Annual Report 2011 - Skanska

Note04Continued2011 ConstructionResidentialDevelopmentCommercialPropertyDevelopmentInfrastructureDevelopmentTotaloperatingsegmentsCentral andeliminationsTotalsegmentsReconciliationwith IFRSsTotal IFRSsExternal revenue 108,137 8,550 5,556 277 122,520 14 122,534 –3,800 118,734Intra-Group revenue 6,835 0 77 9 6,921 –6,921 0 0 0Total revenue 114,972 8,550 5,633 286 129,441 –6,907 122,534 –3,800 118,734Cost of sales –105,650 –7,520 –4,030 –343 –117,543 7,005 –110,538 3,128 –107,410Gross income 9,322 1,030 1,603 –57 11,898 98 11,996 –672 11,324Selling and administrative expenses –5,884 –680 –412 –132 –7,108 –745 –7,853 0 –7,853Income from joint ventures andassociated companies 29 –5 5 4,915 4,944 4,944 –2 4,942Operating income 3,467 345 1,196 4,726 9,734 –647 9,087 –674 8,413Of which depreciation/amortization –1,371 –4 –1 –6 –1,382 –11 –1,393Of which impairment losses/reversalsof impairment lossesGoodwill –33 –33 –33Other assets –14 –80 –47 –141 –1 –142Of which gains from commercialproperty divestments 1,266 1,266 136 1,402Of which gains from infrastructureproject divestments 4,600 4,600 4,600Of which operating net fromcompleted properties 284 284 284Employees 51,119 586 235 146 52,086 471 52,557Gross margin, % 8.1 12.0Selling and administrative costs, % –5.1 –8.0Operating margin, % 3.0 4.0Assets, of whichProperty, plant and equipment 6,907 44 8 14 6,973 45 7,018Intangible assets 4,692 464 0 5,156 14 5,170Investments in joint venturesand associated companies 203 678 9 1,640 2,530 –4 2,526Current-asset properties 26 12,399 11,286 23,711 –300 23,411Capital employed 476 12,737 11,029 1,408 25,650 4,514 30,164Investments –3,689 –7,688 –3,493 –988 –15,858 11 –15,847Divestments 333 5,699 3,731 5,808 15,571 –42 15,529Net investments –3,356 –1,989 238 4,820 –287 –31 –318Reconciliation from segmentreporting to IFRSsRevenue according to segmentreporting – binding agreement 114,972 8,550 5,633 286 129,441 –6,907 122,534Plus properties sold before the period 5,018 93 5,111 5,111Less properties not yet occupied bythe buyer on closing day –6,813 –1,387 –8,200 –8,200Proportional method for joint ventures –947 –947 281 –666Currency rate differences –45 0 –45 –45Revenue according to IFRIC 15 –handover 114,972 5,763 4,339 286 125,360 –6,626 118,734Operating income according to segmentreporting - binding agreement 3,467 345 1,196 4,726 9,734 –647 9,087Plus properties sold before the period 686 20 706 706Less properties not yet occupied bythe buyer on closing day –890 –286 –1,176 –1,176Adjustment, income from joint venturesand associated companies –161 0 –161 –161New intra-Group profits –35 –35Currency rate differences –7 0 –7 –1 –8Operating income according toIFRIC 15 – handover3,467 –27 930 4,726 9,096 –683 8,413118 Notes, including accounting and valuation principles Skanska Annual Report 2011