Pro forma comparable figures for the four quarters in 1998

6/15/1999 12:00 AM CET

Press release

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.

PRESS RELEASE, JUNE 15, 1999 53/99

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

CONSOLIDATED FINANCIAL STATEMENTS


SKANSKA GROUP
INCOME STATEMENT
SEK M	Jan-Mar	Jan-Jun	Jan-Sep	Jan-Dec
	1998	1998	1998	1998

Net sales	11 771	26 339	42 396	62 435
Operating expenses ¹⁾	^{-11 721}	^{-25 905}	^{-41 561}	^{-61 028}
Gross income 2)	50	434	835	1 407
^{Share of income in associated companies}	¹³⁰	¹³⁶	⁴¹⁴	⁶⁸⁴
^{Items affecting comparability}	⁰	^{1 090}	^{1 035}	^{1 033}
^{Writedowns/reversals of writedowns}	⁰	⁰	⁰	^-14
^{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 & participations}	⁶⁴⁶	⁶⁴⁶	⁶⁴⁶	⁶⁴⁶
^{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, 98	Jun 30, 98	Sep 30, 98	Dec 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 & provisions}	^{6 935}	^{8 113}	^{8 242}	^{7 855}
^{Non-interest bearing liabilities & provisions}	^{19 960}	^{21 503}	^{22 442}	^{23 238}
	39 851	42 184	43 894	44 883

FINANCIAL RATIOS ETC. 3)	Mar 31, 98	Jun 30, 98	Sep 30, 98	Dec 31, 98
^{Interest-bearing net debt, SEK M}	^{2 087}	^{1 927}	^{2 998}	^{1 978}
^{Net profit per share, SEK 4) 5)}	^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, % 4)}	^66,5	^11,4	^15,9	^22,0
^{Return on capital employed, % 4)}	^60,4	^14,5	^19,7	^27,0
^{D:o adjusted for items affecting comparability}
^{and sale of shares, %}	^14,4	^12,1	^17,4	^18,3
^{Equity per share, SEK 5)}	^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}
^{Operating expenses 1)}	^{-11 721}	^{-14 184}	^{-15 656}	^{-19 467}
Gross income 2)	50	384	401	572
^{Share of income in associated companies}	¹³⁰	⁶	²⁷⁸	²⁷⁰
^{Items affecting comparability}	⁰	^{1 090}	^-55	^-2
^{Writedowns/reversals of writedowns}	⁰	⁰	⁰	^-14
^{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 & participations}	⁶⁴⁶	⁰	⁰	⁰
^{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. goodwill/depreciation,goodwill, %	13,7	11,3	10,5

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Pro forma comparable figures for the four quarters in 1998