ncc q3 2015 v9 › siteassets › ir › interim-reports › interim-report… · q3 2015 in brief...
TRANSCRIPT
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2015-11-06 NCC AB 1
Peter WågströmPresident and CEOAnn-Sofie Danielsson Chief Financial Officer
Interim reportJanuary 1 - September 30, 2015
Royal College of Music, Stockholm
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Q3 2015 in brief
2015-11-06 NCC AB 2
Orders receivedSEK 13.0 BN (12.4)
Order backlogSEK 57.1 BN (54.6)
Lysaker Polaris, Oslo
Net salesSEK 14.7 BN (14.8)
Profit after financial itemsSEK 808 M (881)
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January - September 2015 in brief
2015-11-06 NCC AB 3
Orders receivedSEK 42.1 BN (42.9)
Net salesSEK 40.1 BN (38.1)
Order backlogSEK 57.1 BN (54.8, Dec. 31 2014)
Profit after financial itemsSEK 1,094 M (1,217)
Dome of Visions, Stockholm
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Spin-off of NCC Housing
2015-11-06 NCC AB 4
The investigation completedBeneficial to both the shareholders and the companyThe board has decided to begin preparing for a distributionMore information Capital Markets Day November 26
Design Duo, Knivsta
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Trends in Nordic construction market
2015-11-06 NCC AB 5
SwedenFavorable trend in all segments
NorwayFavorable trend in infrastructure
DenmarkGrowth in Copenhagen and Aarhus – residential and other buildings, energy renovation
FinlandChallenging market
Cirkus, Skandiascenen, Stockholm
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2015-11-06 NCC AB 6
Order backlog on a good levelNCC Construction
0
5
10
15
20
25
30
35
40
45
50
Q12011
Q2 Q3 Q4 Q12012
Q2 Q3 Q4 Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3
Orders received, quarter Order backlog Orders received R12 Net sales, R12SEK BN
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Increased share of medium sized projectsNCC Construction
22%
26%
16%
12%
10%
6%
8%
20%
29%
15%
15%
9%
7%
5%
SEK > 300 M
SEK 100-300 M
SEK 50-100 M
SEK 25-50 M
SEK 10-25 M
SEK 5-10 M
SEK < 5 M
Q12014
Q2 Q3 Q4 Q12015
Q2 Q30%
10%20%30%40%50%60%70%80%90%
100%
Project size, orders receivedTotal SEK 7.7 BN
Project size, order backlogTotal SEK 35.8 BN
2015-11-06 NCC AB 7
Q3 2014Q3 2015
<5 5-10 10-25 25-50
50-100
100-300
>300
SEK M
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2015-11-06 NCC AB 8
Geographical distributionOrders received, NCC Construction
0
1,000
2,000
3,000
4,000
5,000
6,000
Sweden Denmark Finland Norway
Q3 2014 Q3 2015SEK M
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Strategic partnering agreementsigned in Q3
2015-11-06 NCC AB 9
Tollare, Nacka
14 schools, preschools and sport halls, the Municipality of Nacka, ≈ SEK 2 billion during a 6 year period
To be registered project by project
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2015-11-06 NCC AB 10
Good order intake in other buildings Orders received, NCC Construction
0
1,000
2,000
3,000
Civil engineering Residential Other buildings
Q3 2014 Q3 2015SEK M
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2015-11-06 NCC AB 11
A selection of construction projects in Q3Residential, Luleå Archipelago, Sweden SEK 169 M
Construction and maintenance of schools, life cycle contract, Mäntsäla, Finland, SEK 280 M (SEK 620 M)
Frame construction agreement for a laboratory building, Aarhus University, Denmark SEK 90 M
Bardufoss school building, Troms, NorwaySEK 270 M
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2015-11-06 NCC AB 12
Folkboende
Folkboende, Munkedal
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Trends in stone material, asphalt and road serviceThe Nordic market
2015-11-06 NCC AB 13
Stone materialFavorable demand
AsphaltFavorable demand
Road serviceStable demand
Arlanda Quarry, Stockholm
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Slightly lower volume of stone materialVolumes of stone material sold, thousands of tons
2015-11-06 NCC AB 14
7,712 7,373
Q32014
Q32015
Arlanda Quarry, Stockholm
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…and asphalt volumesVolumes of asphalt sold, thousands of tons
2015-11-06 NCC AB 15
2,5812,451
Q32014
Q32015
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Trends in residential markets
2015-11-06 NCC AB 16
Private customersFavorable market in Sweden and GermanyStable demand in St. PetersburgChallenging market in FinlandLocal variation in NorwayGood demand in Copenhagen
Investor marketsStrong demand for investor packages in Germany, Sweden and Finland
Folkboende, Munkedal
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266 506
Q32014
Q32015
DenmarkNorway
Higher sales to investorsNo. of housing units sold
2015-11-06 NCC AB 17
1,4021,272
Investor packages
St. PetersburgBaltic Countries
Germany
Finland
Sweden
KTH, Student housing, Stockholm
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Over 9,000 units in production
2015-11-06 NCC AB 18
Design Quattro, Ytterby
Number of housing units
For private customers For investors Total
Sep. 30,2015
Sep. 30, 2014
Sep. 30,2015
Sep. 30,2014
Sep. 30, 2015
Sep. 30, 2014
Ongoing production 6,920 6,425 2,151 1,525 9,071 7,950
Sales rate, % 71 58 94 100 76 66
Sales including bookings, % 77 67 94 100 81 73
Completion rate, % 56 53 72 63 60 55
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266506
Q32014
Q32015
1,389
1,150
Increased starts to investorsNo. of housing starts
2015-11-06 NCC AB 19
Folkboende, Munkedal
Investor packagesSt. PetersburgBaltic CountriesGermanyFinlandDenmarkNorwaySweden
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2015-11-06 NCC AB 20
Some of the started housing projects in Q3
Am Campus, Berlin, Germany28 units
Omenatorni, Espoo, Finland79 units
Lindealléen, Copenhagen, Denmark19 units
Stora Vasstrået, Täby, Sweden63 units
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2015-11-06 NCC AB 21
Record number of units to be completed in Q4Estimated completion
0
300
600
900
1,200
1,500
1,800
2,100
2,400
2,700
3,000
Q42015
Q12016
Q2 Q3 Q4 Q12017
Later
Investor packagesSwedenNorwayDenmarkFinlandGermanyBaltic countriesSt. PetersburgPortion sold
No. of housing units
62 sold and completed housing units, to be recognized
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Q3 2014Est. completion 2015
Q3 2015Est. completion 2016
Better geographical distribution in units to complete 2016Estimated completions
2015-11-06 NCC AB 22
3,693
4,323
Bertta, Finland
Investor packages
St. Petersburg
Baltic CountriesGermany
FinlandDenmarkNorway
Sweden
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2015-11-06 NCC AB 23
Housing portfolio Housing for private customers, ongoing productionSep. 30, 2015 (Dec. 31 2014)
46% (41)
7% (7)
9% (11)
1% (1)
22% (20)
12% (12)
4% (8)
Sweden
Finland
St. Petersburg
Baltic Countries
Germany
Denmark
Norway
Number of housing units Estimated value
31% (29)
7% (8)
34% (36)
3% (2)
18% (17)
5% (4)
2% (4)
Sweden
Finland
St. Petersburg
Baltic Countries
Germany
Denmark
Norway
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Trends in Nordic property market
2015-11-06 NCC AB 24
Investor marketHigh interest in the Nordic marketFinland • Cautious investors
Rental marketStrong demand in SwedenStable in DenmarkWeakening in NorwayWeak demand in Finland
Lysaker Polaris, Oslo
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Office project Lysaker Polaris in Oslo profit recognized in Q3
2015-11-06 NCC AB 25
Sold to Storebrand Eiendom ASUnderlying property value of SEK 820 M
Lysaker Polaris, Oslo
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2015-11-06 NCC AB 26
0
50,000
100,000
150,000
200,000
250,000
300,000
2012Q1
Q2 Q3 Q4 2013Q1
Q2 Q3 Q4 2014Q1
Q2 Q3 Q4 2015Q1
Q2 Q3
Leasable area beginning of quarter
Leased in quarter
Previous leased area
Good lease in the quarter – 22,100 sqmLeased floor space, sqm
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2015-11-06 NCC AB 27
Property portfolio – starts in focusLeasable space, sqm, in ongoing or completed projects not recognized in profit
0
50,000
100,000
150,000
200,000
250,000
300,000
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3
Sweden
NorwayDenmarkFinland
14 No. of projects
22
25
17
24
1617
1716
1514
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2015-11-06 NCC AB 28
Ann-Sofie Danielsson Chief Financial Officer
Lyaker Polaris, Oslo
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612
814 823989
900
2011Q3
2012Q3
2013Q3
2014Q3
2015Q3
Q3 2015 in brief
2015-11-06 NCC AB 29
Norway drawing down the resultOrders received on a good levelImproved cash flow
Operating profit, SEK M
Västergård Arena, Södertälje.
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2015-11-06 NCC AB 30
Income statement
SEK MJul.-Sep.
2015Jul.-Sep.
2014Oct. 14-Sep. 15
Jan.-Dec.2014
Net sales 14,724 14,796 58,844 56,867
Gross profit 1,588 1,637 5,727 5,691Selling and administrative expenses -700 -653 -3,276 -3,117Cost ratioOther
4.8%13
4.4%4
5.6%39
5.5%31
Operating profit 900 989 2,490 2,604Financial items -93 -108 -378 -370
Profit after financial items 808 881 2,111 2,234Tax -161 -184 -355 -396Tax rate 19.9% 20.9% 16.8% 17.7%Profit for the period 647 696 1,756 1,838
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SEK MJul.-Sep.
2015Jul-Sep.
2014Oct. 14-Sep. 15
Jan.-Dec.2014
NCC Construction Sweden 214 182 727 640NCC Construction Denmark 76 67 315 281NCC Construction Finland 55 27 124 111NCC Construction Norway -105 75 -21 146NCC Roads 363 407 409 459NCC Housing 183 243 864 949NCC Property Development 141 36 265 169Other and eliminations -27 -49 -193 -151Operating profit 900 989 2,490 2,604
2015-11-06 NCC AB 31
Operating profit/loss per business area
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0
1
2
3
4
5
0
100
200
300
400
500
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3
02,0004,0006,0008,000
10,00012,00014,00016,000
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3
2015-11-06 NCC AB 32
NCC Construction
SEK M %Operating profit Operating margin
SEK M Orders received Net sales
• Good result in Sweden, Denmark and Finland
• Write downs in Norway
• Net sales SEK 9,150 M (9,115)
• Lower operating profitSEK 240 M (351)
• Operating margin2.6% (3.8%)
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0600
1,2001,8002,4003,0003,6004,2004,800
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3
NCC Roads
2015-11-06 NCC AB 33
-60
-40
-20
0
20
40
60
-600
-400
-200
0
200
400
600
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3
SEK M Operating profit/loss Operating margin
SEK M Net sales
%
Viasafe
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0
1,000
2,000
3,000
4,000
5,000
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3
Net sales
NCC Housing
2015-11-06 NCC AB 34
0
3
6
9
12
15
18
0
100
200
300
400
500
600
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3Signalfabriken, Sundbyberg
SEK M
SEK M Operating profit Operating margin %
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2015-11-06 NCC AB 35
Number of housing units Jul.-Sep.2015
Jul.-Sep.2014
Sweden 175 135
Denmark 7 41
Finland 175 114
Baltic countries 21 5
St. Petersburg 36 46
Norway 15 30
Germany 160 176
Total, private customers 589 547
Investor packages 453 507
Total 1,042 1,054Design Quattro, Ytterby
Profit recognized units on the same level
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NCC Property Development
2015-11-06 NCC AB 36
0
100
200
300
400
500
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3
0500
1,0001,5002,0002,5003,0003,500
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3
Portland Towers, Copenhagen
Net salesSEK M
SEK M Operating profit/loss
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Balance sheetSEK BN
2015-11-06 NCC AB 37
10.5 12.2
8.4 7.6
14.8 14.6
5.5 4.91.9 1.8
Sep. 302014
Sep. 302015
Goodwill
Property projects
Housing projects
Accounts receivable andreceivable from property salesOther assets
41.1 40.9
Hammarbydepån, Stockholm
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Cash flow
SEK MJul.-Sep.
2015Jul.-Sep.
2014Oct.14-Sep.15
Jan.-Dec.2014
From operating activities 890 963 2,660 2,273From property projects 535 -335 670 145From housing projects -685 -498 -652 -761Other working capital 417 -578 430 -313Investing activities -154 -180 -755 -771Cash flow before financing 1,004 -627 2,353 574
2015-11-06 NCC AB 38Mimer, Stockholm
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2015-11-06 NCC AB 39
Net indebtedness
Net indebtedness excl. tenant housing and housing associations, SEK M
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Q12013
Q2 Q3 Q4 Q12014
Q2 Q3 Q4 Q12015
Q2 Q3
Net indebtedness, incl. tenant housing and housing associations, SEK M
Debt/equity ratio, timesPension liability, IAS 19, SEK M
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2015-11-06 NCC AB 40Strängnäs-Härad railway
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Summary Q3 2015
2015-11-06 NCC AB 41
Favorable construction result in Sweden, Denmark and FinlandNegative result in Construction NorwayOrders received on a good levelOrder backlog on high levelStrong Cash flowGood foundation for a strong Q4
Rotebro bridge, Stockholm
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2015-11-06 NCC AB 43
Contact information
IR Manager Johan BergmanTel: +46 (0)8-585 523 53, +46 (0)70-354 80 [email protected]
Chief Financial Officer Ann-Sofie DanielssonTel: +46 (0)8-585 517 17, +46 (0)70-674 07 [email protected]