SEB Enskilda Nordic Seminar January A Scandinavian Contractor and Property Developer
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1 SEB Enskilda Nordic Seminar January A Scandinavian Contractor and Property Developer
2 Contents About Veidekke Our Performance Outlook Thor Heyerdahl High School 2
3 Veidekke today A wide range of activity Non-residential buildings 35% The Oslo Opera House Residential development and construction 25% Brf. Residens Sannegården, Gothenburg Bridge across Fedafjorden PPP E39 Lyngdal - Flekkefjord Infrastructure and industrial projects 25% Asphalt and road maintenance 15% Asphalting 3
4 Strong Scandinavian Market Position Based on Proven Value Drivers Profitability focus and risk management 3-phase risk model with strong focus on selection process Close customer interaction 75% of private contacts on negotiated basis Employee involvement Involvement and better planning creates higher motivation and better productivity Employees as shareholders 56% of employees own 21% of the company 4
5 Strong Position in Local Markets Norway (NOK) Sweden (SEK) Veidekke (NO) Skanska (SE) Mesta (NO) NCC (SE) AF Gruppen (NO) Reinertsen (NO) Kruse Smith (NO) Peab (SE) BackeGruppen (NO) HENT Peab (SE) Skanska (SE) NCC (SE) Svevia (SE) JM (SE) Veidekke (NO) AF Gruppen (NO) Denmark (DKK) MT Højgaard (DK) Aarsleff (DK) NCC (SE) Pihl (DK) Veidekke (NO)
6 The Veidekke Group VEIDEKKE ASA Turnover 2011: NOK ~18 billion Market cap NOK 5.2 billion as of 6 January 2011 Largest owners: - OBOS 28.0% - If Skadeförsäkring 9.0% - 3,350 employees 21.0% - Folketrygdfondet 7.6% Construction Turnover NOK 13.7 billion Pre-tax profit NOK 378 million Capital invested NOK million Property development Turnover NOK 1372 million Pre-tax profit NOK 244 million Capital invested NOK million Industrial operations Turnover NOK 3.0 billion Pre-tax profit NOK 163 million Capital invested NOK 961 million Geographic Areas Norway: 73% Sweden: 19% Denmark: 8% 6
7 Our Performance 75 Years Without a Loss % Development into leading Norwegian company 1983 Consolidation Growth Growth Organic growth Quoted on the Stock Exchange 1986 Purchase of Aker construction 1990 Leading company in Norway 1993 Development into Scandinavian company 2000 Established as Scandinavian player 2005 NOK billion Profit margin as % Turnover More than 80 companies merged into Veidekke since 1982 * 12-months rolling 7
8 Our Long Term Goals 2011/Q3 12 months Past 5 years Long-term goal Construction operations 3.8% 4.3% 5.0% Property development*) 9.8% 10.6% 15.0% Industrial operations 5.5% 2.7% 6.5% Group - Profit margin 4.2% 4.6% *) Return on capital invested Towards 7.0% 10% average annual growth since listing on OSE in 1986 Strong organic growth in Norway and Sweden during past 10 years 20% turnover reduction in 2009 Historically better margin than Scandinavian peer group EBT margin on 5% level Average return on investment since 1986 when listed on OEX: 15,3% 8
9 Strong financial position MNOK Market cap (shareprice 38.8) 5,188 Net debt year-end (estimate) 500 Net entreprice value 5,688 Capital invested, Group 3,570 Capital invested, Property 2,699 Capital invested, Industry 1,177 Dividend policy > 50% of EPS 9
10 Value drivers Employee Ownership Long and significant employee ownership is one of Veidekke s most important success factors for 40 years Key leaders participation is crucial 588 leaders own 14.6% 56% of all employees are co-owners Share of ownership is 21.0% Nov 2011: employees bought 2.3 mill. shares, 20% discount, 2 years lock-up period Shares purchased on OSE, no options Makes our employees risk and margin oriented 10
11 Our Performance (Q3/11) 11
12 So far in 2011 Increased activity in construction operations Order backlog up 10% Good building market, but continued price pressure on major heavy construction contracts Continued low margins in construction operations Margins reflect contracts won in a challenging market Property development is back as substantial contributor to the Group s results Industrial operations positively affected by gains from sales of Veidekke Gjenvinning in Q2 MNOK MNOK Turnover months rolling Result months rolling 12
13 Business segments 1 January 30 September 2011 Figures in MNOK 1 Jan Sept Operating revenues EBT Margin 1 Jan Sept Operating revenues EBT Margin Construction Norway % % Construction Sweden % % Construction Denmark % % Total Construction % % Property Norway % % Property Sweden % % Property Denmark Total Property % % Veidekke Industry % % Other Total Group % % 13
14 Construction Norway Higher turnover and weaker margins Continued pressure on margins Profit margin 1.9% (4.8%) The margin reflects contracts won in a challenging market 2009/10 Order backlog up 19% year-onyear Building up 30% Heavy construction unchanged We expect the 2011 margins to be the low point of this economic cycle Challenging margin level also on projects to be completed in 2012 Figures in MNOK Year 2010 Operating revenues Operating expenses Depreciation Operating profit (EBIT) Profit, associated companies Net financial items Earnings before tax (EBT) Profit margin (%) The shopping centre Kremmertorget in Elverum 14
15 Construction Norway Turnover and margins Turnover by quarter MNOK Profit margin 8 % 7 % 6 % 5 % 4 % 3 % 2 % 1 % Historically margin performance has been leading among peers Changes in the market will first be reflected in turnover figures In the accounts, the margin reflects 1-2 year old contracts 0 Turnover Profit margin, 12-month rolling 0 % 12-month rolling margin expected to continue to decline for several quarters 15
16 Construction, Norway Construction market Building - increased activity No noticeable effect of the financial unrest High activity level in larger cities Considerable increase in housing projects Larger share of negotiated contracts Declining excess capacity and somewhat improved price level Heavy construction - still high activity High activity level for transportation projects, low for industrial projects Excess capacity and pressure on prices A number of large transportation projects to be put on the market in the near future 16
17 Construction Sweden Increased activity, mixed results Profit margin 1.4% (2.6%) Good margins in Stockholm (building and heavy construction) Demanding in Gothenburg and Skåne Turnover up 30% Unchanged level of order backlog Positive market development High activity within infrastructure projects but start-up of major projects may be postponed Good market for non-residential buildings, but housing market is more uncertain Figures in MNOK Year 2010 Operating revenues Operating expenses Depreciation Operating profit (EBIT) Profit, associated companies Net financial items Earnings before tax (EBT) Profit margin (%) Work is well underway at the E45, south-west of Trollhättan in Sweden 17
18 Property Scandinavia Well positioned in Norway and Sweden Norway: units 200 Strong fundamental long-term conditions for the housing market Demography Income and employment Sweden: units Good land bank ensures futures earnings residential units Situated in densely populated areas Invested capital: level of 2.7 billion Land bank (partly on own balance sheet, partly on options) Working capital in units under production Landbank in total: housing units Long term production target: level units/year 50% presale requirement 18
19 Property Scandinavia Increased activity and improved results Production for own account EBT and EBT margin Number of residential units MNOK % Q months Norge Sverige Danmark Q months EBT EBT Margin
20 Property Scandinavia Good sales in Norway, weaker in Sweden Housing sales Norway Sweden Denmark Total Quarterly average Quarterly average Quarterly average Strandliveien, Kolbotn Quarterly average Q Q Q Q Brf. Residens Sannegården, Gothenburg 20
21 Industry Strong market positions in Norway Turnover and EBT margin MNOK % Q months Market leading business areas Asphalt: No 1, market share 35%, MNOK Aggregates: No 2, market share 10%, turnover 400 MNOK Road maintenance: No 2, market share 15%, turnover 400 MNOK Highlights 2011; Asphalt: Lower volume, increased margins Aggregates: Increased turnover and results Road Maintenance ; Almost break-even Veidekke Gjenvinning sold. Gain 109 MNOK Turnover Margin Strategically positioned to capitalise on increased governmental spending 50% public clients 21
22 Outlook 22
23 Construction Good order backlog MNOK Norway Sweden Denmark Good volume of new building contracts Lower volume of new heavy construction contracts No new contracts for major projects in Q3/11 Good order intake in Q4/11 23
24 Building and construction market in Scandinavia High level of activity expected to continue Good long term prospects for growth in our markets, but higher short term uncertainty Growth in building and construction market may be impeded by the recent unrest in international financial markets Sweden affected the most Sources: Statistics Norway, SCB, Entreprenørforeningen, own estimates Good housing market, but more challenging in Sweden We believe in a good housing market in a long term perspective A high level of activity is expected for public projects 24
25 New growth for Veidekke = 16.2% annual growth Historical growth rate: 12.5% = 8.6% annual growth Historical turnover in MNOK 25
26 Summary A satisfactory Q3 and good momentum into 2012 Increased activity for building operations through more housing projects for Veidekke s own account and negotiated contracts We consider the construction margin in 2011 to be the low point of this economic cycle Increased production of housing projects in the Property Development segment will be reflected in the results Veidekke s position, competence and capacity form a good platform for further growth and improved earnings 26
27 Appendix 27
28 Housing market Norway: Continued growth in 2012 Housing prices increased by 9.5% during 2011 Prices has leveled out during Q4 Still positive outlook for a good housing marked Strong financial position for the households Low unemployment rate, 3% Strong demand in the main cities due to urbanization Uncertainties in financial markets may imply lower growth in
29 Housing market Sweden: Increased uncertainty in 2012 kr/m Housing prices (SEK) Dwellings (Bostadsrätter) Sources: Mäklarsamfundet Stor Stockholm Stor Gøteborg Stor Malmø Housing prices in Stockholm seems to decrease Unrest in financial markets and increasing pessimism have negative impact on the growth In a long term perspective, demographic aspects imply a high demand in the Stockholm region A more challenging market in Malmö og Göteborg due to the unrest in financial 29 markets
30 Construction Denmark Good results Good project results Profit margin 2.6% (2.7%) Turnover up 16% Order backlog up 13% in 2011 Two larger non-residential projects Priority is given to negotiated contracts Challenging market Figures in MNOK Year 2010 Operating revenues Operating expenses Depreciation Operating profit (EBIT) Profit, associated companies Net financial items Earnings before tax (EBT) Profit margin (%) Construction of a school, Den Classenske legatskole, in Copenhagen 30
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