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CYANMAGENTAYELLOWBLACKRIGHTHANDPAGE525507595ENR•ISSUE:Month00,2005/PAGE:1/Version:#1Day,Month00,20050:00:00PMTheTop225InternationalContractorsTheTop225GlobalContractors2005Rankingsby2004RevenueAugust22-29,2005ENR'sTop225InternationalContractorsisacomprehensivepackageofdataandanaly-sis.Itcontainstherankingsby2004revenueoftheTop225InternationalContractorsbasedonnon-homecountryrevenue.Theoverviewstoryandlistisaccompaniedbytablesshow-ingwhatcountries'contractorsaredominatingeachregionoftheworld.TheTop225GlobalContractorscontainsrankingsby2004revenueoftheTop225largestcontractorsbasedonbothhomecountryandnon-homecountryrevenue.Contents1.Mainoverviewandanalysisstory.2.TheTop225InternationalContractorsList3.TheTop225GlobalContractorsList40ENRAugust22/29,2005enr.comTop225OverviewByPeterReinaandGaryJ.TulaczIanTyler,CEOoftheU.K.’sBal-fourBeattyConstructionLtd.re-ports“alotofinnovation”inpro-curement,particularlyintheU.K.publicsector.Hewelcomesthemoreearlyinclusionofcontractorsinpro-jectsthere,“andweareseeingitalsoinafewotherplacesinEurope.”Onereasonforthemarketgrowthisthegrowinginterestinbuild-oper-ate-transfer(BOT)projectsaroundtheworld,saysSimonHipperson,presi-dentofSweden’sSkanskaBOT.TheU.K.stillleadsthissector,butthereisstronginterestglobally,notablyinEasternEurope.IntheU.S.,themarketis“very,veryrapidlyemerg-ing,”headds.ThesizeandgrowingfinancialstrengthofafewlargecontractorshasmanyinternationalcontractorsconcernedaboutbeingshutoutofprojectsbybehemothsthatusetheirfinancialclouttosecureBOTwork.Whileworkseemstobeplentiful,manycontractorsdonotseeastrongmoveinthemarket.Globally,busi-nessis“prettymuchunchangedfromlastyear,”saysCarlosMöller,headofinternationalworkatGermany’sBil-fingerBergerBau.Verylargeprojects“arequitescarce[but]Idon’tthinkyoucandefineatrend,”hesays.Potentiallyboostingbusiness,inter-nationalfundingagenciesareshed-dingtheirformerdistasteforlargeprojects,saysPhilippeRatynski,chair-manofFrance’sVinciConstruction.“Inthelasttwoyears,[funding]iscom-ingbacktoinfrastructure,”hesays.TThebigdefinitelyaregettingbiggerintheinterna-tionalconstructionmarket.Asinfrastructureneedsbecomemoredemandingaroundtheglobe,manytopinternationalcontractorshaveexpandedtheirrolestoincludedevelopingandfinancingprojects.Increasingdemandsbypublicclientshaveledinternationalcon-tractorstobecomenotjustentitiesthatbuildtheproject,butonesthatwilldevelop,planandfinanceit,aswell.Thistrendhasaidedanexpand-ingmarket,butitalsomeansthatnewerorsmallerinternationalfirmswillhavetoscrambletogrow.Overall,theinternationalmarketcontinuestogrow.ENR’sTop225InternationalContractorshadcom-binedrevenueof$167.49billionfromprojectsoutsidetheirhomecountriesin2004,up19.8%over$139.82billionin2003.SizeCountsinGrowingMarketTheTop225InternationalContractorsenr.comAugust22/29,2005ENR41Forexample,someU.S.contractorslookedwithconcernwhenaconsor-tiumledbySpain’sCINTRAandFerrovialwontherighttodevelopa316-mileportionoftheTrans-TexasCorridorhighwayproject.Suchfinancial/constructioncon-sortiahavebecomemorecommoninrecentyears,andsomefirmsarecon-cerned.“Bigconstructioncompaniesarebecomingbiggerandevenover-sizedandsupportedbythefinancialconsortiums,”saysLinRongxin,pres-identofChinaCivilEngineeringCon-structionCorp.“Monopolizationhasstrengthenedintheinternationalconstructionmarketinrecentyears.”Thistrendhascausedconsterna-tionforinternationalcontractorsthatarenotpreparedtobringdeeppock-etsintothefray.“SoutheastAsiaisourmostdisappointingmarket,”saysVishwanathBanavali,deputygeneralmanagerforHindustanConstructionCo.Hesayshisfirmcanbringhighlevelsofexpertiseandcompetitiveprices.Buthesaysitisbeingshutoutofsometopjobsintheregionthatarebeinglet“mostlyonBOT.”ManaginginHotMarketsLikemanylargeinternationalfirms,Germany’sHochtiefisfocusingonmaturemarkets,theU.S.andAus-traliainparticular.Itsgoalis“flattercyclicalfluctuations,lowerriskandsteadiercashflow,whichdisplaysig-nificantgrowthwhileachievinghighmarginsoverthelongtermandtyinguplesscapital,”saysChairmanHans-PeterKeitel.Somefirmshaveusedthegrowingmarkettoretoolthemselvesandtoregaintheirmomentum.“Weman-agedtorecoverfromourseverefinancialdifficultiesinearly2000withdebt-equityswapandover-allrestructuringofthecompany,”saysDong-JinYeo,executivevicepresi-dentofinternationalbusinessatKo-rea’sHyundaiEngineering&Con-structionCo.“Since2002,ourfi-nancialsituationhasrapidlyim-proved.”Thefirmalsohasimproveditscreditrating.“Withourfinancialhealthimproving,weexpecttobemorecompetitiveintheglobalmar-ket,”hesays.Japan’sKajimaCorp.,ontheoth-erhand,hassharpeneditsfocusbysplittingitsinternationaldivisionintwo,saysMasafumiFukuyama,gen-eralmanageroftheoverseassub-sidiariesmanagementdivision.Thedivisionwill“strategicallymanageouroverseassubsidiaries’operationsbyanalyzinginternationalmarkettrendsandallocatingourhumanre-sourcestowherethemarketisstrong,”hesays.Theinternationaldivisionwillfocusonlargerinfra-structureprojectsthatmaybebe-yondthescopeoflocalsubsidiaries.Lookinggeographically,“theAsianmarketisalittlebitmorediffi-CanadaTotalRevenue:$5.0billion+4.2%FIRMSCOUNTRY%OFTOTAL$