ANNUAL REPORT 2002 - Skanska

Notes to the financial
statements
Amounts in SEK million unless otherwise specified.
Note 1 Effects of changes in application of accounting principles
Operating Net Income after
income financial items financial items
Reclassification of properties
in real estate operations 211 211
Capitalization of interest expenses –31 144 113
Total 180 144 324
See “Accounting and valuation principles.”
Note 2 Net sales
Expenses of SEK 1,177 M (2,391) incurred by Skanska for construction of properties in
real estate operations were capitalized. This amount was eliminated in “Net sales.”
Net sales included invoiced sales and accrued revenues of SEK 748 M related to
associated companies and joint ventures reported according to the equity method
of accounting.
Distribution of net sales
A. Net sales by market and segment
2002 2001
Scandinavia 38,685 43,267
Europe 37,690 39,880
USA 57,168 68,942
Other markets 9,169 11,334
Total construction-related services 142,712 163,423
Project Development and BOT 1,474 1,387
Services 2,505 3,061
Other operations, elimination
of intra-Group transactions –1,115 –2,934
Total net sales 145,576 164,937
B. Net sales by geographic area
2002 2001
Sweden 27,596 29,308
Norway 8,810 9,499
Denmark 5,006 5,999
Finland 7,6717,477
United Kingdom 14,128 13,511
Poland 4,611 5,876
Czech Republic 7,176 7,627
United States 57,207 69,112
Argentina 630 2,653
Hong Kong 3,728 4,837
India 873 1,203
Other countries 8,140 7,835
Total 145,576 164,937
C. Net sales by business stream
2002 2001
Accrued revenues from contracting business 135,672 153,230
Invoicing related to sale of residential
project development 5,820 7,160
Rental revenues 1,573 1,527
Invoicing, facilities management operations 2,053 2,247
Other invoicing 458 773
145,576 164,937
Parent Company
The amount included SEK 219 (261) worth of sales to subsidiaries.
The Parent Company’s purchases from subsidiaries amounted to SEK 121 M (180).
Note 3 Leasing
No financial leasing agreements of material importance were signed.
A. Lessee information
The Group’s leasing expenses related to operating leases for the year amounted to
SEK 249 M (178), of which SEK 215 M (166) was related to minimum lease payments
and SEK 34 (12) to variable payments.
The due dates of future minimum lease payments for non-cancellable operating
leases was distributed as follows:
Expenses 2002 2001
Within one year 153 162
Later than one year but within five years 382 293
Later than five years 286 278
Total 821 733
Of this amount, SEK 3 M (0) was related to items that were subleased.
Lease revenue was less than SEK 1 M per year.
B. Lessor information
In 2002, the Group’s variable leasing income related to operating leases amounted
to SEK 26 M (0). The amount for 2002 consisted of sales-based rent for commercial
space.
The due dates of future minimum lease payments for non-cancellable operating
leases were distributed as follows:
Revenue 2002 2001
Within one year 1,409 1,392
Later than one year but within five years 4,0813,691
Later than five years 2,037 1,479
Total 7,527 6,562
As for acquisition values, book values etc. for the Group’s properties in real estate
operations, which comprise leasing operations according to the definition in Recommendation
No. 6 of the Swedish Financial Accounting Standards Council, see Note 25.
48 Skanska Annual Report 2002 – Notes to the financial statements