Upload
others
View
50
Download
0
Embed Size (px)
Citation preview
August 16, 2013 NCC AB 1
Interim reportJanuary 1 – June 30, 2013
Peter WågströmPresident and CEO
Ann-Sofie Danielsson Chief Financial Officer
Isbjerget Housing Project, Aarhus
Q2 in brief
August 16, 2013 NCC AB
Orders received: SEK 17,798 M (15,453)
Net sales: SEK 13,535 M (13,733)
Order backlog: SEK 52,079 M (49,116)
Operating profit: SEK 526 M (512)
Cash flow before financing: negative SEK 1,402 M (neg. 2,179)
Jarlahuset, Stockholm, Sweden
2
First six months in brief
August 16, 2013 NCC AB
Orders received: SEK 29,474 M (27,176)
Net sales: SEK 23,620 M (24,392)
Operating profit: SEK 309 M (373)
Cash flow before financing: negative SEK 2,351 M (neg. 3,421)
Auditorium at the Karolinska Institute, Stockholm, Sweden
3
NCC Construction Norway
August 16, 2013 NCC AB
Background
Impairment losses for a number of projects in the other Buildings segment in the Oslo area totaled SEK 150 M
The single largest impairment pertained to a project that was part of the acquisition of the company OKK
Changes
Ongoing review of the organization
New senior executives
Ensured compliance with systems and processes
4
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
August 16, 2013 NCC AB 5
SEK M
… 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
August 16, 2013 NCC AB 6
SEK M
NCC’s Construction unitsMarket
August 16, 2013 NCC AB
Q2
Market weaker than 2012; improvement at the end of the quarter
2013
Improvement during the latter half of the year; full-year in line with 2012
• Strong construction market in Norway
• Other markets weaker, particularly in Finland
7
Strong level of orders received for construction operationsTotal SEK 12.5 billion (10.8)
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Sweden Denmark Finland Norway
Q2 2012 Q2 2013
August 16, 2013 NCC AB 8
SEK M
Sharp increase in housing segmentOrders received by NCC Construction units
0
1,000
2,000
3,000
4,000
5,000
6,000
Civil engineering Housing Other buildings
Q2 2012 Q2 2013
August 16, 2013 NCC AB 9
SEK M
Increased portion of major projects in orders receivedNCC’s Construction units
5% 5%
11%
13%
14%18%
34%
SEK <5 M
SEK 5-10 M
SEK 10-25 M
SEK 25-50 M
SEK 50-100 M
SEK 100-300 M
SEK >300 M
August 16, 2013 NCC AB 10
Total: SEK 12.5 billion
Major orders in construction operationsQ2 2013
August 16, 2013 NCC AB
Housing units and parking garage at Port of Copenhagen: SEK 379 M
Concreting works for new suspension bridge on E6 expressway in Narvik: SEK 739 M
Shopping center with for public transport hub in Matinkylä, Espoo, Helsinki: SEK 1,017 M
Maintenance plant at SL’s new subway depot in Norsborg, Stockholm: SEK 1,021 M
Parking garage, Copenhagen
11
Train depot for Greater Stockholm Public Transport Company Limited (SL)
August 16, 2013 NCC AB
Joint project
Order valued at SEK 1 billion
Construction start in June 2013, completion during autumn 2016
Subway workshop depot, underground washing facility, tracks, electricity, signal system and telecommunications at both ground and underground levels
Hästen 22, Stockholm
12
NCC RoadsMarket
August 16, 2013 NCC AB
Q2
Late start to the market due to the long winter
Increased volume late in the quarter
2013
Market outlook
• Asphalt on par with 2012
• Aggregates slightly lower than 2012
13
Aggregates lower volume...Volumes of aggregates sold, thousands of tons
August 16, 2013 NCC AB
8,3857,819
Q22012
Q22013
14
… and asphaltVolumes of asphalt sold, thousands of tons
August 16, 2013 NCC AB
2,0011,842
Q22012
Q22013
15
NCC HousingMarket
August 16, 2013 NCC AB
Q2
Best market conditions in Norway and St. Petersburg, Russia
Continued positive trend in Germany
Slow recovery in Denmark and Baltic countries
Some degree of caution in Sweden and Finland; purchase decisions made closer to completion
2013
Demand is expected to be stable, with essentially unchanged price levels
Öbacka Strand, Umeå
16
Strong housing sales...
2013 2012
415 327
114 42
366 316
78 49
284 235
42 58
393 284
1,692 1,311
399 284
2,091 1,595
2013 2012
233 161
64 27
180 162
38 19
169 191
16 28
229 127
929 715
319 141
1,248 856
August 16, 2013 NCC AB 1717
No. of housing units sold
Sweden
Denmark
Finland
Baltic countries
St. Petersburg, Russia
Norway
Germany
Total, private customers
Investor market
Total
Apr.–Jun. Jan.–Jun.
2013 2012
269 379
117 58
283 308
137 42
545 0
23 56
562 384
1,936 1,227
339 442
2,275 1,669
2013 2012
173 137
63 17
215 186
137 42
545 0
21 56
307 115
1,461 553
319 323
1,780 876
Apr.–Jun.
August 16, 2013 NCC AB 18
… enable more housing starts
18
No. of housing starts
Sweden
Denmark
Finland
Baltic countries
St. Petersburg, Russia
Norway
Germany
Total, private customers
Investor market
Total
Jan.–Jun.
Fewer completed, unsold housing units
August 16, 2013 NCC AB
Jun. 30, 2013
Dec. 31, 2012
79 77
42 40
98 152
31 75
8 11
5 16
29 22
292 393
34 0
326 393
19
No. of housing units
Sweden
Denmark
Finland
Baltic countries
St. Petersburg, Russia
Norway
Germany
Total, private customers
Investor market
TotalBockkranen, Gothenburg, Sweden
19
Well on the way to achieving target of 7,000 units under construction
August 16, 2013 NCC AB
No. of housing units
For private customers
For investors Total
Jun. 30,2013
Dec. 31, 2012
Jun. 30,2013
Dec. 31, 2012
Jun. 30, 2013
Dec. 31, 2012
Ongoing production 5,444 4,391 1,436 1,377 6,880 5,768
Sales rate, % 47 43 98 96 58 56
Completion rate, % 50 47 40 40 48 45
Glasblaeserhoefe Hamburg, Germany
20
August 16, 2013 NCC AB 21
A large number also scheduled for completion this year in Q4Estimated completion
0
200
400
600
800
1,000
1,200
1,400
1,600
Q32013
Q4 Q12014
Q2 Q3 Q 4 Later
Sweden
Norway
Denmark
Finland
Germany
Baltic countries
St. Petersburg
Sold portion
68 percent sales rate in projects scheduled for completion in the latter half of 2013
No. of housing units for private customers
Continuous market adaptation of housing portfolioHousing units in progress for private customersJune 30, 2013 (March 31, 2013)
August 16, 2013 NCC AB 22
Sweden 23% (27)
Denmark 4% (4)
Finland 15% (17)
Norway 4% (6)
Germany 17% (15)
St. Petersburg 33% (29)
Baltic countries 4% (2)
NCC Property DevelopmentMarket
August 16, 2013 NCC AB
Longer decision-making processes
Demand for modern and “green” properties in prime locations
Stable rents and vacancies
Ullevigatan, Gothenburg, Sweden
23
Successful leasingLeased floor space, m2
August 16, 2013 NCC AB
31,200
68,300
Jan.–Jun.2012
Jan.–Jun.2013
Lysaker Polaris, Oslo, Norway
24
TeliaSonera chooses NCC’s office solution
August 16, 2013 NCC AB
Conditional lease
50,000 m2 modern work environment in Kristineberg, Stockholm, Sweden
GreenBuilding property, will be certified in accordance with BREEAM
Construction work scheduled to commence at the beginning of 2014 and occupancy will take place in January 2017
Kristineberg, Stockholm, Sweden
25
NCC sells office and retail project in Torsplan, Stockholm, Sweden
August 16, 2013 NCC AB
Company divestment with an underlying property value of SEK 1,6 billion
Leasable area: approx. 30,000 m2
BREEAM certification level: Excellent
Leasing rate: 84 percent
Buyer: KLP Properties AB
Preliminary date of occupancy: end of the fourth quarter of 2013
Positive impact on earnings on both the date of occupancy and as tenants move in
Torsplan, Stockholm, Sweden
26
Q2 project starts
August 16, 2013 NCC AB
Office building in Ullevi, Gothenburg, Sweden
• Leasable area: 20,100 m2
• Leasing rate: 86 percent
Office project in Lysaker Polaris, Oslo, Norway
• Leasable area: 19,500 m2
• Leasing rate: 72 percent
Office/Retail project in Matinkylä, Espoo, Finland
• Leasable area: approx. 25,000 m2
• NCC’s share: 50 percent
• Leasing rate: 3 percent
Skånegatan, Gothenburg, Sweden
27
Well-balanced portfolio24 (22) ongoing or completed projects not recognized in profitJune 30, 2013 (March 31, 2013)
August 16, 2013 NCC AB 28
Norway, 3 (2) projects
Leasable area: 43,400 m2
Finland, 8 (7) projects
Leasable area: 79,900 m2Denmark, 8 (8) projects
Leasable area: 38,100 m2
Sweden, 5 (5) projects
Leasable area: 76,000 m2
Ann-Sofie Danielsson Chief Financial Officer
August 16, 2013 NCC AB 29
Ulsmåg skole, Bergen, Norway
Q2 in brief
August 16, 2013 NCC AB
Strong orders received – high order backlog
Operating profit: SEK 526 M (512)
Improved cash flow from operating activities
Elite Plaza Hotel, Örnsköldsvik, Sweden
30
Income statement
SEK MApr.–Jun.
2013Apr.–Jun.
2012Jul. 2012–Jun. 2013
Jan.–Dec.2012
Net sales 13,535 13,733 56,454 57,227
Gross profit 1,361 1,286 5,540 5,495
Selling and administrative expenses -836 -774 -3,096 -2,988
Cost ratio
Other6.2%
0 5.6%
05.5%
95.2%
12
Operating profit 526 512 2,454 2,519
Financial items -69 -61 -274 -241
Profit after financial items 457 451 2,179 2,277
Tax on profit for the period -93 -107 -337 -367
Tax rate 20.4% 23.7% 15.5% 16.1%
Profit for the period 365 343 1,841 1,910
August 16, 2013 NCC AB 31
NCC Construction Sweden
01234567
0100200300400500600700
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2
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
SEK M Orders received Net sales
August 16, 2013 NCC AB
Skandion, Uppsala, Sweden
32
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
0
400
800
1,200
1,600
2,000
2,400
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2
Nordhavnen, Copenhagen, Denmark
August 16, 2013 NCC AB
SEK M %Profit Operating margin
SEK M Orders received Net sales
33
NCC Construction Finland
August 16, 2013 NCC AB
-2
0
2
4
6
-20
0
20
40
60
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2
0
400
800
1,200
1,600
2,000
2,400
2,800
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2
Mattby köpcenter, Esbo, Finland
SEK M %Profit/loss Operating margin
SEK M Orders received Net sales
34
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
0400800
1,2001,6002,0002,4002,8003,200
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2
Ringeriksbadet, Hole, Norway
August 16, 2013 NCC AB
SEK M %Profit/loss Operating margin
SEK M Orders received Net sales
35
NCC Roads
-60
-40
-20
0
20
40
60
-600
-400
-200
0
200
400
600
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2
August 16, 2013 NCC AB
SEK M %Profit/loss Operating margin
SEK M Net sales
0
600
1,200
1,800
2,400
3,000
3,600
4,200
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2
36
NCC Housing
-404812162024
-100
0
100
200
300
400
500
600
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2
Öland, St. Petersburg, Russia
August 16, 2013 NCC AB
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
37
Housing units recognized in profit
38
No. of housing unitsApr.–Jun.
2013Apr.–Jun.
2012
Sweden 145 121
Denmark 13 29
Finland 176 211
Baltic countries 41 38
St. Petersburg, Russia 18 6
Norway 62 58
Germany 89 116
Total, private customers 544 579
Investor market 243 141
Total 787 720
August 16, 2013 NCC AB
Västra Hamnen, Malmö, Sweden
38
NCC Property Development
August 16, 2013 NCC AB
-50
0
50
100
150
200
250
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2
0
500
1,000
1,500
Q12010
Q2 Q3 Q4 Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2
Tornby, Linköping, Sweden
SEK M Operating profit/loss
SEK M Net sales
39
Operating profit/loss per business area
SEK MApr.–Jun.
2013Apr.–Jun.
2012Jan.–Dec.
2012
NCC Construction Sweden 145 134 801
NCC Construction Denmark 47 46 189
NCC Construction Finland 25 13 101
NCC Construction Norway -115 17 74
NCC Roads 230 249 417
NCC Housing 45 104 835
NCC Property Development 152 -4 295
Other and eliminations -5 -45 -192
Operating profit 526 512 2,519
August 16, 2013 NCC AB 40
SEK BNJun. 30,
2013Dec. 31,
2012Goodwill 1.8 1.8
Property projects 6.2 5.3
Housing projects 13.0 11.7
Accounts receivable and receivables from property sales 8.2 8.2
Other assets 10.3 10.7
Total assets 39.5 37.7
Balance sheet
August 16, 2013 NCC AB
Gigantium, Aalborg, Denmark
SEK BNJun. 30,
2013Dec. 31,
2012
Development properties 5.2 5.4
Development costs 1.3 1.3
Ongoing housing projects 5.7 4.2
Completed housing units 0.8 0.8
Total housing projects 13.0 11.7
41
Cash flow
August 16, 2013 NCC AB
SEK MApr.–Jun.
2013Apr.–Jun.
2012Jul. 2012–Jun. 2013
Jan.–Dec.2012
From operating activities -54 451 2,277 2,458From property projects -593 -374 -1,499 -928From housing projects -637 -776 -1,445 -2,046Other working capital 95 -1,229 1,719 489Investing activities -211 -251 -916 -906Cash flow before financing -1,402 -2,179 138 -932
Damsundsbrua, Norway
42
Net indebtedness
Net indebtedness excl. tenant owners associations and housing companies, SEK M
2009 2010
-0.2
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
-1,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q22011
August 16, 2013 NCC AB 43
2012 2013
Net indebtedness, tenant owners associations and housing companies, SEK M
Debt/equity ratio
August 16, 2013 NCC AB 44
Ullevigatan, Gothenburg, SwedenSkansen, Stockholm, SwedenUllevigatan, Gothenburg, Sweden
Summary of Q2
August 16, 2013 NCC AB
Signs of improvement in the market
Strong level of orders received
High order backlog
Earnings on par with year-earlier period
Impairment losses for projects in Norway
Favorable sales of housing units
Healthy earnings and high leasing rates for NCC Property Development
Amager Bakke, Copenhagen, Denmark
45
Contact information
IR Manager Johan Bergman
tel. +46 (0)8-585 523 53, +46 (0)70-354 80 35
Chief Financial Officer Ann-Sofie Danielsson
tel. +46 (0)8-585 517 17, +46 (0)70-674 07 20
August 16, 2013 NCC AB 47