Skanska year-end Report 2002 - Improved earnings in construction operations and strong cash flow during the fourth quarter
# Full-year 2002 operating income in construction-related operations improved to SEK 2,519 M (370). Operating income improved gradually during the year, due to a lower volume of project loss provisions and writedowns of current assets.
# Consolidated income of the Skanska Group reflects effects from the strategic review undertaken during the later part of 2002, that was presented January 14, 2003. During the year, restructuring expenses and goodwill writedowns totaling SEK –2,016 M, of which SEK –1,645 M was reported as items affecting comparability, were charged to operating income.
# During 2002, the consolidated operating income of the Skanska Group rose to SEK 2,621 M (2,523), before items affecting comparability totaling SEK –1,645 M (–230). During the period October-December, operating income fell to SEK 695 M (1,322).
# Full-year consolidated income after financial items declined to SEK 73 M (1,116). This included items affecting comparability totaling SEK –1,645 M (–230) and capital gains on the sale of properties totaling SEK 294 M (2,155). During the fourth quarter, income after financial items fell to SEK –989 M (1,248), including items affecting comparability totaling SEK –1,645 M (286) and gains on the sale of property totaling SEK 249 M (741).
# Order bookings continued to be adversely affected by a weak market for office construction and by a stronger exchange rate for the Swedish krona. During the fourth quarter, however, order bookings rose in all segments compared to the same period of 2001.
# After the close of the report period, Skanska signed an agreement with the U.S.-based Blackstone Group on the divestment of ten properties in Sweden. The sales price totaled SEK 2,060 M, with a capital gain of SEK 490 M.
# The Board of Directors proposes a dividend of SEK 2.00 (3.00) per share for the 2002 financial year.
Link to Skanska year-end report 2002 (requires Acrobat Reader)