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During 2009, the economy in Scandinavia evolved from financial crisis and great uncertainty into recession. 2009 results show that Veidekke came relatively safely through the financial crisis. The Group's financial position is good. Competence and capacity in the organisation have been maintained, housing sales picked up and
Profit before tax was MNOK 523.1 as against MNOK 815.6 in 2008. Revenues decreased by 20 per cent and were MNOK 15 558 compared with MNOK 19 395 in 2008. This gave a profit margin of 3.4 per cent compared with 4.2 percent the year before.
Despite the strong commitment to health, safety and environment (HSE), the injury rate increased (lost-time injuries per million hours worked) to 5.7 from 4.5. We also saw an increase in sickness absence, not only in Norway but in Sweden and Denmark as well.
Construction
The Norwegian construction operations delivered excellent results in 2009. Profit margin for the year was 6.4 per cent as against 6.6 percent in 2008. Construction operations in Denmark also achieved very good results with a profit margin of 2.8 percent as against 0.6 percent the year before. Swedish operations had a profit margin of 1.5 per cent as against 1.9 per cent in 2008. The decline can largely be attributed to problems in our region in West Sweden.
Property
2009 was characterised by a weak market. Housing sales improved and, especially in the second half of the year, the market opened for the start of new projects again. The level of activity is still far from what it has been in peak years, but the trend is positive.
Industry
Industry results were very disappointing for the year as a whole, but ended the year satisfactorily. Much improvement work was achieved during the year, and prolonged asphalt production as a result of good weather conditions resulted in a growth in volume and improved earnings. Provisions for future losses in operation and maintenance were made, as well as write-downs in the region of Central Norway. Consequently, profit margin was 0.2 per cent compared with 2.1 percent in 2008.
