Annual Report 2008 - Skanska

Business streams
Interest in
environmentally
friendly and
energy-efficient
premises
is rapidly
increasing
and Skanska
is a leader in
developing
them. For the
past several
years, Skanska’s
newly developed
projects have
demonstrated
reductions in
energy usage.
Markets
Nordic countries
Skanska Commercial Development Nordic initiates and
develops real estate projects, mainly office, logistics and
retail buildings. Office building operations focus on the
Stockholm, Gothenburg and Malmö regions in Sweden;
the Copenhagen region in Denmark; and Helsinki,
Finland. The business unit pursues the development of
logistics and high-volume retail properties at strategic
locations in Sweden, Denmark and Finland.
Good leasing business
Demand for modern, purpose-built premises was good.
Despite a deceleration toward the end of the year, the
business unit achieved its “Outperform” targets for 2008.
The Nordic business unit signed new leases for
160,000 sq. m (1.72 million sq. ft.) of space. This large
volume was based on efforts in recent years to acquire land
in good locations and develop modern, energy-efficient
premises.
The biggest new contracts were with the Swedish Competition
Authority, the Equality Ombudsman, the state
utility Svenska Kraftnät, the Swedish Rail Administration,
the Police and the cell phone company Sony Ericsson.
Justerad There avkastning was great på investor sysselsatt interest kapital early in 2008, but fewer
till marknadsvärde och redovisat värde 1999−2008
buyers and transactions toward the end of the 1)
year. Skanska
%
sold four completed properties during 2008 – St Jörgen and
30
Väktaren in Malmö, Gångaren 18 at Lindhagensterrassen
25 in Stockholm and Chalmers Science Park in Gothenburg.
During 2008 the business unit had a total of 30 ongoing
20
projects, of which 12 have been sold. Of these ongoing projects,
19 were scheduled for completion in 2009 or later.
15
A decision to start a project in Malmö was re-considered
10
due to the uncertain economic situation.
5
Green premises
0
Interest 1999 in 2000 environmentally 2001 2002 2003 friendly 2004 and 2005 energy-efficient
2006 2007 2008
commercial premises is rapidly increasing, and Skanska
Avkastning på sysselsatt kapital, redovisat värde
is a leader in developing them. For the past several years,
• Avkastning på sysselsatt kapital, marknadsvärde
Skanska’s newly developed projects have demonstrated
1) reductions Inklusive driftnetto, in energy upparbetade usage. orealiserade Today utvecklingsvinster the European och förändringar Union’s
GreenBuilding
i marknadsvärde.
classification creates the opportunity to
receive acknowledgement of this effort. The standard for
achieving the EU’s GreenBuilding classification is 25 per-
cent less energy use and climate impact than the standard
for new properties established by the Swedish National
Board of Housing, Building and Planning.
Skanska is also applying to become an EU GreenBuilding
Partner at the corporate level, which means that at
least 75 percent of the new buildings it develops will meet
EU GreenBuilding standards.
In the Stockholm suburb of Solna, Skanska completed
Hagaporten III, where the engineering consultancy
Ångpanne föreningen (ÅF) has its new headquarters. This
was Skanska’s first commercial development project to
achieve GreenBuilding status.
During 2008 Skanska built its first commercial project
in Finland, which is leased to the shipping company Aspo
and the Helsinki tax authority. The project, which will be
ready for occupancy during 2009, is the first in the Nordic
countries to be precertified according to the U.S. standard
known as Leadership in Energy and Environmental Design
(LEED). The building as also been approved according to
the EU GreenBuilding classification. Skanska is designing
four more Swedish office building projects to meet the EU
GreenBuilding standard: Sturegatan in Sundbyberg, Gårda
in Gothenburg and Citykajen and Österport in Malmö. The
Skanska-built Havneholm Tower in Copenhagen, Denmark
will Volym also i projektutveckling
apply for EU GreenBuilding Färdigställda classification. fastigheter
av kommersiella fastigheter 1) redovisat värde,
The outlook for 2009 is cautious.
Mdr kr
1 januari Vacancy 2009 rates are
expected to rise, which may lead to lower rent levels. In the
10
investor market, interest is expected to center primarily on
purchasing 8 modern green properties in good locations with
creditworthy tenants.
6
Europe
4
Skanska Commercial Development Europe initiates and
Stockholm, 51%
develops real estate projects, with a focus on office and
2
Göteborg, 17%
logistics buildings. Its operations are concentrated in major
Öresund, 12%
cities in Poland, Hungary and the Czech Republic.
0
• Centraleuropa, 20%
The 2004 Central 2005 2006 European 2007 2008 markets were generally strong
in 2008, except for Hungary. The business unit achieved its
Sålda projekt
“Outperform” targets for the year.
Pågående projekt
• Färdigställda projekt
Poland – strongest in Central Europe
Activity
1) Avser redovisat
was
värde
intensive
i färdigställda
in both the Polish and Czech leasing
färdigställande markets. i pågående Skanska fastighetsprojekt. signed leases for 35,000 sq. m
projekt och bedömt redovisat värde vid
(377,000 sq. ft.) of commercial space.
Adjusted return on capital employed at market value and
carrying amount, 1999–2008 1
%
30
25
20
15
10
5
0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Return on capital employed, carrying amount
• Return on capital employed, market value
1 Including operating net, accrued unrealized development gains as well as changes in
market value.
Volume of
Commercial Development 1
SEK bn
10
8
6
4
2
0
2004 2005 2006 2007 2008
Projects sold
Ongoing projects
• Projects completed during
the year
1 Refers to carrying amount of completed
projects and projected book value of
ongoing real estate projects upon
completion.
Completed properties,
carrying amount,
January 1, 2009
• Stockholm, 51%
• Gothenburg, 17%
• Malmö/Copenhagen, 12%
• Central Europe, 20%
38 Commercial Development Skanska Annual Report 2008