Annual Report 2008 - Skanska

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Parent Company statement of changes in equity Parent Company cash flow statement SEK M Share capital Restricted reserves Unrestricted equity Total equity SEK M 2008 2007 Equity, January 1, 2007 1,269 598 6,513 8,380 Dividend –3,453 –3,453 Profit for 2007 3,121 3,121 Equity, December 31, 2007/ Equity January 1, 2008 1,269 598 6,181 8,048 Repurchase of 2,795,000 Series B shares –271 –271 Dividend –3,448 –3,448 Share-based payment 9 9 Profit for 2008 3,027 3,027 Equity, December 31, 2008 1,269 598 5,498 7,365 See also Note 55. Operating activities Operating income –299 –419 Adjustments for items not included in cash flow 1 2 Income tax paid –134 –75 Cash flow from operating activities before change in working capital –432 –492 Cash flow from change in working capital Change in inventories and operating receivables 45 –39 Change in operating liabilities 135 40 Cash flow from change in working capital 180 1 Cash flow from operating activities –252 –491 Investing activities Acquisitions of non-current assets –14 Increase in interest-bearing receivables, loans provided –5 Divestments of intangible assets 7 Divestments of financial non-current assets 13 Decrease in interest-bearing receivables, loans provided 16 Cash flow from investing activities 29 –12 Financing activities Net interest items –175 –89 Dividends received 3,585 3,679 Borrowings 575 360 Repayment of debt –92 –19 Dividend paid –3,448 –3,453 Repurchases of shares –271 Income tax paid 49 25 Cash flow from financing activities 223 503 Cash flow for the year 0 0 Cash and cash equivalents, January 1 0 0 Cash equivalents, December 31 0 0 See also Note 61. 74 Report of the Directors Skanska Annual Report 2008
Notes including accounting and valuation principles Amounts in million Swedish crowns unless otherwise specified. Income is reported in positive figures and expenses in negative figures. Both assets and liabilities are reported in positive figures. Interest-bearing net receivables/liabilities are reported in positive figures if they are receivables and negative figures if they are liabilities. Accumulated depreciation/amortization and accumulated impairment losses are reported in negative figures. Table of contents, notes Group Page Note 01 Accounting and valuation principles 76 Note 02 Key estimates and judgments 84 Note 03 Effects of changes in accounting principles 84 Note 04 Segment reporting 85 Note 05 Non-current assets held for sale and discontinued operations 88 Note 06 Financial instruments 89 Note 07 Business combinations 97 Note 08 Revenue 98 Note 09 Construction contracts 98 Note 10 Operating income 99 Note 11 Selling and administrative expenses 100 Note 12 Depreciation/amortization 100 Note 13 Impairment losses/reversals of impairment losses 101 Note 14 Net financial items 102 Note 15 Borrowing costs 102 Note 16 Income taxes 102 Note 17 Property, plant and equipment 104 Note 18 Goodwill 106 Note 19 Intangible assets 107 Note 20 Investments in joint ventures and associated companies 108 Note 21 Financial assets 110 Note 22 Current-asset properties/Project development 111 Note 23 Inventories etc. 113 Note 24 Trade and other receivables 113 Note 25 Cash equivalents 113 Note 26 Equity/earnings per share 113 Note 27 Financial liabilities 116 Note 28 Pensions 116 Note 29 Provisions 119 Note 30 Trade and other payables 119 Note 31 Specification of interest-bearing receivables per asset and liability 120 Note 32 Expected recovery periods of assets and liabilities 121 Note 33 Assets pledged, contingent liabilities and contingent assets 122 Note 34 Effect of changes in foreign exchange rates 123 Note 35 Cash flow statement 126 Note 36 Personnel 128 Note 37 Remuneration to senior executives and Board members 129 Note 38 Fees and other remuneration to auditors 132 Note 39 Related party disclosures 132 Note 40 Leases 132 Note 41 Events after the balance sheet date 133 Note 42 Consolidated quarterly results 134 Note 43 Five-year Group financial summary 135 Note 44 Definitions 138 Parent Company Note 01 Accounting and valuation principles 83 Note 45 Financial instruments 139 Note 46 Net sales 139 Note 47 Financial items 139 Note 48 Income taxes 140 Note 49 Intangible assets 140 Note 50 Property, plant and equipment 140 Note 51 Financial non-current assets 141 Note 52 Holdings in Group companies 141 Note 53 Holdings in joint ventures 142 Note 54 Prepaid expenses and accrued income 142 Note 55 Equity 142 Note 56 Provisions 142 Note 57 Provisions for pensions 142 Note 58 Liabilities 143 Note 59 Expected recovery period of assets, provisions and liabilities 143 Note 60 Assets pledged and contingent liabilities 144 Note 61 Cash flow statement 144 Note 62 Personnel 144 Note 63 Related party disclosures 145 Note 64 Page Disclosures in compliance with the Annual Accounts Act, Chapter 6, Section 2 a 145 Note 65 Supplementary information 145 Skanska Annual Report 2008 Notes, including accounting and valuation principles 75
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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
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 and 58: What a supplier says: ”As part of
Page 59 and 60: Report of the Directors Skanska Ann
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: Parent Company balance sheet SEK M
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
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
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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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Annual Report 2008 - Skanska

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