ANNUAL REPORT 2004 - Skanska

Skanska’s Series B shares are also included in
the Dow Jones Sustainability Index and the
Dow Jones Stoxx 600.
Ownership changes
At the close of 2004, the number of shareholders
totaled 80,685 (80,468). The proportion
of market capitalization owned by
Swedish shareholders declined during the
year from 83.0 percent to 73.5 percent, and
their share of voting power from 89.6 percent
to 83.5 percent. Of foreign shareolders,
U.S. residents made up the largest group,
with about 57 million shares representing
some 14 percent of market capitalization.
Of Swedish shareholders, institutional
owners accounted for 69 percent, while 31
percent was owned directly by individuals.
As the table on page 28 indicates, AB Industrivärden
is the Company’s largest owner,
with 27.9 percent of voting power.
The “free float” in Skanska’s shares is
regarded as making up about 375 million
shares, equivalent to 96 percent of the number
of Series B shares outstanding.
Dividend policy
Future earnings are expected to support the
growth in operations as well as growth in the
regular dividend. It is expected that the payout
ratio can be at least 50 percent.
Dividend
The Board of Directors proposes a dividend
of SEK 4.00 (3.00) per share for 2004, for a
total payout of SEK 1,674 M (1,256).
Total return
The total return on a share is calculated as
the change in share price, together with the
value of dividends. During 2004, the total
return on a Skanska share amounted to 32
percent. Stockholmsbörsen’s SIX Return
Index rose by 21 percent during the year.
During the five year period January 1,
2000 to December 31, 2004, the total return
on a Skanska share was 25 percent. During
the same period, the SIX Return Index had a
negative return of 21 percent.
Major listed construction companies
Market Income after Return
Absolute Total return Total return capitalization, Net sales, financial items, Return on on capital
return 2004,% 2004,% 2000-2004, % SEK bn SEK bn 1 SEK bn 1 equity, % 1 employed, % 1
AMEC (United Kingdom) 15 19 41 7.0 60.7 1.4 22.5 13.3
ACS (Spain) 30 32 128 53.3 97.4 4.5 21.2 15.6
FCC (Spain) 21 25 104 30.6 54.9 4.7 17.8 13.1
Ferrovial (Spain) 42 44 188 49.6 54.7 5.5 21.0 9.3
Fluor Corp. (United States) 38 40 33 30.2 63.9 1.9 16.2 19.9
Hochtief (Germany) 4 8 –17 15.1 95.6 1.4 1.0 13.7
NCC (Sweden) 59 66 29 9.5 45.3 –0.3 –6.8 5.7
Skanska (Sweden) 26 32 25 33.4 132.9 4.1 19.5 17.1
Vinci (France) 51 57 147 74.4 164.3 2.7 18.4 12.1
1 Refers to 2003
Skanska share price movement, January 1, 2000–February 24, 2005
Total return on Skanska shares compared to the
SIX Return Index, January 1, 2000–February 24, 2005
SEK
110
100
SEK
120
110
90
100
80
90
80
70
60,000
70
60
60
45,000
50
50
30,000
40
40
15,000
30
30
2000 2001 2002 2003 2004
2005
(c) SIX
Skanska B
Afv General Index
Afv Construction Index
Monthly trading volume, thousands
(incl. after-hours trading), right-hand scale
(c) SIX
Skanska B
SIX Return Index
Skanska Annual Report 2004 – Share data
29