Veidekke — Fund Information / Factsheet 2010

Dec 15, 2010

V EIDEKKE

Fact sheet: Contracting activities in the Hæhre group

• The Hæhre group's contracting activities comprise Hæhre Entreprenør AS, Hæhre Maskinutleie AS and Hæhre Mek. Verksted AS. The other companies in the Hæhre group will remain under the ownership of the current owners.

• Contracting operations have more than 400 employees and turnover in 2009 was NOK 800 million. The headquarters are in Vikersund, with regional offices at Billingstad and in Bergen.

• Hæhre is currently one of the largest machine contractors in Norway, with experienced and skilled associates and modern machinery and equipment. Hæhre has long experience with earthwork, and is currently one of Norway's leading companies in this segment. In addition, Hæhre has in recent years established a tunnel and concrete section. The company has central approval for class 3 work and for execution and control.

• Work is carried out all over Norway. In recent years the bulk of operations have been in south-east Norway. The enterprise carries out work in shared, principal and turnkey contracts, primarily in the transport sector.

• 70% of the Hæhre group is owned by the Hæhre family, while the remaining 30% is owned by central associates.

Key figures for Hæhre's contracting operations (amounts NOK million):

	2005	2006	2007	2008	2009	2010*
Operating income	349.5	429.8	559.0	840.4	794.8	1 000
Operating profit	42.9	55.3	32.9	41.7	(8.4)	45
Result before tax	39.0	51.6	23.6	26.0	(23.1)	35
Profit margin in %	11.2	12.0	4.2	3.1	-2.9	3.5

• 2010 = Estimate

As of 31 December 2009 contracting operations had a balance of NOK 766 million, NOK 105 million in equity and NOK 218 million in net interest-bearing debt.

• In 2009 the combined sick-leave figure for the whole group was 7.9% (5.7%), and no accidents with personal injury were recorded (there were two minor accidents with personal injury in 2008).

• History: Developments have been huge in all areas since Albert Kristian Hæhre established his own business in 1974. However, even though the company has grown large, much of the original foundation has been preserved: The desire and will to succeed, the uncompromising craftsmanship, the importance of honouring contracts, etc. What is perhaps most characteristic is that loyalty and friendship has been preserved among the employees. Many of those who joined the company at an early stage still have a central role and possess unique experience and expertise in their various fields.