Six-month report January 1 June 30, 2012

Transcription

1 Six-month report January 1 June 3, 212 Peter Wågström President and CEO Ann-Sofie Danielsson Chief Financial Officer Operatunneln i Oslo, Norway NCC AB 1

2 First six months in brief Orders received were high: SEK 27,176 M (3,436) Net sales: SEK 24,392 M (21,383) Order backlog grew SEK 2.8 BN Operating profit: SEK 387 M (265) Operating margin: 1.6% (1.2) Inspiria Science Center, Norway NCC AB 2

3 Q2 in brief Orders received: SEK 15,453 M (18,38) Higher net sales: SEK 13,733 M (12,851) Operating profit: SEK 517 M (545) Order backlog: SEK 49.1 BN NCC AB 3

4 NCC s Construction units Q2 212 Market difficult to assess Strong demand in Norway Orders received down in Sweden, Finland and Denmark Housing in Sweden and Finland Major projects in Sweden No major growth in construction investments anticipated for 212 Citybanan, Stockholm Ostensjoveien, Oslo NCC AB 4

5 Higher order backlog NCC s Construction units SEK BN Orders received, quarter Order backlog Orders received R12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q NCC AB 5

6 NCC s Construction units major orders in Q2 212 Railway tunnel between Larvik and Porsgrunn, Norway SEK 1.2 BN New E18 highway in Østfolt, Norway SEK 455 M Reconstruction of Höljes power plant, Sweden SEK 3 M Offices in Oslo, Norway SEK 255 M 2 % Total SEK 1.8 BN NCC AB 6

7 Railway tunnel Larvik-Porsgrunn, Norway 4.8 km double-tracked railway tunnel with corresponding evacuation tunnels Order valued at SEK 1.2 BN Expertise and delivery ability key to the customer Completed in June 216 Gardemoens flygplats, Norway NCC AB 7

8 Growth in Norway Orders received doubled in the first six months Acquisition of OKK Entreprenør AS Production of housing units and commercial properties, as well as refurbishment Annual sales of SEK 1 BN and 35 employees Improves NCC s growth potential and will strengthen our local position in Oslo and the Drammen area NCC AB 8

9 NCC Roads Q2 212 Stable market trend Costs for growth initiatives linked to the strategy Aggregates Recovery Road services Expansion in Norway NCC AB 9

10 NCC Housing Q2 212 Stable demand and prices Healthy housing sales particularly in St. Petersburg Weaker sales in Finland Restrictive approach to housing starts for private customers in Sweden and Finland Increase in housing starts for investors NCC AB 1

11 Housing starts Number of housing units Sweden Denmark Finland Baltic countries St. Petersburg Norway Germany Total, private customers Investor market Total Apr-Jun , ,375 Jan-Jun ,227 1, ,669 2, NCC AB 11 11

12 Housing units sold Number of housing units Sweden Denmark Finland Baltic countries St. Petersburg Norway Germany Total, private customers Investor market Total Apr-Jun Jan-Jun ,311 1, ,595 1, NCC AB 12 12

13 Housing portfolio trend Number For private customers June 3, 212 Mar 31, 212 For investors June 3, 212 Mar 31, 212 In progress 4,56 4,556 1,65 91 Sales rate, % Completion rate, % NCC AB 13

14 Housing units for private customers Estimated completion Number of housing units Q3 212 Q4 212 Q1 213 Q2 213 Q3 213 Later NCC AB 14

15 NCC Housing Housing units in progress for private customers June 3, 212 (March 31, 211) Sweden 32% (32) Norway 6% (6) Denmark 2% (2) Germany 17% (16) Baltic countries 2% (3) Finland 24% (25) St. Petersburg 17% (16) NCC AB 15

16 NCC Property Development Q2 212 Longer decision-making processes Stable rents and vacancies Demand for modern and green properties in prime locations Attractive Nordic market Strong rental market Torsplan Stockholm NCC AB 16

17 Project starts Q2 Alberga C Office project in Espoo, Finland 5,4 m 2 Plaza Halo Office project in Vantaa, Finland 5,8 m 2 Alberga Business Park, Finland NCC AB 17

18 Alberga C Alberga Business Park is located in Espoo in the Helsinki area Office building comprising 5,4 m 2 Third phase of five totaling 3, m 2 (earlier phases sold) Completed June 213 GreenBuilding and BREEAM, Very Good level Alberga Business Park, Finland NCC AB 18

19 Property sales Project Type Price SEK M Recognized in profit Alberga B Office 196 Q3 212 Tornby phase 1 Retail 21 Q4 212 Tavastehus Centrum Retail 8 Q4 214 After the end of the quarter Arendal II Logistics 224 Q4 212 Tornby, Linköping NCC AB 19

20 NCC Property Development 26 ongoing or completed projects (not recognized in profit) Sweden, 8 projects Leasable area 115,4 m 2 Norway, 2 projects Leasable area 23,2 m 2 Denmark, 8 projects Leasable area 41,8 m 2 Finland, 8 projects Leasable area 63,3 m NCC AB 2

21 Ann-Sofie Danielsson Chief Financial Officer Lysaker Polaris, Norway NCC AB 21

22 Income statement SEK M Apr-Jun 212 Apr-Jun 211 Jul 11- Jun 12 Jan-Dec 211 Net sales 13,733 12,851 55,544 52,535 Gross profit 1,289 1,277 5,62 4,814 Selling and administrative costs ,9-2,774 Cost ratio Other 5.6% - 5.7% 2 5.2% % -23 Operating profit ,14 2,17 Financial items Profit after financial items ,99 1,88 Tax on profit for the period Tax rate 23.7% 26.5% 27.% 27.4% Profit for the period ,391 1, NCC AB 22

23 NCC Construction Sweden SEK M Orders received Net sales Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q SEK M Profit Operating margin % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q NCC AB Tvärbanan, Stockholm

24 NCC Construction Denmark SEK M 3 2 Orders received Net sales Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q SEK M Profit Operating margin % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Isbjerget, Aarhus NCC AB 24

25 NCC Construction Finland SEK M 3 2 Orders received Net sales Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q SEK M Profit/loss Operating margin % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Wallinmaa, Konala, Finland NCC AB 25

26 NCC Construction Norway SEK M 3 2 Orders received Net sales Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q SEK M Profit/loss Operating margin % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Stavanger Busines Park, Norway NCC AB 26

27 NCC Roads SEK M Net sales Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q SEK M Profit/loss Operating margin % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q NCC AB

28 NCC Housing SEK M Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q SEK M Profit/loss Operating margin % Net sales Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Norra Djurgårdsstaden Stockholm NCC AB 28

29 Housing units recognized in profit Number of housing units Apr-Jun 212 Apr-Jun 211 Jan-Dec 211 Sweden Denmark Finland Baltic countries St. Petersburg Norway Germany Total, private customers ,764 Investment market Total , NCC AB 29 29

30 NCC Property Development SEK M Net sales SEK M 15 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Operating profit/loss Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q High-bay storage, Gothenburg s harbor NCC AB 3

31 Operating profit per business area SEK M Apr-Jun 212 Apr-Jun 211 Jul 11- Jun 12 Jan-Dec 211 NCC Construction Sweden NCC Construction Denmark NCC Construction Finland NCC Construction Norway NCC Roads NCC Housing NCC Property Development Other and eliminations Operating profit ,14 2, NCC AB 31

32 Balance sheet Jun 3, Dec 31, SEK BN Goodwill Property projects Housing projects Accounts receivable and receivables from property sales Jun 3, Other SEK assets BN Total assets Dec 31, 211 Development properties Ongoing property projects Completed property projects.5.5 Total property projects Triangeln, Malmö NCC AB 32

33 Balance sheet Jun 3, Dec 31, SEK BN Goodwill Property projects Housing projects Accounts receivable and receivables from property sales Other assets 1.7 Jun 9.2 3, SEK BN 212 Total assets Dec 31, 211 Development properties Development costs Ongoing housing projects Completed housing units.4.4 Total housing projects NCC AB 33

34 Cash flow SEK M Apr-Jun 212 Apr-Jun 211 Jul 11- Jun 12 Jan-Dec 211 From operating activities ,971 1,456 From property projects ,254-1,472 From housing projects ,5-1,265 Other working capital -1, , Investments Cash flow before financing -2,179-1,435-3,117-2, NCC AB 34

35 Net indebtedness Net indebtedness, SEK M Debt/equity ratio, multiple 1,8 1,6 1,4 1,2 1,,8,6,4,2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q , NCC AB 35

36 Summary Q NCC AB 36

37 Summary Higher sales Lower profit and margin Market trend difficult to assess NCC has a strong market position, with a high order backlog Station Triangeln, Malmö NCC AB 37

38 Management s focus Market development Project control and risk management Implementation of strategy for profitable growth Stadshusbron, Stockholm NCC AB 38

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40 Contact information IR Manager Johan Bergman tel. +46 () , +46 () johan.bergman@ncc.se Chief Financial Officer Ann-Sofie Danielsson tel. +46 () , +46 () ann-sofie.danielsson@ncc.se NCC AB 4