ANNUAL REPORT 2002 - Skanska

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Contents Skanska in brief Flap The year 2002 in brief Flap Comments by the President and CEO 2 Mission, vision and strategy 4 Project – Healthy outlook for PFI in the UK 6 Talent management 8 Research and development 9 Sustainable development 10 Project – New life in a forgotten city block 12 Organization 14 Business units 16 Financial targets 22 Risk management 23 Project – The impossible made possible 24 Share data 26 Report of the Directors 28 Consolidated income statement 36 Comments on the income statement 37 Consolidated balance sheet 38 Comments on the balance sheet 40 Consolidated cash flow statement 41 Parent Company income statement 42 Parent Company cash flow statement 42 Parent Company balance sheet 43 Accounting and valuation principles 44 Notes to the financial statements 48 Consolidated quarterly results – Group 63 Consolidated quarterly results – Markets and segments 63 Business units – Markets and segments 66 Five-year Group financial summary 68 Definitions 68 Proposed allocation of earnings 70 Auditors’ report 71 Board of Directors 72 Senior Executive Team 73 Annual Shareholders’ Meeting 74 More information about Skanska 75 Glossary, abbreviations and definitions 76 Addresses 77 FINANCIAL INFORMATION The Skanska Group’s interim reports for 2003 will be published on the following dates: Three Month Report May 6, 2003 Six Month Report July 24, 2003 Nine Month Report October 30, 2003 Year-end Report for 2003 February 12, 2004 More information on the Skanska Group is available at the Group’s Swedish and English-language web sites: www.skanska.se www.skanska.com Skanska also publishes a Sustainability Report, which contains more information about the Group’s work in the fields of sustainable development and the environment. For questions regarding financial information, please contact Skanska AB, Investor Relations Box 1195, SE-111 91 Stockholm, Sweden Telephone: +46 8 753 88 00 Fax: +46 8 755 06 54 E-mail: investor.relations@skanska.se This document is in all respects a translation of the Swedish original Annual Report. In the event of any differences between this translation and the Swedish original, the latter shall prevail.
The year 2002 in brief ■ Net sales in 2002 amounted to SEK 146 billion. Operating income in construction- related operations successively improved during the year, as did the cash flow from business operations. ■ In 2002, Sverker Martin-Löf was elected the new Chairman of the Board of Skanska AB and Stuart Graham was appointed the new President and CEO. ■ A strategic review of all units was carried out during the autumn of 2002. ■ The Group’s operating income amounted to SEK 976 million. Writedowns and restructuring expenses totaling SEK 2.0 billion were charged to operating income as a result of the strategic review. ■ For the full year, the Group reported a loss after tax totaling SEK –837 M. 2002 Change SEK M EUR M Order bookings –10% 137,590 15,021 Order backlog –13% 137,940 15,075 Net sales –12% 145,576 15,893 Operating income excl. items affecting comparability +4% 2,621 286 Items affecting comparability -1,645 -180 Operating income –57% 976 107 Income after financial items –93% 73 8 Result per share, SEK –2.00 Return on shareholders’ equity neg neg Return on capital employed 4.3% 4.3% The year 2002 in brief – Skanska Annual Report 2002
Page 1: ANNUAL REPORT 2002
Page 5 and 6: Sweden Finland Norway Denmark Unite
Page 7 and 8: Looking forward During the summer o
Page 9 and 10: Focus on performance Result Be trul
Page 11 and 12: Healthy outlook for PFI in the UK S
Page 13 and 14: Research and development As a leadi
Page 15 and 16: term and indirect, which means that
Page 17 and 18: New life in a forgotten city block
Page 19 and 20: Construction Residential Commercial
Page 21 and 22: 39% Skanska UK 3% 34% Skanska Polan
Page 23 and 24: The renovation of portions of Pragu
Page 25 and 26: Skanska Oy is a leader in the Finni
Page 27 and 28: Risk management Skanska’s operati
Page 29 and 30: The impossible made possible Over t
Page 31 and 32: Of Swedish shareholders, institutio
Page 33 and 34: Skanska’s accounts in order to sa
Page 35 and 36: Operating income, quarterly Rolling
Page 37 and 38: Return on capital employed declined
Page 39 and 40: ment AB; Mats Guldbrand, Equities M
Page 41 and 42: Comments on the income statement Ne
Page 43 and 44: SEK M Note 2002 2001 SHAREHOLDERS
Page 45 and 46: Consolidated cash flow statement SE
Page 47 and 48: Parent Company balance sheet SEK M
Page 49 and 50: eported according to the proportion
Page 51 and 52: Exchange Rates.” Acquisitions mad
Page 53 and 54:
Note 4 Selling and administrative c
Page 55 and 56:
Note 12 continued Wages, salaries,
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Note 12 continued Note 13 Average n
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Note 22 Effect of currency rate cha
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Note 27 continued % of votes Book %
Page 63 and 64:
Note 40 Distribution of interest-be
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Note 51 continued Note 53 Assets pl
Page 67 and 68:
Consolidated quarterly results 2002
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2002 2001 SEKM Q4 Q3 Q2 Q1 Q4 Q3 Q2
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Core business EBITA margin 1 EBITA
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SEK M 2002 2001 2000 1999 1998 Bala
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Auditors’ Report To the Annual Me
Page 77 and 78:
Johan Bergman Johan Karlström Thom
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More information about Skanska The
Page 81:
Addresses Skanska AB Box 1195 SE-11
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