European Powers of Construction - Edition 2012
Deloitte Real Estate
Welcome to the 9th edition of European Powers of Construction, our annual publication in which we profile the major listed European construction groups and examine their market position and evolution in terms of revenue, market capitalisation, internasionalisation, diversification and indebtness.
The last few years have been difficult for the construction sector as a consequence of the current economic and financial recession. European governments are implementing deficit-cutting policies and the investment in infrastructure has decreased. ln this context, European construction groups are being forced to redouble their efforts and innovate to generate new business opportunities.
Although internationalisation and diversification continue to play a major role in our EPoC strategies, deleveraging is also a must and divestures in non-core businesses have been frequent. We have included a space in our publication to discuss these issues, in view of the fact that geographical expansion and activities outside the traditional construction model are key to overcoming the aforementioned economic and financial recession.
In this year's edition we have also included a space for analysing EPoC financial performance in 2011 and key figures such as profit margins or leverage ratios. Despite 7.5 % increase in our EPoC aggregated sales, their market capitalisation is 20.6 % below the prior year levels, mainly as a consequence of the worsened economic scenario