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Nordic Update

Construction giants issue income alerts

Publicerad: 19 oktober 2018, 16:44

Anders Danielsson, vd och koncernchef i Skanska.

Foto: Skanska.

During the week, Swedish construction giants Skanska and NCC have both issued income alerts as both companies have been forced to make massive write-downs in ongoing projects. Furthermore, both companies have announced that they will alter their strategies going forward.

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Skanska announced that the company will write down a total of 1.3 billion SEK in its U.S. operations. 0.9 will be written down related to the construction phase of a couple of ongoing PPP-projects in the U.S.A. as costs have run over budget due to low production rates. Moreover, the company will make a goodwill impairment charge of 0.4 million SEK as the company intends to divest its operations in the U.S. power sector.

In a press release Skanska writes that going forward the implications for Skanska’s strategy in the U.S. will be to: stop bidding for mega design-build PPP projects, stop bidding for Engineering, Procurement and Construction (EPC) projects, explore divesting the operations in the power sector and close down the project development function of Infrastructure Development.

As a result of the write-downs and goodwill impairment, Skanska’s profit for the third quarter will fall to 500 million SEK, from 1,5 billion in 2017. The company sacks Richard Cavallero, its Business Unit President for Skanska USA Civil and replaces him with Don Fusco.

Earlier in the week, NCC announced that the company would be forced to write down 1.6 billion SEK and that operations would be divested.

Sverrir Thór

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