Annual Report 2011 - Skanska

Note20ContinuedInformation on the Group’s share of the income statements and statements of financial position ofjoint ventures reported according to the equity methodThe amounts includeInfrastructure Developmentoperations totalingIncome statement 2011 2010 2011 2010Revenue 4,518 6,094 3,874 5,696Operating expenses –4,339 –5,596 –3,741 –5,218Operating income 179 498 133 478Financial items 196 –151 218 –134Income after financial items 1 375 347 351 344Taxes –53 –52 –46 –50Profit for the year 322 295 305 294Statement of financial positionNon-current assets 20,583 20,432 20,133 19,879Current assets 4,592 4,448 2,854 3,567Total assets 25,175 24,880 22,987 23,446Equity attributable to equity holders 2,265 2,812 1,411 2,317Non-controlling interests 90 8 52Non-current liabilities 21,295 20,309 20,540 19,653Current liabilities 1,525 1,751 984 1,476Total equity and liabilities 25,175 24,880 22,987 23,4461 The amount includes impairment losses in the consolidated accounts.Reconciliation with shares in joint ventures 2011 2010Skanska's portion of equity in joint ventures, adjusted forsurplus value and goodwill 2,265 2,812Recognized as "Assets held for sale" –1,108+ Recognized as provisions 4 33+ Losses in Infrastructure Development that are recognizedas provisions 229 11Carrying amount of shares 2,498 1,748Assets pledgedShares in joint ventures pledged as collateral for loans and other obligationsamounted to SEK 429 M (485).Other mattersSkanska’s portion of the total investment obligations of partly owned joint venturesamounted to SEK 3,664 M (4,918), of which Skanska has remaining obligations to investSEK 938 M (1,561) in Infrastructure Development in the form of equity holdingsand loans. The remaining portion is expected to be financed mainly in the form ofbank loans or bond loans in the respective joint ventures and in the form of participationsand loans from other co-owners.Contingent obligations for joint ventures amounted to SEK 345 M (371).Associated companiesAssociated companies are reported in compliance with IAS 28, “Investments inAssociates.”See “Accounting and valuation principles,” Note 1.The carrying amount of associated companies was SEK 28 M (27).Information on the Group’s share of revenue, income, assets, liabilitiesand equity in associated companies2011 2010Revenue 17 14Income 1 2Assets 28 27Equity 1 28 –1,058Liabilities 0 1,08528 271 Reconciliation between equity and carrying amount of holdings according to the equity methodof accounting.2011 2010Equity in associated companies 28 –1,058Adjustment for losses not recognized 0 1,085Carrying amount 28 27Unrecognized portion of losses in associated companies2011 2010Loss for the year 0 0Divestment 1,085Losses in prior years 0 –1,085The losses in 2010 occurred in partly owned limited partnerships that previously carriedout aircraft leasing. This limited partnership was divested in 2011.Other mattersThe associated companies have no liabilities or contingent liabilities which the Groupmay become responsible for paying. Nor are there any obligations for furtherinvestments.140 Notes, including accounting and valuation principles Skanska Annual Report 2011