Veidekke: Q4 2022 results

08 Feb 2023 07:00 CET

Veidekke achieved revenues of NOK 10.8 billion in Q4, and a pre-tax profit of
NOK 622 million. The group's order book totalled NOK 41.3 billion at year-end.
The profit per share was NOK 8.1, and the board is proposing a dividend of NOK
7.75 per share for the financial year 2022.

"Veidekke delivered solid operations in the fourth quarter, growing revenue,
profits and margins. Four out of the group's five business areas improved their
profitability year-on-year, with Construction Norway and Infrastructure Norway
being the standout performers. In addition, Infrastructure Sweden sold a former
landfill site for development as a logistics property during the quarter," says
CEO Jimmy Bengtsson.

"Overall, we are pleased to have delivered good results throughout 2022. These
give us a solid foundation for delivering on our promise to pay dividends to our
shareholders," says Bengtsson.

"We enter 2023 with a strong and balanced project portfolio and are well
positioned to handle a more uncertain market," says Bengtsson.

"Moreover, innovation efforts and partnerships continue, and will generate green
business opportunities and activity going forward," says Jimmy Bengtsson.

Veidekke achieved revenues of NOK 10.8 billion in Q4 2022, compared to NOK 10.2
billion in the fourth quarter of 2021. The fourth-quarter pre-tax profit
totalled NOK 622 million, compared to NOK 393 million in Q4 2021. The quarterly
profit figure includes a gain of NOK 130 million on Infrastructure Sweden's sale
of an industrial site outside Stockholm. The rest of the profit improvement is
attributable to Construction Norway, Infrastructure Norway and the Danish
operation.  The profit margin was 5.7%, compared to 3.9% in Q4 2021.

The group achieved total revenues of NOK 38.7 billion in 2022, compared to NOK
37.6 billion in 2021. Infrastructure Norway, Infrastructure Sweden and
Construction Sweden improved their revenues, while Construction Norway and
Denmark performed on a par with last year. The group's total pre-tax profit in
2022 amounted to NOK 1 467 million, up from NOK 1 342 million in 2021. Most of
the profit increase is attributable to Infrastructure Sweden. The 2022 profit
margin was 3.8%, up from 3.6% in 2021. With the exception of Construction
Sweden, all operational areas improved their profitability.

Net interest-bearing assets totalled NOK 2.8 billion at the end of Q4 2022,
compared to NOK 3.7 billion at the beginning of the year. Quarterly cash flow
from operational activities amounted to NOK 907 million, compared to NOK 856
million in Q4 2021. Full-year cash flow from operational activities totalled NOK
1.4 billion, compared to NOK 2.2 billion in 2021. The statement of financial
position totalled NOK 17.6 billion at quarter-end, up from NOK 17.3 billion one
year ago.

The group's Q4 order intake was NOK 7.8 billion, compared to NOK 7.9 billion in
Q4 2021. At quarter-end, the order book amounted to NOK 41.3 billion, up from
NOK 38.1 billion in 2021.

The fourth-quarter LTI (lost time injury) rate was 2.9, compared to 2.4 in the
preceding quarter and 5.4 in Q4 2021. While no serious injuries were recorded in
Q4, two such incidents were registered earlier in the year. The sick leave rate
was 6.4%, up from 4.6% in the preceding quarter and 4.6% in the fourth quarter
of last year.

This information is subject to a disclosure duty pursuant to section 5-12 of the
Securities Trading Act.

For more information, contact:
Jimmy Bengtsson, CEO, +47?984 70?000
Lars Erik Lund, EVP, +47?413 31 369
Jørgen Wiese?Porsmyr, CFO,+47?907?59?058

Veidekke press photos (https://veidekke.fotoware.cloud/fotoweb/archives/5028
-Pressebilder-Veidekke/)
Subscribe to notices from Veidekke (http://veidekke.com/no/borsmeldinger/abonner
-pa-meldinger/)

Veidekke is one of Scandinavia's largest contractors. In addition to undertaking
all types of building and civil engineering assignments, the group maintains
roads and produces asphalt and aggregates. Veidekke emphasises stakeholder
involvement and local experience. Its annual turnover is approximately NOK 39
billion, and half of its 8,000 employees own shares in the company. Veidekke is
listed on the Oslo Stock Exchange, and has posted a profit every year since its
inception in 1936.

More information:
Access the news on Oslo Bors NewsWeb site

581590_Presentation_Q4_2022.pdf
581590_Report_Q4_2022.pdf