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Peab's Annual and Sustainability Report 2017 Peab Annual and Sustainability Report 2017 Peab Annual and Sustainability Report 2017 LOCALLY ENGAGED COMMUNITY BUILDER Our take on sustainable Content business 2017 in summary 1 Six initiatives that reflect how we work sustainably through Social, Environment and Economic. Comments from the CEO 2–3 Overview Peab’s business areas 4–5 External circumstances and the market 6–7 Goals and strategies 8–11 Our take on sustainable business 12–27 Social 16–19 Environment 20–23 Economic 24–27 P17 P19 Board of Directors’ report 28–47 Statement of intent Just arrived? against harassment Welcome! The Group 28–31 and abuse Business area Construction 32–33 Business area Civil Engineering 34–35 Business area Industry 36–37 Business area Project Development 38–41 Risks and risk management 42–44 Other information and appropriation of profit 45–47 Financial reports and notes 48–105 P21 P22 Auditor’s report 106–109 Lifting the Environ- Innovation compe- ment – a project that tition for future Corporate governance 110–113 raises awareness infrastructure Board of Directors 114 Executive management 115 The Peab share 116–117 Five-year overview 118 Alternative performance measures and definitions 119 Annual General Meeting 120 P26 P27 Shareholder information 120 GRI appendix incl. sustainability data: Healthy competition Risk prevention peab.inpublix.com/2017 and Maintain Zero work in the supplier chain Formal annual and Group financial reports which have been audited by company accountants, pages 28–105. Peab AB is a public company, Company ID 556061-4330. Domicile Båstad, Sweden. All values are expressed in Swedish krona. Krona is abbreviated to SEK, thousands of krona to TSEK and millions of krona to MSEK. Numbers presented in parentheses refer to 2016 unless otherwise specified. Data regarding markets and the competition are Peab’s own assessments, unless another source is specified. These assessments are based on the best and latest available facts from, among others, previously published material. Cover picture: Minervagymnasiet, Umeå. Photo: Mikael Lundgren Photographers other pictures: Klas Andersson, Jonas Hellsén, Victor Gårdsäter, Nicolas Tourrenc, Magnus Torle, Peter Steen, KGZ Fougstedt, Andreas Sundgren, Okidoki Arkitekter, Arkitekterna Krook & Tjäder. Peab at a glance Vision The Nordic Community Builder Peab is one of the leading construction and civil engineering companies in the Nordic area with operations in Sweden, Norway and Finland. Peab affects society and the environment for the people who now and in the future will live with what we develop, build and Operative net sales construct. Peab is also a big employer with local roots and has consequently a considerable responsibility. Peab participates in developing a more sustainable society. This means SEK 50.3 billion that Peab strives to meet the demands and expectations from our Per business area, 2017 surroundings and at the same time create new business opportunities. Construction 45% (44) Peab’s business contributes to society by developing and building new homes and offices, public functions like schools, libraries, hospitals Civil Engineering 20% (20) and infrastructure in the form of bridges and roads. In other words Industry 21% (22) we make a difference in daily life in both small and large places. Project Development 14% (14) Long-term relationships with customers and suppliers result in better Per geographic area, 2017 social, environmental and economic conditions. Stable profitability generates the funds necessary to develop our business and returns for our shareholders. Sweden 83% (84) Norway 9% (10) Finland 8% (6) Per customer type, 2017 Private 62% (68) Public 38% (32) Operative operating profit per business area Construction 23% (24) Civil Engineering 14% (16) Industry 33% (33) Project Development 30% (27) Employees Down-to-earth Peab is a lasting and secure employer that prioritizes health and a safe work environment. Peab offers Developing personal development opportunities in a company culture based on respect for equal rights and characterized by our core values; Personal Down-to-earth, Developing, Personal Reliable and Reliable. Number of employees, approximately Gender distribution Share per country Sweden 85% (83) Men 87% (88) Norway 10% (9) Women 13% (12) 15,000 Finland 5% (8) Business model Peab is characterized by a decentralized and cost-efficient organization with four cooperating business areas whose operations are based on local entrepreneurship close to the customer. Our business model with four business areas creates opportunities throughout the value chain in a construction project. Business area Construction works with Business area Civil Engineering is active everything from new construction of homes, on the local civil engineering market as well public and commercial premises to renova- as in larger Nordic infrastructure projects 15,000 employees tions and extensions as well as offering like highways, railroads and bridges. It also construction services. operates and maintains streets and roads. welded together in a strong company culture Business area Industry delivers, among other Business area Project Development things, ballast, concrete, asphalt, temporary handles Group acquisitions as well as electricity and prefabricated concrete elements development, management and divestment to external customers and the other business of housing and commercial property. areas in Peab. The business area also provides Housing Development is mainly geared Four collaborating business areas create added value cranes, equipment and transportation and towards private consumers while Property takes care of production waste. Development is aimed at real estate investors. Operative operating profit and Orders received and order backlog Operative net sales operating margin MSEK MSEK MSEK % 50,000 60,000 3,000 6.0 2,500 5.0 40,000 50,000 40,000 2,000 4.0 30,000 30,000 1,500 3.0 20,000 20,000 1,000 2.0 10,000 10,000 500 1.0 0 0 0 0.0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Order backlog per 31 Dec Orders received Operative operating profit Operative operating margin 1 2017 in summary 2017 in summary The operative net sales increased by eight percent and amounted to SEK 50,267 million (46,489). A favorable construction and civil engineering market has positively affected all business areas. The operative operating profit increased by 17 percent to SEK 2,425 million (2,075) and the operative operating margin improved to 4.8 percent (4.5). Orders received increased by nine percent to SEK 45,247 million (41,445). The number of orders received has risen in all business areas. Order backlog per 31 December 2017 amounted to record high SEK 38,491 million (33,572) with a broad range of products and spread geographically. Cash flow before financing amounted to SEK 2,295 million (2,615), including significant investments in business area Industry. Strong financial position with net debt amounting to SEK 1,216 million (1,862). Equity/assets ratio amounted to 32.1 percent (29.7). Return on equity improved to 21.1 percent (20.1). The Board proposes an increased dividend to SEK 4.00 per share (3.60), which corresponds to 58 percent (61) of the profit for the year. Financial summary Financial 2017 2016 2015 goals Operative net sales, MSEK 1) 50,267 46,489 44,252 Net sales, MSEK 50,090 46,337 44,376 Operative operating profit, MSEK 1) 2,425 2,075 1,052 Operative operating margin, % 1) 4.8 4.5 2.4 Operating profit, MSEK 2,405 2,098 1,009 Operating margin, % 4.8 4.5 2.3 Pre-tax profit, MSEK 2,445 2,050 906 Profit per share, SEK 6.97 5.85 2.71 Dividend per share, SEK 2) 4.00 3.60 2.60 > 50% Return on equity, % 21.1 20.1 9.9 > 20% Equity/assets ratio, % 32.1 29.7 28.8 > 25% Cash flow before financing, MSEK 2,295 2,651 1,787 Net debt, MSEK 1,216 1,862 3,118 Orders received, MSEK 45,247 41,445 37,812 Order backlog, MSEK 38,491 33,572 26,991 Number of employees per 31 December 14,344 13,869 13,300 1) Operative net sales and operative operating profit are reported according to percentage of completion method following operating segment reporting. Net sales and operating profit are reported according to legal accounting. 2) Board of Directors’ proposal to the AGM for 2017. Financial goals Return on equity Equity/assets ratio Dividends % % % 40 40 200 30 30 150 20 20 100 10 10 50 0 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017* Goal >20% Goal >25% Goal >50% *Board of Directors’ proposal for 2017 PEAB ANNUAL AND SUSTAINABILITY REPORT 2017 2 Comments from the CEO Strong position creates solid platform for the future A well-filled order backlog, good project mix, well-dimensioned development rights portfolio and a strong financial position provide Peab with a good foundation for the future. 2017 was a really good year for Peab. All our financial goals were met and operating profit amounted to SEK 2.4 billion with an improved operating margin of 4.8 percent. 4.8% The record high level of orders received totaled over SEK 45.2 billion, which gave us an order backlog of SEK 38.5 billion at the end of the year. Even better, the positive The operative operating margin development was reflected in all the four business areas. The contract operations in improved to 4.8 percent compared Construction and Civil Engineering continued to deliver stable results and there were to 4.5 percent in 2016. substantial margin improvements in the more capital intensive Industry and Project Development business areas. On top of that we had a strong cash flow and low net debt and can conclude that our financial position provides us with a solid platform for the future.
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