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“A World Leading Company in Construction-Related Services and Project Development”

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“A World Leading Company in Construction-Related Services and Project Development” “A world leading company in construction-related services and project development” REVIEW OF OPERATIONS Annual Report 2001, Part 1 Contents Contents, Part 1, Review of Operations Comments by the President and CEO 6 Mission, vision and strategy 8 Targets and their fulfillment, 1998–2001 9 Financial targets, 2002–2004 10 Channel Tunnel Rail Link 12 Organization 14 Markets and segments 16 Arthur Ravenel Jr. Bridge 24 Risk management 26 Talent management 28 The environment and social responsibility 29 Stockholm Center for Physics, Astronomy and Biotechnology 30 Share data 32 Five-year Group financial summary, Definitions 34 Board of Directors 36 Senior Executive Team 37 Annual Meeting of Shareholders, Financial information 38 More information about Skanska 39 Addresses 40 Silbury Hill 41 Note to the reader Skanska’s Annual Report consists of two parts. Review of Operations, Part 1, focuses on strategic development, the organizational structure and a market review. It also contains a five-year financial summary and a section on Skanska share data. Financials, Part 2, contains the Report of the Directors, the income statements and balance sheets, account- ing and valuation principles and notes to the financial statements for 2001. It also contains information on This document is in all respects a translation Project Development & BOT as well as a property list. of the Swedish original Annual Report. In the All “per share” comparative data are adjusted for the event of any differences between this translation 4:1 split. and the Swedish original, the latter shall prevail. The year in brief Cash flow from business operations was very strong, totaling SEK 3.5 billion. This represented a 160 percent increase on the preceeding year. The demand for fully developed commercial projects in Scandinavia remained strong. Writedowns and loss provisions, mainly in Danish and Polish operations, were charged to earnings in core business. During 2000, Skanska sold shares and businesses that altogether resulted in a positive nonrecurring effect of about SEK 4 billion on income after financial items. • Order bookings +20% SEK 152.5 bn EUR 16.5 bn • Order backlog –1% SEK 158.6 bn EUR 17.0 bn • Net sales +53% SEK 164.9 bn EUR 17.8 bn • Operating income in core business –44% SEK 2.5 bn EUR 0.3 bn • Income after financial items –87% SEK 1.1 bn EUR 0.1 bn • Net profit per share SEK 0.05 EUR 0.005 • Return on shareholders’ equity 0.1% • Return on capital employed, adjusted for items affecting comparability and divestments of shares 8.7% THE YEAR IN BRIEF Skanska Annual Report 2001 1 NEWYORK Legend Yacht & Beach Club, a 46-home residential community in Glen Cove, Long Island, was developed and built by Spectrum Skanska. The New York Power Authority relied on Slattery Skanska to build eleven new generator plants in five months. After the terrorist attacks in the U.S., both Slattery Skanska and Koch Skanska participated in clean-up work at Ground Zero in New York City. A multi-story parking garage in central Stockholm was razed and replaced by a new residential building that features some of the most attractive apartments in the Swedish capital. CityCronan with its new stores, apartments and a restaurant will help revitalize western downtown Stockholm. Office space in the complex was leased to the Nordea banking Stockholm group in Skanska’s largest lease ever. Prague One of Prague’s many architectural attractions is Wallenstein Palace, Hong Kong a 17th century Baroque creation. Gammon Skanska, the Group’s half-owned Hong The Czech subsidiary IPS Skanska Kong company, is constructing a 29-story building carried out extensive renovations in central Hong Kong. The office tower is scheduled of the many buildings in the for completion in mid 2002. Gammon Skanska had palace area on behalf of the previously done the foundation work. Czech Parliament. London In London, the last part of Thomas More Square was sold. The project was developed and built by Skanska. Skanska will fit out a new sports center for Reebok in Canary Wharf, London. Helsinki The headquarters of the KONE elevator group in Espoo, at the edge of Helsinki, was built by Skanska and is 18 stories high. In the vicinity are the headquarters of several of Finland’s other major corporations. Oslo Norway’s royal family moved into a completely new residential suite at the Royal Palace in Oslo. Selmer Skanska built the 1,000 sq m (10,750 sq ft) suite. Selmer Skanska has had recurrent contracts at the Palace, which originally dates from 1849. MOSCOW In Buenos Aires, Sade Skanska built a new clinic Moscow’s second IKEA home furnishings containing a neurology, pain and rehab center store was completed by Skanska in eight for FLENI, a rehabilitation foundation. months and inaugurated in December 2001. Buenos Aires BANGKOK In Bangkok, Skanska is carrying out its sixth pipe-jacking project for the Metropolitan Electricity Authority (MEA). The 8 km (5 mi) Copenhagen long tunnel will accommodate Skanska Denmark built the Norwegian oil a power line linking two trans- company Statoil’s new Danish headquarters. Several former stations. Skanska units collaborated in the project. A Danish gov- ernment pension fund was the investor, while Statoil is leasing the premises. Krakow Krakow, southern Poland, now has a new shopping and entertainment center, Krakow Plaza Center, which opened in December 2001 after a one-year construction period. Seattle American subsidiary Sordoni Skanska is building a reserach and technology center for Immunex Corporation in Seattle, Washington. In Redmond, near Seattle, Washington, Seattle-based subsidiary Baugh Skanska built a new headquarters for the insurance company SAFECO. NEW DELHI New Delhi will soon have an underground railway. Skanska is building a more than 4 km (2.5 mi) cut and cover tunnel for the double-tracked subway system and four new stations. Comments by the President and CEO A FOUNDATION FOR STABLE GROWTH EXPANSION AND SYNERGIES In a year that will mainly be remembered for terrorist During 2001, most of our business units showed stable attacks and economic distress, Skanska was able to keep earnings. It was especially gratifying to see strongly its focus, ending 2001 on an upbeat note. We rebound- improved earnings in the newly acquired companies IPS ed in the fourth quarter, laying a stable foundation for Skanska in the Czech Republic and Skanska UK in Great the year ahead. Our recovery in the fourth quarter was Britain. We are also seeing improved opportunities to led by growth sectors of great strategic importance to us benefit from synergies between the various business – pharmaceuticals, healthcare, education, energy and units. By using the expertise of our support companies, infrastructure. we are further strengthening these synergies. After the tragic events of last autumn, Skanska and its employees showed great generosity, donating more IMPROVED TRANSPARENCY than SEK 5 M to the families of the victims via the United In our new flat Group structure, a large number of busi- Way September 11 Fund. Skanska USA Civil companies ness units report directly to Skanska AB’s Senior Execu- that have participated in the World Trade Center recovery tive Team. This has significantly improved communica- and clean-up efforts have done an outstanding job. tion and transparency, leading in turn to a smoother and It appears that this work can be completed in March. better decision-making process. This enabled us to effec- tively address the volatile market conditions that we saw EARNINGS AND PROFITABILITY in 2001. The improvements in transparency and control We have addressed the problems we encountered made clear the need for several writedowns during the in our Danish and Polish operations. The writedowns year. This higher level of transparency is vital if we are to and restructuring that we chose to carry out in these reach the goals of our business plan for the coming operations lowered operating income in Skanska’s core three-year period. business to SEK 2.5 billion. After these steps, Skanska’s Danish and Polish operations have good potential to SKANSKA THE MOST RESPECTED return to profitability. COMPANY IN ITS INDUSTRY Continued strong interest in fully developed, well- During 2001 we saw evidence from independent organi- located commercial projects resulted in good earnings in zations that Skanska is considered one of the world’s our project development business. During the year, we premiere companies. In December, The Financial Times sold SEK 5 billion worth of newly developed properties ranked Skanska as the most respected company in our with a gain of SEK 2.2 billion. The properties currently sector. The newspaper based this distinction on a global under construction have central city locations and are survey of 914 business executives from 65 countries, 91 percent pre-leased. Therefore I am confident that we who were asked to identify those companies and busi- will continue to see good earnings in this business. ness leaders most respected by their peers and the rea- 6 COMMENTS BY THE PRESIDENT AND CEO Skanska Annual Report 2001 “We were able to rebound, reaching our growth targets and laying a stable foundation for the year ahead.” sons for their choices. Our efforts in the environmental although there is still some uncertainty about the long- and corporate social responsibility areas, as well as the term trend. We are beginning 2002 with what we Group’s client focus and long-term profitability, are the believe are realistic targets for our 2002–2004 business main reasons for the recognition we have received. plans. In construction and services, our goal is to achieve All our employees, as well as our shareholders, can a 2.5–3 percent operating margin over the three-year take great pride in our good reputation – you have all period.
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