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1. About us
2. Our market
3. Our operations
4. Financials
5. Financing strategy
6. Commercial paper programme
7. Summary
2
3
Joachim Hallengren, CEO
CEO of NCC Housing 2012–2016 and a
total of 16 years’ experience of a range
of positions in the NCC Group, including
Business Area Manager of NCC Property
Development and member of the senior
management of NCC AB (publ).
Shareholding in Bonava AB:
10,000 series A shares
and 46,894 series B shares.
Ann-Sofi Danielsson, CFO
CFO, Financial Director and a total of 13
years’ experience as a member of NCC
AB’s senior management.
Shareholding in Bonava AB:
14,144 series B shares.
Develops and sells affordable homes to private
customers and investors
Broad geographic presence
Net sales of SEK 13.5 bn and EBIT of SEK 1.5 bn in
2016
Over 1,600 employees
5
Broad geographic presence
Diversified offering
Focus on affordable
Strong market positions
Strong financial position
6
7
2009 20162013-2015
1997
Strong anchor holder (Nordstjernan)
Ten largest owners combined owns close
to 60 per cent of the total outstanding shares
8As of 31 August
Ten largest owners Holding (%)
Nordstjernan 18.7
AMF – Försäkring och fonder 9.7
Swedbank Robur fonder 7.2
SEB Investment Management 4.9
Lannebo 4.9
Fjärde AP-fonden 3.8
Carnegie fonder 2.8
Länsförsäkingar fondförvaltning 2.6
Handelsbanken fonder 2.3
Norges Bank 2.1
10
Investments in housing development in Europe 2014 (BNEUR)
Sweden
5Germany
47
Finland
5
Denmark
2
Norway
8Rest of
Europe181
EUR ~67bn market expected to grow with an annual rate of 4% until 2018
11
GDP
90
100
110
120
130
140
150
160
170
180
190
2005 2007 2009 2011 2013 2015 2017e
90
100
110
120
130
140
150
160
170
180
190
2005 2007 2009 2011 2013 2015 2017e
90
100
110
120
130
2005 2007 2009 2011 2013 2015 2017e
Employment Disposable income
12
Population Degree of urbanisation
90
95
100
105
110
115
2005 2007 2009 2011 2013 2015 2017e
60%
65%
70%
75%
80%
85%
90%
95%
Sweden Germany Finland Denmark Norway Russia Estonia Latvia
2015 2020 2050
14% Share of net sales as of Q2 2017 R12
Sweden
Denmark and Norway
Germany
St. Petersburg
Finland
Estonia and Latvia
40%
12%
31%
1%
5%
11%
15
16
Customer segments Product types
Consumers (70%)
Investors (30%)
Margins vs.
Risk
Volumevs.
Speed
Multi-family houses
Single-family houses
Project profitability
5. Customer service4. Project execution
17
Sales start Production start Hand over
2. Project development (design and planning)
1. Land purchase
Accessing land
3. Marketing and sales
18
19
Uppsala
Stockholm
Gothenburg
Linköping
Umeå
Consumers
Consumer operations focused on Stockholm, Gothenburg,
Linköping, Uppsala and Umeå
~15 cities identified
Both multi-family and single-family houses
20
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Customers
Consumers and investors in 8 regions
Both multi-family and single-family houses Rhine-Ruhr
Cologne/Bonn
Rhine-Main
Rhine-Neckar/Stuttgart
Berlin
Sachsen
Baltic Sea
Hamburg
22
Processes & systems
Operating model
Winning culture and people focus
Differentiation
Design & production Procurement
Geographic footprint
23
DESE
-43%
FI
11,200
9,700
7,900
1,600
-26%
-37%
2,8003,400
7,200
+132%
7,100
2017 Q2
2013
No. of building rights
25
26
Q2 2017 R12
14.0%
6.8%
10.5%10,226
2015
13,070
20142013
9,1969.2%
11.6%
2016
13,492
15,201
Net sales, SEK M EBIT margin
27
Q2 2017 R12
22.1%
6,009
3,018
7.6%
2,409
13.8%
2013
18.3%
5,040
15.2%
2015
4,639
20162014
Net sales, SEK M EBIT margin
28
3,4713,907
12.2%
2015 2016
9.1%
12.1%2,508
2013
3,170
Q2 2017 R12
4,747
2014
10.3%
12.7%
EBIT marginNet sales, SEK M
29
5.3
3.2
1.0
1.4
3.73.5
Q1 2016
1.0
Q4 2015
4.64.2 0.5
Q4 2016
0.9
Q1 2017
4.3
3.7
3.6
5.2
Q2 2016
4.8
0.1
Q3 2016
4.3
5.1
4.3
1.0
Q2 2017
Net debt, SEK BN
Net debt to tenant-owners associations/housing companies
Other net debt
30
Q1 2017Q1 2015 Q4Q2 Q2Q3 Q3 Q4Q1 2016 Q2
Cash flow before financing
31
16,7
Q3 2016Q2 2016Q4 2015
15.5
17,9 18,4
Q1 2016 Q1 2017
Completed housing units
Other assets
Housing units in production
18,5
Q4 2016
16,8
Q2 2017
18,9
Properties held for future development
SEK BN
More than 30 percent of the business to be financed by equity
Diversification of funding sources
o Term loans from Svensk Exportkredit, 30+30 MEUR
o Project loans from banks, SEK 4.4 bn as of 30 June 2017
o Revolving credit facility of SEK 2.7 bn, to be used as back-up facility for CP programme
o Capital market financing through CP will replace part of other debt
Floating interest rates, that may be hedged with interest rate swaps
33
34
Type of loan Amount Maturity date Interest base Utilized amount Unused amount
Term loan MEUR 30 2020-06-09 Floating MEUR 30 -
Revolving Credit Facility
MSEK 2,700
2021-04-28 Floating MSEK 538 MSEK 2,162
Term loan MEUR 30 2021-06-09 Floating MEUR 30 -
*Debt related to Finnish housing companies and Swedish tenant-owner association
Project financing
Amount Average tenor Interest base Utilized amount Unused amount
Brf/BAB*) n/a 20 months Floating MSEK 4,410 n/a
36
Issuer Bonava AB
Amount 2.0 bn SEK
Arranger SEB
IPA Handelsbanken
Issuing banks Danske Bank, Handelsbanken, SEB and Swedbank
Terms
Yield level Tbd
First issuance October 2017
Tenor 1-9 months
Seasonal pattern CP issuance likely to be lower in the end of Q4 due to strong cash flows, and increased issuance during Q1 – Q3
Broad geographic presence
Diversified offering
Focus on affordable
Strong financial position
38