Skanska - Six Month Report, 1999

SKANSKA - SIX MONTH REPORT, 1999 STRONG GROWTH AND MAJOR EARNINGS IMPROVEMENT @ Order bookings rose by 18 percent to SEK 47,184 M (39,882) @ Net sales rose by 41 percent to SEK 37,244 M (26,339) @ Operating income rose to SEK 4,872 M (2,386) @ Income after financial items rose to SEK 4,934 M (3,011) @ Gross income from business operations more than doubled to SEK 901 M (434) @ Net investments in project development increased to SEK 1,568 M (-366) @ Sale of shares in Scancem completed with a capital gain of SEK 3,280 M "The trend during the first half of 1999 was very favorable, both in our construction operations and project development work. Our greater focus on core business and the restructuring we have implemented are thus yielding continued good results," says Skanska President and CEO Claes Björk in a comment to the six month report. "In construction operations, we had strong revenue growth, and our overall earnings and operating margin both increased significantly - with an especially pleasing trend in the United States, Sweden and Finland. By acquiring the Argentine-based SADE and two American construction companies, the Gottlieb Group and Etkin, we also further strengthened our international market base." "Demand for commercial space, offices and housing remained very strong, and conditions for developing new projects were therefore very good in the markets on which we focus. During the first half, we began two additional major projects. Given an expected yield of 11 percent, we expect our ongoing projects to show good returns. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/08/30/19990830BIT00110/bit0002.doc The Full Report http://www.bit.se/bitonline/1999/08/30/19990830BIT00110/bit0001.pdf The Full Report