Six-month report January - June 2009 Olle Ehrlén President and CEO Ann-Sofie Danielsson Chief Financial Officer
First six months in brief Results and market Orders received and order backlog Housing sales and construction starts Earnings and comments per business area Financial position Summary Hamnhuset,Göteborg NCC AB 2009-08-19 2
First six months in brief • Orders received down 32 percent • Profit after financial items SEK 377 M (1,000) • Improved cash flow compared with the year-earlier period • Operations and costs adapted to market conditions Kungsbron, Stockholm NCC AB 2009-08-19 3
Earnings per quarter Earnings after financial items 2005 2006 2007 SEK M 2008 2009 1 200 1 000 800 600 400 200 0 -200 -400 Q1 Q2 Q3 Q4 Agro etanol, Norrköping NCC AB 2009-08-19 4
Operating profit/loss per business area Apr-Jun Apr-Jun Jan-Jun Jan-Jun SEK M 2009 2008 2009 2008 NCC Construction Sweden 212 279 434 477 NCC Construction Denmark 24 26 32 53 NCC Construction Finland 34 88 106 166 NCC Construction Norway 27 53 72 67 NCC Housing 3 109 -172 149 NCC Property Development 134 122 168 303 NCC Roads 367 305 -45 16 Other and eliminations 57 -14 29 -93 Operating profit 858 968 623 1,138 Net financial items -129 -86 -247 -138 Profit after financial items 729 883 377 1,000 NCC AB 2009-08-19 5 5
Gloomy market outlook 2009 and 2010 Construction market Civil-engineering market • Lower demand for housing, office • Increased share buildings and other buildings for infrastructure • Fewer inquiries from private • Reduced demand for customers development work • Public sector projects not as severely affected Housing market Commercial properties • Weak market and lower prices • Rising vacancies and falling rent levels in rental market • Market stabilized during the second quarter • Property market characterized by uncertainty with few completed • Increased interest in construction transactions of rental apartments NCC AB 2009-08-19 6
Declining volumes Orders received Orders received SEK BN Order backlog rolling 12 months 70 60 50 40 30 20 10 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2004 2005 2006 2007 2008 NCC AB 2009-08-19 7 7
Declining volumes Orders received Orders received Sales SEK BN Order backlog rolling 12 months rolling 12 months 70 60 50 40 30 20 10 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2004 2005 2006 2007 2008 NCC AB 2009-08-19 8 8
Adaptations June 08-June 09 • Streamlining and reorganizations • Approx. 2,900 employees laid off • Expenses adapted to volume decline • Lower purchasing costs • Reduced tied-up capital • Improved cash flow reduced net indebtedness NCC AB 2009-08-19 9
Continued weak demand in second quarter Apr-Jun Jan-Jun Apr-Jun Jan-Jun Orders received, SEK M 2009 2008 2009 2008 NCC Construction Sweden 5,107 7,337 8,874 13,936 NCC Construction Denmark 800 765 1,355 1,878 NCC Construction Finland 1,344 2,175 2,143 3,210 NCC Construction Norway 1,077 1,600 1,723 2,235 NCC Housing 519 2,082 1,236 3,653 NCC Roads 3,404 4,003 5,305 5,828 Other and eliminations -320 -554 -538 -1,339 Orders received 11,931 17,408 20,097 29,401 Proprietary orders Housing development 422 2,031 778 3,279 Property development 40 733 197 1,097 NCC AB 2009-08-19 10 10
Sales of housing units and housing starts Housing units sold Housing starts Number 1 600 1 400 1 200 1 000 800 600 400 200 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2005 2006 2007 2008 2004 NCC AB 2009-08-19 11
Housing starts Started during the period Number of Apr-Jun Apr-Jun Jan-Jun Jan-Jun housing 2009 2008 2009 2008 units Sweden 127 186 127 246 Denmark 0 16 0 22 Finland 304 500 38 38 Baltic 0 -64 0 -33 countries Norway 15 0 30 0 Germany 324 445 82 126 Total 262 766 321 1,180 Rental apartments sold to investors Apr-Jun 2009 Sollentuna, Sweden 142 Brandholmen, Nyköping Brandholmen, Nyköping NCC AB 2009-08-19 12
Completed housing for sale Number 900 800 700 600 500 400 300 200 100 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2004 2005 2006 2007 2008 NCC AB 2009-08-19 13
Reduced risk in ongoing housing projects 5,891 units 49% 2,982 units 68% Portion sold 51% 32% Portion unsold June 30, 2008 June 30, 2009 NCC AB 2009-08-19 14
Proprietary housing projects Completed but unsold Sold during the period at end of period Number of Apr-Jun Apr-Jun June 30, March 31, housing 2009 2008 2009 2009 units Sweden 519 282 71 109 Denmark 41 6 136 177 Finland 288 308 324 198 Baltic 48 20 161 127 countries Norway 21 5 1 10 Germany 363 49 156 53 Total 1,109 964 620 780 Eriksberg, Göteborg NCC AB 2009-08-19 15
NCC Construction Sweden Apr-Jun Jan-Jun SEK M 2008 2008 2009 2009 Orders received 7,337 13,936 5,107 8,874 Net sales 5,806 6,330 10,888 11,558 Operating profit 212 279 434 477 Operating margin 3.7% 4.4% 4.0% 4.1% E4 Enånger - Hudiksvall SEK M Earnings Operating margin % 1000 10 800 8 600 6 400 4 200 2 0 0 Jan-Dec Q1 Q2 Q3 Q4 Q1 Q2 2007 2008 2009 NCC AB 2009-08-19 16
NCC Construction Denmark Apr-Jun Jan-Jun SEK M 2009 2008 2009 2008 Orders received 765 1,878 800 1,355 Net sales 1,068 1,937 828 1,694 Operating profit 24 26 32 53 Operating margin 2.8% 2.4% 1.9% 2.8% Vallensbaek Company House, Danmark SEK M Earnings Operating margin % 50 5 40 4 30 3 20 2 10 1 0 0 -10 -1 -20 -2 -30 -3 Jan-Dec Q1 Q2 Q3 Q4 Q1 Q2 2007 2008 2009 NCC AB 2009-08-19 17
NCC Construction Finland Apr-Jun Jan-Jun SEK M 2009 2008 2009 2008 Orders received 2,175 3,210 1,344 2,143 Net sales 1,864 3,594 1,541 3,087 Operating profit 34 88 106 166 Operating margin 2.2% 4.7% 3.4% 4.6% Hyvinkaa, Finland SEK M Earnings Operating margin % 280 7 240 6 5 200 160 4 120 3 80 2 40 1 0 0 Jan-Dec Q1 Q2 Q3 Q4 Q1 Q2 2007 2008 2009 NCC AB 2009-08-19 18
NCC Construction Norway Apr-Jun Jan-Jun SEK M 2008 2008 2009 2009 Order received 1,600 2,235 1,077 1,723 Net sales 985 1,937 2,184 3,541 Operating profit 27 53 72 67 Operating margin 2.7% 2.7% 3.3% 1.9% Lysaker Torg, Norge SEK M Earnings Operating margin % 120 12 100 10 80 8 60 6 40 4 20 2 0 0 Jan-Dec Q1 Q2 Q3 Q4 Q1 Q2 2007 2008 2009 NCC AB 2009-08-19 19
NCC Housing Apr-Jun Jan-Jun SEK M 2009 2008 2009 2008 Orders received 519 2,082 1,236 3,653 Net sales 2,530 2,763 4,381 4,724 Operating profit/loss 3 109 -172 149 Operating margin 4.0% 3.1% 0.1% -3.9% Gäddeholm, Västerås SEK M Earnings Operating margin % 1200 30 800 20 400 10 0 0 -400 -10 -800 -20 -1200 -30 Jan-Dec Q1 Q2 Q3 Q4 Q1 Q2 2007 2008 2009 NCC AB 2009-08-19 20
NCC Property Development Apr-Jun Jan-Jun SEK M 2009 2008 2009 2008 Net sales 898 331 1,428 772 Operating profit 134 122 168 303 K2, Malmö NCC AB 2009-08-19 21
NCC Roads Apr-Jun Jan-Jun SEK M 2009 2008 2009 2008 Net sales 2,939 3,270 4,087 4,513 Operating profit/loss 367 305 -45 16 Operating margin 12.5% 9.3% -1.1% 0.4% Riksväg 40, Jönköping SEK M Earnings Operating margin % 500 50 250 25 0 0 -250 -25 -500 -50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2006 2007 2008 2009 Excl. NCC Roads Poland NCC AB 2009-08-19 22
Ann-Sofie Danielsson Chief Financial Officer
NCC Group Apr-Jun Apr-Jun Jan-Jun Jan-Jun 2008 2008 SEK M 2009 2009 Net sales 13,992 15,623 25,057 27,035 1,678 1,772 2,228 2,760 Gross income Selling and administrative costs -778 -813 -1,564 -1,631 5.6% 5.2% 6.2% 6.0% Cost ratio -42 10 -41 9 Other 858 968 623 1,138 Operating profit Financial items -129 -86 -247 -138 Profit after financial items 729 883 377 1,000 Tax on profit for the period -178 -208 -87 -234 Tax rate 24.5% 23.5% 23.2% 23.4% Profit for the period 551 675 289 765 NCC AB 2009-08-19 24
Operating profit/loss per business area Apr-Jun SEK M 2009 2008 Apr-jun Apr-jun Jan-jun Jan-jun MSEK 2009 2008 2009 2008 Internal gains and sales rate 129 -43 eliminations NCC Construction Sweden 212 279 434 477 Competition-impeding fee -50 0 NCC Construction Denmark 24 26 32 53 Head office and other -22 29 NCC Construction Finland 34 88 106 166 Other and eliminations 57 -14 NCC Construction Norway 27 53 72 67 NCC Housing 3 109 -172 149 NCC Property Development 134 122 168 303 NCC Roads 367 305 -45 16 Other and eliminations 57 -14 29 -93 Operating profit 858 968 623 1,138 Net financial items -129 -86 -247 -138 Profit after financial items 729 883 377 1,000 NCC AB 2009-08-19 25 25
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