The global top 200
17
july-august 2014
international
construction
NEWS REPORT
groups to form Salini Impregilo (123). This deal only took effect
last year, so its impact on the company’s ranking is likely to be
more pronounced in the 2015 edition of the Top 200.
Other acquisitions that played a part in changes to the
rankings this year included Daiwa House’s (11) acquisition of
fellow Japanese company Fujita, which was placed 93rd in the
2013 edition of the Top 200. Although Fujita had revenues of
some US$ 3.5 billion per year, this did not make as significant
a change to the standings at the top of the table as the Shaw
acquisition did for mid-ranking Chicago Bridge & Iron.
It did however see the Japanese house builder overtake Fluor
(12) for 11th place, and once again underlined the unusual
market situation in Japan where specialist house builders like
Daiwa and Sekisui House (17) are larger in revenue terms than
general contractors.
The highest-placed Japanese general contractor in this year’s
ranking was Obayashi (20), which overtook the previous
highest-placed Japanese generalist in last year’s ranking, Kajima
(24).
This also raises the interesting point that despite the Japanese
‘Abenomics’ monetary policy to stimulate the national economy,
Japanese construction companies had a poor showing in this
year’s Top 200. Of the 29 listed, 26 lost places, with only three
moving up the rankings.
Compare this to the 2013 edition of the Top 200, where there
were 32 Japanese companies listed, some 27 of which improved
on the previous year. Two such pronounced moves for a national
grouping of contractors is unusual in the Top 200, but it may
be related to a surge in work in 2012 related to reconstruction
following the 2011 earthquake and tsunami. This could well
have boosted standings in the 2013 edition of the Top 200,
before seeing them retreat this year.
Japanese companies made up 30% of the companies that lost
places in the standings this year. However, the biggest faller was
Finnish company YIT (145). This was not due to a performance
issue, but was related to the company’s demerger of its Building
Systems business, which is now called Caverion, and which falls
outside the scope of the Top 200 ranking.
This division previously contributed some € 2.8 billion (US$
3.8 billion) to YIT’s revenues. Add these back in and YIT would
have been ranked no. 61 in this year’s Top 200 – the same
position as in last year’s edition.
There was no clear pattern among the other heavy fallers, with
them spread across different geographies and disciplines within
the construction industry.
In terms of newcomers to the Top 200, there were 11 new
entries in this year’s Top 200, the highest of which was Parsons
Corporation (127) of the US, followed by resurgent UK house
builder Berkeley Group (135). The addition of Parsons to the
Top 200 was as the result of additional research by
iC
to make
the Top 200 as accurate and inclusive as possible. Another
company to benefit from this initiative was Peru’s Grana y
Montero (152), which is listed in the Top 200 for the first time.
Next year?
It is interesting to reflect that despite a slowdown in the Chinese
construction market following the stimulus-driven boom of
2009 – 2011, the country’s largest contractors continue to
go from strength to strength in terms of their revenues. This
illustrates the fact that even ‘slow’ conditions in China still
equate to growth which contractors in other parts of the world
can only eye with envy.
Indeed, it seems that once again domestic market conditions
* = estimate
>
Sales
(US$ million)
Company
Country 2013 Change Website
115
3204
China Petroleum
Engineering &
Construction*
China 147
32
116
3177
Astaldi
Italy 116
Â
117
3151
Brookfield Multiplex
Australia 87
30
.
com
118
3140
Glavstroy*
Russia 136
18
119
3072
Mota-Engil
Portugal
125
6
120
3039
Kier Group
UK 121
1
121
3028
Besix*
Belgium 134
13
122
3011
Compagnie
D’Entreprises CFE SA
Belgium 145
23
123
3003
Salini Impregilo
Italy 131
8
124
2992
McCarthy Building
US 146
22
125
2979
Aecon Group
Canada 122
3
126
2945
Lemminkäinen
Finland 124
2
127
2922
Parsons Corporation
US
- NEW
128
2920
RZD Stroy*
Russia 120
8
129
2820
Jan De Nul
Belgium 110
19
130
2800
Techint Engineering &
Construction
Italy 166
36
131
2729
Heijmans
Netherlands 118
13
132
2727
Camargo Corrêa
Brazil
105
27
133
2674
Toll Brothers
US 171
38
134
2659
McDermott
International
US
98
36
135
2535
Berkeley Group
UK
- NEW
136
2464
Andrade Gutierrez
Brazil
64
72
137
2458
WBHO
South
Africa
158
21
138
2450
DPR Construction*
US 167
29
139
2357
Toyo Engineering (TEC)
Japan 128
11
140
2357
Maeda Road
Construction
Japan 137
3
141
2355
Hanjin Heavy Industries
& Construction
South
Korea
153
12
142
2316
Tokyu Construction
Japan 129
13
143
2316
ICA
Mexico 96
47
144
2316
TBI Holdings BV
Netherlands 135
9
145
2314
YIT
Finland 61
84
146
2300
Brasfield & Gorrie*
US 169
23
147
2295
Galliford Try
UK 155
8
148
2267
Granite Construction
US 161
13
com
149
2253
Homex
Mexico 156
7
150
2250
M.A.Mortenson*
US 142
8
151
2250
Keller Group
UK 170
19
152
2208
Grana y Montero
Peru
- NEW
.
com.pe
153
2200
Hensel Phelps*
US 148
5
154
2200
J.E. Dunn Group*
US 149
5
155
2179
Van Oord
Netherlands 159
4
156
2164
Teixeira Duarte
Portugal
181
25
157
2139
Salfacorp
Chile 157
Â
158
2114
Ryland Group
US
- NEW
159
2102
Strukton Groep
Netherlands 186
27
160
2097
KB Home
US 198
38
161
2091
Comsa EMTE
Spain 151
10
162
2089
Maire Tecnimont
Italy 133
29
163
2051
LSR
Russia 168
5
164
2019
Tekfen Holding
Turkey 152
12
165
2008
ISG
UK 175
10
166
2000
Black & Veatch*
US 107
59
167
1992
Max Boegl
Germany 162
5
168
1977
Okumura Corporation
Japan 143
25
169
1973
Toa
Japan 165
4
170
1943
Swietelsky
Austria 177
7
171
1942
Graham Construction*
Canada 176
5
172
1940
Standard Pacific
US
- NEW
-
chomes.com
173
1934
JM
Sweden 178
5
