Q3 2024 Ncc AB Earnings Call Transcript
Key Points
- NCC AB (STU:NCGB) reported an 8% increase in operating profit compared to the same quarter last year, adjusted for capital gains.
- The company maintained a stable order backlog of 53.5 billion SEK, indicating a strong pipeline of future projects.
- There is a continued positive market outlook, particularly in infrastructure, public buildings, and defense sectors.
- The company achieved a significant reduction in CO2 emissions, surpassing its target with a 65% reduction due to increased use of biofuels.
- Building Nordics showed substantial margin improvements, particularly due to restructuring efforts in Finland and improvements in Norway.
- The property market remains slow, with low letting ratios and no new projects sold or started in the quarter.
- Higher corporate net debt and increased interest rates have led to a significant rise in financing costs.
- Building Sweden experienced a slight decline due to a challenging market environment.
- The company reported a negative cash flow for the quarter, attributed to lower accounts payable and the absence of cash inflow from previous asset sales.
- The 'Other and Elimination' segment showed a decrease in EBIT due to increased group-level costs, particularly in IT development.
Good morning, everybody and welcome to this presentation of the third quarter, 2024 for the NCC group. I'm Tomas Carlsson CEO. And with me here today, I have Susanne Lithander our CFO but let's start by looking at our key numbers.
In the third quarter, NCC had orders received of 13.3 billion SEK. The order backlog was 53.5 billion SEK net sales in the quarter was 14.3 billion SEK. And in line with the preceding year, operating profit was 665 million SEK. An improvement by about 8% compared to the same quarter last year adjusted for capital gains from the divestment of buying asset.
Good morning again. And let's look at how you can think about this quarter for the NCC group. We had a stable third quarter and for us stable is good earnings increased compared to last year adjusted for that we had a capital gains of from the sales of a subsidiary last year, we are up 8% increased orders received. We have rather good orders received in
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