Skanska Annual Report 2003

Note 41Consolidated quarterly results2003 2002SEK M Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1Order bookings 21,689 34,995 31,870 32,574 33,552 33,362 37,699 30,012IncomeNet sales 35,605 33,371 34,350 29,553 37,339 34,556 38,095 32,043Operating expenses –31,984 –30,754 –30,471 –26,764 –34,222 –31,588 –34,891 –29,751Gross income 3,621 2,617 3,879 2,789 3,117 2,968 3,204 2,292Selling and administrative expenses 1 –2,113 –1,660 –2,137 –1,958 –2,323 –1,962 –2,195 –1,949Income from associated companiesand joint ventures 24 28 17 10 –375 11 46 33Operating income before goodwillamortization and writedowns 1,532 985 1,759 841 419 1,017 1,055 376Goodwill amortization and writedowns –255 –97 –113 –120 –1,367 –140 –238 –141Operating income 1,277 888 1,646 721 –948 877 817 235Interest revenues 107 45 87 53 112 121 89 73Interest expenses –156 –159 –182 –188 –257 –276 –240 –253Other financial items –39 –29 46 –45 104 –52 –386 57–88 –143 –49 –180 –41 –207 –537 –123Income after financial items 1,189 745 1,597 541 –989 670 280 112Taxes –435 –223 –473 –172 –330 –346 –131 –49Minority interests 6 –3 –6 –5 –26 0 –10 –18Net profit for the period 760 519 1,118 364 –1,345 324 139 45Order backlog 116,401 129,326 132,712 137,860 135,165 142,400 139,704 149,603Capital employed 24,460 24,991 28,107 31,582 31,640 35,816 34,988 35,362Interest-bearing net debt 150 –4,112 –5,251 –9,677 –9,376 –11,849 –11,320 –9,964Debt/equity ratio 0.0 0.3 0.4 0.7 0.6 0.7 0.7 0.6Return on capital employed, % 17.1 8.8 8.3 5.4 4.2 11.0 6.1 8.6Cash flowCash flow from business operations 4,873 1,048 3,118 931 2,930 134 879 –1,977Cash flow from financing operations –1,498 –1,117 –3,315 –2,432 –2,689 214 746 102Cash flow from operations 3,375 –69 –197 –1,501 241 348 1,625 –1,875Cash flow from strategic investments –102 29 1,233 –16 –112 –368 162 –787Dividend etc. –57 52 –851 –8 –38 –13 –1,233 –22Cash flow for the period 3,216 12 185 –1,525 91 –33 554 –2,6841 Excluding goodwill amortization and writedownsBusiness streamsOrder bookingsConstruction and Services 21,535 34,756 32,029 32,242 32,990 33,044 37,159 29,696Commercial Project Development – – – – – – – –Residential Project Development – – – – – – – –BOT – – – – – – – –Central and eliminations 154 238 –158 332 562 318 539 317Total 21,689 34,994 31,871 32,574 33,552 33,362 37,698 30,013Net salesConstruction and Services 32,323 31,635 30,816 26,828 35,751 33,217 36,674 30,719Commercial Project Development 2,758 885 2,785 2,433 824 389 376 625Residential Project Development 1,865 1,367 1,469 1,633 2,157 1,883 1,815 1,478BOT 15 19 48 5 23 5 5 5Central and eliminations –1,356 –536 –770 –1,343 –1,416 –939 –774 –784Total 35,605 33,370 34,348 29,556 37,339 34,555 38,096 32,043Operating incomeConstruction and Services 486 637 442 120 –1,255 773 921 179Commercial Project Development 750 302 1,319 690 385 232 206 226Residential Project Development 135 76 0 87 212 108 14 43BOT 11 9 18 –11 –12 –10 –5 –14OtherCentral –115 –116 –83 –170 –212 –170 –145 –161Discontinued operations 9 1 –5 5 –10 –40 –174 –38Eliminations 1 –21 –45 0 –56 –16 0 0Total 1,277 888 1,646 721 –948 877 817 235Skanska Annual Report 2003 – Notes, including accounting and valuation principles 85