptions and the re-emergence of significant inflation in areas where prices and interest rates had remained low and stable for a long period.Looking at the prospects of the industry today,construction is expected to record sluggish growth in 2023,mainly due to the weak economic situation and negative conditions represented by increased construction material costs and significant labor shortages.However,with improvements in economic stability,certain areas such as investment in the infrastructure and energy and utilities sectors could be major drivers of overall construction output growth.The publication analyzes the main financial indicators of the major players within the industry.Performance in terms of revenue,market capitalization,international presence,diversification,profitability,debt and other financial ratios are examined in GPoC 2022|Global Powers of Construction5The total revenue obtained by the GPoC in 2022(see Figure 1.2)amounted to US$1,940 trillion,6.3%higher than in 2021.From the geographical distribution point of view,54%of revenue originates from companies based in China,with the remaining revenue coming from Europe(particularly France and Spain),Japan,the United States and South Korea;these companies account for 20%,10%,8%and 4%of total sales,respectively(see Figure 1.1).These percentages remain fairly consistent with sales achieved in the prior year.Due to the negative evolution of the exchange rate against the US dollar(USD)of the currencies of the main geographical areas indicated,the increase in sales in local currency was greater,with an overall rise of 20.9%with respect to the 2021 sales figure.Ranking of listed global construction companiesRegarding the stock market performance of the GPoC,its total value decreased from US$703,174 million to US$598,577 million(-14.9%),reflecting an uncertain year marked by the effects of rising inflation and tightening of financial markets.The aggregate market value of our Top 100 still remains above the US$591,543 million recorded in prepandemic 2019.The main geographical areas experienced a significant market cap decline with noteworthy decreases of 19%and 9%in the United States and Europe/Middle East/Africa(EMEA),respectively(see figure 1.1).As in previous years,China State Construction Engineering,which reported over US$305,000 million in revenue in 2022,heads the ranking.The podium,which includes two other Chinese companies,China Railway Group and China Railway Construction,accounts for approximately 33%of the total revenue of our GPoC(see Figure 1.2).By number of companies,Europe has the largest presence in the industry,with 41 groups included in the Top 100 ranking.Aggregate sales of European GPoCs increased by 6%with respect to the previous year,amounting to US$373,627 million,while market capitalization decreased by an astounding 21.6%.In terms of revenue,three French groups,Vinci,Bouygues and Eiffage,together with the Spanish group ACS,which are ranked 7th,9th,17th and 12th,respectively,are the largest European construction companies(see Figure 1.1).It is worth noting that the French company Vinci,which reported about one-fifth of the sales obtained by the top Chinese GPoC,leads the market capitalization ranking of the Top 100 GPoC companies(see Figure 2.1)with a market value that is 1.7 times that of the first group in terms of sales.GPoC 2022|Global Powers of Construction6*Local currencySource:Global Powers of Construction(GPOC)2022 analysis;Bloomberg,accessed April 2023 and company financialsCountryNumber of companiesSales 2022(USD million)%Change 2022-2021%Change LC*2022-2021Market cap(USD million)%Change Market cap 2022-2021%Change LC*2022-2021AUSTRALIA213,547(3.7%)(3.3%)9,464(8.2%)(11.5%)AUSTRIA224,031(0.8%)11.5%4,782(2.3%)3.9%BELGIUM11,230(7.6%)3.7%259(92.7%)(92.2%)BRAZIL11,285(2.6%)(6.8%)695(33.2%)(36.6%)CANADA29,4113.9%7.9%3,510(31.2%)(26.4%)CHILE19521.3%16.4%137(19.7%)(20.0%)CHINA111,048,8445.8%10.4%136,220(9.9%)(3.5%)DENMARK12,63011.4%23.3%468(39.7%)(28.9%)FINLAND12,531(25.2%)(16.0%)552(46.3%)(42.9%)FRANCE3133,6436.8%20.0%76,830(8.1%)(2.1%)GERMANY11,717(5.6%)6.0%161(38.1%)(34.2%)GREECE311,288112.8%139.0%4,72321.5%29.2%INDIA121,31415.1%15.5%32,71620.1%24.6%ISRAEL13,23016.3%20.9%2,170(18.2%)(11.6%)ITALY219,04823.1%38.2%3,883(12.7%)(7.2%)JAPAN14190,8710.9%7.8%75,779(15.7%)(5.8%)MEXICO19,02246.9%45.7%9,43229.3%23.2%NETHERLANDS28,880(17.2%)(7.0%)878(28.1%)(23.7%)NORWAY14,021(8.1%)2.8%1,330(34.5%)(26.9%)PORTUGAL14,00727.5%43.2%384(13.8%)(8.2%)SOUTH KOREA787,7878.3%25.3%22,479(19.2%)(14.6%)SPAIN775,0979.9%23.4%42,817(12.7%)(5.8%)SWEDEN429,225(7.4%)9.2%10,183(47.8%)(39.9%)SWITZERLAND13,731(9.4%)(5.4%)76051.7%83.3%TAIWAN13,19226.4%34.8%1,0754.9%16.4%THAILAND11,9142.1%14.0%291(19.7%)(16.2%)TURKEY25,62219.9%80.5%11,60267.2%130.5%U.A.E.14,17717.9%17.9%453(19.8%)(19.8%)UK1151,9451.7%9.3%29,345(42.6%)(36.7%)USA13165,18313.2%13.2%117,024(18.9%)(18.9%)Grand Total1001,939,9796.3%20.9%598,577(14.9%)(10.8%)Figure 1.1:Top 100 Global Construction Companies by CountryJapan takes second place in the ranking by number of companies(14).Aggregate US$sales of the Japanese GPoC remained fairly stable with a 0.9%increase to US$190,871 million(see Figure 1.1).Of these companies,six focus mainly on homebuilding,including the largest Japanese companies included in our Top 30,Daiwa House Industry,Sekisui House and Daito Trust Construction,placed 11th,16th and 27th,respectively.With 13 companies included in the Top 100 ranking,the United States also has an extensive presence within the industry(see Figure 1.1).Total revenue of the US GPoC grew by a notable 13.2%,but market capitalization followed the predominant trend and declined by 18.9%.Some of the largest US companies,such as D.R.Horton,Lennar and Pultegroup,ranked 13th,14th and 24th,respectively,focusing mainly on homebuilding(see Figure 1.2).South Korean presence in the ranking is headed by Samsung C&T and Hyundai E&C,which are among the Top 30 companies in terms of revenue.Revenue in 2022 grew by 8.3%for the seven South Korean companies included in the ranking,while aggregate market capitalization suffered a sharp decline of 19.2%.The other entities included in the ranking are medium-sized companies located in areas such as India,Australia,Canada,the United Arab Emirates,Turkey and Mexico.Aggregate sales represented approximately 3.5%of the total revenue of the GPoC.Among these companies,only the Indian company Larsen&Toubro,with a remarkable performance in terms of sales and market value,reported sales exceeding US$10,000 million.GPoC 2022|Global Powers of Construction7Top 100 GPoC ranking by salesRank 2022CompanyCountrySales 2022(MN$)%change 2022-2021%change in local currency 2022-20212022 market capitalization(USD million)%change 2022-2021%change in local currency 2022-20211CHINA STATE CONSTRUCTION ENGINEERING CORP.LTD.(CSCEC)CHINA305,4024.2%8.7%33,0070.0%8.6%2CHINA RAILWAY GROUP LTD.CREC)CHINA171,5493.1%7.6%18,780(9.6%)(1.9%)3CHINA RAILWAY CONSTRUCTION CORP.LTD.(CRCC)CHINA162,9233.0%7.5%14,132(8.7%)(0.9%)4CHINA COMMUNICATIONS CONSTRUCTION GROUP LTD.(CCCC)CHINA107,0401.0%5.0%15,832(13.3%)(5.9%)5METALLURGICAL CORPORATION OF CHINA LTD(MCC)CHINA88,07713.5%18.4%8,866(22.8%)(16.3%)6POWER CONSTRUCTION CORP OF CHINACHINA85,096(3.0%)1.2%15,544(20.1%)(13.3%)7VINCIFRANCE64,97011.2%24.9%56,316(6.2%)(0.3%)8CHINA ENERGY ENGINEERING CORPCHINA54,4509.0%13.7%11,845(23.6%)(17.0%)9BOUYGUESFRANCE46,6905.0%17.9%11,192(18.4%)(13.2%)10SHANGHAI CONSTRUCTION GROUP(SCG)CHINA42,508(2.4%)1.8%3,356(33.5%)(27.8%)11DAIWA HOUSE INDUSTRY CO.JAPAN39,5231.6%7.6%17,265(9.9%)(1.0%)12ACTIVIDADES DE CONSTRUCCION Y SERVICIOS,S.A.(ACS)SPAIN35,4127.5%20.8%7,4050.1%6.4%13LENNAR CORP.USA33,67124.1%24.1%25,454(19.1%)(19.1%)14DR HORTONUSA33,48020.5%20.5%23,165(22.5%)(22.5%)15SAMSUNG C&T CORP.SOUTH KOREA33,41311.0%25.3%14,652(10.4%)(5.4%)16SEKISUI HOUSEJAPAN26,46415.0%19.7%12,464(8.1%)13.6%17EIFFAGE,S.A.FRANCE21,982(0.7%)11.5%9,322(5.4%)0.6%18LARSEN&TOUBRO LTD.(L&T)INDIA21,31415.1%15.5%32,71620.1%24.6%19SICHUAN ROAD AND BRIDGE(GROUP)CO.LTD.CHINA20,08526.3%31.8%10,03611.0%20.4%20KAJIMA CORP.JAPAN18,5143.0%9.0%6,040(15.8%)(7.5%)21STRABAGAUSTRIA17,936(0.9%)11.3%4,2970.4%6.7%22OBAYASHI CORP.JAPAN17,1182.8%8.8%5,308(19.4%)(11.4%)23HYUNDAI ENGINEERING&CONSTRUCTION CO.LTD.(HDEC)SOUTH KOREA16,4424.2%17.6%3,094(25.6%)(21.5%)24PULTEGROUPUSA16,22916.5%16.5%10,283(27.8%)(27.8%)25SKANSKA ABSWEDEN16,128(3.8%)13.4%6,513(39.0%)(29.7%)26JACOBS ENGINEERINGUSA14,9235.9%5.9%13,821(20.4%)(20.4%)27DAITO TRUST CONSTRUCTIONJAPAN14,0930.4%6.3%7,287(7.7%)1.5%28FLUOR CORP.USA13,74410.5%10.5%4,93340.8%40.8%29TAISEI CORP.JAPAN13,739(1.5%)4.3%5,828(26.7%)(19.4%)30SHIMIZU CORP.JAPAN13,202(3.8%)1.8%4,463(27.8%)(20.6%)31DOOSANSOUTH KOREA13,15714.1%28.7%870(35.1%)(29.6%)32AECOMUSA13,148(1.4%)(1.4%)8,499(6.0%)(6.0%)33ACCIONASPAIN12,86334.2%50.7%10,100(3.8%)2.3%34SUMITOMO FORESTRYJAPAN12,701(2.8%)20.5%3,558(8.0%)4.8%35IIDA GROUP HOLDINGSJAPAN12,348(10.0%)(4.8%)5,017(28.1%)(21.0%)36BALFOUR BEATTYUK11,049(3.1%)7.9%2,402(1.9%)9.9%37SAIPEM SPAITALY10,52536.2%52.9%2,40915.9%23.2%38NVRUSA10,36419.1%19.1%14,848(27.1%)(27.1%)39TOLL BROTHERSUSA10,27621.9%21.9%4,723(34.7%)(34.7%)40GS ENGINEERING&CONSTRUCTIONSOUTH KOREA9,52120.6%36.1%1,429(49.4%)(46.6%)41GRUPO CARSOMEXICO9,02246.9%45.7%9,43229.3%23.2%42WEBUILD SPAITALY8,52310.0%23.5%1,474(37.8%)(33.8%)43FOMENTO DE CONSTRUCCIONES Y CONTRATAS,S.A.SPAIN8,1183.0%15.7%3,866(27.9%)(12.1%)44HASEKOJAPAN8,0996.1%12.4%3,440(11.2%)(9.8%)45DAEWOO ENGINEERING&CONSTRUCTION CO.SOUTH KOREA8,0666.3%20.0%1,367(31.4%)(27.6%)46FERROVIALSPAIN7,954(0.8%)11.4%19,066(17.2%)(12.0%)47WORLEYAUSTRALIA9,70543.5%1.9%5,16416.9%10.1%48BARRATT DEVELOPMENTS PLCUK7,0118.1%9.5%5,695(41.7%)(33.7%)49ROYAL BAM GROUP NVNETHERLANDS6,972(19.4%)(9.5%)623(25.6%)(20.9%)50MYTILINEOS HOLDINGSGREECE6,643110.8%136.7%2,95326.8%34.8%51KBRUSA6,564(10.6%)(10.6%)7,2078.3%8.3%52LENDLEASEAUSTRALIA6,505(10.9%)(8.3%)4,300(26.9%)(20.7%)53SACYR,S.A.SPAIN6,16511.5%25.2%1,8207.6%18.2%54PEAB ABSWEDEN6,121(10.9%)5.1%1,631(56.2%).49.6%55PORR AGAUSTRIA6,095(0.3%)11.9%485(20.7%)(15.7%)56HEBEI CONSTRUCTION GROUP CO.LTD.CHINA5,945(19.8%)(16.4%)199(34.8%)(29.3%)Figure 1.2:Top 100 Global Construction Companies by SalesGPoC 2022|Global Powers of Construction8Rank 2022CompanyCountrySales 2022(MN$)%change 2022-2021%change in local currency 2022-20212022 market capitalization(USD million)%change 2022-2021%change in local currency 2022-202157DL E&C(antes DAELIM INDUSTRIAL CO.LTD)SOUTH KOREA5,803(12.9%)(1.8%)986(7.9%)(2.8%)58SNC-LAVALIN INC.CANADA5,802(1.3%)2.4%3,096(27.8%)(22.8%)59SINOMA INTERNATIONAL ENGINEERING CO.LTD.CHINA5,7691.9%6.3%2,798(29.9%)(23.9%)60TAYLOR WIMPEY PLCUK5,468(7.3%)3.1%4,374(49.5%)(43.5%)61NCC ABSWEDEN5,357(13.9%)1.5%911(53.4%)(47.4%)62PERSIMMON PLCUK4,721(5.0%)5.7%4,700(61.9%)(57.4%)63BELLWAY PLCUK4,6559.8%13.3%3,676(34.7%)(25.4%)64MORGAN SINDALL PLCUK4,4691.1%12.4%876(44.6%)(38.0%)65TODA CORP.JAPAN4,4656.6%(1.1%)1,879(16.4%)(8.2%)66PRIMORIS SERVICES CORP.USA4,42126.4%26.4%1,166(8.6%)(8.6%)67KIER GROUP PLCUK4,3343.4%(2.2%)369(54.3%)(48.5%)68ORASCOM CONSTRUCTION LTD.U.A.E.4,17717.9%17.9%453(19.8%)(19.8%)69GEK TERNAGREECE4,148206.5%244.2%1,1177.0%14.0%70VEIDEKKE ASANORWAY4,021(8.1%)2.8%1,330(34.5%)(26.9%)71MOTA ENGIL SGPSPORTUGAL4,00727.5%43.2%384(13.8%)(8.2%)72PENTA-OCEAN CONSTRUCTION CO.LTD.JAPAN3,987(10.2%)(4.9%)1,438(35.8%)(29.4%)73TUTOR PERINI CORP.USA3,791(18.3%)(18.3%)389(38.5%)(38.5%)74ENKA INSAAT VE SANAYI ASTURKEY3,77031.9%31.9%10,62566.7%129.4%75IMPLENIA AGSWITZERLAND3,731(9.4%)(5.4%)76051.7%83.3%76KELLER GROUP PLCUK3,64319.0%32.4%704(27.0%)(18.3%)77AECON GROUP INC.CANADA3,60913.8%18.1%414(49.0