ANNUAL REPORT 2004 - Skanska

Note 3 continued
Discontinuing
Commercial Residential operations,
Project Project central
Construction Development Development BOT and eliminations Group total
2004 2003 2004 2003 2004 2003 2004 2003 2004 2003 2004 2003
Income statement
External net sales 104,495 110,672 5,520 8,861 5,814 5,839 33 87 5,401 7,420 121,263 132,879
Intra-Group net sales 3,482 3,745 64 0 0 0 0 0 –3,546 –3,745 0 0
Total net sales 107,977 114,417 5,584 8,861 5,814 5,839 33 87 1,855 3,675 121,263 132,879
Construction, manufacturing and
property management expenses –101,279 –106,757 –3,691 –5,552 –4,992 –5,255 –45 –55 –1,660 –2,368 –111,667 –119,987
Gross income 6,698 7,660 1,893 3,309 822 584 –12 32 195 1,307 9,596 12,892
Selling and administrative expenses 1 –5,163 –5,741 –215 –244 –305 –314 –70 –57 –1,007 –1,512 –6,760 –7,868
Income from Group companies 1,413 14 1,413 14
Income from joint ventures and associated companies 39 46 –41 –4 12 –5 113 52 10 –10 133 79
Operating income before goodwill amortization
and writedowns 2 1,574 1,965 1,637 3,061 529 265 31 27 611 –201 4,382 5,117
Goodwill amortization/writedowns –363 –414 0 0 –5 –6 0 0 –161 –165 –529 –585
Operating income 1,211 1,551 1,637 3,061 524 259 31 27 450 –366 3,853 4,532
Interest income 162 232 22 22 9 6 14 19 77 13 284 292
Interest expenses –332 –685 –332 –685
Other financial items 14 –67 14 –67
Income after financial items 1,373 1,783 1,659 3,083 533 265 45 46 209 –1,105 3,819 4,072
Taxes –1,158 –1,303 –1,158 –1,303
Minority interests –13 –8 –13 –8
Net profit for the year –962 –2,416 2,648 2,761
Assets
Intangible fixed asets 3,607 3,992 0 0 7 8 393 387 22 331 4,029 4,718
Tangible fixed assets 4,972 5,540 6 7 5 45 1 1 553 1,137 5,537 6,730
Shares and participations in companies
reported according to the equity method 137 122 13 58 91 84 766 720 –145 390 862 1,374
Other shares and participations 58 94 0 5 18 14 0 0 –2 –37 74 76
Interest-bearing assets 3 3,733 4,943 104 218 59 349 208 114 8,317 4,617 12,421 10,241
Current-asset properties 1,288 1,067 7,425 9,485 3,259 3,244 0 0 –176 –102 11,796 13,694
Tax receivables 1,795 1,954 1,795 1,954
Operating receivables etc. 22,178 23,699 1,118 327 1,989 2,140 105 56 605 1,729 25,995 27,951
Total assets 35,973 39,457 8,666 10,100 5,428 5,884 1,473 1,278 10,969 10,019 62,509 66,738
Liabilities
Tax liabilities 3,696 3,675 3,696 3,675
Other operating liabilities and
non-interest-bearing provisions 32,191 31,658 1,037 641 3,062 3,127 40 35 1,378 3,142 37,708 38,603
32,191 31,658 1,037 641 3,062 3,127 40 35 5,074 6,817 41,404 42,278
Capital employed 3,782 7,799 7,629 9,459 2,366 2,757 1,433 1,243 5,895 3,202 21,105 24,460
Operating cash flow 4
Cash flow from operations before investments 4,140 3,367 186 884 –192 187 –34 –58 –598 –26 3,502 4,354
Net investments in operations –266 –198 3,378 6,173 408 678 –181 –114 9 –28 3,348 6,511
Cash flow effect, adjustment of dates, net investments 78 –54 –219 53 88 49 0 0 0 0 –53 48
Taxes paid in business operations –1,011 –943 –1,011 –943
Cash flow from business operations 3,952 3,115 3,345 7,110 304 914 –215 –172 –1,600 –997 5,786 9,970
Net strategic investments 14 121 1 0 0 0 0 0 2,406 283 2,421 404
Taxes paid on strategic divestments –29 740 –29 740
Cash flow from strategic investments 14 121 1 0 0 0 0 0 2,377 1,023 2,392 1,144
Cash flow before financing activities and dividends 3,966 3,236 3,346 7,110 304 914 –215 –172 777 26 8,178 11,114
Net investments
Investments –1,330 –1,587 –1,336 –1,399 –3,676 –3,608 –188 –115 –235 –218 –6,765 –6,927
Divestments 1,078 1,510 4,715 7,572 4,084 4,286 7 1 2,650 472 12,534 13,841
Net investments –252 –77 3,379 6,173 408 678 –181 –114 2,415 254 5,769 6,914
Order bookings 116,008 113,794 0 0 0 0 0 0 5,895 7,334 121,903 121,128
Order backlog 113,498 109,316 0 0 0 0 0 0 242 7,085 113,740 116,401
Employees 51,583 54,859 129 149 739 743 40 32 1,312 13,886 53,803 69,669
1 excluding goodwill amortization and writedowns
2 of which, amortization –1,027 –1,096 –1 –2 –2 –11 0 0 –201 –268 –1,231 –1,377
of which, writedowns/reversals of writedowns –13 –72 –98 0 –14 –25 0 0 –67 –10 –192 –107
of which, gains from divestments of residental units 0 0 0 607 538 0 0 31 33 638 571
of which, gains from divestments of commercial properties 153 93 1,443 2,399 0 0 0 0 69 –21 1,665 2,471
3 including external cash and bank balances, excluding deposits in Skanska’s treasury unit
4 Taxes paid for the Group are included in the item ”Central and eliminations”
56 Notes, including accounting and valuation principles – Skanska Annual Report 2004