A major review is ongoing to improve the profitability in the Finnish and Norwegian construction units. During the quarter, both units have carried out extensive analysis of their operations as well as their project portfolio.
The new management of the Skanska Finland business unit identified costs of SEK 350m for the fourth quarter. Project write-downs and provisions amounted to SEK320m, most of which is for commercial building projects in the south of Finland and in Estonia. Write-downs of land and assets amounts to SEK30m, of which the majority belongs to the Estonian operations.
The ongoing revision and restructuring of the construction operations in Norway has resulted in project write-downs and provisions of SEK170m in the fourth quarter.
Other information related to the fourth quarter 2011, will be presented in the year-end report on 8 February 2012.
Got a story? Email news@theconstructionindex.co.uk
