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Annual and Sustainability Report 2018

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Annual and Sustainability Report 2018 Annual and Sustainability Report 2018 We build for a better society. B Skanska Annual and Sustainability Report 2018 Operations Skanska’s operations consist of Construction and Project Development, including Residential Development, Commercial Property Development and, until 2018, Infrastructure Development. Business units within these streams collaborate in various ways, creating operational and financial synergies that generate increased value. Residential Commercial Property Infrastructure Construction Development Development Development 1 Constructs and renovates build- Develops new residential projects, Develops customer-focused office Secures and manages the value ings, infrastructure and homes, including single and multi-family buildings, shopping centers and of Skanska’s existing public- along with facilities manage- housing, built by the Construction logistics properties built by the private partnership (PPP) assets. ment and other related services. business stream. Construction business stream. 1 As of January 1, 2019, Infrastructure Development is no longer a business stream and is reported in Central on a separate line. Well diversified, Percentage of total revenue in 2018 with a leading market position Skanska’s diversification across various business streams with operations in eleven countries and several market segments strengthens the Group’s 40% SwedenSweden competitive standing and ensures FinlandFinland Norway a balanced and diversified risk profile. USA 38% Denmark United Kingdom Poland Czech Republic SlovakiaSlovakia Hungary 22% Romania Green revenue in 2018 Green market value in 2018 Green financing in 2018 Percentage of total Construction revenue Percentage of Commercial Property Percentage of total central debt 3 that is that is Green and Deep green, as defined Development market value from Green Green, according to the Skanska Green by the Skanska Color Palette™ 2. and Deep Green projects, as defined by Bond Framework or other investor green the Skanska Color Palette™ 2. demands. 46% 93% 85% 0 50 100 0 50 100 0 50 100 2 Read more about Skanska Color Palette™ on page 77. 3 Funding managed by group function Skanska Financial Services. Skanska Annual and Sustainability Report 2018 C Skanska as an investment Skanska is one of the world’s leading construction and project develop ment companies, focused on selected home markets in the Nordic region, Europe and USA. Supported by global trends in urbanization and demographics, and by being at the forefront of sustainability, Skanska offers com- petitive solutions for both simple and the most complex assignments. Driven by the Group’s values and an attractive business model, Skanska helps create sustainable futures for customers and commu- nities as well as create value for shareholders. Favorable global trends Expected population in urbanization in Skanska’s home markets The current global trends in urbanization and demo- Millions of people Mdr kr graphics increase the need for new and more sustainable 350 solutions and drive investments in infrastructure, health- 30070 60 care, housing and education. Such demands are oppor- 250 50 tunities for Skanska to create value while building for 200 40 a better society. 150 30 100 20 50 10 0 0 1990 2016 2050 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Nordics Europe USA EgetSource: kapital Health utgående Nutrition balans and Population Statistics: Population estimates Egetand projections kapital utgående (World Bank).balans, utdelningar återlagda Kr % 25 45 40 Proven20 business model 35 Appealing long-term total shareholder return 30 Through15 a solid business model, Skanska generates signif- Skanska’s business model has a long track record of good 25 icant free working capital in Construction , which puts the20 financial returns generating attractive shareholder returns 10 Group in a strong financial situation, while maintaining 15 long-term. a5 high level of investments in Project Development. 10 5 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Periodens resultat per aktie, kr Avkastning på eget kapital, % Earnings for the period per share and return on equity Growth in equity SEK % SEK bn 25 45 70 40 60 20 35 50 30 15 25 40 20 10 30 15 20 5 10 5 10 0 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Earnings for the period per share, SEK Return on equity, % Equity closing balance Equity closing balance, dividends restored D Skanska Annual and Sustainability Report 2018 Contents Skanska applies both segment and IFRS reporting. For more details, please see below. Group overview 2018 in brief 1 Comments by the President and CEO 2 Skanska’s values 6 Share data and funding 7 Business plan 2016 –2020 9 – Sustainability focus areas 10 – Financial targets 2016 –2020 11 – Great People 14 – Market Making 16 – Operational Excellence 17 Risk and opportunity management 20 – Example of risk management in Hisingsbro project 25 Market overview 28 Business model 32 Business streams Business streams 36 A national treasure, Construction 38 Residential Development 42 restored and modernized Commercial Property Development 46 Infrastructure Development 50 Corporate Governance Nationalmuseum, Stockholm Corporate Governance report 56 Construction Board of Directors 66 Group Leadership Team 68 Across from the Royal Palace and Parliament House sits Sustainability National museum, Sweden’s museum of art and design. In 1866, Sustainability report 70 Nationalmuseum opened at this grand location and over the Financial information next 150 years became an artistic treasure known throughout Financial analysis Europe. But in all that time, a major renovation was never done. Consolidated income statement 94 In 2008, the Swedish government decided to restore and mod- Consolidated statement of comprehensive income 100 ernize the museum, aiming to display more of the museum’s col- Consolidated statement of financial position 102 lection of some 700,000 objects and meet current demands for Consolidated statement of changes in equity 104 security, climate control, safety and accessibility. A careful bal- Consolidated cash flow statement 105 ance was needed between preserving the building’s heritage Parent Company income statement 107 while adapting it to new requirements. Parent Company balance sheet 108 Skanska was the general contractor, undertaking activities Parent Company statement of changes in equity 109 that were both exacting and extensive. Rock was delicately Parent Company cash flow statement 110 Notes, table of contents 111 blasted away beneath the museum to create public areas, tech- – Note 67, Allocation of earnings 196 nical system spaces and a kitchen. Wires, pipes and ducts were Auditor’s Report 197 inserted into floors with only millimeters to spare. The facade Independent practitioner’s review report was repaired with new stones blended in from the original on Skanska AB’s greenhouse gas reporting 201 quarry. Perhaps most noticeably, windows that had been cov- Major orders, investments and divestments 206 ered by masonry or darkened were cleared and updated with GRI index 210 modern glass, restoring sunlight to the galleries while helping Consolidated quarterly results 214 conserve energy. Annual General Meeting 216 On October 13, 2018, Nationalmuseum re-opened in a Investors 216 Addresses 217 ceremony led by HM King Carl XVI Gustaf. Both visitors and artwork now have an improved experience. Report of the Directors About this report Segment and IFRS reporting The 2018 Annual and Sustainability Report is submitted by the Board of Directors and Skanska’s business streams - Construction, Residential Development, Commercial the President of Skanska AB (publ) to describe the operations of both the company Property Development and Infrastructure Development - represent the Group’s and the Group. The formal annual report consists of the Report of the Directors operating segments. The point in time for recognizing revenue differs between and financial reports on pages 20-24, 56-197, 210-213 and are audited by Skanska’s segment and IFRS reporting for Residential Development and Commercial Property external auditors. Pages 70-93, 210-213 include Skanska’s statutory sustainability Development. In this report, revenues and earnings for these business streams refer report, according to the Swedish Annual Accounts Act. For the first time, Skanska is to segment reporting, unless stated otherwise. The statements of financial posi- reporting in accordance with the Global Reporting Initiative’s (GRI) “core” sustain- tion and cash flow are presented in compliance with IFRS. However, the financial ability reporting guidelines. Skanska aims to ensure that all information and data reports are prepared in accordance with IFRS. As of January 1, 2019, Infrastructure is relevant, transparent, consistent, accurate and complete and that it provides an Development is no longer a separate business stream and is reported in Central on objective picture of the Group´s operations. Further information about Skanska’s a separate line. sustain ability work can be found at: group.skanska.com/sustainability. Skanska AB, Swedish corporate identity number 556000-4615. This document is in all respects a translation of the Swedish original Annual and Sustainability Report. In the event of any differences between this translation and the Swedish original, the latter shall prevail. Skanska Annual and Sustainability Report 2018 Skanska in brief 1 2018 in brief • Revenues amounted to SEK 170.5 billion •
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