Veidekke

Earnings Release • Feb 8, 2023

Veidekke: Q4 2022 results

Veidekke: Q4 2022 results

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/)

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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.