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