Interim report January 1 June 30, 2018

Transcription

1 Interim report January 1 June 30, 2018 Tomas Carlsson CEO Mattias Lundgren CFO 1

2 Q Orders received Net sales Order backlog EBT SEK 13.8 BN (16.4) SEK 14.3 BN (13.3) SEK 58.7 BN (52.2) SEK 427 M (484) 2

3 EBIT per business area SEK M 350 Q2 Q NCC Building NCC Infrastructure NCC Industry NCC Property Development Other and eliminations 3

4 H Orders received Net sales Order backlog EBT SEK 31.4 BN (27.8) SEK 25.2 BN (25.1) SEK 58.7 BN (52.2) SEK 55 M (709) 4

5 NCC Building 5

6 Lower orders received NCC Building SEK BN 35 Q2 Q SEK BN 35 Q2 2018, R Orders received Order backlog 0 Orders received Net sales 6

7 Geographical distribution Jan. - Jun NCC Building Orders received Net sales Finland 29% (14) Finland 16% (21) Norway 7% (8) Norway 5% (4) Sweden 56% (74) Denmark 16% (13) Sweden 61% (58) Denmark 10% (8) 7

8 Product mix Jan. - Jun NCC Building Orders received Net sales Refurbishment / Conversion Residential 27% 27% (28) (35) Residential Refurbishment / Conversion 22% (25) 32% (37) Public Buildings 11% (10) Offices 11% (8) Health Care 8% (4) Health Care 9% (7) Educational 8% (6) Educational 9% (10) Industry / Logistics 7% (4) Public Buildings 6% (3) Other 6% (4) Other 5% (5) Offices 5% (7) Industry / Logistics 4% (2) Retail 1% (2) Retail 2% (3) 8

9 Orders received residential NCC Building Sweden SEK M 3,500 3,000 2,500 2,000 Average 1,500 1, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Q1 Q2 9

10 Project example Rental apartments in Tensta, Sweden Building of 172 rental apartments Customer: Svenska Bostäder Order value: SEK 250 million 10

11 Project example Student apartments in Aarhus, Denmark Building of 235 rental apartments for students and a café Customer: Gøteborg Allé 7 ApS investment company Order value: SEK 340 million 11

12 Project example Office and retail complex in Tampere, Finland Construction of office and retail complex next to Ratina shopping center Customer: Sponda Plc Order value: SEK 260 million 12

13 NCC Infrastructure 13

14 Higher order backlog NCC Infrastructure SEK BN 30 Q2 Q SEK BN 30 Q2 2018, R Orders received Order backlog 0 Orders received Net sales 14

15 Geographical distribution Jan. Jun NCC Infrastructure Orders received Net sales Norway 9% (15) Denmark 7% (4) Finland 3% (1) Norway 18% (19) Finland 2% (2) Denmark 5% (4) Sweden 81% (80) Sweden 75% (75) 15

16 Product mix Jan. - Jun NCC Infrastructure Orders received Net sales Railways 35% (2) Groundworks 27% (31) Groundworks 19% (32) Roads 21% (24) Operation and maintenance 13% (5) Energy & Water Treatment 20% (12) Industry 12% (22) Industry 15% (11) Energy & Water Treatment 10% (13) Operation and maintenance 12% (14) Roads 9% (21) Other 3% (5) Other 2% (5) Railways 2% (3) 16

17 Expansion of the railway within Umeå Harbor Improve port logistics and increase the capacity of freight between rail and port Customer: Infrastruktur i Umeå AB, INAB Order value: SEK 116 M 17

18 Dam in Hyltebruk, Sweden Increase safety and adapt to handle larger amounts of water Customer: Statkraft Order value: SEK 150 M 18

19 NCC Industry 19

20 Solid volumes in Q2 Stone material sold, thousands of tons 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Asphalt sold, thousands of tons 3,000 2,500 2,000 1,500 1, Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q2 0 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q2 20

21 Net sales Jan. - Jun NCC Industry Product mix Geographical distribution Foundation 16% (15) Norway 15% (12) Finland 7% (9) Stone material 28% (28) Asphalt and paving 56% (57) Sweden 57% Denmark 21% (60) (19) 21

22 NCC Property Development 22

23 Sold projects Project Type Location Property value, SEK M Lettable area, sqm. Profit recognized Lysaker PP11 Office Oslo, Norway 330 6,700 Q Zenit 2 Office Aarhus, Denmark 85 3,600 Q Alberga E Office Helsinki, Finland 230 5,800 Q Mölndal Galleria, 50% Retail Gothenburg, Sweden ,100 Q

24 Property portfolio Leasable space, sqm, in ongoing or completed projects not recognized in profit 200, , No. of projects 16 Sweden 100,000 Norway 50,000 Denmark 0 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q2 Finland 24

25 5,300 sqm leased in the quarter Leased floor space, sqm 200, , , , , ,000 80,000 60,000 40,000 20,000 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% Remaining unlet area Let during quarter Previously let area Let during quarter (% of available unlet area) 0 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q2 0% 25

26 Property portfolio 100% 90% 80% 70% 60% 50% 40% Letting ratio Completion ratio 30% 20% 10% 0% Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q2 26

27 Review of current trading this is what we are looking at Order backlog ongoing projects Project forecasts Claims, receivables and provisions Balance sheet items Properties for development Other assets Management and governance Tender process Project management 27

28 Contracting Industry Investments SEK Bn 0-2 Building Infrastructure Industry Property Development Management Large temporary organizations Medium permanent organization Small organization Value creation High turnover Small margin Low capital tied up Significant turnover Slightly higher margin Fixed assets Small turnover High margin Current assets Business Risk / logistics Utilization Investments 28

29 Mattias Lundgren CFO 29

30 NCC comparative figures for according to IFRS 15 Analysis regarding Property Development has been finalized No change of income recognition 30

31 Income statement SEK M Apr.-Jun Apr.-Jun Jul. 17- Jun. 18 Jan.-Dec. Net sales 14,349 13,345 54,592 54,441 Gross profit 1,153 1,255 3,260 3,981 Selling and administrative expenses ,882-2,933 Cost ratio 5.0% 5.6% 5.3% 5.4% Other EBIT ,075 Financial items EBT Tax Profit for the period

32 Cash flow SEK BN 5 Cash flow before financing R12 SEK M From operating activities From property projects Other working capital Apr.-Jun Apr.-Jun. Jan.-Dec , ,080-1, Investing activities Q1 Q2 Q3 Q4 Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q2 Cash flow before financing -1,710-2,062 1,361 32

33 EBIT per business area SEK M Apr.-Jun Apr.-Jun. Jan.-Dec. NCC Building Apr.-Jun. Apr.-Jun. NCC Infrastructure 51 SEK M NCC Industry 324 NCC HQ NCC Property Development Internal gains Other and eliminations Other Group -314 adjustment EBIT Other and 1,242 eliminations

34 NCC Building Net sales, SEK M 9,000 7,500 6,000 4,500 3,000 EBIT margin 6% 5% 4% 3% 2% SEK M Apr.-Jun Apr.-Jun. Jul. 17- Jun. 18 Jan.-Dec. Net sales 6,628 6,109 25,433 24,622 EBIT EBIT margin, % ,500 1% 0 Q1 Q2 Q3 Q4 Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q2 0% 34

35 NCC Infrastructure Net sales, SEK M EBIT margin 8,000 7,000 6,000 5, % 3.5% 3.0% 2.5% SEK M Apr.-Jun Apr.-Jun. Jul. 17- Jun. 18 Jan.-Dec. Net sales 4,990 4,539 19,871 18,490 4,000 3, % 1.5% EBIT ,000 1, % 0.5% 0.0% EBIT margin, % Neg. Neg. -1, % -2, % -3, % -4,000 Q1 Q2 Q3 Q4 Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q2-2.0% 35

36 NCC Industry Net sales, SEK M RoCE, R12 4,500 4,000 18% 16% SEK M Apr.-Jun Apr.-Jun. Jul. 17- Jun. 18 Jan.-Dec. 3,500 3,000 2,500 2,000 1,500 1, % 12% 10% 8% 6% 4% 2% Net sales 3,625 3,416 12,681 12,393 EBIT EBIT margin, % RoCE, % Q1 Q2 Q3 Q4 Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q2 0% 36

37 NCC Property Development Net sales, SEK M RoCE, R12 2,200 2,000 1,800 1,600 22% 20% 18% 16% SEK M Apr.-Jun Apr.-Jun. Jul. 17- Jun. 18 Jan.-Dec. Net sales ,567 1,400 1,200 14% 12% EBIT , % 8% EBIT margin, % Neg Neg % 4% RoCE, % Neg % 0 Q1 Q2 Q3 Q4 Q Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q Q2 0% 37

38 Group financial objectives 38

39 EBIT margin 5% 4% Target 4% 3% All comparative figures for according to IFRS15 2% 2.0% 1% 0% 0.7% Q2 2018, R12 39

40 Revenue development SEK M 60,000 Average annual growth (CAGR) 1.1% 50,000 40,000 30,000 20,000 10, Q2 2018, R12 40

41 Equity/asset ratio and return on shareholders equity Return on shareholders' equity Equity/asset ratio Target 20% 17% 19% 7% 15% Revaluation effect pensions SEK 69 M Q2 2018, R12 41

42 Net indebtness* / EBITDA Times Restriction <2.5 times net indebtedness* / EBITDA * Excl. pension liability Q2 2018, R12 42

43 Summary Q2 Business areas performed like previous year Favorable market conditions My analysis finished in Q3 43

44 44

45 Contact information and calendar IR Manager Johan Bergman Tel: +46 (0) Financial Calendar 2018/19 25 Oct Interim report Jan. Sep. Jan Year-end report 2018 Chief Financial Officer Mattias Lundgren Tel: +46 (0)