Annual Report 2011 - Skanska

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Other European countriesAndel av orderstockenPolandCzech Republic and SlovakiaUnited KingdomPolenTjeckienStorbritannienSkanska is among the largest construction companies in the Czech Republic and Poland. It is also oneof the leading 55% construction companies in the United Kingdom. In all three markets, its operationsinclude building 45%and civil construction. 60%In the 24%• U.K., Skanska’s operations also include construction0% • 40%54%0% • 22%and maintenance of distribution networks for electricity, gas and water as well as other types ofconstruction • Anläggningsbyggande services. • Husbyggande • ServiceBreakdown of order backlogPolandCzech Republic55%24%• 45%60%40% • 54%0% • 0%• Civil construction • Building construction • ServiceUnited Kingdom• 22%Skanska’s home marketsUSDGDP/capitaConstruction/capitaConstruction as% of GDPPoland 12,323 1,492 12.1Czech Republic 18,277 2,497 13.7Slovakia 16,104 1,315 8.2United Kingdom 36,164 3,515 9.7All figures refer to 2010. Sources: Euroconstruct, IMF.CompetitorsBudimexHochtiefStrabagMetrostavBalfour BeattyCarillion9.1%operating margin wasSkanska Poland’sMajor events during 2011Order bookings in Poland increased, while they decreasedin the Czech Republic and in the U.K. One sizeable orderduring the year was a contract to expand the subway systemin Prague, Czech Republic, which will add four newstations. Skanska’s contract is for the technical part of theextension project and is worth about SEK 1.3 billion.In Poland, Skanska received the construction contractfor the second phase of the Sucharski Route outsideGdańsk. The contract is worth about SEK 410 M and isone of the city’s road projects in conjunction with the 2012European Football Championship. The European Unionis co-financing the project. Skanska’s big Polish highwayproject, the A1 – which has public-private partnershipfinancing – was opened during the year. In December,Skanska signed an agreement to acquire a Polish constructioncompany, the PUDiZ Group, which specializesin road construction and has 450 employees and annualsales of about SEK 350 M. The acquisition will enableSkanska to continue its geographic expansion in Poland.Skanska UK received an assignment to be responsiblefor construction of the Crossrail Paddington Station, thefirst station to be built as part of the Crossrail project,which will connect east and west London. The project isa joint venture with the British construction companyCostain, and Skanska’s share of the order amount is aboutSEK 770 M. Other major U.K. contracts were a streetlighting project in Croyden and Lewisham worth aboutSEK 760 M, construction of a prison in Scotland for aboutSEK 590 M and a green commercial construction projectin London worth about SEK 520 M. Skanska was alsoawarded contracts for construction of a school in Londonand an office building refurbishment project in Liverpool.In the two latter cases, the contract amount is aboutSEK 310 M each.Market overviewIn the U.K. and the Czech Republic, the market remainedweak and order bookings declined. Public sector costcuttingprograms continued to affect these markets,although in the U.K. they were partly offset by increasedprivate construction investments. In Poland, order bookingsincreased somewhat. EU infrastructure funds areimportant sources of financing for Polish and Czechinvestments in such projects.EarningsPoland and the U.K. continued to deliver good earnings,with a near-doubling of earnings in Poland, mainly dueto a successful highway project. In the U.K., the outcomewas similar to the previous year despite a very difficultmarket in 2011. In the Czech Republic, revenue fell andprofitability worsened due to the weak market.OutlookThe Czech and U.K. markets are expected to be weakin 2012 as well. In the U.K., public sector cost-cuttingprograms will continue to affect the market, while thegrowth rate in Poland is expected to be stable, though at asomewhat lower level than in 2011.36 Construction Skanska Annual Report 2011
26%Other European markets accounted for26 percent of Construction revenue.”The A1 expressway wasopened in Poland. Theproject was deliveredahead of schedule andwith good profitability.Construction, other European countriesRevenue Operating income Operating margin, % Order bookings Book-to-build, % Order backlogSEK M 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010Poland 10,350 9,022 937 593 9.1 6.6 9,135 6,854 88 76 6,913 8,962Czech Republic 1 6,666 8,620 54 397 0.8 4.6 5,988 6,786 90 79 7,497 8,399United Kingdom 12,714 14,212 421 425 3.3 3.0 9,138 14,950 72 105 20,141 23,512Total 29,730 31,854 1,412 1,415 4.7 4.4 24,261 28,590 82 90 34,551 40,8731 Including Slovakia.Construction of the D1 highway north of Bratislava, Slovakia.Aquapark, which includesswimming pools, Wągrowiec,Poland.Construction of the Weymouth ReliefRoad on the south coast of the U.K.,where the Olympic sailing events will takeplace in 2012.Skanska Annual Report 2011 Construction 37
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 36 and 37: Nordic countriesAndel av orderstock
Page 38 and 39: Partihall InterchangeLength: 1,150
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
Page 62 and 63: LustgårdenKvarteret Lustgården, L
Page 64 and 65: EuropaAmerikaFördelningFördelning
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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
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Page 84 and 85: 200100Skanska takes the lead0200420
Page 86 and 87: Mdr kr175175The Board of Directors
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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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