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<br /> Annual Report<br /> 2012<br /> Sustainable<br /> Responsible interaction<br /> Future construction<br /> environments<br /> Future environments<br /> with responsible construction<br /> – sustainable interaction<br /> NCC is one of the leading construction and property development companies in<br /> Northern Europe, with sales of SEK 57 billion and 18,000 employees. With the<br /> Nordic region as its home market, NCC is active throughout the entire value chain<br /> – developing and building residential and commercial properties, and constructing<br /> industrial facilities and public buildings, roads, civil engineering structures and<br /> other types of infrastructure. NCC also offers input materials used in construction<br /> and accounts for paving and road services. NCC creates future environments for<br /> working, living and communication based on responsible construction operations<br /> that result in sustainable interaction between<a title="NCC Annual Report 2012 page 1" href="http://viewer.zmags.com/publication/7321d0a8?page=1"> Annual Report 2012 Sustai</a> <a title="NCC Annual Report 2012 page 2" href="http://viewer.zmags.com/publication/7321d0a8?page=2"> Future environments with responsible construction</a> <a title="NCC Annual Report 2012 page 3" href="http://viewer.zmags.com/publication/7321d0a8?page=3"> NCC 2012 1 NCC's markets </a> <a title="NCC Annual Report 2012 page 4" href="http://viewer.zmags.com/publication/7321d0a8?page=4"> 2 NCC 2012 Review by the President Profita</a> <a title="NCC Annual Report 2012 page 5" href="http://viewer.zmags.com/publication/7321d0a8?page=5"> “There is still substantial potential in the hous</a> <a title="NCC Annual Report 2012 page 6" href="http://viewer.zmags.com/publication/7321d0a8?page=6"> 4 NCC 2012 Sustainability issues m</a> <a title="NCC Annual Report 2012 page 7" href="http://viewer.zmags.com/publication/7321d0a8?page=7"> in construction operations permits the developmen</a> <a title="NCC Annual Report 2012 page 8" href="http://viewer.zmags.com/publication/7321d0a8?page=8"> 6 NCC 2012 Business concept, objectives a</a> <a title="NCC Annual Report 2012 page 9" href="http://viewer.zmags.com/publication/7321d0a8?page=9"> DIVIDENDS Dividend policy NCC's dividend policy </a> <a title="NCC Annual Report 2012 page 10" href="http://viewer.zmags.com/publication/7321d0a8?page=10"> 8 NCC 2012 STRATEGY 2012–2015 NCC has a str</a> <a title="NCC Annual Report 2012 page 11" href="http://viewer.zmags.com/publication/7321d0a8?page=11"> increasing the level of specialization in develop</a> <a title="NCC Annual Report 2012 page 12" href="http://viewer.zmags.com/publication/7321d0a8?page=12"> 10 NCC 2012 With the customer in focus NCC has</a> <a title="NCC Annual Report 2012 page 13" href="http://viewer.zmags.com/publication/7321d0a8?page=13"> NCC 2012 11 In practice Office and warehouse buil</a> <a title="NCC Annual Report 2012 page 14" href="http://viewer.zmags.com/publication/7321d0a8?page=14"> 12 NCC 2012 Market and competitors NCC ho</a> <a title="NCC Annual Report 2012 page 15" href="http://viewer.zmags.com/publication/7321d0a8?page=15"> The development business provides contracts to th</a> <a title="NCC Annual Report 2012 page 16" href="http://viewer.zmags.com/publication/7321d0a8?page=16"> 14 NCC 2012 NCC's geographical marke</a> <a title="NCC Annual Report 2012 page 17" href="http://viewer.zmags.com/publication/7321d0a8?page=17"> NCC IN FINLAND NCC in Finland focuses on residen</a> <a title="NCC Annual Report 2012 page 18" href="http://viewer.zmags.com/publication/7321d0a8?page=18"> 16 NCC 2012 OPERATIONS Indust</a> <a title="NCC Annual Report 2012 page 19" href="http://viewer.zmags.com/publication/7321d0a8?page=19"> Crushing plant, Rydbo, Sweden. Sales, SEK</a> <a title="NCC Annual Report 2012 page 20" href="http://viewer.zmags.com/publication/7321d0a8?page=20"> 18 NCC 2012 OPERATIONS PRO</a> <a title="NCC Annual Report 2012 page 21" href="http://viewer.zmags.com/publication/7321d0a8?page=21"> sealing, in road construction, hydraulic engineer</a> <a title="NCC Annual Report 2012 page 22" href="http://viewer.zmags.com/publication/7321d0a8?page=22"> 20 NCC 2012 OPERATIONS Constr</a> <a title="NCC Annual Report 2012 page 23" href="http://viewer.zmags.com/publication/7321d0a8?page=23"> Karolinska Institute's new auditorium. Stockholm,</a> <a title="NCC Annual Report 2012 page 24" href="http://viewer.zmags.com/publication/7321d0a8?page=24"> 22 NCC 2012 OPERATIONS a m</a> <a title="NCC Annual Report 2012 page 25" href="http://viewer.zmags.com/publication/7321d0a8?page=25"> NCC has developed a successful platform for stand</a> <a title="NCC Annual Report 2012 page 26" href="http://viewer.zmags.com/publication/7321d0a8?page=26"> 24 NCC 2012 OPERATIONS Most</a> <a title="NCC Annual Report 2012 page 27" href="http://viewer.zmags.com/publication/7321d0a8?page=27"> Clarion Hotel. Arlanda, Sweden. Market and b</a> <a title="NCC Annual Report 2012 page 28" href="http://viewer.zmags.com/publication/7321d0a8?page=28"> 26 NCC 2012 OPERATIONS Develo</a> <a title="NCC Annual Report 2012 page 29" href="http://viewer.zmags.com/publication/7321d0a8?page=29"> 5,768 housing units in production Sales SEK 11 </a> <a title="NCC Annual Report 2012 page 30" href="http://viewer.zmags.com/publication/7321d0a8?page=30"> 28 NCC 2012 OPERATIONS </a> <a title="NCC Annual Report 2012 page 31" href="http://viewer.zmags.com/publication/7321d0a8?page=31"> maintain a comfortable indoor temperature. The de</a> <a title="NCC Annual Report 2012 page 32" href="http://viewer.zmags.com/publication/7321d0a8?page=32"> 30 NCC 2012 OPERATIONS hou</a> <a title="NCC Annual Report 2012 page 33" href="http://viewer.zmags.com/publication/7321d0a8?page=33"> Lysaker Polaris office block. Lysaker, Norway. </a> <a title="NCC Annual Report 2012 page 34" href="http://viewer.zmags.com/publication/7321d0a8?page=34"> 32 NCC 2012 SUSTAINABILITY REPO</a> <a title="NCC Annual Report 2012 page 35" href="http://viewer.zmags.com/publication/7321d0a8?page=35"> SUSTAINABILITY REPORT NCC 2012 33 </a> <a title="NCC Annual Report 2012 page 36" href="http://viewer.zmags.com/publication/7321d0a8?page=36"> 34 NCC 2012 SUSTAINABILITY REPO</a> <a title="NCC Annual Report 2012 page 37" href="http://viewer.zmags.com/publication/7321d0a8?page=37"> During 2012, NCC further developed its compliance</a> <a title="NCC Annual Report 2012 page 38" href="http://viewer.zmags.com/publication/7321d0a8?page=38"> 36 NCC 2012 SUSTAINABILITY REPO</a> <a title="NCC Annual Report 2012 page 39" href="http://viewer.zmags.com/publication/7321d0a8?page=39"> blue-collar workers. NCC's decentralized organiza</a> <a title="NCC Annual Report 2012 page 40" href="http://viewer.zmags.com/publication/7321d0a8?page=40"> 38 NCC 2012 SUSTAINABILITY REPO</a> <a title="NCC Annual Report 2012 page 41" href="http://viewer.zmags.com/publication/7321d0a8?page=41"> SUSTAINABILITY REPORT NCC 2012 39 </a> <a title="NCC Annual Report 2012 page 42" href="http://viewer.zmags.com/publication/7321d0a8?page=42"> 40 NCC 2012 SUSTAINABILITY REPO</a> <a title="NCC Annual Report 2012 page 43" href="http://viewer.zmags.com/publication/7321d0a8?page=43"> and climate compensation through approved UN proj</a> <a title="NCC Annual Report 2012 page 44" href="http://viewer.zmags.com/publication/7321d0a8?page=44"> 42 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 45" href="http://viewer.zmags.com/publication/7321d0a8?page=45"> in orders received in the Construction units in S</a> <a title="NCC Annual Report 2012 page 46" href="http://viewer.zmags.com/publication/7321d0a8?page=46"> 44 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 47" href="http://viewer.zmags.com/publication/7321d0a8?page=47"> definitive ruling on the matter. Further informati</a> <a title="NCC Annual Report 2012 page 48" href="http://viewer.zmags.com/publication/7321d0a8?page=48"> 46 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 49" href="http://viewer.zmags.com/publication/7321d0a8?page=49"> FINANCIAL REPORT NCC 2012 47 </a> <a title="NCC Annual Report 2012 page 50" href="http://viewer.zmags.com/publication/7321d0a8?page=50"> 48 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 51" href="http://viewer.zmags.com/publication/7321d0a8?page=51"> Pensions and other benefits. NCC is endeavoring to</a> <a title="NCC Annual Report 2012 page 52" href="http://viewer.zmags.com/publication/7321d0a8?page=52"> 50 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 53" href="http://viewer.zmags.com/publication/7321d0a8?page=53"> NET SALES All business areas increased their net </a> <a title="NCC Annual Report 2012 page 54" href="http://viewer.zmags.com/publication/7321d0a8?page=54"> 52 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 55" href="http://viewer.zmags.com/publication/7321d0a8?page=55"> FIXED ASSETS Goodwill NCC impairment tests goodwi</a> <a title="NCC Annual Report 2012 page 56" href="http://viewer.zmags.com/publication/7321d0a8?page=56"> 54 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 57" href="http://viewer.zmags.com/publication/7321d0a8?page=57"> FINANCIAL REPORT NCC 2012 55 </a> <a title="NCC Annual Report 2012 page 58" href="http://viewer.zmags.com/publication/7321d0a8?page=58"> 56 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 59" href="http://viewer.zmags.com/publication/7321d0a8?page=59"> FINANCIAL REPORT NCC 2012 57 </a> <a title="NCC Annual Report 2012 page 60" href="http://viewer.zmags.com/publication/7321d0a8?page=60"> 58 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 61" href="http://viewer.zmags.com/publication/7321d0a8?page=61"> CASH FLOW FROM OPERATING ACTIVITIES Cash flow from</a> <a title="NCC Annual Report 2012 page 62" href="http://viewer.zmags.com/publication/7321d0a8?page=62"> 60 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 63" href="http://viewer.zmags.com/publication/7321d0a8?page=63"> PARENT COMPANY ACCOUNTS COMPARED WITH CONSOLIDATE</a> <a title="NCC Annual Report 2012 page 64" href="http://viewer.zmags.com/publication/7321d0a8?page=64"> 62 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 65" href="http://viewer.zmags.com/publication/7321d0a8?page=65"> Usufructs Software Other intangible assets Owner-</a> <a title="NCC Annual Report 2012 page 66" href="http://viewer.zmags.com/publication/7321d0a8?page=66"> 64 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 67" href="http://viewer.zmags.com/publication/7321d0a8?page=67"> INVENTORIES Inventories are measured at the lower</a> <a title="NCC Annual Report 2012 page 68" href="http://viewer.zmags.com/publication/7321d0a8?page=68"> 66 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 69" href="http://viewer.zmags.com/publication/7321d0a8?page=69"> icant amount. A qualifying asset is an asset that</a> <a title="NCC Annual Report 2012 page 70" href="http://viewer.zmags.com/publication/7321d0a8?page=70"> 68 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 71" href="http://viewer.zmags.com/publication/7321d0a8?page=71"> FINANCIAL REPORT NCC 2012 69 </a> <a title="NCC Annual Report 2012 page 72" href="http://viewer.zmags.com/publication/7321d0a8?page=72"> 70 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 73" href="http://viewer.zmags.com/publication/7321d0a8?page=73"> FINANCIAL REPORT NCC 2012 71 </a> <a title="NCC Annual Report 2012 page 74" href="http://viewer.zmags.com/publication/7321d0a8?page=74"> 72 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 75" href="http://viewer.zmags.com/publication/7321d0a8?page=75"> FINANCIAL REPORT NCC 2012 73 </a> <a title="NCC Annual Report 2012 page 76" href="http://viewer.zmags.com/publication/7321d0a8?page=76"> 74 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 77" href="http://viewer.zmags.com/publication/7321d0a8?page=77"> NOTE 20 INTANGIBLE ASSETS, CONT'D IMPAIRMENT TE</a> <a title="NCC Annual Report 2012 page 78" href="http://viewer.zmags.com/publication/7321d0a8?page=78"> 76 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 79" href="http://viewer.zmags.com/publication/7321d0a8?page=79"> NOTE 22 PARTICIPATIONS IN GROUP COMPANIES PARENT</a> <a title="NCC Annual Report 2012 page 80" href="http://viewer.zmags.com/publication/7321d0a8?page=80"> 78 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 81" href="http://viewer.zmags.com/publication/7321d0a8?page=81"> NOTE 25 PARTICIPATIONS IN ASSOCIATED COMPANIES P</a> <a title="NCC Annual Report 2012 page 82" href="http://viewer.zmags.com/publication/7321d0a8?page=82"> 80 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 83" href="http://viewer.zmags.com/publication/7321d0a8?page=83"> FINANCIAL REPORT NCC 2012 81 </a> <a title="NCC Annual Report 2012 page 84" href="http://viewer.zmags.com/publication/7321d0a8?page=84"> 82 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 85" href="http://viewer.zmags.com/publication/7321d0a8?page=85"> NOTE 34 INTEREST-BEARING LIABILITIES GROUP 2011 </a> <a title="NCC Annual Report 2012 page 86" href="http://viewer.zmags.com/publication/7321d0a8?page=86"> 84 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 87" href="http://viewer.zmags.com/publication/7321d0a8?page=87"> NOTE 36 PENSIONS, CONT'D ACTUARIAL ASSUMPTIONS,</a> <a title="NCC Annual Report 2012 page 88" href="http://viewer.zmags.com/publication/7321d0a8?page=88"> 86 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 89" href="http://viewer.zmags.com/publication/7321d0a8?page=89"> FINANCIAL REPORT NCC 2012 87 </a> <a title="NCC Annual Report 2012 page 90" href="http://viewer.zmags.com/publication/7321d0a8?page=90"> 88 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 91" href="http://viewer.zmags.com/publication/7321d0a8?page=91"> FINANCIAL REPORT NCC 2012 89 </a> <a title="NCC Annual Report 2012 page 92" href="http://viewer.zmags.com/publication/7321d0a8?page=92"> 90 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 93" href="http://viewer.zmags.com/publication/7321d0a8?page=93"> FINANCIAL REPORT NCC 2012 91 </a> <a title="NCC Annual Report 2012 page 94" href="http://viewer.zmags.com/publication/7321d0a8?page=94"> 92 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 95" href="http://viewer.zmags.com/publication/7321d0a8?page=95"> NOTE 43 PLEDGED ASSETS, CONTINGENT LIABILITIES </a> <a title="NCC Annual Report 2012 page 96" href="http://viewer.zmags.com/publication/7321d0a8?page=96"> 94 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 97" href="http://viewer.zmags.com/publication/7321d0a8?page=97"> FINANCIAL REPORT NCC 2012 95 </a> <a title="NCC Annual Report 2012 page 98" href="http://viewer.zmags.com/publication/7321d0a8?page=98"> 96 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 99" href="http://viewer.zmags.com/publication/7321d0a8?page=99"> FINANCIAL REPORT NCC 2012 97 </a> <a title="NCC Annual Report 2012 page 100" href="http://viewer.zmags.com/publication/7321d0a8?page=100"> 98 NCC 2012 FINANCIAL REPORT </a> <a title="NCC Annual Report 2012 page 101" href="http://viewer.zmags.com/publication/7321d0a8?page=101"> FINANCIAL REPORT NCC 2012 99 </a> <a title="NCC Annual Report 2012 page 102" href="http://viewer.zmags.com/publication/7321d0a8?page=102"> 100 NCC 2012 SHAREHOLDER INFORMATI</a> <a title="NCC Annual Report 2012 page 103" href="http://viewer.zmags.com/publication/7321d0a8?page=103"> SHAREHOLDER INFORMATION NCC 2012 101</a> <a title="NCC Annual Report 2012 page 104" href="http://viewer.zmags.com/publication/7321d0a8?page=104"> 102 NCC 2012 SHAREHOLDER INFORMATI</a> <a title="NCC Annual Report 2012 page 105" href="http://viewer.zmags.com/publication/7321d0a8?page=105"> SHAREHOLDER INFORMATION NCC 2012 103</a> <a title="NCC Annual Report 2012 page 106" href="http://viewer.zmags.com/publication/7321d0a8?page=106"> 104 NCC 2012 SHAREHOLDER INFORMATI</a> <a title="NCC Annual Report 2012 page 107" href="http://viewer.zmags.com/publication/7321d0a8?page=107"> 1 RISK ASSESSMENT AND RIS</a> <a title="NCC Annual Report 2012 page 108" href="http://viewer.zmags.com/publication/7321d0a8?page=108"> 106 NCC 2012 SHAREHOLDER INFORMATI</a> <a title="NCC Annual Report 2012 page 109" href="http://viewer.zmags.com/publication/7321d0a8?page=109"> SHAREHOLDER INFORMATION NCC 2012 107</a> <a title="NCC Annual Report 2012 page 110" href="http://viewer.zmags.com/publication/7321d0a8?page=110"> 108 NCC 2012 SHAREHOLDER INFORMATI</a> <a title="NCC Annual Report 2012 page 111" href="http://viewer.zmags.com/publication/7321d0a8?page=111"> SHAREHOLDER INFORMATION NCC 2012 109</a> <a title="NCC Annual Report 2012 page 112" href="http://viewer.zmags.com/publication/7321d0a8?page=112"> 110 NCC 2012 SHAREHOLDER INFORMAT</a> <a title="NCC Annual Report 2012 page 113" href="http://viewer.zmags.com/publication/7321d0a8?page=113"> FIVE-YEAR TREND IN NCC SHARES 2008 2009 </a> <a title="NCC Annual Report 2012 page 114" href="http://viewer.zmags.com/publication/7321d0a8?page=114"> 112 NCC 2012 SHAREHOLDER INFORMAT</a> <a title="NCC Annual Report 2012 page 115" href="http://viewer.zmags.com/publication/7321d0a8?page=115"> Definitions/glossary FINANCIAL DEFINITIONS Av</a> <a title="NCC Annual Report 2012 page 116" href="http://viewer.zmags.com/publication/7321d0a8?page=116"> NCC is one of the leading construction and proper</a>