ANNUAL REPORT 2002 - Skanska

Note 22
Effect of currency rate changes
on the income statement during 2002
2002 income statement translated to 2001 exchange rates,
change for each respective currency in SEK:
Currency
2002, 2001 rate 1 2002 rate effect
Net sales 150,575 145,576 –4,999
Operating income 928 976 48
Income after financial items –94 73 167
Net profit for the year –1,019 –837 182
1 2002 figures translated to 2001 exchange rates
Other
USD EUR ARS GBP currencies Total
Net sales –3,525 –95 –1,578 –432 631 –4,999
Operating income –95 2 122 2 17 48
Income after financial items –97 3 250 2 9 167
Net profit for the year –54 3 225 5 3 182
Note 23
Intangible fixed assets
Group
Other Total Parent Company
intangible intangible intangible
Goodwill fixed assets fixed assets fixed assets
Accumulated acquisition value
On January 1 9,495 915 10,410 25
Acquisitions of companies 247 247
Divestments of companies –8 –8
New acquisitions 90 90
Divestments of companies –17 –17
Disposals/Writeoffs –64 –64
Reclassifications 123 –90 33
Exchange rate
differences for the year –421–174 –595
9,444 652 10,096 25
Accumulated amortization
On January 1 1,167 150 1,317 4
Divestments of companies –3 –3
Reclassifications 101 0 101
Exchange rate differences
for the year –82 –10 –92
1,767 171 1,938 5
Accumulated writedown
On January 1 611 611 0
Reclassifications –135 –135
Writedowns for the year 1,703 1,703
Exchange rate differences
for the year –92 –92
2,087 0 2,087 0
Residual value
on December 31 5,590 481 6,071 20
Residual value
on January 1 7,717 765 8,482 21
All intangible fixed assets consist of externally acquired assets.
The amount for “Other intangible fixed assets” mainly consists of a highway
concession in Chile with an acquisition value of SEK 510 M. Due to the negative
effect of exchange rate differences, this amount fell to SEK 372 M. Amortization
of this concession has not yet begun, since the construction project is still underway
and is expected to last until 2005. Estimated useful life is 25 years.
Note 24 Goodwill value allocated by amortization period
Goodwill value and amortization period
Residual value
Amortization period, years
Allocation by business units 20 15 10 5 Total
Selmer Skanska 1,689 41 77 8 1,815
Skanska CZ 342 16 358
Skanska Oy 59 193 230 482
Skanska UK 1,820 11 63 1,894
Gammon Skanska 230 230
Sweden 75 75
USA Building 358 358
USA Civil 180 180
Services 133 7 140
Other business units 34 24 58
4,140 41 1,061 348 5,590
The amount that is being amortized over 20 years mainly consists of the corporate
acquisitions of goodwill that occurred in 2000 when companies and holdings in companies
were acquired in Norway, Poland, the Czech Republic, the United Kingdom and
Hong Kong. The remaining amortization period for this goodwill is about 17.5 years.
Note 25 Tangible fixed assets
On January 1, 2002, properties in real estate operations were reclassified from
tangible fixed assets to current assets. See “Accounting and valuation principles.”
Group
Parent Company
Machinery Properties Machinery
Buildings and under Buildings and
and land equipment construction and land equipment
Accumulated acquisition value
On January 1 4,064 14,367 98 44 11
New acquisitions 165 1,535 62 1
Amortization for the year 58134 615 1
Acquisitions of companies 120 598
Divestments of companies –98 –166 –4
Divestments –306 –657 –9 0
Reclassifications –82 200 –34
Exchange rate differences
for the year –220 –1,062 –8
3,643 14,815 105 44 12
Notes to the financial statements – Skanska Annual Report 2002 55