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Annual Report 2009. Welcome to the Annual General Meeting of Peab

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Annual Report 2009. Welcome to the Annual General Meeting of Peab ANNUAL REPORT 2009. WELCOME TO THE ANNUAL GENERAL MEETING OF PEAB. TIME AND LOCATION The Annual General Meeting of Peab AB will be held at 4 p.m. on Tuesday 11 May 2010, Grevie- parken in Grevie, Sweden. NOTIFICATION Notification of participation in the Annual General Meeting must be submitted at the latest by 2 p.m. on Wednesday 5 May 2010. Notification may be submitted by telephone to +46 431-893 50, by mail to Peab AB, Annual General Meeting, SE-260 92 Förslöv, Sweden, or via the company’s website at www.peab.com. To participate in the Annual General Meeting shareholders must be registered in the share register kept by Euroclear Sweden AB by Wednesday 5 May 2010 at the latest. Shareholders who have registered their shares in trust must have registered such shares in their own names at the latest by this date. Shareholders should request trustees to undertake such registering a few days in advance. DIVIDEND The Board of Directors proposes to the Annual General Meeting an ordinary dividend of SEK 2.50 per share for 2009. The proposed record day is Monday 17 May 2010. If the Annual General Meeting approves the proposal submitted, dividends will be distributed from Euroclear Sweden AB on Thursday 20 May 2010. CONTENTS Peab at a glance 1 Comments from the CEO 2 Selected areas of expertise 4 Nordic Construction Market 6 Business model 8 Peab’s business 17 Board of Directors’ report 32 Financial reports and notes 40 Audit report 93 Sustainability report 94 Corporate governance report 98 Board of Directors and auditors 102 Group management 103 The share 106 Financial highlights 108 Defi nitions 109 Addresses 110 2009 IN SUMMARY. BUSINESS SUMMARY Net sales increased by 3 percent to SEK 35,140 million (34,132). Compared with pro forma including Peab Industri net sales fell by 12 percent Operating profi t amounted to SEK 1,601 million (1,349). Operating profi t pro forma including Peab Industri for the comparable year amounted to SEK 2,202 million Order backlog for Construction and Civil Engineering increased to SEK 24,487 million (24,233) Stable order infl ow of SEK 30.4 billion (32.3) of which the new national arena in Solna is SEK 2.2 billion and is the largest single order Peab has ever received Acquisition of project company Annehem Fastigheter AB Focus on rentals – Peab, Fabege and Brinova form a new real estate company, Tornet AB Pro forma1) Jan-Dec Jan-Dec Jan-Dec Financial summary 2009 2008 2008 Net sales, MSEK 35,140 34,132 39,762 Operating profit, MSEK 1,601 1,349 2,202 Operating margin, % 4.6 4.0 5.5 Pre-tax profit, MSEK 1,647 1,014 1,712 Earnings per share before dilution, SEK 4.59 6.56 6.10 Dividend per share, SEK 2) 2.50 2.25 Return on equity, % 18.7 21.9 28.6 Equity/assets ratio, % 29.3 25.2 25.2 Net debt, MSEK 4,469 4,042 1) Including Peab Industri 2) For 2009, Board of Directors` proposal Net sales 2009 per business area Operating profit 2009 per business area Net sales 2009 per geographic area Construction 57% Construction 46% Sweden 86% Civil Engineering 24% Civil Engineering 25% Norway 8% Industry 19% Industry 29% Finland 6% Order backlog Construction and Civil Net sales Operating profit and margin Engineering per 31 December MSEK MSEK % MSEK 40,000 3,000 6 30,000 35,000 2,500 5 25,000 30,000 2,000 4 25,000 20,000 20,000 1,500 3 15,000 15,000 1,000 2 10,000 10,000 500 1 5,000 5,000 0 0 0 0 -05 -06 -09-08-07 -05 -06 -09-08-07 -05 -06 -09-08-07 Peab Group Peab Group including Peab Group Peab Group including Peab Group Peab Industri Peab Industri Operating margin, % Operating margin including Peab Industri, % PEAB AT A GLANCE PEAB AT A GLANCE. Peab is a construction and civil engineering company that puts total quality in every step of the construction process first. Through innovation combined with solid professional skills we make the customer’s interests our own and thereby build for the future. Construction Civil Engineering Industry Business area Construction performs Business area Civil Engineering is Our industrial operations are run in contract work for external customers active on the local civil engineering business area Industry, which is divid- and for our own housing developments. market building infrastructure projects ed into two divisions, Industry and Operations that comprise everything such as bridges and roads. We are Construction systems. These divisions from housing to commercial premises also responsible for the management consist of a great many subsidiaries are run in fi ve geographic divisions in and maintenance of streets and roads with well known brands in Sweden, Sweden, one division in Norway and for public and private customers. Oper- Norway and Finland. one in Finland. ations are run in one Nordic division. The number of employees on 31 The number of employees on 31 The number of employees on 31 December 2009 was 2,537 (2,676). December 2009 was 7,297 (8,390). December 2009 was 2,978 (2,974). Housing 36% Housing 2% Housing 25% Roads and civil engineering 5% Roads and civil engineering 94% Roads and civil engineering 55% Other building construction 59% Other building construction 4% Other building construction 20% Public 26% Public 60% Public 23% Private 61% Private 31% Private 77% Other 13% Other 9% Other 0% Group The Peab Group consists of construction and civil engineering opera- tions in Sweden and selected markets in Norway and Finland. we coordinate our resources well which makes us a powerful Nordic construction Group. Housing 25% Public 33% Roads and civil engineering 36% Private 57% Other building construction 39% Other 10% PEAB ANNUAL REPORT 2009 1 COMMENTS FROM THE CEO WORKING LONG-RANGE CREATES ADDED VALUE. The financial crisis and a weak Nordic construction market left promise the quality of the final their mark on 2009. Nonetheless Peab developed rather well and product. many of the concerns we had at the beginning of the year fortu- Trust between us and our cus- nately never materialised. Although net sales and operating profit tomers is fundamental to the way decreased compared to the record year of 2008 our ongoing Peab works. Mutual trust has production is still quite profitable. Production is and always will been essential in developing our be the heart of our business and the better it functions the less trust-based contracts. Through sensitive we are to outside factors. the years it has proven to be the Sales of our own housing developments picked up at the end project form our customers have of the year and civil engineering was also on the rise, which appreciated the most. Working in means we enter 2010 with an order backlog on par with the start a relationship of trust allows us of 2009. to meet and preferably exceed our customers’ expectations. LISTEN TO OUR CUSTOMERS COMMUNITY BUILDING Keeping production effective over time requires strong and clear Peab’s role has gradually changed over the past few years. By leadership and skilled employees. Meeting our customers’ growing and broadening our skills base we are now able to par- demands and desires is our primary goal in our day-to-day work ticipate in developing society in a whole new way. This does not, and there are no shortcuts. We strengthen our competitive however, mean that we waiver from our motto of being a local capacity through sensitivity, professional skill and trust. entrepreneur with big business resources. Our sensitivity is fine-tuned through regular dialogue with our Being a community builder means being able to see the big customers. It’s our responsibility to interpret what customers picture. Contract company Peab has the resources necessary to actually want and what they are prepared to pay for. This means carry out pretty much any project from idea to finished construc- we have to be on top of the latest trends and innovations. We tion. Entrepreneur Peab has the resources in the form of risk offer our customers that which, in our judgement, is best for them assessment, innovation and experience to be a part developing every step of the way. our community. Our professional skills on all levels of the Group come from pro- Taking a social responsibility, and thereby contributing to viding our employees with access to education and development. society, is a growing priority for Peab. Its physical form can be We want to continue to win market shares and we do this by being seen in all the schools, hospitals and sports facilities that we a learning organisation. Experience from previous projects is also have built and are building. We are involved in many different an important source of knowledge that we and through us all our road construction projects and we have other projects in prog- customers can benefit from. This is how improvements are made ress in a number of municipalities. so that budgets and timetables can be kept without having to com- Peab is also building communities through closer cooperation 2 PEAB ANNUAL REPORT 2009 with city and state buyers. Quite often the ideas and initiative for daily production is the heart of our business and we are con- these partnership projects has come from Peab. This is why it’s stantly working on keeping it modern and efficient. We stepped so important to give Peab’s local personnel the liberty and up to meet the future by beginning to work in a new organisation resources to constructively participate in developing their own in 2009 and this in turn has given Jan Johansson, as Vice-Presi- communities.
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