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Annual Report 2002 ANNUAL REPORT 2002 01_omslag_2_Bas_v8.indd 1 03-03-19, 02.17.09 Contents Skanska in brief Flap The year 2002 in brief Flap Comments by the President and CEO 2 Mission, vision and strategy 4 Project – Healthy outlook for PFI in the UK 6 Talent management 8 Research and development 9 Sustainable development 10 Project – New life in a forgotten city block 12 Organization 14 Business units 16 Financial targets 22 Risk management 23 Project – The impossible made possible 24 Share data 26 Report of the Directors 28 Consolidated income statement 36 Comments on the income statement 37 Consolidated balance sheet 38 Comments on the balance sheet 40 Consolidated cash flow statement 41 Parent Company income statement 42 Parent Company cash flow statement 42 Parent Company balance sheet 43 Accounting and valuation principles 44 Notes to the financial statements 48 FINANCIAL INFORMATION Consolidated quarterly results – Group 63 The Skanska Group’s interim reports for 2003 will be published on Consolidated quarterly results the following dates: – Markets and segments 63 Three Month Report May 6, 2003 Business units – Markets and segments 66 Six Month Report July 24, 2003 Five-year Group financial summary 68 Nine Month Report October 30, 2003 Year-end Report for 2003 February 12, 2004 Definitions 68 Proposed allocation of earnings 70 More information on the Skanska Group is available at the Group’s Auditors’ report 71 Swedish and English-language web sites: Board of Directors 72 www.skanska.se Senior Executive Team 73 www.skanska.com Annual Shareholders’ Meeting 74 Skanska also publishes a Sustainability Report, which contains more More information about Skanska 75 information about the Group’s work in the fields of sustainable development and the environment. Glossary, abbreviations and definitions 76 Addresses 77 For questions regarding financial information, please contact Skanska AB, Investor Relations Box 1195, SE-111 91 Stockholm, Sweden Telephone: +46 8 753 88 00 Fax: +46 8 755 06 54 E-mail: [email protected] This document is in all respects a translation of the Swedish original Annual Report. In the event of any differences between this transla- tion and the Swedish original, the latter shall prevail. 00_Inledning_v36.indd A 03-03-19, 02.36.42 The year 2002 in brief Comments by the President and CEO ■ ■ Net sales in 2002 amounted to SEK 146 billion. A strategic review of all units was carried out Our strategy has the potential to significantly increase earnings Operating income in construction- related during the autumn of 2002. without further geographic expansion operations successively improved during ■ The Group’s operating income amounted the year, as did the cash flow from business to SEK 976 million. Writedowns and operations. restructuring expenses totaling SEK 2.0 billion ■ In 2002, Sverker Martin-Löf was elected the were charged to operating income as a result 2002 new Chairman of the Board of Skanska AB of the strategic review. and Stuart Graham was appointed the new ■ For the full year, the Group reported a loss President and CEO. after tax totaling SEK –837 M. 2002 IN REVIEW The year 2002 was also highlighted by the continued Earnings in Skanska’s construction operations improved, strengthening of internal controls and the integration of our compared to 2001. Most construction business units showed recent acquisitions into the Skanska Group. This will serve positive development in operating income before the impact to reduce risk and generate stable earnings growth in the of goodwill writedowns. The star performers in construction future. were Skanska CZ (Czech Republic) and Skanska USA Civil. The Skanska demonstrated its leadership in the industry by Project Development Sweden business unit maintained more introducing and beginning the implementation of a rigorous than 85 percent pre-leasing in ongoing projects. Code of Conduct. It is vital to the future of the company Skanska Services, though still quite small, improved that Skanska behaves according to an irreproachable ethical margins and reduced capital employed despite the impact of standard. Training and enforcement will be important downsizing by its largest customer. cornerstones in our work with the Code of Conduct going Turnarounds were achieved in Skanska Denmark and forward. Violations of the Code will not be tolerated. Selmer Skanska (Norway). Our South American operations, In Sweden, where we have had several disappointing Sade Skanska, showed strong profit improvement despite events over the past few years, we initiated the “Turn the extremely difficult economic conditions. This business unit Tide” program to improve quality and customer focus. We is a prime example of the true entrepreneurial spirit and are, and intend to remain, the leader in the construction and 2002 determination that have always characterized Skanska. project development industry in Sweden. Our BOT (privately financed project) business continued to In 2002, we maintained our ISO 14001 certification and progress and we expect a sale of one of our projects in 2003, remained a leader in the construction industry in managing demonstrating the long range potential in this business. Our our work in an increasingly environmentally sensitive way. Change SEK M EUR M Order bookings –10% 137,590 15,021 construction business units are showing good profitability on Details of our environmental and social responsibility Order backlog –13% 137,940 15,075 BOT projects, making this an even more attractive business program are covered in a separate Sustainability Report. Net sales –12% 145,576 15,893 for Skanska. Finally, in 2002 we intensified the focus on developing Operating income excl. items affecting comparability +4% 2,621 286 Unfortunately, the need to adjust goodwill in Selmer managers and leaders to better serve our customers Items affecting comparability -1,645 -180 Skanska (Norway), Skanska Poland and Gammon Skanska and produce attractive results for our shareholders. We Operating income –57% 976 107 (Hong Kong), as well as year-end provisions to cover exit costs established an improved personnel evaluation system and Income after financial items –93% 73 8 for parts of certain business units, totaled about SEK 2 billion, revamped the Skanska Management Institute into what we Result per share, SEK –2.00 resulting in a loss for the year at Skanska. Also excluded from now call the Skanska Leadership Institute. We plan even more Return on shareholders’ equity neg neg year-end results is the sale of the CityCronan commercial improvements in management development during 2003. Return on capital employed 4.3% 4.3% project in Stockholm, which will generate a gain exceeding We did a lot of things right in 2002 that will benefit our SEK 1 billion. shareholders in 2003 and beyond. The year 2002 in brief – Skanska Annual Report 2002 00_Inledning_UTVIK2_ENG.indd A 03-03-19, 02.34.59 Skanska in brief Sweden Finland Norway Denmark ■ Skanska is one of the world’s leading companies in construction- Poland related services and project development. United Czech Republic States Hong Kong ■ Skanska’s annual net sales are about SEK 146 billion. India ■ Operations take place in 11 “home markets”. ■ Skanska has 76,000 employees. Argentina – base for South American operations ■ Fortune magazine has ranked Skanska as the world’s most admired company in the construction industry and as Europe’s third most admired company in all categories. United Kingdom Skanska’s operations focus mainly on eleven “home markets”. It has construction businesses in all these markets. In the Nordic countries Business streams as well as in Poland and the Czech Republic, Skanska performs residential project development. Skanska also has certain operations in other countries. Commercial project development is performed by specialized units in Sweden, Poland, the Czech Republic and Hungary. BOT operations focus on Skanska’s home markets but include projects in Chile, Brazil and Mozambique as well. The largest global construction companies1 Net sales Total sales 20012 by geographic area Company Country USD bn Vinci France 15.4 United States 39% Skanska AB Sweden 14.3 Sweden 19% Bouygues France 12.8 Construction Residential Commercial BOT United Kingdom 10% and Services Project Development Project Development Hochtief AG Germany 11.7 Norway 6% Bechtel Group Inc. United States 11.3 Finland 5% Czech Republic 5% Fluor Corp. United States 7.2 Construction refers to building Skanska is conducting Skanska carries out commercial BOT – Build-Operate-Transfer Other countries 16% Centex United States 6.3 and civil construction. About 60 Residential Project Development project development in a refers to infrastructure projects percent of Skanska’s sales are in the Nordic countries, in Poland number of Scandinavian and that are financed privately, Halliburton KBR United States 5.9 related to building construction. and in the Czech Republic. This Central European markets. instead of via public funds China State Const. China 5.8 Civil construction consists mainly business covers the activities These oper ations focus on or taxes. BOT projects may EIFFAGE France 5.6 of infrastructure projects such from land acquisition through office and retail projects, where include everything from pure Source: Engineering News Record, ENR Sourcebook, December 2002 as rail systems, bridges, tunnels, to the sale of apartments. At the the objective is to complete infrastructure such as roads and 1 Excluding Japanese construction companies. roads, harbors
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