Skanska Annual Report 2003

Ownership changesAt the close of 2003, the number of shareholderstotaled 80,468 (82,066). The proportionof market capitalization owned bySwedish shareholders declined during theyear from 83.6 percent to 83.0 percent, andtheir share of voting power from 90.6 percentto 89.6 percent. Of foreign shareholders,U.S. residents made up the largest group,with about 31 million shares representingsome 7 percent of market capitalization.Of Swedish shareholders, institutionalowners accounted for 71 percent, while 29percent was owned directly by individuals.As the adjacent table indicates, AB Industrivärdenis the Company’s largest owner, with27.2 percent of voting power.The “free float” in Skanska’s shares isregarded as making up about 374 millionshares, equivalent to 89 percent of thenumber of shares outstanding.Buy-backs of Skanska’s own sharesThe 2002 Annual Meeting authorized theBoard of Directors to buy back Skanska’sown shares up to a maximum of 10 percentof shares outstanding before the next AnnualMeeting on May 6, 2003. During 2003, nobuy-backs of shares occurred.Dividend policyDuring 2003, the Board of Directors ofSkanska AB established a new dividendpolicy.The regular dividend shall reflect the partof sustainable net profit that is not neededto develop the Group’s core business. Theambition is that the dividend shall growsteadily over time.Based on the foreseeable capital requirementsof the Group, any excess capital shallbe distributed in an efficient way to theshareholders.DividendThe Board of Directors proposes a dividendof SEK 3.00 (2.00) per share for 2003, for atotal payout of SEK 1,256 M (837).Total returnThe total return on a share is calculated asthe change in share price, together with thevalue of dividends. During 2003, the totalreturn on a Skanska share amounted to 28percent. Stockholmsbörsen’s SIX ReturnIndex rose by 34 percent during the year.During the five year period January 1,1999 to December 31, 2003, the total returnon a Skanska share was 40 percent. Duringthe same period, the SIX Return Index roseby 11 percent.Major listed construction companiesPercentage change, total return and market capitalization, 2003MarketTotal capitalia-Percentage Total return zation,percent change return 5 years SEK bnAMEC (United Kingdom) 80 87 67 10.9Dragados (Spain) 5 6 65 1 27.9ACS (Spain) 23 25 8 41.9Ferrovial (Spain) 15 18 27 2 35.6Fluor Corp. (USA) 42 44 -3 19.6Hochtief (Germany) 80 84 -15 14.7NCC (Sweden) 9 14 22 6.0Skanska (Sweden) 25 28 38 26.6Vinci (France) 21 25 81 49.71 Until December 12, 2003 2 From May 5, 1999SEK1201101009080Skanska share price movement January 1, 1999 –February 19, 2004SEK12011010090Effective return on Skanska shares compared to theSIX Return Index January 1, 1999–February 19, 20047060,00080607045,000506030,0004015,00050301999 2000 2001 2002 2003 2004Skanska BAfv General IndexAfv Construction IndexMonthly trading volume, thousands(incl. after-hours trading), right-hand scale(c)SIX401999 2000 2001 2002 2003 2004(c) SIXSkanska BSIX Return IndexSkanska Annual Report 2003– Share data 25