Veidekke with satisfactory results in challenging times
(Thomson Reuters ONE) -
Veidekke increased its turnover in the third quarter compared with last year,
as well as its order backlog so far this year by 1.2 BNOK. "The results show
increased activity and good sales, but are also marked by margin pressure in
construction operations", says Terje R. Venold in Veidekke.
Veidekke's turnover in the third quarter was 4,587 MNOK (4,448 MNOK in 2010).
Profit before tax was 225 MNOK (270 MNOK). Earnings per share were NOK 1.40 (NOK
1.50). The order backlog for the Group's construction business now stands at
13.4 BNOK (12.1 BNOK). The figures are taken from the segment accounts.
Construction operations
The level of activity in several segments of the building and construction
market has improved, but pressure on prices remains. There are, however, large
local and market variations. In Norway, the margin pressure is greatest within
heavy construction, while in Sweden, the regions outside Stockholm faced
challenges in the quarter. In Denmark, turnover increased by 30% over last year,
and the profit margin strengthened. The total turnover for construction
operations in the third quarter was 3,539 MNOK (3,187 MNOK) and earnings were
73 MNOK (133 MNOK).
Property development
Property operations achieved a good result. Sales of new homes were satisfactory
in Norway, but slightly weaker in Sweden. The number of dwellings under
production at the end of the quarter was 1,205 (728), and in all, Veidekke
Property sold 112 homes during the second quarter (216). Sales for Veidekke's
property operations in the third quarter totalled 314 MNOK (322 MNOK) and
earnings were 31 MNOK (21 MNOK).
Industry
Industry delivered a profit on the same level as last year despite lower
production volumes within the area of asphalt. It should also be highlighted
that earnings within road maintenance are again in balance after major losses
the previous years. Total turnover for Veidekke Industry in the third quarter
was 919 MNOK (1,077 MNOK), while profit was 136 MNOK (136 MNOK).
HSE
Sick leave for all employees in Norway in the third quarter was 5.6% (5.5%),
whereas in Sweden it was 3.5% (3.0%) and in 2.3% (2.3%) Denmark. The injury
rate for the entire Group (number of lost-time injuries per million working
hours, 12 months rolling) was 6.9 (5.9) in the third quarter.
See also the Board's report for the third quarter of 2011, which is attached to
this press release.
Report Q3 2011
For more information:
President & CEO Terje R. Venold, tel. + 47 21 05 77 01 /
+47 90 58 23 23,terje.venold(at)veidekke.no
Executive Vice President /CFO Jørgen W. Porsmyr, tel. + 47 21 05 76 44 /
+47 90 75 90 58, jorgen.wiese-porsmyr(at)veidekke.no
Executive Vice President Communication Kai Krüger Henriksen,
tel. + 47 21 05 77 04 / +47 90 51 93 60,kai.henriksen(at)veidekke.no
Veidekke is one of Scandinavia's largest contractors with 6,000 employees and a
turnover of 16.3 billion NOK (2010) Activities include building and construction
projects, residential developments, asphalt plants, gravel and aggregates, road
maintenance and recycling. Our values are professional, honest, enthusiastic and
pioneering. Our goals for health, safety and the environment, HSE, have equal
status with our financial goals. Veidekke is characterized by a decentralized
organizational model with a strong corporate culture and a high degree of
employee involvement. Over half the employees are co-owners, holding 20% of
Veidekke's shares between them. The company is listed on the Oslo Stock Exchange
and has never declared a loss since it was founded in 1936.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Report Q3 2011:
http://hugin.info/172/R/1560376/482735.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Veidekke ASA via Thomson Reuters ONE
[HUG#1560376]
Unternehmensinformation / Kurzprofil:
Datum: 03.11.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 83516
Anzahl Zeichen: 4791
contact information:
Town:
Oslo
Kategorie:
Business News
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