Interim report January 1 September 30, 2014

Transcription

1 Interim report January 1 September 30, Peter Wågström President and CEO Ann-Sofie Danielsson Chief Financial Officer Triangeln, Sweden NCC AB 1

2 Q3 in brief Orders received SEK 12,383 M (12,160) Order backlog SEK 54,609 M (51,065 ) Net sales SEK 14,796 M (13,129) Profit after financial items SEK 881 M (748) P303 Hageby Backe, Huddinge NCC AB 2

3 January-September in brief Orders received SEK 42,910 M (42,617 ) Order backlog SEK 54,609 M (51,065) Net sales SEK 38,106 M (36,749 ) Profit after financial items SEK 1,217 M (929 ) Folkboende, Holmen, Eskilstuna NCC AB 3

4 Trends in Nordic construction market Sweden Growth in residential Norway Favorable trend in infrastructure Denmark Growth in Copenhagen and Aarhus residential and other buildings Finland Challenging market Outlook 2015 Nordic market growth stronger in Sweden and Norway, challenging in Finland NCC AB 4

5 Positive trend orders received NCC s Construction units SEK BN 45 Orders received, quarter Order backlog Orders received R Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q NCC AB 5

6 Favorable orders received in Sweden and Denmark Orders received, NCC Construction units SEK M 6,000 Q3 Q3 5,000 4,000 3,000 2,000 1,000 0 Sweden Denmark Finland Norway NCC AB 6

7 Increased orders in residential Orders received, NCC Construction units SEK M 4,000 Q3 Q3 3,000 2,000 1,000 0 Civil engineering Residential Other buildings NCC AB 7

8 Increased share of mid-sized projects NCC s Construction units, Q3 Project size, orders received Total SEK 8.3 BN Project size, order backlog Total SEK 36.5 BN SEK > 300 M 22% SEK > 300 M 29% SEK M 26% SEK M 35% SEK M 16% SEK M 16% SEK M 12% SEK M 8% SEK M 10% SEK M 6% SEK 5-10 M 6% SEK 5-10 M 2% SEK < 5 M 8% SEK < 5 M 4% NCC AB 8

9 A selection of construction projects in Q3 Frederiks Plads, Aarhus, Denmark, 150 apartments, SEK 283 million Refurbishment of fire station to offices, Trondheim, Norway, SEK 137 million Ystad arena, Sweden, SEK 205 million Puijonlaakso, Kuopio, Finland, 153 rental apartments, SEK 120 million NCC AB 9

10 Royal College of Music, Stockholm NCC AB 10

11 Trends in stone material, asphalt and road service The Nordic market Stone material and asphalt Fewer infrastructure projects Slightly lower volumes in Q3 Road service Stable demand Outlook 2015 Higher demand for stone material Potential for growth in asphalt Vestfynske Motorvej, Danmark NCC AB 11

12 Lower volume of stone material in Q3 Volumes of stone material sold, thousands of tons 20,108 8,218 20,621 7,712 Q3 Jan.-Sep. Jan.-Sep. Ohkola, Finland NCC AB 12

13 and lower asphalt volumes Volumes of asphalt sold, thousands of tons 4,647 4,644 Q3 2,728 2,581 Jan.-Sep. Jan.-Sep. Vestfynske Motorvej, Danmark NCC AB 13

14 NCC Spuma Environmentally friendly weed control gets the highest rating of SundaHus NCC AB 14

15 Trends in residential markets Private customers Favorable market in Sweden, Germany and St. Petersburg Challenging market in Finland Investor markets Increased demand for investor packages in Germany and Finland Outlook 2015 Good demand especially in Sweden and Germany Weak demand in Finland Greta-Garbo-Straße, Berlin-Pankow NCC AB 15

16 Higher sales to private customers No. of housing units sold 1,392 1, Investor packages Q3 Q3 St. Petersburg Baltic Countries Germany Finland Denmark Norway Sweden Slottsträdgården, Helsingin Malmi, Västerås Finland NCC AB 16

17 and more starts to private customers No. of housing starts 1, , Investor packages St. Petersburg Baltic Countries Germany Finland Denmark Norway Sweden Q3 Q3 Kerbelweg, Hamburg NCC AB 17

18 Some of the started housing projects in Q3 Bisketti, Lauttasaari, Helsinki, Finland 44 units Tollare Torg, Nacka, Sweden 82 units Sulzbach, Frankfurt, Germany 47 units Byhuse I, Havnevigen, Copenhagen, Denmark 38 units NCC AB 18

19 Same trend as previous years Estimated completion No. of housing units 2, sold housing units, not recognized in Q3 profit 1,800 1,600 1,400 1,200 1, Investor packages Sweden Norway Denmark Finland Germany Baltic countries St. Petersburg Portion sold 0 Q4 Q Q2 Q3 Q4 Q Later NCC AB 19

20 More housing units to complete 2015 Estimated completions 4,323 3,414 Investor packages St. Petersburg Baltic Countries Germany Finland Denmark Norway Sweden Q3 Est. completion Q3 Est. completion 2015 P303, Hageby Backs, Huddinge NCC AB 20

21 More housing units in ongoing production Number of housing units For private customers For investors Total Sep. 30, Dec. 31, Sep. 30, Dec. 31, Sep. 30, Dec. 31, Ongoing production 6,425 4,831 1,525 1,552 7,950 6,383 Sales rate, % Completion rate, % Nya Kortedala, Göteborg NCC AB 21

22 Housing portfolio Housing for private customers, ongoing production September 30, Number of housing units Estimated value Sweden 23% Sweden 33% Finland 13% Finland 11% St. Petersburg 37% St. Petersburg 14% Baltic Countries 4% Baltic Countries 1% Germany 17% Germany 24% Denmark 5% Denmark 13% Norway 1% Norway 4% NCC AB 22

23 Trends in Nordic property market Investor market Increasing interest in the Nordic market Finland Cautious investors Rental market Good demand in Sweden Stable in Copenhagen and Oslo Weaker demand in Finland Outlook 2015 Stable interest for Nordic properties Hylliie, Malmö NCC AB 23

24 Project sales Q3 Project Type Price SEK M Recognized in profit Vallensbæk Company House III, Vallensbæk Office 195 Q Vallensbæk Company House III NCC AB 24

25 Project starts Q3 Hyllie, Malmö 7,300 m 2 office space Leasing rate 40% Torsplan 2, Stockholm 22,400 m 2 total space 19,200 m 2 office space 3,200 m 2 retail space Leasing rate 0% Torsplan 2, Stockholm NCC AB 25

26 Acceptable leasing rate compared to leasable space Leased floor space, m 2 15,000 8,600 Q3 Q3 Lielathikeskus, Tammerfors NCC AB 26

27 Sweden a larger part of the portfolio Leasable space, m 2, in ongoing or completed projects not recognized in profit 300, , , , No. of projects Sweden 100,000 50,000 0 Q1 Q2 Q3 Q4 Q NCC AB 27 Q2 Q3 Norway Denmark Finland

28 Ann-Sofie Danielsson Chief Financial Officer Allermöhe,Hamburg NCC AB 28

29 Q3 in brief Orders received on a good level Improved earnings Lower cash flow Operating profit, SEK M Q Q Q Q3 Q3 Slottsträdgården, Västerås NCC AB 29

30 Return on equity % Target Neg R NCC AB 30

31 Income statement SEK M Jul.-Sep. Jul.-Sep. Oct. 13- Sep. 14 Jan.-Dec. Net sales 14,796 13,129 59,181 57,823 Gross profit 1,637 1,481 6,091 5,796 Selling and administrative expenses ,046-3,130 Cost ratio Other 4.4% 4 5.1% % 6 5.4% 14 Operating profit ,050 2,679 Financial items Profit after financial items ,689 2,400 Tax on profit for the period Tax rate 20.9% 17.9% 18.5% 17.1% Profit for the period ,191 1, NCC AB 31

32 Operating profit per business area SEK M Jul.-Sep. Jul.-Sep. Oct. 13- Sep. 14 Jan.-Dec. NCC Construction Sweden NCC Construction Denmark NCC Construction Finland NCC Construction Norway NCC Roads NCC Housing NCC Property Development Other and eliminations Operating profit ,050 2, NCC AB 32

33 NCC Construction units SEK M Orders received Net sales 14,000 12,000 10,000 8,000 6,000 4,000 2, Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 SEK M Operating profit Operating margin % 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q NCC AB 33 Q2 Q Higher net sales Operating margin improved Good margins in Denmark and Norway

34 NCC Roads SEK M 4,800 4,200 3,600 3,000 2,400 1,800 1, Q Net sales Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 SEK M Operating profit/loss Operating margin Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Ohkola, Finland NCC AB 34 Q2 Q3 %

35 NCC Housing SEK M 5,000 Net sales 4,000 3,000 2,000 1,000 0 Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 SEK M Operating profit Operating margin % Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q NCC AB 35 Q2 Q Kauniaisten Konsuli, Kauniainen

36 Housing units recognized for profit Number of housing units Jul-Sep. Jul.-Sep. Sweden Denmark Finland Baltic countries 5 45 St. Petersburg Norway Germany Total, private customers Investor packages Total 1, P303, Plutonen, Örebro NCC AB 36

37 NCC Property Development SEK M 3,500 3,000 2,500 2,000 1,500 1, SEK M Q Q Net sales Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Operating profit/loss Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q NCC AB 37 Q2 Q2 Q3 Q3 Hyllie, Malmö

38 Balance sheet SEK BN Sep. 30 Sep. 30 Development properties Ongoing property projects Completed property projects Total Goodwill Property projects Housing projects Accounts receivable and receivable from property sales Other assets Sep. 30 Sep NCC AB 38

39 Balance sheet SEK BN Sep. 30 Sep. 30 Development properties Development costs Ongoing housing projects Completed housing units Total Goodwill Property projects Housing projects Accounts receivable and receivable from property sales Other assets Sep. 30 Sep NCC AB 39

40 Completed housing not profit recognized No. of housing units Sep. 30 Sep. 30 Sweden Denmark Finland Baltic countries St. Petersburg Norway Germany Total, private customers 425* 263 *Of the completed 72 (19) were sold and 69 (62) are show houses Nya Triangeln, Malmö NCC AB 40

41 Dividend two payments SEK M April October 31 (record date October 28) 647 Total 1,294 Kerbelweg Eigentumswohnung, Hamburg NCC AB 41

42 Lower cash flow SEK M Jul.-Sep. Jul.-Sep. Jan.-Sep. Jan.-Sep. Jan.-Dec. From operating activities ,321 From property projects , From housing projects ,821-2, Other working capital Investing activities Cash flow before financing ,854-2,579 1,661 Tyresö Aquarena NCC AB 42

43 Net indebtedness Net indebtedness, tenant housing and housing associations, SEK M Net indebtedness excl. tenant housing and housing associations, SEK M 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Debt/equity ratio, times Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q NCC AB 43

44 Net indebtedness SEK M Jul.-Sep. Jul.-Sep. Jan. Sep. Jan.-Sep. Net indebtedness opening balance -8,760-9,722-5,656-6,467 Cash flow ,854-2,579 Sale/acquisition of treasury shares Change in pension liablilities Dividend ,080 Other changes Net indebtedness closing balance -9,823-9,893-9,823-9,893 Jernbane Porsgrunn, Norway NCC AB 44

45 Sydvästlänken, Markaryd NCC AB 45

46 Summary Q3 Improved earnings in Housing Orders received on a good level Strong order backlog Lower earnings in Roads Overall a positive quarter NCC AB 46

47 Capital Markets Day November 25 in Stockholm Focus on residential, Construction Sweden and Denmark Followed by a debate on housing policy Register before November 18 on ncc.se/investor relations NCC AB 47

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49 Contact information IR Manager Johan Bergman Tel: +46 (0) , +46 (0) Chief Financial Officer Ann-Sofie Danielsson Tel: +46 (0) , +46 (0) NCC AB 49