Annual Report 2010 Contents

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Annual Report 2010 Contents Annual Report 2010 Contents Group overview 2010 in brief 2 Comments by the President and CEO 4 Mission, goals and strategy 6 Profitable Growth, 2011–2015 9 Segment reporting 10 Financial and qualitative targets 12 Risk management 14 New Karolinska Solna 16 Green Refurbishments 17 Employees 18 Share data 20 Business streams Construction 22 Residential Development 34 Commercial Property Development 42 Infrastructure Development 50 Sustainable development 60 Financial information Report of the Directors 69 Corporate governance report 76 Consolidated income statement 83 Consolidated statement of comprehensive income 84 Consolidated statement of financial position 85 Consolidated statement of changes in equity 87 Consolidated cash flow statement 88 Parent Company income statement 90 Parent Company balance sheet 91 Parent Company changes in equity 92 Parent Company cash flow statement 92 Notes, table of contents 93 Proposed allocation of earnings 166 Auditors’ Report 167 Senior Executive Team 170 Board of Directors 172 Major events during 2010 174 Definitions and abbreviations 178 More information about Skanska 179 Addresses 180 Annual Shareholders’ Meeting 181 Investors 181 This document is in all respects a translation of the Swedish original Annual Report. In the event of any differences between this translation and the Swedish original, the latter shall prevail. Reporting of earnings, revenue and key ratios in the first Skanska’s largest-ever project, New Karolinska Solna − a new part of the Annual Report (pages 1–68) complies with Skanska’s largest-ever project, New Karolinskauniversity Solna hospital − a new university in Sweden hospital −in asSweden it will − as look it will whenlook when completed. completed. the segment reporting method described on page 10. The Skanska Group Senior Executive Team Skanska Financial Services Group Staff Units Construction Residential Development Commercial Property Development Infrastructure Development Skanska Sweden Skanska Residential Development Skanska Commercial Skanska Nordic Development Nordic Infrastructure Development Skanska Norway Skanska Finland Skanska Poland Skanska Resid. Development Poland Skanska Commercial Development Europe Skanska Czech Republic Skanska UK Skanska Resid. Development UK Skanska USA Building Skanska Commercial Development USA IntäkterSkanska USA Civil 113 213 Mkr Intäkter 7 581 Mkr Intäkter 4 648 Mkr Intäkter 319 Mkr 15 707 MUSD 1 052 MUSD 645 MUSD 44 MUSD Skanska Latin America 11 854 MEUR 794 MEUR 487 MEUR 33 MEUR Andel av koncernen 90% Andel av koncernen 6% Andel av koncernen 4% Andel av koncernen 0% Construction refers to building con- The Residential Development business Commercial Property Development Infrastructure Development develops, struction (both non-residential and stream initiates and develops residential initiates, develops, leases and divests manages and divests privately financed residential) and civil construction. It is projects for sale. Homes are designed commercial property projects, with infrastructure projects such as high- Skanska’s largest business stream. for selected customer categories. a focus on office buildings, shopping ways, hospitals, schools and power RörelseresultatThe Construction business 4stream 388 Mkr RörelseresultatSkanska, one of the leading residential559 Mkr Rörelseresultatmalls and logistics properties. 920 Mkr Rörelseresultatgenerating plants. 297 Mkr operates through nine business units developers in the Nordic countries, The business stream operates in The business stream focuses on 609 MUSD 78 MUSD 128 MUSD 41 MUSD in selected home markets − Sweden, also has a sizeable presence in the markets where Skanska has construc- creating new potential for projects in Norway, Finland, Estonia, Poland,459 MEUR the Czech Republic and Slovakia. 59 MEUR tion business units in the Nordic96 MEUR markets where Skanska has construc31 MEUR- AndelCzech Republicav koncernen and Slovakia, the 71% AndelThe av business koncernen stream operates in 9% Andelcountries, av koncernen Central Europe and the 15% Andeltion business av koncernen units. It works through 5 % United Kingdom, the United States and Sweden, Norway, Finland and Estonia, United States, as well as in Denmark the Skanska Infrastructure Develop- Latin America. In addition, there is a the Czech Republic and Slovakia. Resi- and Hungary. ment business unit. pan-Nordic business unit for construc- dential Development business units are tion-related industrial production. now also being started in the United Kingdom and Poland. Revenue SEK 113,213 M Revenue SEK 7,581 M Revenue SEK 4,648 M Revenue SEK 319 M USD 15,707 M USD 1,052 M USD 645 M USD 44 M EUR 11,854 M EUR 794 M EUR 487 M EUR 33 M Share of Group 90% Share of Group 6% Share of Group 4% Share of Group 0% Operating income SEK 4,388 M Operating income SEK 559 M Operating income SEK 920 M Operating income SEK 297 M USD 609 M USD 78 M USD 128 M USD 41 M EUR 459 M EUR 59 M EUR 96 M EUR 31 M Share of Group 71% Share of Group 9% Share of Group 15% Share of Group 5% About Skanska Sweden 23% Business streams: Construction, Residential Development, 41 Commercial Property Development, Infrastructure Development Project: Page Gårda, Gothenburg 13, 44 New Karolinska Solna 16, 54 Norra Länken, Stockholm 24, 65 Skanska is one of the world’s leading Bromma Blocks, Stockholm 25 Hallandsås (Halland Ridge) 26 project development and construction Lomma Hamn, Lomma 37 BoKlok Radhus, Linköping 38 groups, with expertise in construction, Passive houses, Ellös, Orust 39 development of commercial properties Ullstorps Gårdar, Gothenburg 41 Universitetsholmen, Malmö 48–49 and residential projects as well as public- Blå Jungfrun, Stockholm 64 private partnerships. Based on the Illustration Group’s global environmental know-how, 16 Skanska aims to be a leader in the develop- ment and construction of green projects. The Group currently has 52,000 employees Other Nordic countries 16% in selected home markets in Europe, the U.S. and Latin America. Skanska’s revenue Norway, Finland, Estonia, Denmark in 2010 totaled SEK 122 billion. 27 Business streams: Construction, Residential Development, Commercial Property Development, Key ratios – segment reporting Infrastructure Development SEK M EUR M USD M Project: Page Revenue 121,663 12,7383 16,8793 Bjørvika Tunnel, Oslo 24 Operating income 5,339 5593 7413 Sandøyna, Brandangersundet 27 Income after financial items 5,304 5553 7363 Pilestredet Park, Oslo 34 Earnings for the period per share, Fjordspeilet, Stavanger 37 SEK/EUR/USD 1 9.54 1.00 1.32 Leppävaara Tower, Espoo 38 Return on equity, % 21.1 21.1 21.1 38 Order bookings 2 131,433 13,7613 18,2353 Order backlog 2 147,077 16,3194 21,6214 1 Earnings for the period attributable to equity holders divided by the average number of shares outstanding after repurchases 2 Refers to Construction operations 3 Average 2010 exchange rates: EUR = 9.55, USD = 7.21 4 Exchange rates on 2010 balance sheet day: EUR 1 = SEK 9.01, USD 1 = SEK 6.80 Other European countries 28% Norway Poland, Czech Republic, Slovakia, Finland 50 United Kingdom, Hungary Estonia Business streams: United Kingdom Construction, Residential Development, Sweden Geografisk fördelning av intäkter Denmark Commercial Property Development, United States Poland Infrastructure Development • Sverige, 23%Czech Republic Slovakia Övriga Norden, 16% Project: Page • Hungary • Övriga Europa, 28% A1, Gdansk, Poland 7 • USA, 28% Dashwood House, London, U.K. 17 Latin• AmericaLatinamerika, 5% Expressway, Biecz, Poland 24 Ring road, Prague, Czech Republic 28 Heron Tower, London, U.K. 28 Botanica neighborhood, Prague, 28 Czech Republic 40 Deloitte House, Warsaw, Poland 42 City Green Court, Prague, Czech Republic 45 Surrey Street Lighting, U.K. 50 Revenue by geographic areas M25 Orbital Motorway, London, U.K. 56 Barts and the London Hospitals, London, U.K. 57 • Sweden, 23% Grunwaldzki Center, Wrocław, Poland 64 • Other Nordic countries, 16% • Other European countries, 28% • United States, 28% • Latin America, 5% United States 28% Business streams: Construction, Commercial Property Development 22 Project: Page Manhattan Bridge, New York City 22 Tampa Museum of Art, Florida 28 New Meadowlands Stadium, New Jersey 30–31 Alaskan Highway Viaduct, Seattle 32–33 Solar panels, Skanska Koch, Carteret, NJ 62 733 10th Street, Washington, D.C. 65 Skanska’s business plan for 2011–2015 Solar panels, Cortez, Colorado 68 focuses on profitable growth. After 30 several years of successful consolidation, the Group has a stable base for growth in its four business streams. The Group’s strategy is to maintain a strong focus on profitability and capital efficiency, while growing in construction and project development. Skanska will step up the pace of reinvestments of cash flow from construction in order to grow its project development business streams. Financial targets Skanska’s target for annual return on equity during the period is 18–20 percent. Its dividend policy is to distribute 40–70 percent of net income. Latin America 5% Investments in project development − residential, commercial property and infrastructure development − Argentina, Brazil, Chile, Colombia, will increase, with a continued high asset turnover rate. Peru, Venezuela 58 Skanska’s target for its three investment business streams Business streams: combined is that their return on capital employed shall Construction and Infrastructure Development amount to 10–15 percent annually. Project: Page Petrochemical Complex, Rio de Janeiro, Brazil 29 Construction Autopista
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