Six Month Report Nationalmuseum, Stockholm, Sweden

Transcription

1 Six Month Report Nationalmuseum, Stockholm, Sweden

2 Six Month Report Highlights Improvement in our home markets underlying economies market outlook continues to improve Increase in order bookings and order backlog Operating income SEK 1.6 bn (2.0) Write-downs and restructuring costs of SEK 500 M in Latin America; focus on O&M going forward 2

3 Construction Revenue SEK 59.4 bn (58.9) Order bookings SEK 70.4 bn (60.3) Sweden, Finland, Poland, UK and USA Civil strong Operating income SEK 1.2 bn (1.6) Strong performance in Swedish and Finnish operations Oculus, World Trade Center, New York, U.S. 3

4 Residential Development Revenue SEK 4.5 bn (5.3) 1,540 (1,907) homes sold 1,308 (1,663) homes started Project starts crucial Operating income SEK 349 M (331) Profitability continues to improve Gross margin 13.6% (11.3) Ranheimsfjæra, Trondheim, Norway 4

5 Commercial Property Development Divestments of SEK 2.3 bn (1.9) Income from divestments SEK 408 M (381) 31 ongoing projects SEK 11.5 bn in investment value 43% pre-leasing rate 41% completion rate 8 project starts 93,000 sq m leased 326,000 sq m past 12 months Entré Lindhagen, Stockholm, Sweden 5

6 Infrastructure Development Project portfolio s net present value increased SEK 0.4 bn to SEK 5.3 bn Preferred bidder for the I-4 Ultimate, Florida, U.S. Preferred bidder for the New Papworth Hospital, Cambridge, UK in Q3 6 Elizabeth River Tunnels, Virginia, U.S.

7 New orders in Construction in Q2 SEK M Underground transit, CA, U.S. 3,800 Defense College, UK 2,700 Bridge, NY, U.S. 1,600 Office, UK 1,000 Office, Norway 740 Renovation, Sweden 700 Total bookings in Q2 37,894 7 Regional Connector, Los Angeles, U.S.

8 Construction Order situation SEK bn 175 R-12 Book-to-build 102% Order backlog Order bookings, R-12 Revenue, R-12 Order bookings per quarter 0 Q3 Q4 Q Q2 SEK bn Jan Dec Revenue Order bookings Order backlog

9 Construction Order bookings SEK bn Bookto-build, R-12, % Months of production Sweden Norway Finland Poland Czech Republic UK USA Building USA Civil Latin America Total

10 Construction Income statement Operating margin, R-12, % SEK bn Q3 Q4 Q1 Q Revenue, R-12, SEK bn Revenue Operating margin Jan Dec 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 Norway Finland Poland Czech Republic neg neg UK USA Building USA Civil Latin America neg 0.9 Total 1,167 1,

12 Residential Development Income statement, segment reporting Operating margin, R-12, % SEK M Q3 Q4 Q Revenue 2012 Operating margin Revenue, R-12, SEK bn Q Jan Dec Revenue 4,469 5,258 9,234 Gross income ,055 Selling and administrative expenses Income from joint ventures Operating income Gross margin, % Selling and administrative expenses, % Operating margin, %

13 Residential Development Income statement Operating income, SEK M 1 Operating margin, % 1 Sweden Norway Finland Nordics Other European countries neg Total Development gain only, construction margin reported under Construction 2 Czech Republic, Poland and the UK 13

14 Residential Development Homes started and sold, R-12 Homes 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Q3 Q4 Q Sold Started Q2 Homes started Jan Dec Homes sold Jan Dec 1,308 1,663 3,118 1,540 1,907 3,391 14

15 Residential Development Homes in production Homes 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Unsold completed Unsold under construction Sold under construction 0 Q3 Q4 Q Q2 Homes in production Of which sold, % Unsold completed homes Jun 30, Jun 30, Jun 30, Jun 30, Jun 30, Jun 30, 4,768 5,

16 Commercial Property Development Income statement, segment reporting SEK M Jan Dec Revenue 2,585 2,122 6,206 Gross income ,547 Selling and administrative expenses Income from joint ventures and associated companies Operating income ,068 of which gain from divestments of properties ,415 of which write downs/reversal of write downs Additional gain included in eliminations Development gain only, construction margin reported under Construction 16

17 Commercial Property Development Divestments SEK bn Q3 Q4 Q1 Q Revenue from divestments, R-12 Operating income from divestments, R-12 Sale of commercial properties SEK M Sales price Capital gain Year-to-date 2,

18 Commercial Property Development Carrying amounts and market values Ongoing projects, carrying amount upon completion SEK M 14,000 12,000 10,000 8,000 6,000 4,000 2, June 30 Carrying amount, end of period 18 Carrying amount, upon completion Market value Occupancy rate, % Degree of completion, % SEK bn Completed projects Undeveloped land and development properties Ongoing projects Total of which completed projects sold according to segment reporting of which ongoing projects sold according to segment reporting

19 Commercial Property Development Leasing 000 sq m Leasing, quarterly Leasing, R Q3 Q4 Q1 Q New leases of space were signed for 93,000 sq m, year-to-date 19

20 Infrastructure Development Income statement SEK M Jan Dec Revenue Gross income Selling and administrative expenses Income from joint ventures Operating income of which gains from divestments of shares in projects

21 Infrastructure Development Project portfolio Net present value of projects, SEK bn Dec 31, Derisk/ Time value Investments/ Divestments Currency effect Jun 30, SEK bn Jun 30, Jun 30, 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

22 Group Income statement SEK M Jan Dec Operating income from business streams 2,023 2,388 5,875 Central Eliminations Operating income 1,581 2,017 5,144 Net financial items Income after financial items 1,456 1,868 4,903 Taxes ,430 Profit for the period 1,093 1,401 3,473 Earnings per share, SEK Tax rate, %

23 Group Cash flow SEK bn Q3 Q4 Q Q2 Cash flow from business operations, quarterly R-12 SEK bn 23 Jan Dec Cash flow from operations Net strategic investments Dividend etc Cash flow before change in interestbearing receivables and liabilities

24 Construction Free working capital SEK bn 25 % Free working capital, SEK bn Free working capital, end of Q2, SEK bn Average free working capital/ Construction revenue, R-12, % 0 Q3 Q4 Q Q2 0 24

25 Group Financial position Operating net financial assets/liabilities, SEK bn Q3 Q4 Q Q2 SEK bn 25 Jun 30 Jun 30 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, %

26 Group Change in financial position SEK bn Jan Dec 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

27 Group Change in equity SEK bn Jan Dec 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

28 Group Investments and capital employed SEK bn Q3 Q4 Q1 Q Investments, quarterly Divestments, quarterly Net investments, R-12 SEK bn Jun 30 Jun 30 Dec 31 Capital employed in: Residential Development Commercial Property Development Infrastructure Development Total in Development Streams

29 Market outlook Construction Overall market continues to improve Nordic countries Residential building market improving in Sweden Civil market stable. Norway strong, Sweden stable, Finland weaker Other European countries Commercial building market improving and civil market remains strong in UK Czech Republic civil market shows early signs of improvement The Americas The U.S. continues to be a good market, but with fierce competition Latin American market weak 29 Malmö Live, Sweden

30 Market outlook Residential Development Nordic countries Sweden strong Norway stabilizing Finland weak Other European countries Poland relatively stable Czech Republic stabilized at a low level 30 Liljekonvaljen, Järvastaden, Sweden

31 Market outlook Commercial Property Development General Tenants: Stable vacancy rates Investors: Demand for green properties with stable tenants, valuations attractive Nordic countries High interest from investors and tenants in Sweden Other European countries High demand in Poland and improving in other parts of Central Europe Vacancy rates continue to decline in our U.S. markets Wilson Boulevard, Washington, D.C., U.S.

32 Market outlook Infrastructure Development All countries The potential for PPPs in the U.S. continues to improve, but competition is fierce Thin pipeline in Europe 32 New Karolinska Solna, Stockholm, Sweden

33 33 July 18, Skanska Six Month Report