Year-end Report Fairview, Seattle, U.S.

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1 Year-end Report 400 Fairview, Seattle, U.S.

2 Year-end Report Strong result on a group level Improved profitability Strong performance in Project Development Strong cash flow and financial position Operating income SEK 6.5 bn (5.8) ROCE Project Development 14.9% (10.4) EPS (9.98), 20% increase Increased dividend SEK 7.50 (6.75) New Karolinska Solna, Stockholm, Sweden February 4, 2016 Skanska Year-end Report 2

3 Construction Revenue SEK bn (128.7) Order bookings SEK bn (146.9) Sweden and UK strong Orders postponed in the U.S. in Q4 Book-to-build: 87%, majority of units above 100% Continued strong pipeline Operating income SEK 3.9 bn (4.5) Solid performance in all units except for the U.S. USA Civil: No claim settlements but discussions ongoing. Projects still challenging Kvartal 32, Kristiansand, Norway February 4, 2016 Skanska Year-end Report 3

4 Residential Development Revenue SEK 12.3 bn (9.6) 4,093 (3,274) homes sold 4,000 (2,846) homes started Operating income SEK 1,174 M (683) Strong performance in Central Europe and Sweden, BoKlok especially Operating margin 9.5% (7.1) ROCE 14.4% (7.1) Continued focus on unsold units in Norway and Finland BoKlok Solhöjden, Huddinge, Sweden February 4, 2016 Skanska Year-end Report 4

5 Commercial Property Development Operating income SEK 1,947 M (1,700) Divestments of SEK 8.5 bn (9.8) Gain SEK 2.6 bn (2.0), all time high for two consecutive years ROCE 15.6% (11.4) 44 ongoing projects SEK 18.8 bn in investment value 38% pre-leasing rate 51% completion rate 6 project starts in Q4 375,000 sq m leased, all time high Green Court, Bucharest, Romania February 4, 2016 Skanska Year-end Report 5

6 Infrastructure Development Operating income SEK 863 M (463) Project portfolio s net present value SEK 4.8 bn, SEK 0.4 in underlying increase Divestment of two hospitals in UK for SEK 1 bn in Q4 ROCE 12.7% (16.9) Full speed ahead financial close LaGuardia Airport Elizabeth River Tunnels, Virginia, U.S. February 4, 2016 Skanska Year-end Report 6

7 New orders in Construction in Q4 SEK M Multi-family development, U.S. 740 Apartments, Sweden 560 Boardwalk, U.S. 530 Office, U.S. 500 Commercial Building, Norway 410 Train station, Czech Republic 340 Total bookings in Q4 29,941 Oculus, World Trade Center, New York, U.S. February 4, 2016 Skanska Year-end Report 7

8 Construction Order situation SEK bn R-12 Bookto-build 87% Order backlog Order bookings, R-12 Revenue, R-12 0 Q Q2 Q3 Q4 Order bookings per quarter SEK bn Latin American operations excluded from 1/ Revenue Order bookings Order backlog February 4, 2016 Skanska Year-end Report 8

9 Construction Order bookings SEK bn Bookto-build, R-12, % Months of production Sweden Norway Finland Poland Czech Republic UK USA Building USA Civil Total February 4, 2016 Skanska Year-end Report 9

10 Construction Income statement Operating margin, R-12, % SEK bn Q1 Q2 Q3 Q Latin American operations excluded from 1/ Revenue Operating margin Revenue, R-12, SEK bn February 4, 2016 Skanska Year-end Report Revenue Gross income Selling and administrative expenses Operating income Gross margin, % Selling and administrative expenses, % Operating margin, %

11 Construction Income statement Operating income, SEK M Operating margin, % Sweden 1,425 1, Norway Finland Poland Czech Republic UK USA Building USA Civil 481 1, Total 3,874 4, February 4, 2016 Skanska Year-end Report 11

12 Residential Development Income statement, segment reporting Operating margin, R-12, % Q SEK M Revenue Revenue, R-12, SEK bn Operating margin Q2 Q3 Q4 Revenue 12,298 9,558 Gross income 1,724 1,204 Selling and administrative expenses Operating income 1, Gross margin, % Selling and administrative expenses, % Operating margin, % Return on capital employed, % February 4, 2016 Skanska Year-end Report 12

13 Residential Development Income statement Operating income, SEK M 1 Operating margin, % 1 Sweden Norway Finland Nordics 1, Central Europe Total 1, Development gain only, construction margin reported under Construction 2 Czech Republic, Poland and the UK February 4, 2016 Skanska Year-end Report 13

14 Residential Development Homes started and sold, R-12 Homes 5,000 4,000 3,000 Sold Started 2,000 1,000 0 Q Q2 Q3 Q4 Homes started Homes sold 4,000 2,846 4,093 3,274 February 4, 2016 Skanska Year-end Report 14

15 Residential Development Homes in production Homes 7,000 6,000 5,000 4,000 3,000 2,000 Unsold completed Unsold under construction Sold under construction 1,000 0 Q Q2 Q3 Q4 Homes in production Of which sold, % Unsold completed homes Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, 5,689 4, February 4, 2016 Skanska Year-end Report 15

16 Commercial Property Development Income statement, segment reporting SEK M Revenue 9,034 10,228 Gross income 2,661 2,191 Selling and administrative expenses Income from joint ventures and associated companies Operating income 1,947 1,700 of which gain from divestments of properties 1 2,564 1,989 of which write downs/reversal of write downs Additional gain included in eliminations Return on capital employed, % February 4, 2016 Skanska Year-end Report 16

17 Commercial Property Development Divestments SEK bn Revenue from divestments, R-12 Operating income from divestments, R-12 0 Q1 Q2 Q3 Q Sale of commercial properties SEK M Sales price Capital gain Year-to-date 8,457 2,564 February 4, 2016 Skanska Year-end Report 17

18 Commercial Property Development Ongoing projects, including joint ventures Ongoing projects, total investment value upon completion SEK bn SEK bn Investment value, end of period Investment value, upon completion Market value Occupancy rate, % Degree of completion, % Completed projects Undeveloped land and development properties Ongoing projects Ongoing projects in JV Total of which ongoing projects sold according to segment reporting February 4, 2016 Skanska Year-end Report 18

19 Commercial Property Development Unrealized and realized gains SEK bn Q Q2 Q3 Q4 Unrealized gains in: Land Ongoing projects Completed projects Realized gains, R-12 February 4, 2016 Skanska Year-end Report 19

20 Commercial Property Development Leasing 000 sq m Leasing, quarterly Leasing, R Q1 Q2 Q3 Q New leases of space were signed for 375,000 sq m in February 4, 2016 Skanska Year-end Report 20

21 Infrastructure Development Income statement SEK M Revenue Gross income Selling and administrative expenses Income from joint ventures 1, Operating income of which gains from divestments of shares in projects Return on capital employed, % February 4, 2016 Skanska Year-end Report 21

22 Infrastructure Development Project portfolio Net present value of projects, SEK bn Dec 31, Derisk/ Time value Investments/ Divestments Currency effect Dec 31, SEK bn Dec 31, Dec 31, Present value of cash flow from projects Net present value of projects Carrying amount Unrealized development gain Cash flow hedge Effect in unrealized Equity February 4, 2016 Skanska Year-end Report 22

23 Group Income statement SEK M Operating income from business streams 7,858 7,354 Central 1-1,346-1,604 Eliminations Operating income 6,461 5,766 Net financial items Income after financial items 6,148 5,473 Taxes -1,219-1,365 Profit for the period 4,929 4,108 Earnings per share, SEK Tax rate, % Latin American operations included from 1/ February 4, 2016 Skanska Year-end Report 23

24 Group Cash flow SEK bn Q Q2 Q3 Q4 Cash flow from business operations, quarterly R-12 SEK bn Cash flow from operations Net strategic divestments Dividend etc Cash flow before change in interest-bearing receivables and liabilities February 4, 2016 Skanska Year-end Report 24

25 Construction Free working capital SEK bn 25 % Free working capital, SEK bn Free working capital, end of Q4, SEK bn Average free working capital/ Construction revenue, R-12, % 0 Q Q2 Q3 Q4 0 Latin American operations excluded from 1/ February 4, 2016 Skanska Year-end Report 25

26 Group Financial position Operating net financial assets/liabilities, SEK bn Q Q2 Q3 Q4 SEK bn Dec 31 Dec 31 Total assets Equity attributable to equity holders Interest-bearing net receivables (+)/net debt (-) Operating net financial assets/liabilities Capital employed, closing balance Equity/assets ratio, % February 4, 2016 Skanska Year-end Report 26

27 Group Change in financial position SEK bn Opening balance interest-bearing net receivables Cash flow before change in interest-bearing receivables and liabilities Change in pension liability Other changes Change in interest-bearing net receivables Closing balance interest-bearing net receivables/net debt Pension liability, net Interest-bearing debt co-ops Operating net financial assets/liabilities February 4, 2016 Skanska Year-end Report 27

28 Group Change in equity SEK bn Opening balance Dividend to shareholders Other changes in equity not included in total comprehensive income for the year Profit for the period Other comprehensive income Translation differences Effects of remeasurements of pensions Effects of cash flow hedges Closing balance February 4, 2016 Skanska Year-end Report 28

29 Group Investments, divestments and capital employed SEK bn Q1 Q2 Q3 Q Investments, quarterly Divestments, quarterly Net investments, R-12 SEK bn Dec 31 Dec 31 Capital employed in: Residential Development Commercial Property Development Infrastructure Development Total in Development Streams February 4, 2016 Skanska Year-end Report 29

30 Market outlook Construction Overall a positive market outlook Nordic countries Strong building market in Sweden, mixed in Norway Strong civil market with fierce competition in Norway and Sweden, Finland weak Other European countries UK and Polish market strong Czech Republic and Slovakia continue to improve North America The U.S. continues to be a good market, but with fierce competition Česká Lípa, Northern Bohemia, Czech Republic February 4, 2016 Skanska Year-end Report 30

31 Market outlook Residential Development General Challenge to acquire land in all home markets except for Finland Nordic countries Sweden very strong Norway mixed Finland weak Central Europe Volumes and prices continue to increase Sopranen, Malmö Live, Sweden February 4, 2016 Skanska Year-end Report 31

32 Market outlook Commercial Property Development General Tenants: Strong demand, vacancy rates low Investors: Strong demand, valuations attractive Nordic countries High interest from investors and low vacancy rates in Sweden especially Central Europe High demand in Poland and improving in other parts of Central Europe North America Strong investor appetite and good tenant demand 2112 Pennsylvania Avenue, Washington DC, U.S. February 4, 2016 Skanska Year-end Report 32

33 Market outlook Infrastructure Development All countries Continued improving potential for PPPs in the U.S., but competition is considerable Norwegian market improving Thin pipeline in the other markets Interstate 4, Orlando, Florida, U.S. February 4, 2016 Skanska Year-end Report 33

34 February 4, 2016 Skanska Year-end Report 34

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