NCC Group — Interim / Quarterly Report 2015

Nov 6, 2015

Interim report

January 1 – September 30, 2015

July 1 – September 30, 2015

• Orders received SEK 13,005 M (12,383)
• Net sales SEK 14,724 M (14,796)
• Profit after financial items SEK 808 M (881)
• Profit after tax for the period SEK 647 M (696)
• Earnings per share SEK 5.98 (6.45)
• The Board proposes a division of NCC and is commencing preparations for a distribution of NCC Housing

January 1 – September 30, 2015

• Orders received SEK 42,127 M (42,910)
• Net sales SEK 40,084 M (38,106)
• Profit after financial items SEK 1,094 M (1,217)
• Profit after tax for the period SEK 879 M (960)
• Earnings per share SEK 8.12 (8.88)

	2015	2014	2015	2014	Oct. 14-	2014
SEK M	Jul.-Sep.	Jul.-Sep.	Jan.-Sep. Jan.-Sep. Jan.-Sep.	Jan.-Sep.	Sep.-15	Jan.-Dec.
Orders received	13,005 13,005	12,383	42,127 42,127	42,910	60,595	61,379
Net sales	14,724 14,724	14,796	40,084 40,084	38,106	58,844	56,867
Operating profit/loss	900 900	989	1,389 1,389	1,503	2,490	2,604
Profit/loss after financial items	808	881	1,094	1,217	2,111	2,234
Net profit/loss for the period	647	696	879	960	1,756	1,838
Profit/loss per share after dilution, SEK	5.98	6.45	8.12	8.88	16.25	17.01
Cashflow before financing	1,004 1,004	-627	-1,074 -1,074	-2,854	2,353	574
Return on shareholders´ equity after tax, %					22	22
Debt/equity ratio, times	1.1 1.1	1.3	1.1 1.1	1.3	1.1	0.8
Net indebtedness	9,130 9,130	9,823	9,130 9,130	9,823	9,130	6,836

CONTENTS

Comments by CEO 2 Group performance 3 NCC's Construction units 5 NCC Roads 7 NCC Housing 8 NCC Property Development 10 Accounts, Group 12 Notes, Group 15 Accounts, Parent Company 19 Notes, Parent Company 20 Reporting by geographical market and quarterly review 23 Key figures 24 NCC in brief 25

Comments from CEO Peter Wågström

NCC's profit after financial items amounted to SEK 808 M (881) for the third quarter and SEK 1,094 M (1,217) for the first nine months of the year. This disappointing profit for the third quarter was attributable to impairment losses on projects in the Norwegian construction operations and lower sales in our industrial operations. However, we still have the right prerequisites to end the year on a strong note. Our order book is well-filled and many of our housing projects will be recognized in profit in the fourth quarter.

NORWAY DRAWING DOWN THE CONSTRUCTION OPERATIONS

The construction operations in Sweden, Denmark and Finland reported improved operating profit and margins, while the Norwegian operations posted a loss for the third quarter. Actions taken earlier in Norway have proven inadequate, and we are now taking further measures with the launch of the new Nordic organization.

LOWER SALES IN THE INDUSTRIAL OPERATIONS

Sales of stone materials and asphalt were lower than in the year-earlier period, partly due to the closure of a crushing plant in Sweden. Orders received increased year-on-year. Changes to the product mix and increased expenses resulted in a lower margin in the stone materials operations.

POSTPONEMENT OF PROFIT RECOGNITION IN THE HOUSING DEVELOPMENT BUSINESS

Earnings from our housing development business were lower than expected after the completion and profit recognition of several housing units were postponed until the fourth quarter. As a result, we now have a record number of housing units – nearly 3,000 – to complete during the final quarter of the year. Housing sales were favorable during the quarter and we are continuing to start new housing projects. We now have more than 9,000 housing units under construction.

HIGHER EARNINGS IN THE PROPERTY DEVELOPMENT BUSINESS

The project Lysakers Polaris was handed over and recognized in profit during the quarter, generating healthy profitability. We also reported favorable leasing for the quarter and have a high leasing rate in the project portfolio. The property development business focus is on starting additional projects.

SPIN-OFF OF NCC HOUSING

In September, the Board tasked the management with analyzing the conditions for creating an independent housing development company based on the NCC Housing business area and distributing it to NCC's shareholders under the Lex Asea rules.

PROFIT/LOSS AFTER FINANCIAL ITEMS, SEK M

This analysis is now complete and our assessment is that a division of NCC would create greater possibilities to capitalize on the growth opportunities identified by NCC in both the housing market and the construction market. The Board is of the opinion that a division of NCC would create shareholder value and has decided to begin preparing for a distribution of NCC Housing under the Lex Asea rules. The goal is to present further information during our Capital Markets Day on November 26.

NEW STRATEGY AS OF 2016

NCC's new strategy will be launched at year-end and involves, among other items, NCC focusing on profitable growth, with particular emphasis on construction and civil engineering in such areas as infrastructure and refurbishment. Shared work methods, one NCC and a sustainability focus are other cornerstones of the new strategy. Following our previously announced reorganization, NCC will gain a specialized Nordic organization with a strong local presence. Specialization will give us more scope to develop and to offer common concepts and solutions to our customers in all our markets.

Peter Wågström, President and CEO Solna, November 6, 2015

Group performance

MOST RECENT QUARTER, JULY – SEPTEMBER 2015

ORDERS RECEIVED AND ORDER BACKLOG

Orders received amounted to SEK 13,005 M (12,383). Higher orders received were reported for NCC Construction Finland's building operations, as well as NCC Construction Norway's civil engineering operations. NCC Roads also reported higher orders received, mainly in paving and road services. NCC Housing started construction on more housing units in Germany, Sweden and Finland. NCC Construction Sweden reported lower orders received in its building and housing operations. NCC Construction Denmark's housing operations declined. Changes in exchange rates reduced orders received by SEK 79 M compared with the year-earlier period. The Group's order backlog amounted to SEK 57,074 M. Changes in exchange rates reduced the order backlog by SEK 367 M during the quarter.

NET SALES

Net sales totaled SEK 14,724 M (14,796). Higher sales in NCC Construction Sweden, NCC Construction Denmark and NCC Property Development offset the lower sales in the other business areas to a certain degree. Sales in NCC Construction Finland's housing operations declined, while NCC Construction Norway mainly reported lower net sales in its building operations. NCC Roads reported lower net sales in all operational categories. Changes in exchange rates reduced sales by SEK 115 M year-on-year.

OPERATING PROFIT

NCC's operating profit totaled SEK 900 M (989). This decrease was primarily attributable to project adjustments in a negative amount of SEK 143 M in NCC Construction Norway. NCC's other Construction units increased their earnings. While NCC Housing continued to perform favorably, its sales to investors declined. NCC Roads' stone materials and asphalt operations posted lower earnings in Denmark and Finland, respectively. NCC Property Development reported higher earnings.

CASH FLOW

Cash flow from operating activities totaled SEK 1,157 M (neg: 447). This improvement was mainly attributable to positive cash flow from other working capital as a result of a healthy trend in project liquidity. Cash flow from sales of property projects was favorable during the quarter, while investments were slightly lower than in the year-earlier period. Although the expansion of housing projects continued, the increase in investments is smaller compared with the year-earlier period.

SEASONAL EFFECTS

NCC Roads' operations and certain operations in NCC's Construction units are impacted by seasonal variations due to cold weather. The first quarter is normally weaker than the rest of the year.

ORDER BACKLOG

NET INDEBTEDNESS

At September 30, net indebtedness amounted to SEK 9,130 M (9,823); refer also to Note 5 Specification of net indebtedness. The average maturity period for interestbearing liabilities, excluding loans in Finnish housing companies and Swedish tenant-owner associations, as well as pension debt according to IAS 19, was 30 months (29) at the end of the quarter. NCC's unutilized committed lines of credit at the end of the quarter amounted to SEK 4.8 billion (4.0), with an average remaining maturity of 41 months (26).

INTERIM PERIOD, JANUARY – SEPTEMBER 2015

ORDERS RECEIVED AND ORDER BACKLOG

Orders received amounted to SEK 42,127 M (42,910). NCC Roads, NCC Construction Finland and, to a certain extent, NCC Housing offset the lower orders received reported in the other business areas. Changes in exchange rates had a positive year-on-year impact of SEK 176 M on orders received. The order backlog increased to SEK 57,074 M at the end of the period. Changes in exchange rates reduced the order backlog by SEK 785 M.

NET SALES

Net sales totaled SEK 40,084 M (38,106). This improvement was mainly due to higher sales in NCC Construction Sweden in all operational categories. NCC Construction Denmark and NCC Housing also posted higher net sales. Changes in exchange rates had a positive year-on-year impact of SEK 154 M on sales.

OPERATING PROFIT

NCC's operating profit amounted to SEK 1,389 M (1,503). This decrease was primarily attributable to project adjustments in NCC Construction Norway of SEK 143 M. NCC's other Construction units increased their earnings. NCC Roads reported a decline in sales in its stone materials and asphalt operations due to lower volumes and slightly weaker margins in the third quarter.

NCC Housing's earnings were charged with the impairment of a project in Norway. NCC Property Development reported improved earnings.

NET FINANCIAL ITEMS

Net financial items amounted to an expense of SEK 295 M (expense: 286). Higher net indebtedness and a year-onyear increase in interest rates in Russia in the first nine months had a negative impact on net financial items. Lower credit margins had a positive impact on net financial items.

CASH FLOW

Cash flow from operating activities improved during the period compared with the year-earlier period as a result of a positive cash flow from other working capital due to a healthy trend in project liquidity. Cash flow from the sale of housing units is in line with the year-earlier period, while investments decreased. The continued decline in cash flow from sales during the period is offset by a reduction in investments in property projects. Adjustments for non-cash items essentially included depreciation/amortization and exchange-rate differences.

NET INDEBTEDNESS

At September 30, net indebtedness amounted to SEK 9,130 M (9,823); refer also to Note 5, Specification of net indebtedness.

NET INDEBTEDNESS

	2015 2015	2014	2015 2015	2014	Oct. 14-	2014
SEK M	Jul.-Sep. Jul.-Sep.	Jul.-Sep.	Jan.-Sep.Jan.-Sep. Jan.-Sep.	Jan.-Sep.	Sep.-15	Jan.-Dec.
Net indebtedness, opening balance	-9,725 -9,725	-8,760 -8,760	-6,836	-5,656	-9,823	-5,656
Cash flow before financing	1,004	-627	-1,074	-2,854	2,353	574
Change of provisions for pensions	-409	-435	-573	-666	-367	-460
Paid dividend			-647	-647	-1,294	-1,294
Net indebtedness, closing balance	-9,130 -9,130	-9,823 -9,823	-9,130	-9,823	-9,130	-6,836

ORDERS RECEIVED AND ORDER BACKLOG

	Orders received							Order backlog
	2015 2015	2014	2015 2015	2014	Oct. 14- 14- 14-	2014	2015	2014	2014
SEK M	Jul.-Sep. Jul.-Sep.	Jul.-Sep.	Jan.-Sep. Jan.-Sep. Jan.-Sep.	Jan.-Sep.	Sep.-15 Sep.-15	Jan.-Dec.	Sep. 30 Sep. 30	Sep. 30	Dec. 31
NCC Construction Sweden	3,927	5,233	15,735	17,925	22,708	24,899	19,565	19,941	20,321
NCC Construction Denmark	507	1,212	2,668	3,835	4,419	5,587	5,138	5,482	6,056
NCC Construction Finland	1,682	802	4,508	3,680	5,996	5,169	5,020	4,513	4,504
NCC Construction Norway	1,536	1,055	3,611	3,863	7,401	7,653	6,030	5,865	7,258
NCC Roads	2,740	2,291	9,964	8,418	12,072	10,526	6,071	6,155	4,608
NCC Housing	3,351	3,064	8,698	8,675	12,542	12,518	19,497	17,736	16,878
Total	13,744 13,744	13,656 13,656	45,183	46,396	65,138	66,352	61,322	59,693	59,625
Other items and eliminations	-739	-1,272	-3,056	-3,485	-4,543	-4,972	-4,248	-5,083	-4,848
Group	13,005 13,005	12,383 12,383	42,127	42,910	60,595	61,379	57,074	54,609	54,777
of which
proprietary housing projects to private customers	2,818	2,929	7,664	8,016	10,942	11,295	18,046	15,870	15,026
proprietary property development projects	-192 *	616	750	1,867	880	1,996	1,501	2,291	1,847

NET SALES AND OPERATING PROFIT *) Transfer of M ölndals Galleria from internal to external customer.

	Net sales
	2015 2015	2014	2015 2015	2014	Oct. 14-	2014	2015	2014	2015	2014	Oct. 14-	2014
SEK M	Jul.-Sep. Jul.-Sep.	Jul.-Sep.	Jan.-Sep. Jan.-Sep. Jan.-Sep.	Jan.-Sep.	Sep.-15	Jan.-Dec.	Jul.-Sep. Jul.-Sep.	Jul.-Sep.	Jan.-Sep. Jan.-Sep. Jan.-Sep.	Jan.-Sep.	Sep.-15	Jan.-Dec.
NCC Construction Sweden	5,180	4,854	16,398	14,194	22,992	20,788	214	182	464	377	727	640
NCC Construction Denmark	1,180	1,094	3,519	2,940	4,909	4,330	76	67	216	183	315	281
NCC Construction Finland	1,382	1,508	3,955	4,441	5,619	6,105	55	27	96	84	124	111
NCC Construction Norway	1,407	1,659	4,475	4,744	6,464	6,733	-105	75	-65	102	-21	146
NCC Roads	3,805	4,044	8,327	8,533	11,948	12,153	363	407	223	273	409	459
NCC Housing	2,128	2,258	5,756	5,662	10,320	10,226	183	243	370	455	864	949
NCC Property Development	968	645	1,950	1,961	3,115	3,125	141	36	222	126	265	169
Total	16,051 16,051	16,063 16,063	44,381	42,474	65,366	63,460	928	1,037	1,527	1,599	2,682	2,755
Other items and eliminations	-1,327	-1,267	-4,297	-4,368	-6,523	-6,593	-27	-49	-138	-96	-193	-151
Group	14,724 14,724	14,796 14,796	40,084	38,106	58,844	56,867	900	989	1,389	1,503	2,490	2,604

The comparative figures are pro-forma with adjustments because housing production in Russia and the Baltic countries was transferred from NCC Construction Finland to NCC Housing.

NCC's Construction units

MARKET PERFORMANCE

Demand in the Swedish construction market is favorable in all segments. In Norway, infrastructure investments are contributing to an expanding civil engineering market. The Finnish market remains weak. In Denmark, growth was primarily noted in the metropolitan regions of Copenhagen and Aarhus in housing and other buildings segments, in both new builds and refurbishment.

MOST RECENT QUARTER, JULY – SEPTEMBER 2015

ORDERS RECEIVED AND ORDER BACKLOG

Orders received by all of NCC's Construction units totaled SEK 7,652 M (8,301). Orders received declined within housing, but increased within the building and civil engineering operations. The total order backlog declined SEK 1,758 M during the quarter to SEK 35,753 M.

NET SALES

Sales for NCC's Construction units totaled SEK 9,150 M (9,115). Net sales were higher year-on-year in Sweden and Denmark, but lower in Finland and Norway. In Sweden, sales increased in the housing and civil engineering operations. Sales in Norway decreased in the building operations, while sales in Finland fell in both the building and housing operations.

OPERATING PROFIT

Operating profit for all of NCC's Construction units totaled SEK 240 M (351). The Construction units in Sweden, Finland and Denmark delivered higher earnings. Sweden was impacted positively by higher net sales and improved project margins.

Finland also reported higher project margins, at the same time as Denmark's earnings improved as a result of increased net sales. A loss was posted in Norway due to project adjustments in a negative amount of SEK 143 M.

INTERIM PERIOD, JANUARY – SEPTEMBER 2015

ORDERS RECEIVED AND ORDER BACKLOG

Orders received by all of NCC's Construction units totaled SEK 26,521 M (29,304). Orders received mainly declined in the building operations, but also in the housing and civil engineering operations.

NET SALES

Sales in the Construction units totaled SEK 28,347 M (26,319). In Sweden, all operational categories increased. Sales in Denmark mainly increased in the housing operations, but also in the building operations. Norway declined in the building and housing operations, while Finland primarily declined in the housing operations.

OPERATING PROFIT

Overall, operating profit totaled SEK 711 M (746). Increased net sales contributed to improved earnings for NCC's Construction units in Sweden and Denmark. In Norway, impairment on building projects had an adverse impact on earnings.

	2015 2015	2014	2015 2015	2014	Oct. 14-	2014
SEK M	Jul.-Sep. Jul.-Sep.	Jul.-Sep.	Jan.-Sep. Jan.-Sep. Jan.-Sep.	Jan.-Sep.	Sep.-15	Jan.-Dec.
NCC Construction Sweden
Orders received	3,927 3,927	5,233	15,735 15,735	17,925	22,708	24,899
Order backlog	19,565 19,565	19,941	19,565 19,565	19,941	19,565	20,321
Net sales	5,180 5,180	4,854	16,398 16,398	14,194	22,992	20,788
Operating profit/loss	214 214	182	464 464	377	727	640
Operating margin, %	4.1 4.1	3.8	2.8 2.8	2.7	3.2	3.1
NCC Construction Denmark
Orders received	507 507	1,212	2,668 2,668	3,835	4,419	5,587
Order backlog	5,138 5,138	5,482	5,138 5,138	5,482	5,138	6,056
Net sales	1,180 1,180	1,094	3,519 3,519	2,940	4,909	4,330
Operating profit/loss	76 76	67	216	183	315	281
Operating margin, %	6.5 6.5	6.1	6.1 6.1	6.2	6.4	6.5
NCC Construction Finland
Orders received	1,682 1,682	802	4,508 4,508	3,680	5,996	5,169
Order backlog	5,020 5,020	4,513	5,020 5,020	4,513	5,020	4,504
Net sales	1,382 1,382	1,508	3,955 3,955	4,441	5,619	6,105
Operating profit/loss	55 55	27	96	84	124	111
Operating margin, %	4.0 4.0	1.8	2.4 2.4	1.9	2.2	1.8
NCC Construction Norway
Orders received	1,536 1,536	1,055	3,611 3,611	3,863	7,401	7,653
Order backlog	6,030 6,030	5,865	6,030 6,030	5,865	6,030	7,258
Net sales	1,407 1,407	1,659	4,475 4,475	4,744	6,464	6,733
Operating profit/loss	-105 -105	75	-65 -65	102	-21	146
Operating margin, %	-7.4 -7.4	4.6	-1.5 -1.5	2.2	-0.3	2.2
Total Construction
Orders received	7,652 7,652	8,301	26,521 26,521	29,304	40,526	43,307
Order backlog	35,753 35,753	35,801	35,753 35,753	35,801	35,753	38,139
Net sales	9,150 9,150	9,115	28,347 28,347	26,319	39,984	37,956
Operating profit/loss	240 240	351	711 711	746	1,144	1,179
Operating margin, %	2.6 2.6	3.8	2.5 2.5	2.8	2.9	3.1

The comparative figures are pro-forma with adjustments because housing production in Russia and the Baltic countries was transferred from NCC Construction Finland to NCC Housing.

NCC CONSTRUCTION DENMARK

ORDERS RECEIVED BY PROJECT SIZE DURING THE THIRD QUARTER FOR NCC'S CONSTRUCTION UNITS

NCC CONSTRUCTION FINLAND

NCC CONSTRUCTION NORWAY

ORDER BACKLOG BY PROJECT SIZE FOR NCC'S CONSTRUCTION UNITS

ORDERS RECEIVED AND ORDER BACKLOG BY OPERATIONAL CATEGORY

	Orders received							Order backlog
	2015	2014	2015		Oct. 14 -	2014	2015	2014	2014
SEK M	Jul.-Sep.	Jul.-Sep.	Jan.-Sep.	Jan.-Sep.	Sep. 15	Jan.-Dec.	Sep. 30	Sep. 30	Dec. 31
Civil engineering	2,954	2,831	9,073	9,321	15,372	15,620	11,344	10,742	12,541
Residential	1,787	2,870	7,962	8,351	12,026	12,415	12,606	10,404	11,496
Non-residential	2,910	2,469	9,439	11,518	13,228	15,306	12,170	13,826	13,503
Other items 1)	2	130	47	114	-102	-34	-367	827	598
Total	7,652 7,652	8,301 8,301	26,521	29,304	40,526	43,307	35,753	35,801	38,139

1) From 2015, eliminations are included in the business category.

NCC CONSTRUCTION SWEDEN

NCC Roads

MARKET PERFORMANCE

Demand for stone materials and asphalt is favorable. In Norway and Russia, demand for asphalt declined slightly in the third quarter. Demand for road services is stable, but the market is characterized by intense competition.

MOST RECENT QUARTER, JULY – SEPTEMBER 2015

NET SALES

Sales amounted to SEK 3,805 M (4,044). Asphalt volumes declined in Norway due to a smaller number of major central government and municipal contracts in Oslo. Sales of stone materials decreased as a result of the closure of a crushing plant in Stockholm and changes to the product mix in Denmark. Sales of road services declined due to fewer contracts in Norway and Finland, as well as a lower rate of activity in Denmark.

OPERATING PROFIT

Operating profit amounted to SEK 363 M (407). Earnings in the asphalt operations declined as a result of lower paving volumes and slightly weaker margins due to lower price levels and a certain cost increase. Earnings in the stone materials operations declined, mainly due to a higher percentage of low-refinement products and higher costs in parts of the Danish operations. Earnings for the road services operations were in line with the year-earlier period.

CAPITAL EMPLOYED

Capital employed increased marginally during the quarter to SEK 4.3 billion.

INTERIM PERIOD, JANUARY – SEPTEMBER 2015

NET SALES

Sales amounted to SEK 8,327 M (8,533). Sales of stone materials and asphalt were unchanged, while sales of road services declined as a result of fewer road services contracts.

OPERATING PROFIT

Operating profit amounted to SEK 223 M (273). Earnings from asphalt and stone materials declined in the third quarter. Earnings in road services were negative, albeit to a slightly lesser degree than in the year-earlier period.

CAPITAL EMPLOYED

Capital employed rose SEK 0.7 billion compared with yearend and totaled SEK 4.3 billion.

QUARTERLY DATA

	2015 2015	2014	2015 2015	2014	Oct. 14-	2014
SEK M	Jul.-Sep. Jul.-Sep.	Jul.-Sep.	Jan.-Sep.Jan.-Sep. Jan.-Sep.	Jan.-Sep.	Sep.-15	Jan.-Dec.
NCC Roads
Orders received	2,740 2,740	2,291	9,964 9,964	8,418	12,072	10,526
Order backlog	6,071 6,071	6,155	6,071 6,071	6,155	6,071	4,608
Net sales	3,805 3,805	4,044	8,327 8,327	8,533	11,948	12,153
Operating profit/loss	363 363	407	223 223	273	409	459
Operating margin, %	9.5 9.5	10.1	2.7 2.7	3.2	3.4	3.8
Capital employed			4,290 4,290	4,510	4,290	3,619
Aggregates, tons 1)	7,373 7,373	7,712	20,220 20,220	20,621	27,871	28,272
Asphalt and paving, tons 1)	2,451 2,451	2,581	4,554 4,554	4,644	6,126	6,216

1) Sold volume

MARKET PERFORMANCE

In Sweden and Germany, demand was healthy with rising prices. Demand was weaker in Finland, but small and affordable housing units are in demand in the investor market and among private customers. There were major local variations in Norway. Although demand is favorable in St. Petersburg, purchasing decisions take longer. Demand for housing remains favorable in Copenhagen.

MOST RECENT QUARTER, JULY – SEPTEMBER 2015

HOUSING SALES AND CONSTRUCTION STARTS

A total of 896 (1,006) housing units were sold to private customers, and 506 (266) to the investor market. Housing sales to private customers declined in St. Petersburg, Sweden and Denmark as a result of the fact that NCC has fewer housing units for sale. In Finland and Germany, sales to private customers and the investor market increased. Most construction starts for private customers occurred in Germany, Sweden and Finland. Construction started on a total of 883 (884) housing units for private customers and 506 (266) housing units for the investor market. Construction starts for the investor market mainly occurred in Finland and Germany, where demand is high.

NET SALES

Net sales declined slightly year-on-year and totaled SEK 2,128 M (2,258). A higher number of housing units for private customers were completed and recognized in profit, while the number of housing units for the investor market recognized in profit declined, particularly in Germany. During the quarter, a total of 589 (547) housing units for private customers and 453 (507) housing units for the investor market were recognized in profit. The average price per housing unit was in line with the year-earlier period.

OPERATING PROFIT

Earnings amounted to SEK 183 M (243). Earnings declined year-on-year due to lower earnings from investor transactions in Germany, which are partly offset by increased sales to private customers and sales of land.

CAPITAL EMPLOYED

Capital employed amounted to SEK 11.3 billion, which was in line with the year-earlier period.

INTERIM PERIOD, JANUARY – SEPTEMBER 2015

HOUSING SALES AND CONSTRUCTION STARTS

A total of 3,188 (3,096) housing units were sold to private customers and 828 (698) to the investor market. Housing sales to private customers increased in Sweden, Norway and Germany. Sales in Finland and the Baltic countries were in line with the year-earlier period, while sales in Denmark and St. Petersburg declined. During the period, construction started on a total of 2,548 (3,237) housing units for private customers and 959 (671) housing units for the investor market.

NET SALES

Net sales increased year-on-year due to a higher average price per unit for housing units handed over and recognized in profit for private customers, as well as higher sales of land. During the period, 1,781 (1,933) housing units for private customers and 781 (685) housing units for the investor market were recognized in profit.

OPERATING PROFIT

Earnings amounted to SEK 370 M (455). This decrease compared with the year-earlier period was attributable to lower earnings from sales to investors.

CAPITAL EMPLOYED

Capital employed totaled SEK 11.3 billion, up SEK 0.7 billion compared with year-end, due to a higher number of housing units in production.

QUARTERLY DATA

	2015	2014	2015	2014	Oct. 14-	2014
SEK M	Jul.-Sep.	Jul.-Sep.	Jan.-Sep.	Jan.-Sep.	Sep.-15	Jan.-Dec.
NCC Housing
Orders received	3,351 3,351	3,064	8,698 8,698	8,675	12,542	12,518
Order backlog	19,497 19,497	17,736	19,497 19,497	17,736	19,497	16,878
Net sales	2,128 2,128	2,258	5,756 5,756	5,662	10,320	10,226
Operating profit/loss	183 183	243	370 370	455	864	949
Operating margin, %	8.6 8.6	10.8	6.4 6.4	8.0	8.4	9.3
Capital employed			11,287 11,287	11,397	11,287	10,557

The comparative figures are pro-forma with adjustments because housing production in Russia and the Baltic countries was transferred from NCC Construction Finland to NCC Housing.

	HOUSING DEVELOPMENT
--	---------------------

			Group
	2015	2014	2015	2014	2014
				Jul.-Sep. Jul.-Sep. Jan.-Sep. Jan.-Sep. Jan.-Dec.
Building rights, end of period		30,300 32,900	30,300	32,900	31,300
Of which development rights on options		10,300 10,900	10,300	10,900	9,800
Housing development to private customers
Profit-recognized housing units, during the period	589	547	1,781	1,933	3,661
Housing starts, during the period	883	884	2,548	3,237	4,503
Housing units sold, during the period	896	1,006	3,188	3,096	4,575
Housing units under construction, end of period	6,920	6,425	6,920	6,425	5,952
Sales rate units under construction, end of period %	71	58	71	58	58
Reservation rate units under construction, end of period %	6	9	6	9	12
Completion rate units under construction, end of period %	56	53	56	53	45
Completed, not profit recognized housing units, end of
period 1)	224	425	224	425	438
Housing units for sale (ongoing and completed), at end of
period	2,162	3,025	2,162	3,025	2,812
Housing development to the investor market
Profit-recognized housing units, during the period	453	507	781	685	1,393
Housing starts, during the period	506	266	959	671	1,445
Housing units sold, during the period	506	266	828	698	1,472
Housing units under construction, end of period2)	2,151	1,525	2,151	1,525	1,735
Sales rate units under construction, end of period %	94	100	94	100	100
Completion rate units under construction, end of period %	72	63	72	63	65
Completed, not profit recognized housing units, end of
period	0	0	0	0	0
Housing units for sale (ongoing and completed), at end of
period 3)	131	0	131	0	0

1) Of the completed, not profit recognized housing units at the end of the period, 62 (72) were sold.

2) Of the total number of housing units under construction to the investor market, 2,151 (1,525),

1,005 (623) has already been profit-recognized and 1,146 (902) remains to be profit-recognized. 3) Rental apartments i NCC:s newly established investment company Allemanshem AB, 131 (0).

A full table per market is available on ncc.se.

The diagram shows the estimated completion schedule for housing units for private customers and the investor market that is not yet recognized in profit. The curve shows the proportion of sold units. Sold units are recognized in profit on the handover date.

NCC Property Development

MARKET PERFORMANCE

In Sweden, demand in the leasing market is favorable, vacancy rates are low and the interest shown by investors is high. In Copenhagen, vacancy rates declined slightly but leasing is taking more time. Although vacancy rates are stable in Oslo, demand in the leasing market weakened slightly during the quarter. In Helsinki, demand in the leasing market is weak, particularly in the former office portfolio.

MOST RECENT QUARTER, JULY – SEPTEMBER 2015

PROPERTY PROJECTS

One project sale was recognized in profit during the quarter: the Lysaker Polaris 1 office project in Norway. Leases for 22,100 square meters (8,600) were signed during the quarter.

At the end of the quarter, 14 (17) projects were either ongoing or completed but not yet recognized in profit. The costs incurred in all projects totaled SEK 3.0 billion (3.6), corresponding to a completion rate of 56 (56) percent. The leasing rate was 72 percent (66). The operating net for the quarter was SEK 21 M (12).

NET SALES

Net sales were higher year-on-year and the project that was recognized in profit in Norway accounted for the largest portion of sales. One project was recognized in profit in the year-earlier period.

OPERATING PROFIT

Operating profit amounted to SEK 141 M (36). One (one) project was recognized in profit during the quarter. Earnings from previous sales also contributed to profit. One office project in Denmark was recognized in profit in the year-earlier period.

CAPITAL EMPLOYED

Capital employed declined SEK 0.3 billion during the quarter to SEK 5.2 billion, mainly due to the Lysaker Polaris 1 office project.

INTERIM PERIOD, JANUARY – SEPTEMBER 2015

PROPERTY PROJECTS

A total of five (six) projects were recognized in profit: four in Denmark and one in Norway. Leases for 56,800 square meters (59,700) were signed during the period.

NET SALES

Net sales totaled SEK 1,950 M (1,961). The projects recognized in profit in Denmark and Norway accounted for the highest proportion of net sales during the period.

OPERATING PROFIT

Operating profit amounted to SEK 222 M (126). Five projects were recognized in profit during the period. Six projects were recognized in profit in the year-earlier period. Earnings from previous sales and sales of land also contributed to profit. The operating net for the period was SEK 66 M (46).

CAPITAL EMPLOYED

Capital employed has risen SEK 0.4 billion to SEK 5.2 billion since year-end.

QUARTERLY DATA

	2015 2015	2014	2015 2015	2014	Oct. 14-	2014
SEK M	Jul.-Sep. Jul.-Sep.	Jul.-Sep.	Jan.-Sep. Jan.-Sep.	Jan.-Sep.	Sep.-15	Jan.-Dec.
NCC Property Development
Net sales	968 968	645	1,950 1,950	1,961	3,115	3,125
Operating profit/loss	141 141	36	222 222	126	265	169
Capital employed			5,179 5,179	4,518	5,179	4,784

PROPERTY DEVELOPMENT PROJECTS AT SEPTEMBER 30, 2015 1)

Ongoing Property development projects

			Sold,
			estimated	Comple	Lettable	Letting
			recognition in	tion	area	ratio,
Project xxx	Type	Location	profit	ratio, %	(sqm)	%
Aitio 1 Vivaldi	Office	Helsinki		97	6,100	90
Aitio 2 Verdi	Office	Helsinki		52	5,000	57
Alberga D	Office	Espoo		77	5,300	39
Matinkylä 2)	Retail	Espoo		72	12,700	59
Total Finland				74 74	29,100 29,100	61
Hyllie	Office	Malmö		62	7,300	94
Hälsobrunnen	Logistics	Upplands- Bro	Q4 2015	72	10,400	100
Mölndal Galleria	Retail	Mölndal	3)	8	24,200	29
The SCA House	Office	Mölndal	Q4 2016	44	24,400	100
Torsplan 2	Office	Stockholm		51	22,700	71
Ullevi Park 4	Office	Gothenburg	Q4 2015	91	20,300	100
Total Sweden				45 45	109,300 109,300 109,300	73
Total				53 53	138,400138,400 138,400	70

x To report Completed Property development projects

x

x

			Sold,
			estimated	Lettable	Letting
			recognition in	area	ratio,
Project	Type	Location	profit	(sqm)	%
Kolding Retailpark	Retail	Kolding		4,600	71
Roskildevej	Retail	Taastrup		4,000	100
Viborg Retail II+III	Retail	Viborg		1,600	47
Total Denmark				10,200 10,200	79 79
Stavanger Business Park 1	Office	Stavanger		9,200	100
Total Norway				9,200 9,200	100 100
Total				19,400 19,400	93 93

1) The table refers to ongoing or completed property projects that have not yet been recognized as revenue. In addition to these projects, NCC also focuses on rental (rental guarantees / additional purchase) in seven previously sold and revenue recognized property projects, a maximum of approximately SEK 100 M.

2) The project covers approximately 25,000 square meters of leasable area and is implemented together with Citycon, a Finnish listed real estate company, in a jointly owned company. The data in the table refer to NCC's share of the project.

3) The project is operated by a project company jointly owned by NCC and Citycon, 50 per cent each. Citycon will acquire NCC's share when the building is completed and the agreed conditions are fulfilled.

Consolidated income statement

		2015 2015	2014	2015 2015	2014	Oct. 14-	2014
SEK M	Note 1	Jul.-Sep. Jul.-Sep. Jul.-Sep.	Jul.-Sep.	Jan.-Sep. Jan.-Sep. Jan.-Sep.	Jan.-Sep.	Sep.-15	Jan.-Dec.
Net sales		14,724	14,796	40,084	38,106	58,844	56,867
Production costs	Note 2,3	-13,136	-13,159	-36,356	-34,415	-53,117	-51,176
Gross profit		1,588 1,588	1,637 1,637	3,727	3,691	5,727	5,691
Selling and administrative expenses	Note 2	-700	-653	-2,353	-2,195	-3,276	-3,117
Other operating income/expenses	Note 3	13	4	15	7	39	31
Operating profit/loss		900 900	989 989	1,389	1,503	2,490	2,604
Financial income		7	11	34	34	46	46
Financial expense		-100	-119	-329	-320	-425	-416
Net financial items		-93 -93	-108 -108	-295	-286	-378	-370
Profit/loss after financial items		808 808	881 881	1,094	1,217	2,111	2,234
Tax		-161	-184	-216	-257	-355	-396
Net profit/loss for the period		647 647	696 696	879	960	1,756	1,838
Attributable to:
NCC´s shareholders		645	695	876	958	1,753	1,835
Non-controlling interests		1	1	3	2	4	3
Net profit/loss for the period		647 647	696 696	879	960	1,756	1,838
Earnings per share
Before dilution
Net profit/loss for the period, SEK		5.98	6.45	8.12	8.88	16.25	17.01
After dilution
Net profit/loss for the period, SEK		5.98	6.45	8.12	8.88	16.25	17.01
Number of shares, millions
Total number of issued shares		108.4	108.4	108.4	108.4	108.4	108.4
Average number of shares outstanding before
dilution during the period		107.9	107.8	107.8	107.8	107.8	107.8
Average number of shares after dilution		107.9	107.8	107.8	107.8	107.8	107.8
Number of shares outstanding before dilution at the end of the period107.9			107.8	107.9	107.8	107.9	107.8

Consolidated statement of comprehensive income

		2015 2015	2014	2015 2015	2014	Oct. 14-	2014
SEK M	Note 1	Jul.-Sep. Jul.-Sep. Jul.-Sep.	Jul.-Sep.	Jan.-Sep. Jan.-Sep. Jan.-Sep.	Jan.-Sep.	Sep.-15	Jan.-Dec.
Net profit/loss for the period		647 647	696 696	879	960 960	1,756 1,756	1,838
Items that have been recycled or should be recycled to net profit/loss for the period
Exchange differences on translating foreign operations		1	11	-82	115	-59	138
Change in hedging/fair value reserve		-19	-1	27	-49	-10	-85
Cash flow hedges		-17	-17	4	-39	-17	-60
Income tax relating to items that have been or should be recycled
to net profit/loss for the period		8	4	-7	20	5	32
		-27	-3	-58	47	-80	24
Items that cannot be recycled to net profit/loss for the period
Revaluation of defined benefit pension plans		-401	-445	-543	-691	-349	-497
Income tax relating to items that cannot be recycled to
net profit/loss for the period		88	98	119	152	76	109
		-313 -313	-347 -347	-423	-539 -539	-273 -273	-388
Other comprehensive income		-340 -340	-350 -350	-482	-492 -492	-353 -353	-364
Total comprehensive income		307 307	346 346	397	468 468	1,403	1,474
Attributable to:
NCC´s shareholders		306	345	394	465	1,400	1,471
Non-controlling interests		1	1	3	2	4	3
Total comprehensive income		307 307	346 346	397	468 468	1,403 1,403	1,474

Consolidated balance sheet

		2015 2015	2014	2014
SEK M	Note 1	Sep. 30 30 0	Sep. 30	Dec. 31
ASSETS
Fixed assets
Goodwill		1,825	1,870	1,865
Other intangible assets		423	344	389
Owner-occupied properties		803	735	774
Machinery and equipment		2,473	2,550	2,487
Other long-term holdings of securities		198	208	208
Long-term receivables		449	271	434
Deferred tax assets		222	201	237
Total fixed assets		6,393 6,393	6,179 6,179	6,395
Current assets
Property projects	Note 4	4,871	5,490	5,059
Housing projects	Note 4	14,597	14,778	13,246
Materials and inventories		757	751	746
Tax receivables		311	293	35
Accounts receivable		7,380	8,244	7,178
Worked-up, non-invoiced revenues		2,190	1,909	1,066
Prepaid expenses and accrued income		1,156	1,536	1,415
Other receivables		1,470	852	1,013
Short-term investments1)		158	242	242
Cash and cash equivalents		1,629	789	2,592
Total current assets		34,519 34,519	34,884 34,884	32,592
TOTAL ASSETS		40,912 40,912	41,063 41,063	38,987
EQUITY
Share capital		867	867	867
Other capital contributions		1,844	1,844	1,844
Reserves		-240	-156	-182
Profit/loss brought forward, including current-year profit/loss		5,451	5,282	6,318
Shareholders´ equity		7,923 7,923	7,837 7,837	8,847
Non-controlling interests		19	20	20
Total shareholders´ equity		7,942 7,942	7,857 7,857	8,867
LIABILITIES
Long-term liabilities
Long-term interest-bearing liabilities		6,192	7,361	6,957
Other long-term liabilities		361	516	548
Provisions for pensions and similar obligations		1,158	791	585
Deferred tax liabilities		297	370	268
Other provisions		1,841	1,933	2,017
Total long-term liabilities		9,849 9,849	10,971 10,971	10,376
Current liabilities
Current interest-bearing liabilities		3,928	3,027	2,526
Accounts payable		4,221	4,246	3,960
Tax liabilities		103	56	117
Invoiced revenues not worked-up		5,408	4,824	4,408
Accrued expenses and prepaid income		3,399	3,322	3,952
Other current liabilities		6,063	6,759	4,782
Total current liabilities		23,122 23,122	22,235 22,235	19,745
Total liabilities		32,970 32,970	33,206 33,206	30,120
TOTAL SHAREHOLDERS´ EQUITY AND LIABILITIES		40,912 40,912	41,063 41,063	38,987
ASSETS PLEDGED		1,416 1,416	1,966	1,510
CONTINGENT LIABLITIES		1,639 1,639	2,061	2,037

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

Condensed changes in shareholders' equity, Group

	Sep. 30, 2015			Sep. 30, 2014
			Total			Total
		Shareholders´ Non-controlling			shareholders´ Shareholders´ Non-controlling	shareholders´
SEK M	equity	interests	equity	equity	interests	equity
Opening balance, January 1st	8,847 8,847	20 20	8,867	8,658	17	8,675
Total comprehensive income	394	3	397	465	2	468
Acqusition of non-controlling interests	-9	-2	-11
Dividends 1)	-1,294	-1	-1,295	-1,294		-1,294
Acquisition/sale of treasury shares	-18		-18
Performance based incentive program	3		3	8		8
Closing balance	7,923 7,923	19 19	7,942	7,837	20	7,857

1) The reported amount is the dividend resolved by the Shareholders' Annual General Meeting. In accordance with the decision of the Shareholders Annual

General Meeting 2015, SEK 647 M has been paid in March and the rest has been paid in October.

If previous accounting policies for pensions under IAS 19 had been applied, the equity would have been SEK 2,082 M higher and net debt

SEK 1,158 M lower at September 30th 2015.

Consolidated cash flow statement, condensed

	2015 2015	2014	2015 2015	2014	Oct. 14-	2014
SEK M	Jul.-Sep. Jul.-Sep.	Jul.-Sep.	Jan.-Sep. Jan.-Sep.	Jan.-Sep.	Sep.-15	Jan.-Dec.
OPERATING ACTIVITIES
Profit/loss after financial items	808	881	1,094	1,217	2,111	2,234
Adjustments for items not included in cash flow	129	171	471	-15	892	406
Taxes paid	-47	-88	-333	-356	-344	-367
Cash flow from operating activities before changes in
working capital	890 890	963 963	1,232	846	2,660	2,273
Cash flow from changes in working capital
Divestment of property projects	806	466	1,362	1,461	2,301	2,400
Gross investments in property projects	-271	-801	-1,174	-1,797	-1,631	-2,255
Divestment of housing projects	1,804	2,075	4,841	5,121	8,671	8,951
Gross investments in housing projects	-2,489	-2,573	-6,553	-6,942	-9,323	-9,712
Other changes in working capital	417	-578	-204	-947	430	-313
Cash flow from changes in working capital	268 268	-1,411 -1,411	-1,727 -1,727	-3,104 -3,104	449	-928
Cash flow from operating activities	1,157 1,157	-447 -447	-495 -495	-2,258 -2,258	3,108	1,345
INVESTING ACTIVITIES
Sale of building and land		-1	1	3	23	25
Increase (-) from investing activities	-154	-179	-580	-599	-778	-796
Cash flow from investing activities	-154 -154	-180 -180	-579 -579	-596 -596	-755	-771
CASH FLOW BEFORE FINANCING	1,004 1,004	-627 -627	-1,074 -1,074	-2,854 -2,854	2,353	574
FINANCING ACTIVITIES
Cash flow from financing activities	-26	244	125	95	-1,485	-1,515
CASH FLOW DURING THE PERIOD	977 977	-383 -383	-950 -950	-2,759 -2,759	868	-941
Cash and cash equivalents at beginning of period	648	1,180	2,592	3,548	789	3,548
Effects of exchange rate changes on cash and cash equivalents	4	-8	-13		-27	-14
CASH AND CASH EQUIVALENTS AT END OF PERIOD	1,629 1,629	789 789	1,629 1,629	789 789	1,629	2,592
Short-term investments due later than three months	158	242	158	242	158	242
Total liquid assets	1,787 1,787	1,031 1,031	1,787 1,787	1,031 1,031	1,787	2,833

Notes

NOTE 1. ACCOUNTING POLICIES

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

The dividend to shareholders will be recognized in connection with the Annual General Meeting's resolution and entered as a liability until payment.

In other respects, the interim report has been prepared pursuant to the same accounting policies and methods of calculation as the 2014 Annual Report (Note 1, pages 70- 76).

NOTE 2. DEPRECIATION/AMORTIZATION

	2015 2015	2014	2015 2015	2014	Oct. 14-	2014
SEK M	Jul.-Sep. Jul.-Sep.	Jul.-Sep.	Jan.-Sep. Jan.-Sep.	Jan.-Sep.	Sep.-15	Jan.-Dec.
Other intangible assets	-20	-14	-57	-29	-71	-44
Owner-occupied properties	-6	-7	-20	-19	-27	-26
Machinery and equipment	-165	-160	-484	-473	-649	-638
Total depreciation	-191 -191	-181 -181	-561	-521	-747	-708

NOTE 3. IMPAIRMENT LOSSES

Total impairment expenses	-1	-4	-3	-4	-4	-5
Other intangible assets			-1		-1
Property projects		-4		-4		-4
Housing projects	-2		-2		-2
SEK M	Jul.-Sep. Jul.-Sep.	Jul.-Sep.	Jan.-Sep. Jan.-Sep. Jan.-Sep.	Jan.-Sep.	Sep.-15	Jan.-Dec.
	2015 2015	2014	2015 2015	2014	Oct. 14-	2014

Impairment losses in housing projects and property projects are recognized in operation profit/loss.

NOTE 4. SPECIFICATION OF PROPERTY PROJECTS AND HOUSING PROJECTS

	2015 2015	2014	2014
SEK M	Sep. 30 30	Sep. 30	Dec. 31
Properties held for future development	1,969	2,075	2,064
Ongoing property projects	2,513	2,750	2,256
Completed property projects	389	665	740
Total property projects	4,871 4,871	5,490 5,490	5,059
Properties held for future development	4,335	5,505	4,872
Capitalized developing costs	1,090	1,415	1,177
Ongoing proprietary housing projects	8,604	6,672	6,234
Unsold completed housing units	568	1,185	964
Total housing projects	14,597 14,597	14,778 14,778	13,246

NOTE 5. SPECIFICATION OF NET INDEBTEDNESS

	2015 2015	2014	2014
SEK M	Sep. 30 30	Sep. 30	Dec. 31
Long-term interest-bearing receivables	267	246	235
Current interest-bearing receivables	252	322	406
Cash and bank balances	1,629	789	2,592
Total interest-bearing receivables, cash and cash equivalents	2,148 2,148	1,357 1,357	3,232
Long-term interest-bearing liabilities	6,192	7,361	6,957
Pensions and similar obligations	1,158	791	585
Current interest-bearing liabilities	3,928	3,027	2,526
Total interest-bearing liabilities	11,278 11,278	11,179 11,179	10,068
Net indebtedness	9,130 9,130	9,823 9,823	6,836
whereof net debt in ongoing projects in Swedish tenant-owners'
associations and Finnish housing companies
Interest-bearing liabilities	3,271	2,108	2,056
Cash and bank balances	183	39	93
Net indebtedness	3,088	2,069	1,963

SEK M	NCC Construction
					NCC	NCC	NCC Property	Segment	Other items and
January - September 2015		Sweden Denmark		Finland Norway	Roads	Housing	Development	total	eliminations1)	Group
Net sales, external	14,078	3,123	3,235	4,217	7,775	5,756	1,900	40,084		40,084
Net sales, internal	2,320	395	721	259	552		51	4,297	-4,297
Net sales, total	16,398	3,519	3,955	4,475	8,327	5,756	1,950	44,381	-4,297	40,084
Operating profit	464	216	96	-65	223	370	222	1,527	-138	1,389
Net financial items										-295
Profit/loss after financial items										1,094
		NCC Construction
							NCC		Other items
					NCC	NCC	Property	Segment	and
July - September 2015		Sweden Denmark		Finland Norway	Roads	Housing	Development	total	eliminations 2)	Group
Net sales, external	4,559	1,031	1,137	1,360	3,558	2,128	951	14,724		14,724
Net sales, internal	621	149	246	47	247		17	1,327	-1,327
Net sales, total	5,180	1,180	1,382	1,407	3,805	2,128	968	16,051	-1,327	14,724
Operating profit	214	76	55	-105	363	183	141	928	-27	900
Net financial items										-93
Profit/loss after financial items										808
		NCC Construction
							NCC		Other items
					NCC	NCC	Property	Segment	and
January - September 2014		Sweden Denmark		Finland Norway	Roads	Housing	Development	total	eliminations1)	Group
Net sales, external	12,702	2,302	3,001	4,373	8,158	5,660	1,910	38,106		38,106
Net sales, internal	1,492	638	1,440	371	374	1	51	4,368	-4,368
Net sales, total	14,194	2,940	4,441	4,744	8,533	5,662	1,961	42,474	-4,368	38,106
Operating profit	377	183	84	102	273	455	126	1,599	-96	1,503
Net financial items										-286
Profit/loss after financial items										1,217
		NCC Construction
							NCC		Other items
					NCC	NCC	Property	Segment	and
July - September 2014		Sweden Denmark		Finland Norway	Roads	Housing	Development	total	eliminations 2)	Group
Net sales, external	4,335	911	1,232	1,529	3,904	2,257	627	14,796		14,796
Net sales, internal	519	183	276	130	141		17	1,267	-1,267
Net sales, total	4,854	1,094	1,508	1,659	4,044	2,258	645	16,063	-1,267	14,796
Operating profit	182	67	27	75	407	243	36	1,037	-49	989
Net financial items										-108
Profit/loss after financial items										881

NOTE 6. SEGMENT REPORTING

1) The figures for the first nine months include among others NCC's head office, results from small subsidiaries and associated companies and remaining parts of NCC International Projects, totalling an expense of SEK 146 M (expense: 162). Eliminations of internal profits amount to an expense of SEK 28 M (expense: 21) and other Group adjustments, mainly consisting of differences of accounting policy between the segments and the Group (including pensions) amount to an income of SEK 37 M (income: 86).

2) The quarter includes among others NCC's head office, results from small subsidiaries and associated companies and remaining parts of NCC International Projects, totalling an expense of SEK 42 M (expense: 61). Furthermore elimination of internal profits are included, an expense of SEK 1 M (expense: 7) and other Group adjustments, mainly consisting of differences of accounting policy between the segments and the Group (including pensions), an income of SEK 17 M (income: 19).

The comparative figures are pro-forma with adjustments because housing production in Russia and the Baltic countries was transferred from NCC Construction Finland to NCC Housing.

NOTE 7. FAIR VALUE OF FINANCIAL INSTRUMENTS

In the table below, disclosures are made concerning how fair value has been determined for the financial instruments that are continuously measured at fair value in NCC's balance sheet. When determining fair value, financial instruments have been divided into the following three levels. No transfers have been made between the levels during the period.

In level 1, measurement is in accordance with prices quoted on an active market for the same instruments.

Derivatives in level 2 comprise currency-forward contracts, cross-currency swaps and interest-rate swaps used for hedging purposes. Fair-value measurement for currencyforward contracts and cross-currency swaps is based on published forward rates in an active market. The measurement of interest-rate swaps is based on forward interest rates prepared based on observable yield curves. NCC has no financial instruments in level 3.

SEK M	Sep. 30, 2015 Sep. 2015			Sep. 30, 2014			Dec. 31, 2014
	Level 1	Level 2	Total	Level 1	Level 2	Total	Level 1	Level 2	Total
Financial assets measured at fair value through profit
and loss
Securities held for trading	77		77	125		125	115		115
Derivative instruments		427	427		77	77		417	417
Derivative instruments used for hedge accounting		24	24		14	14		27	27
Total assets	77	451	528	125	91	216	115	444	559
Financial liabilities measured at fair value through profit
and loss
Derivative instruments		59	59		55	55		118	118
Derivative instruments used for hedge accounting		83	83		100	100		141	141
Total liabilities	0	142	142	0	155	155	0	259	259

In the table below, disclosures are made concerning fair value for the financial instruments that are not recognized at fair value.

SEK M	Sep. 30, 2015 Sep. 2015		Sep. 30, 2014		Dec. 31, 2014
	Carrying	Fair	Carrying	Fair	Carrying	Fair
	amount	value	amount	value	amount	value
Long-term holdings of securities held to maturity	105	107	126	130	115	119
Short-term investments held to maturity	81	83	117	118	127	128
Long-term interest-bearing liabilities	6,192	6,238	7,361	7,474	6,957	7,059
Current interest-bearing liabilities	3,928	3,946	3,027	3,028	2,526	2,531

For other financial instruments recognized at amortized cost, accounts receivables, other receivables, cash and cash equivalents, accounts payable and other interest-free liabilities, the fair value is deemed to match the carrying amount.

Parent Company

MOST RECENT QUARTER, JULY – SEPTEMBER 2015

The Parent Company comprises the operations in NCC AB, as well as NCC Construction Sverige AB and NCC Boende AB, which conduct their own operations on a commission basis on behalf of NCC AB. Invoicing for the Parent Company amounted to SEK 6,046 M (5,897). Profit after financial items totaled SEK 136 M (373).

INTERIM PERIOD, JANUARY – SEPTEMBER 2015

Invoicing for the Parent Company amounted to SEK 17,854 (18,151). Profit after financial items amounted to SEK 1,405 M (1,551). In the Parent Company, profit is recognized when projects are completed.

Dividends to shareholders will be paid on two occasions. The first payment of SEK 647 M (647) was made on March 31 and the second on October 30. There was a redistribution of cash and cash equivalents between shortterm investments and bank balances due to the prevailing interest-rate situation.

The average number of employees was 6,459 (6,305).

Parent Company income statement

		2015 2015	2014	2015 2015	2014	Oct. 14-	2014
SEK M	Note 1	Jul.-Sep. Jul.-Sep. Jul.-Sep.	Jul.-Sep.	Jan.-Sep. Jan.-Sep. Jan.-Sep.	Jan.-Sep.	Sep.-15	Jan.-Dec.
Net sales		6,046	5,897	17,854	18,151	19,317	19,614
Production costs		-5,647	-5,205	-16,282	-16,326	-17,684	-17,728
Gross profit		399 399	692 692	1,572	1,825	1,633	1,886
Selling and administrative expenses		-305	-277	-1,090	-1,006	-1,388	-1,304
Operating profit		94	415	483	820	246	582
Result from financial investment
Result from participations in Group companies		84		992	880	1,074	962
Result from participations in associated companies						22	22
Result from other financial fixed assets				1		2	1
Result from financial current assets		5	19	23	77	35	89
Interest expense and similar items		-47	-61	-94	-225	-187	-318
Result after financial items		136 136	373 373	1,405	1,551	1,192	1,338
Appropriations						684	684
Tax on net profit for the period		-68	-95	-140	-131	-253	-245
Net profit for the period		68	278	1,265	1,420	1,623	1,777

Parent Company statement of comprehensive income

		2015 2015	2014	2015 2015	2014	Oct. 14-	2014
SEK M	Note 1	Jul.-Sep. Jul.-Sep.Jul.-Sep.	Jul.-Sep.	Jan.-Sep. Jan.-Sep.Jan.-Sep.	Jan.-Sep.	Sep.-15	Jan.-Dec.
Net profit for the period		68	278	1,265	1,420	1,623	1,777
Total comprehensive income during the year Total comprehensive income during the year		68 68	278	1,265	1,420	1,623	1,777

Parent Company balance sheet, condensed

		2015 2015	2014	2014
SEK M	Note 1	Sep. 30 30	Sep. 30	Dec. 31
ASSETS
Intangible fixed assets		232	140	175
Tangible fixed assets		96	96	103
Financial fixed assets		6,475	6,453	6,422
Total fixed assets		6,804 6,804	6,689 6,689	6,700
Housing projects		77	308	225
Materials and inventories		57	53	59
Current receivables		4,633	5,026	5,791
Short term investments		100	6,700	6,400
Cash and bank balances		9,719	1,471	1,938
Total current assets		14,587 14,587	13,558 13,558	14,412
TOTAL ASSETS		21,390 21,390	20,247 20,247	21,112
SHAREHOLDERS´ EQUITY AND LIABILITIES
Shareholders´ equity		7,885	7,569	7,931
Untaxed reserves		348	392	348
Provisions		493	548	617
Long term liabilities		2,918	2,784	2,790
Current liabilities		9,747	8,954	9,425
TOTAL SHAREHOLDERS´ EQUITY AND LIABILITIES		21,390 21,390	20,247 20,247	21,112
Contingent liabilities		23,780 23,780	24,361 24,361	23,833

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

NOTE 1. ACCOUNTING POLICIES

The Parent Company has prepared its interim 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 interim report for the Parent Company has been prepared in accordance with the same accounting policies and methods of calculation as the 2014 Annual Report (Note 1, pages 70-76).

Significant risks and uncertainties

GROUP

An account of the risks to which NCC may be exposed is presented in the 2014 Annual Report (pages 56-58). This description remains relevant.

PARENT COMPANY

Significant risks and uncertainties for the Parent Company are identical to those of the Group.

Related-party transactions

The companies related to the Parent Company are the Nordstjernan Group, the Axel Johnson Group, the FastPartner Group, NCC's subsidiaries, as well as associated companies and joint ventures. The Parent Company's related-party transactions were of a production character. During the July-September quarter, relatedcompany sales amounted to SEK 10 M (2) and purchases to SEK 113 M (86). During the January-September interim period, sales amounted to SEK 39 M (8) and purchases to SEK 355 M (277). The transactions were conducted on normal market terms.

Information to shareholders

REPURCHASE OF SHARES

NCC AB holds 568,054 Series B treasury shares to meet its obligations pursuant to long-term incentive programs.

Other significant events

MAJOR ORDERS IN THE QUARTER

NCC signed a life cycle agreement valued at SEK 620 M with Mäntsälä Municipality. The 20-year agreement encompasses the construction and maintenance of Riihenmäki School and Hyökännummi School and Daycare.

MAJOR FRAMEWORK/PARTNERING AGREEMENTS IN THE QUARTER

Over the next six years, NCC and Nacka Municipality will cooperate to develop and build a total of 14 schools, preschools and sports halls in the expansive municipality. The total potential order value is close to SEK 2 billion over six years, with a possible extension to a total of nine years.

MAJOR PROPERTY SALES IN THE QUARTER

NCC sold a housing project in Dortmund, Germany, to a German pension fund for approximately SEK 140 M. The project comprises a planned rental apartment building containing 72 rental units. The project will be completed, handed over and recognized as profit in the NCC Housing business area in the fourth quarter of 2016.

NCC sold a housing project in Lüneburg, Germany, to a German investor for approximately SEK 200 M. The project will be completed, handed over and recognized as profit in the NCC Housing business area in the third quarter of 2017.

ASPHALT CASE IN NORWAY

In July, the Norwegian Court of Appeal raised the competition-infringement fee imposed on NCC in the asphalt case from NOK 40 M to NOK 150 M. It has been made clear in this case that it was a former employee in a Norwegian subsidiary who committed an infraction by engaging in illegal cooperation with a competitor. This conduct is disloyal, and violates all instructions and guidelines for NCC's business activities. NCC contends that the decision is not in accordance with EU or Norwegian law. NCC has appealed the decision to the Supreme Court of Norway.

Events after the close of the quarter

DIVIDEND

NCC's Annual General Meeting on March 24, 2015 resolved to pay a dividend of SEK 12.00 (12.00) per share to the shareholders for the 2014 fiscal year, distributed in two payments. SEK 6.00 was paid on March 31 and SEK 6.00 was paid on October 30. This corresponds to a total dividend payment of SEK 1,294 M.

SPIN-OFF OF NCC HOUSING

In September, the Board tasked the management with analyzing the conditions for creating an independent housing development company based on the NCC Housing business area and distributing it to NCC's shareholders under the Lex Asea rules.

This analysis is now complete and our assessment is that a division of NCC would create greater possibilities to capitalize on the growth opportunities identified by NCC in both the housing market and the construction market. The Board has decided to begin preparing for a distribution of NCC Housing under the Lex Asea rules. The goal is to present further information during our Capital Markets Day on November 26.

Reporting occasions in 2016

Year-end report	January 28, 2016
Annual General Meeting	April 12, 2016
Interim report, Jan-Mar 2016	April 29, 2016
Interim report, Jan-Jun 2016	July 20, 2016
Interim report, Jan-Sep 2016	October 28, 2016

Signatures

Solna, November 6, 2015

Peter Wågström President and CEO

Auditors' review report

NCC AB (publ.), Corp. Reg. No. 556034-5174

Introduction

We have reviewed the condensed interim financial information (interim report) for NCC AB (publ) for September 30, 2015 and the nine-month period then ended. The Board of Directors and the President are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express an opinion on this interim report based on our review.

Focus and scope of the review

We have conducted our review in accordance with the Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different direction and is substantially more limited in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the opinion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.

Conclusions

Based on our review, nothing has come to our attention that causes us to believe that, in all material respects, the accompanying interim report has not been prepared in accordance with IAS 34 and the Annual Accounts Act for the Group, and in accordance with the Annual Accounts Act for the Parent Company.

Other disclosures

The review of the interim report dated September 30, 2014 was performed by another auditor, who submitted a review report dated October 24, 2014 with an unmodified conclusion.

Solna, November 6, 2015

Ernst & Young AB

Mikael Ikonen Authorized Public Accountant

Reporting by geographical market

January - September

January - September									Average numbers
	Orders received		Order backlog		Net sales		EBIT		of employees		Capital employed
SEK M SEK M	2015	2014	2015	2014	2015	2014	2015	2014	2015	2014	2015	20 14
Sweden	22,229	23,412	27,520	26,108	20,533	18,730	793	831	9,299	8,917	10,120	7,865
Denmark	4,526	5,961	7,486	8,202	5,678	5,014	260	173	2,169	2,050	3,502	3,941
Finland	6,297	4,118	6,652	6,039	5,311	5,721	166	133	2,207	2,472	3,358	3,461
Norway	5,791	5,400	7,950	7,573	6,848	6,433	41	116	2,427	2,458	3,229	4,311
Germany	2,774	2,331	5,573	4,091	1,398	1,591	98	154	737	713	1,227	1,293
St. Petersburg	390	1,531	1,738	2,416	242	554	26	108	371	408	821	1,219
The Baltic countries	120	157	155	182	74	69	5	-10	55	74	406	504

Quarterly review

	2015	2015	2015	2014	2014	2014	2014	2013	2013
	Jul.-Sep.		Apr.-Jun. Jan.-Mar. Oct.-Dec.		Jul.-Sep.		Apr.-Jun. Jan.-Mar. Oct.-Dec.		Jul.-Sep.
Financial statements, SEK M
Net sales	14,724	14,152	11,208	18,760	14,796	13,479	9,832	21,073	13,129
Operating profit/loss	900	649	-161	1,101	989	677	-162	1,547	823
Profit/loss after net financial items	808	541	-254	1,017	881	576	-239	1,472	748
Profit/loss for the period	647	433	-202	877	695	447	-185	1,229	611
Cash flow, SEK M
Cash flow from operating activities	1,157	-824	-828	3,603	-447	-1,048	-763	4,523	-43
Cash flow from investing activities	-154	-255	-170	-175	-180	-219	-197	-283	-185
Cash flow before financing	1,004	-1,079	-998	3,428	-627	-1,267	-960	4,240	-227
Cash flow from financing activities	-26	524	-373	-1,610	244	-211	61	-2,118	460
Net debt	9,130	9,725	8,754	6,836	9,823	8,760	6,572	5,656	9,893
Order status, SEK M
Orders received	13,005	15,754	13,368	18,469	12,383	17,303	13,223	14,363	12,160
Order backlog	57,074	58,380	57,235	54,777	54,609	56,657	50,798	47,638	51,065
Personnel
Average number of employees	17,265	16,490	15,699	17,669	17,093	16,489	15,245	18,360	17,274

Summary of key figures

	2015	2014	Oct. 14-	Oct. 13-	2014	2013	20126)	2012	2011
	Jul.-Sep.	Jul.-Sep.	Sep.-15	Sep.-14	Jan.-Dec.	Jan.-Dec.	Jan.-Dec.	Jan.-Dec.	Jan.-Dec.
Profitability ratios
Return on shareholders equity, % 1)	22	27	22	27	22	26	28	23	17
Return on capital employed, % 1)	14	16	14	16	14	15	17	15	16
Financial ratios at period-end
Interest-coverage ratio, % 1)	6.0	7.2	6.0	7.2	6.4	7.8	7.5	7.0	7.4
Equity/asset ratio, %	19	19	19	19	23	22	20	23	25
Interest bearing liabilities/total assets, %	28	27	28	27	26	25	26	24	17
Net debt, SEK M	9,130	9,823	9,130	9,823	6,836	5,656	6,467	6,061	3,960
Debt/equity ratio, times	1.1	1.3	1.1	1.3	0.8	0.7	0.8	0.7	0.5
Capital employed at period end, SEK M	19,220	19,036	19,220	19,036	18,935	18,345	17,285	18,241	13,739
Capital employed, average	18,660	18,583	18,660	18,583	18,531	18,005	15,755	16,632	13,101
Capital turnover rate, times1)	3.2	3.2	3.2	3.2	3.1	3.2	3.6	3.4	4.0
Share of risk-bearing capital, %	20	20	20	20	23	23	21	25	27
Closing interest rate, % 2)	2.7	3.1	2.7	3.1	2.8	3.3	3.6	3.6	4.2
Average period of fixed interest, years 2)	0.7	0.9	0.7	0.9	1.1	1.2	1.1	1.1	0.8
Average interest rate, % 3)	1.2	2.0	1.2	2.0	1.8	2.7	2.4	2.4	2.7
Average period of fixed interest, years 3)	0.1	0.2	0.1	0.2	0.1	0.1	0.1	0.1	0.1
Per share data
Profit/loss after tax, before dilution, SEK	5.98	6.45	16.25	20.27	17.01	18.40	17.62	17.51	12.08
Profit/loss after tax, after dilution, SEK	5.98	6.45	16.25	20.27	17.01	18.40	17.62	17.51	12.08
Cash flow from operating activities, before dilution, SEK	10.73	-4.15	28.82	21.00	12.47	23.46	-0.24	-0.24	-14.27
Cash flow from operating activities, after dilution, SEK	9.30	-5.81	21.82	12.85	5.32	15.40	-8.61	-8.61	-22.17
P/E ratio 1)	16	12	16	12	15	11	8	8	10
Dividend, ordinary, SEK 6)					12.00	12.00	10.00	10.00	10.00
Dividend yield, %					4.9	5.7	7.3	7.3	8.3
Shareholders' equity before dilution, SEK	73.45	72.67	73.45	72.67	82.04	80.24	70.58	82.97	76.41
Shareholders' equity after dilution, SEK	73.45	72.67	73.45	72.67	82.04	80.24	70.58	82.97	76.41
Share price/shareholders' equity, %	344	330	344	330	301	262	193	164	158
Share price at period-end, NCC B, SEK	252.40	239.60	252.40	239.60	246.80	209.90	136.20	136.20	121.00
Number of shares, millions
Total number of issued shares 4)	108.4	108.4	108.4	108.4	108.4	108.4	108.4	108.4	108.4
Treasury shares at period-end	0.6	0.6	0.6	0.6	0.6	0.6	0.4	0.4	0.0
Total number of shares outstanding at period-end before dilution	107.9	107.8	107.9	107.8	107.8	107.8	108.0	108.0	108.4
Average number of shares outstanding before dilution during the period	107.9	107.8	107.8	107.8	107.8	107.9	108.2	108.2	108.4
Market capitalization before dilution, SEK M	27,166	25,797	27,166	25,797	26,574	22,625	14,706	14,706	13,136

Financial objectives and dividend	2015	2014	2013	20126)	2012	2011	20105)	2009	20097)
Return on shareholders equity, % 5)		22	26	28	23	17	20	25	18
Debt/equity ratio, times 5)		0.8	0.7	0.8	0.7	0.5	0.1	0.5	0.1
Dividend, ordinary, SEK		12.00	12.00	10,00	10.00	10.00	10.00	6.00	6.00

1) Calculations are based on a 12 month average.

2) Excluding liabilities pertaining to Swedish tenant-owners' associations and Finnish housing companies and pensions obligations in accordance with IAS 19.

3) Liabilities pertaining to Swedish tenant-owners' association and Finnish housing companies.

4) All shares issued by NCC are common shares.

5) New objective as of 2010: Debt/equity ratio < 1.5. Previous objective: <1.0. Return on shareholders equity after tax, 20%.

6) The amounts are adjusted for change in accounting policy regarding IAS 19.

7) The column is not recalculated in accordance to IFRIC 15.

For definitions of key figuers, see p. 26 and Annual Report 2014, p. 121.

NCC in brief

VISION

NCC's vision is to renew our industry and provide superior sustainable solutions.

BUSINESS CONCEPT – RESPONSIBLE ENTERPRISE

NCC develops and builds future environments for working, living and communication. Supported by its values, NCC and its customers jointly identify needsbased, cost-effective and high-quality solutions that generate added value for all of NCC's stakeholders and contribute to sustainable social development.

OBJECTIVE

NCC's overriding objective is to create value for its customers and shareholders. NCC aims to be a leading player in the markets in which it is active, to offer sustainable solutions and to be the customer's first choice.

FINANCIAL OBJECTIVES AND DIVIDEND POLICY

NCC aims to generate a healthy return to shareholders under financial stability. The return on equity after tax shall amount to 20 percent. The level for the return target is based on the margins that the various parts of the Group are expected to generate on a sustainable basis, and on capital requirements in relation to the prevailing business focus.

To ensure that the return target is not reached by taking financial risks, net indebtedness, defined as interestbearing liabilities less cash and cash equivalents and interest-bearing receivables, must never exceed 1.5 times shareholders' equity during any given quarter.

NCC's dividend policy is to distribute at least half of aftertax profit for the year to the shareholders. The aim of the policy is to generate a healthy return for NCC's shareholders and to provide NCC with the potential to invest in its operations and thus ensure that future growth can be created while maintaining financial stability.

ORGANIZATION

NCC conducts integrated construction and development operations in the Nordic region, Germany, Estonia, Latvia and St. Petersburg. The company has three businesses: industrial, construction and civil engineering, as well as development. Both operational and financial synergies exist between the businesses. The company's operations are organized in seven business areas.

STRATEGY 2012–2015

NCC aims to achieve profitable growth and be a leading player in the markets in which it is active. Being a leading player entails being among the top three companies in the industry in terms of profitability and volume. Three markets and areas are prioritized: growth in Norway in all business areas, establishing a presence in the civil engineering market in Finland and expansion of the housing development business in all markets. Growth targets have been established for NCC's various operations during the strategy period.

NCC AB
Industrial		Construction and civil engineering			Development
NCC Roads Sweden	NCC Construction Sweden	NCC Construction Denmark	NCC Construction Finland	NCC Construction Norway	NCC Housing, Sweden	NCC Property Development Sweden
Denmark Finland Norway St. Petersburg					Denmark Finland Norway Germany Estonia Latvia St. Petersburg	Denmark Finland Norway

Contact information

Chief Financial Officer Ann-Sofie Danielsson Tel. +46 (0)70-674 07 20

Senior Vice President Corporate Communications Ann Lindell Saeby Tel. +46 (0)76-899 98 48

Investor Relations Manager Johan Bergman Tel. +46 (0)8-585 523 53, +46 (0)70-354 80 35

Information meeting

An information meeting with an integrated web and teleconference will be held on November 6 at 10:00 a.m. at Tändstickspalatset, Västra Trädgårdsgatan 15 in Stockholm. The presentation will be held in English. To participate in this teleconference, call +46 (0)8-519 993 55 (SE), +44 203 194 05 50 (UK), +1 855 269 26 05 (US) or +49 800 627 0714 (DE) five minutes prior to the start of the conference. State "NCC".

In its capacity as issuer, NCC AB is releasing the information in this interim report pursuant to Chapter 17 of the Swedish Securities Market Act (2007:528). The information was distributed to the media for publication at 8:00 a.m. on Friday, November 6.

Definitions

INDUSTRY-SPECIFIC GLOSSARY

Construction costs: The cost of constructing a building, including building accessories, utility-connection fees, other contractor-related costs and VAT. Construction costs do not include the cost of land.

Required yield: The yield required by purchasers in connection with acquisitions of property and housing projects. Operating revenue less operating and maintenance expenses divided by the investment value, also called yield.

Proprietary project: When NCC, for its own development purposes, acquires land, designs a project, conducts construction work and then sells the project. Pertains to both housing projects and commercial property projects.

Leasing rate: The percentage of anticipated rental revenues that corresponds to signed leases (also called leasing rate based on revenues).

FINANCIAL KEY FIGURES

Return on equity: Net profit for the year according to the income statement excluding non-controlling interests, as a percentage of average shareholders' equity.

Return on capital employed: Profit after financial items including results from participations in associated companies following the reversal of interest expense in relation to average capital employed.

Dividend yield: The dividend as a percentage of the market price at year-end.

Net indebtedness: Interest-bearing liabilities and provisions less financial assets including cash and cash equivalents.

Net sales: The net sales of construction operations are recognized in accordance with the percentage-ofcompletion principle. These revenues are recognized in pace with the gradual completion of construction projects within the company. For NCC Housing, net sales are recognized when the housing unit is transferred to the end customer. Property sales are recognized on the date on which significant risks and benefits are transferred to the buyer, which normally coincides with the transfer of ownership. In the Parent Company, net sales correspond to recognized sales from completed projects.

Orders received: Value of received projects and changes in existing projects during the period concerned. Proprietary projects for sale, if a decision to initiate the assignment has been taken, are also included among assignments received, as are finished properties included in inventory.

Order backlog: Period-end value of the remaining nonworked-up project revenues for projects received, including proprietary projects for sale that have not been completed.

Capital employed: Total assets less interest-free liabilities including deferred tax liabilities. Average capital employed is calculated as the average of the balances per quarter.

Rounding-off differences may arise in all tables.