NCC Group

Quarterly Report • Aug 19, 2009

INTERIM REPORT, JANUARY 1 – JUNE 30, 2009

• Net sales totaled SEK 25,057 M (27,035)

• Profit after financial items amounted to SEK 377 M (1,000)
• Profit after tax for the period was SEK 289 M (765)
• Earnings per share after dilution amounted to SEK 2.70 (7.04)

	2009	2008	2009	2008	Jul. 08-	2008
SEK M	Apr.-Jun.	Apr.-Jun.	Jan.-Jun.	Jan.-Jun.	Jun. 09	Jan.-Dec.
Orders received	11,931	17,408	20,097	29,401	42,560	51,864
Net sales	13,992	15,623	25,057	27,035	55,487	57,465
Operating profit/loss	858	968	623	1,138	1,705	2,219
Profit/loss after financial items	729	883	377	1,000	1,762	2,385
Net profit/loss for the period	551	675	289	765	1,344	1,820
Profi/loss per share after dilution, SEK	5.08	6.18	2.70	7.04	12.35	16.69
Cashflow before financing	746	-1,888	-610	-3,010	2,223	-178
Return on shareholders´ equity after tax, %			21	31	21	27
Debt/equity ratio, times	0.6	1.0	0.6	1.0	0.6	0.5
Net indebtedness	4,256	5,975	4,256	5,975	4,256	3,207

Comments by CEO Olle Ehrlén

"Demand in the Nordic construction was weak during the second quarter. Orders received declined 31 percent compared with the year-earlier period and amounted to SEK 11,931 M (17,408).

"Second-quarter sales were lower than in the year-earlier period. As a result of excellent project implementation and reduced costs, the operating margin was in line with the year-earlier period. Operating profit amounted to SEK 858 M (968).

"Higher sales of housing units and commercial properties and lower investments in land held for future development led to an improved cash flow compared with the year-earlier period. Cash flow before financing was SEK 746 M (negative: 1,888) for the second quarter. Net indebtedness at the end of the quarter was SEK 4,256 M (5,975).

"The housing market made a slight recovery in the second quarter, particularly in Sweden and Norway. We started new housing projects in these markets, as well as in Finland and Germany, during the period. However, until we see signs of permanent stabilization, we will adopt a cautious approach to the initiation of additional new projects. NCC started 262 (766) proprietary housing units and sold 1,109 (964) units during the second quarter. In addition, land with associated construction contracts corresponding to 142 housing units in rental apartment projects was sold to investors.

"We believe that demand in the Nordic construction market will be weak during the second half of 2009 and also in 2010. NCC's operations and costs are continuously being adjusted to the lower volumes and we are continuing to focus on optimizing cash flow and reducing tied-up capital."

NCC AB

Market outlook

The Nordic construction market remained weak during the first six months of 2009, with lower demand for housing units, offices and other buildings, primarily from private customers. Inquiries regarding new public-sector projects, such as schools and homes for the elderly, were not impacted by the economic downturn to the same extent. Interest in constructing rental apartments increased during the first six months of the year.

The infrastructure initiatives in the civil engineering segment that had been announced in several countries were not started on any large scale during the first half of the year.

Demand for asphalt and aggregates declined during the first six months compared with the year-earlier period. The aggregates market stabilized somewhat in the second quarter compared with the first.

After the sharp decline in the housing market at the end of 2008 and the beginning of 2009, the market stabilized during the second quarter of 2009. The conditions in NCC's sub-markets are most favorable in Sweden and Norway, while the Baltic region and Denmark are facing the most difficult conditions.

Market conditions for commercial properties did not improve during the second quarter. The leasing market in all of NCC's markets weakened, resulting in rising vacancies and falling rents. The largest decline occurred in the retail segment. The property market is characterized by uncertainty, with few transactions being implemented.

			Orders received					Backlog
	2009	2008	2009	2008	Jul. 08-	2008	2009	2008	2008
SEK M	Apr.-Jun.	Apr.-Jun.	Jan.-Jun.	Jan.-Jun.	Jun. 09	Jan.-Dec.	Jun. 30	Jun. 30	Dec. 31
NCC Construction Sweden1)	5,107	7,337	8,874	13,936	19,994	25,056	17,533	21,553	19,638
NCC Construction Denmark1)	800	765	1,355	1,878	2,729	3,253	2,165	2,933	2,525
NCC Construction Finland1)	1,344	2,175	2,143	3,210	4,344	5,411	3,880	5,301	4,686
NCC Construction Norway1)	1,077	1,600	1,723	2,235	3,034	3,546	2,932	5,438	3,120
NCC Housing1)	519	2,082	1,236	3,653	2,410	4,827	4,878	10,683	8,559
NCC Roads	3,404	4,003	5,305	5,828	11,466	11,989	4,721	4,025	3,460
Total	12,251	17,962	20,635	30,740	43,977	54,081	36,111	49,932	41,988
of which
proprietary housing projects	422	2,031	778	3,279	847	3,347	3,975	9,973	7,884
proprietary property development projects	40	733	197	1,097	879	1,779	615	2,043	1,319
Other items and eliminations1)	-320	-554	-538	-1,339	-1,416	-2,217	-1,014	-3,767	-1,562
Group	11,931	17,408	20,097	29,401	42,560	51,864	35,096	46,165	40,426

Orders received and order backlog

1) All comparative figures are pro forma due to new organisation structure.

Most recent quarter April-June 2009

Orders received declined to SEK 11,931 M (17,408). The decline was primarily attributable to NCC Construction Sweden and NCC Housing, although orders received were also weak in other Construction units. The largest decrease was noted for building projects, such as offices, retail and industry. The decrease in proprietary housing construction also contributed to the decline. Orders received rose by SEK 510 M compared with the year-earlier period due to exchange-rate changes.

Orders received for proprietary housing projects amounted to SEK 422 M (2,031) and orders received for proprietary property development projects to SEK 40 M (733).

The order backlog on June 30 was SEK 35,096 M (46,165), of which orders for proprietary housing projects accounted for SEK 3,975 M (9,973). On March 31, the order backlog totaled SEK 38,318 M.

Proprietary housing

During the second quarter, there were 262 (766) proprietary housing starts and 1,109 (964) units were sold. After the sharp decline in the housing market at the end of 2008 and the beginning of 2009, the market stabilized during the second quarter of 2009. Strict pre-booking requirements for the start-up of projects and the bleak market outlook contributed to the restrained level of housing starts. Sales campaigns, mainly in Sweden and Finland, and price reductions adjusted to market conditions led to an increase in sales. Sales also rose in the Baltic region and Denmark, where market conditions were weaker than in other sub-markets. The number of completed unsold housing units was 620 (462). On March 31, the number of completed unsold housing units was 780. The number of completed unsold housing units declined primarily in Sweden, Finland and Denmark.

Proprietary property development projects

Costs incurred in all projects initiated by NCC Property Development totaled SEK 1.1 billion (1.2), corresponding to 86 percent (54) of the total project costs of SEK 1.3 billion (2.2). The leasing rate on June 30 was 63 percent (62). On March 31, the leasing rate for projects was 63 percent.

Interim report period, January-June 2009

Orders received amounted to SEK 20,097 M (29,401). The largest decline was reported in NCC Construction Sweden, for which the year-earlier period included a number of major building and civil engineering projects.

Orders received for proprietary housing projects in the Group totaled SEK 778 M (3,279). Market conditions for the initiation of new projects were weaker than in the year-earlier period and this factor, combined with NCC's strict pre-booking requirements, resulted in a reduction in proprietary housing construction. During the first half of the year, there were 321 (1,180) proprietary housing starts and 1,685 (1,510) units were sold. Sales rose during the first six months due to sales campaigns and price reductions adapted to market conditions. Orders received for proprietary property development projects amounted to SEK 197 M (1,097).

Compared with December 31, 2008, the order backlog declined 13 percent or SEK 5,330 M during the first six months of the year.

			Net sales						Operating profit
	2009	2008	2009	2008	Jul. 08-	2008	2009	2008	2009	2008	Jul. 08-	2008
SEK M	Apr.-Jun.	Apr.-Jun.	Jan.-Jun.	Jan.-Jun.	Jun. 09	Jan.-Dec.	Apr.-Jun.	Apr.-Jun.	Jan.-Jun.	Jan.-Jun.	Jun. 09	Jan.-Dec.
NCC Construction Sweden1)	5,806	6,330	10,888	11,558	23,942	24,612	212	279	434	477	1,110	1,154
NCC Construction Denmark1)	828	1,068	1,694	1,937	3,836	4,079	24	26	32	53	97	119
NCC Construction Finland1)	1,541	1,864	3,087	3,594	6,579	7,087	34	88	106	166	194	254
NCC Construction Norway1)	985	1,937	2,184	3,541	5,580	6,936	27	53	72	67	229	224
NCC Housing1)	2,530	2,763	4,381	4,724	8,430	8,773	3	109	-172	149	-980	-660
NCC Property Development	898	331	1,428	772	2,790	2,133	134	122	168	303	600	735
NCC Roads	2,939	3,270	4,087	4,513	10,891	11,317	367	305	-45	16	385	446
Total	15,528	17,563	27,750	30,639	62,047	64,937	800	982	595	1,230	1,636	2,272
Other items and eliminations1)	-1,536	-1,940	-2,693	-3,604	-6,561	-7,472	57	-14	29	-93	69	-53
Group	13,992	15,623	25,057	27,035	55,487	57,465	858	968	623	1,138	1,705	2,219

Net sales and earnings per business segment

1) All comparative figures are pro forma due to new organisation structure.

Net sales

Most recent quarter, April-June 2009

Net sales declined 10 percent to SEK 13,992 M (15,623). Sales fell due to lower construction activity in the Nordic region, particularly for commercial premises. Sales of housing and properties were high. Sales of asphalt and aggregates were lower, although the situation for aggregates stabilized somewhat during the second quarter. Exchange-rate changes had a positive impact on sales in the amount of SEK 687 M compared with the year-earlier period.

Interim report period, January-June 2009 Net sales totaled SEK 25,057 M (27,035).

Earnings

Most recent quarter, April-June 2009

Operating profit amounted to SEK 858 M (968). Despite lower volumes, the Construction units managed to maintain their operating margin, due to excellent project implementation and reduced costs. Earnings for the Finnish Construction unit were affected by a weak market in the Baltic region. NCC Construction Norway's earnings were impacted by the large downturn in volume. NCC Housing's sales of housing were high but margins were low. Earnings were also charged with impairment losses of SEK 55 M regarding completed unsold housing units in Denmark and the Baltic countries. NCC Property Development's earnings were higher than in the year-earlier period as a result of an increase in property sales. NCC Roads reported higher earnings, thanks to reduced prices for its input materials and the final settlement of SEK 38 M for the sale of the Polish asphalt operations.

Other items and eliminations amounted to SEK 57 M (negative 14). The increase in this item resulted from higher sales of housing units and properties, which enabled reversals of sales rate eliminations and inter-company profits amounting to SEK129 M (neg: 43). The item also includes SEK 50 M in expenses for the increased competition-impeding fee that NCC has been ordered to pay.

Profit after financial items amounted to SEK 729 M (883). The weaker net financial financial items were primarily due to high interest rates in the Baltic region and Russia.

Profit after tax for the period amounted to SEK 551 M (675). The tax rate for the quarter was about 24 percent (24).

Interim report period, January-June 2009

Operating profit amounted to SEK 623 M (1,138). The decline compared with the year-earlier period was largely due to a weaker first quarter, when earnings were impacted by weaker conditions in the housing market, lower gains from property sales and a weak start to the year for NCC Roads. Exchangerate changes had a marginal effect on earnings compared with the year-earlier period.

The decline in NCC Construction Sweden's earnings was due to lower sales compared with the corresponding period of 2008, although the operating margin was in line with the year-earlier period.

NCC Construction Denmark reported lower operating profit during the first six months of the year compared with the year-earlier period, due to lower sales. Profitability increased as a result of lower prices for input materials.

NCC Construction Finland's earnings weakened compared with the year-earlier period due to lower sales and to a weak market in the Baltic region.

NCC Construction Norway's operating profit was higher than in the corresponding period of 2008, thanks to higher earnings forecasts for many major projects that are nearing competition.

Earnings for NCC Housing were impacted by price reductions for housing units, which were implemented to stimulate sales of housing units in the sub-markets exposed to the most intense competition. During the first quarter, an impairment loss of SEK 68 M was recognized for completed housing units, and impairment losses for the first six months of the year totaled SEK 123 M.

NCC Property Development's earnings were lower than in the year-earlier period, due to a decline in supplementary purchase considerations and a reduction in reversals of rental guarantees.

NCC Roads improved its earnings during the second quarter. However, the weak first quarter meant that earnings for the first six months of 2009 were lower than in the year-earlier period, primarily due to lower volumes.

Profit after financial items amounted to SEK 377 M (1,000). The deterioration in net financial items during the first six months of the year was primarily due to the higher net indebtedness that NCC reported in the first quarter and higher interest rates in the Baltic region and Russia.

Profit after tax for the period amounted to SEK 289 M (765).

Seasonal effects

NCC Roads' operations and certain operations in NCC Construction units are affected by seasonal variations resulting from cold weather conditions. Accordingly, the first quarter is generally weak for these units, while the second quarter is more favorable.

Cash flow

Most recent quarter, April-June 2009

Cash flow from operating activities before changes in working capital amounted to SEK 603 M (723). Lower profit for the quarter compared with the corresponding quarter of 2008 had an adverse impact on cash flow.

Cash flow from changes in working capital amounted to SEK 318 M (negative: 2,487). Increased sales and postponed investments in land held for future development in both NCC Property Development and NCC Housing led to improvements in cash flow from changes in working capital. The active efforts taken to reduce accounts receivable affected cash flow. The year-earlier period included a number of large accounts receivable that were paid directly after June 30. A decline in interest-free financing resulted in higher tied-up capital.

Cash flow from investing activities amounted to a negative SEK 175 M (negative: 125). The sale of a minor subsidiary in the year-earlier period had a positive impact on investing activities. In other respects, investments declined during the most recent quarter.

Cash flow before financing amounted to SEK 746 M (negative: 1,888).

Cash flow from financing activities amounted to a negative SEK 171 M (positive: 1,399).

Interim report period, January-June 2009

Cash flow from operating activities before changes in working capital amounted to SEK 399 M (869). The decline was due to the lower earnings compared with the year-earlier period. Increased impairment losses meant that non-cash items had a greater impact.

Cash flow from changes in working capital amounted to a negative SEK 694 M (negative: 3,495). Increased sales and postponed investments in land held for future development in both NCC Property Development and NCC Housing led to improvements in cash flow from changes in working capital. A decline in interest-free financing resulted in higher tied-up capital.

Cash flow from investing activities amounted to a negative SEK 316 M (negative: 384). A slightly lower rate of investment had a positive impact on cash flow.

Cash flow before financing amounted to a negative SEK 610 M (negative: 3,010).

Cash flow from financing activities amounted to SEK 1,182 M (2,082).

Cash and cash equivalents, including short-term investments with a maturity period exceeding three months, totaled SEK 2,601 M (932).

Change in net indebtedness

	2009	2008	2009	2008	Jul. 08-	2008
SEK M	Apr.-Jun.	Apr.-Jun.	Jan.-Jun.	Jan.-Jun.	Jun. 09	Jan.-Dec.
Net indebtedness, opening balance	-4,608	-1,830	-3,207	-744	-5,975	-744
Cash flow before financing	746	-1,888	-610	-3,010	2,223	-178
Dividend	-434	-2,277	-434	-2,277	-434	-2,277
Other changes in net indebtedness	40	20	-5	56	-70	-8
Net indebtedness, closing balance	-4,256	-5,975	-4,256	-5,975	-4,256	-3,207

Net indebtedness (interest-bearing liabilities less cash and cash equivalents less interest-bearing receivables) amounted to SEK 4,256 M (5,975) on June 30; see also Note 5, "Specification of net indebtedness." On March 31, net indebtedness was SEK 4,608 M. The maturity period for interest-bearing liabilities was 25 (13) months at the end of the quarter. On June 30, NCC's unutilized committed lines of credit amounted to SEK 4.1 billion (4.1), with an average remaining maturity period of 29 (38) months.

Significant risks and uncertainties

The Group

In the 2008 Annual Report (pages 39-42), an account is made of the risks to which NCC is exposed. The description of risks reported there remains relevant.

Since the reporting of certain items is based on estimates and assessments, such items are subject to uncertainty. In the prevailing market situation, this is particularly relevant for the value of land held for future development and for ongoing property development and housing projects. These are reported based on existing assumptions, which are currently difficult to assess, concerning, for example, sales prices, production costs, land prices, rent levels, required rates of return and the timing of production and/or sales. NCC is monitoring the prevailing market trends and is continuously testing the assumptions that have been made.

Parent Company

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

Ongoing cartel processes

On May 28, the Swedish Market Court ordered NCC to pay competition-impeding damages of SEK 200 M. The verdict, which entails an increase in NCC's competition-impeding damages from SEK 150 M to SEK 200 M, is completely contrary to NCC's claim for full exemption from competition-impeding damages. According to the Competition Act, companies that make a highly significant contribution to facilitating investigations should be granted exemption from the fee. NCC posted a provision of SEK 150 M in the accounts for 2007 to cover the fee. The fact that the fee has now been raised means that SEK 50 M will be charged against earnings for the second quarter. Payment of the fee will affect the Group's cash flow for the second quarter of 2009 in the amount of SEK 200 M.

In the case regarding the appealed verdict from the Finnish Market Court, negotiations are being conducted with the Finnish Supreme Administrative Court. A verdict is expected in October 2009.

Purchase and sale of treasury shares

No shares were repurchased or sold during the first six months of 2009. The Company holds 21,138 Series B treasury shares. Including these shares, the number of shares outstanding amounts to 108,414,684.

Consolidated income satement

Group		2009	2008	2009	2008	Jul. 08-	2008
SEK M	Note 1	Apr.-Jun.	Apr.-Jun.	Jan.-Jun.	Jan.-Jun.	Jun. 09	Jan.-Dec.
Net sales		13,992	15,623	25,057	27,035	55,487	57,465
Production costs	Note 2,3	-12,314	-13,851	-22,829	-24,275	-50,559	-52,005
Gross profit		1,678	1,772	2,228	2,760	4,928	5,460
Selling and administrative expenses	Note 2	-778	-813	-1,564	-1,631	-3,130	-3,197
Result from sales of owner-occupied properties		2		2		17	15
Impairment losses, fixed assets	Note 3					-76	-76
Result from sales of Group companies		5	11	5	11	1	8
Competition-impeding damages		-50		-50		-50
Result from participations in associated companies		1	-1	2	-2	14	9
Operating profit/loss		858	968	623	1,138	1,705	2,219
Financial income1)		17	28	44	47	612	615
Financial expense		-146	-114	-291	-185	-554	-449
Net financial items		-129	-86	-247	-138	58	166
Profit/loss after financial items		729	883	377	1,000	1,762	2,385
Tax on net profit/loss for the period		-178	-208	-87	-234	-418	-565
Net profit/loss for the period		551	675	289	765	1,344	1,820
Attributable to:
NCC´s shareholders		551	670	293	763	1,339	1,809
Minority interests			6	-4	2	5	11
Net profit/loss for the period		551	675	289	765	1,344	1,820
Earnings per share
Before dilution
Net profit/loss for the period, SEK		5.08	6.18	2.70	7.04	12.35	16.69
After dilution
Net profit/loss for the period, SEK		5.08	6.18	2.70	7.04	12.35	16.69
Number of shares, millions
Total number of issued shares		108.4	108.4	108.4	108.4	108.4	108.4
Average number of treasury shares during the period
Average number of shares outstanding before
dilution during the period		108.4	108.4	108.4	108.4	108.4	108.4
Average number of shares after dilution		108.4	108.4	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	108.4	108.4

1) Including the sale of NCC:s share in AWSA SEK 493 M in December 2008.

Statement of comprehensive income

Group		2009	2008	2009	2008	Jul. 08-	2008
SEK M	Note 1	Apr.-Jun.	Apr.-Jun.	Jan.-Jun.	Jan.-Jun.	Jun. 09	Jan.-Dec.
Net profit/loss for the period		551	675	289	765	1,344	1,820
Other comprehensive income
Exchange differences on translating foreign operations		-109	28	69	-4	555	483
Change in hedging/fair value reserve		76	-32	-43	3	-566	-521
Gain on property revaluation			3		22	-8	14
Avaliable-for-sale financial assets		-2				1	1
Cash flow hedges		25	20	-19	4	-51	-29
Income tax relating to components of other comprehensive income		-26	4	16	-2	172	153
Other comprehensive income for the year, net of tax		-37	22	23	23	102	102
Total comprehensive income		514	697	313	788	1,446	1,922
Attributable to:
NCC´s shareholders		514	691	316	786	1,441	1,910
Minority interests			6	-4	2	5	12
Total comprehensive income		514	697	313	788	1,446	1,922

Consolidated balance sheet

Group		2009	2008	2008
SEK M	Note 1	Jun. 30	Jun. 30	Dec. 31
ASSETS
Fixed assets
Goodwill		1,787	1,689	1,772
Other intangible assets		122	106	122
Managed properties			32	12
Owner-occupied properties		671	651	682
Machinery and equipment		1,989	1,897	1,975
Participations in associated companies		9	7	10
Other long-term holdnings of securities		256	261	227
Long-term receivables	Note 5	1,200	1,675	1,135
Deferred tax assets		168	188	203
Total fixed assets		6,202	6,506	6,139
Current assets
Property projects	Note 4	3,113	2,974	3,439
Housing projects	Note 4	9,875	10,196	11,377
Materials and inventories		706	601	624
Tax receivables		362	209	164
Accounts receivable		7,832	9,502	7,820
Worked-up, non-invoiced revenues		2,542	3,230	1,854
Prepaid expenses and accrued income		1,081	1,098	1,169
Other receivables	Note 5	1,915	1,479	1,613
Short-term investments1)	Note 5	199	175	215
Cash and cash equivalents	Note 5	2,402	757	1,832
Total current assets		30,026	30,222	30,108
TOTAL ASSETS		36,228	36,728	36,247
EQUITY
Share capital		867	867	867
Other capital contributions		1,844	1,844	1,844
Reserves		196	95	173
Profit brought forward, including current-year profit		3,816	2,909	3,955
Shareholders´ equity		6,723	5,715	6,840
Minority interests Total shareholders´ equity		17 6,740	18 5,733	25 6,865
LIABILITIES
Long-term liabilities
Long-term interest-bearing liabilities	Note 5	3,174	1,601	2,620
Other long-term liabilities		852	932	837
Deferred tax liabilities		502	494	492
Provisions for pensions and similiar obligations	Note 5	52	99	42
Other provisions		3,065	2,617	3,190
Total long-term liabilities		7,645	5,742	7,180
Current liabilities
Current interest-bearing liabilities	Note 5	4,131	5,532	2,929
Accounts payable		3,837	4,595	4,356
Tax liabilities		150	95	140
Invoiced revenues not worked-up		6,368	5,938	5,300
Accrued expenses and prepaid income		3,767	4,677	4,249
Provisions		105		122
Other current liabilities		3,486	4,415	5,106
Total current liabilities		21,844	25,253	22,202
Total liabilities		29,489	30,995	29,382
TOTAL SHAREHOLDERS´ EQUITY AND LIABILITIES		36,228	36,728	36,247
ASSETS PLEDGED		306	352	327
CONTINGENT LIABLITIES		5,629	5,811	5,993

1) Includes short-term investments with maturities exceeding three months at the aquisition date, see also cash-flow statement.

Changes in shareholders´ equity, Group, condensed

Group		June 30, 2009			June 30, 2008
			Total			Total
	Shareholders´	Minority	shareholders´	Shareholders´	Minority	shareholders´
SEK M	equity	interests	equity	equity	interests	equity
Opening balance, January 1	6,840	25	6,865	7,207	30	7,237
Total comprehensive income/loss for the period	316	-4	313	786	2	788
Changes in minority interests					-11	-11
Dividends	-434	-4	-438	-2,277	-3	-2,280
Closing balance	6,723	17	6,740	5,715	18	5,733

Consolidated cash-flow statement, condensed

Group	2009	2008	2009	2008	Jul. 08-	2008
SEK M	Apr.-Jun.	Apr.-Jun.	Jan.-Jun.	Jan.-Jun.	Jun. 09	Jan.-Dec.
OPERATING ACTIVITIES
Profit/loss after financial items	729	883	377	1,000	1,762	2,385
Adjustments for items not included in cash flow	-20	-7	241	151	33	-57
Taxes paid	-106	-153	-218	-281	-409	-472
Cash flow from operating activities before changes in working
capital	603	723	399	869	1,386	1,856
Cash flow from changes in working capital
Divestment of property projects	700	373	1,134	712	2,754	2,332
Gross investments in property projects	-322	-696	-743	-1,184	-1,769	-2,210
Divestment of housing projects	1,427	926	2,068	1,631	3,336	2,898
Gross investments in housing projects	-665	-1,438	-749	-2,941	-2,819	-5,010
Other changes in working capital	-821	-1,653	-2,403	-1,714	-427	262
Cash flow from changes in working capital	318	-2,487	-694	-3,495	1,074	-1,728
Cash flow from operating activities	921	-1,764	-294	-2,626	2,460	128
INVESTING ACTIVITIES
Sale of building and land	6	11	19	10	75	65
Increase (-)/Decrease (+) from investing activities	-181	-136	-335	-394	-312	-371
Cash flow from investing activities	-175	-125	-316	-384	-238	-306
CASH FLOW BEFORE FINANCING	746	-1,888	-610	-3,010	2,223	-178
FINANCING ACTIVITIES
Cash flow from financing activities	-171	1,399	1,182	2,082	-601	298
CASH FLOW DURING THE PERIOD	575	-489	572	-928	1,622	121
Cash and cash equivalents at beginning of period	1,829	1,241	1,832	1,685	757	1,685
Effects of exchange rate changes on cash and cash equivalents	-3	5	-2	1	24	27
CASH AND CASH EQUIVALENTS AT END OF PERIOD	2,402	757	2,402	757	2,402	1,832
Short-term investments due later than three months	199	175	199	175	199	215
Total liquid assets	2,601	932	2,601	932	2,601	2,048

Notes

Note 1. Accounting policies

This interim report has been compiled in accordance with IAS 34 Interim Financial Reporting. The interim report is compiled in accordance with International Financial Reporting Standards (IFRS) and the interpretations of financial standards, International Financial Reporting Interpretations Committee (IFRIC) as approved by the EU.

The interim report has been prepared in accordance with the same accounting policies and methods of calculation as the 2008 Annual Report (Note 1, pages 54-64) with the exception of principles described below.

New accounting policies for 2009

Revised IAS 1 Presentation of Financial Statements is applied as of January 1, 2009. One of the amendments is that income and expenses that were previously recognized directly in shareholders' equity are now recognized in the Statement of comprehensive income in conjunction with the income statement. New designations for the financial statements may be used, although this is not compulsory. NCC has chosen to retain the old designations.

Revised IAS 23 Borrowing Costs is applied as of January 1, 2009. Borrowing costs are now capitalized for projects that take a substantial period of time to get ready for use and that were initiated after January 1, 2009.

The change to IAS 23 only had a marginal impact during the second quarter and the first six months of the year.

IFRS 8 Operating Segments is applied as of January 1, 2009. The new business area NCC Housing becomes a segment as part of this reporting. The new segment also means that the former Construction business areas will change. Comparative figures for 2008 are amended in the new structure. Refer also to Note 6. Segment reporting.

Note 2. Depreciation

	2009	2008	2009	2008	Jul. 08-	2008
SEK M	Apr.-Jun.	Apr.-Jun.	Jan.-Jun.	Jan.-Jun.	Jun. 09	Jan.-Dec.
Other intangible assets	-5	-7	-10	-12	-23	-25
Owner-occupied properties	-10	-11	-17	-24	-37	-43
Machinery and equipment	-130	-110	-260	-232	-527	-500
Total depreciation/amortization	-145	-128	-287	-268	-586	-568

Note 3. Impairment losses and reversal of impairment losses

	2009	2008	2009	2008	Jul. 08-	2008
SEK M	Apr.-Jun.	Apr.-Jun.	Jan.-Jun.	Jan.-Jun.	Jun. 09	Jan.-Dec.
Housing projects	-55		-123		-660	-537
Owner-occupied properties					-41	-41
Machinery and equipment					-3	-3
Financial fixed assets	-1		-1		-3	-1
Goodwill within Construction-entities1)					-32	-32
Total impairment expenses	-56		-124		-739	-614

1) Impairment losses on goodwill pertains to subsidiaries whose value in use proves to be lower than the carrying value following impairment testing. The residual value of goodwill is subject to impairment testing annually and whenever indications of a change in value arise. The reasons for reporting impairment losses could include changed market conditions or return requirements that result in a lower recoverable value.

Note 4. Specification of property development projects and housing projects

	2009	2008	2008
SEK M	Jun. 30	Jun. 30	Dec. 31
Properties held for future development	2,026	1,745	1,909
Ongoing property projects	545	1,140	1,296
Completed property projects	541	90	233
Total property development projects	3,113	2,974	3,439
Properties held for future development, housing1)	7,299	7,136	7,284
Unsold completed housing	1,525	735	2,201
Unsold portion of ongoing housing projects based
on ownership rights2)	1,051	2,326	1,891
Total housing projects	9,875	10,196	11,377
Total properites classed as current assets	12,988	13,170	14,815

1) Accrued expenses before project start have been moved from worked-up non-invoiced revenues to housing projets. The comparative figures have been adjusted.

2) The unsold portion of ongoing housing projects based on ownership rights has been reclassified as of December 2008 from Material and inventories to Housing projects. The comparative figures have been adjusted.

Note 5. Specification of net indebtedness

	2009	2008	2008
SEK M	Jun. 30	Jun. 30	Dec. 31
Long-term interest-bearing receivables	256	260	239
Current interest-bearing receivables	443	240	313
Short-term investments	1,020	59	747
Cash and bank balances	1,382	698	1,085
Total interest-bearing receivables, cash and cash eguivalents	3,102	1,258	2,384
Long-term interest-bearing liabilities	3,226	1,700	2,662
Current interest-bearing liabilities	4,131	5,533	2,929
Total interest-bearing liabilities	7,358	7,233	5,591
Net indebtedness	4,256	5,975	3,207

Note 6. Segment reporting

SEK M		NCC Construction
January - June 2009		Sweden Denmark	Finland	Norway	NCC Housing	NCC Property Development	NCC Roads	Segment total	Other items and eliminations1)	Group
Net sales, external	9,822	1,570	1,865	2,071	4,381	1,428	3,848	24,985	72	25,057
Net sales, internal	1,066	124	1,222	113			239	2,764	-2,764
Net sales, total	10,888	1,694	3,087	2,184	4,381	1,428	4,087	27,750	-2,693	25,057
Operating profit	434	32	106	72	-172	168	-45	595	29	623
Net financial items										-247
Profit/loss after financial items										377
		NCC Construction

January - June 2008		Sweden Denmark	Finland	Norway	NCC Housing	NCC Property Development	NCC Roads	Segment total	Other items and eliminations1)	Group
Net sales, external	9,975	1,617	2,119	3,364	4,724	769	4,151	26,720	315	27,035
Net sales, internal	1,583	320	1,475	177		2	362	3,919	-3,919
Net sales, total	11,558	1,937	3,594	3,541	4,724	772	4,513	30,639	-3,604	27,035
Operating profit	477	53	166	67	149	303	16	1,230	-93	1,138
Net financial items										-138
Profit/loss after financial items										1,000

1) Includes NCC´s head office, results from small subsidiaries and associated companies, remaining parts of NCC International Projects including the Polish Construction business, totaling SEK -154 (-56) M. Eliminations of internal profits and sales rate eliminations amounting to SEK 114 (-96) M and other group adjustments amounting to SEK 69 (60) M.

Parent company

Most recent quarter, April-June 2009

The Parent Company's invoiced sales totaled SEK 7,008 M (5,301). Profit after financial items was SEK 102 M (139). In the Parent Company, profits are recognized when projects are subject to final profit recognition.

Interim report period, January-June 2009

The Parent Company's invoiced sales amounted to SEK 13,984 M (10,822). Profit after financial items was SEK 359 M (448). The average number of employees was 6,586 (7,103).

Parent Company income statement

	2009	2008	2009	2008	Jul. 08-	2008
SEK M Note 1	Apr.-Jun.	Apr.-Jun.	Jan.-Jun.	Jan.-Jun.	Jun. 09	Jan.-Dec.
Net sales	7,008	5,301	13,984	10,822	24,401	21,239
Production costs	-6,587	-4,687	-12,941	-9,570	-22,984	-19,612
Gross profit	422	613	1,043	1,252	1,417	1,627
Selling and administrative expenses	-335	-362	-663	-691	-1,292	-1,321
Result from sales of properties					6	6
Operating profit	86	252	380	561	131	312
Result from financial investment
Result from participations in Group companies	28	-63	86	-63	1,506	1,356
Result from participations in associated companies		1	1	1	-6	-5
Result from other financial fixed assets	1		1		1
Result from financial current assets	124	54	81	82	47	48
Interest expense and similar items	-137	-103	-189	-133	-461	-405
Result after financial items	102	139	359	448	1,217	1,305
Appropriations			-2		-75	-73
Tax on net profit for the period	-11	-15	-54	-102	94	45
Net profit for the period	92	125	304	345	1,236	1,278

Parent Company balance sheet, condensed

		2009	2008	2008
SEK M	Note 1	Jun. 30	Jun. 30	Dec. 31
ASSETS
Intangible fixed assets			1
Tangible fixed assets		300	271	288
Financial fixed assets		6,083	6,249	6,284
Total fixed assets		6,383	6,521	6,572
Housing projects		396	487	549
Materials and inventories		20	1	17
Current receivables		6,049	6,372	6,991
Short term investments		2,233	145	500
Cash and bank balances		3,619	813	1,966
Total current assets		12,317	7,818	10,023
TOTAL ASSETS		18,700	14,339	16,595
SHAREHOLDERS´ EQUITY AND LIABILITIES
Shareholders´ equity		2,521	1,793	2,651
Untaxed reserves		563	490	563
Provisions		1,147	873	1,112
Long term liabilities		2,903	3,067	3,130
Current liabilities		11,565	8,117	9,139
TOTAL SHAREHOLDERS´ EQUITY AND LIABILITIES		18,700	14,339	16,595
Assets pledged		14	11	14
Contingent liabilities		20,716	21,289	18,769

Transactions with related parties

The companies related to the Parent Company are the Nordstjernan Group, companies in the Lundberg Group, Axel Johnson Group, NCC subsidiaries and associated companies and joint ventures. The Parent Company's related-party transactions were of a production character. Related-company sales amounted to SEK 61 M (23) and purchases to SEK 150 M (175) for the April-June quarter. For the interim report period January-June, such sales amounted to SEK 100 M (45) and purchases to SEK 315 M (344). The transactions were conducted on normal market terms.

Notes to the Parent Company income statements and balance sheets

Note 1. Accounting policies

The Parent Company has compiled its interim report in accordance with the Annual Accounts Act (1995:1554) and the Swedish Financial Reporting Board's RFR 2.1 recommendation, Accounting for Legal Entities. The interim report for the Parent Company has been prepared in accordance with the same accounting policies and methods of calculation as the 2008 Annual Report (Note 1, pages 54-64).

Reporting occasions 2009

Interim report, January – September 2009	November 3, 2009
Year-end report 2009	February 9, 2010

Solna, August 19, 2009

The Board of Directors and the President and CEO declare their assurance that the six-month report provides a fair account of the operations, position and earnings of the Parent Company and the Group, and describes significant risks and uncertainties faced by the Parent Company and the companies included in the Group.

Tomas Billing Antonia Ax:son Johnson Ulf Holmlund Chairman of the Board Member of the Board Member of the Board

Ulla Litzén Fredrik Lundberg Marcus Storch Member of the Board Member of the Board Member of the Board

Lars Bergqvist Sven Frisk Karl G Sivertsson Member of the Board, Member of the Board, Member of the Board Employee representative Employee representative Employee representative

Olle Ehrlén President and CEO

This interim report has not been subject to special review by the company's auditor

If you have any questions, 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 August 19, at 3.30 p.m. CET at Vallgatan 5 in Solna. 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 January-June 2009 in accordance with Chapter 17 of the Swedish Securities Market Act (2007:528). The information was distributed to the media for publication at 10.30 a.m. CET on Tuesday, August 19.

Proprietary housing units

	Sweden					Denmark
	Apr.-Jun.	Apr.-Jun.	Jan.-Jun.		Jan.-Jun. Jan.-Dec.	Apr.-Jun.	Apr.-Jun.	Jan.-Jun.		Jan.-Jun. Jan.-Dec.
	2009	2008	2009	2008	2008	2009	2008	2009	2008	2008
Development rights, end of period	13,800	14,100	13,800	14,100	14,200	1,109	1,093	1,109	1,093	1,086
Development rights, change during the period	-300	1,700	-400	2,800	2,900	0	-16	23	-22	-29
Housing starts, during the period	127	186	127	246	202	0	16	0	22	27
Housing units sold, during the period	519	282	849	413	591	41	6	58	28	39
Housing units under construction, end of period	1,456	2,693	1,456	2,693	1,753	0	206	0	206	13
Housing units under construction, change during the period	-232	101	-297	57	-883	0	-75	-13	-119	-312
Sales rate units under construction, end of period %	74	48	74	48	39	0	45	0	45	100
Work up rate units under construction, end of period %	77	56	77	56	64	0	69	0	69	77
Unsold housing units, end of period	71	28	71	28	137	136	88	136	88	194
Unsold housing units, change during the period	-38	15	-66	15	124	-41	29	-58	27	133

	Finland					Baltic region and St. Petersburg
	Apr.-Jun.	Apr.-Jun.	Jan.-Jun.		Jan.-Jun. Jan.-Dec.	Apr.-Jun.	Apr.-Jun.	Jan.-Jun.		Jan.-Jun. Jan.-Dec.
	2009	2008	2009	2008	2008	2009	2008	2009	2008	2008
Development rights, end of period	6,338	5,737	6,338	5,737	5,895	6,219	5,937	6,219	5,937	5,992
Development rights, change during the period	66	115	443	-393	-235	0	2,063	227	2,175	2,230
Housing starts, during the period	38	304	38	500	489	0	-64	0	-33	-64
Housing units sold, during the period	324	288	440	558	757	48	20	54	34	99
Housing units under construction, end of period	381	1,259	381	1,259	785	43	232	43	232	131
Housing units under construction, change during the period	-236	-29	-404	-52	-526	-88	-148	-88	-243	-344
Sales rate units under construction, end of period %	44	34	44	34	36	28	8	28	8	14
Work up rate units under construction, end of period %	74	51	74	51	67	98	58	98	58	91
Unsold housing units, end of period	198	181	198	181	295	161	128	161	128	133
Unsold housing units, change during the period	-110	-11	-97	-39	75	34	46	28	83	88

			Norway					Germany
	Apr.-Jun.	Apr.-Jun.	Jan.-Jun.		Jan.-Jun. Jan.-Dec.	Apr.-Jun.	Apr.-Jun.	Jan.-Jun.		Jan.-Jun. Jan.-Dec.
	2009	2008	2009	2008	2008	2009	2008	2009	2008	2008
Development rights, end of period	2,041	2,089	2,041	2,089	2,089	2,012	2,311	2,012	2,311	1,920
Development rights, change during the period	-33	0	-48	-146	-146	127	-283	92	-105	-496
Housing starts, during the period	15	0	30	0	0	82	324	126	445	914
Housing units sold, during the period	21	5	41	6	8	156	363	243	471	922
Housing units under construction, end of period	30	78	30	78	0	1,072	1,423	1,072	1,423	1,383
Housing units under construction, change during the period	15	-145	30	-145	-223	-13	103	-311	123	83
Sales rate units under construction, end of period %	73	79	73	79	0	71	70	71	70	69
Work up rate units under construction, end of period %	17	95	17	95	0	80	72	80	72	82
Unsold housing units, end of period	1	6	1	6	20	53	31	53	31	52
Unsold housing units, change during the period	-9	5	-19	5	19	4	-34	1	0	21

			Group
	Apr.-Jun.	Apr.-Jun.	Jan.-Jun.		Jan.-Jun. Jan.-Dec.
	2009	2008	2009	2008	2008
Development rights, end of period	31,519	31,267	31,519	31,267	31,182
Development rights, change during the period	-140	3,579	337	4,309	4,224
Housing starts, during the period	262	766	321	1,180	1,568
Housing units sold, during the period	1,109	964	1,685	1,510	2,416
Housing units under construction, end of period	2,982	5,891	2,982	5,891	4,065
Housing units under construction, change during the period	-554	-193	-1,083	-379	-2,205
Sales rate units under construction, end of period %	68	49	68	49	48
Work up rate units under construction, end of period %	77	60	77	60	71
Unsold housing units, end of period	620	462	620	462	831
Unsold housing units, change during the period	-160	50	-211	91	460

	2004	2005	2006	2007	2008	Jul. 08-	2008	2009
SEK M		Jan.-Dec.6) Jan.-Dec. Jan.-Dec. Jan.-Dec. Jan.-Dec.					Jun. 09 Jan.-Jun. Jan.-Jun.
Accounts
Net sales	46,534	49,506	55,876	58,397	57,465	55,487	27,035	25,057
Operating profit/loss	1,147	1,748	2,392	2,790	2,219	1,705	1,138	623
Profit/loss after financial items	945	1,580	2,263	2,608	2,385	1,762	1,000	377
Net profit/loss during the year/period	876	1,187	1,708	2,252	1,820	1,344	765	289
Cash flow before financing	5,244	2,115	1,657	1,165	-178	2,223	-3,010	-610
Profitability ratios
Return on shareholders´ equity, %1)	14	18	27	34	27	21	31	21
Return on capital employed, %1)	9	17	24	28	23	17	24	17
Financial ratios at the end of the period Interest-coverage ratio, times1)	3.6	6.9	11.5	10.2	7.0	4.4	8.4	4.4
Equity/assets ratio, %	24	25	22	21	19	19	16	19
Interest-bearing liabilities/total assets, %	17	12	9	10	15	20	20	20
Net indebtedness	1,149	496	430	744	3,207	4,256	5,975	4,256
Debt/equity ratio, times	0.2	0.1	0.1	0.1	0.5	0.6	1.0	0.6
Capital employed at year-/period-end	11,503	10,032	9,565	10,639	12,456	14,097	12,966	14,097
Capital employed average1)	14,054	10,930	10,198	10,521	11,990	13,178	11,325	13,178
Capital turnover rate, times1)	3.3	4.5	5.5	5.6	4.8	4.2	5.2	4.2
Share of risk-bearing capital, %	26	26	24	23	20	20	17	20
Average interest rate, %	4.8	4.8	4.8	5.2	6.0		5.3	3.7
Average period of fixed interest, years	1.3	1.1	2.6	1.8	1.6	1.3	0.8	1.5
Order status
Orders received	45,624	52,413	57,213	63,344	51,864	42,560	29,401	20,097
Order backlog	27,429	32,607	36,292	44,740	40,426	35,096	46,165	35,096
Per share data
Net profit/loss for the period, before dilution, SEK	8.53	11.07	15.80	20.75	16.69	12.35	7.04	2.70
Net profit/loss for the period, after dilution, SEK	8.05	10.86	15.74	20.73	16.69	12.35	7.04	2.70
P/E ratio1)	10	13	12	7	3	5	5	5
Ordinary dividend, SEK	4.50	5.50	8.00	11.00	4.00
Extraordinary dividend, SEK	10.00	10.00	10.00	10.00
Dividend yield, %	16.5	10.9	9.6	15.1	8.1
Dividend yield excl. extraordinary dividend, %	5.1	3.9	4.3	7.9	8.1
Shareholders´ equity before dilution, SEK	65.58	63.30	62.86	66.48	63.10	62.01	52.72	62.01
Shareholders´ equity after dilution, SEK	61.95	62.60	62.69	66.48	63.10	62.00	52.72	62.00
Share price/shareholders´ equity, % Share price at year-/period-end, NCC B, SEK	134 88.00	225 142.50	298 187.50	209 139.00	78 49.50	107 66.50	172 90.75	107 66.50
Number of shares
Total number of issued shares, millions2)	108.4	108.4	108.4	108.4	108.4	108.4	108.4	108.4
Treasury shares, millions	6.0	1.2	0.3	0.0	0.0	0.0	0.0	0.0
Shares outstanding before dilution at year/period end, millions	102.4	107.2	108.1	108.4	108.4	108.4	108.4	108.4
Average number of shares outstanding before dilution
during the year/period, millions Market capitalization	102.4 8,984	106.4 15,282	108.0 20,242	108.3 14,999	108.4 5,209	108.4 7,234	108.4 9,897	108.4 7,234
Personnel
Average number of employees	22,375	21,001	21,784	21,047	19,942	18,036	18,835	16,930

Financial objectives and dividend

			2004	2005	2006	2007	2008	Jul. 08-
		Objective	Jan.-Dec.6) Jan.-Dec. Jan.-Dec. Jan.-Dec. Jan.-Dec.					Jun. 09
Return on shareholders´ equity, %3)		20	14	18	27	34	27	21
Debt/equity ratio, times Cash flow before investments in properties classed as current assets and other investment activities4) 5)		<1	0.2	0.1	0.1	0.1	0.5	0.6
		Positive	2,063	1,613	5,005	3,131	2,118	959
Dividend ordinary, SEK	Policy: As of 2005, at least	50% of profit after tax	4.50	5.50	8.00	11.00	4.00
Extraordinary dividend, SEK			10.00	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) As of 2005 including unsold part of proprietary housing project.

5) As of 2008 accrued expenses before project start have been moved from worked-up non-invoiced revenues to housing projets.

6) Figures for 2004 are not adjusted for IAS 39, Financial Instruments.

For definitions of key figures, see Annual Report for 2008, page 95.

Business segments

	2009	2008	2009	2008	Jul. 08-	2008
SEK M	Apr.-Jun.	Apr.-Jun.	Jan.-Jun.	Jan.-Jun.1)	Jun. 091)	Jan.-Dec.1)
Group
Orders received	11,931	17,408	20,097	29,401	42,560	51,864
Order backlog	35,096	46,165	35,096	46,165	35,096	40,426
Net sales	13,992	15,623	25,057	27,035	55,487	57,465
Operating profit/loss	858	968	623	1,138	1,705	2,219
Operating margin, %	6.1	6.2	2.5	4.2	3.1	3.9
Profit/loss after financial items	729	883	377	1,000	1,762	2,385
Net profit/loss for the period attributable
to NCC´s shareholders	551	670	293	763	1,339	1,809
Earnings per share after dilution, SEK	5.08	6.18	2.70	7.04	12.35	16.69
Average number of shares outstanding
after dilution during the period	108.4	108.4	108.4	108.4	108.4	108.4
NCC Construction Sweden1)
Orders received	5,107	7,337	8,874	13,936	19,994	25,056
Order backlog	17,533	21,553	17,533	21,553	17,533	19,638
Net sales	5,806	6,330	10,888	11,558	23,942	24,612
Operating profit/loss	212	279	434	477	1,110	1,154
Operating margin, %	3.7	4.4	4.0	4.1	4.6	4.7
NCC Construction Denmark1)
Orders received	800	765	1,355	1,878	2,729	3,253
Order backlog	2,165	2,933	2,165	2,933	2,165	2,525
Net sales	828	1,068	1,694	1,937	3,836	4,079
Operating profit/loss	24	26	32	53	97	119
Operating margin, %	2.8	2.4	1.9	2.8	2.5	2.9
NCC Construction Finland1)
Orders received	1,344	2,175	2,143	3,210	4,344	5,411
Order backlog	3,880	5,301	3,880	5,301	3,880	4,686
Net sales	1,541	1,864	3,087	3,594	6,579	7,087
Operating profit/loss	34	88	106	166	194	254
Operating margin, %	2.2	4.7	3.4	4.6	3.0	3.6
NCC Construction Norway1)
Orders received	1,077	1,600	1,723	2,235	3,034	3,546
Order backlog	2,932	5,438	2,932	5,438	2,932	3,120
Net sales	985	1,937	2,184	3,541	5,580	6,936
Operating profit/loss	27	53	72	67	229	224
Operating margin, %	2.7	2.7	3.3	1.9	4.1	3.2
NCC Housing1)
Orders received	519	2,082	1,236	3,653	2,410	4,827
Order backlog	4,878	10,683	4,878	10,683	4,878	8,559
Net sales	2,530	2,763	4,381	4,724	8,430	8,773
Operating profit/loss	3	109	-172	149	-980	-660
Operating margin, %	0.1	4.0	-3.9	3.1	-11.6	-7.5
NCC Property Development
Net sales	898	331	1,428	772	2,790	2,133
Operating profit/loss	134	122	168	303	600	735
NCC Roads
Orders received	3,404	4,003	5,305	5,828	11,466	11,989
Order backlog	4,721	4,025	4,721	4,025	4,721	3,460
Net sales	2,939	3,270	4,087	4,513	10,891	11,317
Operating profit/loss	367	305	-45	16	385	446
Operating margin, %	12.5	9.3	-1.1	0.4	3.5	3.9

1) All comparative figures are pro forma due to new organisation structure.

Rounding-off difference may occur in all tables.