Six Month Report 2010 Hospital NKS, Stockholm KKH, Malm - - PowerPoint PPT Presentation

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Six Month Report 2010 Hospital NKS, Stockholm KKH, Malm - - PowerPoint PPT Presentation

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Six Month Report 2010 Hospital NKS, Stockholm KKH, Malm Antofagasta highway, Chile 1 July 23, 2010 Skanska Six Month Report 2010 January June 2010 in brief Revenue for the Group SEK 56.3 bn (65.0) Revenue in Construction SEK

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SLIDE 1

July 23, 2010 Skanska Six Month Report 2010 1

Antofagasta highway, Chile KKH, Malmö Hospital NKS, Stockholm

Six Month Report 2010

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July 23, 2010 Skanska Six Month Report 2010 2

January−June 2010 in brief

− Revenue for the Group SEK 56.3 bn (65.0) − Revenue in Construction SEK 51.8 bn (64.5)

− Down 15 percent in local currencies

− Operating margin in construction improved to 3.3 (3.2) percent − Operating cash flow increased to SEK 1.4 bn (0.9) − Interest-bearing net receivables amounted to SEK 6.1 bn − Order bookings increased by 17 percent to SEK 72.5bn (61.7)

− Up 23 percent in local currencies − Book-to-build (rolling 12 month) 119% (76%)

− Backlog of SEK 160.4 bn represents 16 months of construction − Operating income of SEK 2.4 bn (2.0)

− Gains from divestment of properties SEK 0.4 bn (0.3) − Gains from divestment of ID assets SEK 0.2 bn (0.0)

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July 23, 2010 Skanska Six Month Report 2010 3

Construction

− Strong order bookings

− Book to build 119%

− Good earnings

+ Sweden, U.S., Poland − Norway, Finland

− Revenue will bottom out 2010

Marriott Courtyard Hotel, Stockholm

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July 23, 2010 Skanska Six Month Report 2010 4

New orders in Construction in Q2

− Total Bookings of SEK 46.9 bn

− New Karolinska Solna, hospital, Sweden, SEK 14.5 bn − Antofagasta, highway, Chile, SEK 1.8 bn − Statoil Office, Norway, SEK 1.6 bn − Congress, concert hall and hotel facility, Malmö, Sweden, SEK 1.4 bn − Prison, U.K., SEK 1.2 bn − Essex Schools, U.K., SEK 0.8 bn − Highway viaduct in Seattle, U.S., SEK 0.8 bn

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July 23, 2010 Skanska Six Month Report 2010 5

Residential Development

− Good earnings in all markets − Good of new starts − Focus on new projects − Czech improved but Slovakia still slow market

Silverdal, Stockholm Iskristallen, Stockholm

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July 23, 2010 Skanska Six Month Report 2010 6

Commercial Development

− Divestments

− SEK 0.8 bn − Gain SEK 203 M − Three new projects started in Q2 − Investment value SEK 0.7 bn

− Good interest from investors

Grunwaldski Center, Wrocław

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July 23, 2010 Skanska Six Month Report 2010 7

Schools for the Future, U.K.

Infrastructure Development

− Financial close

− New Karolinska Solna, hospital, Sweden − Essex Schools, U.K.

− Concession agreement for Antofagasta highway Chile

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July 23, 2010 Skanska Six Month Report 2010 8

Order situation – Construction

SEK bn Jan–Jun 2010 Jan–Jun 2009 Jul 2009– Jun 2010 Jan–Dec 2009

Revenue 51.8 64.5 117.7 130.4 Order bookings 72.5 61.7 139.6 128.8 Order backlog 160.4 144.0 136.5 Book-to-build ratio 119% 99%

0.0 25.0 50.0 75.0 100.0 125.0 150.0 175.0

Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Order backlog Order bookings per quarter Order bookings, rolling 12 month basis Revenue, rolling 12 month basis

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July 23, 2010 Skanska Six Month Report 2010 9

Order bookings – Construction

SEK bn Jan–Jun 2010 Jan–Jun 2009 Book to build, R-12

Sweden 23.9 11.4 154% Norway 6.7 3.9 130% Finland 4.8 2.9 125% Poland 3.0 2.8 170% Czech Republic 2.4 4.6 63% UK 10.8 15.1 101% USA Building 11.2 17.0 95% USA Civil 4.3 1.9 113% Latin America 5.4 2.4 102% Total 72.5 61.7 119%

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July 23, 2010 Skanska Six Month Report 2010 10

Construction

Income statement

SEK bn Jan–Jun 2010 Jan–Jun 2009 Jul 2009– Jun 2010 Jan–Dec 2009

Revenue 51.8 64.5 117.8 130.4 Gross income 4.5 5.3 10.3 11.2 Selling and administrative expenses

  • 2.8
  • 3.3
  • 5.8
  • 6.3

Operating income 1.7 2.1 4.5 4.9 Gross margin, % 8.6 8.3 8.8 8.6 Selling and admin. expenses, %

  • 5.4
  • 5.1
  • 4.9
  • 4.8

Operating margin, % 3.3 3.2 3.8 3.7

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July 23, 2010 Skanska Six Month Report 2010 11

Construction

Operating income

SEK M

Operating margin

% Jan–Jun 2010 Jan–Jun 2009 Jan–Jun 2010 Jan–Jun 2009

Sweden 427 556 4.1 4.4 Norway 192 211 3.6 3.6 Finland

  • 31

86 neg 2.5 Poland 163 100 5.4 4.8 Czech Republic 96 177 2.9 3.5 UK 174 181 2.4 1.9 USA Building 176 257 1.6 1.5 USA Civil 484 425 8.2 6.5 Latin America 12 84 0.5 3.0 Total 1,693 2,077 3.3 3.2

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July 23, 2010 Skanska Six Month Report 2010 12

Residential Development

Income statement, segment reporting

SEK M Jan–Jun 2010 Jan–Jun 2009 Jul 2009– Jun 2010 Jan–Dec 2009

Revenue 3,694 2,937 7,301 6,544 Gross income 527 179 926 578 Selling and administrative expenses

  • 250
  • 295
  • 545
  • 590

Income from joint ventures and associated companies 54

  • 6

56

  • 4

Operating income 331

  • 122

437

  • 16

Gross margin, % 14.3 6.1 12.7 8.8 S & A, %

  • 6.8
  • 10.0
  • 7.5
  • 9.0

Operating margin, % 9.0 neg 6.0 neg

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July 23, 2010 Skanska Six Month Report 2010 13

Residential Development

Segment reporting

Operating income1

SEK M

Operating margin1

% Jan–Jun 2010 Jan–Jun 2009 Jan–Jun 2010 Jan–Jun 2009

Sweden 143 17 9.2 1.1 Norway 34

  • 29

5.5 neg Denmark

  • 17
  • neg

Finland 127

  • 81

10.3 neg Nordics 304

  • 110

8.9 neg Czech Republic 27

  • 12

9.8 neg Total 331

  • 122

9.0 neg

1

Development gain only. Construction margin reported under Construction.

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July 23, 2010 Skanska Six Month Report 2010 14

Residential Development

June 30, 2010

Units under construction Of which sold, % Completed unsold units

Q2, 2010 Q1, 2010 Q2, 2010 Q1, 2010 Q2, 2010 Q1, 2010

Sweden 1,843 1,672 70 68 39 54 Norway 306 201 63 66 1 2 Finland incl. Estonia 828 463 69 71 75 126 Nordics 2,977 2,336 69 68 115 182 Czech Republic 400 463 49 55 228 229 TOTAL 3,377 2,799 67 66 343 411

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July 23, 2010 Skanska Six Month Report 2010 15

Residential Development

Started units Sold units

Jan–Jun 2010 Jan–Jun 2009 Jul 2009– Jun 2010 Jan–Dec 2009 Jan–Jun 2010 Jan–Jun 2009 Jul 2009– Jun 2010 Jan–Dec 2009

Sweden 773 241 1,050 518 586 530 1,200 1,144 Norway 180 323 143 155 99 265 209 Finland incl. Estonia 687 715 28 594 345 1,019 770 Nordics 1,640 241 2,088 689 1,335 974 2,484 2,123 Czech Republic 274 121 274 121 206 138 337 269 TOTAL 1,914 362 2,362 810 1,541 1,112 2,821 2,392

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July 23, 2010 Skanska Six Month Report 2010 16

Residential Development

Number of unsold units

500 1,000 1,500 2,000 2,500 3,000

2003 Dec 2004 Dec 2005 Mars 2005 June 2005 Sept 2005 Dec 2006 Mars 2006 June 2006 Sept 2006 Dec 2007 Mars 2007 June 2007 Sept 2007 Dec 2008 Mars 2008 Juni 2008 Sept 2008 Dec 2009 Mars 2009 June 2009 Sept 2009 Dec 2010 Mar 2010 June

Completed unsold incl. reserv. Ongoing unsold incl. reserv.

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July 23, 2010 Skanska Six Month Report 2010 17

Commercial Development

Income statement, segment reporting

SEK M Jan–Jun 2010 Jan–Jun 2009 Jul 2009– Jun 2010 Jan–Dec 2009 Revenue

2,738 1,342 5,942 4,546

Gross income

633 420 1,327 1,114

Selling and administrative expenses

  • 179
  • 158
  • 355
  • 334

Income from J/V and assoc. companies

  • 1

1

Operating income

454 261 973 780

  • f which gain from divestments of

properties1

377 270 861 754

  • f which writedowns/reversal of

writedowns

  • 61
  • 79

1

Additional gain included in eliminations was 60 28 105 73

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July 23, 2010 Skanska Six Month Report 2010 18

Sale of commercial properties, Q2 2010

− Earlier eliminated construction profits, SEK 60 M included − Divestments in Q2

− Grunwaldzki Center, Wroclaw Poland

− SEK 735 M; gain SEK 120 M

− Divestments in Q3

− Land and development project for SÄPO, Solna, Sweden − Office building, Hjälmarekajen, Malmö Sweden

− SEK 400 M; gain SEK 120 M

SEK M Sales price Capital gain

Q1 1,574 234 Q2 796 203 Total 2,370 437

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July 23, 2010 Skanska Six Month Report 2010 19

Commercial Development

Specification

  • f projects

SEK bn

Carrying amount, end

  • f period

Carrying amount, upon completion Market value Occupancy rate, % Degree of completion, %

Completed projects 5.5 5.5 7.1 92 100 Undeveloped land and development properties 3.2 3.2 3.7 Subtotal 8.7 8.7 10.8 Ongoing projects 2.9 5.2 6.2¹ 70 58 Total 11.6 13.8 17.0

  • f which ongoing projects sold

according to segment reporting

1.7 2.0 2.4

− Three new projects started in Q2 − New leases signed for 53,000 sq. m

1

Estimated market value at completion

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July 23, 2010 Skanska Six Month Report 2010 20

Infrastructure Development

Income statement

SEK M Jan–Jun 2010 Jan–Jun 2009 Jul 2009– Jun 2010 Jan–Dec 2009

Revenue 104 102 153 151 Gross income

  • 34
  • 93
  • 59

Selling and administrative expenses

  • 75
  • 81
  • 149
  • 155

Income from joint ventures and associated companies 372 233 540 401 Operating income (EBIT) 263 152 298 187

  • f which gains from divestments of shares

in projects

183 183

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July 23, 2010 Skanska Six Month Report 2010 21

Unrealized development gains, ID projects

SEK bn Jun 30 2010 Mar 31 2010 Jun 30 2009

Present value of cash flow from projects 12.3 11.2 11.4 Present value of remaining investments

  • 1.2
  • 0.9
  • 1.3

Net present value of projects 11.1 10.3 10.1 Carrying amount

  • 2.1
  • 2.1
  • 2.4

Unrealized development gain 9.0 8.2 7.7

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July 23, 2010 Skanska Six Month Report 2010 22

Net Present Value of ID projects

SEK bn

10.5 0.3 0.2 0.1 11.1 2 4 6 8 10 12 December 31, 2009 De-risk/Time Value Net Inv. FX June 30, 2010

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July 23, 2010 Skanska Six Month Report 2010 23

Income statement

Group, segment reporting

SEK M Jan–Jun 2010 Jan–Jun 2009 Apr–Jun 2010 Apr–Jun 2009

Operating income from business streams 2,741 2,368 1,670 1,691 Central

  • 376
  • 299
  • 228
  • 155

Eliminations 9

  • 12

12

  • 5

Operating income 2,374 2,057 1,454 1,531 Net financial items 24

  • 99

8

  • 22

Income after financial items 2,398 1,958 1,462 1,509 Taxes

  • 671
  • 537
  • 409
  • 386

Profit for the period 1,727 1,421 1,053 1,123 Earnings for the period per share 4.18 3.40 2.53 2.70 Tax rate % 28 27 28 26

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July 23, 2010 Skanska Six Month Report 2010 24

Working capital ratio for Construction

Ratio on R5Q average Working capital Ratio on closing Working capital Working capital Closing Q1-3 Working capital Closing Q4

  • 25
  • 20
  • 15
  • 10
  • 5

Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10

SEK bn

  • 18
  • 16
  • 14
  • 12
  • 10
  • 8
  • 6
  • 4
  • 2

%

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July 23, 2010 Skanska Six Month Report 2010 25

Changes in equity

Group

SEK M Jan–Jun 2010 Jan–Jun 2009 Jul 2009– Jun 2010 Jan–Dec 2009

Opening balance 20,167 18,553 18,296 18,553 Dividend to shareholders

  • 2,582
  • 2,185
  • 2,582
  • 2,185

Dividend to non-controlling interests

  • 3
  • 5
  • 6
  • 8

Effects of equity-settled share-based payments 100 54 176 130 Repurchase of shares

  • 95
  • 62
  • 388
  • 355

Profit for the period (IFRS) 1,561 2,032 3,750 4,221 Other comprehensive income

  • 1,015
  • 91
  • 1,113
  • 189

Closing balance 18,133 18,296 18,133 20,167

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July 23, 2010 Skanska Six Month Report 2010 26

Operating cash flow

Group

SEK bn Jan–Jun 2010 Jan–Jun 2009 Jul 2009– Jun 2010 Jan–Dec 2009

Cash flow from business operations before change in working capital 1.8 2.3 5.0 5.6 Change in working capital

  • 1.1
  • 2.0

1.3 0.4 Net investments 1.0 0.8 1.5 1.3 Cash flow adjustment, net investments

  • 0.3
  • 0.2

0.0 0.0 Taxes paid in business operations

  • 0.9
  • 0.7
  • 1.3
  • 1.1

Cash flow from business operations 0.5 0.2 6.5 6.2 Cash flow from financing operations 0.1 0.0

  • 0.2
  • 0.3

Dividend

  • 2.7
  • 2.3
  • 3.0
  • 2.5

Cash flow before change in interest- bearing receivables and liabilities

  • 2.1
  • 2.0

3.3 3.3

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July 23, 2010 Skanska Six Month Report 2010 27

Change in interest-bearing net receivables

Group

SEK bn Jan–Jun 2010 Jan–Jun 2009 Jul 2009– Jun 2010 Jan–Dec 2009

Opening balance interest-bearing net receivables 8.1 4.5 2.0 4.5 Cash flow

  • 2.1
  • 2.0

3.3 3.3 Translation differences 0.6

  • 0.2

0.3

  • 0.5

Change in pension liability

  • 0.6
  • 0.1

0.2 0.7 Reclassification 0.0 0.0 0.2 0.2 Other changes 0.1

  • 0.1

0.1

  • 0.1

Change in interest-bearing net receivables

  • 2.0
  • 2.5

4.1 3.6 Closing balance interest-bearing net receivables 6.1 2.0 6.1 8.1

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July 23, 2010 Skanska Six Month Report 2010 28

Market outlook

Construction − Positive outlook

− Residential construction in the Nordics

− Stable outlook

− Larger Civil projects − Public building segments

− Weak outlook

− Czech Republic & Slovakia − U.K.

Brooklyn bridge, New York

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July 23, 2010 Skanska Six Month Report 2010 29

Market outlook

Residential Development − All Nordics – positive market − Czech Republic – somewhat improved market − Slovakia slow market

Järvastaden, Sundbyberg

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July 23, 2010 Skanska Six Month Report 2010 30

− Good interest from investors − Interest in green buildings − Stable yield levels − Stable vacancy rates

Visma, Stockholm

Market outlook

Commercial Development

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July 23, 2010 Skanska Six Month Report 2010 31

− Uncertainty in U.K. PPP market − Growing interest in PPP in

  • ther European markets

− Potential for PPP in U.S.

New Karolinska Solna, Sweden Antofagasta, Chile

Market outlook

Infrastructure Development

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July 23, 2010 Skanska Six Month Report 2010 32

Going forward

− Improved overall market situation − Growth in Construction

− Pressure on prices

− Increased activities in Project Development

− Investments in land − Start new projects

− Need for new recruits

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SLIDE 33