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Annual Report 1998 (Pdf)

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Annual Report 1998 (Pdf) 2188/NCC År-98/en (del 1)-5 99-03-30 09.22 Sidan A ANNUAL REPORT 1998 2188/NCC ÅR-98/en (del 1) 99-03-30 08.24 Sidan B CONTENTS CONTENTS Review by the President . 2 FINANCIAL INFORMATION 1999 NCC Future project . 4 May 5 Interim report for the three-month period ending March 31, 1999 Corporate vision and strategy . 6 August 18 Interim report for the six-month NCC´s Trademark . 8 period ending June 30, 1999 Financial requirements . 9 November 8 Interim report for the nine-month period ending September 30, 1999 Human resources . 10 Environmental activities . 12 These reports are sent automatically to NCC shareholders who wish to receive them. Others requiring a copy of these NCC Technology . 13 reports can order them from NCC AB, SE-170 80 Solna; Markets . 14 tel: +46 8 655 20 00; fax: +46 8 85 77 75; e-mail: [email protected]; or website: www.ncc.se. NCC’s Environmental Report and Civil Engineering business area . 16 NCC’s Real Estate for 1998 can be ordered in the same way. Housing business area 20 NCC AB (publ) Corp. Reg. No: 556034-5174. Registered office: Solna, Sweden. Building business area . 24 Industry business area . 28 Real Estate business area . 32 Invest business area . 38 Subsidiaries . 41 Definitions . 43 Five-year review . 44 Board of Directors’ Report . 46 (as well as pages 71–73) The NCC share . 50 Financial accounts . 52 Accounting principles . 60 Comments and notes . 63 Proposed disposition of profits . 71 Auditors’ Report . 71 Board of Directors and Auditors . 72 Executive Management . 74 Heads of Group Functions . 75 Order Environmental Report 1998 Addresses . 76 and NCC’s Real Estate Report. www.ncc.se Cover photo: Mats Widén Production and design: Lexivision AB Translation from Swedish version: The Bugli Company, Stockholm Printed by a Swan-labeled printer: Strokirk-Landströms, 1999 2188/NCC ÅR-98/en (del 1) 99-03-30 08.24 Sidan 1 HIGHLIGHTS OF 1998 Consolidated income after net financial items amounted to The value of NCC’s portfolio of Swedish managed SEK 730 m., compared with SEK 74 m. for 1997, excluding properties rose by SEK 0.5 billion during 1998, according to merger costs of SEK 449 m. an independent valuation conducted in connection with HIGHLIGHTS OF 1998 NCC’s participation in the Swedish Real Estate Index. This Net income for the year, after full tax, amounted to SEK valuation indicates that the year-end market value exceeded 543 m. (loss: 173), equal to SEK 5.00 per share (loss: 1.60). the book value of SEK 6.1 billion by approximately 6 A dividend of SEK 2.50 (1.50) per share is proposed. percent. Total orders received by construction operations rose In February 1999, following fiscal year-end, NCC acquired by 11 percent to SEK 33.1 billion (29.8). Orders received the asphalt and ballast operations of Denmark’s Superfos by NCC’s Swedish construction operations increased by Group, with annual sales of approximately SEK 1.9 billion. 4 percent during the year to SEK 19.0 billion (18.3). The acquired company will be merged with NCC’s wholly owned subsidiary NCC Rasmussen & Schiøtz to form the The strategy for NCC’s real estate operations has been largest construction company in Denmark. The acquisition changed, whereby project development is now the sole core is expected to add approximately SEK 100 m. annually to real estate business, with real estate sales and management NCC’s earnings. as supporting activities. The real estate portfolio will be reduced additionally during 1999. KEY FIGURES IN BRIEF 1998 1997 Income after net financial items 730 741) (1997 excluding merger costs, SEK m. 449) Equity/assets ratio, % 34 33 Earnings/loss per share after full tax, SEK 5.00 –1.60 Dividend per share, SEK 2.50 2) 1.50 1) Pro forma 2) Board of Directors’ proposal to Annual General Meeting NCC IN BRIEF Berlin-Brandenburg area, through the subsidiary NCC Siab. NCC is pursuing an NCC has annual sales of slightly more than SEK 33 billion, with more than 20,000 aggressive growth strategy in the Baltic Sea area, with the ultimate aim of also employees. The Group is organized in six business areas: Civil Engineering, Hous- making Poland a domestic market. In other, selected markets outside the Nordic ing, Building, Industry, Real Estate and Invest. NCC shares are listed on the Stock- region, NCC engages in large-scale, technologically advanced civil engineering pro- holm Stock Exchange and had a market value of SEK 6.7 billion at year-end. jects, either independently or together with strategic partners. In the Group’s domestic markets – Sweden, Denmark, Finland and Norway NCC conducts project development operations as a core business, with real – NCC constructs roads and civil engineering facilities, residences, industrial prem- estate sales and real estate management as supporting businesses. In Sweden, ises, hospitals, offices and other buildings. NCC also produces building materials the real estate portfolio is being concentrated to expansive regions, in which and is one of the leading suppliers of crushed and asphalt products and ready- synergistic benefits can be generated between the Group’s construction opera- mixed concrete in the Nordic region. In Germany, NCC is building houses in the tions and project development activities. 1 2188/NCC ÅR-98/en (del 1) 99-03-30 08.24 Sidan 2 FOCUS ON INCREASING VALUE GROWTH IN NCC SHARE REVIEW BY THE PRESIDENT NCC experienced a large number of positive developments Continued growth is another key factor in efforts to improve during 1998. Consolidated sales increased, as did the profit profitability. Since the potential synergies in the sector are margin for construction operations. The trend in the real estate considerable, NCC is actively seeking new structural transac- market was favorable, with rising property prices and healthy tions in the Baltic Sea region. gains on sales of both managed and developed properties. For several years, work has been under way to introduce IT NCC’s earnings improved by a total of slightly more than SEK systems in all levels of the construction process. NCC has a 650 m. during 1998. But I’m far from satisfied. Intensive work major advantage in relation to smaller companies, since it is is under way with the aim of realizing the corporate vision of able to spread its costs for IT investments over a large volume. establishing NCC as the leading construction and real estate Since 1995, we have laid the foundation for a new IT infra- company in the Baltic Sea region in terms of profitability and structure that will enable more process-oriented construction market position. During 1998, we established the direction of operations. New applications are being introduced on a con- work within NCC ahead of the new millennium. The core of tinuous basis and are expected to generate positive effects on the strategy consists of a number of measures to boost the earnings in the future. Group’s long-term profitability. We also intend to further develop cooperation across both national borders and between business areas in order to exploit FORCEFUL EFFORTS untapped synergies. During 1998, we introduced new princi- TO INCREASE PROFITABILITY ples for the control system of the Nordic subsidiaries with the Although construction operations reported a significantly aim of improving interaction between the various parts of the increased profit margin during the year, the margin is still too Group. This mainly involves further development of the trans- low to provide a satisfactory return to our shareholders. Con- fer of experience between different Group units. tinued improvements in the profit margin will be achieved The key to higher profitability is to increase specialization with the help of increased specialization and cost reductions. and move away from being a general-purpose builder. We intend Purchasing, an area that accounts for two thirds of the to develop our total-package housing concept and expand it to Group’s costs, offers considerable potential for improvement. include all of NCC’s domestic markets. We have similar plans As a result of NCC’s strategy work, a comprehensive change for industrial operations, for which increased specialization and in the purchasing process has been initiated with the aim of international expansion are the guiding principles. capitalizing on economies of scale and dividing purchasing The strategic approach we have selected for real estate operations into segments. operations is to regard project development as a core business within NCC, with real estate management and property sales as supporting businesses. This will result in a further reduction in the portfolio of managed properties during 1999. Favorable trends were noted in the Nordic real estate markets during 1998, which enhances the prospects for profitable project development. Another example to increase NCC’s share of the value chain involves the creative application of alternative forms of financing in connection with major projects. In this context, valuable experiences were gained from NCC’s participation in the Arlanda Link, Sweden’s first BOT (build, own and trans- fer) project. In February 1999, a specialized BOT unit was formed within the Civil Engineering business area. NCC’s financial expertise will become an increasingly important tool in competition for large-scale international civil engineering projects. The use of alternative modes of financing has already achieved a break-through in such markets as the United King- dom, where the industrial sector participates in the funding of both infrastructural projects and large buildings, such as schools and hospitals. Although Sweden is in dire need of new high- ways and other infrastructural items, many projects have been postponed due to a shortage of public funds.
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