Review of 2012 â EUR - Skanska

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The allotment of shares earned by the employees does not take placeuntil after a three year vesting (or “lock-up”) period. To be able to earnmatching shares and performance shares, a person must be employedduring the entire vesting period and have retained the shares purchasedwithin the framework of the program. Under the initial program,SEOP 1, which ran during the period 2008–2010, allotment of matchingshares and performance shares occurred during 2012 for the sharesthat employees had invested in during 2009 and kept duringthe three-year vesting period.In 2011, Skanska also initiated a new program, SEOP 2, with2011–2013 as its investment years. The program is essentially identicalto SEOP 1.At present, 17 percent of the Group’s permanent employees areparticipating in the 2011–2013 program.The principles applied for reporting the employee ownershipprograms can be seen in Note 1, IFRS 2, “Share-based Payment.”Employee-related expenses for the employee ownership program (SEOP)EUR M SEOP 1 SEOP 2TotalprogramsEmployee-related costs for share-awardPrograms ¹Investment years 2008–2010 2011–2013Total estimated cost for the programs 69.7 59.5 129.1Expensed January 1 –54.1 –5.2 –59.3Cost for the year –12.1 –16.2 –28.3Total expensed December 31 –66.2 –21.4 –87.5Remaining to be expensed 3.5 38.1 41.6Of which expensed in:2013 3.5 19.6 23.12014 or later 0 18.5 18.5Total 3.5 38.1 41.6Share awards earned throughDecember 2012Number of shares 1,800,309 1,791,693 3,592,002Dilution through 2012 0.44% 0.43% 0.87%Maximum dilution at end of programs 0.49% 1.11% 1.60%Share awards earned at end of programsNumber of shares 6,635,880 4,606,864 11,242,744Series B shares distributed 4,595,356 0 4,595,356Total undistributed share awards 2,040,524 4,606,864 6,647,388Series B shares in own custody 8,066,894During the year, Skanska repurchased a total of 2,417,000 shares at anaverage price of EUR 12.48. The average price of all repurchased sharesis SEK 105.53 (corresponding to EUR 12.12).Proposed dividendThe Board of Directors proposes a regular dividend of SEK 6.00 (6.00)per share (corresponding to EUR 0.70 [0.69]).. The proposal is equivalentto a regular dividend totaling EUR 287.8 M (283.9). The Board proposesApril 16 as the record date for the dividend. The Board’s assessmentis that the Group’s financial situation justifies an unchangeddividend of SEK 6.00 per share (corresponding to EUR 0.70).No dividend is to be paid for the Parent Company’s holding of itsown Series B shares. The total dividend amount may change by therecord date, depending on repurchases of shares and transfers of sharesto participants in Skanska’s long-term share award plans.The Board’s reasons for its proposed dividendThe nature and scale of Skanska’s operations can be seen in the Articlesof Association and this Annual Review. The operations carried out inthe Group do not pose risks beyond those that occur or can be assumedto occur in its industry or the risks that are otherwise associated withcarrying out business operations. The Group’s dependence on the generaleconomic situation does not deviate from what otherwise occursin its industry.The equity/assets ratio of the Group amounts to 21.9 percent (23.7).The proposed dividend does not jeopardize the investments that havebeen deemed necessary. The financial position of the Group does notgive rise to any judgment except that the Group can continue its operationsand that the Group can be expected to meet its short- and longtermobligations.With reference to the above and what has otherwise come to theBoard’s attention, it is the judgment of the Board that the dividend isjustified with reference to the demands that the nature, scale and risksof its operations place on the size of the Company’s and the Group’sequity and the Group’s consolidation requirements, liquidity and positionotherwise. Future profits are expected to cover both the growth ofbusiness operations and the growth of the regular dividend.1 Excluding social-insurance contributionsRepurchases of sharesIn order to ensure delivery of shares to the participants in Skanska’sshare incentive programs, the 2012 Annual Shareholders’ Meeting ofSkanska gave the Board of Directors a mandate to repurchase Skanska’sown shares. The decision means that the Company may buy a maximumof 4,500,000 of Skanska’s own Series B shares.96 Skanska Financials Skanska Review of 2012 – EUR version
Consolidated income statementEUR M Note 2012 2011Revenue 8,9 14,859.3 13,150.3Cost of sales 9 –13,531.2 –11,896.1Gross income 1,328.1 1,254.2Selling and administrative expenses 11 –977.4 –869.8Income from joint ventures and associated companies 20 110.9 547.3Operating income 10, 12, 13, 22,461.6 931.836, 38, 40Financial income 27.0 32.1Financial expenses –53.9 –30.8Net financial items 14 –26.9 1.3Income after financial items 15 434.7 933.1Taxes 16 –106.0 –91.9Profit for the year 328.7 841.2Profit for the year attributable toEquity holders 327.7 840.5Non-controlling interests 0.9 0.7Earnings per share, EUR 26, 44 0.79 2.04Earnings per share after dilution, EUR 26, 44 0.79 2.03Skanska Review of 2012 – EUR version Skanska Financials 97
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Review of 2012EUR version
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Skanska’s strengthsPositions Empl
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2012 in briefFirst quarterSecond qu
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Comments by the President and CEOTh
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MissionSkanska’s mission isto dev
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◀◀◀◀◀Business modelProjec
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Financial targetsSkanska’s busine
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Risk managementThe continuous stren
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30,000potential projects analyzed e
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Skanska’s role in the communitySk
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-100of thousands of people get invo
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Earnings are generated by peopleCom
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22,000employees are developed each
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Share dataFor more than ten years,
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Growth in equityDividends re-invest
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ConstructionThe Värtan Interchange
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Increased revenues and strong order
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Nordic countriesSwedenNorwayFinland
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StatoilBuilt by: Skanska NorwayCust
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Other European countriesPolandCzech
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Cross London Rail Links - Cross Rai
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The AmericasUSA BuildingUSA CivilLa
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High pace forhigher education
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Residential DevelopmentContinued gr
Page 50 and 51: Enhancing efficiency in the Nordic
Page 52 and 53: Nordic countriesSwedenNorwayFinland
Page 54 and 55: Other European countriesPolandCzech
Page 56 and 57: Commercial Property DevelopmentFull
Page 58 and 59: Profitable property divestments yea
Page 60 and 61: Nordic countriesSwedenNorwayFinland
Page 62 and 63: Other European countriesPolandCzech
Page 64 and 65: Strong expansionin PolandPoznańWar
Page 66 and 67: United StatesIn the U.S., Skanska i
Page 68 and 69: Infrastructure DevelopmentOne of Lo
Page 70 and 71: Improved conditions for new project
Page 72 and 73: Project portfolioSkanska’s Infras
Page 74 and 75: Elizabeth River Tunnels(Downtown Tu
Page 76 and 77: Sustainable developmentSustainable
Page 78 and 79: We play fairSkanska Czech Republic
Page 80 and 81: Väla Gård, Helsingborg, SwedenVä
Page 82 and 83: WasteSkanska’s targets for waste
Page 84 and 85: Global leadershipRecognitionSkanska
Page 86 and 87: Financial review 2012Revenue showed
Page 88 and 89: Operating incomeEUR M 2012 2011Oper
Page 90 and 91: Investments/DivestmentsEUR M 2012 2
Page 92 and 93: Greater standardization, with short
Page 94 and 95: NominationCommitteeCompensationComm
Page 96 and 97: The President and CEO and the eight
Page 98 and 99: term balance between financial resu
Page 102 and 103: Consolidated statement of comprehen
Page 104 and 105: Consolidated statement of financial
Page 106 and 107: Consolidated cash flow statementCha
Page 108 and 109: Notes including accounting and valu
Page 110 and 111: Note01ContinuedEquityThe Group’s
Page 112 and 113: 01NoteContinuedhanded over to the c
Page 114 and 115: 01NoteContinuedwhich means that a p
Page 116 and 117: Note01Continuedwere an independent
Page 118 and 119: 02NoteKey estimates and judgmentsKe
Page 120 and 121: Note04Continued2011 ConstructionRes
Page 122 and 123: 06NoteFinancial instruments and fin
Page 124 and 125: 06NoteContinuedContracted net flows
Page 126 and 127: 06NoteContinuedReconciliation with
Page 128 and 129: 06NoteContinuedImpact of financial
Page 130 and 131: 07NoteContinuedPurchase price alloc
Page 132 and 133: 08NoteContinuedRevenue by category2
Page 134 and 135: Note14Net financial items2012 2011F
Page 136 and 137: Note17Property, plant and equipment
Page 138 and 139: Note19Intangible assetsIntangible a
Page 140 and 141: 20NoteContinuedInfrastructure Devel
Page 142 and 143: Note21FinancialassetsFinancial inve
Page 144 and 145: 22NoteContinuedNoteDifference betwe
Page 146 and 147: 26NoteContinuedActuarial gains and
Page 148 and 149: 28NoteContinuedPlan assetsSweden No
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Note29ProvisionsProvisions are repo
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Note32Expected recovery periods of
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34NoteForeign-exchange rates and ef
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Note35Cash-flow statementAside from
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Note36PersonnelWages, salaries, oth
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Note37ContinuedIn addition to the a
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Note37ContinuedFinancial targets fo
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Note42Consolidatedquarterly results
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43NoteFive-year Group financial sum
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Note43ContinuedFinancial ratios etc
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Note45Supplementary information, Pa
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Independent Auditors’ ReportTo th
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Senior Executive TeamPositionJohan
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Board of directorsStuart E. Graham
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Major events during 2012This page s
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Below are the investments and dives
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Definitions and explanationsAverage
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Annual Shareholders’ MeetingInves
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Review of 2012 â EUR - Skanska