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Annual Report NCC ANNUAL REPORT 2016 Annual Report 2016 II NCC 2016 AVSNITTSMARKERING NCC Annual Report 2016 Contents NCC in brief 2 Review by the President 4 The inclusive city 6 Driving forces 8 Value generation for stakeholders 9 Strategy 10 – NCC’s objectives 12 The NCC share 16 BUSINESS AREAS Industry 18 Building 22 Infrastructure 27 Property Development 32 SUSTAINABILITY NCC’s sustainability efforts 36 Health and safety 39 Social inclusion 40 Materials and waste 41 Climate and energy 42 Ethics and compliance 44 Product portfolio 45 FINANCIAL REPORT Reports of the Board of Directors 46 Risk 51 Consolidated income statement 54 Consolidated balance sheet 56 Parent Company income statement 58 Parent Company balance sheet 59 Changes in shareholders’ equity 60 Cash-flow statements 62 Notes 64 Appropriations of profits 98 Auditors’ report 99 Multi-year review 102 Quarterly data 105 CORPORATE GOVERNANCE Corporate governance report 106 Report on internal control 110 Board of Directors and Auditors 112 Group Management 114 “ We will Financial information/contacts 116 Definitions 117 renew our industry The formal Annual Accounts, which have been signed by the Board of Directors and examined by the providing auditors, are pages 46–98. superior sustainable solutions.” NCC 2016 1 AVSNITTSMARKERING Cash flow before financing 1,050 Orders received SEK M 56,506 Return on equity SEK M 23% Operating profit 1,453 SEK M Net sales 52,934 SEK M “ We will Key figures above pertain to remaining operations in NCC, excluding Bonava. renew our industry providing superior sustainable COVER solutions.” Aarhus: Library and Municipal Building at Aarhus Harbor – completed in 2016. 2 NCC 2016 ABOUT NCC NCC in brief NCC is one of the leading Nordic construction and property development companies. With the Nordic region as its home market, NCC is active throughout the value chain – develop- VISION ing commercial properties and constructing housing, offices, industrial facilities and public buildings, roads, civil We will renew our industry providing superior sustain- engineering structures and other types of infrastructure. able solutions. NCC also offers input materials used in construction and accounts for paving and road services. NCC creates future environments for working, living and communication based on responsible construction operations that result in sus- tainable interaction between people and the environment. CORE VALUES The company’s values and Code of Conduct function as the backbone for the way NCC works and operates. Together, they also serve as a compass for how employ- BUSINESS CONCEPT – RESPONSIBLE ENTERPRISE ees are to conduct themselves and act in everyday situa- tions, and provide guidance when decisions have to be NCC develops and builds future environments for work- made. ing, living and communication. Supported by the compa- ny’s values, NCC and its customers jointly identify needs- – HONESTY based, cost-effective and high-quality solutions that – RESPECT generate added value for all of NCC’s stakeholders and – TRUST contribute to sustainable social development. – PIONEERING SPIRIT NCC’s market The Nordic construction market generated sales of SEK At the Nordic level, NCC’s main competitors are Skanska 1,352 billion (1,226) in 2016. NCC is one of the largest play- and Peab of Sweden, MT Højgaard of Denmark, Veidekke ers, with a market share of 4 percent. and AF-Gruppen of Norway, as well as YIT and Lem- The Nordic construction market is national, highly frag- minkäinen of Finland, Strabag of Austria and Implenia of mented and characterized by intense local competition. In Switzerland. local markets, NCC competes with thousands of small build- In civil engineering projects and road construction, as ing contractors. Large-scale civil engineering projects in well as asphalt and paving in the Nordic region, central gov- the Nordic region are often procured in the face of interna- ernment production units, such as Svevia in Sweden, are tional competition from Europe's large and midsize con- also significant competitors. struction companies, with the really major projects fre- In Denmark and Finland, Colas and CRH are also compet- quently conducted in consortia. itors in asphalt and stone materials. Only a few major play- ers serve the property development market from a Nordic perspective, with NCC as one of the market leaders. Skanska is another major player. In local markets, other players may also be significant competitors, such as SRV of Finland. Total sales Nordic construction market NCC’s market share SEK1,352 billion 4% NCC 2016 3 ABOUT NCC Four Nordic business areas Construction and Industrial civil engineering Development NCC Industry NCC Building NCC Infrastructure NCC Property NCC Industry offers NCC Building con- NCC Infrastructure sup- Development products and services structs housing and plies entire infrastruc- NCC Property Develop- for and concerning offices, as well as public ture projects, from ment develops and sells roads. Operations com- and commercial prem- design and construction sustainable office, com- prise production of ises. The refurbishment to production and ser- mercial and logistics stone materials and of housing and offices is vice. Activities comprise properties in prime loca- asphalt products, piling included as an increas- projects of all sizes, as tions in defined growth works and paving ingly important feature well as operation and markets in the Nordic assignments. of operations. road services. region. Geographically, NCC’s operations mainly comprise Sweden, Norway, Denmark and Finland (NCC also operates two asphalt facilities in St. Petersburg). Work is conducted in specialist Nordic organiza- tions in various areas of expertise, thus facilitating efficient work methods that transcend geographi- cal borders. Sweden is NCC’s largest market. Finland 17% Norway 14% Sweden 55% Denmark 14% 4 NCC 2016 REVIEW BY THE PRESIDENT A streamlined and stronger NCC » I am disappointed with sales and earnings during the year but simultaneously satisfied with how our new organization worked on the new strategy and how we implemented the spinoff and listing of Bonava. networks and strong finances in order to add growth through acquisitions and partnerships (Investment Initia- tives). During 2016, we were fully focused on the first two factors, but primarily on establishing the specialist Nordic organization, which is so important for our ability to fully leverage our strategy. Platform for increased knowledge and higher growth NCC has about 17,000 employees who are engaged in a vari- ety of projects throughout the Nordic region. Moving from a country-based organization in which all competencies were concentrated to a Nordic organization with a focus on specialist knowledge that is to be divided up over national borders takes time and energy. And it must be allowed to do this, as long as it is done correctly. I am impressed at the Something that attracted a little extra focus among our commitment shown and the insight into the need to get this shareholders was the June spinoff of our housing develop- organization in place and, step by step, I now see how, in ment business, Bonava. The preparations for demerging the accordance with the strategy, we are enhancing our offering Group started as early as autumn 2015 motivated by the and strengthening our position. This realignment has been assessment that long-term shareholder value would toughest within our largest business areas, NCC Building increase and that greater growth potential could be created and NCC Infrastructure. It has negatively affected activity as two independent companies. I can state that to date this and profitability to some extent, at the same time as we has been a wise decision. Those shareholders who held implemented a comprehensive overhaul of our Norwegian shares in NCC and Bonava throughout the year received a construction operations, which resulted in impairment total return of 40 percent. NCC has become more stream- losses on projects. However, I am satisfied with the sharply lined and specialist, and also has the financial strength increased orders received in both of these business areas. required to implement initiatives in identified growth seg- With the new organization in place, I also believe that ments. prospects are favorable to capture an increasing share of business in identified growth segments, such as large-scale New strategy in place infrastructure projects and complex refurbishment assign- We can also look back on an eventful year with our new ments. We now have dedicated competencies for these ini- strategy. The megatrends, spearheaded by urbanization and tiatives, whereby considerable focus will be on calculating globalization, are increasingly impacting our market and tenders and sharing know-how and methods in order to entail that we have to be even more responsive and flexible secure the right projects. Sizeable infrastructure invest- when developing new solutions. The market is quite simply ments are under way in both Norway and Sweden, and it is changing faster than before, and competition is intensifying. becoming increasingly important throughout the Nordic We have formulated our strategy in three must-win battles: region to refurbish older property portfolios to satisfy the we must become stronger operationally (Operational Excel- requirements of those who live and work in the properties. lence), we must secure significant positions in growing mar- We intend to take part in this development and have already ket segments (Market Excellence) and we must leverage secured a number of major contracts. The need for new NCC 2016 5 REVIEW BY THE PRESIDENT housing is also considerable and NCC, one of the largest companies rent large parts of a property before the project home builders in the Nordic region, occupies a strong posi- start in more cities than today. tion here. The new initiatives in NCC Property Development are Within the NCC Industry business area, we are continu- excellent examples of what our new strategy and organiza- ing to strengthen our leading position in sustainable prod- tion will lead to. This is simultaneously facilitated by our ucts and services for and concerning roads.
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