Six Month Report 2011

Transcription

1 Six Month Report

2 Six Month Report Deliver according to strategic plan Investments Opportunities High bid activity CD-assets Challenges Norway and Czech Rep Market 2

3 January June in brief Operating income of SEK 6,102 M (2,374) Gains from divestment of properties SEK 0.2 bn (0.4) Gains from divestment of ID assets SEK 4.5 bn (0.2) Operating cash flow amounted to SEK 2.0 bn (1.4) Net investments 2.2 (1.0) Revenue in Construction SEK 51.4 bn (51.8) Up 8% in local currencies Operating margin in Construction amounted to 2.8% (3.3%) Order bookings decreased by 33% to SEK 48.4 bn (72.5) Down 27% in local currencies In the comparsion period order bookings for NKS of SEK 14.5 bn was included Backlog of SEK bn represents 15 (16) months of construction 3

4 Construction Mixed picture Order situation Healthy margins in USA Civil, Poland and Sweden Norway and Czech Rep 4 Motorway A1, Phase 2, Poland

5 New orders in Construction in Q2 Subway line in Prague, Czech Republic, SEK 1.3 bn Children s hospital in Wilmington, Delaware, U.S., SEK 1.3 bn Financial Close street lighting in Croydon and Lewisham, London, U.K., SEK 760 M Waste water tunnel, Washington D.C., U.S. SEK 530 M 5 Children s hospital in Wilmington, U.S.

6 Residential Development Operating margin 6.4% (9,0%) 1,737 (1,914) homes started 1,697 (1,541) homes sold S&A: Investing for future growth Slower Swedish market 6 Pilestredet Park, Oslo, Norway

7 Commercial Property Development 81,000 sq.m of new leases in Q2 21 ongoing projects with a total investment value of SEK 6.4 bn Divestments with healthy gains 7 City Green Court, Prague, Czech Republic

8 Infrastructure Development Autopista Central, Chile Sale completed and full payment is received Financial Close Street lighting in Croydon and Lewisham, U.K. and Sjisjka wind farm in Gällivare, Sweden Total Investment SEK 0.3 bn Total Construction value SEK 1.0 bn 8 Surrey street lighting, U.K.

9 Construction Order situation e Jul Jun Jan Dec SEK bn Revenue Order bookings Order backlog Book-to-build ratio 94% 140% 94% 115% Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Order backlog Order bookings per quarter Order bookings, rolling 12 month basis Revenue, rolling 12 month basis 9

10 Construction Order bookings SEK bn e e Book to build R-12 Duration of backlog month Sweden % 15 Norway % 12 Finland % 9 Poland % 12 Czech Republic % 13 UK % 18 USA Building % 14 USA Civil % 25 Latin America % 12 Total % 15 10

11 Construction Income statement SEK bn Jun June Jan Dec Revenue Gross income Selling and administrative expenses Operating income Gross margin, % Selling and admin. expenses, % Operating margin, %

12 Construction Operating income SEK M Operating margin % Sweden Norway neg 3.6 Finland neg neg Poland Czech Republic neg 2.9 UK USA Building USA Civil Latin America Total 1,420 1,

13 Residential Development Income statement, segment reporting SEK M Jul Jun Jan Dec Revenue 4,453 3,694 8,340 7,581 Gross income ,193 1,095 Selling and administrative expenses Income from joint ventures and associated companies Operating income Gross margin, % Selling and admin. expenses, % Operating margin, %

14 Residential Development Segment reporting Operating income SEK M Operating margin % Sweden Norway Finland Nordics Czech Republic Expansion¹ ) -20 Total ) Start-ups Development gain only, construction margin reported under Construction 14

15 Residential Development Homes under construction Of which sold, % Completed unsold homes Q2, Q1, Q2, Q1, Q2, Q1, Sweden 2,303 2, Norway Finland 1,909 1, Nordics 4,633 4, Czech Republic Total 5,355 5,

16 Residential Development Homes started Jul Jun Jan Dec Homes sold Jul Jun Jan Dec Sweden ,553 1, ,278 1,227 Norway Finland ,661 1, ,192 1,138 Nordics 1,513 1,640 3,571 3,698 1,426 1,335 2,852 2,761 Czech Republic Total 1,737 1,914 3,936 4,113 1,697 1,541 3,332 3,176 16

17 Residential Development Number of unsold homes 3,000 2,500 2,000 1,500 1, Dec 2004 Dec Mar Jun Sep 2005 Dec Mar Jun Sep 2006 Dec Mar Jun Sep 2007 Dec Mar Jun Sep 2008 Dec Mar Jun Sep 2009 Dec Mar Jun Sep Dec Mar Jun Completed unsold incl. reserv. Ongoing unsold incl. reserv. 17

18 Residential Development Sold and started R-12 month 18

19 Commercial Property Development Income statement, segment reporting Jul Jun Jan Dec SEK M Revenue 897 2,738 2,807 4,648 Gross income ,277 Selling and administrative expenses Income from J/V and associated companies Operating income of which gain from divestments of properties 1) of which writedowns/reversal of writedowns ) Additional gain included in eliminations was Development gain only, construction margin reported under Construction 19

20 Sale of commercial properties, Q2 SEK M Sales price Capital gain Q Q Total Earlier eliminated construction profits, SEK 21 M included Divestments in Q2 Backa 30:3, Gothenburg 20

21 Commercial Property Development Specification of projects SEK bn Carrying amount, end of period Carrying amount, upon completion Market value Occupancy rate, % Degree of completion, % Completed projects Total completed projects Undeveloped land and development properties Subtotal Ongoing projects Total of which ongoing projects sold according to segment reporting New leases were signed for 81,000 sq.m of space in Q2 21

22 Infrastructure Development Income statement SEK M Jul Jun Jan Dec Revenue Gross income Selling and administrative expenses Income from joint ventures and associated companies 4, , Operating income (EBIT) 4, , of which gains from divestments of shares in projects 4, ,

23 Infrastructure Development Unrealized development gains, ID projects SEK bn Jun 30 Mar 31 1) Dec 31 1) Present value of cash flow from projects Present value of remaining investments Net present value of projects Carrying amount Unrealized development gain, Skanska ID ) Excl. Autopista Central 23

24 Infrastructure Development Net Present Value of ID projects, SEK bn ) 0.1 0, , December 31, Derisk/Time value Net Investments FX June 30, 1) Excl. Autopista Central 24

25 Group Income statement, segment reporting Jul Jun Jan Dec SEK M Operating income from business streams 6,402 2,741 9,825 6,164 Central Eliminations Operating income 6,102 2,374 9,068 5,339 Net financial items Income after financial items 6,112 2,398 9,019 5,304 Taxes ,032-1,364 Profit for the period 5,773 1,727 7,987 3,940 Earnings per share, SEK Tax rate, %

26 Balance sheet Summary Group June 30 Dec 31 SEK bn Total assets Equity attributable to equity holders Interest-bearing net receivables (+)/net debt (-) Capital employed, closing balance Equity/assets ratio, %

27 Working capital ratio for Construction SEK bn % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Working capital Closing Q Ratio on R5Q average Working capital Working capital Closing Q Ratio on closing Working capital 27

28 Group Changes in equity SEK bn Jul Jun Jan Dec Opening balance Dividend to shareholders Effects of equity-settled share-based payments Repurchase of shares Profit for the period (IFRS) Other comprehensive income Currency translation differences Actuarial gains and losses on pensions Other Closing balance

29 Group Operating cash flow Jul Jun Jan Dec SEK bn Cash flow from business operations before change in working capital Change in working capital Net investments Cash flow adjustment Taxes paid in business operations Cash flow from business operations Cash flow from financing operations Net strategic investments Dividend Cash flow before change in interestbearing receivables and liabilities

30 Group Change in interest-bearing net receivables SEK bn Jul Jun Jan Dec Opening balance interest-bearing net receivables Cash flow Translation differences Change in pension liability Other changes Change in interest-bearing net receivables Closing balance interest-bearing net receivables

31 Investments, net investments and capital employed Development streams 2009 SEK bn Investments Residential Development Commercial Property Development Infrastructure Development Total Net investments Residential Development Commercial Property Development Infrastructure Development Total Capital employed Residential Development Commercial Property Development Infrastructure Development 2.8 1) Total ) Gain on sale from Autopista Central excluded 31

32 Market outlook Construction General Fierce competition Positive outlook Nordics Stable outlook Larger civil projects Healthcare buildings Weak outlook Czech Republic U.K. 32 Manhattan, New York

33 Market outlook Residential Development All Nordics Stable market Growing uncertainty in Sweden Czech Republic Continue to improve U.K. and Poland Opportunities for land investments 33 Leppävaara tower, Helsinki

34 Market outlook Commercial Property Development Nordics and Central Europe Strong interest from investors Tenants are seeking modern green properties Falling vacancy rates U.S. Potential in selected cities 34 Green Tower Office Center, Gothenburg

35 Market outlook Infrastructure Development PPP under review in U.K. Interest for PPP in other European markets Potential for PPP in U.S. and Latin America 35 The London Hospital, London

36 Going forward Mixed picture of the market situation Focus to improve weak parts of the business Win new orders Continue high activity in Development businesses Investments in land Start new projects Divest mature assets 36

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