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									Effects of transition to reporting in conformity with
International Financial Reporting Standards (IFRS)
As from 2005, the Group applies the International Financial Reporting Standards (IFRS). Skanska's interim
report for the 1st Quarter 2005 will be reported in conformity with IFRS.
The effects of the transition during 2004 from Swedish Accounting Standards, SWGAAP, are presented in the following.

Standards affecting the opening balance as of January 1, 2004 and comparative figures for 2004

IAS 19, Employee Benefits
Since 2003, the Group has applied the Swedish Financial Accounting Standards Council's standard RR 29 "Employee benefits".
Skanska has elected to apply the transitional rule in IFRS 1 when reporting employee benefits in accordance with IAS 19. Accordingly,
unrecognized actuarial gains and losses are re-set to zero against shareholders' equity at January 1, 2004. At December 31, 2003, Skanska
reported unrecognized actuarial gains of SEK 287 M. Accordingly, provisions for pensions will be reduced by SEK 287 M
and shareholders' equity will increase by SEK 203 M considering related deferred tax effects.
During 2004, the operating income will be marginally affected by a reversal of 2004 amortization of unrecognized actuarial gains and losses
no longer required. Actuarial losses during 2004 amounted to some SEK 590 M. The Group will, if and when the EU endorses the decision of
the International Accounting Standards Board (IASB), in future charge or credit actuarial gains and losses directly to equity.
Subject to such endorsement, the effect of the change in accounting principles will be that provisions for pensions increase by some
SEK 590 M on January 1, 2005 and that shareholders' equity will be reduced by some SEK 415 M then considering a deferred tax asset of
some SEK 175 M. Operating income 2005 will be marginally affected as amortization of the unrecognized actuarial losses will not be required.

IAS 23 Borrowing Costs
Capitalization of borrowing costs during the design and construction phases for fixed assets and current-asset properties is applied
retrospectively under the transition rule of IFRS 1. Since 2002, Skanska has applied the alternative rule in Standard RR 21, Borrowing Costs.
Capitalization of borrowing costs under IAS 23, Borrowing Costs, mainly relates to current-asset properties (SEK 172 M) and
a concession for a highway project in Chile (SEK 47 M). Considering the related deferred tax effects, shareholders' equity is increased
by SEK 157 M. Results for 2004 from sales of current-asset properties is negatively affected, SEK -20 M, as an effect of the increased
book values on transition to IFRS.

IAS 38 Intangible Assets
The application of IAS 38, Intangible Assets, resulted in recognition of additional assets of SEK 36 M, mainly IT software for internal use.
Considering related deferred tax effects, shareholders' equity increased by SEK 26 M. During 2004, additional amortization reduces operating
income by SEK -16 M.
The recognition rules for intangible assets under IAS 38, Intangible Assets, also result in a minor reclassification, reducing goodwill and
increasing other intangible fixed assets, in early 2004 business combinations relating to Skanska Services. Such adjustment only affects the
balance sheets at the end of the 1st and 2nd Quarters 2004 since Skanska Services, the acquiring entity, was divested during the 3rd Quarter 2004.

IAS 16, Property, Plant and Equipment
The requirement to apply so-called component depreciation set out in IAS 16, Property, Plant and Equipment, causes an adjustment
reducing shareholders' equity by SEK -22 M. The balance sheet caption "Property, Plant and Equipment" is reduced by SEK 30 M.

IAS 11 Construction Contracts
Interperiod allocation of certain capitalized costs for securing contracts under IAS 11, Construction Contracts, negatively affects shareholders'
equity on transition to IFRS by SEK -32 M after consideration of related tax effects. The balance sheet capition "Costs and earnings in excess
of invoicing" is reduced by SEK -46 M. Operating income for 2004 is negatively affected by SEK -18 M.

IAS 1 Presentation of Financial Statements
The Group's presentation formats for the income statement and the balance sheet have been affected by the transition.
A new line item within operating income is added, "Income from disposal of discontinued operations"
Such capition will include gains or losses on divestment of both group companies and joint ventures. During 2004,
results from divestment of group companies were reported with "Income from group companies" and the divestment of Gammon Skanska
was reported with the line "Income from joint ventures". The effects on the 2004 income statement from such
divestments were as follows:

                                                              Accor-         IFRS- According
                                                              ding to       related      to
SEK m                                                       SWGAAP          change    IFRS
Income from Group companies                                    1,413         -1,413        0
Income from disposal of discontinued operations                     0         1,587   1,587
Income from joint ventures                                       -35             35        0
                                                               1,378            209   1,587




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Income from disposal of discontinued operations appears from the following table:

                                                              Accor-        IFRS- According
                                                              ding to      related      to
SEK m                                                       SWGAAP         change    IFRS
Skanska Cementation                                                -5            9        4
Skanska Services                                               1,165           -25   1,140
Skanska India                                                    -45            56      11
Myresjöhus                                                       298                   298
Gammon Skanska                                                   -35          169      134
Total                                                          1,378          209    1,587


Skanska will in future report financial income and expenses under the captions interest income, interest expenses and other financial items, net.
Minority interest in results will no longer be decucted before arriving at profit for the period. Rather, the income statement shall disclose
as allocations of profit attributable to equity holders of Skanska and profit attributable to minority interest.
In the balance sheet, minority interests are reported as a component of shareholders' equity.
Provisions are reported with liabilities, split into non-current and current provisions. The number of headings in the balance sheet is reduced
compared to earlier presentation.
The definition of non-current liabilities under IAS 1 differs from that of The Swedish Financial Accounting Standards Council's Standard
No 22 Presentation of Financial Reports resulting in reclassifications.
The new formats appear from the attached income statements and balance sheet, setting out separately the "bridge", i.e.the transition from
Swedish GAAP to IFRS, by income statement and balance sheet line.


Effects on the balance sheet Jan 1, 2004                                                                                                       Total
                                                                                                                                              effect
SEK m                                                                      IAS 19     IAS 23    IAS 38     IAS 16     IAS 11      IAS 1 Jan 1, 2004
Non-current assets
Property, plant and equipment                                                                                  -30                                  -30
Goodwill                                                                                                                                              0
Intangible assets                                                                         47         36                                              83
Deferred tax assets                                                            -94                                         14                       -80
Total non-current assets                                                       -94        47         36        -30         14          0            -27
Current assets
Current-asset properties                                                                 172                                                        172
Costs and earnings in excess of invoicing                                                                                 -46                       -46
Total current assets                                                              0      172          0          0        -46          0            126
TOTAL ASSETS                                                                   -94       219         36        -30        -32          0             99

Equity
Equity attributable to holders of Skanska                                     203        157         26        -22        -32                       332
Total equity                                                                  203        157         26        -22        -32          0            332
LIABILITIES
Non-current liabilities
Loans and borrowings                                                                                                              -1,468      -1,468
Pensions                                                                     -287                                                               -287
Deferred tax liabilities                                                       -4         62         10         -8                                60
Total non-current liabilities                                                -291         62         10         -8          0     -1,468      -1,695
Current liabilities
Loans and borrowings                                                                                                              1,468        1,468
Provisions                                                                      -6                                                                -6
Total current liabilities                                                       -6          0         0          0          0     1,468        1,462
TOTAL EQUITY AND LIABILITIES                                                   -94       219         36        -30        -32          0             99


A complete balance sheet setting out how the above changes affect the 2003 balance sheet (January 1, 2004) earlier published by Skanska
under Swedish GAAP also setting out Skanska's balance sheet under IFRS as at January 1, 2004 is presented later in this document.




                                                                        2 of 26
Standards affecting Skanska during 2004

In addition to the effects of the changes in the opening balance, Skanska's 2004 results are affected by the following international reporting
standards.

IFRS 3 Business Combinations
The Group has elected to apply the optional transitional rule of IFRS 1 when applying IFRS 3, Business Combinations, i.e. to apply this standard
prospectively as from January 1, 2004. During 2004, IFRS 3 affects the Group's results by reversed goodwill amortization of SEK 405 M. In certain
cases, the reversal of amortization caused the carrying value to exceed the fair value less costs to sell resulting in the recognition of a goodwill
impairment loss under IAS 36, Impairment of Assets, of SEK -45 M. The net effect in the income statement is SEK 360 M. The carrying value in
the balance sheet, considering currency effects, increased by SEK 334 M.

IAS 21, The Effects of Changes in Foreign Exchange Rates
The transition to IFRS affects results of divestments of group companies and joint ventures during 2004. Under RR 8, The Effect of Changes in
Foreign Exchange Rates, the gain/loss on divestments under Swedish GAAP included translation differences of SEK - 197 M earlier
taken directly to shareholders' equity. As a consequence of the IFRS 1 transition rules, all such translation differences in equity are re-set to
zero as at January 1, 2004 resulting in an adjustment of accumulated translation differences relating to sold group companies and joint ventures
during 2004. Accordingly, under IFRS the gain/loss from discontinued operations is increased by SEK 234 M of reversed accumulated negative
translation differences. (These adjustments do not affect total shareholder's equity.)

The gain/loss from discontinuing operations is further affected by SEK -25 M on transition to IFRS since the net assets of Skanska Services are
affected by the transition, resulting in an adjustment of results from divestment from SEK 1 165 M to 1 140 M.




Effect on the income statement Jan-Dec 2004                                                                                                      Total
                                                                                                            IFRS 3             Sale of           effect
SEK m                                                           IAS 19      IAS 23     IAS 38     IAS 11    IAS 36     IAS 21 Services            2004
Revenue                                                                                                                                               0
Cost of sales                                                        -7        -20        -12                                                       -39
Gross income                                                         -7        -20        -12          0          0          0          0          -39
Selling and administrative expenses 1                                                      -4        -18        360                                338
Income from disposal of discontinued operations                                                                            234        -25          209
Operating income                                                     -7        -20        -16        -18        360        234        -25          508
Net financial items                                                                                                                                   0
Income after financial items                                         -7        -20        -16        -18        360        234        -25          508
Taxes                                                                 3          5          4          5                                             17
Profit for the period                                                -4        -15        -12        -13        360        234        -25          525

1 of which goodwill depreciation                                                                               405
  of which goodwill writedown                                                                                  -45




                                                                          3 of 26
Effect on the balance sheet Dec 31, 2004                                                                                                   Total
                                                                                                                                           effect
                                                                                                                   IFRS 3                 Dec 31
SEK m                                                         IAS 19      IAS 23      IAS 38   IAS 16    IAS 11    IAS 36      IAS 1        2004
Non-current assets
Property, plant and equipment                                                                     -30                                         -30
Goodwill                                                                                                               334                    334
Intangible assets                                                             47         24                                                    71
Deferred tax assets                                               -90                                        19                               -71
Total non-current assets                                          -90         47         24       -30        19        334          0         304
Current assets
Current-asset properties                                                     152                                                              152
Costs and earnings in excess of invoicing                                                                   -62                               -62
Total current assets                                                0        152          0         0       -62          0          0          90
TOTAL ASSETS                                                     -90         199         24       -30       -43        334          0         394

Equity
Equity attributable to holders of Skanska                        181         143         17       -22       -43        334                    610
Total equity                                                     181         143         17       -22       -43        334          0         610
LIABILITIES
Non-current liabilities
Loans and borrowings                                                                                                              -48          -48
Pensions                                                        -309                                                                          -309
Deferred tax liabilities                                          -9          56          7        -8                                           46
Total non-current liabilities                                   -318          56          7        -8         0          0        -48         -311
Current liabilities
Loans and liabilities                                                                                                             48           48
Provisions                                                        47                                                                           47
Total current liabilities                                         47              0       0         0         0          0        48           95
TOTAL EQUITY AND LIABILITIES                                     -90         199         24       -30       -43        334          0         394

The amounts reported above are affected by differences between the average exchange rates as well as the exhange rates at beginning of year
and at end of year.

A complete income statement and balance sheet setting out how the above changes affect the 2004 income statement and balance sheet earlier
published by Skanska under Swedish GAAP also setting out Skanska's balance sheet under IFRS is presented later in this document.
Income Statements and Balance Sheets for each quarter of 2004 are also presented later in this document.




                                                                        4 of 26
Standards affecting Skanska as from January 1, 2005

IAS 39 Financial Instruments: Recognition and Measurement
Under the elected application of IAS 39, Financial Instruments: Recognition and Measurement, the standard is applied prospectively as from
January 1, 2005. Comparative figures for 2004 are not affected. Under IAS 39, derivatives such as interest-rate swaps, forward rate contracts,
embedded derivatives, etc. shall be measured at fair value in the balance sheet. Skanska uses derivatives to adapt the interest refixing period of
its net debt and to minimize the transaction exposure and to reduce the translation exposure. The fair value of derivatives undergoes changes
as market interest rate and currency exchange rates fluctuate. Reporting such items at fair value results in both positive and negative figures
depending on current market intrest rates and exchange rates at the balance sheet date. The effect on January 1, 2005 is a decrease of
shareholders' equity by SEK -11 M after taking into account deferred tax.

IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
As from January 1, 2005, RR 19 of the Swedish Financial Accounting Standards Council, Discontinuing Operations, is replaced by IFRS 5,
Non-current Assets Held for Sale and Discontinued Operations. The effect on Skanska's balance sheet as at January 1, 2005 is that assets
and liabilities of units classified as "held for sale" are reclassified and reported as "assets classified as held for sale" and "liabilities
classified as held for sale" separate from other assets and liabilities.



Effect on the balance sheet Jan 1, 2005                                                            Total
                                                                                                  effect
                                                                                              from Jan 1
SEK m                                                                       IAS 39     IFRS 5      2005
ASSETS
Non-current assets
Property, plant and equipment                                                            -529       -529
Financial assets                                                               116                   116
Deferred tax assets                                                             36        -49        -13
Total non-current assets                                                       152       -578       -426
Current assets
Current-asset properties                                                        -13                  -13
Inventories                                                                              -127       -127
Financial receivables                                                          281                   281
Costs and earnings in excess of invoicing                                       95        -21         74
Trade and other receivables                                                    -43       -122       -165
Cash and cash equivalent                                                                  -21        -21
Assets classified as held for sale                                                        869        869
Total current assets                                                           320        578        898
TOTAL ASSETS                                                                   472           0       472

EQUITY
Equity attributable to holders of Skanska                                       -11                   -11
Total equity                                                                    -11          0        -11
LIABILITIES
Non-current liabilities
Loans and borrowings                                                           254                   254
Pensions                                                                                    -4        -4
Deferred tax liabilities                                                        22         -58       -36
Total non-current liabilities                                                  276         -62       214
Current liabilities
Loans and borrowings                                                           193         -2        191
Tax liabilities                                                                            -4         -4
Invoicing in excess of costs and earnings                                       44         -1         43
Provisions                                                                                 -5         -5
Trade and other payables                                                        -30      -250       -280
Liabilities classified as held for sale                                                   324        324
Total current liabilities                                                      207         62        269
TOTAL EQUITY AND LIABILITIES                                                   472           0       472

A complete balance sheet showing how the changes above affects the total opening balance for 2005 is found later in this document.




                                                                         5 of 26
IFRS-related effects on key financial figures

                                                                         Accor-       IFRS- According
                                                                         ding to     related       to
Effect on opening balance 2004                                         SWGAAP        change    IFRS
Capital employed                                                         24,460            45 24,505
Equity/assets ratio, %                                                      21.5          0.5   22.0
Net cash surplus (+)/net debt (-), SEK m                                     150         287   437.0
Debt/equity ratio                                                             0.0         0.0     0.0
Equity per share 1                                                          33.90       0.80       34.70

                                                                         Accor-       IFRS- According
                                                                         ding to     related       to
Effect during 2004                                                     SWGAAP        change    IFRS
Earnings per share 1                                                         6.33       1.25        7.58
Return on capital employed, %                                                17.9        2.0        19.9
                       1
Return on equity, %                                                          17.5        2.9        20.4
Average number of shares, 418 533 072

                                                                                               According               According
                                                                         Accor-       IFRS-      to IFRS    Change      to IFRS
                                                                         ding to     related      Dec 31    to Jan 1       Jan 1
Effect on closing balance 2004 and opening balance 2005                SWGAAP        change         2004       2005        2005
Capital employed                                                         21,105         290       21,395        436      21,831
Equity/assets ratio, %                                                      25.9         0.8         26.7       -0.2        26.5
Net cash surplus (+)/net debt (-), SEK m                                  7,499         320        7,819         -50      7,769
Debt/equity ratio                                                           -0.5         0.0         -0.5        0.0        -0.5
                   1
Equity per share                                                            38.39       1.46       39.84      -0.02       39.82



1 Regarding the following key financial figures the definition has changed due to the transition to IFRS

Earnings per share         Profit for the period attributable to equity holders of Skanska, divided by the average number of shares
Equity per share           Reported equity attributable to holders of Skanska, divided by the number of shares
Return on equity           Profit for the period attributable to equity holders of Skanska, as a percentage of average reported equity
                           attributable to holders of Skanska




                                                                        6 of 26
Change of operating income per business stream quarterly during 2004

Operating income January - March 2004

                                            SWGAAP        IFRS-related        IFRS
SEK M                                    Jan-Mar 2004          change Jan-Mar 2004
Construction                                      191               82          273
Residential Project Development                   116                1          117
Commerical Project Development                    172               -6          166
BOT                                                -3                            -3
Central                                           -86                           -86
Eliminations                                       27                            27
Discontinued operations
- operating income                                   39            9            48
- gain from divestment                                0                          0
Total operating income                              456           86           542


Construction
- Sweden                                             55           -2            53
- Norway                                             17           24            41
- Denmark                                            10                         10
- Finland                                            -4           16            12
- Poland                                            -28                        -28
- Czech Republic                                     37            6            43
- UK                                                 79           22           101
- USA Building                                       28           12            40
- USA Civil                                           7            4            11
- Latin America                                      23                         23
- International                                     -33                        -33
Total Construction                                  191           82           273

Residential Project Development
- Sweden                                             26                         26
- Norway                                             30                         30
- Finland                                            23            1            24
- Poland                                              3                          3
- Czech Republic                                     30                         30
- International                                       4                          4
Total Residential Project Development               116            1           117




                                          7 of 26
Operating income January - June 2004

                                           SWGAAP       IFRS-related           IFRS
SEK M                                   Jan-Jun 2004         change    Jan-Jun 2004
Construction                                     568            165              733
Residential Project Development                  228               2             230
Commerical Project Development                   856             -10             846
BOT                                              -10                             -10
Central                                         -191                            -191
Eliminations                                      11                              11
Discontinued operations
- operating income                              124              13             137
- gain from divestment                            0                               0
Total operating income                        1,586             170           1,756


Construction
- Sweden                                          211            -3             208
- Norway                                           54            50             104
- Denmark                                          20                            20
- Finland                                          26            32              58
- Poland                                           -7                            -7
- Czech Republic                                  151            10             161
- UK                                              137            44             181
- USA Building                                    -76            23             -53
- USA Civil                                        70             9              79
- Latin America                                    56                            56
- International                                   -74                           -74
Total Construction                                568           165             733

Residential Project Development
- Sweden                                           39             -1             38
- Norway                                           69                            69
- Finland                                          56             3              59
- Poland                                            7                             7
- Czech Republic                                   53                            53
- International                                     4                             4
Total Residential Project Development             228             2             230




                                        8 of 26
Operating income January - September 2004

                                               SWGAAP       IFRS-related           IFRS
SEK M                                       Jan-Sep 2004         change    Jan-Sep 2004
Construction                                       1,199            251           1,450
Residential Project Development                      354               3             357
Commerical Project Development                     1,513             -18          1,495
BOT                                                   -5                              -5
Central                                             -277                            -277
Eliminations                                          21                              21
Discontinued operations
- operating income                                 -106              10             -96
- gain from divestment                            1,053             153           1,206
Total operating income                            3,752             399           4,151


Construction
- Sweden                                            365              -5             360
- Norway                                             88              72             160
- Denmark                                            43                              43
- Finland                                           112              51             163
- Poland                                             36                              36
- Czech Republic                                    251              15             266
- UK                                                178              72             250
- USA Building                                      -26              34               8
- USA Civil                                         137              10             147
- Latin America                                      90                              90
- International                                     -75               2             -73
Total Construction                                1,199             251           1,450

Residential Project Development
- Sweden                                               74             -1             73
- Norway                                               95                            95
- Finland                                             101             4             105
- Poland                                               11                            11
- Czech Republic                                       74                            74
- International                                        -1                            -1
Total Residential Project Development                 354             3             357




                                            9 of 26
Operating income January - December 2004

                                              SWGAAP        IFRS-related        IFRS
SEK M                                      Jan-Dec 2004          change Jan-Dec 2004
Construction                                      1,211             301        1,512
Residential Project Development                     524                4          528
Commerical Project Development                    1,637              -20       1,617
BOT                                                  31                            31
Central                                            -364                4         -360
Eliminations                                         46                            46
Discontinued operations
- operating income                                 -610             10           -600
- gain from divestment                            1,378            209          1,587
Total operating income                            3,853            508          4,361


Construction
- Sweden                                            586             -7            579
- Norway                                            128             88            216
- Denmark                                            53                            53
- Finland                                           194             68            262
- Poland                                             95              6            101
- Czech Republic                                    349             19            368
- UK                                                -17             68             51
- USA Building                                     -458             45           -413
- USA Civil                                         205             12            217
- Latin America                                     118                           118
- International                                     -42              2            -40
Total Construction                                1,211            301          1,512

Residential Project Development
- Sweden                                              137            -1          136
- Norway                                              122                        122
- Finland                                             146            5           151
- Poland                                               10                         10
- Czech Republic                                      105                        105
- International                                         4                          4
Total Residential Project Development                 524            4           528




                                           10 of 26
Quarterly effects from IFRS during 2004


Effect on operating income                      Jan-Mar   Jan-Jun     Jan-Sep   Jan-Dec
                                                   2004     2004         2004      2004
IAS 19                                               -3        -6          -9        -7
IAS 23                                               -6       -10         -17       -20
IAS 38                                               -4       -10         -13       -16
IAS 11                                                                      7       -18
IFRS 3 & IAS 36                                     99         196        278       360
IAS 21                                                                    178       234
Income from diposal of Services                                           -25       -25
Total                                               86         170       399       508



Effect on balance sheet total         Jan 1     Mar 31       Jun 30   Sep 30    Dec 31
                                      2004       2004          2004    2004      2004
IAS 19                                  -94      -100           -99      -94       -90
IAS 23                                 219        213           209      202      199
IAS 38                                   36         36           35       27        24
IAS 16                                  -30        -30          -30      -30       -30
IAS 11                                  -32        -36          -35      -29       -43
IFRS 3 & IAS 36                                   100           196      259      334
Total                                      99     183           276      335      394

IAS 39                                                                             472
Effect at January 1, 2005                                                          866




Effect on equity                      Jan 1     Mar 31       Jun 30   Sep 30    Dec 31
                                      2004       2004          2004    2004      2004
IAS 19                                 203        218           211      191      181
IAS 23                                 157        153           150      145      143
IAS 38                                   26         23           19       19        17
IAS 16                                  -22        -22          -22      -22       -22
IAS 11                                  -32        -36          -35      -29       -43
IFRS 3 & IAS 36                                   100           196      259      334
Total                                     332     436           519      563      610

IAS 39                                                                             -11
Effect at January 1, 2005                                                          599




                                                  11 of 26
Effect on equity quarterly during 2004

                                                                            Jan 1   Mar 31   Jun 30   Sep 30   Dec 31    Jan 1
SEK m                                                                       2004     2004      2004    2004     2004     2005
Closing equity according to SWGAAP December 31, 2003
   Equity attributable to holders of Skanska                            14,169
   Minority interests                                                      200
                                                                        14,369
IFRS-related changes in 2004 opening balance
   Accounting for pensions according to IAS 19                               203
   Capitalized borrowing costs according to IAS 23                           157
   Capitalized intangible assets according to IAS 38                          26
   Changes of pre bid costs according to IAS 11                              -32
   Changes of depreciations according to IAS 16                              -22
                                                                             332
Opening balance of equity January 1, 2004 according to IFRS             14,701      14,701   14,701   14,701   14,701

Changes in equity according to SWGAAP
   Dividend                                                                             0    -1,256   -1,256   -1,256
   Exchange rate differences etc                                                      266       205      365      505
   Profit for 2004                                                                    268       958    2,561    2,648
                                                                                      534       -93    1,670    1,897
IFRS-related changes in 2004 income items
   Reversal of goodwill amortization according to IFRS 3                              105      221      311      405
   Goodwill writedowns according to IAS 36                                             -9      -25      -35      -45
   Change in income from divestment of Group companies
    and joint ventures according to IAS 21                                              0        0      178      234
   Other changes                                                                       -8      -21      -46      -69
                                                                                       88      175      408      525
IFRS-related changes reported directly in shareholders' equity
   Translation differences on divested Group companies                                  0        0     -178      -234
   Other translation differences                                                       16       12        1       -13
                                                                                       16       12     -177      -247
Change of minority interests                                                           -15      -35      -59      -83

Closing balance of equity according to IFRS                                         15,324   14,760   16,543   16,793   16,793

Change of equity when applying IAS 39                                                                                      -11
Adjusted opening balance of equity according to IFRS                                                                    16,782




                                                                 12 of 26
Balance sheet "The bridge" January 1, 2004
                                                                            SWGAAP                      IFRS
                                                                              Dec 31    IFRS-related    Jan 1
SEK m                                                                          2003          change     2004
ASSETS
Non-current assets
Property, plant and equipment                                                  6,730            -30     6,700
Goodwill                                                                       4,259                    4,259
Intangible assets                                                                459             83       542
Investments accounted for using the equity method                              1,374                    1,374
Financial assets                                                               2,032                    2,032
Deferred tax assets                                                            1,539            -80     1,459
Total non-current assets                                                      16,393            -27    16,366
Current assets
Current-asset properties 1)                                                   13,694            172    13,866
Inventories                                                                      828                      828
Financial receivables                                                          1,248                    1,248
Tax receivables                                                                  415                      415
Costs and earnings in excess of invoicing                                      4,814            -46     4,768
Trade and other receivables                                                   22,309                   22,309
Short-term investments                                                           218                      218
Cash and cash equivalents                                                      6,819                    6,819
Total current assets                                                          50,345            126    50,471
TOTAL ASSETS                                                                  66,738             99    66,837
of which interest-bearing non-current assets                                    1,956                  1,956
of which interest-bearing current assets                                        8,285                  8,285
                                                                               10,241             0    10,241

EQUITY
Equity attributable to holders of Skanska                                     14,169            332    14,501
Minority interests                                                               200                      200
Total equity                                                                  14,369            332    14,701
LIABILITIES
Non-current liabilities
Loans and borrowings                                                           7,182         -1,468     5,714
Pensions                                                                       2,058           -287     1,771
Deferrred tax liabilities                                                      3,104             60     3,164
Provisions                                                                       174                      174
Total non-current liabilities                                                 12,518         -1,695    10,823

Current liabilities
Loans and borrowings                                                             809          1,468     2,277
Tax liabilities                                                                  571                      571
Provisions                                                                     3,056              -6    3,050
Invoicing in excess of costs and earnings                                      9,311                    9,311
Trade and other payables
Skulder hänförliga till tillgångar som innehas för försäljning                26,104
                                                                                   0              0    26,104
                                                                                                            0
Total current liabilities                                                     39,851          1,462    41,313
TOTAL EQUITY AND LIABILITIES                                                  66,738             99    66,837
of which interest-bearing loans and borrowings                                 7,991                   7,991
of which interest-bearing provisions                                           2,100           -287    1,813
                                                                               10,091          -287     9,804

------------------------
1) Current-asset properties
Commercial Project Development                                                  9,249           172     9,421
Other commercial properties                                                     1,051                   1,051
Residential Project Development                                                 3,394                   3,394
                                                                               13,694           172    13,866




                                                                 13 of 26
Income statement "The bridge" Jan - Mar 2004
GROUP                                                     SWGAAP             IFRS-      IFRS
                                                           Jan-Mar         related   Jan-Mar
SEK m                                                         2004         change       2004
Revenue                                                       26,033                  26,033
Cost of sales                                                -23,798            -9   -23,807
Gross income                                                      2,235        -9      2,226
Selling and administrative expenses                              -1,804
                                                                      0        92
                                                                                0     -1,712
                                                                                           0
Income from disposal of discontinued operations                       0                    0
Övriga from joint ventures and
Income intäkter och kostnader associated companies                   25         3         28
Operating income                                                    456        86        542
Interest income                                                       72                   72
Interest expenses                                                  -105                 -105
Net interest                                                        -33         0        -33
Other financial net                                                   -5                   -5
Net financial items                                                  -38        0         -38
Income after financial items                                        418        86        504
Taxes                                                              -150         2       -148
Profit for the period                                               268        88        356

Attributable to:
 Equity holders of Skanska                                          268        88        356
 Minority interests                                                   0         0          0
Earnings per share, SEK                                            0.64      0.21       0.85
-----------------------------
CONTINUING OPERATIONS                                     SWGAAP             IFRS-      IFRS
                                                           Jan-Mar         related   Jan-Mar
SEK m                                                         2004         change       2004
Revenue                                                           24,248               24,248
Cost of sales                                                    -22,208        -9    -22,217
Gross income                                                      2,040         -9     2,031

Selling and administrative expenses                               -1,637       86      -1,551
Income from disposal of discontinued operations                        0                    0
Income from joint ventures and associated companies                   14                   14
Operating income                                                    417        77        494
Net financial items                                                 -34         0        -34
Income after financial items                                        383        77        460
Taxes                                                              -134         2       -132
Profit for the period                                               249        79        328


DISCONTINUED OPERATIONS                                   SWGAAP             IFRS-      IFRS
                                                           Jan-Mar         related   Jan-Mar
SEK m                                                         2004         change       2004
Revenue                                                            1,785                1,785
Cost of sales                                                     -1,590               -1,590
Gross income                                                        195         0        195
Selling and administrative expenses                                -167         6       -161
Income from disposal of discontinued operations                       0                    0
Income from joint ventures and associated companies                  11         3         14
Operating income                                                     39         9         48
Net financial items                                                   -4        0          -4
Income after financial items                                         35         9         44
Taxes                                                               -16                  -16
Profit for the period                                                19         9         28




                                                      14 of 26
BALANCE SHEET "The bridge" March 31, 2004
                                                                            SWGAAP                      IFRS
                                                                              Mar 31    IFRS-related   Mar 31
SEK m                                                                          2004          change     2004
ASSETS
Non-current assets
Property, plant and equipment                                                  6,535            -30     6,505
Goodwill                                                                       4,368             88     4,456
Intangible assets                                                                468             93       561
Investments accounted for using the equity method                              1,455              3     1,458
Financial assets                                                               1,585                    1,585
Deferred tax assets                                                            1,768            -87     1,681
Total non-current assets                                                      16,179             67    16,246
Current assets
Current-asset properties 1)                                                   13,819            166    13,985
Inventories                                                                    1,134                    1,134
Financial receivables                                                            879                      879
Tax receivables                                                                  298                      298
Costs and earnings in excess of invoicing                                      5,666            -50     5,616
Trade and other receivables                                                   21,054                   21,054
Short-term investments                                                           457                      457
Cash and cash equivalents                                                      5,769                    5,769
Total current assets                                                          49,076            116    49,192
TOTAL ASSETS                                                                  65,255            183    65,438
of which interest-bearing non-current assets                                   1,510                    1,510
of which interest-bearing current assets                                       7,105                    7,105
                                                                               8,615              0     8,615

EQUITY
Equity attributable to holders of Skanska                                     14,703            436    15,139
Minority interests                                                               185                      185
Total equity                                                                  14,888            436    15,324
LIABILITIES
Non-current liabilities
Loans and borrowings                                                           5,566            -10     5,556
Pensions                                                                       1,809           -309     1,500
Deferrred tax liabilities                                                      3,043             61     3,104
Provisions                                                                       156                      156
Total non-current liabilities                                                 10,574           -258    10,316

Current liabilities
Loans and borrowings                                                           1,353             10     1,363
Tax liabilities                                                                  339                      339
Provisions                                                                     3,130              -5    3,125
Invoicing in excess of costs and earnings                                      9,959                    9,959
Trade and other payables
Skulder hänförliga till tillgångar som innehas för försäljning                25,012
                                                                                   0              0    25,012
                                                                                                            0
Total current liabilities                                                     39,793              5    39,798
TOTAL EQUITY AND LIABILITIES                                                  65,255            183    65,438
of which interest-bearing loans and borrowings                                 6,919                    6,919
of which interest-bearing provisions                                           1,828           -309     1,519
                                                                               8,747           -309     8,438


------------------------
1) Current-asset properties
Commercial Project Development                                                  9,262           166      9,428
Other commercial properties                                                     1,351                    1,351
Residential Project Development                                                 3,206                    3,206
                                                                               13,819           166     13,985




                                                                 15 of 26
Effect on the income statement Jan - Mar 2004                                                          Total
                                                                                                       effect
                                                                                            IFRS 3   Jan-Mar
SEK m                                                 IAS 19     IAS 23   IAS 38   IAS 11   IAS 36      2004
Revenue                                                                                                     0
Cost of sales                                             -3         -6                                    -9
Gross income                                              -3         -6        0       0        0          -9
                                    1
Selling and administrative expenses                                           -4               96         92
Income from disposal of discontinued operations                                                             0
Income from joint ventures and associated companies                                             3           3
Operating income                                          -3         -6       -4       0       99         86
Net financial items                                                                                         0
Income after financial items                              -3         -6       -4       0       99         86
Taxes                                                      0          2        1               -1           2
Profit for the period                                     -3         -4       -3       0       98         88

1 of which goodwill amortization                                                              105
 of which goodwill writedown                                                                   -9



Effect on the balance sheet March 31, 2004                                                                               Total
                                                                                                                         effect
                                                                                                      IFRS 3            Mar 31
SEK m                                                 IAS 19     IAS 23   IAS 38   IAS 16   IAS 11    IAS 36    IAS 1     2004
Non-current assets
Property, plant and equipment                                                         -30                                  -30
Goodwill                                                                     -10                          98                88
Intangible assets                                                   47        46                                            93
Investments accounted for using the equity method                                                          3                 3
Deferred tax assets                                     -100                                   14         -1               -87
Total non-current assets                                -100        47       36       -30      14        100       0        67
Current assets
Current-asset properties                                           166                                                     166
Costs and earnings in excess of invoicing                                                      -50                         -50
Total current assets                                      0        166        0        0       -50         0       0       116
TOTAL ASSETS                                            -100       213       36       -30      -36       100       0       183

EQUITY
Equity attributable to holders of Skanska               218        153       23       -22      -36       100               436
Total equity                                            218        153       23       -22      -36       100       0       436
LIABILITIES
Non-current liabilities
Loans and borrowings                                                                                              -10      -10
Pensions                                                -309                                                              -309
Deferred tax liabilities                                  -4        60       13        -8                                   61
Total non-current liabilities                           -313        60       13        -8       0          0      -10     -258
Current liablilites
Loans and borrowings                                                                                              10        10
Provisions                                                -5                                                                -5
Total current liabilities                                 -5         0        0        0        0          0      10         5
TOTAL EQUITY AND LIABILITIES                            -100       213       36       -30      -36       100       0       183




                                                      16 of 26
Income statement "The bridge" Jan - Jun 2004
GROUP                                                    SWGAAP             IFRS-     IFRS
                                                           Jan-Jun        related   Jan-Jun
SEK m                                                        2004         change      2004
Revenue                                                      58,258                  58,258
Cost of sales                                               -52,863          -22    -52,885
Gross income                                                     5,395       -22     5,373
Selling and administrative expenses                          -3,857          192     -3,665
Income from disposal of discontinued operations                   0                       0
Income intäkter och kostnader associated companies
Övriga from joint ventures and                                   48                      48
Operating income                                                 1,586       170     1,756
Interest income                                                      93                  93
Interest expenses                                                 -163                -163
Net interest                                                       -70         0       -70
Other financial net                                                  -6                  -6
Net financial items                                                 -76        0        -76
Income after financial items                                     1,510       170     1,680
Taxes                                                             -544         5      -539

Profit for the period                                              966       175     1,141
Attributable to:
 Equity holders of Skanska                                         958       175     1,133
 Minority interests                                                  8         0         8

Earnings per share, SEK                                           2.29      0.42       2.71

-----------------------------

CONTINUING OPERATIONS                                    SWGAAP             IFRS-     IFRS
                                                           Jan-Jun        related   Jan-Jun
SEK m                                                        2004         change      2004
Revenue                                                       54,377                 54,377
Cost of sales                                                -49,489          -22   -49,511
Gross income                                                     4,888        -22     4,866

Selling and administrative expenses                              -3,464      179     -3,285
Income from disposal of discontinued operations                       0                   0
Income from joint ventures and associated companies                  38                  38
Operating income                                                 1,462       157      1,619
Net financial items                                                -64         0        -64
Income after financial items                                     1,398       157      1,555
Taxes                                                             -509         4       -505
Profit for the period                                              889       161      1,050



DISCONTINUED OPERATIONS                                  SWGAAP             IFRS-     IFRS
                                                           Jan-Jun        related   Jan-Jun
SEK m                                                        2004         change      2004
Revenue                                                           3,881               3,881
Cost of sales                                                    -3,374              -3,374
Gross income                                                       507         0        507
Selling and administrative expenses                               -393        13       -380
Income from disposal of discontinued operations                      0                    0
Income from joint ventures and associated companies                 10                   10
Operating income                                                   124        13        137
Net financial items                                                -12         0        -12
Income after financial items                                       112        13        125
Taxes                                                              -35         1        -34
Profit for the period                                               77        14         91




                                                      17 of 26
BALANCE SHEET "The bridge" June 30, 2004
                                                                            SWGAAP                      IFRS
                                                                              Jun 30    IFRS-related   Jun 30
SEK m                                                                          2004          change     2004
ASSETS
Non-current assets
Property, plant and equipment                                                  6,390            -30     6,360
Goodwill                                                                       4,278            172     4,450
Intangible assets                                                                459            106       565
Investments accounted for using the equity method                              1,382                    1,382
Financial assets                                                               1,427                    1,427
Deferred tax assets                                                            1,710            -85     1,625
Total non-current assets                                                      15,646            163    15,809
Current assets
Current-asset properties 1)                                                   13,217            162    13,379
Inventories                                                                    1,249                    1,249
Financial receivables                                                          1,691                    1,691
Tax receivables                                                                  574                      574
Costs and earnings in excess of invoicing                                      5,528            -49     5,479
Trade and other receivables                                                   23,481                   23,481
Short-term investments                                                           872                      872
Cash and cash equivalents                                                      4,535                    4,535
Total current assets                                                          51,147            113    51,260
TOTAL ASSETS                                                                  66,793            276    67,069
of which interest-bearing non-current assets                                   1,352                   1,352
of which interest-bearing current assets                                       7,098                   7,098
                                                                               8,450              0     8,450

EQUITY
Equity attributable to holders of Skanska                                     14,076            519    14,595
Minority interests                                                               165                      165
Total equity                                                                  14,241            519    14,760
LIABILITIES
Non-current liabilities
Loans and borrowings                                                           5,569            -15     5,554
Pensions                                                                       1,762           -301     1,461
Deferrred tax liabilities                                                      3,142             65     3,207
Provisions                                                                       158                      158
Total non-current liabilities                                                 10,631           -251    10,380

Current liabilities
Loans and borrowings                                                           1,184             15     1,199
Tax liabilities                                                                  682                      682
Provisions                                                                     2,932              -7    2,925
Invoicing in excess of costs and earnings                                     10,364                   10,364
Trade and other payables
Skulder hänförliga till tillgångar som innehas för försäljning                26,759
                                                                                   0              0    26,759
                                                                                                            0
Total current liabilities                                                     41,921              8    41,929
TOTAL EQUITY AND LIABILITIES                                                  66,793            276    67,069
of which interest-bearing loans and borrowings                                 6,753                   6,753
of which interest-bearing provisions                                           1,815           -301    1,514
                                                                               8,568           -301     8,267
------------------------
1) Current-asset properties
Commercial Project Development                                                  8,578           162     8,740
Other commercial properties                                                     1,371                   1,371
Residential Project Development                                                 3,268                   3,268
                                                                               13,217           162    13,379




                                                                 18 of 26
Effect on the income statement Jan - Jun 2004                                                      Total
                                                                                                   effect
                                                                                        IFRS 3   Jan-Jun
SEK m                                             IAS 19     IAS 23   IAS 38   IAS 11   IAS 36      2004
Revenue                                                                                                 0
Cost of sales                                         -6        -10       -6                          -22
Gross income                                          -6        -10       -6       0        0        -22
                                    1
Selling and administrative expenses                                       -4              196        192
Income from disposal of discontinued operations                                                         0
Operating income                                      -6        -10      -10       0      196        170
Net financial items                                                                                     0
Income after financial items                          -6        -10      -10       0      196        170
Taxes                                                  0          3        2                            5
Profit for the period                                 -6         -7       -8       0      196        175

1 of which goodwill amortization                                                          221
 of which goodwill writedown                                                              -25



Effect on the balance sheet June 30, 2004                                                                            Total
                                                                                                                     effect
                                                                                                 IFRS 3             Jun 30
SEK m                                             IAS 19     IAS 23   IAS 38   IAS 16   IAS 11   IAS 36     IAS 1     2004
Non-current assets
Property, plant and equipment                                                     -30                                  -30
Goodwill                                                                 -24                         196               172
Intangible assets                                               47        59                                           106
Deferred tax assets                                  -99                                   14                          -85
Total non-current assets                             -99        47       35       -30      14        196       0       163
Current assets
Current-asset properties                                       162                                                     162
Costs and earnings in excess of invoicing                                                  -49                         -49
Total current assets                                  0        162        0        0       -49         0       0       113
TOTAL ASSETS                                         -99       209       35       -30      -35       196       0       276

EQUITY
Equity attributable to holders of Skanska           211        150       19       -22      -35       196               519
Total equity                                        211        150       19       -22      -35       196       0       519
LIABILITIES
Non-current liabilities
Loans and borrowings                                                                                          -15      -15
Pensions                                            -301                                                              -301
Deferred tax liabilities                              -2        59       16        -8                                   65
Total non-current liabilities                       -303        59       16        -8       0          0      -15     -251
Current liablilites
Loans and borrowings                                                                                          15        15
Provisions                                            -7                                                                -7
Total current liabilities                             -7         0        0        0        0          0      15         8
TOTAL EQUITY AND LIABILITIES                         -99       209       35       -30      -35       196       0       276




                                                  19 of 26
Income statement "The bridge" Jan - Sep 2004
GROUP                                                 SWGAAP         IFRS-     IFRS
                                                        Jan-Sep    related   Jan-Sep
SEK m                                                      2004    change       2004
Revenue                                                  90,647               90,647
Cost of sales                                           -82,357       -35    -82,392
Gross income                                              8,290       -35     8,255
Selling and administrative expenses                      -5,640       281     -5,359
Income from Group companies                               1,088    -1,088          0
Income from disposal of discontinued operations               0     1,206      1,206
Income intäkter och kostnader associated companies
Övriga from joint ventures and                               14        35         49
Operating income                                          3,752       399     4,151
Interest income                                             193                 193
Interest expenses                                          -237                -237
Net interest                                                -44         0       -44
Other financial net                                          -33                 -33
Net financial items                                          -77        0        -77
Income after financial items                              3,675       399     4,074
Taxes                                                    -1,103         9     -1,094

Profit for the period                                     2,572       408     2,980

Attributable to:
 Equity holders of Skanska                                2,561       408     2,969
 Minority interests                                          11         0        11

Earnings per share, SEK                                    6.12      0.97       7.09

-----------------------------

CONTINUING OPERATIONS                                 SWGAAP         IFRS-     IFRS
                                                        Jan-Sep    related   Jan-Sep
SEK m                                                      2004    change       2004
Revenue                                                   85,980              85,980
Cost of sales                                            -78,130       -35   -78,165
Gross income                                              7,850        -35     7,815

Selling and administrative expenses                       -5,082      271     -4,811
Income from Group companies                                    0                   0
Income from disposal of discontinued operations                0                   0
Income from joint ventures and associated companies           37                  37
Operating income                                          2,805       236      3,041
Net financial items                                         -62         0        -62
Income after financial items                              2,743       236      2,979
Taxes                                                     -1,072        8     -1,064
Profit for the period                                     1,671       244      1,915



DISCONTINUED OPERATIONS                               SWGAAP         IFRS-     IFRS
                                                        Jan-Sep    related   Jan-Sep
SEK m                                                      2004    change       2004
Revenue                                                    4,667               4,667
Cost of sales                                             -4,227              -4,227
Gross income                                                440         0        440
Selling and administrative expenses                        -558         10      -548
Income from Group companies                               1,088     -1,088         0
Income from disposal of discontinued operations               0      1,206     1,206
Income from joint ventures and associated companies         -23         35        12
Operating income                                            947       163      1,110
Net financial items                                         -15         0        -15
Income after financial items                                932       163      1,095
Taxes                                                       -31         1        -30
Profit for the period                                       901       164      1,065



                                                       20 of 26
BALANCE SHEET "The bridge" September 30, 2004
                                                                            SWGAAP                      IFRS
                                                                              Sep 30    IFRS-related   Sep 30
SEK m                                                                          2004          change     2004
ASSETS
Non-current assets
Property, plant and equipment                                                  5,981            -30     5,951
Goodwill                                                                       3,731            259     3,990
Intangible assets                                                                475             74       549
Investments accounted for using the equity method                                875                      875
Financial assets                                                               1,480                    1,480
Deferred tax assets                                                            1,560            -82     1,478
Total non-current assets                                                      14,102            221    14,323
Current assets
Current-asset properties 1)                                                   12,102            155    12,257
Inventories                                                                      984                      984
Financial receivables                                                          3,024                    3,024
Tax receivables                                                                  626                      626
Costs and earnings in excess of invoicing                                      5,111            -41     5,070
Trade and other receivables                                                   25,398                   25,398
Short-term investments                                                         1,217                    1,217
Cash and cash equivalents                                                      6,049                    6,049
Total current assets                                                          54,511            114    54,625
TOTAL ASSETS                                                                  68,613            335    68,948
of which interest-bearing non-current assets                                    1,405                   1,405
of which interest-bearing current assets                                       10,290                  10,290
                                                                               11,695             0    11,695

EQUITY
Equity attributable to holders of Skanska                                     15,839            563    16,402
Minority interests                                                               141                      141
Total equity                                                                  15,980            563    16,543
LIABILITIES
Non-current liabilities
Loans and borrowings                                                           4,806            -51     4,755
Pensions                                                                       1,514           -274     1,240
Deferrred tax liabilities                                                      3,346             48     3,394
Provisions                                                                       176                      176
Total non-current liabilities                                                  9,842           -277     9,565

Current liabilities
Loans and borrowings                                                           1,104             51     1,155
Tax liabilities                                                                  832                      832
Provisions                                                                     2,993              -2    2,991
Invoicing in excess of costs and earnings                                     10,591                   10,591
Trade and other payables
Skulder hänförliga till tillgångar som innehas för försäljning                27,271
                                                                                   0              0    27,271
                                                                                                            0
Total current liabilities                                                     42,791             49    42,840
TOTAL EQUITY AND LIABILITIES                                                  68,613            335    68,948
of which interest-bearing loans and borrowings                                 5,910                    5,910
of which interest-bearing provisions                                           1,648           -274     1,374
                                                                                7,558          -274     7,284

------------------------
1) Current-asset properties
Commercial Project Development                                                  7,580           155      7,735
Other commercial properties                                                     1,362                    1,362
Residential Project Development                                                 3,160                    3,160
                                                                               12,102           155     12,257




                                                                 21 of 26
Effect on the income statement Jan - Sep 2004                                                                        Total
                                                                                                                     effect
                                                                                        IFRS 3           Sale of   Jan-Sep
SEK m                                             IAS 19     IAS 23   IAS 38   IAS 11   IAS 36   IAS 21 Services      2004
Revenue                                                                                                                   0
Cost of sales                                         -9        -17       -9                                            -35
Gross income                                          -9        -17       -9       0        0        0        0        -35
                                    1
Selling and administrative expenses                                       -4       7      278                          281
Income from disposal of discontinued operations                                                    178       -25       153
Operating income                                      -9        -17      -13       7      278      178       -25       399
Net financial items                                                                                                       0
Income after financial items                          -9        -17      -13        7     278      178       -25       399
Taxes                                                  3          5        3       -2                                     9
Profit for the period                                 -6        -12      -10        5     278      178       -25       408

1 of which goodwill amortization                                                          311
 of which goodwill writedown                                                              -33



Effect on the balance sheet September 30, 2004                                                                      Total
                                                                                                                    effect
                                                                                                 IFRS 3            Sep 30
SEK m                                             IAS 19     IAS 23   IAS 38   IAS 16   IAS 11   IAS 36    IAS 1     2004
Non-current assets
Property, plant and equipment                                                     -30                                  -30
Goodwill                                                                                           259                 259
Intangible assets                                               47       27                                             74
Deferred tax assets                                  -94                                   12                          -82
Total non-current assets                             -94        47       27       -30      12      259        0        221
Current assets
Current-asset properties                                       155                                                     155
Costs and earnings in excess of invoicing                                                  -41                         -41
Total current assets                                  0        155        0        0       -41       0        0        114
TOTAL ASSETS                                         -94       202       27       -30      -29     259        0        335

EQUITY
Equity attributable to holders of Skanska           191        145       19       -22      -29     259                 563
Total equity                                        191        145       19       -22      -29     259        0        563
LIABILITIES
Non-current liabilities
Loans and borrowings                                                                                         -51       -51
Pensions                                            -274                                                              -274
Deferred tax liabilities                              -9        57        8        -8                                   48
Total non-current liabilities                       -283        57        8        -8       0        0       -51      -277
Current liablilites
Loans and borrowings                                                                                         51         51
Provisions                                            -2                                                                -2
Total current liabilities                             -2         0        0        0        0        0       51         49
TOTAL EQUITY AND LIABILITIES                         -94       202       27       -30      -29     259        0        335




                                                  22 of 26
Income statement "The bridge" Jan - Dec 2004
GROUP                                                      SWGAAP           IFRS-      IFRS
                                                            Jan-Dec       related   Jan-Dec
SEK m                                                          2004       change       2004
Revenue                                                      121,263                 121,263
Cost of sales                                               -111,667         -39    -111,706
Gross income                                                     9,596       -39      9,557
Selling and administrative expenses                              -7,289      338      -6,951
Income from Group companies                                       1,413   -1,413           0
Income from disposal of discontinued operations                       0    1,587       1,587
Income intäkter och kostnader associated companies
Övriga from joint ventures and                                      133       35         168
Operating income                                                 3,853       508      4,361
Interest income                                                    284                  284
Interest expenses                                                 -332                 -332
Net interest                                                       -48         0        -48
Other financial net                                                  14                   14
Net financial items                                                 -34        0         -34
Income after financial items                                     3,819       508      4,327
Taxes                                                            -1,158       17      -1,141

Profit for the period                                            2,661       525      3,186

Attributable to:
 Equity holders of Skanska                                       2,648       525      3,173
 Minority interests                                                 13         0         13

Earnings per share, SEK                                           6.33      1.25        7.58

-----------------------------

CONTINUING OPERATIONS                                      SWGAAP           IFRS-      IFRS
                                                            Jan-Dec       related   Jan-Dec
SEK m                                                          2004       change       2004
Revenue                                                       116,257                116,257
Cost of sales                                                -106,657         -39   -106,696
Gross income                                                      9,600       -39      9,561

Selling and administrative expenses                              -6,671      328      -6,343
Income from Group companies                                           0                    0
Income from disposal of discontinued operations                       0                    0
Income from joint ventures and associated companies                 156                  156
Operating income                                                  3,085      289       3,374
Net financial items                                                 -14        0         -14
Income after financial items                                      3,071      289       3,360
Taxes                                                            -1,111       16      -1,095
Profit for the period                                             1,960      305       2,265



DISCONTINUED OPERATIONS                                    SWGAAP           IFRS-      IFRS
                                                            Jan-Dec       related   Jan-Dec
SEK m                                                          2004       change       2004
Revenue                                                           5,006                5,006
Cost of sales                                                    -5,010               -5,010
Gross income                                                         -4        0          -4
Selling and administrative expenses                                -618        10       -608
Income from Group companies                                       1,413    -1,413          0
Income from disposal of discontinued operations                       0     1,587      1,587
Income from joint ventures and associated companies                 -23        35         12
Operating income                                                   768       219         987
Net financial items                                                 -20        0         -20
Income after financial items                                       748       219         967
Taxes                                                               -47        1         -46
Profit for the period                                              701       220         921




                                                      23 of 26
BALANCE SHEET "The bridge" December 31, 2004
                                                                            SWGAAP                      IFRS
                                                                              Dec 31    IFRS-related   Dec 31
SEK m                                                                          2004          change     2004
ASSETS
Non-current assets
Property, plant and equipment                                                  5,537            -30     5,507
Goodwill                                                                       3,565            334     3,899
Intangible assets                                                                464             71       535
Investments accounted for using the equity method                                862                      862
Financial assets                                                               1,137                    1,137
Deferred tax assets                                                            1,526            -71     1,455
Total non-current assets                                                      13,091            304    13,395
Current assets
Current-asset properties 1)                                                   11,796            152    11,948
Inventories                                                                      732                      732
Financial receivables                                                          2,490                    2,490
Tax receivables                                                                  269                      269
Costs and earnings in excess of invoicing                                      3,641            -62     3,579
Trade and other receivables                                                   21,622                   21,622
Short-term investments                                                         3,053                    3,053
Cash and cash equivalents                                                      5,815                    5,815
Total current assets                                                          49,418             90    49,508
TOTAL ASSETS                                                                  62,509            394    62,903
of which interest-bearing non-current assets                                    1,063                   1,063
of which interest-bearing current assets                                       11,358                  11,358
                                                                               12,421             0    12,421

EQUITY
Equity attributable to holders of Skanska                                     16,066            610    16,676
Minority interests                                                               117                      117
Total equity                                                                  16,183            610    16,793
LIABILITIES
Non-current liabilities
Loans and borrowings                                                           3,094            -48     3,046
Pensions                                                                         831           -309       522
Deferrred tax liabilities                                                      2,698             46     2,744
Provisions                                                                       135              0       135
Total non-current liabilities                                                  6,758           -311     6,447

Current liabilities
Loans and borrowings                                                             958             48     1,006
Tax liabilities                                                                  998                      998
Provisions                                                                     2,680             47     2,727
Invoicing in excess of costs and earnings                                     10,428                   10,428
Trade and other payables
Skulder hänförliga till tillgångar som innehas för försäljning                24,504              0    24,504
                                                                                                            0
Total current liabilities                                                     39,568             95    39,663
TOTAL EQUITY AND LIABILITIES                                                  62,509            394    62,903
of which interest-bearing loans and borrowings                                  4,052                   4,052
of which interest-bearing provisions                                              870          -320       550
                                                                                4,922          -320     4,602

------------------------
1) Current-asset properties
Commercial Project Development                                                  7,256           152      7,408
Other commercial properties                                                     1,272                    1,272
Residential Project Development                                                 3,268                    3,268
                                                                               11,796           152     11,948




                                                                 24 of 26
Effect on the income statement Jan - Dec 2004                                                                        Total
                                                                                                                     effect
                                                                                        IFRS 3           Sale of   Jan-Dec
SEK m                                             IAS 19     IAS 23   IAS 38   IAS 11   IAS 36   IAS 21 Services      2004
Revenue                                                                                                                   0
Cost of sales                                         -7        -20      -12                                            -39
Gross income                                          -7        -20      -12        0       0        0        0        -39
                                    1
Selling and administrative expenses                                       -4      -18     360                          338
Income from disposal of discontinued operations                                                    234       -25       209
Operating income                                      -7        -20      -16      -18     360      234       -25       508
Net financial items                                                                                                       0
Income after financial items                          -7        -20      -16      -18     360      234       -25       508
Taxes                                                  3          5        4        5                                    17
Profit for the period                                 -4        -15      -12      -13     360      234       -25       525

1 of which goodwill amortization                                                          405
 of which goodwill writedown                                                              -45



Effect on the balance sheet December 31, 2004                                                                       Total
                                                                                                                    effect
                                                                                                 IFRS 3            Dec 31
SEK m                                             IAS 19     IAS 23   IAS 38   IAS 16   IAS 11   IAS 36    IAS 1     2004
Non-current assets
Property, plant and equipment                                                     -30                                  -30
Goodwill                                                                                           334                 334
Intangible assets
Aktier i intresseföretag och joint ventures                     47       24                                             71
                                                                                                                         0
Deferred tax assets                                  -90                                   19                          -71
Total non-current assets                             -90        47       24       -30      19      334        0        304
Current assets
Current-asset properties                                       152                                                     152
Costs and earnings in excess of invoicing                                                  -62                         -62
Total current assets                                  0        152        0        0       -62       0        0         90
TOTAL ASSETS                                         -90       199       24       -30      -43     334        0        394

EQUITY
Equity attributable to holders of Skanska           181        143       17       -22      -43     334                 610
Total equity                                        181        143       17       -22      -43     334        0        610
LIABILITIES
Non-current liabilities
Loans and borrowings                                                                                         -48       -48
Pensions                                            -309                                                              -309
Deferred tax liabilities                              -9        56        7        -8                                   46
Total non-current liabilities                       -318        56        7        -8       0        0       -48      -311
Current liablilites
Loans and borrowings                                                                                         48         48
Provisions                                           47                                                                 47
Total current liabilities                            47          0        0        0        0        0       48         95
TOTAL EQUITY AND LIABILITIES                         -90       199       24       -30      -43     334        0        394




                                                  25 of 26
BALANCE SHEET "The bridge" January 1, 2005
                                                                  IFRS        change     IFRS
                                                                 Dec 31    IAS 39 and    Jan 1
SEK m                                                             2004         IFRS 5    2005
ASSETS
Non-current assets
Property, plant and equipment                                     5,507         -529     4,978
Goodwill                                                          3,899                  3,899
Intangible assets                                                   535                    535
Investments accounted for using the equity method                   862                    862
Financial assets                                                  1,137          116     1,253
Deferred tax assets                                               1,455          -13     1,442
Total non-current assets                                         13,395         -426    12,969
Current assets
Current-asset properties 1)                                      11,948          -13    11,935
Inventories                                                         732         -127       605
Financial receivables                                             2,490          281     2,771
Tax receivables                                                     269            0       269
Costs and earnings in excess of invoicing                         3,579           74     3,653
Trade and other receivables                                      21,622         -165    21,457
Short-term investments                                            3,053            0     3,053
Cash and cash equivalents                                         5,815          -21     5,794
Assets classified as held for sale                                    0          869       869
Total current assets                                             49,508          898    50,406
TOTAL ASSETS                                                     62,903          472    63,375
of which interest-bearing non-current assets                      1,063          116     1,179
of which interest-bearing assets held for sale                        0           21        21
of which interest-bearing current assets                         11,358          260    11,618
                                                                 12,421          397    12,818

EQUITY
Equity attributable to holders of Skanska                        16,676           -11   16,665
Minority interests                                                  117                    117
Total equity                                                     16,793           -11   16,782
LIABILITIES
Non-current liabilities
Loans and borrowings                                              3,046          254     3,300
Pensions                                                            522           -4       518
Deferrred tax liabilities                                         2,744          -36     2,708
Provisions                                                          135            0       135
Total non-current liabilities                                     6,447          214     6,661

Current liabilities
Loans and borrowings                                              1,006          191     1,197
Tax liabilities                                                     998           -4       994
Provisions                                                        2,727           -5     2,722
Invoicing in excess of costs and earnings                        10,428           43    10,471
Trade and other payables                                         24,504         -280    24,224
Liabilities classified as held for sale                               0          324       324
Total current liabilities                                        39,663          269    39,932
TOTAL EQUITY AND LIABILITIES                                     62,903          472    63,375
of which interest-bearing loans and borrowings                    4,052          445     4,497
of which interest-bearing provisions                                550           -4       546
of which interest-bearing liabilities held for sale                   0            6         6
                                                                  4,602          447     5,049


------------------------
1) Current-asset properties
Commercial Project Development                                     7,408          -13    7,395
Other commercial properties                                        1,272                 1,272
Residential Project Development                                    3,268                 3,268
                                                                  11,948          -13   11,935




                                                      26 of 26

								
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