STOCKHOLM, Sweden, Feb. 02, 2004 (PRIMEZONE) -- In conjunction with Skanska's Year-End Report, to be published on February 13, some changes will be made to the Group's financial reporting.
1. Skanska has adapted the financial reporting as a consequence ofthe introduction of Swedish Financial Accounting Standards Council'srecommendation RR22 ``Presentation of Financial Statements." RR 22 statedthat where alternative accounting principles exist, companies shallchoose one principle and use it consistently. Skanska previously usedboth the proportional and equity methods in the reporting of jointventures. Effective from the fourth quarter of 2003, only the equitymethod will be employed. Earnings from joint ventures, formerly includedin the gross income, will now be reported as a separate item in theIncome Statement. These changes will mainly affect reporting for the 50-percent owned Gammon Skanska, whose operations are primarily located inHong Kong.
2. The item/line "Items affecting comparability" is to be removedfrom the Income Statement. Instead, these items will be reported withinformation in a note, in accordance with RR4.
3. To further focus the operations in Skanska's home markets, someoperations are, effective January 1st, transferred to the Business UnitSkanska International, previously Skanska International Projects (SIP).Apart from SIP, the Business Unit will consist of the operations shownbelow. These will not be reported separately but are included in SkanskaInternational. Also the share of income from Gammon Skanska will beincluded under Skanska International.
Unit Previously reported
Skanska Cementation India Under India
Skanska Whessoe Under UK
Skanska Cementation Mining Under UK
Skanska Russia Under Finland and Eastern Europe
Group, SEK M Jan-Dec Adj. associated Adj. items New Jan-Dec
2002 2002 companies and aff. comp. 2002
J/V's
Net sales 146,356 -4,323 142,033
Gross income 12,092 -361 -1502 11,581
Selling and -9,471 287 -1,131 -10,315
adm.
expenses(1)
Share of -285 -285
income in
associated
companies and
joint
ventures
Items -1,645 364 1,281
affecting
comp.
Operating 976 5 0 981
income
Net financial -903 -5 -908
items
Income after 73 0 73
financial
items
Net profit -837 0 -837
Total assets 78,364 -1,616 76,748
Interest -9,030 -346 -9,376
bearing net
debt
Order intake 137,590 -2,965 134,625
Order backlog 137,940 -2,774 135,166
Employees 76,358 -3,660 72,698
1 Of which -789 34 -1 886
goodwill
amortization
and
writedowns
2 Writedown of surplus values in properties in Skanska Poland
Group, SEK M
Jan-Sep Adj. associated Adj. items aff. comp. New Jan-
2003 2003 companies and Sep 2003
J/V's
Net sales 99,481 -2,207 97,274
Gross income 9,473 -148 9,325
Selling and -6,219 134 -6,085
adm.
Expenses3
Share of 0 15 15
income in
associated
companies and
joint
ventures
Items
affecting
comp.
Operating 3,254 1 3,255
income
Net financial -371 -1 -372
items
Income after 2,883 0 2,883
financial
items
Net profit 2,001 0 2,001
Total assets 71,033 -1,361 69,672
Interest -3,897 -215 -4,112
bearing net
debt
Order intake 104,402 -4,963 99,439
Order backlog 134,324 -4,999 129,326
Employees 73,645 -3,526 70,119
3 Of which -341 11 -330
goodwill
amortization
and
writedowns
For further information please contact:
Anders Lilja, Senior Vice President, Investor Relations, Skanska AB, tel +46 8 753 88 01
This and previous releases can also be found at www.skanska.com
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http://www.waymaker.net/bitonline/2004/02/02/20040202BIT20090/wkr0006.pdf