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<br /> Annual Report<br /> 2010<br /> “2010 –<br /> better than<br /> expected”<br /> Q1 Q2<br /> From a low level, demand recovered in<br /> the Nordic construction market in early<br /> 2010. NCC's orders received in the<br /> first quarter were 77 percent higher<br /> year-on-year. While the company<br /> reported a loss, which is generally the<br /> case in this seasonally weak quarter,<br /> the result was better than in the year-<br /> earlier period. Improved earnings,<br /> sales and a focus on cash flow resulted<br /> in an improvement in cash flow and<br /> low indebtedness.<br /> Orders received remained strong dur-<br /> ing the second quarter. Earnings were<br /> weaker year-on-year due to a decline in<br /> sales and lower contributions from the<br /> development business. Cash flow, which<br /> is generally weak in this season, was<br /> strong, albeit lower than in the year-<br /> earlier period because of that period's<br /> e<a title="Annual report 2010 page 1" href="http://viewer.zmags.com/publication/17228168?page=1"> Annual Report 2010</a> <a title="Annual report 2010 page 2" href="http://viewer.zmags.com/publication/17228168?page=2"> “2010 – better than expected” Q</a> <a title="Annual report 2010 page 3" href="http://viewer.zmags.com/publication/17228168?page=3"> NCC 2010 Review by the President 2 Strategy 6 NCC</a> <a title="Annual report 2010 page 4" href="http://viewer.zmags.com/publication/17228168?page=4"> 2 NCC 2010 Review by the President A rema</a> <a title="Annual report 2010 page 5" href="http://viewer.zmags.com/publication/17228168?page=5"> · The market scenario enabled a higher number of </a> <a title="Annual report 2010 page 6" href="http://viewer.zmags.com/publication/17228168?page=6"> 4 NCC 2010 Coordinated and international pu</a> <a title="Annual report 2010 page 7" href="http://viewer.zmags.com/publication/17228168?page=7"> NCC 2010 5 Meet Peter Wågström, new Presi</a> <a title="Annual report 2010 page 8" href="http://viewer.zmags.com/publication/17228168?page=8"> 6 NCC 2010 Strategy Profitable growth in e</a> <a title="Annual report 2010 page 9" href="http://viewer.zmags.com/publication/17228168?page=9"> CUSTOMERS NCC's objective is to have the most att</a> <a title="Annual report 2010 page 10" href="http://viewer.zmags.com/publication/17228168?page=10"> 8 NCC 2010 Purchasing The construction proc</a> <a title="Annual report 2010 page 11" href="http://viewer.zmags.com/publication/17228168?page=11"> NCC 2010 9 NCC's geographical markets </a> <a title="Annual report 2010 page 12" href="http://viewer.zmags.com/publication/17228168?page=12"> 10 NCC 2010 Overview of operations in 201</a> <a title="Annual report 2010 page 13" href="http://viewer.zmags.com/publication/17228168?page=13"> NCC 2010 11 Geographical markets </a> <a title="Annual report 2010 page 14" href="http://viewer.zmags.com/publication/17228168?page=14"> 12 NCC 2010 Market and competitors The ne</a> <a title="Annual report 2010 page 15" href="http://viewer.zmags.com/publication/17228168?page=15"> NCC 2010 13 struction co</a> <a title="Annual report 2010 page 16" href="http://viewer.zmags.com/publication/17228168?page=16"> 14 NCC 2010 Construction and civil engine</a> <a title="Annual report 2010 page 17" href="http://viewer.zmags.com/publication/17228168?page=17"> Bella Hotel in Copenhagen Bella Hotel's 76-meter </a> <a title="Annual report 2010 page 18" href="http://viewer.zmags.com/publication/17228168?page=18"> 16 NCC 2010 Cash flows from construction ope</a> <a title="Annual report 2010 page 19" href="http://viewer.zmags.com/publication/17228168?page=19"> than an increase in volume by 5–10 percent. Risk </a> <a title="Annual report 2010 page 20" href="http://viewer.zmags.com/publication/17228168?page=20"> 18 NCC 2010 Citybanan in Stockho</a> <a title="Annual report 2010 page 21" href="http://viewer.zmags.com/publication/17228168?page=21"> NCC 2010 19 Opera tunnel in Oslo In the cen</a> <a title="Annual report 2010 page 22" href="http://viewer.zmags.com/publication/17228168?page=22"> 20 NCC 2010 Production of aggregates and </a> <a title="Annual report 2010 page 23" href="http://viewer.zmags.com/publication/17228168?page=23"> PRODUCTS AND METHODS FOR REDUCED ENVIRONMENTAL IM</a> <a title="Annual report 2010 page 24" href="http://viewer.zmags.com/publication/17228168?page=24"> 22 NCC 2010 Housing – proprietary develop</a> <a title="Annual report 2010 page 25" href="http://viewer.zmags.com/publication/17228168?page=25"> from marketing, sales and capital allocation to p</a> <a title="Annual report 2010 page 26" href="http://viewer.zmags.com/publication/17228168?page=26"> 24 NCC 2010 ENERGY AND THE EN</a> <a title="Annual report 2010 page 27" href="http://viewer.zmags.com/publication/17228168?page=27"> NCC 2010 25 commonplace in Sweden. According</a> <a title="Annual report 2010 page 28" href="http://viewer.zmags.com/publication/17228168?page=28"> 26 NCC 2010 </a> <a title="Annual report 2010 page 29" href="http://viewer.zmags.com/publication/17228168?page=29"> NCC 2010 27 COMPLETED LEASING CONTRACTS PER</a> <a title="Annual report 2010 page 30" href="http://viewer.zmags.com/publication/17228168?page=30"> 28 NCC 2010 Financial objectives and divi</a> <a title="Annual report 2010 page 31" href="http://viewer.zmags.com/publication/17228168?page=31"> NCC 2010 29 Naturum, Kristianstad. within </a> <a title="Annual report 2010 page 32" href="http://viewer.zmags.com/publication/17228168?page=32"> 30 NCC 2010 OUR APPROACH IS BA</a> <a title="Annual report 2010 page 33" href="http://viewer.zmags.com/publication/17228168?page=33"> NCC 2010 31 Environment – NCC helps its</a> <a title="Annual report 2010 page 34" href="http://viewer.zmags.com/publication/17228168?page=34"> 32 NCC 2010 GREEN BUILDING INCLUDES · Envi</a> <a title="Annual report 2010 page 35" href="http://viewer.zmags.com/publication/17228168?page=35"> NCC 2010 33 ROOFTOP WIND TURBINE On the roo</a> <a title="Annual report 2010 page 36" href="http://viewer.zmags.com/publication/17228168?page=36"> 34 NCC 2010 STELLA Stella was formed in 199</a> <a title="Annual report 2010 page 37" href="http://viewer.zmags.com/publication/17228168?page=37"> 90 percent of the workforce. Among blue-collar/co</a> <a title="Annual report 2010 page 38" href="http://viewer.zmags.com/publication/17228168?page=38"> 36 NCC 2010 NCC's stakeholders Custo</a> <a title="Annual report 2010 page 39" href="http://viewer.zmags.com/publication/17228168?page=39"> Suppliers KEY ISSUES · Lowest purchasing costs </a> <a title="Annual report 2010 page 40" href="http://viewer.zmags.com/publication/17228168?page=40"> 38 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 41" href="http://viewer.zmags.com/publication/17228168?page=41"> ery will be slow. The number of property transact</a> <a title="Annual report 2010 page 42" href="http://viewer.zmags.com/publication/17228168?page=42"> 40 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 43" href="http://viewer.zmags.com/publication/17228168?page=43"> BRANCHES OUTSIDE SWEDEN The NCC Construction Swed</a> <a title="Annual report 2010 page 44" href="http://viewer.zmags.com/publication/17228168?page=44"> 42 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 45" href="http://viewer.zmags.com/publication/17228168?page=45"> SENSITIVITY AND RISK ANALYSES For NCC's Construct</a> <a title="Annual report 2010 page 46" href="http://viewer.zmags.com/publication/17228168?page=46"> 44 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 47" href="http://viewer.zmags.com/publication/17228168?page=47"> FINANCIAL REPORT NCC 2010 45 </a> <a title="Annual report 2010 page 48" href="http://viewer.zmags.com/publication/17228168?page=48"> 46 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 49" href="http://viewer.zmags.com/publication/17228168?page=49"> NET SALES Net sales declined 12 percent to SEK 49</a> <a title="Annual report 2010 page 50" href="http://viewer.zmags.com/publication/17228168?page=50"> 48 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 51" href="http://viewer.zmags.com/publication/17228168?page=51"> FIXED ASSETS Goodwill NCC impairment tests the ca</a> <a title="Annual report 2010 page 52" href="http://viewer.zmags.com/publication/17228168?page=52"> 50 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 53" href="http://viewer.zmags.com/publication/17228168?page=53"> FINANCIAL REPORT NCC 2010 51 </a> <a title="Annual report 2010 page 54" href="http://viewer.zmags.com/publication/17228168?page=54"> 52 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 55" href="http://viewer.zmags.com/publication/17228168?page=55"> FINANCIAL REPORT NCC 2010 53 </a> <a title="Annual report 2010 page 56" href="http://viewer.zmags.com/publication/17228168?page=56"> 54 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 57" href="http://viewer.zmags.com/publication/17228168?page=57"> CASH FLOW FROM CHANGES IN WORKING CAPITAL Cash flo</a> <a title="Annual report 2010 page 58" href="http://viewer.zmags.com/publication/17228168?page=58"> 56 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 59" href="http://viewer.zmags.com/publication/17228168?page=59"> · Addition to IFRS 2 Group Cash-settled Share-b</a> <a title="Annual report 2010 page 60" href="http://viewer.zmags.com/publication/17228168?page=60"> 58 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 61" href="http://viewer.zmags.com/publication/17228168?page=61"> ognized. The supplementary purchase consideration</a> <a title="Annual report 2010 page 62" href="http://viewer.zmags.com/publication/17228168?page=62"> 60 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 63" href="http://viewer.zmags.com/publication/17228168?page=63"> Properties held for future development are valued</a> <a title="Annual report 2010 page 64" href="http://viewer.zmags.com/publication/17228168?page=64"> 62 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 65" href="http://viewer.zmags.com/publication/17228168?page=65"> of time to get ready for its intended use or sale</a> <a title="Annual report 2010 page 66" href="http://viewer.zmags.com/publication/17228168?page=66"> 64 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 67" href="http://viewer.zmags.com/publication/17228168?page=67"> FINANCIAL REPORT NCC 2010 65 </a> <a title="Annual report 2010 page 68" href="http://viewer.zmags.com/publication/17228168?page=68"> 66 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 69" href="http://viewer.zmags.com/publication/17228168?page=69"> NOTE 6 DEPRECIATION/AMORTIZATION Group </a> <a title="Annual report 2010 page 70" href="http://viewer.zmags.com/publication/17228168?page=70"> 2009 Change in inventories Personnel expenses Dep</a> <a title="Annual report 2010 page 71" href="http://viewer.zmags.com/publication/17228168?page=71"> FINANCIAL REPORT NCC 2010 69 </a> <a title="Annual report 2010 page 72" href="http://viewer.zmags.com/publication/17228168?page=72"> 70 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 73" href="http://viewer.zmags.com/publication/17228168?page=73"> FINANCIAL REPORT NCC 2010 71 </a> <a title="Annual report 2010 page 74" href="http://viewer.zmags.com/publication/17228168?page=74"> 72 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 75" href="http://viewer.zmags.com/publication/17228168?page=75"> NOTE 23 PARTICIPATIONS IN ASSOCIATED COMPA- </a> <a title="Annual report 2010 page 76" href="http://viewer.zmags.com/publication/17228168?page=76"> 74 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 77" href="http://viewer.zmags.com/publication/17228168?page=77"> FINANCIAL REPORT NCC 2010 75 </a> <a title="Annual report 2010 page 78" href="http://viewer.zmags.com/publication/17228168?page=78"> 76 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 79" href="http://viewer.zmags.com/publication/17228168?page=79"> FINANCIAL REPORT NCC 2010 77 </a> <a title="Annual report 2010 page 80" href="http://viewer.zmags.com/publication/17228168?page=80"> 78 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 81" href="http://viewer.zmags.com/publication/17228168?page=81"> OTHER The provisions comprise additional costs pl</a> <a title="Annual report 2010 page 82" href="http://viewer.zmags.com/publication/17228168?page=82"> 80 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 83" href="http://viewer.zmags.com/publication/17228168?page=83"> FINANCIAL REPORT NCC 2010 81 </a> <a title="Annual report 2010 page 84" href="http://viewer.zmags.com/publication/17228168?page=84"> 82 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 85" href="http://viewer.zmags.com/publication/17228168?page=85"> FINANCIAL REPORT NCC 2010 83 </a> <a title="Annual report 2010 page 86" href="http://viewer.zmags.com/publication/17228168?page=86"> 84 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 87" href="http://viewer.zmags.com/publication/17228168?page=87"> FINANCIAL REPORT NCC 2010 85 </a> <a title="Annual report 2010 page 88" href="http://viewer.zmags.com/publication/17228168?page=88"> 86 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 89" href="http://viewer.zmags.com/publication/17228168?page=89"> FINANCIAL REPORT NCC 2010 87 </a> <a title="Annual report 2010 page 90" href="http://viewer.zmags.com/publication/17228168?page=90"> 88 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 91" href="http://viewer.zmags.com/publication/17228168?page=91"> NOTE 44 CONT. CASH FLOW STATEMENT CASH FLOW A</a> <a title="Annual report 2010 page 92" href="http://viewer.zmags.com/publication/17228168?page=92"> 90 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 93" href="http://viewer.zmags.com/publication/17228168?page=93"> FINANCIAL REPORT NCC 2010 91 </a> <a title="Annual report 2010 page 94" href="http://viewer.zmags.com/publication/17228168?page=94"> 92 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 95" href="http://viewer.zmags.com/publication/17228168?page=95"> FINANCIAL REPORT NCC 2010 93 </a> <a title="Annual report 2010 page 96" href="http://viewer.zmags.com/publication/17228168?page=96"> 94 NCC 2010 FINANCIAL REPORT </a> <a title="Annual report 2010 page 97" href="http://viewer.zmags.com/publication/17228168?page=97"> FINANCIAL REPORT NCC 2010 95 </a> <a title="Annual report 2010 page 98" href="http://viewer.zmags.com/publication/17228168?page=98"> 96 NCC 2010 SHAREHOLDER INFORMA</a> <a title="Annual report 2010 page 99" href="http://viewer.zmags.com/publication/17228168?page=99"> the Board. The Board members are elected for a pe</a> <a title="Annual report 2010 page 100" href="http://viewer.zmags.com/publication/17228168?page=100"> 98 NCC 2010 SHAREHOLDER INFORMA</a> <a title="Annual report 2010 page 101" href="http://viewer.zmags.com/publication/17228168?page=101"> within the established framework. The material ri</a> <a title="Annual report 2010 page 102" href="http://viewer.zmags.com/publication/17228168?page=102"> 100 NCC 2010 SHAREHOLDER INFORMATI</a> <a title="Annual report 2010 page 103" href="http://viewer.zmags.com/publication/17228168?page=103"> GOVERNANCE OF BUSINESS AREAS Apart from NCC Housi</a> <a title="Annual report 2010 page 104" href="http://viewer.zmags.com/publication/17228168?page=104"> 102 NCC 2010 SHAREHOLDER INFORMATI</a> <a title="Annual report 2010 page 105" href="http://viewer.zmags.com/publication/17228168?page=105"> SHAREHOLDER INFORMATION NCC 2010 1</a> <a title="Annual report 2010 page 106" href="http://viewer.zmags.com/publication/17228168?page=106"> 104 NCC 2010 SHAREHOLDER INFORMATI</a> <a title="Annual report 2010 page 107" href="http://viewer.zmags.com/publication/17228168?page=107"> SHAREHOLDER INFORMATION NCC 2010 1</a> <a title="Annual report 2010 page 108" href="http://viewer.zmags.com/publication/17228168?page=108"> 106 NCC 2010 SHAREHOLDER INFORMATI</a> <a title="Annual report 2010 page 109" href="http://viewer.zmags.com/publication/17228168?page=109"> FIVE-YEAR TREND IN NCC SHARES 2006 2007 </a> <a title="Annual report 2010 page 110" href="http://viewer.zmags.com/publication/17228168?page=110"> 108 NCC 2010 SHAREHOLDER INFORMATI</a> <a title="Annual report 2010 page 111" href="http://viewer.zmags.com/publication/17228168?page=111"> Definitions/glossary FINANCIAL KEY FIGURES Averag</a> <a title="Annual report 2010 page 112" href="http://viewer.zmags.com/publication/17228168?page=112"> NCC is one of the leading construction and proper</a>