Six month report 2018

Transcription

1 Six month report We build for a better society. ESS, European Spallation Source Lund Sweden

2 Six month report Operating income SEK 1.9 bn (3.3 bn) Write downs in US Construction SEK 52 M in Q2 Nordic Construction remains strong and stable Continued slow residential markets in Sweden and Norway High levels of divestment and project starts in Commercial Development Strategic initiatives progressing well Strong financial position maintained K1 Knightsbridge, London, UK July 2, Skanska Six month report 2

3 Construction Revenue SEK 75.1 bn (7.8) Order bookings SEK 71.9 bn (84.5) Book-to-build 9% R-12 Order backlog SEK bn (22.2) More disciplined bidding Operating income SEK 541 M (58) Operating margin.7% (.7) Nordics strong and stable Project write-downs in US during Q2 Slussen, Stockholm, Sweden July 2, Skanska Six month report 3

4 Residential Development Revenue SEK 4.2 bn (8.1) 1,494 (2,369) homes sold 1,961 (2,141) homes started Operating income SEK 618 M (1,13) Operating margin 14.8% (13.7) ROCE 1.2% (19.3) Sales pace in Sweden and Norway still down from very high levels, long-term housing needs remain Continue to grow the business long-term Well positioned to pursue market opportunities Älvängen, Ale, Sweden July 2, Skanska Six month report 4

5 Commercial Property Development Operating income SEK 1,332 M (1,257) Gain on sale SEK 1.8 bn (1.6) ROCE 16.6% (12.2) 48 ongoing projects SEK 31.8 bn in investment value upon completion 45% occupancy rate 52% completion rate 12 projects started 428, sq m leased (47,) R-12 Strong interest from tenants and investors Continue to grow the business Drydock, Boston Seaport, Boston, USA July 2, Skanska Six month report 5

6 Infrastructure Development Operating income SEK -75 M (91) Comparable period includes SEK.9 bn divestment gain from A1 motorway in Poland Project portfolio s net present value increased to SEK 3.5 bn (3.1), surplus value 1.2 bn (1.1) ROCE 13.1% (31.1) Reached financial close on Norway s Rv 3 PPP project Elizabeth River Tunnels, Virginia, USA July 2, Skanska Six month report 6

7 Construction Order situation SEK bn 25 2 Book-to-build 9% Q3 Q4 Q Q2 Order backlog Order bookings, R-12 Revenue, R-12 Order bookings per quarter SEK bn Jan Dec Revenue Order bookings Order backlog Slussen, Stockholm, Sweden July 2, Skanska Six month report 7

8 Construction Order bookings SEK bn Bookto-build, R-12, % Months of production Nordics of which Sweden Europe USA Total Slussen, Stockholm, Sweden July 2, Skanska Six month report 8

9 Construction Income statement Operating margin, R-12, % Q3 Q4 Q Revenue Operating margin Revenue, R-12, SEK bn Q SEK bn Jan Dec Revenue Gross income Selling and administrative expenses Operating income Gross margin, % Selling and administrative expenses, % Operating margin, % Slussen, Stockholm, Sweden July 2, Skanska Six month report 9

10 Construction Income statement Operating income, SEK M Operating margin, % Nordics 1, of which Sweden Europe neg neg USA Total Slussen, Stockholm, Sweden July 2, Skanska Six month report 1

11 Residential Development Income statement, segment reporting Operating margin, R-12, % 2 15 Revenue Revenue, R-12, SEK bn Q3 Q4 Q Operating margin Q2 1 5 SEK M Jan Dec Revenue 4,166 8,68 13,237 Gross income 968 1,431 2,382 Selling and administrative expenses Operating income 618 1,13 1,716 Gross margin, % Selling and administrative expenses, % Operating margin, % Älvängen, Ale, Sweden July 2, Skanska Six month report 11

12 Residential Development Income statement Operating income, SEK M Operating margin, % Nordics 548 1, of which Sweden Europe Total 618 1, Älvängen, Ale, Sweden July 2, Skanska Six month report 12

13 Residential Development Homes started and sold Homes, R-12 5, 4, 3, Sold Started 2, 1, Q3 Q4 Q Q2 Homes started Jan Dec Homes sold Jan Dec 1,961 2,141 4,318 1,494 2,369 4,285 Älvängen, Ale, Sweden July 2, Skanska Six month report 13

14 Residential Development Homes in production Homes 9, 8, 7, 6, 5, 4, 3, 2, 1, Q3 Q4 Q Sold under construction Unsold under construction Unsold completed Q2 Homes in production Of which sold, % Unsold completed homes Jun 3, Jun 3, Jun 3, Jun 3, Jun 3, Jun 3, 7,564 7, Älvängen, Ale, Sweden July 2, Skanska Six month report 14

15 Residential Development Homes in production, sales rate % Q3 Q4 Q Q2 Älvängen, Ale, Sweden July 2, Skanska Six month report 15

16 Commercial Property Development Income statement, segment reporting SEK M Jan Dec Revenue 7,31 6,681 11,44 Gross income 1,82 1,684 2,989 Selling and administrative expenses Income from joint ventures and associated companies Operating income 1,332 1,257 2,714 of which gain from divestments of properties 1 1,757 1,595 2,879 of which write downs/reversal of write downs Additional gain included in eliminations Drydock, Boston Seaport, Boston, USA July 2, Skanska Six month report 16

17 Commercial Property Development Divestments, segment reporting SEK bn Revenue from divestments, R-12 Operating income from divestments, R-12 Q3 Q4 Q1 Q Sale of commercial properties SEK M Sales price Capital gain Year-to-date 7,2 1,757 Drydock, Boston Seaport, Boston, USA July 2, Skanska Six month report 17

18 Commercial Property Development Unrealized and realized gains, segment reporting SEK bn Q3 Q4 Q Q2 Unrealized gains in: Land Ongoing projects at completion Completed projects Realized gains, R-12 Drydock, Boston Seaport, Boston, USA July 2, Skanska Six month report 18

19 Commercial Property Development Leasing sq m 5 1% 4 8% 3 6% 2 4% 1 2% Q3 Q4 Q1 Q % Leasing, R-12 Occupancy rate, ongoing projects Degree of completion, ongoingprojects Drydock, Boston Seaport, Boston, USA July 2, Skanska Six month report 19

20 Infrastructure Development Income statement SEK M Jan Dec Revenue Gross income Selling and administrative expenses Income from joint ventures 88 1,35 1,142 Operating income of which gains from divestments of shares in projects Elizabeth River Tunnels, Virginia, USA July 2, Skanska Six month report 2

21 Infrastructure Development Project portfolio Net present value of projects, SEK bn Dec 31, Derisk/ Time value Investments/ Divestments Currency effect Jun 3, SEK bn Jun 3, Jun 3, 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 Elizabeth River Tunnels, Virginia, USA July 2, Skanska Six month report 21

22 Group Income statement SEK M Jan Dec Operating income from business streams 2,416 3,778 6,56 Central Eliminations Operating income 1,937 3,3 5,54 Net financial items Income after financial items 1,946 3,33 5,549 Taxes Profit for the period 1,598 3,17 4,934 Earnings per share, SEK Tax rate, % K1 Knightsbridge, London, UK July 2, Skanska Six month report 22

23 Group Cash flow SEK bn SEK bn Q3 Q4 Q Q2 Jan Dec Cash flow from operations Net strategic investments Dividend etc Cash flow before change in interestbearing receivables and liabilities Cash flow from business operations, quarterly R-12 K1 Knightsbridge, London, UK July 2, Skanska Six month report 23

24 Construction Free working capital SEK bn 25 % Q3 Q4 Q Q2 Free working capital, SEK bn Average free working capital/ Construction revenue, R-12, % Free working capital, end of Q2, SEK bn K1 Knightsbridge, London, UK July 2, Skanska Six month report 24

25 Group Investments, divestments and capital employed SEK bn SEK bn Q3 Q4 Q June 3 June 3 Q2 Dec 31 Capital employed in: Residential Development Commercial Property Development Infrastructure Development Total in Project Development Divestments, quarterly Investments, quarterly Net investments, R-12 K1 Knightsbridge, London, UK July 2, Skanska Six month report 25

26 Group Financial position Operating net financial assets/liabilities, SEK bn Q3 Q4 Q Q2 SEK bn Jun 3 Jun 3 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, % K1 Knightsbridge, London, UK July 2, Skanska Six month report 26

27 Market outlook Construction Nordics Mixed building market in Sweden Stable building market in Norway and Finland Very strong civil market in Sweden and strong market in Norway but with fierce competition; Finland stable Europe Poland building market stable Brexit continues to impact the UK non-residential market Stable civil market in the UK and Poland, weak in Czech Republic Rapid cost escalation in Poland and Czech Republic USA The US continues to be a good market, but with fierce competition Acute care hospital building, Hollywood, US July 2, Skanska Six month report 27

28 Market outlook Residential Development Nordics Continued uncertainty in Sweden and Norway Slow sales pace in Stockholm Finland steadily improving Europe Robust market in Central Europe Lappeenrannan Loiste, Lappeenranta, Finland July 2, Skanska Six month report 28

29 Market outlook Commercial Property Development General Tenants and investors: Strong demand, vacancy rates low Nordics High interest from investors and low vacancy rates in Sweden especially Finland improving Europe Strong demand in Poland and improving in other parts of Central Europe USA Strong investor appetite and good tenant demand 2+U, Seattle, USA July 2, Skanska Six month report 29

30 Market outlook Infrastructure Development All countries Good market for PPPs in the US, but competition is considerable Thin pipeline in the other markets Inauguration of New Karolinska Solna, Stockholm, Sweden July 2, Skanska Six month report 3

31 July 2, Skanska Six month report 31