STOCKHOLM, Sweden, Feb. 20, 2003 (PRIMEZONE) -- Skanska (Other OTC:SKSBF) (Stockholm:SKAb) is acquiring the share majority in the Slovakian civil engineering company Banske Stavby. The shareholding in the company is being acquired from the employees. The purchase price will not be disclosed. The company will be consolidated within the Skanska CZ business unit as of the second quarter of 2003.
This bolt-on acquisition fits naturally within Skanska's existing business and strategy. As a result, it strengthens the company's competitiveness in the underground sector in the Czech Republic and Slovakia. This new expertise makes it possible for Skanska to increase its market share in tunnel construction in the Czech Republic. As a result of the acquisition, Skanska CZ becomes a full-service company in construction of buildings and in civil engineering in the Czech Republic and Slovakia. Banske Stavby's management will continue to lead the company that will be included in Skanska CZ's transport and infrastructure division.
Banske Stavby specializes in tunneling and underground construction, mainly transport infrastructure, as well as water and sewage facilities. In 2001, the company had sales of about SEK 120 M (SSK 543 M) and operating profit amounted to SEK 7 M (SSK 33 M). Founded in 1951, the company is based in Prievidza and has approximately 500 employees.
Skanska CZ is the largest construction company in the Czech Republic, with sales of about SEK 7 billion in 2002. The company is active in building construction and civil works. Skanska CZ has favorable profitability and doubled its operating margin in 2002 to 5 percent compared with a year earlier.
Key data, Banske Stavby, SEK M, 2001 (SKK/SEK 0.22) (The table below reflects 100 percent. Skanska's share of Banske Stavby will be approximately two thirds.)
Net sales 120 (SSK 543 M) Operating income 7 (SSK 33 M) Shareholders' equity 51 (SSK 233 M) Interest-bearing net -16 (SSK -74 M) debt Number of employees 500 For further information please contact: Arne Kejdana Skanska CZ tel: + 420 267 095 444 or +420 737 255 016 Tor Krusell, Senior Vice President Communications Skanska AB tel +46 8 753 87 47 This and previous releases can also be found at www.skanska.com This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: www.waymaker.net/bitonline/2003/02/20/20030220BIT00700/wkr0001.doc www.waymaker.net/bitonline/2003/02/20/20030220BIT00700/wkr0002.pdf