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Skanska Q4 2020

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Skanska Q4 2020 Q4 2020 Press release, February 5, 2021, 7:30 a.m. CET We build for a better society. 2+U, Seattle, USA 2 Pressrelease, February 5, 2021, 7:30 a.m. CET Year-end report, January–December 2020 Highlights according to segment reporting Revenue SEK bn Revenue decreased 10 percent and amounted to SEK 158.6 billion (176.8); adjusted for currency 200 effects revenue decreased 8 percent. Operating income, which includes the divestment of the ownership stake in the Elizabeth River 150 Crossings, increased 52 percent and amounted to SEK 11.9 billion (7.8). Earnings per share increased 45 percent and amounted to SEK 22.46 (15.46). 100 The Board of Directors propose a dividend of SEK 9.50 (3.25) per share, of which SEK 6.50 (3.25) per share as ordinary dividend and SEK 3.00 (0.00) per share as extra dividend. 50 Operating cash flow from operations amounted to SEK 14.5 billion (3.8), according to IFRS. 0 Adjusted interest-bearing net receivables(+)/net debt(–) totaled SEK 16.0 billion (September 30, 2016 2017 2018 2019 2020 2020: 8.0), according to IFRS. Order bookings in Construction amounted to SEK 149.8 billion (145.8); adjusted for currency effects order bookings increased 6 percent. The order backlog amounted to SEK 178.9 billion Operating income (September 30, 2020: 182.9). SEK bn Operating income in Construction amounted to SEK 3.5 billion (3.8), representing an operating 14 margin of 2.5 percent (2.4). 12 Operating income in Project Development amounted to SEK 5.4 billion (4.5). 10 Return on capital employed in Project Development was 12.2 percent (10.3). 8 Return on equity was 26.0 percent (21.4). 6 Performance Analysis 4 Tables referring to segment reporting are in shaded background. For more information see page 14. 2 For definitions of non-IFRS financial measures see pages 15-17. 0 SEK M Jan-Dec 2020 Jan-Dec 2019 Change, % Oct-Dec 2020 Oct-Dec 2019 Change, % 2016 2017 2018 2019 2020 Revenue Construction 140,483 159,579 -12 34,188 42,411 -19 Residential Development 13,070 12,483 5 3,506 5,292 -34 Operating income per segment, Commercial Property Development 14,983 17,850 -16 8,746 7,063 24 Dec 31, 2020 Central and Eliminations -9,930 -13,130 -24 -2,440 -3,369 -28 Total 158,606 176,782 -10 44,000 51,397 -14 Operating income Construction 3,528 3,772 -6 1,112 1,092 2 Residential Development 1,543 1,195 29 475 377 26 Commercial Property Development 3,897 3,287 19 1,693 1,267 34 Central 2,830 -388 - 3,170 -247 - Eliminations 62 -38 - 138 -36 - Operating income 11,860 7,828 52 6,588 2,453 169 Construction, 40% Residential Development, 17% Net financial items -236 -103 129 -59 -34 74 Commercial Property Development, 43% Income after financial items 11,624 7,725 50 6,529 2,419 170 Taxes -2,350 -1,353 74 -1,429 -477 200 Operating cash flow Profit for the period 9,274 6,372 46 5,100 1,942 163 from operations Earnings for the period per share, SEK 22.46 15.46 45 12.37 4.71 163 SEK bn 16 Revenue for the period according to IFRSs 160,344 172,846 -7 42,625 50,691 -16 14 Operating income for the period according to IFRSs 12,633 7,428 70 6,403 2,767 131 12 Earnings for the period per share according to 10 IFRSs, SEK 23.97 14.68 63 11.97 5.34 124 8 Operating cash flow from operations 14,450 3,835 277 9,544 8,339 14 6 Interest-bearing net receivables(+)/net debt(-) 7,280 -4,917 - 7,280 -4,917 - 4 Return on capital employed in Project 2 Development, % 12.2 10.3 0 Adjusted interest-bearing net receivables(+)/ -2 net debt(-) 15,961 3,241 392 -4 Return on equity, % 26.0 21.4 2016 2017 2018 2019 2020 Skanska Year-end report, January–December 2020 3 Skanska delivers record profit Looking back on 2020, the spread In Residential Development both the number of sold and started of Covid-19 that negatively homes increased during the year and profitability remained at a impacted societies, economies good level. The rental homes segment represented the largest and financial markets globally increase in volume. By the end of the year we started our first BoK- defined this year. At Skanska, we lok project in the UK, with the ambition to ramp up over the coming acted quickly and decisively to years. We have a strong land bank in our markets and will be able protect our people,the company, to meet demand. Currently demand is solid, especially in the Nordic and the balance sheet. We navi- countries, but there are uncertainties ahead. The long-term effects gated these difficult times well, of the pandemic, particularly on unemployment and consumer and despite a second wave of the confidence, are still too early to tell. pandemic, the Constrution and Residential Development streams In Commercial Property Development we delivered yet another remained solid. We also delivered record year when it comes to divestment gains. Our developments strong divestment gains in are in demand and attractive to property investors. The pandemic Commercial Property Develop- has had a negative impact on leasing activity in general as many ment. On top of that we have been able to divest our ownership tenants are postponing decisions on what their office needs and in a toll-road project at attractive levels. Altogether, this has criteria will be going forward. We are in close dialogue with poten- contributed to record profit, strong cash generation and a solid tial tenants in all our markets, and we announced some larger balance sheet, enabling us to exceed our group financial target leases in Central Europe and USA in the beginning of 2021. Our for 2020. Given this performance and considering the market deep knowledge and strong relations in the tenant market, cou- environment and future investment opportunities the Board of pled with our ability to adapt to tenant needs, is a clear strength as Directors propose a dividend of SEK 9.50 per share, of which SEK we start new developments in a changing office market. 6.50 per share as ordinary dividend and SEK 3.00 per share as extra dividend. In 2021 the fight against the pandemic remains. We will safeguard our operations, finances, people and support our communities in The health and safety of our people is of the outmost importance the challenges we all are facing. There are, however, some factors to Skanska. Our ambition is to eliminate all accidents. In 2020 we reducing market uncertainty globally, such as the Covid-19 vac- put additional focus on activities having a higher accident cine, a UK-EU free trade deal in place and a newly inaugurated US frequency, such as lifting, loading and lowering. president. Reduced uncertainty will likely support the economic recovery, but the pace remains to be seen. Skanska is in a strong During 2020, we continued to make progress on our journey to position. Our ambition is to generate an industry leading total net-zero carbon emissions by 2045, including the value chain. The shareholder return and make use of our strong market position, total reduction in our own operations since the base year in 2015 balance sheet and organizational strength to deliver continued has been more than 30 percent. profitability improvement in Construction and increased activity in Project Development. In Construction the performance was solid. That said, the Con- struction stream can further improve profitability and the strategy to do so remains. In the UK, we are focusing our oper- ations. In Central Europe we are adapting to lower volumes. In Sweden we have taken additional measures to address areas where we have struggled with the profitability during the year, and in the US we aim for additional profitability improvements. Being selective in our bidding and focusing on commercial management remain in focus. This is increasingly important in a market such as the US where we see increased competition in the civil infrastructure market and public clients face funding uncertainties. 2+U, Seattle, USA 2+U is comprised of a 65,000-square meter office tower in Seattle’s Central Business District and a 2,200 square-meter open-air community hub on the ground floor, known as the Urban Village, with local retail and cultural space. Office tenants include Qualtrics, Indeed.com, Dropbox Inc. and Spaces. 2+U is targeting LEED Platinum, the highest level of certification, demonstrating comprehensive attention to energy and water efficiency, healthy material selection, and waste reduction across the entire building design. The building has been specifically designed to care for the health & well-being of building occupants. Construction of 2+U began in the second quarter of 2017, both exterior and interior elements were completed in the third quarter of 2019. Skanska divested a 95 percent interest in the 2+U office property in Seattle, Washington, USA, for approximately USD 669 M, about SEK 5.5 billion, to South Korean financial group Hana Alternative Asset Management, alongside Hana Financial Group in the fourth quarter of 2020. 4 Skanska Year-end report, January–December 2020 Market outlook, next 12 months Weaker outlook compared to previous quarter. Unchanged outlook compared to previous quarter. Improved outlook compared to previous quarter. Very strong market coming 12m Strong market coming 12m Stable market coming 12m Weak market coming 12m Very weak market coming 12m Construction Building, Building, non-residential residential Civil The pandemic has had a negative impact on demand in the construction market, mainly from the private clients and in commercial and residential Nordics building construction.
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