SIX MONTH REPORT, JANUARY-JUNE 2004
SIX MONTH REPORT, JANUARY-JUNE 2004 Second quarter of 2004 compared to second quarter of 2003 · Net sales decreased by 6 percent to SEK 32,225 M (34,350). Adjusted for currency rate effects, net sales fell by 4 percent. · Operating income amounted to SEK 1,130 M (1,647). · Gain on sale of properties in Commercial Project Development amounted to SEK 587 M (1,097). · Income after financial items amounted to SEK 1,092 M (1,598). · Net income amounted to SEK 690 M (1,119) and earnings per share in the second quarter amounted to SEK 1.65 (2.67). · Order bookings rose by 5 percent to SEK 33.5 billion (31.8). Adjusted for currency rate effects, order bookings rose by 7 percent. Comments from Skanska's President and CEO Stuart Graham: - Performance in the Nordic construction businesses is improving steadily and we expect that trend to continue in the second half of the year. We now see slight improvements in the market situation in many of Skanska's markets. USA Building took a previously announced charge of SEK 150 M in Q2 in accordance with a plan aimed at increasing sales and margins in 2005 and beyond. The civil business in the U.S. continues to suffer the effects of lower project margins partly due to unusual weather in Q1 and commodity price escalation. - As a part of focusing on selected markets, Skanska Whessoe was divested during the quarter and a letter of intent was signed regarding the divestment of Skanska's holding in Gammon Skanska. After the close of the quarter the divestment of Cementation Skanska was concluded. - In summary, the company is now much more efficient when it comes to the use of capital, our business in Residential Project Development as well as Commercial Project Development are well on their way toward achieving their financial targets. Construction and Services is, with the exception of the U.S., performing better despite the weak market growth. For further information, please contact: Hans Biörck, Executive Vice President and CFO, Skanska AB, tel +46 8 753 88 00 Anders Lilja, Senior Vice President, Investor Relations, Skanska AB, tel +46 8 753 88 01 Peter Gimbe, Senior Vice President, Communications, Skanska AB, tel +46 8 753 88 38 or mobile +46 70 543 88 38 This and previous releases can also be found at www.skanska.com ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/07/29/20040728BIT20080/wkr0010.pdf The complete report as PDF