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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Macquarie Group Ltd    MQG   AU000000MQG1

MACQUARIE GROUP LTD (MQG)
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Skanska To Announce Financial Close On First US PPP Project

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04/13/2012 | 12:22pm CET

Swedish construction company Skanska AB (SKA-B.SK) is close to announcing an agreement on the financial terms for a major infrastructure project in Virginia, which entails a construction contract worth about $660 million for the company, executive vice president for infrastructure development Karl Reichelt said in an interview.

The project, part of a joint venture with Macquarie Group Ltd. (>> Macquarie Group Limited), includes the construction of a new Midtown Tunnel, rehabilitation of existing tunnels, and extension of the Martin Luther King Freeway in Virginia. Skanska has 45% of the $1.5 billion construction assignment.

The total project value is about $2.05 billion, and Skanska will make a $140 million equity investment in the project, which is the construction firm's first public-private partnership in the U.S.

"This has been highly anticipated and it is extremely important for Skanska because it is helping to fulfil our growth plans in a key market for the company," Reichelt told Dow Jones Newswires.

The five- to six-year construction contract, which will be awarded to Skanska's civil construction unit, is likely to have a margin in the lower double digits--higher than the 9.2% margin posted by the unit in 2011.

"When you're accepting the responsibility of a guaranteed on-time, on-budget delivery, and taking all the significant construction risk, you would expect the margin to be more robust than for a traditional project," Reichelt said.

He added that the internal rate of return for the project is "comfortably" within the 11% to 14% range targeted by the company for infrastructure development.

-By Niclas Rolander, Dow Jones Newswires; +46-8-5451-3102; [email protected]

Stocks mentioned in the article : Macquarie Group Limited
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Financials ( AUD)
Sales 2018 10 641 M
EBIT 2018 3 334 M
Net income 2018 2 437 M
Debt 2018 -
Yield 2018 4,91%
P/E ratio 2018 14,35
P/E ratio 2019 13,93
Capi. / Sales 2018 3,23x
Capi. / Sales 2019 3,21x
Capitalization 34 373 M
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Nicholas William Moore Chief Executive Officer, MD & Executive Director
Peter Hastings Warne Independent Chairman
Nicole Sorbara COO & Head-Operations Group
Alex Harvey CFO & Head-Financial Management Group
Justin Raoul Moffitt Chief Information Officer
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