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PEAB ANNUAL REPORT 1999 C O N T E N T S

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PEAB ANNUAL REPORT 1999 C O N T E N T S PEAB ANNUAL REPORT 1999 c o n t e n t s Managing Director’s comments 4 Business concept, factors for success, objectives and strategy 8 Group overview/ 10 Business sectors Construction and Civil Engineering 12 Industry 22 Trust/Management 26 Operations under Termination 27 Personnel 32 The environment 33 Peab’s everyday work 34 Share information 46 Financial overview 49 Five-year review 51 Directors’ report 52 Income statements and balance sheets 55 Notes 60 Definitions 73 Board of Directors 74 Executive Management 75 2 The year in brief In order to more clearly describe operations and profit, the Group’s reporting has been divided into four business sectors: Construction and Civil Engineering, Peab’s market encompasses Industry, Trust/Management and Operations under Termination. Sweden, Norway and Swedish construction and civil engineering opera- tions have been co-ordinated in one company, Peab the Baltic region. The company is Sverige AB. The Group’s profit after financial items for 1999 was listed on the OM Stockholm SEK 162 million. The outcome of disputes and losses in the Exchange’s OTC list, and its Norwegian underground operation adversely affected head office is in Förslöv profit by SEK -358 million. Peab’s Board of Directors proposes a dividend of in north-west Skåne. SEK 0.80 (0.60) per share. The profit forecast for 2000 is approximately SEK Sales amount to SEK 14 billion 400 million after financial items. and the number of Key ratios 1999 1998 1997 employees is 9,000. Net sales, MSEK 13,841 12,616 10,679 Profit after financial items, MSEK 162 211 105 Earnings per share, SEK 3.40 2.10 1.50 Adjusted equity/share, SEK 22.00 19.50 17.70 Equity/assets ratio, percent 23.1 20.4 22.1 NOTICE OF ANNUAL GENERAL MEETING Annual General Meeting later than Friday, April 28, 2000. Annual General Meeting grants The Annual General Meeting of Shareholders whose shares have the Board authorisation to decide the shareholders in Peab AB been registered with a trustee, on a buy-back of all outstanding (publ) will be held on must therefore arrange to have warrants, equivalent to Wednesday, May 10, 2000, at 3 them temporarily re-registered in subscription rights of 9,060,000 p.m. in Grevieparken, Grevie. their own names by this date. Re- new class B-shares. registration should be requested a Notification couple of days in advance from Opportunity to buy-back company Shareholders wishing to those who manage the shares. shares participate in the Meeting must Peab’s Board has also resolved notify the company by 2 p.m. on Dividend that the Annual General Meeting Thursday, May 4, 2000. They may The Board of Directors proposes puts forward a proposal to give do so by telephone: +46 (0)431 to the Annual General Meeting a the Board a mandate to decide on 890 00; by mail to Peab AB, dividend for 1999 of SEK 0.80 per a buy-back of a maximum of Information, S-260 92 Förslöv, share. The proposed record date 6,900,000 company shares. Such a Sweden, or via Internet at the is Monday, May 15, 2000. If the mandate would mean that until address: http://peab.se/stamma AGM approves the proposal, the the next Annual General Meeting, dividend payments are expected the Board would be given the To be entitled to participate, to be sent out from VPC on option – if it is found appropriate shareholders must be recorded in Thursday, May 18, 2000. – to decide on a buy-back of the the register of shareholders company’s shares. maintained by Värdepappers- Opportunity to buy-back centralen, VPC AB (the Swedish outstanding warrants Securities Register Centre) no Peab’s Board proposes that the 3 MATS PAULSSON, MD: Peab has laid the foundation for improved profitability Looking back on the past year, it competitive market, and it is with can be seen that there have been great pleasure that I can point to many highly satisfactory aspects increased market shares and for Peab, and a few disappoint- improved profitability. ments. Fortunately, the gratifying We shall also work on building aspects predominate. I am both the Group’s brands and have optimistic and full of expectations clear commitments to clients for the coming year. regarding prices, guarantees, etc. By always listening to our JUSTIFIED OPTIMISM clients, we pick up important Among the most positive events information. Last winter we was the reorganisation of our carried out market research that Swedish construction and civil probed the views of both our engineering operations into the clients and our staff, with the aim newly-formed Peab Sverige. The of further strengthening and company comprises of the five clarifying the Peab brand. previous contracting companies, Opinion about Peab is which have now been brought unanimous and expressed in together in one unit. This will terms such as “personal” and allow an increased focus on “down-to-earth”, and that we production and enable improved “adapt resources according to and simplified administration. requirements.” We will safeguard Accumulating resources and and develop these aspects. competence in one joint company A sure sign that we are on the increases efficiency, flexibility and right track is that Peab was award- cost-consciousness. ed two of the four first-prizes in Utilisation of capacity is raised the Construction Awards of the considerably, and we can therefore Year for 1999 arranged by increase our competitiveness, Sweden’s Construction Industry which benefits both Peab and its Association. clients. Sunderby Hospital won the Quite simply, it brings us “Building of the Year” category closer to our objective: lower final and Kvarteret Spiiken in Sundby- costs with maintained quality for berg was named “Housing of the the client and improved profit- Year”. Both projects were ability for Peab. We have already complete contracts in which seen a definite indication of what Peab, in collaboration with the this means in practice, as the client, found the best solutions. operating margin in 1999 was double that of the previous year. NEW FINANCIAL OBJECTIVES Peab’s industrial companies Peab’s Board of Directors has are stronger than ever in a highly established the Group’s business 4 plan and financial objectives for • the dividend shall amount to was established in 1996 under the next few years. This means 35–45 percent of profit after conditions prevalent at that time. that: tax Peab’s strategic objective is to • return on capital employed • cash flow shall be positive continue the refining process shall exceed 12 percent and rising towards construction and civil • return on equity shall exceed These financial objectives have engineering-related operations. 15 percent replaced our previous target, that Consequently, we will focus even • the equity/assets ratio shall by 2000 at the latest, profit before more on the development and exceed 30 percent tax should be five percent, which efficiency-enhancement of 5 Due to the previously mentioned cases and expectations that demand for infrastructure will fall, Peab had consolidated the Norwegian operation and will in future focus on construction operations, project development and regional civil engineering work. DEVELOPMENTS ABROAD Peab has been established in the Polish market for the past five years. Operations up to now have mainly been oriented towards projects connected with Swedish clients. In the future, we will broaden our business by construction and construction NORWAY increasing project development in processes. Events in Norway dampened housing and industry. In future, Peab will report its the feelgood factor somewhat. Through the acquisition of operations divided into four The outcome of arbitration Rakennus OY Leo Heinänen in sectors: Construction and Civil proceedings announced in May 1999, Peab has established a Engineering, Industry, Trust/ 1999 meant that Peab’s remuner- foothold in the Finnish market. Management and Operations ation for work on the Romeriks- Finland is going through an under Termination. With this porten railway tunnel, carried out interesting development phase structure, both external analysts between 1994-1998, was SEK 260 with an extensive supply of and our internal organisation can million lower than expected. The building investment and good follow the various business 14-kilometre-long tunnel is part of demand expected to persist for sectors’ development and profit. the link between central Oslo and the next few years. Rakennus OY Peab will prioritise areas and the new Gardermoen Airport. Leo Heinänen’s principal market projects with high added value to Arbitration concerned significant is Helsinki. Our entry into the an even greater degree. With deviations from conditions in the Finnish market has gone Sweden as a base, we shall original fixed-price contract that according to plan and we are continue a controlled expansion applied until October 8,1997, when now concentrating on continued in Norway and the Baltic region. the contract was renegotiated. expansion. With this approach, we will create From October 8, 1997, Peab Peab also runs a construction added value for clients, owners, received full remuneration for business in Latvia, but this is still employees and suppliers. work carried out. The contract was in an early phase of development. Through our own project executed by the Peab subsidiary, When building up operations development, we create good Scandinavian Rock Group (SRG). abroad, it is important to get to conditions for increased profit- Another verdict in Norway know the new markets and to ability and higher quality. In dragged down Peab’s profit by advance at the optimum speed. these cases, we get involved in a SEK 62 million. The dispute project at the earliest possible concerned work on the terminal BELIEF IN THE FUTURE stage and consequently gain building at Gardermoen Airport Peab is now in a favourable overall cost control right at the that Peab’s subsidiary Scandin- situation in Sweden.
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