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2016-05-11

Veidekke ASA: Record high order backlog and good start to 2016 for Veidekke

Veidekke increased its first-quarter revenue by 17% from last year to NOK 5.9
billion. "Good markets in most of our areas and solid work by our employees
have resulted in a good start to the year and a historically high order
backlog," says President and CEO Arne Giske.

Veidekke had revenue of NOK 5.9 billion in the first quarter of 2016, an
increase of NOK 900 million from Q1 2015. Profit before tax was NOK -15
million, an improvement of NOK 27 million from the previous year. The order
intake for the quarter amounted to nearly NOK 8 billion, giving a total order
backlog of NOK 27 (18) billion. This is a 50% increase in the last 12 months.
Earnings per share (IFRS) was NOK -0.7 (-0.1).

"Construction operations have seen progress in both revenue and profit.
Activity levels are high, especially in commercial buildings in Oslo and
residential projects in Stockholm. In addition, we have been awarded a number
of important projects in south-western Norway in this quarter, which is very
pleasing," says Giske. Revenue from construction operations amounted to NOK
5.3 (4.4) billion, and profit before tax was NOK 107 (103) million in Q1.

"In Property Development, the high level of activity has continued into the
first quarter. In Sweden in particular we now have a very good residential
market, yielding strong profit growth," Giske continues. Revenue from
property development operations was NOK 551 (462) million, and profit before
tax rose to NOK 55 (37) million. In the quarter 451 residential units were
sold (462) and 2,398 (1,499) units were under construction, including jointly
owned projects. At the close of the quarter, the sales ratio for projects
under construction was an impressive 93% (85%).

"The low season for Asphalt always results in weak figures for industrial
operations in the first quarter, and this quarter Road Maintenance results
are weake. It is therefore pleasing to be able to report that we have won
half of the state asphalt contracts this year - an excellent starting point
for the year's production," concludes President and CEO Arne Giske.
Veidekke's industrial operations reported revenue of NOK 439 (433) million
and a profit before tax of NOK -180 (-149) million.

Veidekke's overall lost-time injury rate in the first quarter (the number of
injuries per million hours worked) was 4.2 (5.3), while sickness absence
remains stable and low at 3.9% (4.2%). The figures are for the last 12 months
as at the first quarter.

Please refer to the Board of Director's report for the first quarter of 2016
for additional information.

For press photos, see
www.flickr.com/photos/veidekke,
for more information, contact:
President&CEO Arne Giske, tel. +47 21 05 50 00 / 90 58 95
26,arne.giske@veidekke.no

CFO Terje Larsen, tel. +47 90 68 78 51,terje.larsen@veidekke.no

SVP Communications Grete Nykkelmo, tel. +47 91 31 10
00,grete.nykkelmo@veidekke.no

Veidekke is one of Scandinavia's largest construction and property development
companies. The company undertakes all types of building construction and
civil engineering contracts, maintains roads, and produces asphalt and
aggregates. The company is characterised by involvement and local knowledge.
Revenue is NOK 24.5 billion (2015), and half of the 7,000 employees own
shares in the company. Veidekke is listed on the Oslo Stock Exchange and has
always posted a profit since it was founded in 1936.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Report Q1 2016
http://hugin.info/172/R/2011487/744712.pdf

---------------------------------------

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Veidekke ASA via Globenewswire

HUG#2011487

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