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Annual Report 2008

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Annual Report 2008 ANNUAL REPORT 2008. RHR Corporate Malmö /Print: Communication, WELCOME TO THE ANNUAL GENERAL CONTENTS MEETING OF PEAB Peab at a glance 1 Peab 50 2 TIME AND LOCATION The Annual General Meeting (AGM) in Peab AB Comments from the CEO 4 will be held at 3 p.m. on Thursday 14 May 2009, Nordic construction market 6 Grevieparken in Grevie, Sweden. Business model 8 NOTIFICATION Peab’s business 16 Notification of participation in the AGM must be Board of Director’s report 28 submitted at the latest by 2 p.m. on Friday 8 May 2009. Notification may be submitted by telephone Financial reports 36 to +46 431 893 50, by mail to Peab AB, Stämma, Notes 44 SE-260 92 Förslöv, or via the company’s website at www.peab.com/agm. To participate in the AGM Audit report 91 shareholders must be registered in the share register The share 92 kept by Euroclear Sweden AB (formerly VPC AB), Sustainability report 96 by Friday 8 May 2008 at the latest. Shareholders who have registered their shares in trust must have Corporate governance report 100 registered such shares in their own names at the Board of Directors and auditors 104 latest by this date. Shareholders should request trustees to undertake such registering a few days Group management 105 in advance. Financial highlights 108 Definitions 109 DIVIDEND The Board of Directors proposes to the AGM an Addresses 110 ordinary dividend of SEK 2.25 per share for 2008. The proposed record day is Tuesday 19 May 2009. If the AGM approves the proposals submitted, divi- dends will be distributed from Euroclear Sweden AB on Monday 25 May 2009. WELCOME TO THE ANNUAL GENERAL CONTENTS MEETING OF PEAB Peab at a glance 1 Peab 50 2 TIME AND LOCATION The Annual General Meeting (AGM) in Peab AB Comments from the CEO 4 will be held at 3 p.m. on Thursday 14 May 2009, Nordic construction market 6 Grevieparken in Grevie, Sweden. Business model 8 NOTIFICATION Peab’s business 16 Notification of participation in the AGM must be Board of Director’s report 28 submitted at the latest by 2 p.m. on Friday 8 May 2009. Notification may be submitted by telephone Financial reports 36 to +46 431 893 50, by mail to Peab AB, Stämma, Notes 44 SE-260 92 Förslöv, or via the company’s website at www.peab.com/agm. To participate in the AGM Audit report 91 shareholders must be registered in the share register The share 92 kept by Euroclear Sweden AB (formerly VPC AB), Sustainability report 96 by Friday 8 May 2008 at the latest. Shareholders who have registered their shares in trust must have Corporate governance report 100 registered such shares in their own names at the Board of Directors and auditors 104 latest by this date. Shareholders should request trustees to undertake such registering a few days Group management 105 in advance. Financial highlights 108 Definitions 109 DIVIDEND The Board of Directors proposes to the AGM an Addresses 110 ordinary dividend of SEK 2.25 per share for 2008. The proposed record day is Tuesday 19 May 2009. If the AGM approves the proposals submitted, divi- dends will be distributed from Euroclear Sweden AB on Monday 25 May 2009. 2008 AT A GLANCE BUSINESS SUMMARY • Net sales pro forma, including Peab Industri, increased by 8 percent • Operating profit pro forma, including Peab Industri, increased by 9 percent • Order backlog for Construction and Civil Engineering amounted to SEK 24,233 million (26,299) • The stable Swedish construction market weakened in the fourth quarter • Peab Industri was acquired and integrated into Peab AB as of 15 December 2008 Pro forma1) Pro forma1) Jan-Dec Jan-Dec Jan-Dec Jan-Dec Financial summary 2008 2007 2008 2007 Net sales. MSEK 34,132 31,977 39,762 36,940 Operating profit, MSEK 1,349 1,261 2,202 2,023 Operating margin, % 4.0 3.9 5.5 5.5 Pre-tax profit, MSEK 1,014 1,099 1,712 1,767 Earnings per share before dilution, SEK 6.56 4.92 6.10 4.28 Dividend per share, SEK 2) 2.25 2.25 Return on equity, % 21.9 23.6 28.6 Equity/assets ratio, % 25.2 23.5 25.2 Net receivables (+) / Net debt (–), MSEK –4,042 587 1) Including Peab Industri. 2) For 2008, Board of Directors’ proposal Net sales 2008 pro forma including Operating profit 2008 pro forma Net sales 2008 pro forma including Peab Industri including Peab Industri Peab Industri Construction 60% Construction 46% Sweden 85% Civil Engineering 21% Civil Engineering 18% Norway 9% Industry 19% Industry 36% Finland 6% Net sales Operating profit and margin Order backlog Construction and Civil 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 20,000 25,000 20,000 1,500 3 15,000 15,000 1,000 2 10,000 10,000 500 5,000 1 5,000 0 0 0 0 -04 -05 -08-07-06 -04 -05 -08-07-06 -04 -05 -08-07-06 Peab Group Peab Group including Peab Group Peab Group including Peab Industri Peab Industri Operating margin, % Operating margin including Peab Industri, % PEAB AT A GLANCE PEAB AT A GLANCE. Peab is an innovative and personal construction and civil engineering company that combines the strength of a large Group with a local company’s ability to create fl exi ble solutions. Business areas Sales per product type Sales per customer category CONSTRUCTION Business area Construction conducts con- tract work for external customers and for our own housing developments. Operations are run in Sweden, Norway and Finland. The number of employees on 31 December 2008 was 8,390. Housing 43% Public 22% Roads and civil engineering 1% Private 62% Other housing construction 56% Other 16% CIVIL ENGINEERING Business area Civil Engineering operates nationwide working with, for example, the construction of major infrastructure projects and civil engineering works. The business is divided into six regions and operates mainly in Sweden and to a lesser extent in Norway. The number of employees on 31 December Housing 3% Public 52% Roads and civil engineering 92% Private 38% 2008 was 2,974. Other housing construction 5% Other 10% INDUSTRY Business area Industry consists of the wholly owned subsidiary Peab Industri. Business is conducted in three complementary areas: Machines, Products and Services. They are all focused on the construction and civil engi- neering markets in the Nordic region. The number of employees on 31 December Housing 25% Public 18% Roads and civil engineering 55% Private 82% 2008 was 2,676. Other housing construction 20% Other 0% GROUP Peab is one of the Nordic region’s leading construction and civil engineering compa- nies. The Group primarily engages in busi- ness in Sweden, where Peab operates nationwide, but it also operates in Norway and Finland where it focuses on major city areas. The number of employees on 31 Housing 31% Public 27% Roads and civil engineering 30% Private 61% December 2008 was 14,116. Other housing construction 39% Other 12% PEAB’S SUCCESS FACTORS n A competitive business with its own resources n A solid foundation of core values n A fl at and customer-driven organisation that seizes business opportunities n A strong fi nancial position ANNUAL REPORT 2008 1 PEAB 50 A 50 YEAR OLD THAT ALWAYS SEES OPPORTUNITIES. 1959 In 2009 50 years will have passed since the two brothers Mats and Erik Paulsson found- ed Peab. Since then the company has grown from a source of interest in their home town on the Bjäre peninsula into one of Sweden’s biggest construction companies. This success story is in large part due to the company’s unerring ability to see oppor- tunities where others only see problems. EVERYTHING STARTED WITH A Exchange, which gave them good connections TRACTOR IN THE ‘50S with the County Governor and the City Council. The seed to what would become today’s Peab This led to the company receiving its largest was sown in 1959 when the local constable visited contract so far, the construction of Saab’s new the brothers’ father. He happened to own the car factory in the West Port. only tractor in the vicinity and the constable Although business was booming Peab was wanted him to take care of garbage collection. still a small player on the market. This, however, Their father said no and the constable had to changed overnight when it in 1985 acquired leave the farm without accomplishing his purpose. Wihlborg’s construction operations in Malmö. Then the brothers who had heard the conversa- Peab was suddenly twice as big, which was an tion suggested they take the job instead. This enormous advantage during the property boom was the start of the brothers’ budding business. at the end of the ‘80s. A few years later they stumbled into the construc- tion business. A builder who was erecting a CRISIS IN THE ‘90S TOOK PEAB TO workshop for the Paulsson brothers went bank- THE STOCK EXCHANGE rupt. The handymen he employed asked Erik Then the ‘90s came bringing an abrupt end to and Mats if they couldn’t take the company over the frenzy of the ‘80s. Norrland’s largest con- so they could finish the job. They thought it struction company, Hallström & Nisses, was one seemed like a good idea. of many companies to find themselves in dire Both the construction and machine rental straits. It was the same size as Peab but it didn’t businesses expanded and in 1967 it was time to have a distinct owner.
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