35NoteContinuedRelation between consolidated operating cash flow statement andconsolidated cash flow statementThe difference between the consolidated operating cash flow statement and theconsolidated cash flow statement in compliance with IAS 7, “Cash Flow Statements,”is presented below.The consolidated cash flow statement that was prepared in compliance withIAS 7 recognizes cash flow divided into:Cash flow from operating activitiesCash flow from investing activitiesCash flow from financing activitiesThe consolidated operating cash flow statement recognizes cash flow divided into:Cash flow from business operationsCash flow from financial operationsCash flow from strategic investmentsDividend etc.Change in interest-bearing receivables and liabilitiesThe consolidated operating cash flow statement refers to operating activities as“business operations.” Unlike the cash flow statement in compliance with IAS 7,“business operations” also includes net investments, which are regarded as anelement of business operations together with tax payments on these. Such netinvestments are net investments in property, plant and equipment and intangiblenon-current assets as well as net investments in Infrastructure Development.Investments of a strategic nature are recognized under cash flow from strategicinvestments.Under cash flow from financing activities, the operating cash flow statementrecognizes only interest and other financial items as well as taxes paid on the same.Dividends are recognized separately. Loans provided and repayment of loans arealso recognized separately along with changes in interest-bearing receivables atthe bottom of the operating cash flow statement, resulting in a subtotal in thatstatement that shows cash flow before changes in interest-bearing receivables andliabilities.Cash flow for the year<strong>2011</strong> 2010Cash flow from business operations accordingto operating cash flow 2,602 4,630Less net investments in property, plant andequipment and intangible assets –2,381 1,594Less tax payments on property, plant and equipmentand intangible assets divested and divestmentof assets in Infrastructure Development 24 14Cash flow from operating activities 245 6,238Cash flow from strategic investments accordingto operating cash flow –1,444 –15Net investments in property, plant andequipment and intangible assets 2,381 –1,594Increase and decrease in interest-bearingreceivables 5 –2,227Taxes paid on property, plant and equipmentand intangible assets divested and assets inInfrastructure Development –24 –14Cash flow from investing activities 918 –3,850Relation between the Group’s investments in the cash flow statementand investments in the operating cash flow statementTotal net investments are recognized in the cash flow statement divided into operatingactivities and investing activities, taking into account the settlement of payments forinvestments and divestments. Purchases and divestments of current-asset propertiesare recognized under operating activities, while other net investments are recognizedunder investing activities.<strong>2011</strong> 2010Net investments in operating activities –887 3,303Net investments in investing activities 937 –1,60950 1,694Less cash flow adjustments, investments –368 160Total net investments –318 1,854The consolidated operating cash flow statement recognizes net investments dividedinto net investments in operations and strategic net investments as follows.Investments/Divestments<strong>2011</strong> 2010Operations - InvestmentsIntangible assets –70 –72Property, plant and equipment –2,206 –1,338Assets in Infrastructure Development –988 –692Shares –366 –155Current-asset properties –10,773 –8,492of which Residential Development –7,288 –5,367of which Commercial Property Development –3,485 –3,125–14,403 –10,749Operations – DivestmentsIntangible assets 1 4Property, plant and equipment 198 240Assets in Infrastructure Development 5,808 403Shares 4 16Current-asset properties 9,518 11,955of which Residential Development 5,696 5,366of which Commercial Property Development 3,822 6,58915,529 12,618Net investments in operations 1,126 1,869Strategic investmentsAcquisitions of businesses –1,444 0–1,444 0Strategic divestmentsDivestments of businesses 0 4Divestments of shares 0 –190 –15Net strategic investments –1,444 –15Total net investments –318 1,854Cash flow from financing operations accordingto operating cash flow statement, includingchanges in interest-bearing receivables andliabilities 2,663 –4,242Increase and decrease in interest-bearingliabilities –5 2,227Dividend etc 1 –5,096 –2,873Cash flow from financing activities –2,438 –4,888Cash flow for the year –1,275 –2,5001 Of which repurchases of shares –184 –252156 Notes, including accounting and valuation principles <strong>Skanska</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong>
Note36PersonnelWages, salaries, other remuneration and social insurance contributions<strong>2011</strong> 2010Wages, salaries and other remunerationBoard members, Presidents, Executive VicePresidents and other executive team members 1 497 505Of which variable remuneration 197 192Other employees 19,679 19,409Total wages, salary and other remuneration 20,176 19,914Social insurance contributions 4,789 4,578of which pension expenses 1,383 1,2991 The amount related to Board members, Presidents, Executive Vice Presidents and other executiveteam members included remuneration to former Board members, Presidents and Executive VicePresidents in all Group companies during the financial year.Of the Group’s total pension expenses, SEK 46 M (56) was related to the category“Board members, Presidents, Executive Vice Presidents and other executive teammembers.” The amount included remuneration to former Board members,Presidents and Executive Vice Presidents.Average number of employeePersonnel is calculated as the average number of employees. See “Accounting andvaluation principles,” Note 1.<strong>2011</strong> of whom men % of whom women % 2010 of whom men % of whom women %Sweden 10,500 9,132 87 1,368 13 9,982 8,550 86 1,432 14Norway 4,005 3,658 91 347 9 4,243 3,858 91 385 9Denmark 130 111 85 19 15 127 105 83 22 17Finland 3,012 2,631 87 381 13 2,779 2,449 88 330 12United Kingdom 4,311 3,564 83 747 17 4,687 3,886 83 801 17Poland 6,775 5,757 85 1,018 15 5,722 4,890 85 832 15Czech Republic 4,167 3,542 85 625 15 4,624 3,915 85 709 15Slovakia 1,297 1,123 87 174 13 970 817 84 153 16United States 6,824 5,861 86 963 14 7,415 6,473 87 942 13Argentina 4,047 3,887 96 160 4 4,187 4,061 97 126 3Brazil 3,602 3,371 94 231 6 3,730 3,491 94 239 6Chile 1,032 969 94 63 6 481 446 93 35 7Peru 1,519 1,441 95 78 5 1,488 1,416 95 72 5Other countries 1,336 1,236 93 100 7 1,210 1,124 93 86 7Total 52,557 46,283 88 6,274 12 51,645 45,481 88 6,164 12Men and women on Boards of Directors and on executive teams on closing day<strong>2011</strong> of whom men of whom women 2010 of whom men of whom womenNumber of Board members 240 87% 13% 243 86% 14%Number of Presidents and members ofexecutive teams in business units 221 86% 14% 225 89% 11%Other matters:No loans, assets pledged or contingent liabilities have been provided on behalf of any Board member or President in the Group.<strong>Skanska</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong> Notes, including accounting and valuation principles 157
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Annual Report 2011
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NordenÖvriga EuropaIntäkterByggve
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2011 in briefFirst quarterSecond qu
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In Central Europe, our new green of
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Return on capital employed 2007−2
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Partihall InterchangeLength: 1,150
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Mdr kr175175The Board of Directors
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