Annual Report 2011 - Skanska

Notes including accounting and valuation principlesAmounts in millions of Swedish kronor (SEK M) unless otherwise specified. Income is reported in positivefigures 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 negativefigures if they are liabilities. Accumulated depreciation/amortization and accumulated impairment losses arereported in negative figures.Table of contents, notesGroupPageNote 01 Accounting and valuation principles 108Note 02 Key estimates and judgments 117Note 03 Effects of changes in accounting principles 117Note 04 Operating segments 117Note 05 Non-current assets held for sale and discontinued operations 120Note 06 Financial instruments and financial risk management 121Note 07 Business combinations 128Note 08 Revenue 130Note 09 Construction contracts 130Note 10 Operating expenses by category of expense 130Note 11 Selling and administrative expenses 131Note 12 Depreciation/amortization 131Note 13 Impairment losses/Reversals of impairment losses 132Note 14 Net financial items 133Note 15 Borrowing costs 133Note 16 Income taxes 133Note 17 Property, plant and equipment 135Note 18 Goodwill 136Note 19 Intangible assets 137Note 20 Investments in joint ventures and associated companies 138Note 21 Financial assets 141Note 22 Current-asset properties/Project development 142Note 23 Inventories etc. 143Note 24 Trade and other receivables 143Note 25 Cash 143Note 26 Equity/earnings per share 144Note 27 Financial liabilities 146Note 28 Pensions 146Note 29 Provisions 149Note 30 Trade and other payables 149Note 31 Specification of interest-bearing net receivables150per asset and liabilityNote 32 Expected recovery periods of assets and liabilities 151Note 33 Assets pledged, contingent liabilities and contingent assets 152Note 34 Effect of changes in foreign exchange rates 153Note 35 Cash flow statement 155Note 36 Personnel 157Note 37 Remuneration to senior executives and Board members 158Note 38 Fees and other remuneration to auditors 162Note 39 Related party disclosures 162Note 40 Leases 162Note 41 Events after the reporting period 163Note 42 Consolidated quarterly results 164Note 43 Five-year Group financial summary 166Note 44 Definitions 169Parent CompanyPageNote 01 Accounting and valuation principles 108Note 45 Financial instruments 170Note 46 Net sales 170Note 47 Financial items 170Note 48 Income taxes 171Note 49 Intangible assets 171Note 50 Property, plant and equipment 171Note 51 Financial non-current assets 172Note 52 Holdings in Group companies 172Note 53 Holdings in joint ventures 173Note 54 Prepaid expenses and accrued income 173Note 55 EquityNote 56 Provisions 173Note 57 Provisions for pensions and similar obligations 173Note 58 Liabilities 174Note 59 Expected recovery period of assets, provisions and174liabilitiesNote 60 Assets pledged and contingent liabilities 175Note 61 Cash flow statement 175Note 62 Personnel 175Note 63 Related party disclosures 176Note 64 Disclosures in compliance with Annual Accounts Act, 176Chapter 6, Section 2 aNote 65 Supplementary information 176Skanska Annual Report 2011 Notes, including accounting and valuation principles 107