Annual Report 2008 - Skanska

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Sustainable development Value-added to society Mervärde Income tax, 1% Dividends, 2% Employees, 17% • Suppliers, 70% Retained earnings, 10% Economic Agenda till samhället Project selection Prior to submitting a quotation or tender, all projects are screened to assess their environmental, social and economic suitability as part of the Skanska Risk Management System. Proprietary assessment tools have been developed, including the Skanska Tender Approval Process (STAP) Inkomstskatt, and Skanska’s 1% Operational Risk Assessment (ORA). Throughout Utdelning, 2% the organization, standards are constantly being Balanserade raised vinstmedel, to ensure that 10% sustainable building practices Anställda, are promoted. 17% One example is the Environment Policy’s • commitment Leverantörer, 70% to eliminate waste to landfill, with a target of less than 10 percent to landfill by the end of the current business plan in 2010 as the first milestone. Supply chain Skanska has about 58,000 employees and as many as 250,000 subcontractors. The Company manages 100,000 suppliers and delivers some 12,000 projects in a year. With numbers this large, maintaining and developing sustainability is challenging but can also provide big rewards. Suppliers play a key part in all aspects of delivering Skanska’s Sustainability Agenda. Given the correct training, education and encouragement, they enable the business to deliver real improvements in materials selection and use, recycling and waste minimization. During 2008, Skanska continued to develop its coordinated purchasing and product selection. Currently, around 10 percent of the total expenditure on supplies is managed in this way, with the amount continuing to rise to as much as 50 percent by the end of 2010. Not only will this improve purchasing power, it will also provide much higher visibility and control of sustainability risks, such as unacceptable impacts on ecosystems, flora and fauna from illegal logging and inappropriate quarrying of stone. During 2008, purchasing staff members were trained and sustainability criteria were built into purchasing systems to assist in the correct selection of suppliers and materials. Products as varied as plastic pipes, elevators, bitumen and hand-held power tools have been assessed in this way. Proof of performance The Empire State Building in New York is an icon for early 20th century enterprise. In November 2008, Skanska took occupancy of the entire 32nd floor. As part of the refurbishment, best in class sustainable building practices were employed, resulting in the project being awarded the LEED-CI Platinum standard. To receive such an endorsement — considered an achievement even in new construction — for work completed on a building that is nearly 80 years old is proof of Skanska’s commitment and ability. Adding value to society A large proportion of the Company’s revenue finds its way into society via the supply chain, with suppliers representing 70 percent of annual expenditure for Skanska. The impact, positive or negative, of the Company’s operations is therefore felt primarily through the supply chain. The most effective way to enable social improvements such as workers’ rights, increased diversity and zero tolerance to bribery or child labor, is via suppliers. As well as providing a platform for economic and social change, Skanska’s operations result in the payment of direct and indirect taxes. In 2008, 87 percent of revenue was paid either to employees as salaries or to subcontractors and suppliers for the fulfillment of contracts. A significant proportion of this will have benefited society via further taxation at local and national level. Through careful application of policies and practices that have been developed to ensure sustainability, Skanska is able to share the benefits of its business success with a wider society – environmentally, socially and economically. For more information: www.skanska.com/en/About-Skanska/Sustainability/ 56 Sustainable development Skanska Annual Report 2008
Report of the Directors Skanska Annual Report 2008 Report of the Directors 57
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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
Page 7 and 8: In the “Group overview” section
Page 9 and 10: Infrastructure Development Skanska
Page 11 and 12: New initiatives in 2008 Skanska too
Page 13 and 14: Risk management procedures Risk man
Page 15 and 16: Green construction is booming Green
Page 17 and 18: To facilitate recruitment work, a G
Page 19 and 20: • SIX Bygg- & Anläggningsrelater
Page 21 and 22: 20 23 26 New railroad hub in Prague
Page 23 and 24: Project opportunities are also crea
Page 25 and 26: Water is one of the basic necessiti
Page 27 and 28: The United States The American cons
Page 29 and 30: Skanska Annual Report 2008 Construc
Page 31 and 32: 30 32 33 A sedate, small-scale neig
Page 33 and 34: Product platforms In residential co
Page 35 and 36: Ullstorps Gårdar attracting famili
Page 37 and 38: 36 39 40 First LEED building in the
Page 39 and 40: property investors. Land value also
Page 41 and 42: In Poland, vacancies fell to 2 perc
Page 43 and 44: Skanska Annual Report 2008 Commerci
Page 45 and 46: 46 47 49 Stimulating school environ
Page 47 and 48: The availability model In the avail
Page 49 and 50: Public-private partnership projects
Page 51 and 52: A much-anticipated highway opened T
Page 53 and 54: 52 53 56 Safety training and awaren
Page 55 and 56: Posters promoting training and awar
Page 57: What a supplier says: ”As part of
Page 61 and 62: American (North and Latin America),
Page 63 and 64: Commercial Development had 18 proje
Page 65 and 66: Return on equity and return on capi
Page 67 and 68: Skanska’s first Global Trainee Pr
Page 69 and 70: Consolidated income statement SEK M
Page 71 and 72: Consolidated balance sheet SEK M No
Page 73 and 74: Consolidated cash flow statement SE
Page 75 and 76: Parent Company balance sheet SEK M
Page 77 and 78: Notes including accounting and valu
Page 79 and 80: only when cashed. Cash and cash equ
Page 81 and 82: operating expenses. If the amount h
Page 83 and 84: A provision is made for disputes re
Page 85 and 86: IFRS 7, “Financial Instruments: D
Page 87 and 88: Note 04 Segment reporting The divis
Page 89 and 90: 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
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Note 18 Continued Goodwill impairme
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Note 20 Continued Specification of
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Note 22 Current-asset properties/Pr
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Note 23 Inventories etc. Note Equit
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Note 26 Continued Equity attributab
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Note 28 Continued The ITP 1 occupat
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Note Provisions are reported in com
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Note 32 Expected recovery periods o
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Note 34 Effect of changes in foreig
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Note 34 Continued Consolidated bala
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Not 35 Continued Relation between c
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37 Note Remuneration to senior exec
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Note 37 Continued tion based on the
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Note 40 Continued B. Skanska as les
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Note 43 Five-year Group financial s
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Note 43 Continued Financial ratios
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Parent Company notes Note 45 Financ
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Note 51 Financial non-current asset
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Note 58 Liabilities, Parent Company
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Note 63 Related party disclosures,
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Auditors’ Report To the Annual Sh
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Corporate governance report of Skan
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For more detailed information about
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mation on the President and CEO and
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Senior Executive Team Johan Karlstr
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Sir Adrian Montague United Kingdom,
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For about SEK 1.8 billion, Skanska
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146.9 M, about SEK 900 M, which wil
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More information about Skanska Worl
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Annual Shareholders’ Meeting Cale
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