Review of 2012 â EUR - Skanska

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Independent Auditors’ ReportTo the Board of Directors of Skanska AB (publ)Corporate identity number 556000–4615We have audited the consolidated financial statements of Skanska AB (publ) on pages 97–166, which comprisethe statement of financial position at December 31, 2012, and the income statement, statement of comprehensiveincome, statement of changes in equity and cash flow statement for the year then ended, and a summary ofsignificant accounting policies and other explanatory notes.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these consolidated financial statementsin accordance with International Financial Reporting Standards as adopted by the EU, and for such internal controlas management determines is necessary to enable the preparation of consolidated financial statements thatare free from material misstatement, whether due to fraud or error.Auditors’ ResponsibilityOur responsibility is to express an opinion on these consolidated financial statements based on our audit. Weconducted our audit in accordance with International Standards on Auditing. Those standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whetherthe consolidated financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosuresin the consolidated financial statements. The procedures selected depend on the auditor’s judgement,including the assessment of the risks of material misstatement of the consolidated financial statements,whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevantto the entity’s preparation and fair presentation of the consolidated financial statements in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of accounting estimates made by management, as well as evaluatingthe overall presentation of the consolidated financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide bases forour audit opinion.OpinionIn our opinion, the consolidated financial statements give a true and fair view of the financial position of SkanskaAB (publ) as of December 31, 2012, and of its financial performance and its cash flows for the year then ended inaccordance with International Financial Reporting Standards as adopted by the EU.Stockholm, April 10, 2013KPMG ABGeorge PetterssonAuthorized Public Accountant168 Notes, including accounting and valuation principles Skanska Annual Review 2012 – EUR version
Top scoring for Skanska at the OlympicsThe London 2012 Olympic Games wer a success in termsof both sports and spectators. Skanska was responsiblefor the Olympic Park, the large green area at thecenter of most of the events. Ambitious environmentaltargets were set for all Olympic Games facilities and theOlympic Park project received the highest score underthe CEEQUAL environmental certification system for civilengineering projects.Accomplishments included the carbon-emissionstarget, which was achieved through the use of biodieselfuel for Skanska’s vehicles.Skanska also assisted with the extensive installationsin the large media center that was built for the Games.Photo: David Davies /PA /SCANPIX
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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
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Note01Continuedwere an independent
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02NoteKey estimates and judgmentsKe
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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
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 166 and 167: 43NoteFive-year Group financial sum
Page 168 and 169: Note43ContinuedFinancial ratios etc
Page 170 and 171: Note45Supplementary information, Pa
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