NCC Q1 2019 ENG v21Microsoft PowerPoint - NCC_Q1_2019_ENG_v21.pptx Author: fs Created Date:...
Transcript of NCC Q1 2019 ENG v21Microsoft PowerPoint - NCC_Q1_2019_ENG_v21.pptx Author: fs Created Date:...
1
2019-04-29 NCC AB1
Interim report first quarter 2019
Fredriksberg, Helsinki
Tomas CarlssonCEO
Susanne LithanderCFO
2019-04-29 NCC AB2
• Orders received on a high level on the back of continued good demand
• Stable operating profit
• Healthy cash flow
• Two new property development projects started
Consistent Q1 performance
Frederiks Plads, Copenhagen
2
2019-04-29 NCC AB3
Examples of action taken during the quarter
• Divestment of retail projects Roskildevej and Kolding
• Divestment process of division Road Service proceeding according to plan, expected to be completed in 2019
• Turnaround initiatives ongoing in non-performing units
Action plan to strengthen NCC
2019-04-29 NCC AB4
Orders received and order backlogHigher than historical average
11.4
17.5
15.5
49.4
58.961.4
0
10
20
30
40
50
60
70
0.0
5.0
10.0
15.0
20.0
25.0
Q12017
Q12018
Q12019
Orders received Order backlog
SEK Bn
3
2019-04-29 NCC AB5
Net sales and EBITSales increased in all business areas
244
-364 -352
11,74810,894
11,434
-2,000
0
2,000
4,000
6,000
8,000
10,000
12,000
-400
-300
-200
-100
0
100
200
300
400
Q12017
Q12018
Q12019
EBIT Net sales
SEK M
2019-04-29 NCC AB6
Net sales and EBIT – without PDConstruction and industry business on par with previous years
-349-380
-332
9,57510,609 11,023
-2,000
0
2,000
4,000
6,000
8,000
10,000
12,000
-400
-300
-200
-100
0
100
200
300
400
Q12017
Q12018
Q12019
EBIT Net sales
SEK M
0
4
2019-04-29 NCC AB7
NCC InfrastructureOrders received on good level – prudent profit recognition
SEK MJan-Mar
2019Jan-Mar
2018Jan-Mar
2017*
R12 Apr 18 –
Mar 19Jan-Dec
2018
Orders received 4,840 8,284 4,996 17,827 21,271
Order backlog 22,460 21,620 17,957 22,460 21,037
Net sales 3,649 3,587 3,365 16,997 16,936
EBIT 8 44 -66 -734 -698
EBIT margin, % 0.2 1.2 -2.0 -4.3 -4.1
NCC Road Service
Net sales 662 707 2,811 2,855
EBIT -5 -55 -245 -296
*Including NCC Road Service
Tunnel, Faroe Islands
2019-04-29 NCC AB8
NCC Building SwedenNet sales on good level and order backlog strong
SEK MJan-Mar
2019Jan-Mar
2018Jan-Mar
2017
R12 Apr 18 –
Mar 19Jan-Dec
2018
Orders received 2,579 3,677 2,351 13,978 15,075
Order backlog 17,619 19,367 16,953 17,619 18,709
Net sales 3,669 3,649 3,206 15,720 15,701
EBIT 110 111 93 452 453
EBIT margin, % 3.0 3.0 2.9 2.9 2.9Hyllie, Malmö
5
2019-04-29 NCC AB9
NCC Building NordicsImproved project margins and higher sales drives increased EBIT
SEK MJan-Mar
2019Jan-Mar
2018Jan-Mar
2017
R12Apr 18 –
Mar 19Jan-Dec
2018
Orders received 4,187 1,915 1,380 13,501 11,229
Order backlog 13,132 10,384 10,205 13,132 11,313
Net sales 2,567 2,299 2,451 11,021 10,753
EBIT 34 11 -55 -204 -227
EBIT margin, % 1.3 0.5 -2.2 -1.9 -2.1Tuborg Havn, Copenhagen
2019-04-29 NCC AB10
NCC IndustryPronounced seasonality in the business
SEK MJan-Mar
2019Jan-Mar
2018Jan-Mar
2017
R12 Apr 18 –
Mar 19Jan-Dec
2018
Net sales 1,265 1,165 1,087 13,067 12,968
EBIT -385 -411 -310 377 350
EBIT margin, % -30.5 -35.3 -28.5 2.9 2.7
RoCE, % 7.3 7.1
Vestbirk Grusgrav, Denmark
6
2019-04-29 NCC AB11
Activity seasonally low – in line with previous years
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Q12017
Q2 Q3 Q4 Q12018
Q2 Q3 Q4 Q12019
Stone material sold, thousands of tons
0
500
1,000
1,500
2,000
2,500
3,000
Q12017
Q2 Q3 Q4 Q12018
Q2 Q3 Q4 Q12019
Asphalt sold, thousands of tons
2019-04-29 NCC AB12
NCC Property DevelopmentNo major projects profit-recognized in the quarter
SEK MJan-Mar
2019Jan-Mar
2018Jan-Mar
2017
R12 Apr 18 –
Mar 19Jan-Dec
2018
Net sales 411 285 2,173 2,284 2,157
EBIT -20 16 593 -217 -181
EBIT margin, % -4.8 5.5 27.3 -9.5 -8.4
RoCE, % -4.6 -3.9
Masthuggskajen Våghuset, Gothenburg
7
2019-04-29 NCC AB13
Portfolio focused on SwedenTwo new projects started this quarter
0
50,000
100,000
150,000
200,000
250,000
Q12017
Q2 Q3 Q4 Q12018
Q2 Q3 Q4 Q12019
Sweden
Norway
Denmark
Finland
No. of projects
16
1918
22 21 21
18
18 17
Lettable space, sqm
2019-04-29 NCC AB14
Healthy letting in the quarter – 31,000 sqm
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
220,000
Q12017
Q2 Q3 Q4 Q12018
Q2 Q3 Q4 Q12019
Remaining unlet area,sqm
Let during quarter,sqm
Previously let area,sqm
Let during quarter(% of available unletarea)
8
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q12017
Q2 Q3 Q4 Q12018
Q2 Q3 Q4 Q12019
2019-04-29 NCC AB15
Letting and completion status in the property portfolio
Letting ratio
Completion ratio
Income statement
SEK MJan-Mar
2019Jan-Mar
2018Apr 18 -Mar 19
Jan-Dec 2018
Net sales 11,434 10,894 57,885 57,346
Gross profit 346 342 2,144 2,140
Selling and administrative expenses -693 -703 -2,865 -2,875
Cost ratio 6.1% 6.5% 5.0% 5.0%
Other -5 -3 -31 -29
EBIT -352 -364 -752 -764
Financial items -18 -8 -95 -85
EBT -370 -372 -846 -849
Tax 57 76 79 99
Profit for the period -314 -296 -767 -750
2019-04-29 NCC AB16
9
SEK MJan-Mar
2019Jan-Mar
2018
NCC Infrastructure 3 -11
NCC Building Sweden 110 111
NCC Building Nordic 34 11
NCC Industry -385 -411
NCC Property Development -20 16
Non core assets, Road Service - -
Other and eliminations -94 -79
EBIT -352 -364
2019-04-29 NCC AB17
Other and eliminations
SEK MJan-Mar
2019Jan-Mar
2018
NCC HQ etc. -54 -57
Internal gains -11 -2
Other Group adjustment -29 -20
Other and eliminations -94 -79
Effects from IFRS16 Leasing
Income statement Balance sheet Cash flow
No impact
+ 162 SEK M cash flow from operating
activities
-162 SEK M cash flowfrom financing
activities
Reversed leasing cost
Ne
t p
rofit
/loss
exc
lIF
RS
16
Ne
t p
rofit
/loss
incl
IFR
S16
Increased depreciation
Increasedfinancial net
-309
Impact 1.364 SEK M
Assets: Right-of-use assets in
fixed asset
Liabilities: Long-term interest-bearing 946 SEK MShort-term interest-bearing 422 SEK M
Total effect -5 SEK M
10
1,011
4,844
Jan-Mar2018
Jan-Mar2019
SEK M 2019 2018
Other net debt 665 − 889
Lease liabilities 1,875 443
Pension liability 2,304 1,457
Total 4,844 1,011
2019-04-29 NCC AB19
Net debt
Q12017
Q2 Q3 Q4 Q12018
Q2 Q3 Q4 Q12019
-3
-2
-1
0
1
2
3
4Cash flow before financing
Improved cash flow in Q1
SEK MJan-Mar
2019Jan-Mar
2018Apr 18 -Mar 19
Jan-Dec 2018
From operating activities -216 -394 913 735
From property projects -209 -356 -1,018 -1,166
Other working capital 478 166 367 55
Investing activities -194 -231 -744 -782
Cash flow before financing
-140 -815 -482 -1,157
SEK BN
R12
2019-04-29 NCC AB20
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2019-04-29 NCC AB21
• Orders received on a high level on the back of continued good demand
• Stable operating profit
• Healthy cash flow
• Two new property development projects started
• Long-term improvement process for NCC on track
Consistent Q1 performance
2019-04-29 NCC AB22
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Contact information and calendar
Chief Financial Officer
Susanne Lithander
Tel: +46 (0) 73-037 08 74
IR Manager
Johan Bergman
Tel: +46 (0)70-354 80 35
Financial Calendar
July 19, 2019 Interim report Jan-Jun
October 28, 2019 Interim report Jan-Sep
January 30, 2020 Interim report Jan-Dec
2019-04-29 NCC AB23