Review of 2012 â EUR - Skanska

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43NoteFive-year Group financial summaryIncome statements2012 2011 2010 2009 2008Revenue 14,859.3 13,150.3 12,797.0 13,096.5 14,924.1Cost of sales –13,531.2 –11,896.1 –11,493.5 –11,806.2 –13,662.8Gross income 1,328.1 1,254.2 1,303.5 1,290.3 1,261.2Selling and administrative expenses –977.4 –869.8 –788.7 –760.4 –927.8Income from joint ventures and110.9 547.3 56.6 38.0 91.0associated companiesOperating income 461.6 931.8 571.5 567.9 424.4Net financial items –26.9 1.3 –3.7 –21.9 33.7Income after financial items434.7 933.1 567.8 546.0 458.1Taxes –106.0 –91.9 –146.1 –148.6 –130.2Profit for the year 328.7 841.2 421.7 397.3 327.9Profit for the year attributable toEquity holders 327.7 840.5 421.1 396.9 322.2Non-controlling interests 0.9 0.7 0.6 0.5 5.7Other comprehensive incomeTranslation differences attributable to equity holders 58.2 –21.6 174.0 113.2 –180.7Translation differences attributable tonon-controlling interests –0.5 –0.1 –1.6 –0.5 2.4Hedging of exchange risk in foreign operations –11.4 5.8 –42.3 –31.8 38.0Effects of actuarial gains and losses on pensions –14.9 –344.0 93.1 71.9 –284.9Effects of cash flow hedges –4.8 –146.9 13.3 –37.6 –23.0Tax attributable to other comprehensive income –10.3 96.1 –30.7 –21.9 77.8Other comprehensive income for the year 16.3 –410.7 205.8 93.3 –370.4Total comprehensive income for the year 344.9 430.5 627.6 490.7 –42.4Total comprehensive income for the yearattributable toEquity holders 344.5 430.0 628.5 490.7 –50.5Non-controlling interests 0.5 0.6 –0.9 0.0 8.1Cash flowCash flow from operating activities –10.5 27.1 653.1 714.0 57.5Cash flow from investing activities –137.0 101.7 –403.1 –294.7 –199.2Cash flow from financing activities 215.0 –270.0 –511.8 –259.4 –579.2Cash flow for the year 67.5 –141.2 –261.8 159.8 –720.9162 Notes, including accounting and valuation principles Skanska Annual Review 2012 – EUR version
Note43ContinuedStatements of financial positionDec 31, 2012 Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Jan 1, 2009 Dec 31, 2008ASSETSNon-current assetsProperty, plant and equipment 924.4 787.0 655.3 612.1 632.2 632.2Goodwill 568.5 562.1 434.6 423.7 405.9 405.9Intangible assets 21.7 17.7 39.3 20.2 21.2 73.5Investments in joint ventures281.5 283.3 196.9 246.7 218.4 138.2and associated companiesFinancial non-current assets 1, 3 214.5 236.4 235.4 101.2 28.2 28.2Deferred tax assets 146.2 187.4 163.3 151.0 181.7 180.0Total non-current assets 2,156.7 2,073.9 1,724.8 1,554.9 1,487.6 1,458.0Current assetsCurrent-asset properties 2 3,133.1 2,625.4 2,264.1 2,230.5 2,186.7 1,696.6Inventories 125.7 113.7 102.7 81.1 82.3 82.3Financial current assets 3 679.9 713.4 701.3 543.2 512.1 665.7Tax assets 66.1 48.9 56.1 51.8 74.2 74.2Gross amount due from customers for contract work 697.7 572.8 548.2 448.3 473.3 556.2Trade and other receivables 2,744.3 2,538.7 2,363.7 2,310.6 2,401.3 2,374.6Cash 671.9 595.4 738.3 913.7 720.1 720.1Assets held for sale 0 0 122.9Total current assets 8,118.7 7,208.4 6,897.4 6,579.2 6,450.0 6,169.8TOTAL ASSETS 10,275.4 9,282.3 8,622.2 8,134.1 7,937.6 7,627.7of which interest-bearing 1,538.6 1,515.1 1,647.1 1,531.4 1,229.3 1,382.9EQUITYEquity attributable to equity holders 2,235.0 2,176.9 2,293.0 1,939.4 1,675.6 1,739.2Non-controlling interests 18.8 19.2 13.9 18.9 19.7 19.7Total equity 2,253.7 2,196.1 2,306.9 1,958.3 1,695.3 1,758.9LIABILITIESNon-current liabilitiesFinancial non-current liabilities 3 561.3 149.7 122.8 185.8 98.4 98.4Pensions 476.7 421.3 134.9 215.4 283.3 283.3Deferred tax liabilities 66.6 104.0 181.6 149.1 148.8 160.8Non-current provisions 1.4 1.9 3.1 5.1 7.9 7.9Total non-current liabilities 1,106.0 676.9 442.5 555.4 538.3 550.3Current liabilitiesFinancial current liabilities 3 731.7 623.9 309.1 359.9 468.2 190.1Tax liabilities 27.9 29.5 111.3 103.3 78.9 78.9Current provisions 700.6 665.0 558.9 486.7 448.5 448.5Gross amount due to customers for contract work 1,835.3 1,887.1 1,879.2 1,641.0 1,511.8 1,557.9Trade and other payables 3,620.1 3,203.8 3,014.4 3,029.5 3,196.6 3,043.0Total current liabilities 6,915.7 6,409.2 5,872.9 5,620.4 5,704.0 5,318.5TOTAL EQUITY AND LIABILITIES 10,275.4 9,282.3 8,622.2 8,134.1 7,937.6 7,627.7of which interest-bearing 1,761.3 1,186.6 547.1 745.7 817.6 539.61 of which shares 5.8 4.3 4.5 5.3 5.8 5.82 Current-asset propertiesCommercial Property Development 1,639.8 1,241.0 1,109.5 1,247.0 1,095.8 990.0Residential Development 1,324.1 1,384.4 1,154.6 983.5 1,090.9 706.6Central 169.2Total 3,133.1 2,625.4 2,264.1 2,230.5 2,186.7 1,696.63 Items related to non-interest-bearing unrealized changesin value of derivatives/securities are included in thefollowing amounts:Financial non-current assets 1.0Financial current assets 21.9 25.8 22.4 21.4 25.2 25.2Financial non-current liabilities 5.7 0.2Financial current liabilities 10.2 15.4 25.2 22.5 41.9 41.9Skanska Annual Review 2012 – EUR version Notes, including accounting and valuation principles 163
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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
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Enhancing efficiency in the Nordic
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Commercial Property DevelopmentFull
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Profitable property divestments yea
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Strong expansionin PolandPoznańWar
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United StatesIn the U.S., Skanska i
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Infrastructure DevelopmentOne of Lo
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Improved conditions for new project
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Project portfolioSkanska’s Infras
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Elizabeth River Tunnels(Downtown Tu
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Sustainable developmentSustainable
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We play fairSkanska Czech Republic
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Väla Gård, Helsingborg, SwedenVä
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WasteSkanska’s targets for waste
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Global leadershipRecognitionSkanska
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Financial review 2012Revenue showed
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Operating incomeEUR M 2012 2011Oper
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Investments/DivestmentsEUR M 2012 2
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Greater standardization, with short
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NominationCommitteeCompensationComm
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The President and CEO and the eight
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term balance between financial resu
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The allotment of shares earned by t
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Consolidated statement of comprehen
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Consolidated statement of financial
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Consolidated cash flow statementCha
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Notes including accounting and valu
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Note01ContinuedEquityThe Group’s
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01NoteContinuedhanded over to the c
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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
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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
Page 150 and 151: Note29ProvisionsProvisions are repo
Page 152 and 153: Note32Expected recovery periods of
Page 154 and 155: 34NoteForeign-exchange rates and ef
Page 156 and 157: Note35Cash-flow statementAside from
Page 158 and 159: Note36PersonnelWages, salaries, oth
Page 160 and 161: Note37ContinuedIn addition to the a
Page 162 and 163: Note37ContinuedFinancial targets fo
Page 164 and 165: Note42Consolidatedquarterly results
Page 168 and 169: Note43ContinuedFinancial ratios etc
Page 170 and 171: Note45Supplementary information, Pa
Page 172 and 173: Independent Auditors’ ReportTo th
Page 174 and 175: Senior Executive TeamPositionJohan
Page 176 and 177: Board of directorsStuart E. Graham
Page 178 and 179: Major events during 2012This page s
Page 180 and 181: Below are the investments and dives
Page 182 and 183: Definitions and explanationsAverage
Page 184 and 185: Annual Shareholders’ MeetingInves
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Review of 2012 â EUR - Skanska