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Peab Annual Report 2004

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Peab Annual Report 2004 PEAB ANNUAL REPOR Financial information Peab will issue the following financial information T 2004 concerning the 2005 financial year: Interim Report, January-March May 12 Interim Report, January-June August 25 Interim Report, January-September November 24 Year-end Report, 2005 February 16, 2006 Annual Report, 2005 April 2006 PeabJournalen Peab’s magazine for employees, clients and shareholders is published quarterly. PEAB ANNUAL REPORT 2004 Internet Current information about Peab is available on our website at www.peab.com Ordering information Financial information and PeabJournalen may be ordered from Peab AB, Information, SE-260 92 Förslöv, tel +46 431 890 00, fax +46 431 45 19 75, [email protected] Peab AB (publ), SE-260 92 Förslöv. ID. No. 556061-4330. Tel +46 431 890 00. Fax +46 431 45 19 75 RHR Corporate Communication, Sweden www.peab.com CONTENTS ADDRESSES ADRESSER .................... Head office Peab AB The year in brief 3 SE-260 92 Förslöv The Managing Director’s comments 4 Sweden (Margretetorpsvägen 84) The Peab share 6 Tel +46 431 890 00 Fax +46 431 45 17 00 Business concept 8 Peab’s business 9 Peab Sverige AB Peab Sverige AB SE-260 92 Förslöv Civil Engineering Division Financial objectives 15 Sweden Grustagsgatan 37 (Margretetorpsvägen 84) SE-254 64 Helsingborg Peab and the world around it 16 Tel +46 431 890 00 Sweden Fax +46 431 45 15 08 Tel +46 42 25 10 00 Director’s report 22 Fax +46 42 15 76 77 Peab Sverige AB Income statements 31 Southern Division Peab AS SE-260 92 Förslöv Balance sheets 32 Postboks 2909 Sweden Solli Change in shareholders´ equity 34 (Margretetorpsvägen 84) NO-0230 Oslo Tel +46 431 890 00 Norway Cash flow statements 35 Fax +46 431 45 15 08 (Drammensveien 40) Tel +47 23 30 30 00 Notes with accounting principles and Peab Sverige AB Fax +47 23 30 30 01 Western Division comments on accounts 36 SE-401 80 Göteborg Peab Seicon Oy Sweden Kornetintie 3 Audit report 60 (Anders Personsgatan 2) FIN-00380 Helsinki Five-year review 61 Tel +46 31 700 84 00 Finland Fax +46 31 700 84 20 Tel +358 207 606 200 Board of Directors and Auditors 62 Fax +358 207 606 206 Peab Sverige AB Senior management 63 Housing Division Swerock AB Box 955 Box 22284 Shareholders´ information 65 SE-191 29 Sollentuna SE-250 24 Helsingborg Sweden Sweden Definitions 66 (Silverdalsvägen 12) (Garnisonsgatan 25 A) Tel +46 8 623 68 00 Tel +46 42 25 68 00 Addresses 67 .................... Fax +46 8 623 20 60 Fax +46 42 25 68 01 Peab Sverige AB Skandinaviska Byggelement AB Stockholm Commercial Division Box 22045 Box 955 SE-250 22 Helsingborg SE-191 29 Sollentuna Sweden Sweden (Garnisonsgatan 25 A) (Silverdalsvägen 12) Tel +46 42 25 68 00 Tel +46 8 623 68 00 Fax +46 42 25 68 01 Fax +46 8 623 20 60 Peab Asfalt AB Peab Sverige AB SE-260 92 Förslöv North Eastern Division Sweden Box 955 (Margretetorpsvägen 84) SE-191 29 Sollentuna Tel +46 431 890 00 Sweden Fax +46 431 45 16 40 (Silverdalsvägen 12) Tel +46 8 623 68 00 Lambertsson Sverige AB Fax +46 8 623 20 60 SE-260 92 Förslöv Sweden Peab Sverige AB (Margretetorpsvägen 84) Project Development Division Tel +46 431 893 00 Box 955 Fax +46 431 892 58 SE-191 29 Sollentuna Sweden (Silverdalsvägen 12) Tel +46 8 623 68 00 Fax +46 8 35 15 01 THE YEAR IN BRIEF • Net sales amounted to SEK 22,048 million (20,086) • Operating profits amounted to SEK 525 million (305) • Profit after financial items amounted to SEK 475 million (240) Cash flow before financing amounted to SEK 255 million (-379) • ..... • Clear turnaround in Norway and Finland. Operating profit amounted . to SEK 2 million (-194) . • Financial objectives have been adjusted to Peab’s current structure . and accounting principles . • The Board of Directors proposes an increased dividend of SEK 2.50 . (2.20) per share . Financial summary 2004 2003 2002 . Net sales, MSEK 22 048 20 086 19 818 . Profit after net financial items, MSEK 475 240 552 . Return on capital employed, % 13.3 9.2 15.1 . Return on equity, % 18.6 9.2 18.8 . Earnings per share, SEK 5.10 2.70 5.80 ..... Ordinary dividend per share, SEK 1) 2.50 2.20 2.20 . Extra dividend per share, SEK — — 5.60 . Equity/assets ratio, % 22.5 21.8 28.2 . Net debt, MSEK 1 489 1 331 987 . 1) For 2004, proposed by the Board to the AGM . Welcome to Peab’s . Annual General Meeting . Time and place ..... The Annual General Meeting (AGM) of Peab AB will be held at 3 pm on 12 May 2005 at Grevieparken, Grevie. Notification of participation in the meeting must be submitted at the latest by 2 pm on Friday, 6 May 2005. Notification Notification may be submitted by telephone on +46 431-890 00, by post to Peab AB, Information, SE-260 92 Förslöv, or via the company’s website at www.peab.com/agm. To participate in the AGM shareholders must be registered in the share register kept at the Swedish Securities Register Centre, VPC AB, by 2 May 2005 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 AGM a dividend of SEK 2.50 per share for 2004. The proposed record day is Tuesday, 17 May 2005. If the AGM approves the proposals submitted, it is proposed to distribute dividends from the VPC on Friday, 20 May 2005. 3 Peab’s MD Mats Paulsson and his fellow workers at Peab can look back with great satisfaction on 2004 as being a good year for the Group. The building market is showing clear signs of recovery and Peab is now more competitive. The commitment to reasonably priced housing and to civil engineering projects is providing an improved basis for enhanced profitability in the future. In Norway and Finland too, the company is on the right track and Peab takes an optimistic view of the forthcoming years. “We can continuously improve the efficiency of the entire construction process quite significantly” Despite the restraint which has affected the building and construction market, you have taken a more optimistic view of the situation than many others. Why is that? “Because I am of the definite opinion that things have not been so gloomy as many have said. Our trust-based contracts are winning ground and we are well equipped within the segments where most is expected to happen, that is residential building and civil engineering. It is also interesting to observe how we are en route to realising our ideas of reducing production costs as a consequence of series manufacture and industrialised building.” Now when the market is beginning to improve and the sentiment in the building and construction industry is more positive, are you still optimistic? “If nothing unforeseen happens, the building and construction market will go well in Sweden during forthcoming years. We have arrived at the point when we have to remedy the low levels of investment in house building and infrastructure works of recent decades. To delay further would be all too costly for society. The low interest rates and generally good demand in the sector are providing quite good conditions at the moment.” Are there no threats that could darken this rosy view of the future? “Of course there are. Where there are opportunities there are also threats. We must ensure we have the resources we need and enough of them to implement our projects and deliver the end product our customers expect. There may be events and factors in the labour market that alter circumstances, interest rates may rise, and so forth. But nevertheless, I believe the present is a time when opportunities clearly predominate.” Where exactly is the potential for improvement in Peab? “We can continuously improve the efficiency of the entire construction process quite significantly, and we have a focused commitment to the “no faults principle”. Everyday we see examples of the renewal of working methods, the evolution of new machinery and materials, etc. The purchase of building materials is another important area where there are major opportunities. We are in the process of launching a new purchasing system at Peab, one for which I have high hopes. We have signed long-term agreements with certain carefully selected subsuppliers and we analyse both the Swedish and international markets for the supply of materials and machinery. But in my opinion, we should use domestic resources before going overseas for them, provided the price and quality remain at competitive levels.“ During the next few years more craftsmen will retire than can be recruited? How does Peab intend to solve the labour shortage which is on its way? “Naturally, the best thing would be to boost the appeal of the industry, and let recruitment look after itself. But this is not enough and therefore we are working hard to be an attractive employer, which skilled personnel are eager to join. Our employees must know what it means to be employed by Peab. Regardless of whether they are in Sweden, Norway or Finland, our employees must be familiar with Peab’s basic values, and as employer we have a great responsibility to ensure that this is spread throughout the organisation. Our five-year guarantee relative to trust-based contracts often means that we are in contact with customers long after projects have been completed, and because of this we want our employees to have long-term horizons with us.
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