Annual Report 2008 - Skanska

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Note 48 Income taxes, Parent Company 2008 2007 Current taxes –81 –54 Deferred tax expenses/income from change in temporary difference –2 4 Total –83 –50 Note 50 Property, plant and equipment, Parent Company Property, plant and equipment are reported in compliance with IAS 16, “Property, Plant and Equipment.” See Note 1, “Accounting and valuation principles.” Machinery and equipment owned by the Parent Company are recognized as property, plant and equipment. The year’s depreciation on property, plant and equipment amounted to SEK 0 M (-1) and was included in selling and administrative expenses. The relation between the Swedish tax rate of 28 percent and taxes recognized is explained in the table below. 2008 2007 Income after financial items 3,110 3,171 Taxes at tax rate of 28 percent –871 –888 Tax effect of: Dividends from subsidiaries 840 840 Employee-related expenses –16 Other nondeductible expenses –35 Other –1 –2 Recognized tax expense –83 –50 Deferred tax assets 2008 2007 Deferred tax assets for employee-related provisions 56 58 Minus deferred tax liabilities for holdings –2 –2 Total 54 56 Machinery and equipment 2008 2007 Accumulated cost January 1 9 9 Additions 1 Disposals –1 9 9 Accumulated depreciation January 1 –7 –6 Depreciation for the year 0 –1 –7 –7 Carrying amount, December 31 2 2 Carrying amount, January 1 2 3 Deferred tax assets and deferred tax liabilities are calculated on the basis of the new tax rate of 26.3 percent that was approved by the Swedish Parliament in December 2008. Change in deferred taxes in balance sheet 2008 2007 Deferred tax assets, January 1 56 52 Deferred tax expense/income –2 4 Deferred tax assets, December 31 54 56 The Parent Company expects to be able to utilize deferred tax assets to offset Group contributions from Swedish operating subsidiaries. Note 49 Intangible assets, Parent Company Intangible assets Intangible assets are reported in compliance with IAS 38, “Intangible Assets.” See Note 1, “Accounting and valuation principles”. Amortization of intangible assets amounted to SEK -1 M (-1) during the year and was included in selling and administrative expenses. In determining the amortization amount, the Parent Company paid particular attention to estimated residual value at the end of useful life. 2008 2007 Accumulated cost January 1 21 28 Divestments –7 21 21 Accumulated amortization January 1 –7 –6 Amortization for the year –1 –1 –8 –7 Accumulated impairment losses January 1 0 0 0 0 Carrying amount, December 31 13 14 Carrying amount, January 1 14 22 140 Notes, including accounting and valuation principles Skanska Annual Report 2008
Note 51 Financial non-current assets, Parent Company Holdings and receivables are reported as financial non-current assets. Holdings are allocated between holdings in Group companies and joint ventures. See Note 52, “Holdings in Group companies,” and Note 53, “Holdings in joint ventures.” Receivables are allocated between receivables from Group companies, deferred tax assets and other non-current receivables. Tax assets are described in Note 48, “Income taxes.” All receivables except deferred tax assets are interest-bearing. Holdings in Group companies Holdings in joint ventures Other non-current holdings of securities Holdings 2008 2007 2008 2007 2008 2007 Accumulated cost January 1 12,325 12,325 2 0 12 0 Investment 2 12 Divestments –12 Share of income –2 Accumulated impairment losses January 1 –1,760 –1,760 12,325 12,325 0 2 0 12 –1,760 –1,760 0 0 0 0 Carrying amount, December 31 10,565 10,565 0 2 0 12 Carrying amount, January 1 10,565 10,565 2 0 12 0 Receivables from Group companies Other non-current receivables and deferred tax assets Receivables 2008 2007 2008 2007 Accumulated cost January 1 719 7,693 139 130 Receivables added/settled 3,484 –6,974 –18 9 4,203 719 121 139 Carrying amount, December 31 4,203 719 121 139 Carrying amount, January 1 719 7,693 139 130 Note 52 Holdings in Group companies, Parent Company Skanska AB owns shares in two subsidiaries. The subsidiary Skanska Kraft AB is a holding company and the company that owns the Group’s shareholdings in Skanska Group operating companies. Skanska Financial Services AB is the Group’s treasury unit (internal bank). Carrying amount Company Corporate identity number Registered office Number of participation 2008 2007 Swedish subsidiaries Skanska Financial Services AB 556106–3834 Solna 500,000 65 65 Skanska Kraft AB 556118–0943 Solna 4,000,000 10,500 10,500 Total 10,565 10,565 Both subsidiaries are 100 percent owned by the Parent Company. Skanska Annual Report 2008 Notes, including accounting and valuation principles 141
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Annual Report 2008
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Contents President and CEO “Our a
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“Our ambition is to be the leadin
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In the “Group overview” section
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Infrastructure Development Skanska
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New initiatives in 2008 Skanska too
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Risk management procedures Risk man
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Green construction is booming Green
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To facilitate recruitment work, a G
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• SIX Bygg- & Anläggningsrelater
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20 23 26 New railroad hub in Prague
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Project opportunities are also crea
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Water is one of the basic necessiti
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The United States The American cons
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Skanska Annual Report 2008 Construc
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30 32 33 A sedate, small-scale neig
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Product platforms In residential co
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Ullstorps Gårdar attracting famili
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36 39 40 First LEED building in the
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property investors. Land value also
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In Poland, vacancies fell to 2 perc
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Skanska Annual Report 2008 Commerci
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46 47 49 Stimulating school environ
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The availability model In the avail
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Public-private partnership projects
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A much-anticipated highway opened T
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52 53 56 Safety training and awaren
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Posters promoting training and awar
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What a supplier says: ”As part of
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Report of the Directors Skanska Ann
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American (North and Latin America),
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Commercial Development had 18 proje
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Return on equity and return on capi
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Skanska’s first Global Trainee Pr
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Consolidated income statement SEK M
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Consolidated balance sheet SEK M No
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Consolidated cash flow statement SE
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Parent Company balance sheet SEK M
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Notes including accounting and valu
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only when cashed. Cash and cash equ
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operating expenses. If the amount h
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A provision is made for disputes re
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IFRS 7, “Financial Instruments: D
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Note 04 Segment reporting The divis
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Note 04 Continued B. Secondary segm
Page 91 and 92: Note 06 Financial instruments Finan
Page 93 and 94: Note 06 Continued Reconciliation wi
Page 95 and 96: Note 06 Continued Collateral The Gr
Page 97 and 98: Note 06 Continued Liquidity reserve
Page 99 and 100: Note 07 Acquisitions of shares/busi
Page 101 and 102: Note 10 Operating income Operating
Page 103 and 104: Note 13 Impairment losses/Reversals
Page 105 and 106: Note 16 Continued The net amount of
Page 107 and 108: Note 17 Continued Information about
Page 109 and 110: Note 18 Continued Goodwill impairme
Page 111 and 112: Note 20 Continued Specification of
Page 113 and 114: Note 22 Current-asset properties/Pr
Page 115 and 116: Note 23 Inventories etc. Note Equit
Page 117 and 118: Note 26 Continued Equity attributab
Page 119 and 120: Note 28 Continued The ITP 1 occupat
Page 121 and 122: Note Provisions are reported in com
Page 123 and 124: Note 32 Expected recovery periods o
Page 125 and 126: Note 34 Effect of changes in foreig
Page 127 and 128: Note 34 Continued Consolidated bala
Page 129 and 130: Not 35 Continued Relation between c
Page 131 and 132: 37 Note Remuneration to senior exec
Page 133 and 134: Note 37 Continued tion based on the
Page 135 and 136: Note 40 Continued B. Skanska as les
Page 137 and 138: Note 43 Five-year Group financial s
Page 139 and 140: Note 43 Continued Financial ratios
Page 141: Parent Company notes Note 45 Financ
Page 145 and 146: Note 58 Liabilities, Parent Company
Page 147 and 148: Note 63 Related party disclosures,
Page 149 and 150: Auditors’ Report To the Annual Sh
Page 151 and 152: Corporate governance report of Skan
Page 153 and 154: For more detailed information about
Page 155 and 156: mation on the President and CEO and
Page 157 and 158: Senior Executive Team Johan Karlstr
Page 159 and 160: Sir Adrian Montague United Kingdom,
Page 161 and 162: For about SEK 1.8 billion, Skanska
Page 163 and 164: 146.9 M, about SEK 900 M, which wil
Page 165 and 166: More information about Skanska Worl
Page 167 and 168: Annual Shareholders’ Meeting Cale
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Annual Report 2008 - Skanska

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