NCC Group pro forma 2009 and financial objectives for 2010

As of January 1, 2010, NCC will apply IFRIC 15 and, accordingly, pro formacomparative figuresfor 2009 are presented inthis press release. Due to the introduction ofIFRIC 15, NCC has adjusted its financial objectives effective 2010.

As of January 1, 2010, NCC will apply IFRIC 15, Agreements for the Construction of Real Estate. The new accounting policies will mainly affect NCC’s housing operations, since as of 2010 sales of housing projects will generally not be recognized as profit until the projects have been transferred to the end customer, in contrast to 2009 and prior years, when profit was recognized in pace with completion and sale. NCC’s assets and liabilities will also be affected by the introduction of IFRIC 15. Interest-bearing liabilities will be higher than previously because ongoing construction of housing in Swedish tenant owner associations and Finnish housing companies will have to be recognized in NCC’s balance sheet. Accordingly, reported net indebtedness will increase. In practice, however, the changes will have no impact on NCC’s financial position and risk. NCC’s financial objective for the debt/equity ratio is being increased from 1.0 to 1.5, which means that net indebtedness must never exceed 1.5 times shareholders’ equity at the end of any quarter.The objective for the return on shareholders’ equity remains unchanged at 20 percent after tax. The objective pertaining to cash flow has been discontinued, due to the limitations on net indebtedness. Consolidated pro forma figures for 2009 Income statement NCC Group 2009 Change 2009 IFRIC SEK M Jan.-Dec. IFRIC 15 Jan.-Dec. Net sales 51 817 4 188 56 005 Production costs -46 544 -3 719 -50 263 Gross profit 5 273 469 5 742 Selling and administrative expenses -3 035 -3 035 Result from sales of owner- occupied properties 10 10 Impairment losses, fixed assets -7 -7 Result from sale of Group companies 5 5 Competition- impeding fee -95 -95 Result from participations in associated companies -1 -1 Operating profit/ loss 2 150 469 2 619 Financial income 70 70 Financial expense -526 -58 -584 Net financial items -456 -58 -514 Profit/loss after net financial items 1 694 411 2 105 Tax on net profit/loss for the year -432 -18 -449 Net profit/loss for the year 1 262 393 1 656 Balance sheet NCC Group 2009 Change 2009 IFRIC SEK M Dec. IFRIC 15 Dec. ASSETS Fixed assets Goodwill 1 750 1 750 Other intangible assets 120 120 Managed properties 0 0 Owner-occupied properties 647 647 Machinery and equipment 1 910 1 910 Participations in associated companies 9 9 Other long-term holdings of securities 203 203 Long-term receivables 1 261 1 261 Deferred tax assets 117 19 137 Total fixed assets 6 016 19 6 035 Current assets Property projects 2 835 2 835 Housing projects 8 363 1 774 10 137 Materials and inventories 514 514 Tax receivables 200 200 Accounts receivable 6 355 -15 6 340 Worked-up, non- invoiced revenues 1 459 -682 777 Prepaid expenses and accrued income 844 138 982 Other receivables 1 272 275 1 547 Short-term investments 286 286 Cash and cash equivalents 1 831 486 2 317 Total current assets 23 959 1 976 25 935 TOTAL ASSETS 29 976 1 994 31 970 EQUITY Shareholders´equity 867 867 Shareholders´equity 7 667 -197 7 470 Minority interests 18 18 Total shareholders´equity 7 685 -197 7 488 LIABILITIES Long-term liabilities Long-term interest-bearing liabilities 2 941 31 2 972 Other long-term liabilities 558 558 Deferred tax liabilities 710 -69 641 Provisions for pensions and similiar obligations 18 18 Other provisions 3 023 -91 2 932 Total long-term liabilities 7 250 -129 7 121 Current liabilities Current interest-bearing liabilities 391 1 348 1 739 Accounts payable 3 545 -9 3 536 Tax liabilities 38 38 Invoiced revenues not worked-up 4 516 -267 4 250 Accrued expenses and prepaid income 3 539 84 3 623 Provisions 59 59 Other current liabilities 2 954 1 164 4 118 Total current liabilities 15 041 2 320 17 361 Total liabilities 22 291 2 191 24 482 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 29 976 1 994 31 970 ASSETS PLEDGED 319 319 CONTINGENT LIABLITIES 4 600 -1 041 3 559 Capital employed 11 034 1 182 12 216 Net indebtedness -754 -1 030 -1 784 Debt/equity ratio, times 0,1 0,2 Equity/assets ratio, % 26 23 NCC´s financial objectives As of 2010 NCC has the following financial objectives: * Return on shareholders’ equity after tax must amount to 20 percent. * Net indebtedness must not exceed 1.5 times shareholders’ equity. NCC’s portfolio of development rights (housing development) As of 2010, NCC will be reporting sales to investors, also known as package deals, together with housing produced on a proprietary basis. [Removed graphics] For table see PDF. For further information, please contact: Chief Financial Officer Ann-Sofie Danielsson, phone. +46 (0)70-674 07 20. Investor Relation manager Johan Bergman, phone +46 (0)8-585 523 53, +46 (0)70-354 80 35. An information meeting to illuminate the effects of IFRIC15 will be held at 9:30 a.m. CET on March 17 at Vallgatan 5, Solna, Sweden. The presentation will be held in Swedish and the presentation material will be available at http://www.ncc.se/capitalmarketday after the meeting. Enclosed documents: Consolidated pro forma figures for 2009, and per quarter and per business area (PDF) Consolidated pro forma figures for 2009, and per quarter and per business area (Excel) All of NCC’s press releases are available on www.ncc.se NCC is one of the leading construction and property development companies in the Nordic region. NCC had in 2009 sales of SEK 52 billion, with 18,000 employees.