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Annual Report 2017 Annual Report 2017 We build for a better society. Skanska Annual Report 2017 C Contents Group overview 2017 in brief 1 Comments by the President and CEO 2 Skanska’s values 6 Business model 7 Business plan 2016 –2020 8 – Financial targets 2016 –2020 9 – Great People 12 – Market Making 13 – Operational Excellence 14 Risk and opportunity management 16 – Main risks 18 Focus areas within sustainability 20 Share data 24 Market overview 26 Business streams Business streams 30 Construction 32 Residential Development 36 Commercial Property Development 40 Top photo: the 121 Seaport and 101 Seaport office developments. Infrastructure Development 44 From left in bottom photo: the 121 Seaport and 101 Seaport office developments, and the Watermark Seaport residential development. Financial information Corporate Governance report 49 Group Leadership Team 56 A bold addition to Boston Board of Directors 58 Report of the Directors 61 121 Seaport Boulevard, Boston, USA Commercial Property Development and Construction – Sustainability report 70 Consolidated income statement 87 It’s a building impossible to miss. In a boxy city, 121 Seaport Consolidated statement of comprehensive income 88 stands out as a 17-story ellipse. Consolidated statement of financial position 89 This bold, curved look was key to attracting the companies Consolidated statement of changes in equity 91 now secured as office tenants. It also enabled a highly efficient Consolidated cash flow statement 92 and flexible design, benefiting both customers and Skanska. Parent Company income statement 94 During design, data analysis showed that an elliptical building Parent Company balance sheet 95 has less direct sun exposure, producing 15 percent energy Parent Company statement of changes in equity 96 savings compared to a similarly sized rectangular building. Parent Company cash flow statement 97 Also, the elliptical design required 10 percent less cladding, Notes, table of contents 98 and utilized a lighter structure because of decreased wind Auditor’s Report 183 loads. These reduced material needs led to lower costs and Independent practitioner’s review report less carbon emissions. on Skanska AB’s greenhouse reporting 187 Skanska speculatively began this building, which is targeting the top LEED Platinum green building rating. The combination Major orders, investments and divestments 190 of Skanska Commercial Property Development USA, Skanska Consolidated quarterly results 194 USA Building and Skanska USA Civil led to innovative solutions Annual General Meeting 196 for a rapid delivery. In 2017, all 37,000 sq m of office space was Investors 196 leased. Addresses 197 Skanska has led the transformation of this neighborhood. Along with 121 Seaport, Skanska developed 101 Seaport, This document is in all respects a translation of the Swedish original Annual Report. an office property divested in 2016 for about SEK 3.8 billion, In the event of any differences between this translation and the Swedish original, and Watermark Seaport, a residential property that Skanska the latter shall prevail. Reporting of revenue and earnings in the first part of the Annual Report (pages 1–48) and an equity partner divested in 2017; the Group’s portion complies with the segment reporting method. The statements of financial position of that divestment was about SEK 510 M. A public park will be and cash flow are presented in compliance with IFRS in all parts of the Annual Report. Skanska’s final addition to that row of buildings. Skanska AB, Swedish corporate identity number 556000-4615. B Skanska Annual Report 2017 Synergies from Skanska’s business streams Project Development Residential Commercial Infrastructure Skanska’s Construction Development Property Development business Builds civil and building Initiates, develops and Development Produces solutions for streams projects sells homes to private essential infrastructure in individuals Initiates, develops and the form of public-private divests properties partnerships (PPP) Shared common values and people’s expertise in all areas on a Group-wide scale. Collaboration reduces risks, maximizes opportunities and improves project delivery, Operational providing benefits to customers. synergies Close cooperation in procurement and production increases efficiencies. Internally generated construction contracts. Operations in different geographies reduces risks and creates a stable platform for increased operating income over time. Leads to Ability to take on large, complex projects. Maximized opportunities in the marketplace. Skanska Ability to offer customers a wide range Improved cost control. being more competitive of services and products. Strong financial position. through Innovative solutions to challenges. Enhanced returns from multiple sources. Operational and financial synergies are among the benefits achieved SEK 30.8 bn SEK 23.2 bn through collaboration between of Skanska’s total order backlog in Construction revenue were business streams and Business Units were contracts involving more from internal Project Develop- in Skanska. than one Business Unit. ment contracts in 2017. In New York City, significant progress is being made rede- veloping LaGuardia Airport’s Central Terminal B, the biggest US public-private partnership (PPP). In 2018, travelers will begin using the project’s first new facilities: the initial terminal section and a 3,200-space parking garage. Skanska Infra structure Develop- ment is part of LaGuardia Gateway Partners, which is responsible for financing, design, construc- tion, operations and maintenance. The Group’s 70 percent share of the design-build contract is about SEK 23 billion, equally divided between Skanska USA Building and Skanska USA Civil. D Skanska Annual Report 2017 Skanska as an investment Skanska is one of the world’s leading construction and project develop ment companies, focused on select home markets in the Nordic region, Europe and USA. Supported by global trends in urbanization and demographics, and by being at the forefront of sustainability, Skanska offers com- petitive solutions for both simple and the most complex assign- ments. Driven by the Group’s values, Skanska helps create sustain- able futures for customers and communities. In 2017, the Group’s 40,000 employees delivered good results while building for a better society. Strong global trends Diversification Financial synergies Demographic changes and con- Skanska’s risk diversification across The strong cash flow from Construc- tinued urbanization lead to four business streams with operations tion is invested in the Group’s own increased demand for infrastructure, in several geographic markets and high-return development projects. hospitals, schools, homes, offices segments helps ensure a balanced The investments in Project Develop- and more. Demand for Skanska’s and diversified risk profile. ment will continue to increase. expertise in green construction is significant in a world that is becom- Strong cash flow Attractive total shareholder return ing increasingly aware of the human Through an attractive business Skanska has a competitive total share- impact on the planet. model, Skanska generates strong holder return with more than fifteen cash flow which puts the Group in a years of increased or maintained Leading market position stable financial position. ordinary dividend, while maintaining Skanska holds a leading market posi- a continued high level of investments tion in each of its home markets. By in Project Development. leveraging the operational synergies across the business streams and home markets, its competitive advantage is strengthened. Earnings for the period per share and return on equity Dividend history SEK % SEK % 25 45 14 10 40 12 20 35 8 10 30 15 6 25 8 20 10 6 4 15 4 5 10 2 5 2 0 0 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1 Earnings for the period per share, SEK Return on equity, % Dividend, SEK Extra dividend, SEK Dividend yield, % 2 1 Based on the dividend proposed by the Board of Directors. 2 Dividend per share divided by the closing share price for each respective year. Skanska Annual Report 2017 1 • Norden, 42 • Byggverksamhet, 18 • Europa, 22 • Bostadsutveckling, 26 • Bostadsutveckling, 32 • USA, 36 • Kommersiell fastighets- • Kommersiell fastighets- utveckling, 42 utveckling, 63 2017 in brief • Infrastruktur- • Infrastruktur- 161 5,5 utveckling, 14 38,9 utveckling 5 Revenue, SEK 161 bn Operating income, SEK 5.5 bn1 Capital employed, SEK 38.9 bn by geography, % 2 by business stream, % 2 in Project Development, by business stream, % • Nordics, 42 • Construction, 18 • Europe, 22 • Residential • Residential • USA, 36 Development, 26 Development, 32 • Commercial Property • Commercial Property Development, 42 Development, 63 • Infrastructure • Infrastructure 161 5.5 Development, 14 38.9 Development, 5 1 Operating income in 2017 was negatively affected by impairment charges of SEK 1.0 billion and project write­downs of SEK 1.5 billion. 2 Before Central and eliminations. Construction • The number of homes sold and started totaled 4,285 and • Order bookings amounted to SEK 151.8 billion. The major 4,318, respectively. contracts included: • BoKlok, the affordable homes business, continued to deliver – Farley Post Office in New York, USA great returns and represented almost half the homes Skanska – George Washington Bridge in New York, USA sold in Sweden. • Order backlog amounted to SEK 188.4 billion, corresponding to 15 months of production. Commercial Property Development A new all­time
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