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<br /> Annual Report<br /> 2011<br /> NCC aims to<br /> always be the<br /> customer's<br /> first choice<br /> 2 12<br /> Review by the President: Although we ended 2011 Operations: NCC conducts integrated construction and develop-<br /> with healthy profit, a record-high order backlog, a favor- ment operations in the Nordic region, Germany, Estonia, Latvia and<br /> able portfolio of housing and property projects and a St. Petersburg. The company has three businesses: industrial, con-<br /> strong financial position, the beginning of the year was struction and civil engineering, as well as development. These busi-<br /> challenging. <a title="NCC Annual report 2012 page 1" href="http://viewer.zmags.com/publication/e446d6aa?page=1"> Annual Report 2011</a> <a title="NCC Annual report 2012 page 2" href="http://viewer.zmags.com/publication/e446d6aa?page=2"> NCC aims to always be the customer's first choice </a> <a title="NCC Annual report 2012 page 3" href="http://viewer.zmags.com/publication/e446d6aa?page=3"> NCC's strategy 2012–2015 Profitable growth is the</a> <a title="NCC Annual report 2012 page 4" href="http://viewer.zmags.com/publication/e446d6aa?page=4"> 2 NCC 2011 Review by the President Profita</a> <a title="NCC Annual report 2012 page 5" href="http://viewer.zmags.com/publication/e446d6aa?page=5"> NCC 2011 3 The need for new housing is a st</a> <a title="NCC Annual report 2012 page 6" href="http://viewer.zmags.com/publication/e446d6aa?page=6"> 4 NCC 2011 INCREASING NUMBER OF HOUSING UNI</a> <a title="NCC Annual report 2012 page 7" href="http://viewer.zmags.com/publication/e446d6aa?page=7"> nario in which we aim to achieve profitable growth</a> <a title="NCC Annual report 2012 page 8" href="http://viewer.zmags.com/publication/e446d6aa?page=8"> 6 NCC 2011 Business concept, objectives a</a> <a title="NCC Annual report 2012 page 9" href="http://viewer.zmags.com/publication/e446d6aa?page=9"> generate on a sustainable basis, and on capital r</a> <a title="NCC Annual report 2012 page 10" href="http://viewer.zmags.com/publication/e446d6aa?page=10"> 8 NCC 2011 STRATEGY 2012–2015 NCC has a str</a> <a title="NCC Annual report 2012 page 11" href="http://viewer.zmags.com/publication/e446d6aa?page=11"> of the product mix. One step toward more efficient</a> <a title="NCC Annual report 2012 page 12" href="http://viewer.zmags.com/publication/e446d6aa?page=12"> 10 NCC 2011 Market and competitors NCC ho</a> <a title="NCC Annual report 2012 page 13" href="http://viewer.zmags.com/publication/e446d6aa?page=13"> NCC 2011 11 COMPETITORS The Nordic construct</a> <a title="NCC Annual report 2012 page 14" href="http://viewer.zmags.com/publication/e446d6aa?page=14"> 12 NCC 2011 Overview of operations </a> <a title="NCC Annual report 2012 page 15" href="http://viewer.zmags.com/publication/e446d6aa?page=15"> NCC 2011 13 Geographical marke</a> <a title="NCC Annual report 2012 page 16" href="http://viewer.zmags.com/publication/e446d6aa?page=16"> 14 NCC 2011 NCC's geographical markets </a> <a title="NCC Annual report 2012 page 17" href="http://viewer.zmags.com/publication/e446d6aa?page=17"> Industrial Sale</a> <a title="NCC Annual report 2012 page 18" href="http://viewer.zmags.com/publication/e446d6aa?page=18"> 16 NCC 2011 OPERATIONS A</a> <a title="NCC Annual report 2012 page 19" href="http://viewer.zmags.com/publication/e446d6aa?page=19"> spective, thus benefiting customers while NCC's pr</a> <a title="NCC Annual report 2012 page 20" href="http://viewer.zmags.com/publication/e446d6aa?page=20"> 18 NCC 2011 OPERATIONS Indu</a> <a title="NCC Annual report 2012 page 21" href="http://viewer.zmags.com/publication/e446d6aa?page=21"> OPERATIONS NCC 2011 19 Constru</a> <a title="NCC Annual report 2012 page 22" href="http://viewer.zmags.com/publication/e446d6aa?page=22"> 20 NCC 2011 OPERATIONS </a> <a title="NCC Annual report 2012 page 23" href="http://viewer.zmags.com/publication/e446d6aa?page=23"> OPERATIONS IN NORTHERN EUROPE NCC conducts constr</a> <a title="NCC Annual report 2012 page 24" href="http://viewer.zmags.com/publication/e446d6aa?page=24"> 22 NCC 2011 OPERATIONS str</a> <a title="NCC Annual report 2012 page 25" href="http://viewer.zmags.com/publication/e446d6aa?page=25"> confidence in each other, opportunities arise to p</a> <a title="NCC Annual report 2012 page 26" href="http://viewer.zmags.com/publication/e446d6aa?page=26"> 24 NCC 2011 OPERATIONS </a> <a title="NCC Annual report 2012 page 27" href="http://viewer.zmags.com/publication/e446d6aa?page=27"> OPERATIONS NCC 2011 25 D</a> <a title="NCC Annual report 2012 page 28" href="http://viewer.zmags.com/publication/e446d6aa?page=28"> 26 NCC 2011 OPERATIONS H</a> <a title="NCC Annual report 2012 page 29" href="http://viewer.zmags.com/publication/e446d6aa?page=29"> PLATFORMS – SUPERIOR QUALITY AT LOWER COST NCC se</a> <a title="NCC Annual report 2012 page 30" href="http://viewer.zmags.com/publication/e446d6aa?page=30"> 28 NCC 2011 OPERATIONS Market </a> <a title="NCC Annual report 2012 page 31" href="http://viewer.zmags.com/publication/e446d6aa?page=31"> OPERATIONS NCC 2011 29 </a> <a title="NCC Annual report 2012 page 32" href="http://viewer.zmags.com/publication/e446d6aa?page=32"> 30 NCC 2011 OPERATIONS MAJ</a> <a title="NCC Annual report 2012 page 33" href="http://viewer.zmags.com/publication/e446d6aa?page=33"> GREEN PROEPRTY DEVELOPMENT The sustainability iss</a> <a title="NCC Annual report 2012 page 34" href="http://viewer.zmags.com/publication/e446d6aa?page=34"> 32 NCC 2011 SUSTAINABILITY REPO</a> <a title="NCC Annual report 2012 page 35" href="http://viewer.zmags.com/publication/e446d6aa?page=35"> Highlights 2011 · New Group work environment and</a> <a title="NCC Annual report 2012 page 36" href="http://viewer.zmags.com/publication/e446d6aa?page=36"> 34 NCC 2011 SUSTAINABILITY REPO</a> <a title="NCC Annual report 2012 page 37" href="http://viewer.zmags.com/publication/e446d6aa?page=37"> GREEN BUILDING INCLUDES: · Environmentally la</a> <a title="NCC Annual report 2012 page 38" href="http://viewer.zmags.com/publication/e446d6aa?page=38"> 36 NCC 2011 SUSTAINABILITY REPO</a> <a title="NCC Annual report 2012 page 39" href="http://viewer.zmags.com/publication/e446d6aa?page=39"> Diversity a success factor The development of equ</a> <a title="NCC Annual report 2012 page 40" href="http://viewer.zmags.com/publication/e446d6aa?page=40"> 38 NCC 2011 SUSTAINABILITY REPO</a> <a title="NCC Annual report 2012 page 41" href="http://viewer.zmags.com/publication/e446d6aa?page=41"> ronment, including ergonomic considerations, stre</a> <a title="NCC Annual report 2012 page 42" href="http://viewer.zmags.com/publication/e446d6aa?page=42"> 40 NCC 2011 SUSTAINABILITY REPO</a> <a title="NCC Annual report 2012 page 43" href="http://viewer.zmags.com/publication/e446d6aa?page=43"> SUSTAINABILITY REPORT NCC 2011 </a> <a title="NCC Annual report 2012 page 44" href="http://viewer.zmags.com/publication/e446d6aa?page=44"> 42 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 45" href="http://viewer.zmags.com/publication/e446d6aa?page=45"> Orders received for proprietary housing projects </a> <a title="NCC Annual report 2012 page 46" href="http://viewer.zmags.com/publication/e446d6aa?page=46"> 44 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 47" href="http://viewer.zmags.com/publication/e446d6aa?page=47"> During 2009, NCC was ordered to pay an administra</a> <a title="NCC Annual report 2012 page 48" href="http://viewer.zmags.com/publication/e446d6aa?page=48"> 46 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 49" href="http://viewer.zmags.com/publication/e446d6aa?page=49"> FINANCIAL REPORT NCC 2011 47 </a> <a title="NCC Annual report 2012 page 50" href="http://viewer.zmags.com/publication/e446d6aa?page=50"> 48 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 51" href="http://viewer.zmags.com/publication/e446d6aa?page=51"> prises fixed salar y, variable remuneration, the l</a> <a title="NCC Annual report 2012 page 52" href="http://viewer.zmags.com/publication/e446d6aa?page=52"> 50 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 53" href="http://viewer.zmags.com/publication/e446d6aa?page=53"> NET SALES Net sales increased 6 percent to SEK 52</a> <a title="NCC Annual report 2012 page 54" href="http://viewer.zmags.com/publication/e446d6aa?page=54"> 52 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 55" href="http://viewer.zmags.com/publication/e446d6aa?page=55"> FIXED ASSETS Goodwill NCC impairment tests carryi</a> <a title="NCC Annual report 2012 page 56" href="http://viewer.zmags.com/publication/e446d6aa?page=56"> 54 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 57" href="http://viewer.zmags.com/publication/e446d6aa?page=57"> FINANCIAL REPORT NCC 2011 55 </a> <a title="NCC Annual report 2012 page 58" href="http://viewer.zmags.com/publication/e446d6aa?page=58"> 56 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 59" href="http://viewer.zmags.com/publication/e446d6aa?page=59"> FINANCIAL REPORT NCC 2011 57 </a> <a title="NCC Annual report 2012 page 60" href="http://viewer.zmags.com/publication/e446d6aa?page=60"> 58 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 61" href="http://viewer.zmags.com/publication/e446d6aa?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/e446d6aa?page=62"> 60 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 63" href="http://viewer.zmags.com/publication/e446d6aa?page=63"> NCC has decided not to apply the supplement to IA</a> <a title="NCC Annual report 2012 page 64" href="http://viewer.zmags.com/publication/e446d6aa?page=64"> 62 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 65" href="http://viewer.zmags.com/publication/e446d6aa?page=65"> Property sales are recognized at the time when ma</a> <a title="NCC Annual report 2012 page 66" href="http://viewer.zmags.com/publication/e446d6aa?page=66"> 64 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 67" href="http://viewer.zmags.com/publication/e446d6aa?page=67"> For a distribution of values, refer to Note 30, P</a> <a title="NCC Annual report 2012 page 68" href="http://viewer.zmags.com/publication/e446d6aa?page=68"> 66 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 69" href="http://viewer.zmags.com/publication/e446d6aa?page=69"> BORROWING COSTS Borrowing costs attributable to q</a> <a title="NCC Annual report 2012 page 70" href="http://viewer.zmags.com/publication/e446d6aa?page=70"> 68 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 71" href="http://viewer.zmags.com/publication/e446d6aa?page=71"> NOTE 3 CONT. REPORTING BY OPERATING SEGMENTS G E</a> <a title="NCC Annual report 2012 page 72" href="http://viewer.zmags.com/publication/e446d6aa?page=72"> 70 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 73" href="http://viewer.zmags.com/publication/e446d6aa?page=73"> FINANCIAL REPORT NCC 2011 71 </a> <a title="NCC Annual report 2012 page 74" href="http://viewer.zmags.com/publication/e446d6aa?page=74"> 72 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 75" href="http://viewer.zmags.com/publication/e446d6aa?page=75"> NOTE 16 NET FINANCIAL ITEMS GROUP 2010 46 8 </a> <a title="NCC Annual report 2012 page 76" href="http://viewer.zmags.com/publication/e446d6aa?page=76"> 74 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 77" href="http://viewer.zmags.com/publication/e446d6aa?page=77"> NOTE 20 CONT. INTANGIBLE ASSETS IMPAIRMENT TESTI</a> <a title="NCC Annual report 2012 page 78" href="http://viewer.zmags.com/publication/e446d6aa?page=78"> 76 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 79" href="http://viewer.zmags.com/publication/e446d6aa?page=79"> NOTE 22 PARTICIPATIONS IN GROUP COMPANIES PARENT</a> <a title="NCC Annual report 2012 page 80" href="http://viewer.zmags.com/publication/e446d6aa?page=80"> 78 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 81" href="http://viewer.zmags.com/publication/e446d6aa?page=81"> NOTE 25 PARTICIPATIONS IN ASSOCIATED COMPANIES P</a> <a title="NCC Annual report 2012 page 82" href="http://viewer.zmags.com/publication/e446d6aa?page=82"> 80 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 83" href="http://viewer.zmags.com/publication/e446d6aa?page=83"> FINANCIAL REPORT NCC 2011 81 </a> <a title="NCC Annual report 2012 page 84" href="http://viewer.zmags.com/publication/e446d6aa?page=84"> 82 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 85" href="http://viewer.zmags.com/publication/e446d6aa?page=85"> NOTE 31 MATERIALS AND INVENTORIES Group </a> <a title="NCC Annual report 2012 page 86" href="http://viewer.zmags.com/publication/e446d6aa?page=86"> 84 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 87" href="http://viewer.zmags.com/publication/e446d6aa?page=87"> NOTE 36 CONT. PENSIONS DEFINED-BENEFIT OBLIGATIO</a> <a title="NCC Annual report 2012 page 88" href="http://viewer.zmags.com/publication/e446d6aa?page=88"> 86 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 89" href="http://viewer.zmags.com/publication/e446d6aa?page=89"> FINANCIAL REPORT NCC 2011 87 </a> <a title="NCC Annual report 2012 page 90" href="http://viewer.zmags.com/publication/e446d6aa?page=90"> 88 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 91" href="http://viewer.zmags.com/publication/e446d6aa?page=91"> FINANCIAL REPORT NCC 2011 89 </a> <a title="NCC Annual report 2012 page 92" href="http://viewer.zmags.com/publication/e446d6aa?page=92"> 90 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 93" href="http://viewer.zmags.com/publication/e446d6aa?page=93"> FINANCIAL REPORT NCC 2011 91 </a> <a title="NCC Annual report 2012 page 94" href="http://viewer.zmags.com/publication/e446d6aa?page=94"> 92 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 95" href="http://viewer.zmags.com/publication/e446d6aa?page=95"> NOTE 43 CONT. PLEDGED ASSETS, CONTINGENT </a> <a title="NCC Annual report 2012 page 96" href="http://viewer.zmags.com/publication/e446d6aa?page=96"> 94 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 97" href="http://viewer.zmags.com/publication/e446d6aa?page=97"> FINANCIAL REPORT NCC 2011 95 </a> <a title="NCC Annual report 2012 page 98" href="http://viewer.zmags.com/publication/e446d6aa?page=98"> 96 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 99" href="http://viewer.zmags.com/publication/e446d6aa?page=99"> FINANCIAL REPORT NCC 2011 97 </a> <a title="NCC Annual report 2012 page 100" href="http://viewer.zmags.com/publication/e446d6aa?page=100"> 98 NCC 2011 FINANCIAL REPORT </a> <a title="NCC Annual report 2012 page 101" href="http://viewer.zmags.com/publication/e446d6aa?page=101"> FINANCIAL REPORT NCC 2011 99 </a> <a title="NCC Annual report 2012 page 102" href="http://viewer.zmags.com/publication/e446d6aa?page=102"> 100 NCC 2011 SHAREHOLDER INFORMAT</a> <a title="NCC Annual report 2012 page 103" href="http://viewer.zmags.com/publication/e446d6aa?page=103"> SHAREHOLDER INFORMATION NCC 2011 </a> <a title="NCC Annual report 2012 page 104" href="http://viewer.zmags.com/publication/e446d6aa?page=104"> 102 NCC 2011 SHAREHOLDER INFORMAT</a> <a title="NCC Annual report 2012 page 105" href="http://viewer.zmags.com/publication/e446d6aa?page=105"> SHAREHOLDER INFORMATION NCC 2011 </a> <a title="NCC Annual report 2012 page 106" href="http://viewer.zmags.com/publication/e446d6aa?page=106"> 104 NCC 2011 SHAREHOLDER INFORMAT</a> <a title="NCC Annual report 2012 page 107" href="http://viewer.zmags.com/publication/e446d6aa?page=107"> 1 RISK-ASSESSMENT AND RIS</a> <a title="NCC Annual report 2012 page 108" href="http://viewer.zmags.com/publication/e446d6aa?page=108"> 106 NCC 2011 SHAREHOLDER INFORMAT</a> <a title="NCC Annual report 2012 page 109" href="http://viewer.zmags.com/publication/e446d6aa?page=109"> SHAREHOLDER INFORMATION NCC 2011 </a> <a title="NCC Annual report 2012 page 110" href="http://viewer.zmags.com/publication/e446d6aa?page=110"> 108 NCC 2011 SHAREHOLDER INFORMAT</a> <a title="NCC Annual report 2012 page 111" href="http://viewer.zmags.com/publication/e446d6aa?page=111"> SHAREHOLDER INFORMATION NCC 2011 </a> <a title="NCC Annual report 2012 page 112" href="http://viewer.zmags.com/publication/e446d6aa?page=112"> 110 NCC 2011 SHAREHOLDER INFORMAT</a> <a title="NCC Annual report 2012 page 113" href="http://viewer.zmags.com/publication/e446d6aa?page=113"> FIVE-YEAR TREND IN NCC SHARES 2007 2008 </a> <a title="NCC Annual report 2012 page 114" href="http://viewer.zmags.com/publication/e446d6aa?page=114"> 112 NCC 2011 SHAREHOLDER INFORMAT</a> <a title="NCC Annual report 2012 page 115" href="http://viewer.zmags.com/publication/e446d6aa?page=115"> Definitions/glossary FINANCIAL DEFINITIONS Av</a> <a title="NCC Annual report 2012 page 116" href="http://viewer.zmags.com/publication/e446d6aa?page=116"> NCC is one of the leading construction and proper</a>