Skanska

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Skanska AB
Type Publicly traded Aktiebolag
Traded as OMXSKA B
Industry Construction
Founded 1887
Headquarters Stockholm, Sweden[1]
Key people Johan Karlström (President and CEO), Stuart Graham (Chairman)
Products Residential, commercial and infrastructure developments
Revenue SEK 136.488 billion (2013)[2]
Operating income SEK 5.555 billion (2013)[2]
Profit SEK 3.769 billion (2013)[2]
Total assets SEK 87.532 billion (end 2013)[2]
Total equity SEK 21.339 billion (end 2013)[2]
Employees 57,105 (average, 2013)[2]
Website group.skanska.com
Footnotes / references
Financial data according to IFRS

Skanska AB, is a multinational construction and development company based in Sweden, where it is among the top three construction companies in the domestic market and the largest one when accounting for all markets, with approximately twice the revenue of the closest competitor (2012).[3] The company's head office is in Stockholm.[1]

History[edit]

Aktiebolaget Skånska Cementgjuteriet (Scanian Cement Casting Ltd) was established in Malmö, Sweden, in 1887 by Rudolf Fredrik Berg and started by manufacturing concrete products.[4] It quickly diversified into a construction company and within 10 years the company received its first international order.[4] The company played an important role in building Sweden’s infrastructure including its roads, power plants, offices and housing.[4]

Growth in Sweden was followed by international expansion. In the mid-1950s Skånska Cementgjuteriet made a major move into international markets. During the next decades it entered South America, Africa and Asia, and in 1971 the United States market, where it today ranks among the largest in its sector.[4] The company was listed on the Stockholm Stock Exchange A-list in 1965. In 1984 the name “Skanska,” already in general use internationally, became the Group’s official name.[4]

During the latter part of the 1990s, Skanska expanded substantially both organically and by acquisition.[4] In August 2000 it bought the construction division of Kvaerner.[5]

In mid-2004, Skanska decided to divest its Asian investments and sold its Indian subsidiary to the Thailand based construction firm Italian Thai Development Company.[6]

In 2005, Skanska was awarded a gas pipeline contract in Argentina, and later, suspicions were raised that government corruption had been involved. Skanska performed its own investigation, dismissed seven managers, and worked closely with the authorities concerning the inquiry.[7][8][9][10]

In 2011, Skanska acquired Industrial Contractors, Inc of Indiana, United States.[11]

In December 2013 the Supreme Court of the Slovak Republic confirmed that Mota-Engil Engenharia e Construção, S.A. participated in bid rigging cartel of construction companies (together with companies of Strabag group and Mota-Engil group) in 2004. Illegal conduct was associated with the tender for the execution of works for the construction of the D1 highway from Mengusovce to Jánovce in Eastern Slovakia.[12]

Operations[edit]

Skanska divides its operations into four business streams:

Business stream Yearly revenue, 5-year average (2009 to 2013)[2]
Construction SEK 122,117 million
Residential development SEK 8,115 million
Commercial property development SEK 5,555 million
Infrastructure development SEK 217 million

Construction is the largest business stream by revenue and number of employees. The operations of the other business streams involve investments in projects that are developed and later divested. With regard to infrastructure development, this often involves public–private partnerships (PPP). Geographically, the group operates based on local business units.[13]

Environment[edit]

Skanska was the No. 1 “Green Builder” in the United States in 2007[14] and was ranked No. 3 "Green Contractor" in the United States 2008.[15] In 2011, Skanska was ranked the greenest company in the United Kingdom, despite belonging to an industry with a generally high environmental impact. In 2014, Skanska won the Financial Times and ArcelorMittal “Boldness in Business Award” in the category “corporate responsibility/environment.”[16][17][18][19]

Skanska has 57,000 employees, 100,000 suppliers and 250,000 subcontractors, who deliver more than 10,000 projects annually, and aims to be the “greenest contractor in the world.” An official vision stated by Skanska is “the five zeros”: zero loss-making projects, work site accidents, environmental incidents, ethical breaches and defects.[2][13][19]

In the United Kingdom, Skanska has founded the “Supply Chain Sustainability School,” an e-learning initiative, in order to educate construction suppliers on sustainability. As suppliers are frequently shared between construction companies, the school is managed in partnership with several competitors.[19][20][21] In July 2013, Skanska withdrew from the United States Chamber of Commerce, in protest of the chamber’s opposition to reformed LEED standards for sustainable buildings.[19]

Skanska was the first company in the industry to implement the ISO 14000 standards globally, with all its business units having been certified according to ISO 14001 since 2000, and it was the first Scandinavian company to have an independent global whistleblowing hotline.[19][22]

Market[edit]

As of March 2014, Skanska was focused on the following selected markets:

Skanska also operates in Chile, Colombia, and Venezuela.[2][23]

Region Number of employees Revenue (2013)[2]
The Nordic countries 17,000 SEK 61.9 billion
The rest of Europe 16,000 SEK 27.3 billion
The Americas 24,000 SEK 53.8 billion

Skanska is active in construction, commercial property development (office buildings, shopping centers and logistics properties) and infrastructure development (roads, hospitals and schools) in all of its three market regions. The company plans, develops and builds homes in the Nordic region and in the rest of Europe.[2]

In 2013, Skanska was ranked the 9th largest contractor in the world,[24] and in 2014, the 7th largest contractor in the United States.[25]

During the rolling 12-month-period ending in September 2013, Skanska was the largest construction company by total revenue in the Nordic countries.[2] The six largest ones were:

Company Country 12-month revenue[2]
Skanska Sweden SEK 134.0 billion
NCC Sweden SEK 55.8 billion
PEAB Sweden SEK 44.1 billion
YIT Finland SEK 26.8 billion
Veidekke Norway SEK 23.5 billion
Lemminkäinen Finland SEK 19.3 billion

Competitors[edit]

According to Skanska, the main competitors by market for the three predominant business streams are the following.[2]

Construction[edit]

The Nordic countries
NCC, PEAB, YIT, Veidekke, Lemminkäinen, AF Gruppen
The rest of Europe
Budimex, Hochtief, Strabag, Metrostav, Balfour Beatty, Carillion
The Americas
Turner, Fluor Corporation, Kiewit, Granite, Flatiron, Techint

Residential development[edit]

The Nordic countries
JM, NCC, PEAB, YIT
The rest of Europe
Central Group, Finep, DOM Development, JW Construction

Commercial property development[edit]

The Nordic countries
NCC, Vasakronan, Diligentia, KLP Eiendom, YIT, Lemminkäinen
The rest of Europe
Ghelamco, Echo Investment, GTC
The Americas
Hines, Trammell Crow, Boston Properties

Major projects[edit]

Europe[edit]

Work in progress on 30 St Mary Axe, one of Skanska's most high-profile contracts. Built between 2001 and 2004, the tower was a major addition to London's skyline.

Major projects in the United Kingdom have included 30 St Mary Axe in London, completed in 2004.[26][27] In Malta, Skanska built the Mater Dei Hospital, which opened in 2007.[28] Skanska finished constructing the 230m Heron Tower, upon completion the tallest building in the City of London, in 2010.[29] Skanska built the Øresund Bridge that opened in 2000 and forms part of the road and railway connection between Sweden and Denmark.[30][31]

United States[edit]

Major projects in the United States include the New Meadowlands Stadium (MetLife Stadium, home to the Giants and the Jets NFL franchises), completed in 2010.[32] Skanska has also won the Alaskan Way Viaduct project in Washington: the project worth SEK840 million ($115 million) involves the construction of a new 1.3 kilometer viaduct on the southern section of the Alaskan Way on the State Route 99 bypass in downtown Seattle and will be completed in 2013. [33]

Another continuing major project is the renovation of, and addition to, the United Nations building, due to be completed in 2014.[34]

Other continuing major projects include the restoration of the World Trade Center site including the removal of debris, the reconstruction of the Port Authority Trans-Hudson and New York City Subway tunnels, and the creation of a World Trade Center Transportation Hub, due to be completed on December 17, 2015.[35][36][37][38] including the "Oculus" station entrance designed by Santiago Calatrava.[39][40] Skanska is also a member of consortium responsible for the Second Avenue Subway tunneling project,[41] due to be completed on December 30, 2016.[42]

See also[edit]

References[edit]

  1. ^ a b "Directions head office". Skanska AB. January 14, 2014. Retrieved June 4, 2014. 
  2. ^ a b c d e f g h i j k l m n "Annual Report 2013" (PDF). Skanska. 2014. Retrieved 10 June 2014. 
  3. ^ "The 30 biggest construction companies sorted by turnover in Sweden" (PDF). The Swedish Construction Federation. Retrieved 10 June 2014. 
  4. ^ a b c d e f Skanska: History
  5. ^ Skanska buys Kvaerner arm for £180m The Telegraph, 30 August 2000
  6. ^ ITD Cementation India
  7. ^ "Sweden's squeaky-clean image sullied by scandals". The New York Times. May 11, 2007. Retrieved Jan 15, 2013. 
  8. ^ "Skanska likely to be involved in a corruption scandal in Argentina". Pravda. Mar 20, 2007. Retrieved Jan 15, 2013. 
  9. ^ "Gas and graft". The Economist. May 10, 2007. Retrieved Dec 21, 2012. 
  10. ^ "Argentine Corruption: Skanska's Version". Latin Business Chronicle. Jul 30, 2007. Retrieved Dec 21, 2012. 
  11. ^ "Skanska USA buys Industrial Contractors, Inc.". Evansville Courier & Press. Dec 29, 2011. Retrieved Jan 15, 2013. 
  12. ^ The Supreme Court upheld the decisions of the Antimonopoly Office of the Slovak Republic in the matter of cartel of six construction companies
  13. ^ a b "Annual Report 2011" (PDF). Skanska. Retrieved 20 September 2012. 
  14. ^ Skanska: Green Builder
  15. ^ Top Green Contractors ENR
  16. ^ "Revealed: the greenest companies". The Sunday Times. Jun 12, 2011. Retrieved Dec 21, 2012. 
  17. ^ John Authers (Mar 23, 2014). "Thorny issues". The Financial Times. Retrieved Aug 26, 2014. 
  18. ^ "Financial Times and ArcelorMittal Award Boldest Business Leaders in 2014". The Financial Times. Mar 21, 2014. Retrieved Aug 26, 2014. 
  19. ^ a b c d e Andy Sharman (Mar 23, 2014). "How Skanska aims to become the world’s greenest construction company". The Financial Times. Retrieved Aug 20, 2014. 
  20. ^ Katharine Earley (May 16, 2013). "Skanska: working with rivals for the greater good". The Guardian. Retrieved Aug 20, 2014. 
  21. ^ "Overall Winner & Best Contribution to Corporate Responsibility: Skanska UK (on behalf of the Supply Chain Sustainability School)". Chartered Institute of Purchasing & Supply. Oct 8, 2013. Retrieved Aug 20, 2014. 
  22. ^ "Local impacts". Skanska. Mar 18, 2014. Retrieved Aug 20, 2014. 
  23. ^ "Publishing of Annual Report 2013 on this website". Skanska AB. Retrieved June 10, 2014. 
  24. ^ "The Top 250 International Contractors 2013". Engineering News-Record. 2013. Retrieved Aug 20, 2014. 
  25. ^ "The Top 400 Contractors 2014". Engineering News-Record. 2014. Retrieved Aug 20, 2014. 
  26. ^ The erotic gherkin is in a pickle The Telegraph, 23 November 2002
  27. ^ Charles Ajunwa (Nov 18, 2012). "London: The Amazing Attractions". This Day. Retrieved Jan 15, 2013. 
  28. ^ Times of Malta 30th July 2009
  29. ^ Skanska win Heron Tower contract Skyscrapernews, 31 October 2007
  30. ^ Almar Latour (Mar 19, 1999). "Skanska Builds on Global Strategy; CEO's Expansion Drive Fuels Growth". The Wall Street Journal. Retrieved Jan 15, 2013. 
  31. ^ Linda Nohrstedt (Mar 25, 2009). "Vi hade en otroligt bra kund" (in Swedish). Byggvärlden. Retrieved Jan 15, 2013. 
  32. ^ Meadowlands Stadium
  33. ^ "Skanska wins Alaskan Way Viaduct project in Washington". 
  34. ^ UN signs contract with Skanska Reuters, 27 July 2007
  35. ^ "Project Updates: World Trade Center Transportation Hub". Lower Manhattan Construction Command Center. Retrieved September 2, 2010. 
  36. ^ Grynbaum, Michael M. (February 24, 2011). "Trade Center Transit Hub’s Cost Now Over $3.4 Billion". The New York Times. Retrieved February 25, 2011. 
  37. ^ Calatrava's WTC Transportation Hub Soars – lowermanhattan.info
  38. ^ Gralla, Joan (October 2, 2008). "NYC World Trade Center site faces fresh delays". Yahoo! News. Retrieved October 3, 2008. [dead link]
  39. ^ Phoenix Constructors
  40. ^ "Skanska To Fabricate Oculus Building At Ground Zero Transit Hub". ENR New York. May 9, 2011. Retrieved Jan 15, 2013. 
  41. ^ New York Construction: Top Projects
  42. ^ MTA.info—Second Avenue Subway Quarterly Report Q4 2013

External links[edit]