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 

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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.

Title File type
Report Q4 2022 pdf
Presentation Q4 2022 pdf
Historical financial information per Q4 2022 xlsx