What is the development model and enlightenment of the world's top contractors?

The international project contracting market is complicated. The big contractors in China have developed rapidly, but there is still a gap with the top contractors in the world. Decode the secret of the success of the world's top contractors, and seek the way for China construction enterprises to learn from. Since the global financial crisis in 2008, the global economy is still in a downturn, and there is even the possibility of a double dip. Global capital flows are tightening, financial institutions are generally reluctant to lend, and the difficulty of project investment and financing will continue; Under the debt crisis of European and American countries, the local construction business has shrunk; The growth rate of emerging economies has also slowed down significantly; The turmoil in the Middle East and North Africa may continue to exist and spread, and the security risks are daunting. The global construction industry is facing the biggest challenge in recent years. Only contractors that can stand the test in the global contracting market can be called the world's top contractors. Enterprises generally pursue scale, which will be called big and strong, but they often fall into a situation of being big but not strong, being strong outside and being hollow, or blindly expanding scale and losing ground. Luban Consulting believes that a truly top contractor in the world must have good profitability, a high degree of internationalization, be able to resist fluctuations in business performance brought about by the economic cycle, be widely recognized in the capital market, and create good value for shareholders. Based on the definition of the world's top contractors, we selected the top 50 global contractors of ENR (Engineering News and Records) as candidate enterprises, calculated the compound growth rate of output value of 50 enterprises 10, the net profit rate and the ratio of market value to output value in the past two years, and comprehensively evaluated three indicators. The world's top contractors who finally got 10: Larsen &: Tubor) group, Spain's ACS group, Italy's Saipem group, France's Technip, France's Vinci group, Sweden's ska20 1 1. The turnover of the top ten engineering contractors in the world is all over 50 billion yuan, and the largest one is France Wanxi, which accounts for 3/. The highest net profit rate is Nadine Group of India, which reaches 9%, and it is the most profitable engineering contracting company, followed by Saipan of Italy, which focuses on petrochemical engineering contracting and has a high profit rate; The net profit margin of American Fulu Company is slightly lower, but in the case of such a depressed American economy, its operating income increased by 65,438+02% and its net profit increased by 58%. It is worthy of being an established and leading enterprise in the field of high-end engineering construction in Europe and America. However, due to the acquisition of Hochtief, the eighth largest contractor in the world in 2065, the net profit margin of ACS decreased, 438+0. Source: Financial data compiled by Bloomberg. To some extent, the degree of internationalization of engineering contractors reflects the international popularity of enterprises and their ability to undertake diversified, high-tech and complex projects. According to the data analysis of the top ten contractors, the degree of internationalization of European and American companies is still very high. The internationalization level of KBR and Scania in the United States is as high as 75%, and the contribution rate of Saipan in Italy and Deshinib in France is as high as 95%. The degree of internationalization of India Nadine Group is slightly lower, only 65,438+03%, mainly because India, as a developing country, has a large number of domestic infrastructure needs. As the leader of Indian private engineering contractors, Nadine Group's strategy and tactics of focusing on its main business, talents and enterprise cost control are particularly worth learning from China enterprises. Source: ENR. As we all know, the construction industry is highly related to the macroeconomic environment, especially in the case of economic recession, it will show the strong strength of enterprises to continue to maintain the rapid growth of enterprises. The world financial crisis in 2008 greatly affected the performance of many international contractors in ENR225. In view of the availability of data, we calculated the compound growth rate of candidate enterprises 10, among which Spanish ACS topped the list with the rapid development of 10. Source: ENR. From the data available, India's Nadine, GS and South Korea have a compound growth rate of 6 years, and Saipan, Italy has a compound growth rate of 5 years. As a world-class engineering contractor, its performance in the capital market has become a reference coefficient to measure the company's market size, financing ability, operational risk and create value for shareholders after the output level and profitability indicators. The ratio of market value to output value can be simply understood as that an enterprise's operating income per kloc-0 yuan can be recognized by the market value of the capital market. The ratio of market value to output value of 20 1 1 in Nadine, India is the best, reaching 1.6, while Saipan, Italy and Designy, France also exceed 1. Compared with the same period of last year, the market value of China Construction, China Railway, China Hydropower and other central enterprise giants is only about 20% or 30% of the output value, which shows that the financing and shareholder value creation capabilities of China central enterprise giants need to be greatly improved. Source: The output value data comes from Bloomberg, and the market value is calculated according to the market value of 20 12 at the close of March. The growth track of top contractors According to the cooperative research between Melbourne University and Tsinghua University, the growth of international top contractors is basically that the domestic business first reaches a certain scale, then the business model matures, and then gradually goes international. With the diversification of market demand, the company's business scale is becoming more and more diversified. The following figure shows the development track of most top international contractors. Image source: "Business Characteristics and Development Model of Top International Contractors" The top ten contractors also show a similar development path. In the early days of its establishment, it paid attention to professional development and created differentiated competitive advantages. American Fulu Company was born in oil and gas engineering, and gained a reputation in the emerging oil industry with its innovative model and exquisite engineering construction technology. Another American company, KBR, initially only engaged in railway construction; De Heinb of France is a typical representative of professional development. The company was established by the French Petrochemical Association to develop oil refining and petrochemical plant projects in France and overseas. According to the ENR data of 20 10, all the projects of the company come from industry/petrochemical; Wanxi Group is mainly engaged in housing construction. In the period of rapid growth, we will focus on domestic development to improve the visibility and market share of enterprises, and gradually present the trend of product diversification. With the improvement of popularity, Fulu Company has entered a period of rapid development for 20 years. With its mature oil refining construction technology, it has undertaken a large number of high-tech and complex projects on various continents in the United States. During this period, Fulu not only gained project technology and market share, but also gained brand awareness at home and abroad. France's Dekinibu and Fulu have similar development strategies in the growth period; Wanxi group gradually expanded from the initial housing construction to the fields of industry and electric power; KBR cooperated with the US military to set up a subsidiary to enter the petrochemical field. During the expansion period at home and abroad, through listing financing, the capital operation ability was improved and it began to go overseas. Hyundai Korea started its global expansion as early as 1965 after landing in Thailand, and was named one of the top ten contractors in the world by Fortune in 1984. Wanxi Group acquired the construction technology to enter the German market through mergers and acquisitions. KBR is stationed in Canada, Thailand and other countries and fields; Deshinib seized the refining and chemical markets, acquired CLE, and further expanded its market share; South Korea's GS merged with Lucky Overseas Construction Company, and after its successful listing, it began to expand overseas to Arabia and the United States. Fulu successfully went public, gradually developed diversified businesses such as coastal drilling, and extended the traditional petrochemical refining business to South Korea and Australia. In the advancing stage of globalization strategy, merger or merger is a common strategy, and the extension of industrial chain is realized through vertical or horizontal merger. Through the acquisition of Daniel Company, the leader in the field of architectural design, Fulu achieved the coordination between design and construction. Wanxi Group acquired Novest, CBG and other companies and began to set foot in franchising; Desini Cloth Company acquired Speichim Company, which specializes in phosphate and agricultural chemical products, and its business scope expanded to build different types of factories. In the stage of strategic reorganization, the profit rate of the construction industry is low. With the process of globalization and diversification, different problems have appeared in the management level of each company. Reorganizing the main business and adjusting the project management mode have become common choices. The first thing Nadine of India did after CEO Nike took office was to divest non-core business; Fulu? Daniel Company is responsible for all construction and project contracting management in the company's business field. This makes the whole group have a strong business relevance, taking engineering construction and project management as the basic business, and infiltrating into other fields as the radiation center; The development history of ACS group is a history of mergers and acquisitions with its main business as the core, which has made the myth of mergers and acquisitions in ACS mode. In the process of rapid growth and expansion of construction enterprises, the secret of success puts forward higher requirements for the development model of construction enterprises, such as capital, extension of upstream and downstream industrial chains, diversification of products, and possible acclimatization in the host country when expanding overseas. Along the development track of the world's top contractors, we can find several modes of contractor development. Strategic alliance. The so-called strategic alliance refers to the long-term or short-term cooperative relationship between independent organizations to achieve their respective strategic goals. Through strategic alliance, we can realize the complementary advantages of resources and technology in a short time and enhance the competitiveness of enterprises; You can get economies of scale and spread business risks and costs; Enter new markets at lower cost and risk. When Fulu Company entered overseas, it chose Daniel, a well-known architectural design company, to set up a joint venture company with 50% capital contribution each, and engaged in industrial processing, procurement and construction in Mexico, Central and North America and the Caribbean. The joint venture company has well realized the synergistic effect of architectural design and construction. At the same time, in order to enhance the competitiveness of chemical projects, Fulu and ICI, a well-known British chemical group, jointly developed chlor-alkali industrial technology.

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