STOCKHOLM, Sweden, July 24, 2003 (PRIMEZONE) -- Skanska (Other OTC:SKSBF):
Group highlights
Second quarter of 2003 compared to second quarter of 2002
- New reporting structure separate reporting of Skanska's four business streams: Construction and Services, Residential Project Development, Commercial Project Development and BOT.
- Improved financial position for the Skanska Group. Interest-bearing net debt decreased by SEK 3,944 M from year-end 2002 to SEK -5,086 M.
- Cash flow from business operations before taxes paid and financing rose to SEK 2,980 M (692).
- Reduction of capital employed to SEK 28 billion (35).
- Order bookings decreased by 12 percent to SEK 34.4 billion. Adjusted for currency rate effects, the order bookings were flat compared to last year. Order backlog amounted to SEK 137.9 billion and was unchanged compared to year- end 2002. Adjusted for currency rate effects, the increase was 7 percent.
- Net sales declined by 10 percent to SEK 35,107 M (39,175). Adjusted for currency rate effects, the decline was 1 percent.
- Operating income rose to SEK 1,647 M (816). Capital gains on the sale of completed commercial projects amounted to SEK 1,103 M (19). Project provisions of SEK 260 M (0) were charged to operating income in USA Building.
- Income after financial items rose to SEK 1,598 M (280).
- Net income increased to SEK 1,119 M (139) and earnings per share in the second quarter amounted to SEK 2.67 (0.33).
- The market outlook remains weak
For further information, please contact: Hans Biorck, Executive Vice President and CFO, Skanska AB, tel +46 8 753 88 00 Peter Wallin, Senior Vice President, Investor Relations, Skanska AB, tel +46 8 753 88 86 Peter Gimbe, Press Officer, Skanska AB, tel +46 8 753 88 38 or mobile tel +46 70 543 88 38 This and earlier press releases are also available at www.skanska.com
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