Review of 2010 – USD version - Skanska

Note
20 Continued Note 21
Financial assets
Reconciliation with shares in joint ventures 2010 2009
Skanska's portion of equity in joint ventures, adjusted for
surplus value and goodwill 413.8 349.1
Recognized as "Assets held for sale" –162.9
+ Recognized as provisions 4.4
+ Losses in Infrastructure Development not posed
because Skanska's portion is already zero 1.6
Carrying amount of shares 256.9 349.1
Assets pledged
Shares in joint ventures pledged as collateral for loans and other obligations amounted
to USD 71.3 M (94.3).
Other matters
Skanska’s portion of the total investment obligations of partly owned joint ventures
amounted to USD 722.9 M (581.1), of which Skanska has remaining obligations to invest
USD 229.5 M (192.3) in Infrastructure Development in the form of equity holdings and
loans. The remaining portion is expected to be financed mainly in the form of bank loans
or bond loans in the respective joint ventures and in the form of participations and loans
from other co-owners.
Contingent obligations for joint ventures amounted to USD 54.5 M (48.4).
Associated companies
Associated companies are reported in compliance with IAS 28, “Investments in
Associates.”See “Accounting and valuation principles,” Note 1.
The carrying amount of associated companies was USD 4.0 M (4.5).
Information on the Group's share of revenue, income, assets, liabilities and equity in
associated companies
2010 2009
Revenue 1.9 2.5
Income 0.3 –0.3
Assets 4.0 5.4
Equity 1 –155.5 –146.5
Liabilities 159.5 151.9
4.0 5.4
1 Reconciliation between equity and carrying amount of holdings according to the equity method
of accounting.
2010 2009
Equity in associated companies –155.5 –146.5
Adjustment for losses not recognized 159.5 150.9
Carrying amount 4.0 4.5
Unrecognized portion of losses in associated companies
2010 2009
Loss for the year 0 0
Losses in prior years –159.5 –150.9
The losses occurred in partly owned limited partnerships that previously carried out aircraft
leasing. After impairment losses, these holdings are recognized at USD 0.0 M. The
Group has no obligations to provide additional capital.
Other matters
The associated companies have no liabilities or contingent liabilities which the Group
may become responsible for paying.
Nor are there any obligations for further investments.
Financial investments, financial receivables and shareholdings where ownership is less
than 20 percent and the Group has no significant influence are recognized as financial
non-current assets.
Financial investments and financial receivables are recognized as financial current
assets.
See also Note 6, “Financial instruments and financing risk management.”
Financial non-current assets
Financial investments
Financial assets at fair value through
profit or loss
Derivatives 1.3
Dec 31, 2010 Dec 31, 2009 Jan 1, 2009
Held-to-maturity investments 0.1
Financial assets available for sale 1 6.0 7.7 8.3
7.3 7.7 8.4
Financial receivables, interest-bearing
Receivables from joint ventures 141.1 3.8 4.7
Restricted cash 105.7 119.4 21.2
Pension receivable 9.4
Other interest-bearing receivables 48.4 14.2 5.7
304.6 137.3 31.6
Total 311.9 145.0 40.0
of which interest-bearing financial
non-current assets 304.6 137.3 31.7
of which non-interest-bearing financial
non-current assets 7.3 7.7 8.3
Financial current assets
Dec 31, 2010 Dec 31, 2009 Jan 1, 2009
Financial investments
Financial assets at fair value through
profit or loss
Derivatives 15.6 12.2 4.9
Hedge accounted derivatives 14.1 18.4 30.8
Held-to-maturity investments 182.4 169.4 120.7
212.1 200.1 156.4
Financial assets, interest-bearing
Restricted cash 679.4 517.5 415.3
Receivables from joint ventures 0.0 2.6
Discounted operating receivables 0.0 0.0 50.0
Other interest-bearing receivables 37.6 58.0 104.0
717.0 578.2 569.2
Total 929.1 778.2 725.6
of which interest-bearing financial
current assets 899.5 747.6 689.9
of which non-interest-bearing financial
current assets 29.7 30.6 35.7
Total carrying amount, financial assets 1,241.1 923.2 765.6
of which financial assets
excluding shares 1,235.0 915.6 757.3
1 Included USD 6.0 M (7.7) in shares carried at cost.
During 2010, shareholdings were affected by impairment losses of USD 0.0 M (0.0).
128 Notes, including accounting and valuation principles Skanska Review of 2010 – USD version