From the president and CEO:
Veidekke achieved good results for the fourth quarter of last year, with a profit of 170 MNOK and a turnover of 4.4 BNOK. Net profit for all of 2010 was 590 MNOK on a turnover of 16.3 BNOK. A 5% increase in annual turnover and a 13% increase in net income combined with a three-fold increase in housing production, gives us good reason for optimism going forward. However, we are all, both management and staff, deeply influenced by the last weeks’ media attention as a result of the case concerning asphalt operations in central-Norway. This is very serious for the company, and we shall do everything we can to restore our reputation. We have handled the financial crisis and economic downturn very well, and we are taking the best of it forward in dealing with this difficult issue concerning our reputation.
Report of the Board of Directors for the fourth quarter 2010:
| | | | | MNOK |
| KEY FIGURES (MNOK) * | Q4 2010 | Q4 2009 | 2010 | 2009 | 2008 |
| Operating revenues IFRS 2) | 4 055.1 | 3 997.8 | 15 744.9 | 15 923.4 | 20 225.7 |
| Earnings before tax IFRS | 103.8 | 199.6 | 482.0 | 628.4 | 1 008.7 |
| Earnings per share IFRS (NOK) 1) | 0.5 | 1.2 | 2.6 | 3.7 | 5.8 |
| Operating revenues segment 2) | 4 373.2 | 4 066.4 | 16 296.4 | 15 558.0 | 19 395.3 |
| Earnings before tax (EBT) segment 2) | 170.1 | 211.6 | 589.7 | 523.1 | 815.6 |
| Earnings per share segment 2) | 1.0 | 1.3 | 3.3 | 3.0 | 4.5 |
| Profit margin (%) 2) | 3.9 | 5.2 | 3.6 | 3.4 | 4.2 |
| Net interest-bearing position | -162 | 101 | -162 | 101 | -260 |
| Orders-on-hand Construction | 12 183 | 12 334 | 12 183 | 12 334 | 10 564 |
1) No dilution effect.
2) The figurestaken from the segments accounts which provides the most accurate of ongoing value creation for the period.
* The comments in highlights and segment reports relate to figures from the segment accounts. |
