Annual Report 2011 - Skanska

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Nordic countriesAndel av orderstockenSwedenNorwayFinland and EstoniaSverigeNorgeFinlandThe major product segments in Skanska’s Nordic markets are new construction of office buildings,industrial facilities, 21%79% retail centers, 44%hotels, hospitals, 24%homes and infrastructure facilities such ashighways • and 0% railroads. The • 56%71%Nordic 0% markets • account 5% for a large share, 41 percent of Skanska’stotal Construction operations.• Anläggningsbyggande • Husbyggande • ServiceBreakdown of order backlogSkanska’s home marketsCompetitorsSweden• 21%• 79%• 0%Norway• 44%• 56%• 0%Finland• 24%• 71%• 5%USDGDP/capitaConstruction/capitaConstruction as% of GDPSweden 49,183 4,049 8.2Norway 84,144 9,553 11.4Finland 44,496 6,698 15.1Estonia 14,405 1,715 11.9All figures refer to 2010. Sources: Euroconstruct, IMF.NCCPEABYITVeidekkeLemminkäinenAF Gruppen• Civil construction • Building construction • ServiceNumber 1in the Nordiccountries.Major eventsOrder backlog remained higher than revenue in Swedenbut order bookings decreased compared to 2010. This wasmainly because the construction contract for the NewKarolinska Solna University Hospital project, amountingto SEK 14.5 billion, was included in 2010. In Norway, orderbookings increased, while they decreased somewhat inFinland.Construction work at New Karolinska Solna intensifiedduring 2011. The construction site establishment, probablythe largest in Sweden, consists of sheds with space for about1,500 construction workers and white collar employees. Theproject will be entirely completed in 2017.A number of major contracts were secured during theyear, the largest of them in Norway. In July, Skanska wasawarded the task of constructing a new office buildingfor Statoil in Bergen, in accordance with Skanska’s GreenWorkplace concept. The contract value is about SEK 1.5 billion.Skanska is also constructing Staoil’s office buildingin Oslo. Later in the year, Skanska received an assignmentfrom the Norwegian National Rail Administration tobuild portions of the Vestfold Line between Drammen andPorsgrunn. With a contract value of about SEK 1.6 billion,it is one of Skanska’s largest-ever single projects in Norway,along with the Statoil office building. Skanska also receiveda contract to expand Oslo Gardermoen Airport forSEK 780 M.In Sweden, Skanska launched a new green hotel projectin Gothenburg together with the Winn Hotel Group. Thisis an example of a project where Skanska takes advantageof its financial strength by contributing to the financing.Skanska is investing about SEK 400 M in the project, withthe construction contract amounting to SEK 310 M. Incentral Stockholm, Skanska received a renovation contractfor an office property, worth SEK 750 M.One of the largest construction contracts of 2011 in Finlandwas the third phase of the Kannelmäki Shopping Center inHelsinki. The contract value is about SEK 500 M. In October,Skanska signed an agreement to acquire the Finnish constructioncompany Soraset Yhtiöt Oy, with 270 employees andannual sales of about SEK 900 M, mainly in civil constructionand infrastructure projects. The acquisition will complementand strengthen Skanska’s operations in these fields.Kenneth Nilsson was appointed the new President of theSkanska Finland business unit and assumed his post onNovember 1.Market overviewNordic building construction markets showed a goodoverall trend during the year, with high activity and a highlevel of tenders. The civil construction market also developedfavorably, while competition for major projects frominternational market players increased.EarningsIn Skanska’s Swedish construction operations revenueremained at a stable level, with a continued very good operatingmargin, but the Group’s Norwegian and Finnish constructionoperations were adversely affected by project writedowns andprovisions. The overall earnings in these business units wereunsatisfactory. Steps have been taken in these units to resolvethe problems that have been identified.OutlookThe trend is expected to remain stable in Nordic markets,with a strong order book and stable markets. A deepereconomic slump may possibly also lead to governmentstimulus measures. A weaker economic situation willalso lead to reduced cost pressure related to materials andsubcontractors.32 Construction Skanska Annual Report 2011
41%Nordic markets accounted for41 percent of Construction revenue.”Skanska’s two largest-ever contractsin Norway were secured during 2011.Together they total more thanSEK 3 billion.Construction, Nordic countriesRevenue Operating income Operating margin, % Order bookings Book-to-build, % Order backlogSEK M 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010Sweden 27,014 23,232 1,287 1,225 4,8 5,3 24,493 39,459 91 170 29,468 31,935Norway 12,521 11,228 –333 182 neg 1,6 17,786 12,893 142 115 15,414 10,132Finland 1 8,166 6,892 –349 –79 neg neg 8,427 8,685 103 126 6,614 5,903Total 47,701 41,352 605 1,328 1,3 3,2 50,706 61,037 106 148 51,496 49,9701 Including Estoina.Largest construction companies in the Nordic countries, revenue as of June 30, 2011 1Company Country SEK bn EUR bnSkanska Sweden 119.2 13.2NCC Sweden 56.8 6.2PEAB Sweden 40.9 4.5YIT Finland 38.8 4.3Veidekke Norway 18.6 2.0Lemminkäinen Finland 17.8 2.0MT Höjgaard Denmark 10.7 1.21 Rolling 12 months.Sources: Half-year reports for 2010–2011 for each respective company.Interchange in Norra Länken (the Northern Link), Stockholm, Sweden’slargest traffic artery.The biggest constructioncrane inthe Nordic countrieswas at the site ofthe new Statoiloffice building inOslo, Norway.Artistic lightingdecorations inthe Martintorniresidential project,Vantaa, Finland.Skanska Annual Report 2011 Construction 33
Page 1 and 2: Annual Report 2011
Page 4 and 5: NordenÖvriga EuropaIntäkterByggve
Page 6: 2011 in briefFirst quarterSecond qu
Page 9 and 10: In Central Europe, our new green of
Page 11 and 12: ”The business plan for 2011-2015
Page 13 and 14: Return on capital employed 2007−2
Page 15 and 16: 20,000students participated.Safe ro
Page 17 and 18: per day to the blogenabled the gene
Page 19 and 20: ”The divestment of the Group’s
Page 21 and 22: Skanska uses a Groupwide procedure
Page 23 and 24: New Karolinska Solna (NKS) , a univ
Page 25 and 26: A day on the job with John Crecco,
Page 27: A day on the job with Cecilia Fasth
Page 30 and 31: 20 00010 00001999 2000 2001 2002 20
Page 32 and 33: Above left: United Nations Headquar
Page 34 and 35: Andel av orderstockenIncreased orde
Page 38 and 39: Partihall InterchangeLength: 1,150
Page 40 and 41: Other European countriesAndel av or
Page 42 and 43: Heron TowerAddress: 110 Bishopsgate
Page 44 and 45: The AmericasAndel av orderstockenUS
Page 46 and 47: 1960 - 20111960: Karl Koch Erecting
Page 48 and 49: Above left: Adjutantti, Helsinki, F
Page 50 and 51: New Planläggning markets in Poland
Page 52 and 53: Nordic countriesSwedenNorwayFinland
Page 54 and 55: Other European countriesPolandCzech
Page 56 and 57: Above left: Deloitte House, Warsaw,
Page 58 and 59: 4. Byggande5. Förvaltning3. Uthyrn
Page 60 and 61: Norden Europa AmerikaFördelningout
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Page 68 and 69: Above left: London Hospital, London
Page 70 and 71: 4. Constructionmanagement3. Leasing
Page 72 and 73: Bedömt bruttonuvärdeGeografiKateg
Page 74 and 75: A1 Expressway, PolandRoute: Gdańsk
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Page 78 and 79: Skanska’s Journey to Deep Green a
Page 80 and 81: Initiatives in the carbon fieldThan
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Mdr kr175175The Board of Directors
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Operating incomeSEK M 2011 2010Oper
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Investments/DivestmentsSEK M 2011 2
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Certain counterparties − for exam
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The members and deputy members of t
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Aside from day-to-day operations of
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local management teams and were app
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Consolidated income statementSEK M
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Consolidated statement of financial
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Consolidated statement of changes i
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Consolidated cash flow statementCon
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Parent Company balance sheetSEK M N
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Parent Company cash flow statementS
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Note01Consolidated accounting and v
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Note01Continuedcontract premium is
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Note01Continuedintended manner. Exa
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Note01ContinuedIf the terms of a de
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of transfers of resources to a comp
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Note04Continued2011 ConstructionRes
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Note04ContinuedExternal revenue by
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Note06ContinuedSEK M Maturity Curre
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06NoteContinuedThe role of financia
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Note06ContinuedReconciliation with
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06NoteContinuedCollateralThe Group
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Note08RevenueNoteProjects in Skansk
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Note13Impairment losses/Reversals o
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Note16ContinuedTax assets and tax l
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Note18GoodwillGoodwill is recognize
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Note20Investments in joint ventures
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Note20ContinuedInformation on the G
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Note22Current-asset properties/Proj
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Note26Equity/earnings per shareIn t
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Note27Financial liabilitiesNoteFina
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NotePension obligations2011 2010Jan
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Note31Specification of interest-bea
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Note33Assets pledged, contingent li
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34NoteContinuedConsolidated stateme
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35NoteContinuedRelation between con
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Note37Remuneration to senior execut
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37NoteContinuedRemuneration and ben
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NoteThe dilution effect through 201
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Note42Consolidatedquarterly results
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Note43Five-yearGroup financial summ
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Financial ratios etc. 4, 5 Dec 31,
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Parent Company notes45NoteFinancial
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Note51Financial non-current assets,
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Note58Liabilities, Parent CompanyLi
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Note63Related party disclosures, Pa
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Auditors’ ReportTo the Annual Sha
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180 Notes, including accounting and
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Senior Executive TeamJohan Karlstr
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Board of DirectorsSverker Martin-L
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Major events during 2011This page s
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Below are the investments, divestme
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Definitions and explanationsAverage
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Annual Shareholders’ MeetingInves
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1887 Aktiebolaget Skånska Cementgj
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Skanska ABwww.skanska.comRåsundav
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