Veidekke

Quarterly Report • Apr 25, 2018

Financial accounts 2017 - Income statement 2017 Veidekke Group

Figures in NOK millions			Adjustment IFRS 15
Income statement	Full year 2017	Property	Construction	Total	Full year 2017
Revenue	30 281	1024	$-130$	894	31 175
Operating expenses	$-28839$	$-861$		$-861$	$-29700$
Share of net income from joint ventures	334	35		35	369
Depreciation/impairment	$-524$				$-524$
Operating profit (EBIT)	1 2 5 2	198	$-130$	68	1320
Net financial items	÷.
Profit before tax	1 2 5 9	198	$-130$	68	1327
Income tax expense	$-140$	$-9$	27	18	$-122$
Profit after tax	1 1 1 9	189	$-103$	86	1 2 0 5

Financial accounts 2017 - Quarterly Income statements Veidekke Group

Figures in NOK millions			Adjustment IFRS 15
Income statement	1 quarter 2017	Property	Construction	Total	1 quarter 2017
Revenue	6275	176	$-13$	163	6438
Operating expenses	$-6243$	$-140$		$-140$	$-6383$
Share of net income from joint ventures	34	30		30	64
Depreciation/impairment	$-123$				$-123$
Operating profit (EBIT)	$-57$	66	$-13$	53	-4
Net financial items
Profit before tax	$-56$	66	$-13$	53
Income tax expense	10	$-12$
Profit after tax	$-46$	54	$-11$	44	-2

Figures in NOK millions			Adjustment IFRS 15		New IFRS
Income statement	2 quarter 2017	Property	Construction	Total	2 quarter 2017
Revenue	7927	314	$-36$	278	8 2 0 5
Operating expenses	$-7483$	$-282$		$-282$	$-7765$
Share of net income from joint ventures	57	8			65
Depreciation/impairment	$-125$				$-125$
Operating profit (EBIT)	375	39	$-36$		379
Net financial items
Profit before tax	380	39	$-36$		383
Income tax expense	$-66$	$-7$			$-67$
Profit after tax	313	33	-30		316

Figures in NOK millions			Adjustment IFRS 15
Income statement	3 quarter 2017	Property	Construction	Total	3 quarter 2017
Revenue	7461	362	$-25$	337	7799
Operating expenses	$-6980$	$-297$		$-297$	$-7276$
Share of net income from joint ventures	71	19		19	90
Depreciation/impairment	$-131$				$-131$
Operating profit (EBIT)	421	85	$-25$	60	480
Net financial items					$-7$
Profit before tax	414	85	$-25$	60	474
Income tax expense	$-54$	$-10$			$-62$
Profit after tax	360	74	$-22$	52	412

Figures in NOK millions			New IFRS
Income statement	4 quarter 2017	Property	Construction	Total	4 quarter 2017
Revenue	8618	172	$-56$	116	8734
Operating expenses	$-8133$	$-142$		$-142$	$-8275$
Share of net income from joint ventures	173	$-22$		$-22$	151
Depreciation/impairment	$-144$				$-144$
Operating profit (EBIT)	513		$-56$	$-48$	465
Net financial items
Profit before tax	521	я	$-56$	$-48$	473
Income tax expense	$-30$	20	16	36 1	6
Profit after tax	492	189	$-40$	$-12$	479

Figures in NOK millions			New IFRS
	31 December 2017	Adjustments IFRS 15	31 December 2017
Other non-current assets	4993		4993
Investments in joint ventures	1430	59	1489
Total non-current assets	6423	59	6482
Residential projects	7076	$-3135$	3941
Trade receivables	5 3 7 2	$-339$	5033
Other current assets	1572		1572
Total current assets	14 0 20	$-3474$	10 546
Total assets	20 443	$-3415$	17028
Equity	3848	372	4 2 2 0
Other non-current liabilities	1256		1256
Deferred tax liabilities	512	$-82$	430
Total non-current liabilities	1768	$-82$	1686
Trade payables and other payables	7356		7356
Other current liabilities	7471	$-3706$	3765
Total current liabilities	14827	$-3706$	11 122
Total equity and liabilities	20 443	$-3415$	17028
Equity ratio	18,8%		24,8%

Figures in NOK millions			New IFRS
	31 December 2016	Adjustments IFRS 15	31 December 2016
Other non-current assets	4612		4612
Investments in joint ventures	1363	22	1385
Total non-current assets	5975	22	5997
Residential projects	4877	$-2141$	2736
Trade receivables	5494	$-322$	5 1 7 3
Other current assets	1099		1099
Total current assets	11 470	$-2462$	9008
Total assets	17 445	$-2440$	15 005
Equity	3 4 6 5	255	3719
Other non-current liabilities	1501		1501
Deferred tax liabilities	474	-64	410
Total non-current liabilities	1975	$-64$	1911
Trade payables and other payables	5925		5925
Other current liabilities	6080	$-2631$	3 4 4 9
Total current liabilities	12 005	$-2631$	9375
Total equity and liabilities	17 445	$-2440$	15 005
Fauity ratio	19.9%		24.8%

$\sim$

Segment accounts- Profit before tax 2017

Figures in NOK millions		Construction Norway
			New			New
	Full year 2017	Adjustment IFRS 15	Full year 2017	Full year 2017	Adjustment IFRS 15	Full year 2017
Revenue	14850	$-130$	14720	31 568	$-130$	31438
Operating expenses	$-14199$		$-14199$	$-29915$		$-29915$
Share of net income from joint ventures	4		4	305		305
Depreciation/impairment	$-233$		$-233$	$-524$		$-524$
Operating profit (EBIT)	421	$-130$	291	1434	$-130$	1304
Net financial items	31		31	$\overline{7}$		$\overline{7}$
Profit before tax (EBT)	452	$-130$	322	1441	$-130$	1311
	Q1 2017	Adjustment IFRS 15	New Q1 2017	Q1 2017	Adjustment IFRS 15	New Q1 2017
Revenue	3 4 6 9	$-13$	3456	6533	$-13$	6520
Operating expenses	$-3343$		$-3343$	$-6440$		$-6440$
Share of net income from joint ventures			×,	90		90
Depreciation/impairment	$-56$		$-56$	$-123$		$-123$
Operating profit (EBIT)	70	$-13$	57	59	$-13$	46
Net financial items	10		10	$\mathbf{1}$		$\mathbf{1}$
Profit before tax (EBT)	80	$-13$	67	60	$-13$	47
	Q2 2017	Adjustment IFRS 15	New Q2 2017	Q2 2017	Adjustment IFRS 15	New Q2 2017
Revenue
	3783	$-36$	3747	8322	$-36$	8 2 8 6
Operating expenses	$-3615$		$-3615$	$-7836$		$-7836$
Share of net income from joint ventures				56		56
Depreciation/impairment	$-57$ 111		$-57$	$-125$		$-125$
Operating profit (EBIT) Net financial items		$-36$	75	417	$-36$	381
	10 120		10	4		$\overline{4}$
Profit before tax (EBT)		$-36$	84	421	$-36$	385
	Q3 2017	Adjustment IFRS 15	New Q3 2017	Q3 2017	Adjustment IFRS 15	New Q3 2017
Revenue	3 4 7 5	$-25$	3450	7912	$-25$	7887
Operating expenses	$-3314$		$-3314$	$-7337$		$-7337$
Share of net income from joint ventures	u,			85		85
Depreciation/impairment	$-58$		$-58$	$-131$		$-131$
Operating profit (EBIT)	103	$-25$	78	529	$-25$	504
Net financial items	6		6	$-7$		$-7$
Profit before tax (EBT)	109	$-25$	84	523	$-25$	498
	Q4 2017	Adjustment IFRS 15	New Q4 2017	Q4 2017	Adjustment IFRS 15	New Q4 2017
Revenue	4 1 2 2	$-56$	4 0 6 6	8801	$-56$	8745
Operating expenses	$-3927$		$-3927$	$-8302$		$-8302$
Share of net income from joint ventures	4		4	73		73
Depreciation/impairment	$-62$		$-62$	$-144$		$-144$
Operating profit (EBIT)	138	$-56$	82	429	$-56$	373
Net financial items	6		6	8		8
Profit before tax (EBT)	143	$-56$	87	437	$-56$	381