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Annual Report 2017 (Pdf) NCC ANNUAL REPORT 2017 Annual Report 2 017 NCC’s Annual Report 2017 Contents THIS IS NCC NCC 2017 2 Review by the President 4 STRATEGY Strategy 6 Sustainability strategy 8 Financial – and sustainability targets 10 Challenges and needs for cities 13 THE OFFERING Live 18 Work 20 Travel 22 Care 24 Learn 26 NCC Design housing with a high-quality living standard designed for the Nordic Experience 28 ecolabel. Read more on p. 19. What has to work 30 Employees 32 Value creation 34 The NCC share 36 FINANCIAL REPORT Report of the Board of Directors 38 Risk 46 Consolidated income statement 48 Consolidated balance sheet 50 Parent Company income statement 52 Parent Company balance sheet 53 Changes in shareholders’ equity 54 Cash-flow statements 56 Notes 58 Appropriation of profits 96 Auditors’ report 97 Multi-year review 100 Quarterly data 103 Loop Rocks is an open platform and app for the smarter and more efficient handling of rock, earth and other secondary construction masses at construction sites, between businesses and private individuals. Read more on p. 30. SUSTAINABILITY NOTES Sustainability governance 104 Stakeholder dialog and materiality analysis 105 Material topics 106 GRI Index 111 CORPORATE GOVERNANCE Corporate governance report 114 Report on internal control 118 Board of Directors and Auditors 120 Executive Management Group 122 Financial information/contacts 124 Definitions/glossary 125 NCC has total responsibility for the maintenance of Frogner Park, one of the largest tourist attractions in Norway. Read more on p. 28. The formal Annual Accounts documentation, which has been prepared according to the Annual Accounts Act, has been signed by the Board of Directors and examined by the auditors, are pp. 38–96. NCC is energy refurbishing the Hørgården residential home for the elderly, outside In 2017, NCC completed the assignment to construct the Norrström Copenhagen. When everything is completed, the residents will have modern, healthy, spa- Tunnel and coordinate the completion of Stockholm City, the new cious and bright housing units. Read more on p. 25. commuter train station. Read more on p. 23. 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 – DEVELOPING COMMERCIAL PROPERTIES AND CONSTRUCTING HOUSING, OFFICES, INDUSTRIAL FACILITIES AND PUBLIC BUILDINGS, ROADS, CIVIL ENGINEERING STRUCTURES AND OTHER TYPES OF INFRASTRUCTURE. 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 OPERA- TIONS THAT RESULT IN SUSTAINABLE INTERACTION BETWEEN PEOPLE AND THE ENVIRONMENT. In Finland, NCC has built a new, modern and flexible school building, NCC is developing the new Järva Krog city district, with a modern urban the Rantarousti school in Tyrnävä. Read more on p. 27. atmosphere, well-developed infrastructure and many meeting places for an active lifestyle. Read more on p. 21. 2 NCC 2017 ABOUT NCC NCC 2017 Three businesses and four Nordic business areas Construction and Industrial Development civil engineering NCC Industry NCC Building NCC Infrastructure NCC Property NCC Industry offers prod- NCC Building constructs NCC Infrastructure sup- Development ucts and services for and housing and offices, as well plies entire infrastructure NCC Property Development concerning roads. Opera- as public and commercial projects, from design and develops and sells sustain- tions comprise production premises. The refurbish- construction to production able office, commercial and of stone materials and ment of housing and offices and service. Activities com- logistics properties in prime asphalt products, piling is included as an increas- prise projects of all sizes, locations in defined growth works and paving assign- ingly important feature as well as operation and markets in the Nordic ments. of operations. road services. region. NCC’s geographic markets mainly comprise Sweden, Norway, Denmark and Finland. Work is conducted in specialist Nordic organizations in various areas of expertise, thus facilitating efficient work methods that transcend geographical borders. Sweden is NCC’s largest market. SHARE SALES PER BUSINESS AREA SHARE SALES PER COUNTRY NCC Building, 43% Sweden, 62% NCC Infrastructure, 32% Finland, 13% NCC Industry, 21% Norway, 13% NCC Property Development, 4% Denmark, 12% NCC 2017 3 ABOUT NCC Year in brief SEK 1,361 M SEK 56,990 M CASH FLOW BEFORE FINANCING ORDERS RECEIVED 18 % SEK 54,608 M RETURN ON SHAREHOLDERS’ EQUITY NET SALES SEK 1,242 M OPERATING PROFIT “ Earnings for 2017 were disappointing and lower than in 2016. To reverse this negative trend, we focus considerably on profitability- enhancing measures.” Håkan Broman Acting President and CEO 4 NCC 2017 REVIEW BY THE PRESIDENT Actions to reverse the negative trend » We can now look back on a year in which our two largest business areas – NCC Building and NCC Infrastructure – underperformed in terms of earnings. To reverse this negative development, we have assigned extra large focus on profitability-enhancing measures and have downgraded our growth ambitions. Two business areas achieved their targets The NCC Industry business area constitutes one of the clear- est bright spots. In 2017, it noted new records for both profit and sales, driven by both strong demand and business-centric leadership. With a well-functioning Nordic organization, the business area has developed its offering and broadened the customer base, and is benefiting from close cooperation with our construction and civil engineering business. NCC Prop- erty Development also exceeded expectations and 2017 was one of the most profitable years ever for the business area. Profit recognition of the Torsplan 2 property in Stockholm contributed most to this. During the year, the organization was strengthened and the business model refined with the aim of increasing the number of projects. Although we believe that 2018 will be an intermediate year in terms of profit for NCC Property Development, we have equipped the operation for the future. Both NCC Industry and NCC Property Develop- ment surpassed their financial targets for the 2017 fiscal year. Focus on existing construction portfolio In our largest business area, NCC Building, the Swedish oper- ations largely continued to perform well. Strong order book- ings and developed specialist expertise in such areas as hospi- tals and housing production led development in the right As Acting CEO since the end of October 2017, I have focused, direction during the year. Due to the high order backlog in in close cooperation with other members of the Executive Sweden, we are being more restrictive in accepting new ten- Management Group, one hundred percent on strengthening ders and are focusing on securing the profitability of existing NCC’s business. This work has mainly comprised taking deci- projects. When it comes to other parts of the Nordic construc- sions and implementing measures designed to improve the tion operations, the profitability trend was weak during the underlying profitability of our two largest business areas, but year, although the reasons varied depending on the country. also includes conducting additional activities to increase During 2017, we initiated a range of profitability-enhancing safety awareness in the organization. For the time being, we measures. We also analyzed the project portfolio and made a have toned down the Group’s growth ambitions that are stated number of provisions, pertaining primarily to the Danish in the strategy that was launched at the end of 2015. operations. NCC Building’s operating margin was 2.1 percent in 2017, which was below our target of at least 3.5 percent. A fragmented trend Following the successful spin-off and market listing of Bonava Forceful measures within NCC Infrastructure in June 2016, NCC became a more streamlined construction The part of the business that has underperformed the most in and civil engineering company. Within the framework of the recent years is our civil engineering business, NCC Infra- new strategy, we identified a number of distinct growth areas structure. In 2017, the business area had sales of SEK 18.5 bil- and a specialist Nordic organization was established. I can lion in a strong underlying market, but reported an operating state that many good actions were taken and that parts of loss. Actions to reverse the earnings trend are under way and operation have performed successfully and in line with the include analyses and revaluations of the ongoing project port- strategy; however, continued profitability problems in other folio, a clearer business focus, increased staffing of the weak- parts have contributed to impeding the performance of the est projects in terms of profitability, a greater focus on tender- Group as a whole. For our strategy to be successful, we must ing work and better analysis and assessment of various risks reverse the profit trend of these parts. and opportunities. The long-term prospects for NCC Infra- NCC 2017 5 REVIEW BY THE PRESIDENT structure now look more positive. This is also supported by a company such as NCC. We are endeavoring to gradually strong level of orders received, particularly in Sweden, includ- implement the same safety thinking in our projects as in, for ing such projects as Korsvägen, a stage of the West Link, with example, the aviation and oil industries, where safety is a pre- an order value of SEK 2.3 billion, and the Lund-Arlöv railway requisite for the operations. assignment with an order value of SEK 1 billion. In April 2018, Kenneth Nilsson will take office as the new Business Area An important part of a larger responsibility Manager. Kenneth joins NCC from Skanska, most recently as In everything we do and all of the projects we implement, we the head of Skanska Civil East in the US. He has long-stand- must view our responsibility in a larger perspective.
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