Annual Report 2011 - Skanska

EuropaAmerikaFördelningFördelningoutnyttjade byggrätterOther European countriesoutnyttjade byggrätterNorden Europa AmerikaFördelning uthyrbaryta pågående projektPolandCzech RepublicFördelning uthyrbarHungary yta pågående projektRomaniauthyrbaryta pågående projektFördelningIn other European countries, Skanska initiates and develops commercial property projectsPolen, 48%concentrated in major cities in Washington D.C., 41%Poland, the Czech Republic and Hungary, focusing mainlyTjeckien, 37%Houston, 46%Sverige, 82%Polen, 75%• on Ungern, office 15% properties. During • 2011, Boston, operations 13%Norge, 0%were started in Bucharest, Tjeckien, 12%Finland, 13%•Romania.Ungern, 13%• Danmark, 5%• Poland, 48%Return on capital Washington employed, D.C., % 2 41%Sweden, 82% 8.0 7.1Poland, 75%Czech Republic, 37%1 Additional gain included Houston, in eliminations 46% was Norway, 0% — 26Czech Republic, 12%2 Including unrealized development gains and changes in market• Hungary, 15%value. • Boston, 13%Finland, 13%• Hungary, 13%•• Denmark, 5%Distribution unutilizedDistribution unutilized Distribution of leasableDistribution of leasablebuilding rightsCommercial building Property rights Development in other area, European ongoing countries projectsarea, ongoing projects CompetitorsSEK M 2011 2010GhelamcoRevenue 36 948Echo InvestmentOperating income –76 118GTCof which gain on property divestments 1 15 177Capital employed, SEK bn 2.6 1.7Washington D.C., 35%Houston, 52%Boston, 13%Distribution of leasablearea, ongoing projectsWashington D.C., 35%Houston, 52%Boston, 13%Major eventsDuring 2011 Skanska started up commercial propertydevelopment in Romania, with a focus on establishingoperations mainly in Bucharest.In Wrocław, Poland, Skanska made additional investmentsduring the autumn. The Company expects toinvest a total of SEK 432 M in the two phases of theGreen Towers office property. Both properties have astrong green profile.Skanska expects to invest more than SEK 260 M inthe Green Horizon office project in Łodź, Poland. Thisis the Company’s first project in Łodź and initiallycomprises 19,000 sq. m (204,000 sq. ft.), which may beexpanded to 33,000 sq. m (355,000 sq. ft.) in subsequentphases.MarketCentral European markets have continued to performwell, although uncertainty is somewhat greater than inthe Nordic countries, and willingness to move is less.Poland is still the strongest market in Central Europe.EarningsSkanska’s portfolios in all markets are being built upafter good divestments in past years. No divestmentswere made in 2011.OutlookIn major urban regions, there are good conditions forthe development of new office projects. Skanska’s strongfinancial position makes further investments possiblewithout the need for external financing. The ongoingportfolio build-up represents a large potential for developmentgains during 2012–2013. The demand for greenprojects is expected to persist.Green milestone in PragueCity Green CourtLocation: Prague 4, Pankrácbusiness district, Czech RepublicArea: 16,000 sq. m (172,000 sq. ft.)Tenants: PriceWaterhouseCoopers75 procentGlaxo Smith Kline 25 procentConstruction period: 2010–2012LEED Platinum pre-certifiedInvestment: SEK 340 MDeveloper: SkanskaBuilt by: SkanskaGreen dataEnergy consumption: Reduced by33 per cent compared to localstandardEmissions: Carbon footprint will becalculated regularlyWater consumption: Down 46 percentfrom usage calculated at timeof acquisitionWaste: 90 percent recycledWith its new City Green Court project in Prague, Skanska is takingthe lead when it comes to green office space in the Czech Republic.The project is receiving the highest environmental certification,LEED Platinum, and will be the first to report its carbon footprintduring construction.City Green Court will become the Czech headquarters for theinternational consulting company PriceWaterhouseCoopers (PwC),which has signed a lease for 12,000 of the building’s 16,000 squaremeters. The pharmaceutical company Glaxo Smith Kline (GSK) willoccupy the remaining space.Skanska’s investment totals SEK 340 M. Construction is in its finalstages, and occupancy will take place during 2012.“City Green Court’s LEED Platinum pre-certification demonstratestremendous green building leadership,” says Rick Fedrizzi,President, CEO and Founding Chairman of the U.S. Green BuildingCouncil.The building’s green qualities were also a decisive factor for PwC.“LEED Platinum certification is one of many reasons why we are proudof our new premises,” says Glen Lonie, Partner, PwC, Czech Republic.The building right was acquired as a consequence of the 2008financial crisis, and the project is being executed by Skanska’s Czechcommercial project development and construction units.60 Commercial Property Development Skanska Annual Report 2011