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<br /> ANNUAL REPORT<br /> 2014<br /> We shall renew our<br /> industry and provide<br /> superior sustainable<br /> solutions<br /> Contents<br /> About NCC ........................................................................2<br /> Review by the President ........................................................4<br /> Driving forces and business environment................................6<br /> Strategy..............................................................................8<br /> Value generation for stakeholders ....................................... 16<br /> The NCC share ................................................................. 18<br /> Geographical markets .......................................................22<br /> OPERATIONS<br /> Industrial...........................................................................24<br /> Construction and civil engineering ......................................30<br /> Development .....................<a title="NCC_Annual report_2014 page 1" href="http://viewer.zmags.com/publication/85b5c038?page=1"> ANNUAL REPORT 2014 We shall renew our industry </a> <a title="NCC_Annual report_2014 page 2" href="http://viewer.zmags.com/publication/85b5c038?page=2"> Contents About NCC ..............................</a> <a title="NCC_Annual report_2014 page 3" href="http://viewer.zmags.com/publication/85b5c038?page=3"> “Using the best innovative and sustainable solu</a> <a title="NCC_Annual report_2014 page 4" href="http://viewer.zmags.com/publication/85b5c038?page=4"> 2 NCC 2014 ABOUT NCC </a> <a title="NCC_Annual report_2014 page 5" href="http://viewer.zmags.com/publication/85b5c038?page=5"> NCC 2014 3 ABOUT NCC Three different</a> <a title="NCC_Annual report_2014 page 6" href="http://viewer.zmags.com/publication/85b5c038?page=6"> 4 NCC 2014 REVIEW BY </a> <a title="NCC_Annual report_2014 page 7" href="http://viewer.zmags.com/publication/85b5c038?page=7"> to assess, except to say that major forces have b</a> <a title="NCC_Annual report_2014 page 8" href="http://viewer.zmags.com/publication/85b5c038?page=8"> 6 NCC 2014 DRIVING FO</a> <a title="NCC_Annual report_2014 page 9" href="http://viewer.zmags.com/publication/85b5c038?page=9"> GLOBALIZATION The globalization under way in vari</a> <a title="NCC_Annual report_2014 page 10" href="http://viewer.zmags.com/publication/85b5c038?page=10"> 8 NCC 2014 STRATEGY Stable ground for </a> <a title="NCC_Annual report_2014 page 11" href="http://viewer.zmags.com/publication/85b5c038?page=11"> NCC’s development NCC’s strategy for the period 2</a> <a title="NCC_Annual report_2014 page 12" href="http://viewer.zmags.com/publication/85b5c038?page=12"> 10 NCC 2014 STRATEGY Priori</a> <a title="NCC_Annual report_2014 page 13" href="http://viewer.zmags.com/publication/85b5c038?page=13"> NCC’s business model NCC’s three different yet co</a> <a title="NCC_Annual report_2014 page 14" href="http://viewer.zmags.com/publication/85b5c038?page=14"> 12 NCC 2014 STRATEGY NCC’S FINANCIAL O</a> <a title="NCC_Annual report_2014 page 15" href="http://viewer.zmags.com/publication/85b5c038?page=15"> NCC 2014 13 STRATEGY NCC’S SUSTAINABI</a> <a title="NCC_Annual report_2014 page 16" href="http://viewer.zmags.com/publication/85b5c038?page=16"> 14 NCC 2014 AVSNITTSMARKERING</a> <a title="NCC_Annual report_2014 page 17" href="http://viewer.zmags.com/publication/85b5c038?page=17"> NCC 2014 15 AVSNITTSM</a> <a title="NCC_Annual report_2014 page 18" href="http://viewer.zmags.com/publication/85b5c038?page=18"> 16 NCC 2014 VALUE GENER</a> <a title="NCC_Annual report_2014 page 19" href="http://viewer.zmags.com/publication/85b5c038?page=19"> borrowing agreement with the Nordic Investment Ba</a> <a title="NCC_Annual report_2014 page 20" href="http://viewer.zmags.com/publication/85b5c038?page=20"> 18 NCC 2014 NCC SHARE </a> <a title="NCC_Annual report_2014 page 21" href="http://viewer.zmags.com/publication/85b5c038?page=21"> FIVE-YEAR TREND IN NCC SHARES 2010 2011 </a> <a title="NCC_Annual report_2014 page 22" href="http://viewer.zmags.com/publication/85b5c038?page=22"> 20 NCC 2014 AVSNITTSMARKERING Better life</a> <a title="NCC_Annual report_2014 page 23" href="http://viewer.zmags.com/publication/85b5c038?page=23"> NCC 2014 21 AVSNITTSM</a> <a title="NCC_Annual report_2014 page 24" href="http://viewer.zmags.com/publication/85b5c038?page=24"> 22 NCC 2014 GEOGRAPHICA</a> <a title="NCC_Annual report_2014 page 25" href="http://viewer.zmags.com/publication/85b5c038?page=25"> </a> <a title="NCC_Annual report_2014 page 26" href="http://viewer.zmags.com/publication/85b5c038?page=26"> 24 NCC 2014 OPERATIONS </a> <a title="NCC_Annual report_2014 page 27" href="http://viewer.zmags.com/publication/85b5c038?page=27"> NCC 2014 25</a> <a title="NCC_Annual report_2014 page 28" href="http://viewer.zmags.com/publication/85b5c038?page=28"> 26 NCC 2014 OPERATIONS </a> <a title="NCC_Annual report_2014 page 29" href="http://viewer.zmags.com/publication/85b5c038?page=29"> NCC 2014 27</a> <a title="NCC_Annual report_2014 page 30" href="http://viewer.zmags.com/publication/85b5c038?page=30"> 28 NCC 2014 AVSNITTSMARKERING</a> <a title="NCC_Annual report_2014 page 31" href="http://viewer.zmags.com/publication/85b5c038?page=31"> NCC 2014 29 AVSNITTSMA</a> <a title="NCC_Annual report_2014 page 32" href="http://viewer.zmags.com/publication/85b5c038?page=32"> 30 NCC 2014 OPERATIONS </a> <a title="NCC_Annual report_2014 page 33" href="http://viewer.zmags.com/publication/85b5c038?page=33"> </a> <a title="NCC_Annual report_2014 page 34" href="http://viewer.zmags.com/publication/85b5c038?page=34"> 32 NCC 2014 OPERATIONS </a> <a title="NCC_Annual report_2014 page 35" href="http://viewer.zmags.com/publication/85b5c038?page=35"> </a> <a title="NCC_Annual report_2014 page 36" href="http://viewer.zmags.com/publication/85b5c038?page=36"> 34 NCC 2014 OPERATIONS </a> <a title="NCC_Annual report_2014 page 37" href="http://viewer.zmags.com/publication/85b5c038?page=37"> </a> <a title="NCC_Annual report_2014 page 38" href="http://viewer.zmags.com/publication/85b5c038?page=38"> 36 NCC 2014 OPERATIONS </a> <a title="NCC_Annual report_2014 page 39" href="http://viewer.zmags.com/publication/85b5c038?page=39"> NCC 2014 </a> <a title="NCC_Annual report_2014 page 40" href="http://viewer.zmags.com/publication/85b5c038?page=40"> 38 NCC 2014 OPERATIONS / DEVELOPMENT populati</a> <a title="NCC_Annual report_2014 page 41" href="http://viewer.zmags.com/publication/85b5c038?page=41"> A simple and secure transaction NCC aims to assis</a> <a title="NCC_Annual report_2014 page 42" href="http://viewer.zmags.com/publication/85b5c038?page=42"> 40 NCC 2014 OPERATIONS / DEVELOPMENT Commerci</a> <a title="NCC_Annual report_2014 page 43" href="http://viewer.zmags.com/publication/85b5c038?page=43"> restaurants. Other criteria may be that the prope</a> <a title="NCC_Annual report_2014 page 44" href="http://viewer.zmags.com/publication/85b5c038?page=44"> 42 NCC 2014 SUSTAINABILITY The bes</a> <a title="NCC_Annual report_2014 page 45" href="http://viewer.zmags.com/publication/85b5c038?page=45"> Organization and governance The CEO is ultimately</a> <a title="NCC_Annual report_2014 page 46" href="http://viewer.zmags.com/publication/85b5c038?page=46"> 44 NCC 2014 SUSTAINABILITY Significant</a> <a title="NCC_Annual report_2014 page 47" href="http://viewer.zmags.com/publication/85b5c038?page=47"> NCC 2014 45 SUSTAINABILITY SU</a> <a title="NCC_Annual report_2014 page 48" href="http://viewer.zmags.com/publication/85b5c038?page=48"> 46 NCC 2014 SUSTAINABILITY EMPLOYEES </a> <a title="NCC_Annual report_2014 page 49" href="http://viewer.zmags.com/publication/85b5c038?page=49"> man school, which has been in operation for sever</a> <a title="NCC_Annual report_2014 page 50" href="http://viewer.zmags.com/publication/85b5c038?page=50"> 48 NCC 2014 SUSTAINABILITY CONSTRUCTI</a> <a title="NCC_Annual report_2014 page 51" href="http://viewer.zmags.com/publication/85b5c038?page=51"> to allow for their input materials to be recycled</a> <a title="NCC_Annual report_2014 page 52" href="http://viewer.zmags.com/publication/85b5c038?page=52"> 50 NCC 2014 SUSTAINABILITY CUSTOMERS </a> <a title="NCC_Annual report_2014 page 53" href="http://viewer.zmags.com/publication/85b5c038?page=53"> NCC 2014 51 AVSNITTSM</a> <a title="NCC_Annual report_2014 page 54" href="http://viewer.zmags.com/publication/85b5c038?page=54"> 52 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 55" href="http://viewer.zmags.com/publication/85b5c038?page=55"> (3,715) housing units for private customers and 1</a> <a title="NCC_Annual report_2014 page 56" href="http://viewer.zmags.com/publication/85b5c038?page=56"> 54 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 57" href="http://viewer.zmags.com/publication/85b5c038?page=57"> NCC SHARE At December 31, 2014, NCC’s registered </a> <a title="NCC_Annual report_2014 page 58" href="http://viewer.zmags.com/publication/85b5c038?page=58"> 56 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 59" href="http://viewer.zmags.com/publication/85b5c038?page=59"> NCC 2014 57 FINANCIAL REPOR</a> <a title="NCC_Annual report_2014 page 60" href="http://viewer.zmags.com/publication/85b5c038?page=60"> 58 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 61" href="http://viewer.zmags.com/publication/85b5c038?page=61"> Assuming that the long­term performance­base</a> <a title="NCC_Annual report_2014 page 62" href="http://viewer.zmags.com/publication/85b5c038?page=62"> 60 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 63" href="http://viewer.zmags.com/publication/85b5c038?page=63"> NET SALES Net sales amounted to SEK 56,867 M (57,</a> <a title="NCC_Annual report_2014 page 64" href="http://viewer.zmags.com/publication/85b5c038?page=64"> 62 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 65" href="http://viewer.zmags.com/publication/85b5c038?page=65"> FIXED ASSETS Goodwill NCC impairment tests goodwi</a> <a title="NCC_Annual report_2014 page 66" href="http://viewer.zmags.com/publication/85b5c038?page=66"> 64 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 67" href="http://viewer.zmags.com/publication/85b5c038?page=67"> NCC 2014 65 FINANCIAL REPOR</a> <a title="NCC_Annual report_2014 page 68" href="http://viewer.zmags.com/publication/85b5c038?page=68"> 66 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 69" href="http://viewer.zmags.com/publication/85b5c038?page=69"> NCC 2014 67 FINANCIAL REPOR</a> <a title="NCC_Annual report_2014 page 70" href="http://viewer.zmags.com/publication/85b5c038?page=70"> 68 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 71" href="http://viewer.zmags.com/publication/85b5c038?page=71"> CASH FLOW FROM OPERATING ACTIVITIES Cash flow from</a> <a title="NCC_Annual report_2014 page 72" href="http://viewer.zmags.com/publication/85b5c038?page=72"> 70 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 73" href="http://viewer.zmags.com/publication/85b5c038?page=73"> Financial Reporting Board. As of 2013, the Parent</a> <a title="NCC_Annual report_2014 page 74" href="http://viewer.zmags.com/publication/85b5c038?page=74"> 72 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 75" href="http://viewer.zmags.com/publication/85b5c038?page=75"> Company, all leasing agreements are recognized ac</a> <a title="NCC_Annual report_2014 page 76" href="http://viewer.zmags.com/publication/85b5c038?page=76"> 74 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 77" href="http://viewer.zmags.com/publication/85b5c038?page=77"> • the hybrid (combined) instrument is not measure</a> <a title="NCC_Annual report_2014 page 78" href="http://viewer.zmags.com/publication/85b5c038?page=78"> 76 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 79" href="http://viewer.zmags.com/publication/85b5c038?page=79"> NCC 2014 77 FINANCIAL REPOR</a> <a title="NCC_Annual report_2014 page 80" href="http://viewer.zmags.com/publication/85b5c038?page=80"> 78 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 81" href="http://viewer.zmags.com/publication/85b5c038?page=81"> NCC 2014 79 FINANCIAL REPOR</a> <a title="NCC_Annual report_2014 page 82" href="http://viewer.zmags.com/publication/85b5c038?page=82"> 80 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 83" href="http://viewer.zmags.com/publication/85b5c038?page=83"> NCC 2014 81 FINANCIAL REPOR</a> <a title="NCC_Annual report_2014 page 84" href="http://viewer.zmags.com/publication/85b5c038?page=84"> 82 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 85" href="http://viewer.zmags.com/publication/85b5c038?page=85"> NCC 2014 83 FINANCIAL REPOR</a> <a title="NCC_Annual report_2014 page 86" href="http://viewer.zmags.com/publication/85b5c038?page=86"> 84 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 87" href="http://viewer.zmags.com/publication/85b5c038?page=87"> Note 16 Tangible fixed assets, cont’d GROUP Owne</a> <a title="NCC_Annual report_2014 page 88" href="http://viewer.zmags.com/publication/85b5c038?page=88"> 86 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 89" href="http://viewer.zmags.com/publication/85b5c038?page=89"> NOTE 18 PARTICIPATIONS IN ASSOCIATED </a> <a title="NCC_Annual report_2014 page 90" href="http://viewer.zmags.com/publication/85b5c038?page=90"> 88 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 91" href="http://viewer.zmags.com/publication/85b5c038?page=91"> NCC 2014 89 FINANCIAL REPOR</a> <a title="NCC_Annual report_2014 page 92" href="http://viewer.zmags.com/publication/85b5c038?page=92"> 90 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 93" href="http://viewer.zmags.com/publication/85b5c038?page=93"> Note 25 Properties classified as current assets, c</a> <a title="NCC_Annual report_2014 page 94" href="http://viewer.zmags.com/publication/85b5c038?page=94"> 92 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 95" href="http://viewer.zmags.com/publication/85b5c038?page=95"> Note 30 Other provisions, cont’d. Guaran- GROUP,</a> <a title="NCC_Annual report_2014 page 96" href="http://viewer.zmags.com/publication/85b5c038?page=96"> 94 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 97" href="http://viewer.zmags.com/publication/85b5c038?page=97"> NCC 2014 95 FINANCIAL REPOR</a> <a title="NCC_Annual report_2014 page 98" href="http://viewer.zmags.com/publication/85b5c038?page=98"> 96 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 99" href="http://viewer.zmags.com/publication/85b5c038?page=99"> Note 37 Pledged assets, contingent liabilities an</a> <a title="NCC_Annual report_2014 page 100" href="http://viewer.zmags.com/publication/85b5c038?page=100"> 98 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 101" href="http://viewer.zmags.com/publication/85b5c038?page=101"> NCC 2014 99 FINANCIAL REPOR</a> <a title="NCC_Annual report_2014 page 102" href="http://viewer.zmags.com/publication/85b5c038?page=102"> 100 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 103" href="http://viewer.zmags.com/publication/85b5c038?page=103"> Note 39 Financial instruments and financial risk m</a> <a title="NCC_Annual report_2014 page 104" href="http://viewer.zmags.com/publication/85b5c038?page=104"> 102 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 105" href="http://viewer.zmags.com/publication/85b5c038?page=105"> NCC 2014 103 FINANCIAL REPOR</a> <a title="NCC_Annual report_2014 page 106" href="http://viewer.zmags.com/publication/85b5c038?page=106"> 104 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 107" href="http://viewer.zmags.com/publication/85b5c038?page=107"> NCC 2014 105 FINANCIAL REPOR</a> <a title="NCC_Annual report_2014 page 108" href="http://viewer.zmags.com/publication/85b5c038?page=108"> 106 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 109" href="http://viewer.zmags.com/publication/85b5c038?page=109"> NCC 2014 107 FINANCIAL REPOR</a> <a title="NCC_Annual report_2014 page 110" href="http://viewer.zmags.com/publication/85b5c038?page=110"> 108 NCC 2014 FINANCIAL R</a> <a title="NCC_Annual report_2014 page 111" href="http://viewer.zmags.com/publication/85b5c038?page=111"> Quarterly data FULL QUARTERLY AMOUNTS, 2014 </a> <a title="NCC_Annual report_2014 page 112" href="http://viewer.zmags.com/publication/85b5c038?page=112"> 110 NCC 2014 CORPORATE G</a> <a title="NCC_Annual report_2014 page 113" href="http://viewer.zmags.com/publication/85b5c038?page=113"> NCC 2</a> <a title="NCC_Annual report_2014 page 114" href="http://viewer.zmags.com/publication/85b5c038?page=114"> 112 NCC 2014 CORPORATE G</a> <a title="NCC_Annual report_2014 page 115" href="http://viewer.zmags.com/publication/85b5c038?page=115"> REMUNERATION OF EXECUTIVE MANAGEMENT According to</a> <a title="NCC_Annual report_2014 page 116" href="http://viewer.zmags.com/publication/85b5c038?page=116"> 114 NCC 2014 CORPORATE G</a> <a title="NCC_Annual report_2014 page 117" href="http://viewer.zmags.com/publication/85b5c038?page=117"> NCC 2</a> <a title="NCC_Annual report_2014 page 118" href="http://viewer.zmags.com/publication/85b5c038?page=118"> 116 NCC 2014 CORPORATE G</a> <a title="NCC_Annual report_2014 page 119" href="http://viewer.zmags.com/publication/85b5c038?page=119"> NCC 2</a> <a title="NCC_Annual report_2014 page 120" href="http://viewer.zmags.com/publication/85b5c038?page=120"> 118 NCC 2014 CORPORATE G</a> <a title="NCC_Annual report_2014 page 121" href="http://viewer.zmags.com/publication/85b5c038?page=121"> NCC 2</a> <a title="NCC_Annual report_2014 page 122" href="http://viewer.zmags.com/publication/85b5c038?page=122"> 120 NCC 2014 Financial information/contac</a> <a title="NCC_Annual report_2014 page 123" href="http://viewer.zmags.com/publication/85b5c038?page=123"> Definitions/glossary FINANCIAL KEY FIGURES Avera</a> <a title="NCC_Annual report_2014 page 124" href="http://viewer.zmags.com/publication/85b5c038?page=124"> NCC is one of the leading construction and proper</a>