Veidekke ASA - Annual Report 2008

Highlights in 2008

Earnings before tax were MNOK 816, as against MNOK 1,181 in 2007, and turnover totalled BNOK 19.4 as against BNOK 19.3 in 2007. This gave a profit margin of 4.2 per cent compared with 6.1 per cent in 2007.

Thriving in the face of adversity

At the time of writing, we are unquestionably in a situation where uncertainty is affecting most aspects of our business, and where it is hardly possible for anyone to foresee the future. In view of this, we are happy to look back on 2008, which not only turned out to be a good year profit-wise, but which was also a year where Veidekke managed to put in place the Scandinavian organisation of motivated and competent employees who will carry the company forward.

Key figures

Key figures related to operations, profitability, capital adequacy, liquidity, shares and shareholders and employees

Challenges in 2009

There is, naturally, a great deal of uncertainty attached to the effects of the market decline and financial crisis on the building and construction market in Norway, Sweden and Denmark in times ahead. This not only applies to the general financial development and the effect of the already implemented, extraordinary fiscal measures – there is also uncertainty as to when the credit and financial market will recover.

Strength through responsibility

Veidekke shall meet the climate challenges with innovation and development of new technology. The building industry has a special responsibility when it comes to handling the environmental and climate-related challenges faced by the world today. We know that a large share of the total energy consumption in Scandinavia can be related to the building and use of houses, non-residential buildings and public buildings.

Strength through flexibility

Great gains comes from involvement and interaction. The office building Veidekke is putting up for KLP Eiendom in the middle of Trondheim city centre, may in many ways be regarded as a reference building, both in terms of energy consumption and when it comes to new and flexible solutions.

Strength through competence

Kjøsnesfjorden - one of the most challenging power plant projects ever carried out in Norway. Even though Kjøsnesfjorden so far is the largest power plant project ever to be developed and built by Veidekke, it is not among the largest power plants in Norway. It is, however, one of the most challenging projects within Norwegian power plant development.

// Year 2008