Pro forma comparable figures for the four quarters in 1998

PRESS RELEASE, JUNE 15, 1999 53/99 Pro forma comparable figures for the four quarters in 1998 As a consequence of the distribution of Drott to the shareholders, reclassification of JM from a subsidiary to an associated company and changed application of accounting principles, pro forma comparable figures for the four quarters in 1998 are presented in an enclosure. As a result of the new accounting principles, acquired companies are consolidated and divested companies deconsolidated on the date of the acquisition or divestment. Previously, Skanska consolidated acquired and deconsolidated divested companies effective January 1 in the year the acquisition/divestment occurred. The enclosed comparable figures are adjusted to reflect this change in accounting principle. The change does not affect earnings reported for 1998, but net sales are SEK 1.5 billion lower than the figure stated in the year-end report. Stockholm, June 15, 1999 SKANSKA AB Group Communication ------------------------------------------------------------------------------ ------------------------ For additional information, contact: Erik von Hofsten, Investor Relations. +46 (0)8 753 8682, or +46 (0)70 666 8682. Encl: Pro forma comparable figures for the four quarters in 1998 This and previous releases are also available on www.skanska.com CONSOLIDATED FINANCIAL STATEMENTS SKANSKA GROUP INCOME STATEMENT SEK M Jan-MarJan-Jun Jan-Sep Jan-Dec 1998 1998 1998 1998 Net sales 11 771 26 339 42 396 62 435 1) Operating expenses -11 721-25 905 -41 561 -61 028 2) Gross income 50 434 835 1 407 Share of income in associated 130 136 414 684 companies Items affecting comparability 0 1 090 1 035 1 033 Writedowns/reversals of 0 0 0 -14 writedowns Gain on sale of properties 493 726 1 239 1 266 Operating income 673 2 386 3 523 4 376 Dividends 0 57 57 57 Net interest items 2 -83 -156 -197 Gain on sale of shares & 646 646 646 646 participations Other financial items 2 5 -28 -57 650 625 519 449 Income after financial items 1 323 3 011 4 042 4 825 Taxes -405 -1 146 -1 556 -1 965 Minority interests -20 -29 -40 -78 Net profit for the period 898 1 836 2 446 2 782 BALANCE SEK M ASSETS Mar 31, 98Jun 30, Sep 30, 98 Dec 98 31, 98 Real estate 8 579 8 754 8 886 8 597 Shareholdings 6 841 6 621 6 805 7 157 Other fixed assets 6 717 6 622 6 851 6 773 Interest-bearing receivables 1 733 3 394 2 405 2 372 Non-interest bearing receivables 11 475 12 538 14 298 13 876 Properties, current assets 1 391 1 463 1 810 2 603 Bank & short-term investments 3 115 2 792 2 839 3 505 39 851 42 184 43 894 44 883 EGET KAPITAL & SKULDER Shareholders´equity 12 796 12 453 13 084 13 519 Minorities 160 115 126 271 Interest-bearing liabilities & 6 935 8 113 8 242 7 855 provisions Non-interest bearing liabilities 19 960 21 503 22 442 23 238 & provisions 39 851 42 184 43 894 44 883 3) FINANCIAL RATIOS ETC. Mar 31, 98 Jun 30,Sep 30, 98 Dec 31, 98 98 Interest-bearing net debt, SEK M 2 087 1 927 2 998 1 978 4) 5) Net profit per share, SEK 65,4 13,8 17,7 24,4 Equity/asset ratio, % 32,5 29,8 30,1 30,7 Debt/equity ratio 0,2 0,2 0,2 0,1 Return on shareholders´equity, % 66,5 11,4 15,9 22,0 4) 4) Return on capital employed, % 60,4 14,5 19,7 27,0 D:o adjusted for items affecting 14,4 12,1 17,4 18,3 comparability and sale of shares, % 5) Equity per share, SEK 112,4 109,4 114,9 118,7 1) Of which depreciation -249, -577, -838, -1 148 2) Of which gain on sale of current-asset properties 17, 32, 62, 206 3) Definitions of the financial ratios can be found in the Annual Report for 1998 4) Based on the past four quarters 5) Total number of shares: 113 854 968 CONSOLIDATED FINANCIAL STATEMENTS SKANSKA GROUP INCOME STATEMENT SEK M Q1 Q2 Q3 Q4 1998 1998 1998 1998 Net sales 11 771 14 568 16 057 20 039 1) Operating expenses -11 721-14 184 -15 656 -19 467 2) Gross income 50 384 401 572 Share of income in associated 130 6 278 270 companies Items affecting comparability 0 1 090 -55 -2 Writedowns/reversals of 0 0 0 -14 writedowns Gain on sale of properties 493 233 513 27 Operating income 673 1 713 1 137 853 Dividends 0 57 0 0 Net interest items 2 -85 -73 -41 Gain on sale of shares & 646 0 0 0 participations Other financial items 2 3 -33 -29 650 -25 -106 -70 Income after financial items 1 323 1 688 1 031 783 Taxes -405 -741 -410 -409 Minority interests -20 -9 -11 -38 0 0 0 Net profit for the period 898 938 610 336 Skanska USA Jan-Mar Jan-Jun Jan-Sep Jan-Dec SEK M 1998 1998 1998 1998 Net sales 4 477 10 010 16 822 24 072 Operating income 63 134 254 398 Operating margin, % 1,4 1,3 1,5 1,7 Return on capital employed, % 32,3 37,9 38,9 40,7 Order bookings 9 030 20 459 30 240 38 469 Order backlog 32 555 38 464 40 976 43 050 Skanska Sweden Jan-Mar Jan-Jun Jan-Sep Jan-Dec SEK M 1998 1998 1998 1998 Net sales 3 917 9 256 14 599 21 118 Operating income -24 195 324 496 Operating margin, % -0,6 2,1 2,2 2,3 Return on capital employed, % 16,0 16,6 15,6 15,3 Order bookings 4 624 10 456 15 741 21 358 Order backlog 13 985 14 557 14 371 13 696 Skanska Europe Jan-Mar Jan-Jun Jan-Sep Jan-Dec SEK M 1998 1998 1998 1998 Net sales Building construction 2 003 4 312 7 376 11 681 Components and services 1 285 2 703 4 195 5 779 Total 3 288 7 015 11 571 17 460 Operating income Building construction -11 55 83 177 Components and services 9 44 111 193 Total -2 99 194 370 Operating margin, % Building construction -0,5 1,3 1,1 1,5 Components and services 0,7 1,6 2,6 3,3 Total -0,1 1,4 1,7 2,1 Return on capital employed, % Building construction 28,8 33,0 15,7 12,3 Components and services 1) 6,6 5,2 4,9 5,1 Total 8,9 8,7 7,8 7,1 Order booking Building construction 2 912 6 150 8 290 11 703 Components and services 1 334 2 817 4 293 5 853 Total 4 246 8 967 12 583 17 556 Order backlog Building construction 8 947 10 056 10 785 10 356 Components and services 650 703 740 769 Total 9 597 10 759 11 525 11 125 1) Dito excl. 13,7 11,3 10,5 10,9 goodwill/depreciation,goodwill, % Skanska Project Development Jan-Mar Jan-Jun Jan-Sep Jan-Dec and Real Estate, SEK M 1998 1998 1998 1998 Net sales (rental revenues) 333 645 967 1 265 Operating income Property management 118 252 417 555 Other real estate operations -23 -70 -112 -137 Gain on sale of properties 441 661 1 143 1 167 Operating income 536 843 1 448 1 585 Skanska USA Q1 Q2 Q3 Q4 SEK M 1998 1998 1998 1998 Net sales 4 477 5 533 6 812 7 250 Operating income 63 71 120 144 Operating margin, % 1,4 1,3 1,8 2,0 Order bookings 9 030 11 429 9 781 8 229 Skanska Sweden Q1 Q2 Q3 Q4 SEK M 1998 1998 1998 1998 Net sales 3 917 5 339 5 343 6 519 Operating income -24 219 129 172 Operating margin, % -0,6 4,1 2,4 2,6 Order bookings 4 624 5 832 5 285 5 617 Skanska Europe Q1 Q2 Q3 Q4 SEK M 1998 1998 1998 1998 Net sales Building construction 2 003 2 309 3 064 4 305 Components and services 1 285 1 418 1 492 1 584 Total 3 288 3 727 4 556 5 889 Operating income Building construction -11 66 28 94 Components and services 9 35 67 82 Total -2 101 95 176 Operating margin, % Building construction -0,5 2,9 0,9 2,2 Components and services 0,7 2,5 4,5 5,2 Total -0,1 2,7 2,1 3,0 Order bookings Building construction 2 912 3 238 2 140 3 413 Components and services 1 334 1 483 1 476 1 560 Total 4 246 4 721 3 616 4 973 Skanska Project Development Q1 Q2 Q3 Q4 and Real Estate, SEK M 1998 1998 1998 1998 Net sales (rental revenues) 333 312 322 298 Operating income Property management 118 134 165 138 Other real estate operations -23 -47 -42 -25 Gain on sale of properties 441 220 482 24 Operating income 536 307 605 137 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/06/15/19990615BIT00350/bit0001.doc http://www.bit.se/bitonline/1999/06/15/19990615BIT00350/bit0002.pdf