Kvartalsrapport Q1 2023

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===== SIDA 1 =====

We build for a better society.We build for a better society.
Q1 2023
Press release, May 4, 2023, 7:30 a.m. CEST
Norton Folgate   London   UK

===== SIDA 2 =====

2      Press release, May 4, 2023, 7:30 a.m. CEST
Interim report, first quarter 2023
Highlights according to segment reporting
  Revenue for the quarter amounted to SEK 34.9 billion (37.8); adjusted for currency effects, revenue 
decreased 13 percent. 
  Operating income amounted to SEK 0.4 billion (1.9); adjusted for currency effects, operating income 
decreased 81 percent. Operating income in Residential Development was impacted by low sales volumes 
and a negative result of SEK -331 M in BoKlok related to the weak market and turnaround measures. In 
Commercial Property Development, no significant transactions were recorded in the first quarter.
  Earnings per share amounted to SEK 1.04 (3.62).
  Operating cash flow from operations amounted to SEK -2.3 billion (-2.8) according to IFRS.  
  Adjusted interest-bearing net receivables(+)/net debt(-) totaled SEK 9.5 billion (December 31, 2022: 12.1).  
  Order bookings in Construction amounted to SEK 25.8 billion (30.0). Adjusted for currency effects, 
order bookings quarter over quarter decreased 18 percent. Rolling 12-month book-to-build ratio was 99 
percent (109). 
  Operating income in Construction amounted to SEK 1.0 billion (0.8), representing an operating margin of 
2.8 percent (2.3). 
  Operating income in Project Development amounted to SEK -0.5 billion (1.3).
  Return on capital employed in Project Development was 4.5 percent (10.8). 
  Return on equity was 13.0 percent (18.4).  
0
50
100
150
200
2019 2020 2021 2022 R-12
SEK bn
Construction, 72%
Residential Development, 2%
Commercial Property Development, 24%
Investment Properties, 2%
0
2
4
6
8
10
12
14
2019 2020 2021 2022 R-12
SEK bn
-4
-2
0
2
4
6
8
10
12
14
16
2019 2020 2021 2022 R-12
SEK bn
Performance Analysis
Revenue
Operating income
Operating cash flow  
from operations
Tables referring to segment reporting are in shaded background. For more information see page 16. 
For definitions of non-IFRS financial measures see pages 17-19.
SEK M Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
Revenue
Construction 37, 524 33,387 160,141 156,004
Residential Development 586 3,573 5,764 8,751
Commercial Property Development 267 4,840 9,703 14,276
Investment Properties 41 0 81 40
Central and Eliminations -3,540 -3,989 -17,020 -17,4 69
Total 34,878 37,811 158,669 161,602
Operating income
Construction 1,033 756 6,046 5,770
Residential Development -314 445 132 891
Commercial Property Development -142 856 2,025 3,023
Investment Properties 30 25 145 140
Central -159 -135 -363 -339
Eliminations -54 -95 -147 -187
Operating income 394 1,852 7,838 9,297
Net financial items 146 8 428 289
Income after financial items 540 1,860 8,266 9,586
Income taxes -106 -365 -1,626 -1,885
Profit for the period 434 1,495 6,641 7,702
Earnings for the period per share, SEK 1.04 3.62 16.04 18.62
Revenue for the period according to IFRS 36,475 35,032 164,618 163,174
Operating income for the period according to IFRS 594 1,193 9,423 10,021
Earnings for the period per share according to IFRS, SEK 1.43 2.34 19.14 20.04
Operating cash flow from operations -2,322 -2,803 -1,783 -2,263
Interest-bearing net receivables(+)/net debt(-) 8,406 11,088 10,306
Return on capital employed in Project Development, %  1 10.8 4.5 8.1
Return on capital employed in Investment Properties, % 1 27.1 7.7 13.6
Adjusted interest-bearing net receivables(+)/net debt(-) 9,549 15,399 12,130
Return on equity, % 1 18.4 13.0 15.8
1 Rolling 12 months. 
Operating income per segment  
Mar 31, 2023, R-12m

===== SIDA 3 =====

Skanska interim report first quarter 2023       3
CEO comment
First quarter performance was strong in Construction. Revenue 
increased and the rolling 12-month margin remained well above 
target. The solid performance is the result of a deliberate focus on 
reducing risk in the construction project portfolio through selective 
bidding and strong commercial management. Our financial position 
remains strong enabling us to navigate the downturn in the property 
market and focus on long term value creation. 
Revenue and operating income in Residential Development for the 
first quarter were negatively impacted by the low number of homes 
sold and costs related to the turnaround in BoKlok. No transactions 
were recorded in Commercial Property Development or Investment 
Properties. 
In Construction the solid performance continued across all 
geographies. The business stream delivered revenue growth and 
strong operating margins in the first quarter. The strategy 
continues to render good results. Order bookings vary substantially 
between quarters: the weaker first quarter this year follows strong 
third and fourth quarters last year. Market outlook is stable or strong 
for the Nordics and USA which are our largest markets. The order 
backlog remains high and healthy.
For Residential Development, activity in the market remains low, 
impacting revenue and the number of sold units in the first quarter. 
Buyers in the affordable segment in particular are adversely 
affected by increased interest rates and inflation, reducing 
purchasing power. This impacts our low-cost segment BoKlok 
significantly. Costs taken in the turnaround of BoKlok had a 
substantial negative effect on first quarter results, as we are 
adapting operations to the new market situation. The underlying 
demand for high quality homes remains, and we believe activity 
will return once uncertainty in the macro and household economies 
subsides. 
Commercial Property Development is in a net investment cycle and 
no significant divestments were recorded in the first quarter. We 
see activity slowly returning in the occupier market, and leasing 
remained on the same level as previous quarters. There is a clear 
focus on sustainability, amenities and attractive locations among 
both tenants and investors, a good match with our portfolio.
In Investment Properties, no acquisitions were completed during 
this quarter. Positive leasing figures in the quarter have further 
increased occupancy in an already well-performing portfolio. 
We continued to reduce carbon emissions from our own 
operations. At the end of the first quarter, our combined scope 1 
and 2 emissions were 57 percent lower than our baseline year of 
2015. Increased use of biofuels and renewable electricity are the 
biggest contributors to our recent progress. Over the longer term, 
our emission reductions are also a result of modernizing the pool 
of machinery and heavy vehicles together with improved on-site 
efficiency.
We remain committed to the strategy that empowers us to 
navigate the current market challenges. Construction is 
performing strongly and our extensive experience and robust 
financial position give us the strength required to manage a cyclical 
property market. Our commercial direction remains: strong 
profitability in construction, growing property development, and 
building a real estate portfolio for stable cash flow generation and 
long-term value creation. 
Anders Danielsson 
President and Chief Executive Officer   
3.8% 4.5%
+9.5 SEK bn -57%
Operat ing margin – Construction
Skanska target performance (rolling 12 month basis)
Return on capital employed – 
Project Development
Adjusted net debt (-)/net cash(+) Climate target (scope 1 and 2) 
Reduction CO 2 compared with 2015
Target ≥3.5% Target ≥10%
Limit SEK -10 bn Target -70% (scope 1 and 2) by 2030
7.7 %
Return on capital employed – 
Investment Properties 
Target ≥6%
13.0%
Return on equity
Target ≥18%

===== SIDA 4 =====

4      Skanska interim report first quarter 2023
Market outlook, next 12 months
  
Building Civil
  Nordics
Sweden
Norway
Finland  
 Europe
Central Europe
United Kingdom
USA
USA
  Weaker outlook compared to previous quarter.     Unchanged outlook compared to previous quarter.     Improved outlook compared to previous quarter.
  Very strong market coming 12m      Strong market coming 12m      Stable market coming 12m      Weak market coming 12m      Very weak market coming 12m
Construction
Market outlook is mostly in line with previous expectations. The overall 
economic situation remains uncertain, but we are well positioned towards 
sectors that have stayed active, such as civil infrastructure and social 
infrastructure including education, healthcare, transportation and defense. 
The US market remains strong, and our view of the Finnish building market 
segment is more positive, predicting stable conditions for the coming 
12 months. Material availability has improved, and material prices have 
leveled out, but there are still large variations among categories of suppliers 
and materials. 
Residential Development 
Activity remains low in the housing market. Buyers in the affordable 
segment have seen the most significant cost-of-living pressure following 
inflation in consumer goods and increased interest rates. Uncertainty in 
the market remains and customers want to buy and sell in the same market 
which means that sales activity in a new-built projects picks up closer to 
completion. Market activity is expected to come back once the overall 
economic uncertainty reduces. 
Commercial Property Development
Transaction volumes remain low in the real estate investor market leading to 
low visibility on pricing. We expect this hesitant investor behavior to continue 
for some time. Our understanding is that yields have increased following 
increased cost of funding but there are few comparable sales to verify new 
levels.  Activity in the leasing market is recovering, especially in Central 
Europe and the Nordics, and rents are expected to remain mostly stable. 
Tenants focus on flexible, sustainable premises in good locations to attract 
and retain employees. 
Nordics
Europe
USA
Nordics
of which Sweden
Europe
  
Investment Properties 
Occupier demand is polarized with  stronger demand for quality space in 
buildings with high sustainability standards. Tenants prioritize flexibility 
and move-in ready offices. The market remains competitive but rents are 
expected to remain mostly stable. 
Nordics
Sweden
Täby Park, Stockholm, Sweden
Port 7, Prague, Czech Republic
Epic, Malmö, Sweden

===== SIDA 5 =====

Skanska interim report first quarter 2023       5
Construction, 91%
Residential Development, 3%
Commercial Property Development, 6%
Investment Properties, 0%
Group
0
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120
160
200
240
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8
10
12
14
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023
Operating income Revenue
SEK bn, operating income SEK bn, revenue
Revenue decreased 8 percent and amounted to SEK 34.9 billion (37.8); 
adjusted for currency effects, revenue decreased 13 percent. Operating 
income decreased 79 percent and amounted to SEK 394 M (1,852); 
adjusted for currency effects, operating income decreased 81 percent. 
Revenue and operating income in Residential Development for the first 
quarter were negatively impacted by low sales volumes and costs related 
to the turnaround in BoKlok. In the Commercial Property Development 
business stream no transactions were recorded in the first quarter, which 
impacted contribution to the results for the period from the business 
stream. 
Revenue and earnings
Revenue and operating income, rolling 12 months Revenue per segment, rolling 12 months
Operating income per segment, rolling 12 months
Changes and currency rate effects
Performance analysis
Construction, 72%
Residential Development, 2%
Commercial Property Development, 24%
Investment Properties, 2%
SEK M
Jan-Mar 
2023
Jan-Mar 
2022
Rolling 12 
months
Jan-Dec 
2022
Revenue 34,878 37, 811 158,669 161,602
Operating income 1, 2 394 1,852 7, 838 9, 297
Net financial items 146 8 428 289
Income after financial items 540 1,860 8,266 9,586
Income taxes -106 -365 -1,626 -1,885
Profit for the period 434 1,495 6,641 7,702
Earnings for the period per share, SEK 3 1.04 3.62 16.04 18.62
Earnings for the period per share according 
to IFRS, SEK 3 1.43 2.34 19.14 20.04
1 Central, SEK -159 M (-135).
2 Eliminations, SEK -54 M (-95).
3 Earnings for the period attributable to equity holders divided by the average number of shares outstanding.
Change in SEK
Change in local 
currency Currency effect
Jan-Mar 2023 / Jan-Mar 2022
Revenue -8% -13% 5%
Operating income -79% -81% 3%
Rolling 12 months 2023/ Rolling 12 months 2022
Revenue 5% -4% 9%
Operating income -16% -22% 6%
Central stream totaled SEK -159 M (-135), of which SEK 72 M (33) relate to 
the PPP portfolio. 
Net financial items amounted to SEK 146 M (8), following increased interest 
rates on interest-bearing net receivables and increased capitalized interest 
as a result of larger investments in ongoing development projects.
Income taxes for the period amounted to SEK -106 M (-365), corresponding 
to an effective tax rate of 20 percent (20).

===== SIDA 6 =====

6      Skanska interim report first quarter 2023
Free working capital in Construction amounted to SEK 28.1 billion (28.8). 
Average free working capital in relation to Construction revenue in the past 
12 months was 18.2 percent (19.9). Free working capital in Construction 
remained at a good level due to favorable cash flow profiles in several 
projects and continued focus on cash generation in the Construction 
stream. Cash flow due to changes in working capital in Construction 
amounted to SEK -616 M (-704).
Cash flow
-5
0
5
10
15
20
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023
SEK bn
Operating cash flow from operations, quarterly Rolling 12 months
Group
Operating cash flow from operations Operating cash flow from operations for the period amounted to 
SEK -2,322 M (-2,803), where net investments in Commercial Property 
Development is the main reason for the weak cash flow in the quarter. Taxes 
paid in business operations amounted to SEK -650 M (-462) for the period.  
Commercial Property Development assets sold but not transferred will 
have a positive effect on cash flow of SEK 8.9 billion during the years 2023 to 
2026, with SEK 4.7 billion during 2023 and SEK 4.2 billion during 2024-2026.
0
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6
9
12
15
18
21
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20
25
30
35
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023
Free working capital, SEK bn
Average free working capital/Construction revenue, rolling 12 months, %
SEK bn %
Free working capital, end of Q1, SEK bn
Free working capital in Construction
Operating cash flow
SEK M
Jan-Mar 
2023
Jan-Mar 
2022
Rolling 12 
months
Jan-Dec 
2022
Cash flow from business operations 1,428 661 6,652 5,885
Change in working capital 296 -2,143 918 -1,520
Net divestments(+)/investments(-) -3,329 -983 -7, 37 7 -5,030
Cash flow adjustment 47 164 352 468
Cash flow from business operations before 
taxes paid -1,558 -2,301 546 -198
Taxes paid in business operations -650 -462 -1,813 -1,625
Cash flow from financing operations -114 -39 -516 -441
Operating cash flow from operations -2,322 -2,803 -1,783 -2,263
Net strategic divestments(+)/investments(-) 20 10 207 197
Dividend etc. -1501 -591 -4,735 -4,645
Cash flow before change in interest-bearing 
receivables and liabilities -2,453 -2,853 -6,311 -6,711
Change in interest-bearing receivables and 
liabilities excluding lease liabilities 2,287 4,174 3,651 5,538
Cash flow for the period -166 1,321 -2,660 -1,173
1 The dividend of SEK 7.50 (10.00) per share as decided at the AGM will impact cash flow in second quarter 2023 (2022).

===== SIDA 7 =====

Skanska interim report first quarter 2023       7
Financial position
Adjusted interest-bearing net receivables (+)/net debt (-) amounted to 
SEK 9.5 billion (December 31, 2022: 12.1). Interest-bearing net receivables 
amounted to SEK 8.4 billion (December 31, 2022: 10.3) and include 
SEK 7.4 billion in interest-bearing lease liabilities according to IFRS 16.  
-10
-5
0
5
10
15
20
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023
SEK bn
Balance sheet - Summary
Adjusted interest-bearing net receivables(+)/net debt(-)
Change in net interest-bearing receivables and liabilities
The Group’s equity amounted to SEK 53.3 billion (43.8), resulting in an 
equity/assets ratio of 35.3 percent (31.2) and a net debt/equity ratio of 
-0.2 (-0.3). Translation differences for the period amounted to SEK -63 M 
(662) due to a stronger Swedish krona. Remeasurements of pensions 
resulted in an effect of SEK 599 M (715). Plan assets have increased and 
pension obligations have decreased due to the remeasurements.
Total adjusted equity amounted to SEK 66.1 billion (58.4), resulting in 
adjusted equity per share of SEK 160.95 (141.67). Unrealized surplus values 
in Project Development including the PPP portfolio amounted to 
SEK 14.4 billion of which SEK 2.0 billion was realized according to segment 
reporting. Corresponding amounts less standard tax were SEK 13.0 billion 
and SEK 1.8 billion. In addition to the unrealized surplus values in adjusted 
equity, surplus value for homes in production realized according to 
segment reporting but not yet handed over, amounted to SEK 1.8 billion post 
standard tax.
SEK bn
Mar 31, 
2023
Mar 31, 
2022
Dec 31, 
2022
Total assets 151.0 140.5 151.6
Total equity 53.3 43.8 55.3
Interest-bearing net receivables (+)/net debt (-) 8.4 11.1 10.3
Adjusted interest-bearing net receivables(+)/net debt(-) 9.5 15.4 12.1
Capital employed, closing balance 70.7 64.8 72.8
Equity/assets ratio, % 35.3 31.2 36.4
At the end of the quarter, cash, cash equivalents and committed unutilized 
credit facilities amounted to SEK 16.0 billion (December 31, 2022: 16.1), of 
which SEK 12.5 billion (December 31, 2022: 12.3) is available within one 
week. The Group central loan portfolio amounted to SEK 3.7 billion 
(December 31, 2022: 3.7) consisting of SEK 0.5 billion in a Medium-Term 
Note (MTN) with a maturity of 0.1 years and SEK 3.2 billion in bilateral loans 
with an average maturity of 1.7 years. At March 31, the Group’s unutilized 
credit facilities totaled SEK 6.2 billion. The central loan portfolio, including 
committed unutilized credit facilities, had an average maturity of 3.4 years 
(December 31, 2022: 3.6).
At the end of the quarter, capital employed amounted to SEK 70.7 billion 
(December 31, 2022: 72.8).
Equity
Changes in equity
SEK M
Jan-Mar 
2023
Jan-Mar 
2022
Jan-Dec 
2022
Opening balance 55,255 45,465 45,465
Dividend to shareholders -3,081 -4,124 -4,124
Other changes in equity not included in total 
comprehensive income for the year -22 50 -50
Profit for the period 596 965 8,284
Other comprehensive income
Translation differences -63 662 2,386
Effects of remeasurements of pensions 599 715 3,026
Effects of cash flow hedges 7 105 267
Closing balance 53,290 43,837 55,255
SEK M
Jan-Mar 
2023
Jan-Mar 
2022
Jan-Dec 
2022
Opening balance interest-bearing net receivables(+)/net 
debt(-) 10,306 12,598 12,598
Cash flow for the period -166 1,321 -1,173
Less change in interest-bearing receivables and liabilities -2,287 -4,174 -5,538
Cash flow before change in interest-bearing receivables 
and liabilities -2,453 -2,853 -6,711
Translation differences, net receivables/net debt -200 352 887
Remeasurements of pension liabilities 664 844 3,100
Interest-bearing liabilites acquired/divested 0 0 -51
Other changes, interest-bearing net receivables/net debt 89 147 483
Change in interest-bearing net receivables/net debt -1,900 -1,509 -2,292
Closing balance interest-bearing net receivables(+)/
net debt(-) 8,406 11,088 10,306
Restricted cash -5,964 -5,554 -5,948
Pension asset/liability, net -246 2,888 491
Lease liabilities 7, 35 4 6,977 7, 281
Closing balance adjusted interest-bearing net 
receivables(+)/net debt(-) 9,549 15,399 12,130
SEK bn
Mar 31, 
2023
Mar 31, 
2022
Dec 31, 
2022
Equity attributable to equity holders 53.1 43.7 55.1
of which accumulated change in value in investment 
properties 1.3 0.4 1.3
Unrealized surplus value in Residential Development 3.9 3.5 3.8
Unrealized Commercial Property Development gains 8.2 10.7 9.5
Effect on unrealized equity in PPP-portfolio 0.9 0.5 0.6
Adjusted equity 66.1 58.4 69.0
Adjusted equity

===== SIDA 8 =====

8      Skanska interim report first quarter 2023
The Group’s investments amounted to SEK -5,877 M (-5,603), while divest-
ments amounted to SEK 2,567 M (4,630), resulting in net investments of 
SEK -3,309 M (-973). 
In Construction, investments totaled SEK -576 M (-382). These investments 
mainly relate to property, plant and equipment for the Group’s own 
operations. Net investments in Construction amounted to SEK -479 M 
(-212). Depreciation of property, plant and equipment including right-of-use 
assets amounted to SEK -576 M (-598). 
In Residential Development, investments totaled SEK -2,499 M (-2,278), 
of which SEK -356 M (-358) relates to land acquisitions, corresponding 
to 710 building rights. Divestments amounted to SEK 2,147 M (1,846). Net 
investments in Residential Development amounted to SEK -351 M (-431). 
In Commercial Property Development, investments totaled SEK -2,806 M 
(-2,683), of which SEK -43 M (-390) relates to investments in new land, while 
divestments amounted to SEK 71 M (3,567). Net investments in 
Commercial Property Development amounted to SEK -2,735 M (884). 
In Investment Properties, investment totaled SEK -1 M (-748). 
Investments and divestments 
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-5
0
5
10
15
20
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023
SEK bn
Investments, quarterly Divestments, quarterly
Net investments, rolling 12 months
Capital employed in Project Development and Investment Properties
Investments, divestments and net divestments(+)/investments(-)Investments and divestments
SEK M
Jan-Mar 
2023
Jan-Mar 
2022
Rolling 12 
months
Jan-Dec 
2022
Investments
Construction -576 -382 -2,404 -2,210
Residential Development -2,499 -2,278 -10,836 -10,615
Commercial Property Development -2,806 -2,683 -12,418 -12,294
Investment Properties -1 -748 -2,922 -3,668
Other 4 487 2,738 3,221
Total -5,877 -5,603 -25,841 -25,567
Divestments
Construction 97 169 691 764
Residential Development 2,147 1,846 9,650 9,349
Commercial Property Development 71 3,567 10,893 14,389
Investment Properties 0 0 0 0
Other 252 -953 -2,563 -3,767
Total 2,567 4,630 18,671 20,734
Net divestments(+)/investments(-)
Construction -479 -212 -1,713 -1,446
Residential Development -351 -431 -1,187 -1,267
Commercial Property Development -2,735 884 -1,524 2,094
Investment Properties -1 -748 -2,922 -3,668
Other 256 -466 176 -546
Total -3,309 -973 -7, 170 -4,833
Of which strategic 20 10 207 197
SEK M
Mar 31, 
2023
Mar 31, 
2022
Dec 31, 
2022
Residential Development 15,633 15,102 16,346
Commercial Property Development 41 622 34 541 38 547
Investment Properties 3,714 749 3,733
Total in Project Development and Investment Properties 60,969 50,391 58,626
Seaport Office, Boston,  USA Citygate, Gothenburg, Sweden

===== SIDA 9 =====

Skanska interim report first quarter 2023       9
Construction – Order situation
Geography Contract Amount SEK M Client
USA Data center 1,800 Existing client
USA Hospital 1,200 Oregon Health & Science 
University
USA Science center 830 College of William and Mary
USA Manufacturing facility 700 Existing client
USA Solitude tailings buttress 630 BHP Copper Inc.
Performance analysis, business streams
Order bookings amounted to SEK 25.8 billion (30.0); adjusted for currency 
effects, order bookings decreased 18 percent, mainly due to lower order 
bookings in Europe and following a very strong fourth quarter. On a rolling 
12-month basis the book-to-build ratio was 99 percent (December 31, 
2022:  104). For more information, see page 28. 
At the end of the quarter, the order backlog amounted to SEK 217.9 billion 
compared to SEK 229.8 billion at the end of the previous quarter. The order 
backlog corresponds to 16 months of production (December 31, 2022: 17).
Order bookings and order backlog in Construction
Order backlog, revenue and order bookings
Changes and currency rate effects
Major orders in the quarter
0
50
100
150
200
250
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023
SEK bn
Order backlog Order bookings, rolling 12 months
Revenue, rolling 12 months Order bookings per quarter
SEK bn
Jan-Mar 
2023
Jan-Mar 
2022
Rolling 12 
months
Jan-Dec 
2022
Order bookings 25.8 30.0 158.5 162.7
Order backlog 1 217.9 207.6 229.8
1 Refers to the end of each period.
Change in SEK
Change in local 
currency Currency effect
Jan-Mar 2023 / Jan-Mar 2022
Order bookings -14% -18% 4%
Mar 31, 2023 / Dec 31, 2022
Order backlog -5% -5% -0%
Construction revenue from internal Project 
Development contracts on a rolling 12-month 
basis amounted to:
15.7 SEK bn
Hospital, Portland, USA

===== SIDA 10 =====

10      Skanska interim report first quarter 2023
Revenue in the Construction business stream increased 12 percent and 
amounted to SEK 37.5 billion (33.4); adjusted for currency effects, 
revenue increased by 6 percent. The result in the first quarter is usually 
seasonally lower. The operating margin was 2.8 percent (2.3). Operating 
income increased 37 percent and amounted to SEK 1,033 M (756); adjusted 
for currency effects, operating income increased by 29 percent, with solid 
performance across all geographies. 
The rolling 12-month margin was 3.8 percent (December 31, 2022; 3.7), well 
above the target of 3.5 percent.
 
Construction
0
20
40
60
80
100
120
140
160
180
-1
0
1
2
3
4
5
6
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023
SEK bn%
Operating margin Revenue
Revenue and earnings
Changes and currency rate effectsRevenue and operating margin, rolling 12 months
SEK M
Jan-Mar 
2023
Jan-Mar 
2022
Rolling 12 
months
Jan-Dec 
2022
Revenue 37, 524 33,387 160,141 156,004
Gross income 2,697 2,269 12,696 12,268
Selling and administrative expenses -1,660 -1,516 -6,678 -6,534
Income from joint ventures and associated 
companies -4 4 28 36
Operating income 1,033 756 6,046 5,770
Gross margin, % 7. 2 6.8 7.9 7.9
Selling and administrative expenses, % -4.4 -4.5 -4.2 -4.2
Operating margin, % 2.8 2.3 3.8 3.7
Average number of employees 25,692 26,587 26,892
Change in SEK
Change in local 
currency Currency effect
Jan-Mar 2023 / Jan-Mar 2022
Revenue 12% 6% 6%
Operating income 37% 29% 8%
Rolling 12 months 2023 / Rolling 12 months 2022
Revenue 17% 8% 10%
Operating income 20% 10% 10%
Purple Line, Los Angeles, USA

===== SIDA 11 =====

Skanska interim report first quarter 2023       11
Residential Development 1
Revenue in the Residential Development business stream amounted to 
SEK 586 M (3,573). Sales volumes have remained low in the first quarter 
following low activity in the market. Operating income for the business 
stream amounted to SEK -314 M (445). The operating margin for the first 
quarter was negative (12.4). Home buyers in the low-cost segment have 
been particularly affected by increased cost of funding and inflation. Our 
concept for this customer segment, BoKlok, is being significantly impacted. 
As announced during the fourth quarter of 2022, we have initiated a 
turnaround program to adapt this business to the new market 
circumstances. First quarter results amounted to SEK -331 M, impacting 
all three geographical reporting segments. The negative result is due to 
the significant volume drop; the impact of cancelled sales contracts; and 
in some cases lower than expected project income and/or higher than 
expected project costs. The number of homes sold, net of cancellations for 
Residential Development in total, was 132 (879) and construction started on 
288 homes (806). A breakdown of the carrying amounts for Residential Development is 
presented in the table above. Ongoing projects amounted to SEK 11.9 billion 
(December 31, 2022: 12.0) and undeveloped land and development 
properties amounted to SEK 10.3 billion (December 31, 2022: 10.1). The 
estimated unrealized surplus value, pre-tax, in unsold homes in 
construction and undeveloped land and development properties amounted 
to SEK 4.3 billion. Surplus value, pre-tax, for homes in construction which 
are sold according to segment reporting amounted to SEK 2.0 billion. 
The undeveloped land and development properties correspond to 
Skanska-owned building rights for 26,400 homes and 1,700 building rights 
held by joint ventures. In addition, subject to certain conditions, the 
business stream has the right to purchase 9,400 building rights.  
At the end of the quarter, 6,679 homes (December 31, 2022: 7,015) were 
under construction. Of these, 57 percent (December 31, 2022: 60) were sold. 
The number of completed unsold homes amounted to 210 (December 31, 
2022: 130), of which unsold homes in BoKlok was 98. During the quarter 630 
(1,417) homes were completed.
Residential rental projects in Sweden have typically been divested before 
construction start, so excluding them from the portfolio of ongoing  projects 
reduces the overall sales rate in the portfolio.
0
5
10
15
20
0
5
10
15
20
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023
SEK bn%
Operating margin Revenue
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023
Homes
Started Sold
0
10
20
30
40
50
60
70
80
90
100
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023
%Homes
Sold under construction Unsold under construction
Unsold completed Sales rate (in production)
Revenue and earnings Homes under construction and unsold
Revenue and operating margin, rolling 12 months 1
Homes sold and started, rolling 12 months 1
Homes under construction and unsold 1
Breakdown of carrying amounts
Mar 31, 
2023
Mar 31, 
2022
Dec 31, 
2022
Homes under construction 6,679 6,675 7,015
of which sold, % 57 70 60
Completed unsold, number of homes 210 89 130
SEK M
Mar 31, 
2023
Mar 31, 
2022
Dec 31, 
2022
Completed projects 829 553 549
Ongoing projects 11,933 9,780 11,986
Undeveloped land and development properties 10,333 9,145 10,126
Total 23,095 19,478 22,660
SEK M
Jan-Mar 
2023
Jan-Mar 
2022
Rolling 12 
months
Jan-Dec 
2022
Revenue 586 3,573 5,764 8,751
Gross income -91 617 966 1,674
Selling and administrative expenses -223 -173 -834 -783
Operating income -314 445 132 891
Gross margin, % neg 17.3 16.8 19.1
Selling and administrative expenses, % -38.1 -4.8 -14.5 -9.0
Operating margin, % neg 12.4 2.3 10.2
Return on capital employed, % 1 13.0 2.0 6.8
1 Rolling 12 months. For definition see page 18.
1 Including residential rentals until Q4 2020. 
1 Including residential rentals until Q4 2020. 
1 Including residential rentals until Q4 2020. 
Homes sold and started
Jan-Mar 
2023
Jan-Mar 
2022
Rolling 12 
months
Jan-Dec 
2022
Homes sold 1 132 879 1,305 2,052
Homes started 288 806 2,287 2,805
1 Net homes sold, including cancellations.
1 Starting this year, all residential rental projects are reported in the Commercial Property Development stream. The 
comparable period, including rolling 12 months, has been restated to reflect this reallocation.

===== SIDA 12 =====

12      Skanska interim report first quarter 2023
Commercial Property Development 1
0
5
10
15
20
25
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023
SEK bn
Revenue from divestments, rolling 12 months
Operating income from divestments, rolling 12 months
0
10
20
30
40
50
60
70
80
90
100
0
50
100
150
200
250
300
350
400
450
500
550
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023
%000 sq m
Leasing, rolling 12 months Economic occupancy rate, ongoing projects
Degree of completion, ongoing projects
0
2
4
6
8
10
12
14
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2019 2020 2021 2022 2023
SEK bn
Land Ongoing projects at completion
Completed projects Realized gains, rolling 12 months
Unrealized gains in: 
Revenue and earnings 
Breakdown of investment value and market values
Revenue and operating income from property divestments 1 Unrealized and realized gains, segment reporting 1
Commercial properties leasing and degree of completion 1
SEK M
Jan-Mar 
2023
Jan-Mar 
2022
Rolling 12 
months
Jan-Dec 
2022
Revenue 267 4,840 9,703 14,276
 of which from divestment of properties 90 4,679 9,005 13,594
Gross income 59 1,046 2,870 3,857
Selling and administrative expenses -198 -191 -1,005 -999
Income from joint ventures and associated 
companies -3 2 160 165
Operating income -142 856 2,025 3,023
 of which from divestment of properties 46 1,072 2,814 3,839
Return on capital employed, % 1 9.9 5.6 8.7
1 Rolling 12 months. For definition see page 18.
SEK M
Investment 
value, end of 
period
Investment 
value upon 
completion
Market 
value 1, 2
Economic 
occupancy  
rate 7, %
Degree of  
completion, 
%
Ongoing projects 3 18,369 34,105 40,047 34 55
Completed projects 4, 5 7,936 7,936 9,993 71 100
Undeveloped land and 
development properties 12,862 12,862 13,938
Total 39,167 54,903 63,978
 of which carrying amount 6 39,167 54,903
 of which completed 
projects sold according to 
segment reporting 0 0 0
 of which ongoing projects 
sold according to segment 
reporting 4,331 6,882 8,892
1 Market value according to appraisal on March 31, 2023. 
2 Ongoing projects - estimated market value at completion fully leased.
3 Including tenant improvement and leasing commissions in CDUS amounted to SEK 133 M.
4 Including tenant improvement and leasing commissions in CDUS amounted to SEK 342 M.
5 Skanska’s share of total production cost in JVs is SEK 0 M end of period and upon completion.
6 Includes Skanska’s total equity investment in JV of SEK 0 M.
7 Refers to contracted annual rent divided by total annual rent fully let. 
1 Including residential rentals as of Q1 2021. 1 Including residential rentals as of Q1 2021. 
1  Leasing including residential rentals in the USA and Denmark until Q4 2020. 
At the end of the quarter, 39 projects were ongoing including 10 
residential rental projects corresponding to 2,357 homes. During the 
quarter, no new projects were started, but two were completed. The 
ongoing projects include 29 commercial properties with a leasable space of 
about 597,000 sq m. The commercial projects’ degree of completion was 
56 percent and the economic occupancy rate amounted to 41 percent. 
The total investment value for all ongoing projects is expected to total 
SEK 34.1 billion upon completion, with an estimated market value upon 
completion of SEK 40.0 billion. 
Of the ongoing projects, 15 have been divested according to segment 
reporting; 5 of these are residential rental projects. These projects 
represent an investment value upon completion of SEK 6.9 billion, with a 
sales value of SEK 8.9 billion. 
By the end of the quarter the total number of completed projects amounted 
to 16. The occupancy rate, measured in rent, totaled 71 percent (December 
31, 2022: 66). The market value of these projects, excluding properties 
divested according to segment reporting, was SEK 10.0 billion. Projects sold 
but not transferred will have a positive effect on cash flow of SEK 4.7 billion 
during 2023 and SEK 4.2 billion during 2024-2026. 
Properties in Commercial Property Development are held at acquisition 
value. Estimated market value of the portfolio is provided for information 
and is based on assumed market yields at completion. Yields have risen but 
there are few comparable transactions completed in the market to confirm 
new levels. We have reviewed our market values to reflect our best
estimate of the current market situation, reducing surplus values in the first 
quarter with SEK 1.6 billion. This corresponds to 3.9 percent of the total 
market value for unsold ongoing and completed properties. At the end of 
the quarter, unrealized gains, excluding properties divested according to 
segment reporting, totaled SEK 7.1 billion. These gains are related to 
SEK 3.9 billion in ongoing projects, SEK 2.1 billion in completed projects and 
SEK 1.1 billion in undeveloped land and development properties. 
Accumulated eliminations of intra-Group Construction profit amounted to 
SEK -611 M, reducing the carrying amount for current asset properties in 
Commercial Property Development. These eliminations are released at the 
Group level as each project is divested. 
In the Commercial Property Development business stream no significant 
transactions were recorded in the first quarter, resulting in revenue of 
SEK 267 M (4,840). Operating income amounted to SEK -142 M (856). 
For the rolling 12-month period, properties have been divested for a total 
value of SEK 9,005 M. Return on capital employed was 5.6 percent (9.9).
1 Starting this year, all residential rental projects are reported in the Commercial Property Development stream. The 
comparable period, including rolling 12 months, has been restated to reflect this reallocation. 
During the first quarter of 2023 the total amount of leased space came in at 
43,000 sq m (13,000), of which 0 sq m was in residential rental projects. Over 
a rolling 12 months, new leases were signed for 175,000 sq m (146,000).

===== SIDA 13 =====

Skanska interim report first quarter 2023       13
Investment Properties
Revenue and earnings 
SEK M
Jan-Mar 
2023
Jan-Mar 
2022
Rolling 12 
months
Jan-Dec 
2022
Revenue 41 0 81 40
Operating net 31 0 61 30
Selling and administrative expenses -1 -1 -3 -2
Change in property value 0 26 86 112
Operating income 30 25 145 140
Investments -1 -748 -2,922 -3,668
Divestments 0 0 0 0
Net divestments(+)/investments(-) -1 -748 -2,922 -3,668
Capital employed 3,714 749 3,733
Property value 3,759 766 3,758
Return on capital employed, %  1 27.1 7.7 13.6
Net leasing 10 0 10 0
Economic occupancy rate, % 93 100 86
Surplus ratio, % 75.7 n.a. 75.6 75.4
1 Rolling 12 months. For definition see page 18.
Revenue in the Investment Properties business stream amounted to 
SEK 41 M (0). Operating income amounted to SEK 30 M (25). The 
comparable period includes acquisition of the Epic office building from 
Commercial Property Development for SEK 748 M. 
Net leasing worth SEK 10 M was carried out in the quarter and the 
economic occupancy rate in the portfolio increased to 93 percent.
We will continue to build the Investment Properties asset portfolio with 
high-quality sustainable properties in attractive locations, targeting a total 
value of SEK 12-18 billion.
Sthlm 01, Stockholm, Sweden

===== SIDA 14 =====

14      Skanska interim report first quarter 2023
Sustainability information
Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
Scope 1 and 2 (tonnes CO2e) 37 ,000 44,000 175,000 182,000
Carbon intensity 1 1.06 1.16 1.10 1.13
Renewable fuels (%) 21 13 17 16
Renewable electricity (%) 89 86 88 87
1 Scope 1 and 2 (market-based)/ SEK M revenue, according to segment reporting.
Combined scope 1 and 2 emissions totaled 37,000 tonnes (44,000) for the 
first quarter, 16 percent lower compared to last year. On a rolling 12-months 
basis, combined scope 1 and 2 emissions totaled 175,000 tonnes, 57 
percent below our 2015 baseline. Skanska's carbon intensity continues to 
decline and is now at 1.06 (1.16), compared to 2.60 in 2015. 
Scope 1 emissions are driven primarily by the combustion of fossil fuels on 
site. Scope 1 emissions were 16 percent lower compared to last year, 
corresponding to approximately 6,000 tonnes . This is mainly driven by 
improved efficiency and an increasing uptake in the use of biofuels. Group-
wide adoption of renewable fuels was 21 percent for the first quarter. 
Scope 2 emissions are primarily driven by the use of electricity. Scope 2 
emissions were 16 percent lower compared to last year, corresponding to a 
total reduction of approximately 1,000 tonnes. Group-wide share of 
renewable electricity was 89 percent. 
Climate data
0
1
2
3
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
2015 2016 2017 2018 2019 2020 2021 2022 R-12
Tonnes CO2e
Scope 1 Scope 2 Carbon intensity (tonnes Co2e/SEK M revenue)
Tonnes Co2e/
SEK M revenue
Skanska's own emissions (scope 1 and 2)
Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
Lost time accident rate (LTAR) 1 3.0 3.0 2.9 2.9
Executive Site Safety Visits (ESSV) 1 1,727 1,511 8,137 7,921
1 For definitions see page 19.
Health and Safety data
Lost time accident rate (LTAR), is an indicator for monitoring safety 
performance. On a rolling 12-months basis in the first quarter, LTAR remains 
at 2.9 (2.9). 
Executive Site Safety Visits (ESSV) promote clear and visible leadership for 
enhanced safety performance. In the first quarter, 1,727 ESSV (1,511) were 
conducted.

===== SIDA 15 =====

Skanska interim report first quarter 2023       15
Personnel
During the period, the average number of employees in the Group was 
27,321 (28,056). At the end of the quarter, the number of employees totaled 
27,316 people (December 31, 2022: 27,666).             
Transactions with related parties
There were no new significant transactions during the quarter. 
Material risks and uncertainties
For information about risks and a description of key estimates and 
judgments, see the Annual and Sustainability Report 2022, pages 60-66, 
Note 2 and 6, as well as the section on market outlook included in this report.  
Other matters 
Annual General Meeting
The Annual General Meeting of Skanska AB (publ) was held in Stockholm 
on March 29, 2023. In accordance with the Board of Directors’ proposal, 
the Meeting resolved to pay a dividend to the shareholders of SEK 7.50 per 
share. The record date for receiving dividend was set to Friday March 31, 
2023 and the dividend was distributed by Euroclear Sweden AB on 
Wednesday April 5, 2023. 
The Meeting elected members of the Board of Directors in accordance with 
the proposal of the Nomination Committee. Hans Biörck, Pär Boman, Jan 
Gurander, Mats Hederos, Fredrik Lundberg, Catherine Marcus, 
Ann E. Massey and Åsa Söderström Winberg were re-elected as members 
of the Board of Directors. Hans Biörck was re-elected as Chairman of the 
Board of Directors. It was noted that the trade unions have appointed Ola 
Fält, Richard Hörstedt and Yvonne Stenman as employee representatives 
in the Board of Directors with Goran Pajnic, Hans Reinholdsson and Anders 
Rättgård as deputies.
Repurchase of shares
At the statutory board meeting on March 29, 2023, the board resolved to 
exercise the authorization given by the Annual General Meeting 2023 to 
acquire own Class B shares on the following terms and conditions to secure 
delivery of shares to participants in the Skanska employee ownership 
program for the financial years 2023, 2024 and 2025 resolved by the 
Annual General Meeting 2022 (Seop 6). Acquisitions may be made on one 
or several occasions, however at the latest until the Annual General Meeting 
2024, of no more than 3,500,000 Class B shares on Nasdaq Stockholm at a 
price within the from time to time applicable range of prices (spread), 
meaning the interval between the highest purchase price and the lowest 
selling price. Acquired own Class B shares may be transferred to 
participants in Seop 6 in accordance with the conditions stipulated in the 
decision by the Annual General Meeting 2022.
On March 29, 2023 Skanska held 9,129,273 Class B shares in its own 
custody.
Events after the end of the report period
There were no events after the end of the reporting period.
Financial reports for 2023
Skanska’s interim reports and year-end report are available for download 
on Skanska’s website, www.skanska.com/investors. 
The Group’s interim reports for 2023 will be published  on the 
following dates:
July 21, 2023  Interim report second quarter 2023
November 1, 2023  Interim report third quarter 2023
February 9, 2024  Year-end report 2023
Stockholm, May 4, 2023
Anders Danielsson 
President and Chief Executive Officer 
This Interim report has not been subject to a review by the company's 
auditors.

===== SIDA 16 =====

16      Skanska interim report first quarter 2023
Accounting Principles
For the Group, this Interim report has been prepared in compliance with 
IAS 34 Interim Financial Reporting, the Annual Accounts Act and the 
Securities Market Act. The same accounting policies and methods of 
computation are followed in the interim financial statements as compared 
with the most recent annual financial statements. For the Parent 
Company, the Interim report has been prepared in compliance with the 
Annual Accounts Act, the Securities Market Act, and Swedish Financial 
Reporting Board’s Recommendation RFR 2. 
Relation between consolidated operating cash flow statement 
and consolidated cash flow statement
The difference between the operating cash flow statement and the 
summary cash flow statement in compliance with IAS 7 Cash flow 
Statements, is presented in the Annual and Sustainability Report 2022, 
Note 35.
Segment and IFRS reporting
Skanska’s business streams Construction, Residential Development, 
Commercial Property Development and Investment Properties represent 
the group’s operating segments. Tables in this report that refer to segment 
reporting are shown with a shaded background. In certain cases, the 
segment reporting differs from the consolidated results presented in 
accordance with International Financial Reporting Standards, IFRS. 
Construction includes both building construction and civil construction. 
Revenues and earnings are reported over time for both segment and IFRS 
reporting. 
Residential Development develops residential projects for immediate sale. 
Homes are adapted to selected customer categories. The units are 
responsible for planning and selling the projects. The related construction 
assignments are performed by Skanska’s construction units in the 
Construction segment in each market. In the segment reporting Residential 
Development recognizes revenue and earnings when contracts are signed 
for the sale of homes. In the IFRS reporting revenues are instead recognized 
when the buyer takes possession of the homes. 
Commercial Property Development initiates, develops, leases and divests 
commercial property projects. In most markets the construction 
assignments are performed by Skanska’s Construction segment. In the 
segment reporting Commercial Property Development  recognizes revenue 
and earnings when contracts are signed for the sale of the properties. In 
the IFRS reporting revenues are instead recognized when the buyer takes 
possession of the property.
Investment Properties owns properties for the purpose of earning rentals 
and for capital appreciation. Rental revenues are recognized on a straight-
line basis over the lease term. Change in value on investment properties is 
recognized each quarter both according to segment reporting and IFRS.
Joint ventures are reported under the proportional method in the segment 
reporting of Residential Development, whereas all other streams/
operating segments apply the equity method. 
Intra-Group pricing between operating segments occurs on market terms.
The parent company in a Swedish Group prepares its accounts in 
compliance with the Swedish Financial Reporting Board’s 
Recommendation RFR 2 Accounting for Legal Entities (“RFR 2”). According 
to RFR 2, the annual accounts of the legal entity must apply IFRS as far as 
this is possible within the framework of the Annual Accounts Act and 
considering the connection between accounting and taxation.
News
As of 2023, residential rental projects in Sweden will be reallocated and 
included in the multi-family rental portfolio in the Commercial Property 
Development business stream. Historical financial information from 2021 
and 2022 has been restated to reflect this reallocation.

===== SIDA 17 =====

Skanska interim report first quarter 2023       17
Definitions
The following measures are used as they are viewed as the best and most accurate ways to measure Skanska’s operations, reflecting its business model 
and strategy. Thus assisting investors and management in analyzing trends and performance in Skanska. 
For further definitions, see the Annual and Sustainability Report 2022, Note 44.
Non-IFRS financial 
measures Definition Reason for use
Revenue segment Revenue segment is the same as revenue IFRS in all streams except for the Residential 
Development stream and the Commercial Property Development stream, where revenue 
is recognised for when signing binding agreement for sale of homes and properties. As 
segment reporting of joint ventures in Residential Development applies the proportional 
method, revenue segment is affected by this.
Measure revenue generated in current market 
environment.
Gross income Revenue minus cost of sales. Measure profit generated from projects.
Gross margin Gross income as a percentage of revenue. Measure profitability in projects.
Operating net Rental revenue minus operating costs for investment properties (that is, operating expenses, 
costs for repair and maintenance, property administration and property tax).
Measures earnings from property 
management.
Selling and admin 
expenses, %
Selling and administrative expenses as a percentage of revenue. Measure cost efficiency in selling and 
administrative expenses.
Operating income Revenue minus cost of sales, selling and administrative expenses, change in value of 
investment properties, and income from joint ventures and associated companies.
Measure profit generated from operations.
Operating income 
segment
Revenue minus cost of sales, selling and administrative expenses, change in value of 
investment properties, and income from joint ventures and associated companies, according 
to segment reporting, and where Residential Development applies the proportional method 
for reporting of joint ventures.
Measure profit generated from operations in 
current market environment.
Operating income  
rolling 12 months
Revenue minus cost of sales, selling and administrative expenses, change in value of 
investment properties,  and income from joint ventures and associated companies, over a 
rolling 12 months.
Measure profit generated from operations.
Operating margin Operating income as a percentage of revenue. Measure profitability in operations.
Net financial items The net of interest income, financial net pension cost, interest expense, capitalized expense, 
change in fair value and other net financial items.
Measure total net for financial activities.
Income after financial 
items
Operating income minus net financial items. Measure profit generated before taxes.
Earnings per share, 
segment
Profit for the period, segment, attributable to equity holders divided by 
the average number of shares outstanding. 
Measure earnings per share, segment.
Book-to-build, R-12m, % Order bookings divided by construction revenue, rolling 12 months. Measures to which extent new orders are 
replacing work put in place.
Unrealized gains, 
Commercial Property 
Development (CD)
Market value minus investment value upon completion for ongoing projects, completed 
projects and land. Excluding projects sold according to segment reporting.
Measure potential realization of future gains 
in Commercial Property Development.
Capital employed, Group Total assets minus non-interest-bearing liabilities. Measure capital usage and efficiency. 
Capital employed, 
Stream
Total assets less tax assets, deposits in Skanska’s treasury unit and pension receivable 
minus non-interest-bearing liabilities excluding tax liabilities. Capitalized interest expense 
is removed from total assets for the Residential Development and Commercial Property 
Development segments.
Measure capital usage and efficiency in a 
Stream. 
Capital employed 
Residential Development 
(RD)
SEK M
Total assets
- tax assets
- deposits in internal bank
- pension receivable
- non-interest-bearing liabilities (excluding tax liabilities)
- capitalized interest expense
27,227
-414
-1,250
-37
-9,704
-189
15,633
Measure capital usage and efficiency in 
Residential Development. 
Capital employed 
Commercial Property 
Development (CD)
SEK M
Total assets
- tax assets
- deposits in internal bank
- pension receivable
- non-interest-bearing liabilities (excluding tax liabilities)
- capitalized interest expense
46,198
-573
-230
0
-3,326
-448
41,622
Measure capital usage and efficiency in 
Commercial Property Development.

===== SIDA 18 =====

18      Skanska interim report first quarter 2023
Non-IFRS financial 
measures Definition Reason for use
Capital employed Investment 
Properties (IP)
SEK M
Total assets
- tax assets
- deposits in internal bank
- pension receivable
- non-interest-bearing liabilities (excluding tax liabilities)
3,814
-8
0
0
-91
3,714
Measure capital usage and efficiency in 
Commercial Property Development. 
Capital employed average Calculated on the basis of five measuring points; see below.
ROCE in RD segment,  
rolling 12 months SEK M
Operating income
+ capitalized interest expense
+/- financial income and other financial items  
- interest income from internal bank
Adjusted profit
Capital employed average*
ROCE RD
132
160
16
0
308
15,755
2.0%
Measure the performance (profitability and capital 
efficiency) in RD.
* Capital employed average
Q1 2023 15,633 x 0.5 7, 816
Q4 2022 16,346 16,346
Q3 2022 15,218 15,218
Q2 2022 16,091 16,091
Q1 2022 15,102 x 0.5 7 ,551
63,021 / 4 15,755
ROCE in CD segment,  
rolling 12 months
SEK M
Operating income
+ capitalized interest expense
+/- financial income and other financial items
- interest income from internal bank
Adjusted profit
Capital employed average*
ROCE CD
2,025
93
3
-11
2,109
37,952
5.6%
Measure the performance (profitability and capital 
efficiency) in CD.
* Capital employed average
Q1 2023 41,622 x 0.5 20,811
Q4 2022 38,547 38,547
Q3 2022 38,329 38,329
Q2 2022 36,854 36,854
Q1 2022 34,541 x 0.5 17 ,270
151,810  / 4 37,952
ROCE in IP segment, 
rolling 12 months
SEK M
Operating income
+/- financial income and other financial items
- interest income from internal bank
Adjusted profit
Capital employed average*
ROCE IP
145
0
0
145
1,868
7.7%
Measure the performance (profitability and capital 
efficiency) in IP.
* Capital employed average
Q1 2023 3,714 x 0.5 1,857
Q4 2022 3,733 3,733
Q3 2022 755 755
Q2 2022 753 753
Q1 2022 749 x 0.5 374
7,472  / 4 1,868
ROCE in Project Development, 
segment, rolling 12 months
SEK M
Is calculated as the summarized adjusted profit for RD and CD 
divided by the summarized capital employed average for RD and 
CD.
Measure the performance (profitability and capital 
efficiency) in Project Development.
Adjusted 
profit CE avg ROCE
RD 308 15,755 2.0%
CD 2,109 3 7,9 5 2 5.6%
2,417 53,707 4.5%

===== SIDA 19 =====

Skanska interim report first quarter 2023       19
Non-IFRS financial 
measures Definition Reason for use
Return on equity segment,  
rolling 12 months
SEK M
Profit attributable to equity holders as a percentage of 
average equity attributable to equity holders.
6,607 / 50,861 =   13.0%
Measure profitability on invested equity.
Equity average attributable  
to equity holders
SEK M
Calculated on the basis of five measuring points.
50,861
Operating cash flow from 
operations
Cash flow from business operations including taxes paid and cash 
flow from financing operations.
Measure total cash flow generated from 
operations.
Net divestments/investment Total investments minus total divestments. Measure the balance between investments and 
divestments.
Free working capital Non-interest-bearing receivables minus non-interest-bearing liabilities 
excluding taxes.
Measure the funding stemming from the negative 
working capital.  
Average free working capital in 
Construction
SEK M
Calculated on the basis of five measuring points.
-29,141
Measure the funding stemming from the negative 
working capital generated in Construction.  
Q1 2023 -28,115 x 0.5 -14,057
Q4 2022 -28,920 -28,920
Q3 2022 -30,254 -30,254
Q2 2022 -28,922 -28,922
Q1 2022 -28,821 x 0.5 -14,411
-116,564 / 4
Interest-bearing net receivables/
net debt
Interest-bearing assets minus interest-bearing liabilities. Measure financial position.
Adjusted interest-bearing net 
receivables/net debt
Interest-bearing net receivables/net debt excluding restricted cash, 
lease liabilities and interest-bearing net pension liabilities.
Measure financial position and investment 
capacity. The latter is derived by comparing 
adjusted interest-bearing net receivables/net debt 
to limits set by the Board of Directors.
Equity/assets ratio Equity including non-controlling interest as a percentage of  
total assets.
Measure financial position.
Net debt/equity ratio Interest-bearing net debt divided by equity including non-controlling interest. Measure leverage of financial position. 
Adjusted equity attributable  
to equity holders
SEK bn
Equity attributable to equity holders
Unrealized surplus value in RD
Unrealized CD gains
Effect in unrealized equity in PPP-portfolio
Less standard corporate tax, 10% 
Adjusted equity
53.1
4.3
9.1
1.0
-1.4
66.1
Measure financial position adjusted for surplus 
values in Project Development net of taxes.
The standard corporate tax represents an 
approximation of the average corporate income 
tax within the Group.
Net leasing Annual rent including supplements of new lettings minus annual rent including 
supplements for agreements that has been served a notice of termination.
Economic occupancy rate Contracted rental income including supplements less discounts for the 
period divided by total rental value for properties owned at the end of the 
period. Properties owned at the end of the period are restated as if they have 
been owned during the whole period, while disposed properties are excluded 
entirely. 
Measures the efficiency of leasing activity. 
Surplus ratio Operating net for Investment Properties stream divided by rental revenue. Measures the efficiency of property management.
Leasable area Leasable area including garage. 
Rental value Rental revenue including supplements for the period plus market rent for 
vacant premises. 
Indicates total potential rental income for fully let 
properties. 
Environmental certification Share of Investment Properties' portfolio being certified according to minimum 
LEED Gold or similar. 
Measures the sustainability quality of the property 
portfolio.
Lost time accident rate (LTAR) Number of employee and subcontractor lost time accidents multiplied by 
1,000,000 hours and divided by total labor hours. 
Indicator for monitoring safety performance.
Executive Site Safety Visits 
(ESSV)
Site Safety visits performed by senior managers. Promote clear and visible leadership for enhanced 
safety performance. 
Q1 2023 53,134 x 0.5 26,567
Q4 2022 55,111 55,111
Q3 2022 52,255 52,255
Q2 2022 47 ,653 47 ,653
Q1 2022 43,717 x 0.5 21,858
203,444  / 4

===== SIDA 20 =====

20      Skanska interim report first quarter 2023
Reconciliation between segment reporting and IFRS
Revenue by geographical area (IFRS)
External revenue Intra-Group revenue Total revenue Operating income
SEK M
Jan-Mar 
2023
Jan-Mar 
2022
Jan-Mar 
2023
Jan-Mar 
2022
Jan-Mar 
2023
Jan-Mar 
2022
Jan-Mar 
2023
Jan-Mar 
2022
Construction 34,001
1
30,320
1
3,523 3,066 37, 524 33,387 1,033 756
Residential Development 586 3,563 0 10 586 3,573 -314 445
Commercial Property Development 248 3,885 19 955 267 4,840 -142 856
Investment Properties 41 0 1 0 41 0 30 25
Total operating segments 34,876 37,769 3,543 4,031 38,419 41,801 607 2,083
Central 2 43 109 73 111 115 -159 -135
Eliminations 0 0 -3,651 -4,104 -3,651 -4,104 -54 -95
Total Group 34,878 37,812 0 0 34,878 37,811 394 1,852
Reconciliation to IFRS 2 1,597 -2,780 0 0 1,597 -2,780 201 -660
Total IFRS 36,475 35,032 0 0 36,475 35,032 594 1,193
1 Of which external revenue from joint ventures in PPP-portfolio 563 465
2 Of which effect from joint ventures in Residential Development proportionally -9 -25 -1 -2
   Of which effect of different revenue recognition principles 1,606 -2,755 201 -658
Segment IFRS Segment IFRS
SEK M
Jan-Mar 
2023
Jan-Mar 
2023
Jan-Mar 
2022
Jan-Mar 
2022
Revenue
Construction 37, 524 37, 524 33,387 33,387
Residential Development 586 2,202 3,573 1,907
Commercial Property Development 267 248 4,840 3,727
Investment Properties 41 41 0 0
Central and Eliminations -3,540 -3,540 -3,989 -3,989
Skanska Group 34,878 36,475 37,811 35,032
Operating income
Construction 1,033 1,033 756 756
Residential Development -314 -81 445 140
Commercial Property Development 1 -142 -144 856 545
Investment Properties 30 30 25 25
Central -159 -159 -135 -135
 of which PPP-portfolio 72 72 33 33
Eliminations 1 -54 -85 -95 -139
Operating income 394 594 1,852 1,193
Net financial items 146 147 8 8
Income after financial items 540 742 1,860 1,200
Income taxes -106 -145 -365 -235
Profit for the period 434 596 1,495 965
Earnings for the period per share, SEK 2 1.04 3.62
Earnings for the period per share according to IFRS, SEK 2 1.43 2.34
1 Of which gains from divestments of commercial properties reported in:
 Commercial Property Development 46 45 1,072 761
 Eliminations 21 1 63 42
2 Earnings for the period attributable to equity holders divided by the average number of shares outstanding. 
Construction Residential Development
Commercial Property 
Development Investment Properties Central and Eliminations Total
SEK M
Jan-Mar 
2023
Jan-Mar 
2022
Jan-Mar 
2023
Jan-Mar 
2022
Jan-Mar 
2023
Jan-Mar 
2022
Jan-Mar 
2023
Jan-Mar 
2022
Jan-Mar 
2023
Jan-Mar 
2022
Jan-Mar 
2023
Jan-Mar 
2022
Nordics 14,251 13,587 1,882 1,585 108 2,068 41 0 -1,783 -2,533 14,499 14,708
 of which Sweden 7, 86 5 7, 3 39 1,452 997 64 2,044 41 0 -1,335 -2,141 8,087 8,240
Europe 5,946 5,243 320 321 91 255 0 0 -609 -839 5,747 4,979
USA 17, 328 14,557 0 0 50 1,404 0 0 -1,148 -617 16,230 15,344
Total operating segments 37, 524 33,387 2,202 1,907 248 3,727 41 0 -3,540 -3,989 36,475 35,032

===== SIDA 21 =====

Skanska interim report first quarter 2023       21
Summary income statement (IFRS)
Statement of profit or loss and other comprehensive income (IFRS)
The Skanska Group
SEK M Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
Profit for the period 596 965 7,916 8,284
Other comprehensive income
Items that will not be reclassified to profit and loss
Remeasurements of defined benefit plans 767 928 3,657 3,818
Tax related to items that will not be reclassified to profit and loss -168 -214 -746 -792
599 715 2,910 3,026
Items that have been or will be reclassified to profit and loss
Translation differences attributable to equity holders -67 641 1,582 2,290
Translation differences attributable to non-controlling interests 6 4 16 14
Hedging of exchange rate risk in foreign operations -2 17 62 81
Effects of cash flow hedges  1 16 17 107 108
Share of other comprehensive income of joint ventures and associated companies 2 -10 89 79 178
Tax related to items that have been or will be reclassified to profit and loss 1 -1 -17 -19
-56 767 1,830 2,653
Other comprehensive income after tax 542 1,481 4,740 5,679
Total comprehensive income 1,138 2,446 12,655 13,963
Total comprehensive income attributable to
 Equity holders 1,126 2,441 12,606 13,920
 Non-controlling interests 12 6 49 43
1 Of which transferred to income statement -14 -1 -56 -44
2 Of which transferred to income statement 6 24 46 64
SEK M Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
Revenue 36,475 35,032 164,618 163,174
Cost of sales -33,708 -32,216 -147,975 -146,483
Gross income 2,767 2,816 16,643 16,692
Selling and administrative expenses -2,262 -2,031 -9, 230 -8,998
Change in value, investment properties 0 357 1,335 1,692
Income from joint ventures and associated companies 90 51 675 636
Operating income 594 1,193 9,423 10,021
Financial income 167 71 491 395
Financial expenses -20 -63 -61 -104
Net financial items 1 147 8 430 290
Income after financial items 742 1,200 9,853 10,312
Income taxes -145 -235 -1,937 -2,027
Profit for the period 596 965 7,916 8,284
1 Of which
Interest income 158 34 479 355
Financial net pension costs -2 -13 -37 -48
Interest expenses -123 -49 -329 -255
Interest expenses from lease liabilities -58 -53 -226 -222
Capitalized interest expenses 180 73 585 477
Net interest items 156 -8 471 307
Change in fair value 2 2 4 4
Other net financial items -10 14 -45 -20
Net financial items 147 8 430 290
Profit attributable to:
  Equity holders 590 963 7, 883 8,256
  Non-controlling interests 6 2 33 28
Earnings per share, SEK 2 1.43 2.34 19.14 20.04
Earnings per share after dilution, SEK  3 1.42 2.32 19.00 19.90
2 Earnings for the period attributable to equity holders divided by the average number of shares outstanding.
3 Earnings for the period attributable to equity holders divided by the average number of shares outstanding after dilution.

===== SIDA 22 =====

22      Skanska interim report first quarter 2023
Summary statement of financial position (IFRS)
Contingent liabilities, excluding partners' share in joint operations, as at March 31, 2023 amounted to SEK 1.4 bn (Dec 31, 2022: 1.2). Skanska's obligations for partners' share of future performance in joint operations amounted to SEK 27.5 bn 
(Dec 31, 2022: 31.9). In the event that Skanska takes over part of the performance, Skanska's order backlog will increase accordingly. For more information see Annual and Sustainability Report 2022, Note 20B, 20C and 33.
SEK M Mar 31, 2023 Mar 31, 2022 Dec 31, 2022
ASSETS
Non-current assets
Investment properties 3,759 766 3,758
Property, plant and equipment 7, 825 7 ,333 7, 803
Property, plant and equipment right-of-use assets 3,316 3,311 3,256
Goodwill 4,150 4,021 4,160
Other intangible assets 445 637 488
Investments in joint ventures and associated companies 2,347 2,695 2,901
Financial non-current assets 1, 3 5,199 3,902 3,607
Deferred tax assets 1,119 1,650 995
Total non-current assets 28,159 24,315 26,970
Current assets
Current-asset properties 2 61,788 51,090 58,474
Current-asset properties right-of-use land 3,717 3,331 3,676
Inventories 1,238 1,167 1,300
Financial current assets 3 10,914 16,025 14,413
Tax assets 1,825 1,637 1,248
Contract assets 7,035 6,169 7,7 72
Trade and other receivables 26,494 24,401 27,726
Cash 9,839 12,323 10,014
Total current assets 122,849 116,143 124,623
TOTAL ASSETS 151,009 140,458 151,593
 of which interest-bearing financial non-current assets 5,159 3,863 3,569
 of which interest-bearing current assets 20,683 28,180 24,327
Total interest-bearing assets 25,843 32,043 27,896
EQUITY
Equity attributable to equity holders 53,134 43,717 55,111
Non-controlling interests 156 120 144
Total equity 53,290 43,837 55,255
LIABILITIES
Non-current liabilities
Financial non-current liabilities 3 2,732 3,452 2,714
Lease liabilities 6,499 6,134 6,328
Pensions 2,545 5,660 2,891
Deferred tax liabilities 2,390 1,583 1,943
Total non-current liabilities 14,167 16,828 13,876
Current liabilities
Financial current liabilities 3 4,924 4,910 4,854
Lease liabilities 855 843 953
Tax liabilities 267 447 388
Current provisions 10,287 10,835 10,368
Contract liabilities 24,597 21,647 24,059
Trade and other payables 4 42,623 41,111 41,840
Total current liabilities 83,552 79,793 82,462
TOTAL EQUITY AND LIABILITIES 151,009 140,458 151,593
 of which interest-bearing financial liabilities 14,892 15,295 14,699
 of which interest-bearing pensions and provisions 2,545 5,660 2,891
Total interest-bearing liabilities 17,4 37 20,955 17, 590
1 Of which shares and participations 38 38 38
2 Current-asset properties
Commercial Property Development 38,692 31,612 35,814
Residential Development 23,095 19,478 22,660
3 Items regarding non-interest-bearing unrealized changes in derivatives/financial instruments are included in the following amounts:
Financial non-current assets 1 1 0
Financial current assets 70 169 99
Financial non-current liabilities 0 0 0
Financial current liabilities 118 44 150
4 Of which dividends to shareholders, not yet paid. 3,081 4,124 0

===== SIDA 23 =====

Skanska interim report first quarter 2023       23
Summary statement of changes in equity (IFRS)
Summary consolidated cash flow statement (IAS 7) (IFRS)
SEK M Jan-Mar 2023 Jan-Mar 2022 Jan-Dec 2022
Opening balance 55,255 45,465 45,465
 of which non-controlling interests 144 114 114
Dividend to shareholders -3,081 -4,124 -4,124
Dividend to non-controlling interests 0 0 -13
Effects of equity-settled share-based payments 128 109 471
Repurchase of shares -150 -59 -507
Total comprehensive income attributable to
 Equity holders 1,126 2,441 13,920
 Non-controlling interests 12 6 43
Closing balance 53,290 43,837 55,255
 of which non-controlling interests 156 120 144
SEK M Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
Cash flow from operating activities before change in working capital, according to IAS 7 783 205 4,875 4,297
Cash flow from change in working capital, according to IAS 7 -2,716 -2,187 -4,346 -3,816
Net investments in property, plant and equipment and intangible assets (investment properties included) -270 -776 -1,760 -2,266
Tax payments on sold property, plant and equipment and intangible assets -5 -7 -35 -37
Cash flow from business operations including taxes paid according to operating cash flow -2,208 -2,764 -1,267 -1,823
Less net investments in property, plant and equipment and intangible assets (investment properties included) 270 776 1,760 2,266
Less tax payments on sold property, plant and equipment and intangible assets 5 7 35 37
Cash flow from operating activities, according to IAS 7 -1,933 -1,982 528 480
Cash flow from net strategic divestments(+)/ investments(-) according to operating cash flow 20 10 207 197
Net investments in property, plant and equipment and intangible assets (investment properties included) -270 -776 -1,760 -2,266
Increase and decrease in interest-bearing receivables 2,187 7,416 798 6,026
Taxes paid on sold property, plant and equipment and intangible assets -5 -7 -35 -37
Cash flow from investing activities, according to IAS 7 1,932 6,643 -791 3,920
Cash flow from financing operations according to operating cash-flow statement -114 -39 -516 -441
Change in interest-bearing receivables and liabilities excluding lease liabilities 2,287 4,174 3,651 5,538
Increase and decrease in interest-bearing receivables -2,187 -7,416 -798 -6,026
Dividend etc. 1 -1502 -592 -4,735 -4,645
Cash flow from financing activities, according to IAS 7 -165 -3,340 -2,398 -5,574
Cash flow for the period -166 1,321 -2,660 -1,173
1 Of which repurchases of shares -150 -59 -598 -507
2 The dividend of SEK 7.50 (10.00) per share as decided at the AGM will impact cash flow in second quarter 2023 (2022).

===== SIDA 24 =====

24      Skanska interim report first quarter 2023
Operating cash flow (IFRS), supplementary information
SEK M Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
Construction
Cash flow from business operations 1,632 1,362 8,441 8,172
Change in working capital -616 -704 -1,570 -1,657
Net divestments(+)/investments(-) -498 -222 -1,920 -1,643
Total Construction 517 436 4,951 4,871
Residential Development
Cash flow from business operations -256 -215 -581 -540
Change in working capital 1,013 -1,128 2,203 62
Net divestments(+)/investments(-) -351 -431 -1,187 -1,267
Cash flow adjustment 0 0 205 205
Total Residential Development 405 -1,774 640 -1,540
Commercial Property Development
Cash flow from business operations -129 -445 -911 -1,227
Change in working capital -165 -102 74 137
Net divestments(+)/investments(-) -2,735 884 -1,524 2,094
Cash flow adjustment 47 164 146 263
Total Commercial Property Development -2,980 501 -2,215 1,267
Investment Properties
Cash flow from business operations 30 -1 59 29
Change in working capital 21 25 44 47
Net divestments(+)/investments(-) -1 -748 -2,922 -3,668
Total Investment Properties 51 -723 -2,819 -3,593
Central and Eliminations
Cash flow from business operations 151 -41 -356 -548
Change in working capital 42 -234 168 -108
Net divestments(+)/investments(-) 256 -466 176 -546
 of which PPP-portfolio 260 -453 165 -547
Total Central and Eliminations 449 -741 -12 -1,203
Total cash flow from business operations 1,428 661 6,652 5,885
Total change in working capital 296 -2,143 918 -1,520
Total net divestments(+)/investments(-) -3,329 -983 -7, 37 7 -5,030
Total cash flow adjustment 47 164 352 468
Cash flow from business operations before taxes paid -1,558 -2,301 546 -198
Taxes paid in business operations -650 -462 -1,813 -1,625
Cash flow from business operations including taxes paid -2,208 -2,764 -1,267 -1,823
Net interest items, other net financial items and amortization of lease liabilities -147 -50 -661 -565
Taxes paid in financing operations 32 11 145 124
Cash flow from financing operations -114 -39 -516 -441
Operating cash flow from operations -2,322 -2,803 -1,783 -2,263
Net strategic divestments(+)/investments(-) 20 10 207 197
Dividend etc. 1 -1502 -592 -4,735 -4,645
Cash flow before change in interest-bearing receivables and liabilities -2,453 -2,853 -6,311 -6,711
Change in interest-bearing receivables and liabilities excluding lease liabilities 2,287 4,174 3,651 5,538
Cash flow for the period -166 1,321 -2,660 -1,173
Cash and cash equivalents at the beginning of the period 10,014 10,947 12,323 10,947
Exchange rate differences in cash and cash equivalents -9 56 176 240
Cash and cash equivalents at the end of the period 9,839 12,323 9,839 10,014
1 Of which repurchases of shares -150 -59 -598 -507
2 The dividend of SEK 7.50 (10.00) per share as decided at the AGM will impact cash flow in second quarter 2023 (2022).

===== SIDA 25 =====

Skanska interim report first quarter 2023       25
Group net divestments(+)/investments(-) (IFRS)
Capital employed in Project Development and Investment Properties (IFRS)
SEK M Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
OPERATIONS - INVESTMENTS
Investment properties -1 0 -2 -1
Intangible assets -5 -5 -24 -24
Property, plant and equipment -598 -393 -2,443 -2,238
Shares and participations -3 -466 -233 -696
Current-asset properties -5,270 -4,739 -23,139 -22,609
 of which Residential Development -2,497 -2,061 -10,811 -10,375
 of which Commercial Property Development -2,773 -2,679 -12,328 -12,233
Investments in operations -5,877 -5,603 -25,841 -25,567
Total Investments -5,877 -5,603 -25,841 -25,567
OPERATIONS - DIVESTMENTS
Intangible assets 0 0 15 15
Property, plant and equipment 77 78 475 476
Shares and participations 260 10 451 201
Current-asset properties 2,211 4,532 17, 523 19,844
 of which Residential Development 2,147 1,836 9,568 9,257
 of which Commercial Property Development 63 2,696 7,95 5 10,587
Divestments in operation 2,548 4,620 18,464 20,537
STRATEGIC DIVESTMENTS
Businesses 20 10 207 197
Strategic divestments 20 10 207 197
Total divestments 2,567 4,630 18,671 20,734
TOTAL NET DIVESTMENTS(+)/INVESTMENTS(-) -3,309 -973 -7, 170 -4,833
Depreciation, non-current assets -663 -682 -2,695 -2,714
SEK M Mar 31, 2023 Mar 31, 2022 Dec 31, 2022
Residential Development 15,633 15,102 16,346
Commercial Property Development 41,622 34,541 38,547
Investment Properties 3 714  749 3 733
Total in Project Development and Investment Properties 60,969 50,391 58,626

===== SIDA 26 =====

26      Skanska interim report first quarter 2023
Summary income statement (RFR2)
Summary balance sheet (RFR2)
Parent company1
The parent company’s revenue consists mainly of amounts billed to Group companies. The balance sheet consists mainly of shares in Group companies, 
intra-Group receivables and equity. The parent company does not report any significant events during the period.
SEK M Jan-Mar 2023 Jan-Mar 2022
Revenue 141 134
Selling and administrative expenses -178 -152
Operating income -37 -18
Net financial items 77 1
Income after financial items 40 -17
Income taxes -9 3
Profit for the period 31 -14
Total comprehensive income 31 -14
SEK M Mar 31, 2023 Mar 31, 2022 Dec 31, 2022
ASSETS
Intangible non-current assets 2 3 1
Property, plant and equipment 18 0 0
Financial non-current assets  2 23,417 17, 586 23,627
Total non-current assets 23,437 17, 589 23,628
Current receivables 87 106 164
Total current assets 87 106 164
TOTAL ASSETS 23,524 17,695 23,792
EQUITY AND LIABILITIES
Equity 3 20,003 13,138 23,195
Provisions 223 259 213
Non-current interest-bearing liabilities 2 65 64 276
Current liabilities 4 3,233 4,234 108
TOTAL EQUITY AND LIABILITIES 23,524 17,695 23,792
1 As a parent company in an IFRS-group, Skanska AB applies RFR2 in its accounting.
2 Of which SEK 11,942 M (Dec 31, 2022: 12,045) were shares in Group companies, SEK 11,315 M (Dec 31, 2022: 11,422) intra-Group receivables and SEK 65 M (Dec 31, 2022: 276) intra-Group liabilities.
3 During the year SEK 0 M (Dec 31, 2022; 10,000)  in dividend has been received from Group company. 
4 Of which dividends to shareholders, not yet paid.
The parent company’s contingent liabilities totaled SEK 132.0 bn on March 31, 2023 (Dec 31, 2022: 142.8), of which SEK 113.1 bn (Dec 31, 2022: 122.3) were related to obligations on behalf of Group companies. Other obligations, SEK 18.9 bn 
(Dec 31, 2022: 20.5), were related to commitments to outside parties of which SEK 9.3 bn (Dec 31, 2022: 11.9) relates to partners’ future performance in the Group’s joint operations.

===== SIDA 27 =====

Skanska interim report first quarter 2023       27
Five-year Group financial summary 
Share data
Exchange rates for the most important currencies
Jan-Mar 2023 Jan-Mar 2022 Jan-Dec 2022
Earnings per share according to segment reporting, SEK  1 1.04 3.62 18.62
Earnings per share, SEK 1 1.43 2.34 20.04
Earnings per share after dilution, SEK 2 1.42 2.32 19.90
Equity per share, SEK 3 129.35 106.01 134.05
Adjusted equity per share, SEK 4 160.95 141.67 167.77
Average number of shares outstanding 411,053,081 412,357 ,362 41 2,037, 581
Average number of shares outstanding after dilution 414,384,423 414,743,279 414,922,620
Average dilution, % 0.80 0.58 0.70
Number of shares, at balance sheet date 419,903,072 419,903,072 419,903,072
Average price, repurchased shares, SEK 145.80 142.61 144.79
Number of Class B shares repurchased 32,140,728 28,656,728 31,320,728
 of which repurchased during the year 820,000 260,000 2,924,000
Number of shares in Skanska’s own custody 9,129, 273 7, 521 ,767 8,771,931
Number of shares outstanding 410,773,799 412,381,305 411,131,141
1 Earnings for the period attributable to equity holders divided by the average number of shares outstanding. 
2 Earnings for the period attributable to equity holders divided by the average number of shares outstanding after dilution.
3 Equity attributable to equity holders divided by the number of shares outstanding.
4 Adjusted equity diveded by the number of shares outstanding. 
SEK M Rolling 12 months Jan-Dec 2022 Jan-Dec 2021 Jan-Dec 2020 Jan-Dec 2019
Revenue 158,669 161,602 147, 576 158,606 176,782
Operating income 7, 838 9, 297 9,832 11,860 7, 828
Profit for the period 6,641 7,702 8,188 8,942 6,372
Earnings per share, SEK 16.04 18.62 19.80 21.65 15.46
Return on capital employed, % 11.9 14.1 15.9 20.3 15.1
Return on equity, % 13.0 15.8 20.1 25.1 21.4
Operating margin, % 4.9 5.8 6.7 7.5 4.4
Return on capital employed accoding to IFRS, % 14.1 15.2 13.5 21.5 14.3
Cash flow per share according to IFRS, SEK 1 -5.34 -16.29 1.81 31.57 3.28
1 Cash flow before change in interest-bearing receivables and liabilites divided by the average number of shares outstanding. 
Average exchange rates
SEK Jan-Mar 2023 Jan-Mar 2022 Jan-Dec 2022
US dollar 10.45 9.34 10.12
British pound 12.68 12.53 12.46
Norwegian krone 1.02 1.06 1.05
Euro 11.20 10.48 10.63
Czech koruna 0.47 0.42 0.43
Polish zloty 2.38 2.27 2.27
Exchange rates on the closing day
Mar 31, 2023 Mar 31, 2022 Dec 31, 2022
10.37 9.32 10.37
12.83 12.23 12.49
0.99 1.07 1.05
11.27 10.34 11.08
0.48 0.42 0.46
2.41 2.22 2.36

===== SIDA 28 =====

28      Skanska interim report first quarter 2023
Construction
Revenue
Operating income Operating margin, %
Order backlog Order bookings Book-to build, %
Revenue and earnings
SEK M Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
Revenue 37, 524 33,387 160,141 156,004
Gross income 2,697 2,269 12,696 12,268
Selling and administrative expenses -1,660 -1,516 -6,678 -6,534
Income from joint ventures and associated companies -4 4 28 36
Operating income 1,033 756 6,046 5,770
Investments -576 -382 -2,404 -2,210
Divestments 97 169 691 764
Net divestments(+)/investments(-) -479 -212 -1,713 -1,446
Gross margin, % 7. 2 6.8 7.9 7.9
Selling and administrative expenses, % -4.4 -4.5 -4.2 -4.2
Operating margin % 2.8 2.3 3.8 3.7
Order bookings, SEK bn 25.8 30.0 158.5 162.7
Order backlog, SEK bn 217.9 207.6 229.8
Average number of employees 25,692 26,587 26,892
SEK M Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
Nordics 14,251 13,579 60,139 59,468
 of which Sweden 7, 807 7, 3 47 34,909 34,450
Europe 5,946 5,250 27, 692 26,997
USA 17, 328 14,557 72,310 69,539
Total 37, 524 33,387 160,141 156,004
SEK M Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
Nordics 399 375 2,401 2,377
 of which Sweden 181 172 1,432 1,423
Europe -5 -18 775 762
USA 638 399 2,870 2,630
Total 1,033 756 6,046 5,770
Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
2.8 2.8 4.0 4.0
2.3 2.3 4.1 4.1
neg neg 2.8 2.8
3.7 2.7 4.0 3.8
2.8 2.3 3.8 3.7
SEK M Mar 31, 2023 Mar 31, 2022 Dec 31, 2022
Nordics 65,741 68,898 69,496
 of which Sweden 32,233 34,854 33,085
Europe 38,460 40,298 40,624
USA 113,692 98,411 119,651
Total 217,894 207,607 229,771
Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
11,807 11,909 57,730 57, 832
6,953 8,599 32,314 33,960
2,621 5,549 23,362 26,289
11,418 12,509 77 ,453 78,544
25,847 29,967 158,545 162,665
Mar 31, 2023 Mar 31, 2022 Dec 31, 2022
96 102 97
93 101 99
84 96 97
107 120 113
99 109 104

===== SIDA 29 =====

Skanska interim report first quarter 2023       29
Residential Development 
Operating income 1 Operating margin, % 1 
Revenue
Homes started Homes sold
Revenue and earnings
Homes under construction
Completed unsold, 
number of homes
Homes under construction of 
which sold, %
SEK M Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
Revenue 586 3,573 5,764 8,751
Gross income -91 617 966 1,674
Selling and administrative expenses -223 -173 -834 -783
Operating income -314 445 132 891
Operating margin, % neg 12.4 2.3 10.2
Investments -2,499 -2,278 -10,836 -10,615
Divestments 2,147 1,846 9,650 9,349
Net divestments(+)/investments(-) -351 -431 -1,187 -1,267
Capital employed, SEK bn 15.6 15.1 16.3
Return on capital employed, % 1 13.0 2.0 6.8
Average number of employees 565 562 565
1 Rolling 12 months. For definition see page 18.
SEK M Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
Nordics 428 3,228 4,526 7, 326
 of which Sweden 97 2,072 1,499 3,474
Europe 158 345 1,239 1,425
Total 586 3,573 5,764 8,751
Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
Nordics -268 397 50 715
 of which Sweden -281 272 -210 343
Europe -46 48 82 176
Total -314 445 132 891
1 Development gain only. Construction margin reported under Construction.
Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
neg 12.3 1.1 9.8
neg 13.1 neg 9.9
neg 13.9 6.6 12.3
neg 12.4 2.3 10.2
Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
63 736 821 1,494
25 551 405 931
69 143 484 558
132 879 1,305 2,052
Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
Nordics 288 704 1,538 1,954
 of which Sweden 242 572 767 1,097
Europe 0 102 749 851
Total 288 806 2,287 2,805
Mar 31, 2023 Mar 31, 2022 Dec 31, 2022
Nordics 4,810 5,002 5,146
 of which Sweden 3,281 3,430 3,327
Europe 1,869 1,673 1,869
Total 6,679 6,675 7,015
Mar 31, 2023 Mar 31, 2022 Dec 31, 2022
190 61 108
78 26 53
20 28 22
210 89 130
Mar 31, 2023 Mar 31, 2022 Dec 31, 2022
56 70 62
55 66 62
60 71 56
57 70 60

===== SIDA 30 =====

30      Skanska interim report first quarter 2023
Revenue and earnings
Revenue of which from divestments
Operating income of which from divestments
Capital employed
Commercial Property Development 
SEK M Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
Revenue 267 4,840 9,703 14,276
 of which from divestment of properties 90 4,679 9,005 13,594
Gross income 59 1,046 2,870 3,857
Selling and administrative expenses -198 -191 -1,005 -999
Income from joint ventures and associated companies -3 2 160 165
Operating income -142 856 2,025 3,023
 of which from divestment of properties 1 46 1,072 2,814 3,839
 of which writedowns/reversal of writedowns -18 -30 -31 -43
1 Additional gains included in Eliminations 21 63 70 112
Investments -2,806 -2,683 -12,418 -12,294
Divestments 71 3,567 10,893 14,389
Net divestments(+)/investments(-) -2,735 884 -1,524 2,094
Capital employed, SEK bn 41.6 34.5 38.5
Return on capital employed, % 2 9.9 5.6 8.7
Average number of employees 439 443 437
2 Rolling 12 months. For definition see page 18.
SEK M Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
Nordics 127 1,903 7, 84 3 9,620
Europe 91 1,532 1,557 2,999
USA 50 1,404 302 1,656
Total 267 4,840 9,703 14,276
Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
47 1,827 7, 521 9,302
43 1,478 1,369 2,805
0 1,373 114 1,487
90 4,679 9,005 13,594
SEK M Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
Nordics -33 505 1,987 2,526
Europe -51 341 206 599
USA -57 10 -169 -101
Total -142 856 2,025 3,023
Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
22 601 2,263 2,843
24 385 543 903
0 86 7 93
46 1,072 2,814 3,839
SEK M Mar 31, 2023 Mar 31, 2022 Dec 31, 2022
Nordics 15,038 13,335 13,992
Europe 9,886 10,587 9,087
USA 16,698 10,618 15,467
Total 41,622 34,541 38,547
Homes for rent started Homes for rent sold
Homes for rent under construction
Mar 31, 2023 Mar 31, 2022 Dec 31, 2022
Nordics 1,348 1,407 1,348
USA 1,009 645 1,009
Total  2,357 2 052 2 357
Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
Nordics 0 0 264 264
USA 0 0 324 324
Total  0  0 588  588
Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
0 202 0 202
0 0 0 0
 0  202  0  202

===== SIDA 31 =====

Skanska interim report first quarter 2023       31
Revenue and earnings
Investment Properties 
SEK M Jan-Mar 2023 Jan-Mar 2022 Rolling 12 months Jan-Dec 2022
Revenue 41 0 81 40
Operating net 31 0 61 30
Selling and administrative expenses -1 -1 -3 -2
Change in property value 0 26 86 112
Operating income 30 25 145 140
Investments - 1 - 748 -2 922 -3 668
Divestments 0 0 0 0
Net divestments(+)/investments(-) - 1 - 748 -2 922 -3 668
Capital employed 3,714 749 3,733
Property value 3,759 766 3,758
Return on capital employed, %  1 27.1 7.7 13.6
Economic occupancy rate, % 93 100 86
Average valuation yield, % 3.9 4.0 3.9
1 Rolling 12 months. For definition see page 18.
Properties
Unrealized development gain in PPP-portfolio
PPP-portfolio value
SEK bn Mar 31, 2023 Mar 31, 2022 Dec 31, 2022
Present value of cash flow from projects 2.5 2.4 2.7
Present value of remaining investments 0.0 -0.1 0.0
Net present value of projects 2.5 2.3 2.7
Carrying amount before Cash flow hedge / Carrying amount -1.6 -1.8 -2.2
Unrealized development gain 0.9 0.5 0.5
Cash flow hedge 0.1 0.1 0.1
Effect in unrealized equity 1 1.0 0.6 0.6
1 Tax effects not included.
Location Leasable area, sqm
Annual rental value, 
SEK M
Economic occupancy 
rate, %
Property value, 
SEK M
Environmental  
certification, %
Malmö 23,110 74 98 1,378 100
Stockholm 28,992 122 90 2,381 100
Total 52,102 196 93  3,759 100

===== SIDA 32 =====

32      Skanska interim report first quarter 2023
About Skanska
Over 135 years in the making, we are one of the world's largest project development and construction companies. 
We operate across select markets in the Nordics, Europe and the USA. Together with our customers and the 
collective expertise of our 28,000 employees, we create innovative and sustainable solutions that support healthy 
living beyond our lifetime. 
Sweden
Norway Finland
DenmarkUnited Kingdom
Poland
Czech Republic
Hungary
Slovakia
Romania
United States of America
Skanska’s home markets
Norton Folgate, London, UK
Skanska was awarded the contract to deliver the Norton Folgate mixed-use development in London, located a short walk from Liverpool 
Street Station, just behind Spitalfields Market. Working with our customer, we are helping to create a place that provides commercial 
space for a range of business sizes and new retail premises that complement Spitalfields' character. When finished, the development 
will provide 32,500 sq m of commercial, retail and public space. The new buildings are targeting environmental standards to achieve 
BREEAM Excellent, with the existing buildings targeting BREEAM Very Good. Work started in 2021 and will be completed in 2023.  
Image: John Sturrock

===== SIDA 33 =====

For further information, please contact: 
Magnus Persson, Executive Vice President and CFO, Skanska AB, tel +46 10 448 8900 
Antonia Junelind, Senior Vice President, Investor Relations, Skanska AB, tel +46 10 448 6261
Karolina Cederhage, Senior Vice President, Communications, Skanska AB, tel +46 10 448 0880
Jacob Birkeland, Head of Media Relations and Public Affairs, Skanska AB, tel +46 10 449 1957
This report will also be presented via a telephone conference and a audiocast at 10:00 CEST on May 4, 2023. 
The telephone conference will be webcasted live at www.skanska.com/investors, where a recording of the conference will also be available later. 
To participate in the telephone conference, please dial +46 (0)8 5051 00 31, or +44 (0)207 107 06 13, or +1 (1) 631 570 56 13. 
This and previous releases can also be found at www.group.skanska.com/investors.
This is information that Skanska AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. 
The information was submitted for publication, through the agency of the Senior Vice President Investor Relations set out above, at 07:30 CEST on May 4, 2023.
Enumerated amounts presented in tables and statements may not always agree with the calculated sum of the related line items due to rounding differences. The aim is for
each line item to agree with its source and therefore there may be rounding differences affecting the total when adding up the presented line items.
Skanska AB
www.group.skanska.com/investors