Year-end report January 1 – December 31, 2015 Peter Wågström President and CEO NCC Ann-Sofie Danielsson Skånegatan, Gothenburg 1 2016-01-28 NCC AB
Q4 2015 in brief Orders received Order backlog SEK 20.4 BN (18.5) SEK 56.6 BN (54.8) Net sales Profit after financial items SEK 22.4 BN (18.8) SEK 1,562 M (1,017) Linköping, Universitetssjukhus 2 2016-01-28 NCC AB
2015 in brief Orders received Order backlog SEK 62.5 BN (61.4) SEK 56.6 BN (54.8) Net sales Profit after financial items SEK 62.5 BN (56.9) SEK 2,656 M (2,234) Refurbishment, Postgården, Copenhagen 3 2016-01-28 NCC AB
Financial objectives Outcome 2015 Return on shareholders’ 20% 26% equity after tax Indebtedness 1.5 times 0.5 times – net debt restriction equity 4 2016-01-28 NCC AB
Dividend proposal • Distribute NCC Housing in accordance with the rules of Lex ASEA • Cash dividend of SEK 3.00 per share for 2015, record date November 7 Friedenstrasse, Leonberg 5 2016-01-28 NCC AB
Trends in Nordic construction market Sweden • Strong market in general in all segments Norway • Strong market in infrastructure Denmark • Growth in Copenhagen and Aarhus – residential and other buildings, energy renovation Finland • Challenging market Cirkus, Skandiascenen, Stockholm 6 2016-01-28 NCC AB
Order backlog increased in Q4 NCC Construction SEK BN 50 Orders received, quarter Order backlog Orders received R12 Net sales, R12 45 40 35 30 25 20 15 10 5 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2011 2012 2013 2014 2015 7 2016-01-28 NCC AB
Stable mix in the portfolio NCC Construction Project size, order backlog Project size, orders received Total SEK 12.9 BN Total SEK 36.3 BN SEK M 100% <5 5-10 5% SEK < 5 M 10-25 90% 5% Q4 2015 25-50 6% 80% Q4 2014 SEK 5-10 M 4% 50-100 70% 8% SEK 10-25 M 9% 60% 9% SEK 25-50 M 50% 100-300 10% 40% 16% SEK 50-100 M 13% 30% 22% SEK 100-300 M 20% 25% >300 10% 34% SEK > 300 M 34% 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2014 2015 8 2016-01-28 NCC AB
Geographical distribution Orders received, NCC Construction SEK M Q4 2014 Q4 2015 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Sweden Denmark Finland Norway 9 2016-01-28 NCC AB
Good order intake in other buildings Orders received, NCC Construction SEK M Q4 2014 Q4 2015 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Civil engineering Residential Other buildings 10 2016-01-28 NCC AB
A selection of construction projects in Q4 Refurbishment of 493 town houses in Albertslund, Denmark Children’s hospital, Göteborg SEK 610 M SEK 1 BN Development and upgrading of Alcoa quay, Mosjøen, Norway School, research, and hospital building in Turku University, Finland SEK 200 M SEK 560 M 11 2016-01-28 NCC AB
Passive house – Kiruna 12 2016-01-28 NCC AB
Passive house – Kiruna 13 2016-01-28 NCC AB
Trends in stone material, asphalt and road service The Nordic market Stone material • Favorable demand ‒ Growing construction market ‒ Strong in Stockholm and Gothenburg Asphalt • Favorable demand ‒ Weather Road service • Stable demand ‒ Intense competition Rydbokrossen 14 2016-01-28 NCC AB
Slightly lower volume of stone material Volumes of stone material sold, thousands of tons 28,272 27,506 Q4 Q4 7,650 7,285 2014 2015 Ohkola quarry, Finland 15 2016-01-28 NCC AB
Stable asphalt volumes Volumes of asphalt sold, thousands of tons 6,216 6,139 Q4 Q4 1,585 1,572 2014 2015 16 2016-01-28 NCC AB
Trends in residential markets Private customers • Favorable market in general ‒ Prices in Sweden are flattening ‒ Strong German market ‒ Finland – challenging but good demand for small appartments Investor markets • Strong demand for investor packages in Germany, Sweden and Finland Folkboende, Munkedal 17 2016-01-28 NCC AB
Higher sales to investors No. of housing units sold 2,299 2,253 Investor packages St. Petersburg Baltic Countries Germany Finland Denmark Norway Sweden Q4 Q4 2014 2015 Gartenstrasse, Berlin 18 2016-01-28 NCC AB
8,778 units in production For private customers For investors Total Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2014 2014 2014 Number of housing units 2015 2015 2015 Ongoing production 5,952 1,735 7,687 6,432 2,346 8,778 Sales rate, % 58 100 67 60 94 69 Sales including bookings, % 70 100 77 66 94 73 Completion rate, % 45 65 50 46 69 52 Design Quattro, Ytterby 19 2016-01-28 NCC AB
Main starts in three countries No. of housing starts 2,849 2,040 Investor packages St. Petersburg Baltic Countries Germany Finland Denmark Norway Sweden Q4 Q4 2014 2015 Design Duo, Tyra, Örebro 20 2016-01-28 NCC AB
Some of the started housing projects in Q4 Kotisiilo, Järvänpää, Finland Gröndal Strand, Stockholm, Sweden 49 units 93 units Lapsu, Riga, Latvia Sebastianstrasse, Köln-Niehl, Germany 46 units 34 units 21 2016-01-28 NCC AB
Strong ending of 2016 Estimated completion No. of housing units Investor packages 2,600 2,400 Sweden 2,200 Norway 2,000 Denmark 1,800 Finland 1,600 1,400 Germany 1,200 Baltic countries 1,000 St. Petersburg 800 Portion sold 600 273 sold and 400 completed 200 housing units, to be recognized 0 Q1 Q2 Q3 Q4 Q1 Q2 2017 Later 2016 2017 22 2016-01-28 NCC AB
Higher number of units Estimated units to complete 2016 4,704 4,261 Investor packages St. Petersburg Baltic Countries Germany Finland Denmark Norway Sweden Q4 2014 Q4 2015 Est. completion 2015 Est. completion 2016 Treseburger-Strasse, Berlin 23 2016-01-28 NCC AB
Housing portfolio Housing for private customers, ongoing production Dec. 31, 2015 (Dec. 31, 2014) Number of housing units Estimated value Sweden 34% (29) Sweden 48% (41) Finland 11% (8) Finland 8% (7) St. Petersburg St. Petersburg 5% (11) 22% (36) Baltic Countries 4% (2) Baltic Countries 1% (1) Germany 22% (17) Germany 26% (20) Denmark 5% (4) Denmark 8% (12) Norway 2% (4) Norway 4% (8) 24 2016-01-28 NCC AB
Trends in Nordic property market Investor market • High interest in the Nordic market • Finland ‒ Cautious investors Rental market • Strong demand in Sweden • Stable in Denmark • Increased vacancies in Norway • Weak demand in Finland Portland Towers, Copenhagen 25 2016-01-28 NCC AB
Office projects sold in Q4 Torsplan 2, office property in Hagastaden, Stockholm • Company transaction at a value of approx. SEK 1.6 BN • Total leasable floor space approx. 23,000 sqm. • Positive impact on earnings in the first quarter of 2017 Office property in Hyllie in Malmö, Sweden • Underlying property value approx. SEK 320 M • Total leasable space 7,300 sqm. • Positive impact on earnings in the second quarter of 2016 Torsplan 2, Stockholm 26 2016-01-28 NCC AB
Project starts in Q4 Project Type Location Lettable area, sqm Letting ratio Tornby 2 Retail Linköping, Sweden 9,500 48% Önskebrunnen Logistics Upplands-Bro, Sweden 13,800 0% Zenit 2 Office Aarhus, Denmark 3,600 0% Önskebrunnen, Upplands-Bro 27 2016-01-28 NCC AB
Good lease in the quarter – 16,300 sqm Leased floor space, sqm Leasable area beginning of quarter 300,000 Leased in quarter 250,000 Previous leased area 200,000 150,000 100,000 50,000 0 2012 Q2 Q3 Q4 2013 Q2 Q3 Q4 2014 Q2 Q3 Q4 2015 Q2 Q3 Q4 Q1 Q1 Q1 Q1 28 2016-01-28 NCC AB
Property portfolio Leasable space, sqm, in ongoing or completed projects not recognized in profit 300,000 25 24 250,000 22 17 200,000 17 16 15 17 16 14 14 14 No. of projects 150,000 100,000 Sweden 50,000 Norway Denmark Finland 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2014 2015 29 2016-01-28 NCC AB
Ann-Sofie Danielsson Folkboende, Munkedal 30 2016-01-28 NCC AB
Q4 2015 in brief • Best Q4 ever • Best EBIT ever • Very strong cash flow Operating profit, SEK M 1,650 1,547 1,332 1,140 1,101 2011 2012 2013 2014 2015 Q4 Q4 Q4 Q4 Q4 Folkboende Vapelhöjden 31 2016-01-28 NCC AB
Income statement Oct.-Dec. Oct.-Dec. Jan.-Dec. Jan.-Dec. SEK M 2015 2014 2015 2014 Net sales 22,412 18,760 62,495 56,867 Gross profit 2,759 1,999 6,486 5,691 Selling and administrative expenses -1,052 -923 -3,405 -3,117 Cost ratio 4.6% 4.9% 5.4% 5.5% Other -57 24 -42 31 Operating profit 1,650 1,101 3,039 2,604 Financial items -89 -84 -383 -370 Profit after financial items 1,562 1,017 2,656 2,234 Tax -320 -140 -536 -396 Tax rate 20.5% 13.8% 20.2% 17.7% Profit for the period 1,241 878 2,120 1,838 32 2016-01-28 NCC AB
Operating profit/loss per business area Oct.-Dec. Oct.-Dec. Jan.-Dec. Jan.-Dec. SEK M 2015 2014 2015 2014 279 263 743 640 NCC Construction Sweden NCC Construction Denmark 104 99 321 281 NCC Construction Finland 62 28 159 111 NCC Construction Norway 24 44 -41 146 NCC Roads 126 186 349 459 NCC Housing 998 493 1,368 949 NCC Property Development 201 43 423 169 Other and eliminations -144 -55 -282 -151 Operating profit 1,650 1,101 3,039 2,604 33 2016-01-28 NCC AB
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