interim report january 1 – september 30, 2013...q2 q3 q4 q1 2011 q2 q3 q4 q1 2012 q2 q3 q4 q1 2013...
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2013-10-25 NCC AB 1
Interim reportJanuary 1 – September 30, 2013
Peter WågströmPresident and CEO
Ann-Sofie Danielsson Chief Financial Officer
Motala Bridge, Highway 50
-
Q3 in brief
2013-10-25 NCC AB 2
Orders received: SEK 13,143 M (13,160)
Net sales: SEK 13,129 M (13,765)
Order backlog: SEK 51,065 M (48,548)
Operating profit: SEK 823 M (814)
Cash flow before financing: Negative SEK 227 M (negative: 492)
Pipe renovation, Stockholm
-
Jan-Sep in brief
2013-10-25 NCC AB 3
Orders received SEK 42,617 M (40,336)
Net sales SEK 36,749 M (38,157)
Operating profit: SEK 1,332 M (1,187)
Cash flow before financing: negative SEK 2,579 M (negative: 3,913)
Kauniaisten Konsuli, Kauniainen
-
Intensified seasonal pattern...Profit/loss after financial items
-400
-200
0
200
400
600
800
1,000
1,200
1,400
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3
NCC AB 4
SEK M
2013-10-25
-
…but stable earnings trendRolling 12 months
0
500
1,000
1,500
2,000
2,500
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3
2013-10-25 NCC AB 5
SEK M
-
NCC’s Construction unitsMarket
2013-10-25 NCC AB 6
Q3/2013
Demand slackened in the first six months of the year - slow recovery from the end of the second quarter
Improvement during the second half of the year; full-year in line with 2012
2014
Slight growth in Nordic construction market
Strongest performance in the Norwegian and Swedish markets, weaker in Finland
-
Orders received and order backlog – NCC’s Construction units
0
5
10
15
20
25
30
35
40
45
Q12009
Q2 Q3 Q4 Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3
Orders received, quarter Order backlog Orders received R12SEK BN
2013-10-25 NCC AB 7
-
Orders received increased in SwedenOrders received by NCC Construction units
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Sweden Denmark Finland Norway
Q3 2012 Q3 2013
2013-10-25 NCC AB 8
SEK M
-
Increase in civil-engineering segmentOrders received by NCC Construction units
0
1,000
2,000
3,000
4,000
Civil engineering Housing Other buildings
Q3 2012 Q3 2013
2013-10-25 NCC AB 9
SEK M
-
2013-10-25 NCC AB 10
Favorable distribution between small and large projectsNCC’s Construction units
8%8%
11%
15%
23%
18%
17% SEK < 5 MSEK 5-10 MSEK 10-25 MSEK 25-50 MSEK 50-100 MSEK 100-300 MSEK > 300 M
Total SEK 7.7 BN (8.4)
-
Large orders in construction operationsQ3 2013
2013-10-25 NCC AB 11
Second phase of energy production plant Amager Bakke in Copenhagen, SEK 276 M
Highway 4 in Norway, 9.3-kilometer four-lane highway, SEK 1.2 BN
Amager Bakke, Copenhagen, Denmark
-
Highway 4 in Norway
Partnership project between NCC Construction in Norway and Sweden
Order worth SEK 1.2 BN (divided 60/40)
Completion in December 2016
The Gran-Jaren section of Highway 4 will total 9.3 km
Highway construction also includes a 1.7-km long two-lane tunnel, two major overpasses, 11.4 km of local roads and several structures and other projects along the way
North Tunnel Gran Centrum
2013-10-25 NCC AB 12
-
New organizationNCC Construction Sweden
Regional level to be discontinued – replaced by five segments: Land and Industrial Construction, Civil Engineering, Buildings, Housing and General Construction
This will lead to:• Stronger local presence
• Increased specialization to satisfy customer needs
• The power of development work being moved closer to the business operations
2013-10-25 NCC AB 13
Nya Triangeln, etapp 2, Malmö
-
NCC RoadsMarket
2013-10-25 NCC AB 14
Q3/2013
Demand for asphalt and aggregates increased during the third quarter
Asphalt for the full-year in line with 2012
Aggregates for the full-year slightly lower than 2012
2014
Higher demand for aggregates
Asphalt market – potential for growth
-
Customers in focus– NCC Roads introduces Nordic organization
2013-10-25 NCC AB 15
Three Nordic divisions have been formed – aggregates, asphalt and road services
Strategic effort to optimize customer offerings
Nordic work methods key to achieving strategic targets
-
Lower volume of aggregatesVolumes of aggregates sold, thousands of tons
2013-10-25 NCC AB 16
8,343 8,218
Q32012
Q32013
-
High asphalt volumesVolumes of asphalt sold, thousands of tons
2013-10-25 NCC AB 17
2,719 2,728
Q32012
Q32013
Highway 50, Motala
-
NCC HousingMarket
2013-10-25 NCC AB 18
Q3Best market conditions in Germany and St. Petersburg
Slow recovery in Denmark and the Baltic countries
Prices up slightly in Sweden
Degree of caution in Sweden and Finland, purchase decisions made closer to completion
Prices have leveled out in Norway
2014Stable demand in all markets in 2014, except in Finland which is more uncertain
Essentially unchanged price levelsHusarhagen, Stockholm
-
Continued favorable sales of housing…
2013 2012
557 492
191 58
476 485
125 70
563 385
57 90
666 440
2,635 2,020
848 744
3,483 2,764
2013 2012
142 165
77 16
110 169
47 21
279 150
15 32
273 156
943 709
449 460
1,392 1,169
2013-10-25 NCC AB 1919
No. of housing units sold
Sweden
Denmark
Finland
Baltic countries
St. Petersburg
Norway
Germany
Total, private customers
Investment market
Total
Jul-Sep Jan-Sep
-
2013 2012
375 646
203 62
399 382
137 73
640 0
25 56
857 509
2,636 1,728
848 792
3,484 2,520
2013 2012
106 267
86 4
116 74
0 31
95 0
2 0
295 125
700 501
449 350
1,149 851
Jul-Sep
2013-10-25 NCC AB 20
...provide conditions for more starts
20
No. of housing starts
Sweden
Denmark
Finland
Baltic countries
St. Petersburg
Norway
Germany
Total, private customers
Investment market
Total
Jan-Sep
-
Housing sales for investors Q3Major transactions
2013-10-25 NCC AB 21
City Housing unitsPrice,
SEK MRecognized in
profitHamburg/Cologne, Germany 155 321 Q4 2014
Stockholm, Sweden 328 667 Q3 2013
Cologne, Nippes
-
Strategic focus on rental apartments in Sweden
2013-10-25 NCC AB 22
New rental concept, pilot Säby• New construction system/platform
• Apartment buildings
• Lower construction costs
First rental package sold to KPA• Development costs and use of land reserved
for tenant-owner apartments had a negative impact on earnings
• Forward funding
Säby, Stockholm
-
Fewer completed housing units not recognized in profit
2013-10-25 NCC AB 23
Sep 30,2013
Dec 31, 2012
61 77
27 40
89 152
28 75
12 11
18 16
28 22
263 393
34 0
297 393
23
Number of housing units
Sweden
Denmark
Finland
Baltic countries
St. Petersburg
Norway
Germany
Total, private customers
Investment market
TotalSäby, Stockholm
-
Target of 7,000 units under construction achieved
2013-10-25 NCC AB 24
Number of housing units
For private customers For investors Total
Sep 30,2013
Dec 31, 2012
Sep 30,2013
Dec 31, 2012
Sep 30, 2013
Dec 31, 2012
Ongoing production 5,663 4,391 1,705 1,377 7,368 5,768
Sales rate, % 53 43 98 96 63 56
Completion rate, % 53 47 41 40 50 45
Helsingin Ajuri, Konala, Helsinki
-
2013-10-25 NCC AB 25
A large portion will also be completed this year in Q4Estimated completion
0
200
400
600
800
1,000
1,200
1,400
1,600
Q42013
Q12014
Q22014
Q32014
Q42014
Q12015
Later
SwedenNorwayDenmarkFinlandGermanyBaltic countriesSt. PetersburgPortion sold
83 percent sales rate in projects for completion in Q4, 2013.
No. of housing units for private customers
-
Continued market alignment of housing portfolioHousing for private customers,ongoing productionSeptember 30, 2013 (June 30, 2013)
2013-10-25 NCC AB 26
Sweden 21% (23)
Denmark 6% (4)
Finland 14% (15)
Norway 3% (4)
Germany 20% (17)
St. Petersburg 33% (33)
Baltic countries 3% (4)
-
NCC Property DevelopmentMarket
2013-10-25 NCC AB 27
Q3/2013
Low transaction volume
Demand for modern and “green” properties with stable tenants in prime locations
Stable rents and vacancies
2014
Anticipated GDP increase – positive impact on the Nordic property market
Koggen 2, Malmö
-
Property sales Q3
2013-10-25 NCC AB 28
Project Type Price SEK M Recognized in profitTorsplan, Stockholm, Sweden Office 1,618 Q4 2013
Gladsaxe CompanyHouse, Copenhagen Office 353 Q1 2015
Birsta, Sundsvall Retail 66 Q4 2013
Gladsaxe Company house, Copenhagen
-
Successful leasingLeased floor space, m2
2013-10-25 NCC AB 29
57,600
84,200
Jan-Sep2012
Jan-Sep2013
Lysaker Polaris, Oslo, NorwayRA Motor, Uppsala
-
Project starts Q3
2013-10-25 NCC AB 30
Gladsaxe Company House office project, Copenhagen• Leasable floor space: 14,800 m2
• Leasing rate: 71%
• Completion rate: 20%
• DNGB gold level
• Complete Q1 2015
• Part of the conversion of the former industrial property comprising 120,000 m2
Gladsaxe Company house, Copenhagen
-
Well-balanced portfolio25 (24) ongoing or completed projects not recognized in profitSeptember 30, 2013 (June 30, 2013)
2013-10-25 NCC AB 31
Norway, 3 (3) projects
Leasable floor space 43,400 m2
Finland, 8 (8) projectsLeasable floor space 79,200 m2
Denmark, 9 (8) projectsLeasable floor space 52,900 m2
Sweden, 5 (5) projectsLeasable floor space 76,000 m2
-
2013-10-25 NCC AB 32
Highway 50, Motala-Mjölby
Ann-Sofie Danielsson Chief Financial Officer
-
Q3 in brief
2013-10-25 NCC AB 33
Orders received OK – high order backlog
Operating profit: SEK 823 M (814)
Better cash flow from operating activities
Helsingin Akaasia, Helsinki
-
Income statement
SEK MJul–Sep
2013Jul–Sep
2012Oct 12–Sep 13
Jan–Dec2012
Net sales 13,129 13,765 55,818 57,227
Gross profit 1,481 1,419 5,603 5,495Selling and administrative expenses -670 -605 -3,160 -2,988Cost ratioOther
5.1%13
4.4%1
5.7%21
5.2%12
Operating profit 823 814 2,464 2,519Financial items -75 -72 -278 -241Profit after financial items 748 742 2,187 2,277Tax on profit for the period -134 -173 -298 -367Tax rate 17.9% 23.3% 13.6% 16.1%Profit for the period 614 569 1,887 1,910
2013-10-25 NCC AB 34
-
NCC Construction Sweden
01234567
0100200300400500600700
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3
SEK M %Profit Operating margin
0
2,000
4,000
6,000
8,000
10,000
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3
SEK M Orders received Net sales
2013-10-25 NCC AB 35
-
NCC Construction Denmark
0
2
4
6
8
0
20
40
60
80
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3
0400800
1,2001,6002,0002,400
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3
Isbjerget, Aarhus
2013-10-25 NCC AB 36
SEK M %Profit Operating margin
SEK M Orders received Net sales
-
NCC Construction Finland
2013-10-25 NCC AB 37
-2
0
2
4
6
-20
0
20
40
60
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3
0400800
1,2001,6002,0002,4002,800
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3
Aitio Business Park, Helsinki
SEK M %Profit/loss Operating margin
SEK M Orders received Net sales
-
NCC Construction Norway
-12-10-8-6-4-20246
-120-100
-80-60-40-20
0204060
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3
0400800
1,2001,6002,0002,4002,8003,200
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3
Lona Park, Bergen
2013-10-25 NCC AB 38
SEK M %Profit/loss Operating margin
SEK M Orders received Net sales
-
NCC Roads
-60-40-200204060
-600
-400
-200
0
200
400
600
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3
2013-10-25 NCC AB 39
SEK M %Profit/loss Operating margin
SEK M Net sales
0600
1,2001,8002,4003,0003,6004,2004,800
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3
NCC Spuma
-
NCC Housing
-404812162024
-1000
100200300400500600
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3
Säby, Stockholm
2013-10-25 NCC AB 40
SEK M %Profit/loss Operating margin
SEK M Net sales
0600
1,2001,8002,4003,0003,6004,2004,800
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3
-
Housing units recognized in profit
41
Number of housing units Jul-Sep2013Jul-Sep
2012
Sweden 144 103
Denmark 34 15
Finland 128 171
Baltic countries 45 22
St. Petersburg 44 1
Norway 22 97
Germany 93 113
Total, private customers 510 522
Investment market 0 55
Total 510 577
2013-10-25 NCC AB 41
NCC Folkboende
-
NCC Property Development
2013-10-25 NCC AB 42
-500
50100150200250
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3
0
500
1,000
1,500
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3
Ullevigatan, Gothenburg
SEK M Operating profit/loss
SEK M Net sales
-
Operating profit/loss per business area
SEK MJul-Sep
2013Jul-Sep
2012Jan–Dec
2012NCC Construction Sweden 192 227 801
NCC Construction Denmark 55 58 189
NCC Construction Finland 38 48 101
NCC Construction Norway 28 30 74
NCC Roads 538 442 417
NCC Housing 15 77 835
NCC Property Development 8 -27 295
Other and eliminations -51 -40 -192
Operating profit 823 814 2,519
2013-10-25 NCC AB 43
-
SEK BNSep 30,
2013Dec 31,
2012Goodwill 1.8 1.8Property projects 6.8 5.3Housing projects 13.6 11.7Accounts receivable and receivables from property sales 8.1 8.2Other assets 10.5 10.7Total assets 40.8 37.7
Balance sheet
2013-10-25 NCC AB
Alberga Business Park, Helsinki
44
SEK BNSep 30,
2013Dec 31,
2012Development properties 2.2 2.2Ongoing property projects 3.4 2.7Completed property projects 1.2 0.5Total property projects 6.8 5.3
-
SEK BNSep 30,
2013Dec 31,
2012Goodwill 1.8 1.8Property projects 6.8 5.3Housing projects 13.6 11.7Accounts receivable and receivables from property sales 8.1 8.2Other assets 10.5 10.7Total assets 40.8 37.7
Balance sheet
2013-10-25 NCC AB
SEK BNSep 30,
2013Dec 31,
2012Development properties 5.2 5.5Development costs 1.4 1.3Ongoing housing projects 6.4 4.2Completed housing units 0.7 0.8Total housing projects 13.6 11.7
45
-
Cash flow
2013-10-25 NCC AB 46
SEK MJul-Sep
2013Jul-Sep
2012Oct 12 -Sep 13
Jan-Dec2012
From operating activities 830 942 2,166 2,458From property projects -492 -678 -1,313 -928From housing projects -775 -1,100 -1,119 -2,046Other working capital 394 591 1,523 489Investing activities -185 -247 -854 -906Cash flow before financing -227 -492 402 -932
Vantaan Backaksen Eemeli, Kartanonkoski, Vantaa
-
Net indebtedness
Net indebtedness excl. tenant housing and housing associations, SEK M
2009 2010
-0.20.00.20.40.60.81.01.21.41.61.82.0
-1,0000
1,0002,0003,0004,0005,0006,0007,0008,0009,000
10,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32011
2013-10-25 NCC AB 47
2012 2013
Net indebtedness, tenant housing and housing associations, SEK M
Debt/equity ratio
-
2013-10-25 NCC AB 48
P303 Gullvivan
-
Summary of Q3
2013-10-25 NCC AB 49
Slow market improvement
Orders received on a par with year-earlier period
High order backlog
Lower sales
Higher operating profit and margin
Favorable earnings for NCC Roads and NCC Construction Denmark
Healthy sales of housing and housing starts
Amager Bakke, Copenhagen, Denmark
-
Contact information
IR Manager Johan BergmanTel: +46 (0)8-585 523 53, +46 (0)70-354 80 35johan.bergman@ncc.se
Chief Financial Officer Ann-Sofie DanielssonTel: +46 (0)8-585 517 17, +46 (0)70-674 07 20ann-sofie.danielsson@ncc.se
2013-10-25 NCC AB 51
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