Review of 2010 – USD version - Skanska

At the end of 2010, Skanska signed an agreement to sell
its 50 percent stake in the Autopista Central in Chile.
The divestment, which will be completed during 2011, is
expected to result in an after-tax gain of approximately
USD 0.73 billion. The urban highway in Santiago has
been in operation since 2004.
During the year, Skanska also sold its stakes in the
E39 highway south of Trondheim, Norway and the
Bexley Schools project in southeastern London, U.K.
In the U.K., work began on modernizing the street
lighting network in Surrey, southeast of London. This
represents a new product segment in public-private
partnerships. Skanska is also working on the possibility
of constructing and operating thermoelectric power
plants in the U.K. for generating energy through waste
combustion. This segment will grow, due to new
European Union directives that will not allow continued
use of waste landfills.
Construction is continuing on a number of other projects.
These include school projects in Bristol and Essex as
part of the large-scale British school modernization program,
Building Schools for the Future, and four hospitals:
Barts, the Royal London, Mansfield and Walsall.
In the U.K., Skanska is also continuing its expansion
of the M25 orbital road around London.
In Poland, Skanska is currently building the second,
62 km (39 mi.) phase of the A1 expressway project. The
first 90 km (56 mi.) phase of the expressway was completed
in the autumn of
Marknadsriskprojekt, exempel
2008.
Skanska Infrastructure Bedömt Development bruttonuvärde, is also active in
the U.S. market. A highway exklusive tunnel Autopista in Central, Virginia is one
fördelat per:
of several potential projects it is working on in the PPP
market. In the U.S., Skanska is studying a number of
potential infrastructure Kategori projects such as highways and
tunnels. Skanska is currently conducting feasibility
studies that will provide documentation for decisions by
public agencies on possibly choosing a PPP solution in
order to implement and operate these projects. Skanska
is being compensated for some parts of these studies.
During 2010 the estimated unrealized development
gain in Skanska’s Väg, project 57% portfolio decreased by
USD 0.9 billion and amounted Social infrastruktur, to USD 42% 258 M (1.2 bn) at
year-end. The change • Anläggning, unrealized 1% development gain
was primarily due to the divestment of the Autopista
Central, but also to investments in new projects, currency
rates and time value effects.
Ersättningsmodell
Public-private partnerships
Public-private partnerships mean that private market
players provide facilities and buildings to public agencies.
This often implies a number of macroeconomic
advantages for customers, taxpayers, users and builders.
The model makes more room for investments in public
facilities by spreading Marknadsrisk, the cost of large 12% public works
investments over longer • Tillgänglighet, periods. It 88% lowers life-cycle
costs and also increases the benefit to users because the
service or facility becomes available earlier than would
Tillgänglighetsprojekt, exempel
be the case with traditional procurement and financing.
Återstående
koncessionslöptid
Estimated gross present
value, excluding
Autopista Central by:
Highways, 57%
Social infrastructure, 42%
• Utilities, 1%
Compensation type
Market risk, 12%
• Availability, 88%
Remaining concession
Gross present value of cash flow from projects – sensitivity analysis
USD M
1,600
1,400
1,200
1,000
800
600
400
USD 669 M
200 Byggfas Långsiktig driftfas
Byggfas Långsiktig driftfas
Uppstartsfas
Uppstartsfas Fas
0
5.4 6.4 7.4 8.4 9.4 10.4 11.4 12.4 13.4 14.4 15.4 %
Discount rate • Diskonteringsränta, %
Sensitivity analysis, gross present value USD 669 M
USD M Change
Discount rate
(–/+ 1 percentage point) 84,8 –71,1
< 10 år, 1%
10−20 år, 16%
20−30 år, 59%
• > 30 år, 24%
• Nettonuvärde • Årligt kassaflöde
< 10 years, 1%
10−20 years, 16%
20−30 years, 59%
• > 30 years, 24%
Phase
Market risk concession, example
Availability project, example
Category
Bygg, 74%
Uppstart, 2%
• Drift, 24%
Construction, 74%
Ramp-up, 2%
• Steady state, 24%
Geografi
Geographic location
Construction Steady state
Ramp-up
• Discount rate, % • Net Present Value •
Construction Steady state
Norden, 21%
Ramp-up
Övriga Europa, 5%
Storbritannien, 62%
Cash Flow Value, annually
• Chile, 12%
Nordics, 21%
Other European countries, 5%
U.K., 62%
• Chile, 12%
Skanska Review of 2010 – USD version
Infrastructure Development 53