Interim report January 1 March 31, 2011

Transcription

1 Interim report January 1 March 31, 2011 Peter Wågström President and CEO Ann-Sofie Danielsson Chief Financial Officer Sollentuna Centrum NCC AB 1

2 Agenda Earnings and profitability Orders received and order backlog Market situation Earnings and comments by business area Financial position Summary NCC AB 2

3 NCC AB 3

4 First quarter in brief Orders received at favorable level of SEK 12,398 M (14,004) Lower net sales SEK 8,533 M (9,685) Expanding order backlog Loss after financial items SEK 326 M (loss: 182) NCC AB 4

5 Profit/loss after financial items SEK M NCC AB 5

6 Favorable market situation Some increase in construction investments in 2011 Civil-engineering market stable Growth in aggregates Demand for housing deemed as remaining favorable, with stable prices Excellent market conditions for modern green commercial properties Vårdboende, Västerås NCC AB 6

7 NCC Construction Sweden SEK M Orders received Net sales SEK M Profit Operating margin % Kristianstad arena NCC AB 7

8 NCC Construction Denmark SEK M Orders received Net sales SEK M Profit Operating margin % Bella Hotell, Köpenhamn NCC AB 8

9 NCC Construction Finland SEK M Orders received Net sales SEK M Profit Operating margin % Tapanila, Finland NCC AB 9

10 NCC Construction Norway SEK M Orders received Net sales SEK M Profit Operating margin % Operatunneln, Oslo NCC AB 10

11 Summary Construction units January March Orders received were lower year-onyear but are favorable Net sales rose 10 percent Lower earnings due to projects secured in 2009 and high winter costs Tvärbanan, Stockholm NCC AB 11

12 NCC s Construction units major orders in Q Multimedia building in Aarhus, Denmark, SEK 460 M Two traffic circles in Täby City Center, Sweden, SEK 290 M Rental and tenant-owned apartments at northern Djurgården, Stockholm, Sweden, approximately SEK 280 M Power station at Hissmofors, Sweden, approximately SEK 300 M Bridges over E4 Expressway at Rotebro, Stockholm, Sweden, approximately SEK 325 M Orders received, projects worth more than SEK 250 M, share Total SEK 9.3 bn NCC AB 12

13 NCC Roads SEK M Net sales SEK M Profit Operating margin % Kristianstad arena NCC AB 13

14 NCC Housing SEK M Net sales SEK M Profit Operating margin % Östra hamnen, Kristianstad Västerås arena NCC AB 14

15 Expanding project portfolio Number of proprietary housing in production Östra Hamnen, Västerås NCC AB 15

16 Housing starts Proprietary housing starts during the period Number of housing units Jan.-Mar Jan.-Mar Jan.-Dec Sweden ,089 Denmark Finland ,126 Baltic countries St. Petersburg Norway Germany Total proprietary units ,489 Housing projects* ,009 Total 724 1,077 4,498 *Sales of housing projects to investors Riverside, Finland NCC AB 16 16

17 NCC Housing Housing units in production March 31, 2011 Norway 7 (7)% Finland 32 (23)% Sweden 32 (40)% Denmark 3 (0)% Baltic countries and St. Petersburg 9 (5)% Germany 17 (25)% NCC AB 17

18 Housing units recognized in profit Number of housing units Jan.-Mar Jan.-Mar Jan.-Dec Sweden Denmark Finland Baltic countries St. Petersburg Norway Germany Total proprietary units ,540 Housing projects* ,009 Total ,549 Saltsjöqvarn, Stockholm *Sales of housing projects to investors NCC AB 18 18

19 NCC Property Development SEK M Net sales SEK M Operating profit/loss Kristianstad arena Östra hamnen, Västerås Torsplan, Stockholm NCC AB 19

20 NCC Property Development New projects started in first quarter Office property in Malmö, Sweden Commercial property in Eslöv, Sweden Commercial property in Hilleröd, Denmark Koggen 2, Malmö NCC AB 20

21 NCC Property Development 22 ongoing or completed projects Sweden, 7 projects Leasable area 69,400 m 2 Degree of completion 31% Leasing rate 32% Finland, 3 projects Denmark, 12 projects Leasable area 93,700 m 2 Degree of completion 61% Leasing rate 71% Leasable area 12,400 m 2 Degree of completion 61% Leasing rate 29% NCC AB 21

22 Operating profit/loss by business area SEK M Jan.-Mar Jan.-Mar Apr. 10- Mar. 11 Jan.-Dec NCC Construction Sweden NCC Construction Denmark NCC Construction Finland NCC Construction Norway NCC Roads NCC Housing NCC Property Development Other and eliminations Operating profit/loss ,087 2, NCC AB 22

23 Ann-Sofie Danielsson Chief Financial Officer Naturrum, Kristianstad NCC AB 23

24 Income statement SEK M Jan.-Mar Jan.-Mar Apr. 10- Mar. 11 Jan.-Dec Net sales 8,533 9,685 48,267 49,420 Gross profit ,729 4,933 Selling and administrative costs ,647-2,682 Cost ratio Other 7.4% 3 6.9% 1 5.5% 6 5.4% 4 Operating profit/loss ,087 2,254 Financial items Profit/loss after financial items ,864 2,008 Tax on profit for the period Tax rate 27.0% 24.2% -23.4% -23.9% Profit/loss for the period ,428 1, NCC AB 24

25 Operating profit/loss per business area SEK M Jan.-Mar Jan.-Mar Apr. 10- Mar. 11 Jan.-Dec NCC Construction Sweden NCC Construction Denmark NCC Construction Finland NCC Construction Norway NCC Roads NCC Housing NCC Property Development Other and eliminations Profit/loss ,087 2, NCC AB 25

26 Balance sheet Mar. 31, Dec. 31, SEK bn Goodwill Property projects Housing projects Accounts receivable and receivables from property sales 5,7 7,1 Other assets 10,3 10,8 Total assets 30,3 31,1 Pedagogikum, Uppsala NCC AB 26

27 Balance sheet Mar. 31, Dec. 31, SEK bn Goodwill Property projects Housing projects Accounts receivable and receivables from property sales Other assets 10,3 10,8 Total assets 30,3 31,1 Pedagogikum, Uppsala NCC AB 27

28 More development projects lower cash flow SEK M Jan.-Mar Jan.-Mar Apr. 10- Mar. 11 Jan.-Dec From operating activities ,297 3,009 From property projects From housing projects ,044-1, Other working capital Investments Cash flow before financing -1, ,934 Kabeln, Sundbyberg NCC AB 28

29 Indebtedness higher but at a low level Net indebtedness, SEK M Debt/equity ratio, multiple 2007* 2008* *Values for were not recalculated according to IFRIC NCC AB 29

30 Long-term strategy and summary NCC AB 30

31 3C long-term strategy Customers: Most attractive customer offering Sustainable development Costs: Highest production efficiency Competency: Best employer NCC AB 31

32 Path to long-term growth 1. The Group s principal focus is profitable growth 2. Organic growth is to be based on lower costs 3. NCC aims to be a leading player in markets in which it is active and knows well 4. NCC is one company with construction and development operations 5. NCC aims to utilize Group synergies in support functions and across operations 6. With the customer in focus, NCC intends to strengthen its position in the value chain NCC AB 32

33 Summary Orders received favorable Increased order backlog Seasonally weak earnings Positive impact from housing starts Strong position for profitable growth NCC AB 33

34 NCC AB 34

35 Contact information IR Manager Johan Bergman Tel: +46 (0) , +46 (0) Chief Financial Officer Ann-Sofie Danielsson Tel: +46 (0) , +46 (0) NCC AB 35