Skanska. Building profitable growth
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- Peregrine Black
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1 Skanska Building profitable growth 1
2 We are Skanska 2
3 Skanska Investment Story Skanska is a world leader Construction and Project Development Focused on selected home markets in the Nordics, other European countries and the Americas Supported by strong global trends in demographics, urbanization and energy Strong focus on green construction, health and safety and ethical business practice with a competitive offer Meeting requirements in the most complex assignments where price, expertise, comprehensive solutions and life-cycle costs all are of crucial importance, such as: PPP projects, health care and hospitals, data center technology, bridge rehabilitation and green construction and an attractive business model Positive cash flow from Construction is continuously invested in well-defined project development for enhanced returns that creates value for shareholders, The business model has provided a history of strong returns and consistent dividends and we will grow. With a maintained focus on profitability the Construction business will grow faster than the market and investments in project development will increase 3
4 Skanska in brief Facts in brief Skanska is one of the world s leading project development and construction groups Skanska offers expertise in construction, development of commercial properties and residential projects as well as in public private/partnerships Revenue of SEK 136 bn in 2013 No of employees 57,000 Share information Market cap. SEK 54 bn No of shares million Market NASDAQ OMX, Stockholm Ticker SKA B ADR SKSBY (OTC) Indices/member Dow Jones 30 Titans Construction Dow Jones STOXX 600 S&P Global 1200 S&P Europe 350 FTSE4Good UN Global Compact Nordic 260 Carbon Disclosure Leadership Index Revenue, operating income (EBIT) Revenue EBIT Construction Residential Development Our home markets Commercial Property Development Infrastructure Development 4
5 Local presence global strength Nordic countries 39% of 5 year EBIT United States Construction Residential Development Commercial Property Development Infrastructure Development Sweden Finland Revenue 2013, SEK bn: 62 EBIT 2013, SEK bn: 2.8 Norway The Americas 37% of 5 year EBIT United Kingdom Denmark Construction Commercial Property Development Infrastructure Development Revenue 2013, SEK bn: 45 EBIT 2013, SEK bn: 2.0 Construction Residential Development Commercial Property Development Infrastructure Development Other European countries Construction Residential Development Commercial Property Development Infrastructure Development 24% of 5 year EBIT Revenue 2013, SEK bn: 27 EBIT 2013, SEK bn: 1.2 Czech Republic Hungary Poland Slovakia Romania 5
6 Strengths Positions People Financials Leading market positions in home markets Diversification Geographically and Sectors Deep market knowledge through home market focus A strong brand Common values world wide Retain and develop management Standardized processes and procedures Project development and execution skills Risk and opportunity management Financial synergies Attractive business model Strong balance sheet Strong cash flow 6
7 How we do it 7
8 Global market trends and drivers Demographics & Urbanization Urbanization and changes in demographics drives investments in Mass transit, roads and bridges Schools Health Housing Water Waste treatment Sports Culture Global demand for energy and energy efficiency will increase dramatically Percentage of population in urban areas in the developed world 100 % Consumption per capita Tonnes oil equivalent 2010 Energy, Green & Technology 8
9 Taking advantage of global trends Geographic Home Markets Nordic countries The Americas Other European countries Global trends Demographics & Urbanization Energy, Green & Technology Skanska s Head Office, Stockholm Oculus, New York City, U.S. Green Day, Poland New Karolinska Solna, Sweden Florida Polytech, Lakeland, U.S. Barts Hospital, London 9
10 Business model The free working capital in Construction combined with the profits generated by the Group enables the financing of investments in project development Revenue clients Construction EBIT % Investment opportunities Internal Contracts generated by investments in project development Project Development ROCE 10-15% Financial targets Return on equity 18-20% Dividend 40-70% of profit 10
11 Business model Outcome 2013 Free working capital in Construction SEK 18 bn Revenue clients Construction SEK 128 bn Investment opportunities Project Development Internal contracts SEK 15 bn EBIT 3.0% ROCE 10% Return on equity 17% Dividend 74% of profit 11
12 Track record 12
13 A history of competitive returns ROCE Dividend 30% 25% 20% 15% 10% 5% Return on capital employed 14,00 12,00 10,00 8,00 6,00 4,00 2,00 Extra dividend, SEK Ordinary dividend, SEK Dividend yield % 10,0% 9,0% 8,0% 7,0% 6,0% 5,0% 4,0% 3,0% 2,0% 1,0% 0% , ,0% Total Shareholder Return compared to indices Skanska B total return SBI* SIX Return Index DJ Construction & Materials Titans Index 35% 25% 15% 5% 1Y 2Y 3Y Holding years 4Y 5Y -5% *SBI, Strategic Benchmark Index consist of companies that, taken together, reflects Skanska s operations. 13
14 Where do we take the company 14
15 Our journey Rapid expansion Strong top line growth Acquisitions and project export Consolidation Improved profitability Operational stability Home market strategy Risk management focus Profitable growth Competitive returns Increased investments in project development CD in US, CEE and the Nordics RD in Poland ID in the Americas Growth in Construction Americas and CEE Power, wind, waste treatment, green retrofit, industrial and mining Geographical expansion Maintained excellence in capital efficiency 15
16 Summary 16
17 Investment highlights Strong global trends Demographics & Urbanization Green & Energy Leading market position Leading market positions on all our home markets Construction to grow faster than the market with maintained focus on profitability Risk diversification Geographical footprint Sector footprint Financial synergies Strong cash flow from construction invested in high return project development Increase investments in project development Strong cashflow Attractive business model Net cash position Attractive yield A history of competitive returns 10 years of maintained or increased dividend 17
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