NCC Group

Quarterly Report • Feb 9, 2011

YEAR-END REPORT 2010

• • Orders received increased to SEK 54,942 M (46,475)
• • Net sales declined to SEK 49,420 M (56,005)
• Profit after financial items amounted to SEK 2,008 M (2,105)
• Profit after tax for the year totaled SEK 1,527 M (1,656)
• Earnings per share after dilution amounted to SEK 14.05 (15.26)
• The Board of Directors proposes a dividend of SEK 10.00 (6.00) per share

Group	2010	2009	2010	2009
SEK M	Oct.-Dec.	Oct.-Dec.	Jan.-Dec.	Jan.-Dec.
Orders received	14,154	14,352	54,942	46,475
Net sales	15,338	15,944	49,420	56,005
Operating profit/loss	848	767	2,254	2,619
Profit/loss after financial items	801	664	2,008	2,105
Net profit/loss for the period	590	480	1,527	1,656
Profit/loss per share after dilution, SEK	5.44	4.43	14.05	15.26
Cashflow before financing	1,207	2,869	1,934	5,960
Return on shareholders´ equity after tax, %			20	25
Debt/equity ratio, times	0.1	0.2	0.1	0.2
Net indebtedness	431	1,784	431	1,784

Comparative figures have been recalculated to comply with a new accounting policy according to IFRIC 15, refer to page 11.

Comments by CEO Olle Ehrlén

"In many respects, 2010 was significantly better than I could have anticipated early in the year. The economic recovery arrived faster than expected. Demand in the Nordic construction market improved and the demand for housing was strong. For NCC, 2010 was a successful year and we achieved our financial objectives.

"It is gratifying to confirm that we managed to sustain profitability. Sales declined 12 percent in 2010, while profit after financial items, following a strong fourth quarter, was down 5 percent. Orders received increased 18 percent in 2010 and the year-end order backlog was SEK 40,426 M, 12 percent higher than at January 1.

"In 2010, we started considerably more proprietary housing and property projects. In total, 4,498 (2,712) housing units were started, of which 1,009 (1,574) were part of projects sold to investors, and 19 (4) property projects. Increased volumes in development transactions will gradually impact earnings.

"In 2011, NCC anticipates a slight increase in demand in the Nordic construction market. NCC's financial position forms the foundation for growth, which will take place in existing markets and not at the expense of profitability. By capitalizing on Group synergies, focusing on quality and costs, as well as increasing our concentration on customers, NCC will strengthen its customer offering and position."

NCC AB

Market outlook

Demand in the Nordic construction market increased in 2010, albeit from a low level. Housing construction gained momentum and other building construction increased. The civil-engineering market's growth has leveled off. In 2011, NCC expects some growth in construction investments in residential, office and other building construction. The civil-engineering market is expected to remain at the same level as in 2010.

Increased demand in the construction market entails higher demand for aggregates. After a sharp decline in the aggregates market in 2009, volumes recovered during the year and are expected to grow somewhat in 2011. Asphalt volumes also rose during 2010, although NCC does not expect any significant growth in 2011.

The Nordic housing market is characterized by strong demand and stable prices. The price level in St. Petersburg and Germany increased during the fourth quarter, but remained unchanged in Estonia. In Latvia and Lithuania, housing prices declined during the period. NCC assesses that the demand for housing units in 2011 will remain favorable with an unchanged price level in the principal markets.

In the leasing market for commercial properties, vacancy rates and rents have stabilized. Rent levels have bottomed out but recovery will be slow. The number of property transactions is increasing from a low level. Investors' yield requirements declined somewhat during 2010 in the Nordic market.

		Orders received		Backlog
	2010	2009	2010	2009	2010	2009
SEK M	Oct.-Dec.	Oct.-Dec.	Jan.-Dec.	Jan.-Dec.	Dec. 31	Dec. 31
NCC Construction Sweden1)	5,674	5,826	23,983	18,842	19,132	16,231
NCC Construction Denmark	1,097	1,119	3,831	3,194	2,845	2,263
NCC Construction Finland	1,696	1,679	6,512	5,662	4,637	4,498
NCC Construction Norway	1,155	2,125	4,370	4,681	3,867	4,124
NCC Roads	2,585	2,661	10,561	11,001	3,803	4,159
NCC Housing1)	3,489	1,821	10,534	5,646	9,251	6,044
Total	15,697	15,230	59,792	49,026	43,536	37,319
of which
proprietary housing projects 1)	2,947	1,544	8,955	3,429	8,492	4,373
proprietary property development projects	413	228	2,258	422	1,632	336
Other items and eliminations1)	-1,543	-879	-4,850	-2,551	-3,110	-1,368
Group1)	14,154	14,352	54,942	46,475	40,426	35,951

Orders received and order backlog

1) Comparative figures have been recalculated to comply with a new accounting policy according to IFRIC 15, refer to page 11.

Most recent quarter, October-December 2010

Orders received were somewhat lower year-on-year, amounting to SEK 14,154 M (14,352). NCC Construction Norway's orders received were considerably lower than the very high orders received in the year-earlier period. NCC Housing started more projects in late 2010, compared with the year-earlier period. Changes in exchange rates had an adverse impact of SEK 675 M on orders received compared with the year-earlier period.

Orders received for proprietary housing projects totaled SEK 2,947 M (1,544) and orders received for proprietary property projects amounted to SEK 413 M (228).

The order backlog was SEK 40,426 M (35,951) on December 31, of which orders for proprietary housing projects accounted for SEK 8,492 M (4,373) and orders for proprietary property projects for SEK 1,632 M (336).

Proprietary housing units

During the fourth quarter, 1,195 (571) proprietary housing units were started and 800 (922) were sold. In addition, 282 (352) housing starts were sold to investors. Compared with the year-earlier period, the startup rate was increased to satisfy demand in the housing market. Sales were high considering the number of housing units that NCC had for sale. The number of completed unsold housing units declined during the fourth quarter to 97 (391) at year-end. On September 30, 2010, the number of completed unsold housing units totaled 146.

Proprietary property projects

NCC Property Development started 9 (2) projects during the fourth quarter, of which five were in Denmark, two in Sweden and two in Finland. At the end of the quarter, NCC had 19 completed and ongoing property projects, of which five projects had been sold but not yet recognized in profit. Costs incurred in all projects initiated by NCC Property Development totaled SEK 1.2 billion (0.9), corresponding to 39 (74) percent of the total project costs of SEK 3.0 billion (1.2). The leasing rate declined during the fourth quarter, since new projects with lower leasing rates were started. At year-end, the leasing rate was 49 (65) percent. On September 30, the leasing rate for projects amounted to 59 percent.

Full-year period, January-December 2010

Orders received amounted to SEK 54,942 M (46,475). The increase was attributable to a rise in housing and property project starts in NCC Housing and NCC Property Development, as well as improved orders received for the Construction units in Sweden, Denmark and Finland. Changes in exchange rates reduced orders received by SEK 2,056 M compared with the preceding year.

Orders received for proprietary housing projects totaled SEK 8,955 M (3,429). During the year, 3,489 (1,138) proprietary housing units were started and 2,727 (3,275) were sold. Orders received for proprietary property projects amounted to SEK 2,258 M (422). Changes in exchange rates had an adverse impact of SEK 2,111 M on the order backlog.

	Net sales					Operating profit
	2010	2009	2010	2009	2010	2009	2010	2009
SEK M	Oct.-Dec.	Oct.-Dec.	Jan.-Dec.	Jan.-Dec.	Oct.-Dec.	Oct.-Dec.	Jan.-Dec.	Jan.-Dec.
NCC Construction Sweden1)	6,806	6,559	20,962	22,241	423	342	924	1,026
NCC Construction Denmark	855	878	2,906	3,321	44	23	124	72
NCC Construction Finland	1,642	1,506	5,791	5,718	41	42	132	172
NCC Construction Norway	1,348	1,104	4,341	4,065	33	39	147	140
NCC Roads	2,948	2,768	10,679	10,338	123	19	356	387
NCC Housing1)	2,062	3,515	6,880	11,135	83	112	327	-5
NCC Property Development1)	1,144	517	2,020	3,139	111	184	116	705
Total	16,806	16,846	53,579	59,956	858	762	2,126	2,496
Other items and eliminations1)	-1,468	-903	-4,159	-3,951	-10	6	128	123
Group1)	15,338	15,944	49,420	56,005	848	767	2,254	2,619

Net sales and earnings per business segment

1) Comparative figures have been recalculated to comply with a new accounting policy according to IFRIC 15, refer to page 11.

Net sales

Most recent quarter, October-December 2010

Net sales declined 4 percent compared with the year-earlier period, amounting to SEK 15,338 M (15,944). The lower volume was primarily due to NCC Housing completing and transferring fewer projects to customers, and completing fewer sales of land than in 2009. NCC Property Development's sales increased, since more properties were transferred to customers. The Construction units also experienced a rise in sales as a result of improved orders received earlier in the year. Changes in exchange rates had an adverse impact of SEK 622 M on sales compared with the year-earlier period.

Full-year period, January-December 2010

Net sales were down 12 percent to SEK 49,420 M (56,005). The decline was primarily due to fewer completed and transferred projects in NCC Housing and NCC Property Development, a reduction in orders received for the Construction units in 2009 and a cold winter, which resulted in delays and a lower level of activity. The Construction units began the year with strong orders received, which gradually generated increased sales, contrary to the declining trend in 2009. Changes in exchange rates reduced sales by SEK 1,942 M compared with the year-earlier period.

Earnings

Most recent quarter, October-December 2010

Operating profit for the fourth quarter of 2010 amounted to SEK 848 M (767), corresponding to an operating margin of 5.5 (4.8) percent. The increase derived primarily from the Construction units in Sweden and Denmark, and from NCC Roads exceeding the earnings reported in the year-earlier period. Changes in exchange rates had an adverse impact of SEK 25 M on operating profit compared with the year-earlier period.

NCC Construction Sweden's earnings during the quarter were higher than in the year-earlier period. The improvement was attributable to increased sales, favorable project completion and raised earnings forecasts in major projects that are nearing completion. NCC Construction Denmark's quarterly earnings were also higher year-on-year, mainly as a result of favorable project completion. NCC Construction Finland reported higher sales, although earnings were in line with those in the year-earlier period. While NCC Construction Norway's sales increased, earnings were lower than in the year-earlier period.

NCC Roads' earnings exceeded those in the year-earlier period as a result of higher volumes, primarily for asphalt but also for aggregates. A healthy order status and favorable weather conditions in October and part of November offset the effects of the early winter.

NCC Housing's earnings were lower than in the year-earlier quarter, due to fewer housing units being completed and transferred to customers, although the operating margin improved to 4.0 (3.2) percent.

NCC Property Development's earnings were lower than in the year-earlier period, due to reduced earnings from previous sales.

"Other and eliminations" amounted to a loss of SEK 10 M (profit: 6). Provisions for inter-company gains amounted to SEK an expense of 36 M (expense: 23).

Profit after financial items amounted to SEK 801 M (664). Net financial items amounted to an expense of SEK 47 M, which, as a result of lower net indebtedness and interest rates, was an improvement of SEK 56 M on the year-earlier period.

Profit after tax for the period totaled SEK 590 M (480). The effective tax rate was 26 (28) percent.

Full-year period, January-December 2010

Operating profit amounted to SEK 2,254 M (2,619). The lower year-on-year earnings were primarily due to decreased earnings from property sales in NCC Property Development. In 2009, impairments of land and completed housing units of SEK 192 M were charged against earnings, and in 2010, the impairment figure was SEK 32 M. Changes in exchange rates had an adverse impact of SEK 49 M on operating profit compared with the preceding year.

NCC Construction Sweden's earnings were down year-on-year, mainly because of lower sales. NCC Construction Denmark improved its profitability by lowering its costs. NCC Construction Finland's earnings declined compared with the preceding year, due to lower project margins. NCC Construction Norway's operating profit was somewhat higher year-on-year, primarily as a result of increased sales and lower costs.

NCC Roads' experienced a weak start of the year, although earnings recovered in the second half of the year as a result of higher volumes. Despite the increased sales, earnings were somewhat lower than in the preceding year.

NCC Housing improved its operating profit in 2010. Profitability was impacted by lower sales and low average margins from projects that were sold in 2009 but recognized in profit in 2010.

NCC Property Development's earnings were lower year-on-year due to decreased earnings from property sales. A major property project was transferred and recognized in profit in the third quarter of 2009.

"Other and eliminations" amounted to SEK 128 M (123). Reversal of inter-company gains amounted to SEK 22 M (140). The year 2010 included profit of SEK 57 M from the Polish highway project A2. The preceding year included competition-impeding damages of SEK 50 M in Sweden and profit of SEK 70 M concerning a project belonging to the phased-out business area NCC International Projects.

Profit after financial items amounted to SEK 2,008 M (2,105). Net financial items amounted to an expense of SEK 246 M (expense: 514). Lower net indebtedness and lower interest rates improved net financial items.

Profit after tax for the year totaled SEK 1,527 M (1,656). The effective tax rate for NCC was 24 (21) percent.

Seasonal effects

NCC Roads' operations and certain operations in NCC Construction units are impacted by seasonal variations due to the cold weather. This is normally the reason why the first and final quarters are weaker than the rest of the year. In 2010, the effect was greater than normal, in part due to the need to delay operations early in the year, and in part because of the harsh winter conditions that began already in November. For NCC Roads, a healthy order status and favorable weather conditions in October and part of November offset the effects of the early winter.

Cash flow

Most recent quarter, October-December 2010

Cash flow from operating activities before changes in working capital totaled SEK 1,018 M (977). Cash flow from operating activities remained strong in the fourth quarter.

Cash flow from changes in working capital amounted to SEK 304 M (1,953).

During the quarter, investments in proprietary projects increased capital requirements, although this was essentially covered by the cash flow from the sale of housing units and land. During the year-earlier period, extensive housing and property sales generated unusually strong cash flow.

Cash flow from investment activities amounted to a negative SEK 115 M (neg: 61).

Cash flow before financing amounted to SEK 1,207 M (2,869). Strong cash flow from operating activities, combined with investments in proprietary projects largely being covered by cash flow from sales of housing units and land, resulted in high cash flow before financing.

Kassaflödet från finansieringsverksamheten uppgick till -1 171 (-2 505) MSEK.

Full-year period, January-December 2010

Cash flow from operating activities before changes in working capital totaled SEK 3,009 M (2,955). Cash flow from changes in working capital amounted to a negative SEK 586 M (positive: 3,485). Cash flow declined year-on-year essentially due to extensive housing and property sales in 2009. In 2010, cash flow from the sale of housing units and properties largely covered capital requirements that arose due to investments in land and project starts. Higher tied-up capital in accounts receivable was offset by improved cash flow from other current liabilities.

Cash flow from investment activities amounted to a negative SEK 489 M (neg: 481), which was mainly accounted for by investments in asphalt, aggregates and road service operations.

Cash flow before financing totaled SEK 1,934 M (5,960).

Cash flow from financing activities amounted to a negative SEK 1,504 M (neg: 5,549). Dividends had a negative impact of SEK 650 M (neg: 434) on cash flow.

Total cash and cash equivalents including short-term investments with a maturity exceeding three months amounted to SEK 3,454 M (2,603).

Change in net indebtedness

	2010	2009	2010	2009
SEK M	Oct.-Dec.	Oct.-Dec.	Jan.-Dec.	Jan.-Dec.
Net indebtedness, opening balance	-1,610	-4,657	-1,784	-7,353
Cash flow before financing	1,207	2,869	1,934	5,960
Dividend			-650	-434
Other changes in net indebtedness	-28	4	69	42
Net indebtedness, closing balance	-431	-1,784	-431	-1,784

Comparative figures have been recalculated to comply with a new accounting policy according to IFRIC 15, refer to page 11.

Net indebtedness (interest-bearing liabilities less cash and cash equivalents less interest-bearing receivables) on December 31 amounted to SEK 431 M (1,784); also refer to note 5, Specification of net indebtedness. On September 30, 2010, net indebtedness was SEK 1,610 M. The capital maturity period for interest-bearing liabilities, excluding loans in Finnish housing companies and Swedish tenant owner associations, was 44 (47) months at the end of the quarter. NCC's unutilized committed lines of credit on December 31 amounted to SEK 3.5 billion (4.3) with an average remaining maturity period of 28 (26) months.

Significant risks and uncertainties

Group

An account of the risks to which NCC may be exposed is presented in the 2009 Annual Report (pages 41- 43). This description remains relevant.

Parent Company

Significant risks and uncertainties for the Parent Company are identical to those of the Group, as described above.

Purchase and sale of treasury shares

No shares were repurchased during 2010. The company has 21,138 repurchased Series B shares. Excluding these shares, the number of shares outstanding is 108,414,684.

Other significant events

Changes among senior executives

The Board of Directors of NCC AB has designated Peter Wågström as the next President and CEO of NCC effective as of the Annual General Meeting on April 13, 2011. He succeeds Olle Ehrlén, who will retire in 2011.

In early 2011, Svante Hagman was appointed President of NCC Housing. He assumed his position on February 1, 2011, succeeding Peter Wågström, who has been appointed President and CEO of NCC.

Christina Lindbäck was appointed VP Environmental Affairs for the NCC Group. Christina Lindbäck assumed the new position as NCC's VP Environmental Affairs in November and reports directly to the CEO.

Proposed dividend

The Board of Directors proposes a dividend of SEK 10.00 (6.00) per share. The proposed record date for dividends is April 18, 2011.

Annual General Meeting 2011

NCC's Annual General Meeting will be held at Vinterträdgården, Grand Hôtel Royal´s entrance hall on Stallgatan in Stockholm, on April 13, 2011. The Meeting will open at 4:30 p.m. A notice convening the Annual General Meeting will be published in Post- och Inrikes Tidningar, and will be posted on NCC's website www.ncc.se on March 9. Confirmation of the notice convening theAnnual General Meeting will be announced in Dagens Nyheter och Svenska Dagbladet on the same date. Proposals for resolution by the Annual General Meeting from the Board and the Nomination Committee will also be available on the website, where it will also be possible to register for the Meeting.

Proposal to the Annual General Meeting from the Nomination Committee 2011

The Nomination Committee at NCC proposes reelection of current Members of the Board Tomas Billing, who is also proposed for reelection as Chairman of the Board, Antonia Ax:son Johnson, Ulf Holmlund, Ulla Litzén, Marcus Storch and Christoph Vitzthum.

Prior to the 2011 Annual General Meeting, the members of NCC's Nomination Committee are Viveca Ax:son Johnson (Chairman of the Board of Nordstjernan AB), Kerstin Stenberg (Member of the board of Swedbank Robur Fonder AB) and Peter Rudman (Director of Corporate Governance, Nordea Investment Funds) with Viveca Ax:son Johnson as Committee Chairman. Tomas Billing, Chairman of the Board, is a co-opted member of the Nomination Committee, but has no voting rights.

Consolidated income statement

Group		2010	2009	2010	2009
SEK M	Note 1	Oct.-Dec.	Oct.-Dec.	Jan.-Dec.	Jan.-Dec.
Net sales		15,338	15,944	49,420	56,005
Production costs	Note 2,3	-13,740	-14,336	-44,487	-50,263
Gross profit		1,598	1,608	4,933	5,742
Selling and administrative expenses	Note 2	-750	-831	-2,682	-3,035
Result from sales of owner-occupied properties			1	2	10
Impairment losses, fixed assets	Note 3	-2	-5	-2	-7
Result from sales of Group companies					5
Competition-impeding damages					-95
Result from participations in associated companies		2	-6	4	-1
Operating profit/loss		848	767	2,254	2,619
Financial income		27	20	99	78
Financial expense		-74	-124	-345	-592
Net financial items		-47	-103	-246	-514
Profit/loss after financial items		801	664	2,008	2,105
Tax on net profit/loss for the period		-210	-184	-481	-449
Net profit/loss for the period		590	480	1,527	1,656
Attributable to:
NCC´s shareholders		590	481	1,524	1,654
Minority interests			-1	4	1
Net profit/loss for the period		590	480	1,527	1,656
Earnings per share
Before dilution
Net profit/loss for the period, SEK		5.44	4.43	14.05	15.26
After dilution
Net profit/loss for the period, SEK		5.44	4.43	14.05	15.26
Number of shares, millions
Total number of issued shares		108.4	108.4	108.4	108.4
Average number of treasury shares during the period
dilution during the period		108.4	108.4	108.4	108.4
Average number of shares after dilution		108.4	108.4	108.4	108.4
Number of shares outstanding before dilution at the end of the period		108.4	108.4	108.4	108.4

Comparative figures have been recalculated to comply with a new accounting policy according to IFRIC 15, refer to page 11.

Statement of comprehensive income

Group		2010	2009	2010	2009
SEK M	Note 1	Oct.-Dec.	Oct.-Dec.	Jan.-Dec.	Jan.-Dec.
Net profit/loss for the period		590	480	1,527	1,656
Other comprehensive income
Exchange differences on translating foreign operations		-36	68	-415	-61
Hedging of exchange-rate risk in foreign operations		15	-38	230	118
Cash flow hedges		34	18	18	-28
Income tax relating to components of other comprehensive income		-13	5	-65	-23
Other comprehensive income for the year, net of tax		1	54	-232	6
Total comprehensive income		591	533	1,295	1,662
Attributable to:
NCC´s shareholders		591	534	1,291	1,661
Minority interests			-1	4	1
Total comprehensive income		591	533	1,295	1,662

Consolidated balance sheet

Group		2010	2009
SEK M	Note 1	Dec. 31	Dec. 31
ASSETS
Fixed assets
Goodwill		1,613	1,750
Other intangible assets		115	120
Owner-occupied properties		576	647
Machinery and equipment		1,816	1,910
Other long-term holdnings of securities		189	212
Long-term receivables	Note 5	1,363	1,261
Deferred tax assets		68	136
Total fixed assets		5,739	6,035
Current assets
Property projects	Note 4	2,931	2,835
Housing projects	Note 4	8,745	10,137
Materials and inventories		537	514
Tax receivables		41	200
Accounts receivable		6,481	6,340
Worked-up, non-invoiced revenues		804	777
Prepaid expenses and accrued income		988	982
Other receivables	Note 5	1,384	1,547
Short-term investments1)	Note 5	741	286
Cash and cash equivalents	Note 5	2,713	2,317
Total current assets		25,366	25,935
TOTAL ASSETS		31,104	31,970
EQUITY
Share capital		867	867
Other capital contributions		1,844	1,844
Reserves		-79	157
Profit brought forward, including current-year profit		5,479	4,601
Shareholders´ equity		8,111	7,470
Minority interests		21	18
Total shareholders´ equity		8,132	7,488
LIABILITIES
Long-term liabilities
Long-term interest-bearing liabilities	Note 5	2,712	2,972
Other long-term liabilities		921	558
Deferred tax liabilities		439	641
Other provisions		2,723	2,950
Total long-term liabilities		6,796	7,121
Current liabilities
Current interest-bearing liabilities	Note 5	1,546	1,739
Accounts payable		3,414	3,536
Tax liabilities		449	38
Invoiced revenues not worked-up		4,092	4,250
Accrued expenses and prepaid income		3,327	3,623
Provisions		9	59
Other current liabilities		3,341	4,117
Total current liabilities Total liabilities		16,177 22,973	17,361 24,482
TOTAL SHAREHOLDERS´ EQUITY AND LIABILITIES		31,104	31,970
ASSETS PLEDGED		1,612	756
CONTINGENT LIABLITIES		1,926	3,559

Comparative figures have been recalculated to comply with a new accounting policy according to IFRIC 15, refer to page 11. 1) Includes short-term investments with maturities exceeding three months at the aquisition date, see also cash-flow statement.

Changes in shareholders' equity, Group

Group	Dec. 31, 2010			Dec. 31, 2009
			Total			Total
	Shareholders´	Minority	shareholders´	Shareholders´	Minority	shareholders´
SEK M	equity	interests	equity	equity	interests	equity
Opening balance, January 1	7,470	18	7,488	6,243	25	6,268
Total comprehensive income/loss for the period	1,291	4	1,295	1,661	1	1,662
Changes in minority interests					-1	-1
Dividends	-650	-1	-651	-434	-7	-441
Closing balance	8,111	21	8,132	7,470	18	7,488

Comparative figures have been recalculated to comply with a new accounting policy according to IFRIC 15, refer to page 11.

Consolidated cash-flow statement, condensed

Group	2010	2009	2010	2009
SEK M	Oct.-Dec.	Oct.-Dec.	Jan.-Dec.	Jan.-Dec.
OPERATING ACTIVITIES
Profit/loss after financial items	801	664	2,008	2,105
Adjustments for items not included in cash flow	205	329	1,127	1,093
Taxes paid	13	-16	-126	-243
Cash flow from operating activities before changes in working
capital	1,018	977	3,009	2,955
Cash flow from changes in working capital
Divestment of property projects	153	388	841	2,245
Gross investments in property projects	-333	-155	-1,533	-1,215
Divestment of housing projects	809	2,401	3,758	7,507
Gross investments in housing projects	-783	-1,068	-3,171	-3,193
Other changes in working capital	458	387	-481	-1,858
Cash flow from changes in working capital	304	1,953	-586	3,485
Cash flow from operating activities	1,322	2,930	2,423	6,440
INVESTING ACTIVITIES
Sale of building and land	56	8	65	37
Increase (-)/Decrease (+) from investing activities	-171	-69	-555	-518
Cash flow from investing activities	-115	-61	-489	-481
CASH FLOW BEFORE FINANCING	1,207	2,869	1,934	5,960
FINANCING ACTIVITIES
Cash flow from financing activities	-1,171	-2,505	-1,504	-5,549
CASH FLOW DURING THE PERIOD	36	364	430	410
Cash and cash equivalents at beginning of period	2,683	1,948	2,317	1,919
Effects of exchange rate changes on cash and cash equivalents	-5	5	-34	-12
CASH AND CASH EQUIVALENTS AT END OF PERIOD	2,713	2,317	2,713	2,317
Short-term investments due later than three months	741	286	741	286
Total liquid assets	3,454	2,603	3,454	2,603

Notes

Note 1. Accounting policies

This year-end report has been compiled pursuant to IAS 34 Interim Financial Reporting. It has been compiled in accordance with the International Financial Reporting Standards (IFRS) and the interpretations of prevailing accounting standards by the International Financial Reporting Interpretations Committee (IFRIC), as approved by the EU.

The year-end report has been prepared pursuant to the same accounting policies and methods of calculation as the 2009 Annual Report (Note 1, pages 56-63), with the exception of the policy described below.

New accounting policies as of 2010

During the full-year period, NCC did not conduct any transactions that were affected by the revised IFRS 3, Business Combinations, and IAS 27 Consolidated and Separate Financial Statements

IFRIC 15, Agreements for the Construction of Real Estate

As of January 1, 2010, NCC applies IFRIC 15, Agreements for the Construction of Real Estate. This entails that sales of housing projects will generally not be recognized as profit until the projects have been handed over to the end customer, in contrast to prior years when profit was recognized in pace with completion and sale. The change entails that recognition of revenues and profits on sales of housing projects will be deferred normally by about one or two years, compared with prior accounting policies.

NCC's assets and liabilities are also affected by the introduction of IFRIC 15. The greatest change is that unsold housing in Swedish tenant owner associations and Finnish housing companies has to be recognized in NCC's balance sheet, which mainly affects interest-bearing liabilities. This also entails a change in NCC's key figures, primarily capital employed, the equity/assets ratio and indebtedness. NCC's financial objectives have been adapted. NCC Housing is the segment of NCC's financial statements that is mainly affected by this change, although the changes have a minor impact on NCC Property Development and Construction units.

The effects of IFRIC 15 were published on March 17, 2010 (www.ncc.se/sv/ABOUT-NCC/Investorrelations/Capital-Market-Day/) for full-year 2009 and for all quarters of 2009.

SEK M	2010 Oct.-Dec.	2009 Oct.-Dec.	2010 Jan.-Dec.	2009 Jan.-Dec.
Other intangible assets	-5	-5	-18	-21
Owner-occupied properties	-8	-9	-32	-34
Machinery and equipment	-129	-130	-517	-519
Total depreciation/amortization	-142	-144	-567	-573

Note 2. Depreciation/amortization

Note 3. Impairment losses and reversed impairment losses

	2010	2009	2010	2009
SEK M	Oct.-Dec.	Oct.-Dec.	Jan.-Dec.	Jan.-Dec.
Housing projects 1)	12	-21	-30	-192
Owner-occupied properties		-4	-1	-6
Machinery and equipment		-1		-1
Financial fixed assets				-2
Other intangible assets	-2		-2
Total impairment expenses	10	-26	-32	-200

1) For the period October-December 2010 reversed impairment losses, SEK 12 M.

Note 4. Specification of property development projects and housing projects

	2010	2009
SEK M	Dec. 31	Dec. 31
Properties held for future development	1,828	1,987
Ongoing property projects	881	406
Completed property projects	222	442
Total property development projects	2,931	2,835
Properties held for future development, housing	4,978	5,988
Capitalized developing cost	838	960
Completed housing	215	993
Ongoing proprietary housing projects	2,714	2,196
Total housing projects	8,745	10,137

Comparative figures have been recalculated to comply with a new accounting policy according to IFRIC 15, refer to page 11.

Note 5. Specification of net indebtedness

	2010	2009
SEK M	Dec. 31	Dec. 31
Long-term interest-bearing receivables	297	261
Current interest-bearing receivables	817	366
Short-term investments	806	738
Cash and bank balances	1,907	1,579
Total interest-bearing receivables, cash and cash equivalents	3,828	2,944
Long-term interest-bearing liabilities	2,712	2,990
Current interest-bearing liabilities	1,546	1,739
Total interest-bearing liabilities	4,258	4,728
Net indebtedness	431	1,784

Note 6. Segment reporting

SEK M	NCC Construction
January - December 2010		Sweden Denmark	Finland	Norway	NCC Roads	NCC Housing	NCC Property Development	Segment total	Other items and eliminations1)	Group
Net sales, external	19,869	2,671	3,764	4,234	10,023	6,836	2,009	49,406	13	49,420
Net sales, internal	1,092	235	2,027	107	656	44	11	4,173	-4,173
Net sales, total	20,962	2,906	5,791	4,341	10,679	6,880	2,020	53,579	-4,159	49,420
Operating profit	924	124	132	147	356	327	116	2,126	128	2,254
Net financial items										-246
Profit/loss after financial items										2,008

		NCC Construction
October-December 2010		Sweden Denmark	Finland	Norway	NCC Roads	NCC Housing	NCC Property Development	Segment total	Other items and eliminations	Group
Net sales, external	6,359	734	951	1,323	2,811	2,019	1,138	15,335	3	15,338
Net sales, internal	447	121	691	25	137	43	6	1,470	-1,470
Net sales, total	6,806	855	1,642	1,348	2,948	2,062	1,144	16,804	-1,467	15,338
Operating profit	423	44	41	33	123	83	111	858	-10	848
Net financial items										-47
Profit/loss after financial items										801

	NCC Construction
January - December 2009		Sweden Denmark	Finland	Norway	NCC Roads	NCC Housing	NCC Property Development	Segment total	Other items and eliminations1)	Group
Net sales, external	20,403	3,121	3,745	3,906	9,600	11,134	3,137	55,047	958	56,005
Net sales, internal	1,837	199	1,972	159	738	1	1	4,908	-4,908
Net sales, total	22,241	3,321	5,718	4,065	10,338	11,135	3,139	59,956	-3,950	56,005
Operating profit	1,026	72	172	140	387	-5	705	2,496	123	2,619
Net financial items										-514
Profit/loss after financial items										2,105

		NCC Construction
October-December 2009		Sweden Denmark	Finland	Norway	NCC Roads	NCC Housing	NCC Property Development	Segment total	Other items and eliminations	Group
Net sales, external	6,146	828	1,125	1,080	2,495	3,514	517	15,706	237	15,944
Net sales, internal	413	50	381	24	273			1,140	-1,140
Net sales, total	6,559	878	1,506	1,104	2,768	3,514	517	16,846	-903	15,944
Operating profit	342	23	42	39	19	112	184	762	6	767
Net financial items										-103
Profit/loss after financial items										664

1) The full year figures includes among others NCC`s head office, results from small subsidiaries and associated companies and remaining parts of NCC International Projects, totaling an expense of SEK 23 M (expense: 134), among other items SEK 57 M from the Polish highway project A2. Eliminations of internal profits amount to an income of SEK 22 M (income: 140) and other Group adjustments, mainly consisting of difference of accounting policy between the segments and the group (pensions) amount to an income of SEK 129 M (income: 117).

2) The quarter includes among others NCC's head office, result from small subsidiaries and associated companies and remaining parts of NCC International Projects, totalling an expense of SEK 1 M (expense: 32). Furthermore elimination of internal profits are included, an expense of SEK 35 M (expense: 23) and other Group adjustments, mainly consisting of differences of accounting policy between the segments and the Group (pensions), an income of SEK 26 (income: 61).

Parent company

Most recent quarter, October-December 2010

Invoicing for the Parent Company amounted to SEK 6,374 M (1,368). Profit after financial items was SEK 241 M (2,535). In the Parent Company, profit is recognized when projects are subject to final profit recognition. Net financial items in the year-earlier period were affected by dividends received from subsidiaries.

Full-year period, January-December 2010

Invoicing for the Parent Company amounted to SEK 25,377 M (21,784). Profit after financial items was SEK 1,899 M (3,202). In the Parent Company, profit is recognized when projects are subject to final profit recognition. The average number of employees was 6,772 (7,259). Net financial items in the preceding year were affected by dividends received from subsidiaries.

	2010	2009	2010	2009
SEK M Note 1	Oct.-Dec	Oct.-Dec	Jan.-Dec.	Jan.-Dec.
Net sales	6,374	1,368	25,377	21,784
Production costs	-6,002	-1,187	-22,846	-20,053
Gross profit	372	181	2,531	1,732
Selling and administrative expenses	-317	-369	-1,235	-1,283
Result from sales of properties		2		3
Operating profit	56	-186	1,296	452
Result from financial investment
Result from participations in Group companies	225	2,761	643	2,851
Result from participations in associated companies	-24	23	-24	24
Result from other financial fixed assets			18	1
Result from financial current assets	35	14	232	223
Interest expense and similar items	-51	-77	-277	-348
Result after financial items	241	2,535	1,889	3,202
Appropriations	182	52	171	50
Tax on net profit for the period	-53	-4	-356	-106
Net profit for the period	370	2,583	1,705	3,147

Parent Company income statement

Parent Company balance sheet, condensed

		2010	2009
SEK M	Note 1	Sep. 30	Sep. 30
ASSETS
Tangible fixed assets		138	283
Financial fixed assets		6,727	6,144
Total fixed assets		6,865	6,426
Housing projects		214	358
Materials and inventories		25	13
Current receivables		5,822	8,705
Short term investments		6,295	3,526
Cash and bank balances		819	1,348
Total current assets		13,175	13,951
TOTAL ASSETS		20,039	20,377
SHAREHOLDERS´ EQUITY AND LIABILITIES
Shareholders´ equity		7,023	5,526
Untaxed reserves		331	513
Provisions		1,277	1,301
Long term liabilities		3,053	3,478
Current liabilities		8,355	9,559
TOTAL SHAREHOLDERS´ EQUITY AND LIABILITIES		20,039	20,377
Assets pledged		12	13
Contingent liabilities		12,955	16,217

Transactions with related parties

.

The companies related to the Parent Company are the Nordstjernan Group, the Axel Johnson Group, NCC subsidiaries and associated companies and joint ventures. In the year-earlier period, companies within the Lundberg Group were also considered related. The Parent Company's related-party transactions were of a production character. Related-company sales during October-December amounted to SEK 72 M (171) and purchases to SEK 135 M (126). For the full-year period January-December, sales amounted to SEK 167 M (322) and purchases to SEK 478 M (563). The transactions were conducted on normal market terms.

Notes to the Parent Company's income statement and balance sheet

Note 1. Accounting policies

The Parent Company has compiled its year-end report pursuant to the Swedish Annual Accounts Act (1995:1554) and the Swedish Financial Reporting Board's recommendation RFR 2, Accounting for Legal Entities. The year-end report for the Parent Company has been prepared in accordance with the same accounting policies and methods of calculation as the 2009 Annual Report (Note 1, pages 56 – 63).

Reporting occasions

Interim report January – March 2011 May 5, 2011 Interim report January – June 2011 August 18, 2011 Interim report January – September 2011 October 28, 2011

Annual Report for 2010 Week commencing March 14, 2011

Solna, February 9, 2011

NCC AB Board of Directors

This report is unaudited.

If you have any questions about the year-end report, please contact

Chief Financial Officer Ann-Sofie Danielsson, tel. +46 (0)70-674 07 20. Senior Vice President Corporate Communications Annica Gerentz, tel. +46 (0)70-398 42 09. Investor Relations Manager Johan Bergman, tel. +46 (0)8-585 523 53, +46 (0)70-354 80 35.

An information meeting, including an integrated Web and telephone conference, will be held on February 9, at 3:00 p.m. at Vallgatan 5 in Solna, Stockholm. The presentation will be held in Swedish. To participate in the teleconference, call +46 (0)8 505 598 53 five minutes before the conference starts. State "NCC".

In its capacity as issuer, NCC AB is releasing the information in this interim report for the January-December 2010 period pursuant to Chapter 17 of the Swedish Securities Market Act (2007:528). The information was distributed to the media for publication at 11.00 a.m on Wednesday, February 9.

Proprietary housing units and housing units sold to investors

			Sweden		Denmark
				Jul.-Sep. Jul.-Sep. Jan.-Sep. Jan.-Dec. Jul.-Sep. Jul.-Sep. Jan.-Sep. Jan.-Dec.
	2010	2009	2010	2009	2010	2009	2010	2009
Development rights, end of period	13,100	15,200	13,100	15,200	1,178	1,145	1,178	1,145
Development rights, change during the period	-200	1,400	-2,100	1,000	-41	-3	33	59
Housing starts proprietary, during the period	393	140	1,089	334	32	0	95	0
Housing starts sold to investors, during the period	0	0	0	275	0	0	0	0
Housing units sold proprietary, during the period 1)	260	259	822	1,287	23	50	79	143
Housing units sold to investors, during the period 1)	0	0	0	275	0	0	0	0
Proprietary housing units under construction, end of period	1,079	657	1,079	657	95	0	95	0
Housing units under construction, change during the period	240	-817	422	-1,096	32	0	95	-13
Sales rate units under construction, end of period %	60	84	60	84	40	0	40	0
Work up rate units under construction, end of period %	35	58	35	58	29	0	29	0
Unsold completed housing units, end of period	21	80	21	80	10	51	10	51
Unsold completed housing units, change during the period	-9	36	-59	-57	-5	-50	-41	-143
Unsold housing units, totalt at end of period 2)	453	186	453	186	67	51	67	51

			Finland		Baltic countries
					Jul.-Sep. Jul.-Sep. Jan.-Sep. Jan.-Dec. Jul.-Sep. Jul.-Sep. Jan.-Sep. Jan.-Dec.
	2010	2009	2010	2009	2010	2009	2010	2009
Development rights, end of period	6,392	5,338	6,392	5,338	2,385	2,392	2,385	2,392
Development rights, change during the period	221	-138	1,054	-557	-64	0	-7	323
Housing starts proprietary, during the period	370	153	1,126	191	76	0	108	0
Housing starts sold to investors, during the period	141	352	732	1,299	0	0	0	0
Housing units sold proprietary, during the period 1)	206	176	859	794	37	73	121	188
Housing units sold to investors, during the period 1)	141	352	732	1,299	0	0	0	0
Proprietary housing units under construction, end of period	1,211	191	1,211	191	108	0	108	0
Housing units under construction, change during the period	334	0	1,020	-594	76	0	108	-131
Sales rate units under construction, end of period %	62	35	62	35	15	0	15	0
Work up rate units under construction, end of period %	45	24	45	24	38	0	41	0
Unsold completed housing units, end of period	19	92	19	92	20	125	20	125
Unsold completed housing units, change during the period	-11	-45	-73	-203	-21	-73	-105	-8
Unsold housing units, totalt at end of period 2)	484	217	484	217	112	125	112	125

			St Petersburg				Norway
					Jul.-Sep. Jul.-Sep. Jan.-Sep. Jan.-Dec. Jul.-Sep. Jul.-Sep. Jan.-Sep. Jan.-Dec.
	2010	2009	2010	2009	2010	2009	2010	2009
Development rights, end of period	3,682	4,150	3,682	4,150	1,800	1,949	1,800	1,949
Development rights, change during the period	-193	0	-468	227	-111	-35	-149	-140
Housing starts proprietary, during the period	127	0	255	0	47	44	223	131
Housing starts sold to investors, during the period	66	0	66	0	0	0	0	0
Housing units sold proprietary, during the period 1)	36	0	48	0	48	48	157	122
Housing units sold to investors, during the period 1)	66	0	66	0	0	0	0	0
Proprietary housing units under construction, end of period	255	0	255	0	272	131	272	131
Housing units under construction, change during the period	127	0	255	0	-4	44	141	131
Sales rate units under construction, end of period %	19	0	19	0	65	79	65	79
Work up rate units under construction, end of period %	37	0	37	0	37	40	37	40
Unsold completed housing units, end of period	0	0	0	0	0	1	0	1
Unsold completed housing units, change during the period	0	0	0	0	-1	0	-1	-19
Unsold housing units, totalt at end of period 2)	207	0	207	0	95	29	95	29

			Germany		NCC Group
			Jul.-Sep. Jul.-Sep. Jan.-Sep. Jan.-Dec. Jul.-Sep. Jul.-Sep. Jan.-Sep. Jan.-Dec.
	2010	2009	2010	2009	2010	2009	2010	2009
Development rights, end of period	1,809	1,698	1,809	1,698	30,346	31,872	30,346	31,872
Development rights, change during the period	-72	-183	111	-222	-460	1,041	-1,526	690
Housing starts proprietary, during the period	150	234	593	482	1,195	571	3,489	1,138
Housing starts sold to investors, during the period	75	0	211	0	282	352	1,009	1,574
Housing units sold proprietary, during the period 1)	190	316	641	741	800	922	2,727	3,275
Housing units sold to investors, during the period 1)	75	0	211	0	282	352	1,009	1,574
Proprietary housing units under construction, end of period	513	959	513	959	3,533	1,938	3,533	1,938
Housing units under construction, change during the period	-125	0	-446	-424	680	-773	1,595	-2,127
Sales rate units under construction, end of period %	71	81	71	81	58	77	58	77
Work up rate units under construction, end of period %	65	89	65	89	43	69	43	69
Unsold completed housing units, end of period	27	42	27	42	97	391	97	391
Unsold completed housing units, change during the period	-2	-3	-15	-10	-49	-135	-294	-440
Unsold housing units, totalt at end of period 2)	175	223	175	223	1,593	831	1,593	831

1) Housing units sold refer to housing units for which sales agreements have been signed.

2) Number of unsold housing units under construction and completed unsold housing units.

Key figures and multi-year review

	2005	2006	2007	2008	2009	2009 4)	2010
SEK M		Jan.-Dec. Jan.-Dec. Jan.-Dec. Jan.-Dec. Jan.-Dec. Jan.-Dec. Jan.-Dec.
Accounts
Net sales	49,506	55,876	58,397	57,465	51,817	56,005	49,420
Operating profit/loss	1,748	2,392	2,790	2,219	2,150	2,619	2,254
Profit/loss after financial items	1,580	2,263	2,608	2,385	1,694	2,105	2,008
Net profit/loss during the year/period	1,187	1,708	2,252	1,820	1,262	1,656	1,527
Cash flow before financing	2,115	1,657	1,165	-178	2,837	5,960	1,934
Profitability ratios
Return on shareholders´ equity, %1)	18	27	34	27	18	25	20
Return on capital employed, %1)	17	24	28	23	17	17	19
Financial ratios at the end of the period
Interest-coverage ratio, times1)	6.9	11.5	10.2	7.0	4.5	5.0	5.3
Equity/assets ratio, %	25	22	21	19	26	23	26
Interest-bearing liabilities/total assets, %	12	9	10	15	11	15	14
Net indebtedness	496	430	744	3,207	754	1,784	431
Debt/equity ratio, times	0.1	0.1	0.1	0.5	0.1	0.2	0.1
Capital employed at year-/period-end Capital employed average1)	10,032	9,565	10,639	12,456	11,034	12,217	12,390
Capital turnover rate, times1)	10,930	10,198	10,521	11,990	12,659	15,389	12,033
	4.5	5.5	5.6	4.8	4.1	3.6	4.1
Share of risk-bearing capital, %	26	24	23	20	28	25	28
Average interest rate, %	4.8	4.8	5.3	5.9	4.5	4.5	4.6
Average period of fixed interest, years	1.1	2.6	1.8	1.6	1.8	1.8	1.5
Order status
Orders received	52,413	57,213	63,344	51,864	45,957	46,475	54,942
Order backlog	32,607	36,292	44,740	40,426	34,084	35,951	40,426
Per share data
Net profit/loss for the period, before dilution, SEK	11.07	15.80	20.75	16.69	11.63	15.26	14.05
Net profit/loss for the period, after dilution, SEK	10.86	15.74	20.73	16.69	11.63	15.26	14.05
P/E ratio1)	13	12	7	3	10	8	11
Ordinary dividend, SEK 6)	5.50	8.00	11.00	4.00	6.00	6.00	10.00
Extraordinary dividend, SEK	10.00	10.00	10.00
Dividend yield, %	10.9	9.6	15.1	8.1	5.1	5.1	6.8
Dividend yield excl. extraordinary dividend, %	3.9	4.3	7.9	8.1	5.1	5.1	6.8
Shareholders´ equity before dilution, SEK	63.30	62.86	66.48	63.10	70.72	68.91	74.81
Shareholders´ equity after dilution, SEK	62.60	62.69	66.48	63.10	70.70	68.90	74.80
Share price/shareholders´ equity, %	225	298	209	78	167	172	198
Share price at year-/period-end, NCC B, SEK	142.50	187.50	139.00	49.50	118.25	118.25	147.80
Number of shares
Total number of issued shares, millions2)	108.4	108.4	108.4	108.4	108.4	108.4	108.4
Treasury shares, millions Shares outstanding before dilution at year/period end, millions	1.2 107.2	0.3 108.1	0.0 108.4	0.0 108.4	0.0 108.4	0.0 108.4	0.0 108.4
Average number of shares outstanding before dilution
during the year/period, millions	106.4	108.0	108.3	108.4	108.4	108.4	108.4
Market capitalization	15,282	20,242	14,999	5,209	12,809	12,809	16,005
Personnel
Average number of employees	21,001	21,784	21,047	19,942	17,745	17,745	16,731

Financial objectives and dividend

		2005	2006	2007	2008	2009	2009	2010
	Objective		Jan.-Dec. Jan.-Dec. Jan.-Dec. Jan.-Dec. Jan.-Dec. Jan.-Dec. Jan.-Dec.
Return on shareholders´ equity, %3)	20	18	27	34	27	18	25	20
Debt/equity ratio, times5)	<1,5	0.1	0.1	0.1	0.5	0.1	0.2	0.1
Dividend ordinary, SEK 6)	Policy: As of 2005, at least 50% of profit after tax	5.50	8.00	11.00	4.00	6.00	6.00	10.00
Extraordinary dividend, SEK		10.00	10.00	10.00

1) Calculations are based on a 12 months average.

2) NCC´s shares are all ordinary shares.

3) New objective, as of 2007 is 20%, earlier objective 15%.

4) Comparative figures have been recalculated to comply with a new accounting policy according to IFRIC 15, refer to page 11.

5) New objective as of 2010, debt/equity ratio not higher than 1,5, earlier debt/equity ratio not higher than 1.

6) Proposed dividend 2010.

For definitions of key figures, see Annual Report for 2009, page 109.

Business segments

	2010	2009	2010	2009
SEK M	Oct.-Dec.	Oct.-Dec.	Jan.-Dec.	Jan.-Dec.
Group1)
Orders received	14,154	14,352	54,942	46,475
Order backlog	40,426	35,951	40,426	35,951
Net sales	15,338	15,944	49,420	56,005
Operating profit/loss	848	767	2,254	2,619
Operating margin, %	5.5	4.8	4.6	4.7
Profit/loss after financial items	801	664	2,008	2,105
Net profit/loss for the period attributable
to NCC´s shareholders	590	481	1,524	1,654
Earnings per share after dilution, SEK	5.44	4.43	14.05	15.26
Average number of shares outstanding
after dilution during the period	108.4	108.4	108.4	108.4
NCC Construction Sweden1)
Orders received	5,674	5,826	23,983	18,842
Order backlog	19,132	16,231	19,132	16,231
Net sales	6,806	6,559	20,962	22,241
Operating profit/loss	423	342	924	1,026
Operating margin, %	6.2	5.2	4.4	4.6
NCC Construction Denmark
Orders received	1,097	1,119	3,831	3,194
Order backlog	2,845	2,263	2,845	2,263
Net sales	855	878	2,906	3,321
Operating profit/loss	44	23	124	72
Operating margin, %	5.1	2.6	4.3	2.2
NCC Construction Finland
Orders received	1,696	1,679	6,512	5,662
Order backlog	4,637	4,498	4,637	4,498
Net sales	1,642	1,506	5,791	5,718
Operating profit/loss	41	42	132	172
Operating margin, %	2.5	2.8	2.3	3.0
NCC Construction Norway
Orders received	1,155	2,125	4,370	4,681
Order backlog	3,867	4,124	3,867	4,124
Net sales Operating profit/loss	1,348	1,104 39	4,341	4,065 140
Operating margin, %	33 2.5	3.5	147 3.4	3.4
NCC Roads
Orders received	2,585	2,661	10,561	11,001
Order backlog	3,803	4,159	3,803	4,159
Net sales	2,948	2,768	10,679	10,338
Operating profit/loss	123	19	356	387
Operating margin, %	4.2	0.7	3.3	3.7
Capital employed			2,820	2,788
NCC Housing1)
Orders received	3,489	1,821	10,534	5,646
Order backlog	9,251	6,044	9,251	6,044
Net sales	2,062	3,515	6,880	11,135
Operating profit/loss	83	112	327	-5
Operating margin, %	4.0	3.2	4.8	0.0
Capital employed			6,818	8,845
NCC Property Development1)
Net sales	1,144	517	2,020	3,139
Operating profit/loss	111	184	116	705
Capital employed			2,838	2,965

Comparative figures have been recalculated to comply with a new accounting policy according to IFRIC 15, refer to page 11.

Rounding-off differences may occur in all tables.