Veidekke Asa · OSL:VEI
Veidekke Asa — Q1 2024 Earnings Presentation
20 slides from Veidekke Asa's earnings presentation, May 8, 2024
Slide 1: Q1 First quarter 2024
Q1 First quarter 2024 8 May 2024 Jimmy Bengtsson, Group CEO | Jørgen Wiese Porsmyr, CFO Questions? Email ir@veidekke.no
Slide 2: Occupational health and safety
Occupational health and safety Our primary priority Number of serious injuries Sickness absence 12-month rolling, Veidekke employees, hired staff Veidekke employees and sub-contractors 7% 14 6% 12 5% 10 4% 8 6 3% 4 2% 2 1% 0 0% 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 2022 2023 2024 c-
Slide 3: Highlights Q1 2024
Questions? Email ir@veidekke.no Highlights Q1 2024 • NOK 9.5 billion revenue – on a par with Q1 2023 • Improved profits and profit margin • A high order book maintained at NOK 41.2 billion
Slide 4: Key financial figures
Key financial figures Q1 revenues Q1 profit before tax NOK billion NOK million 10 40 20 28 25 8 0 -20 -37 -55 6 -40 -60 9.5 9.5 4 8.3 8.4 -80 -110 -100 2 -120 -140 0 -160 1 2021 2022 2023 2024 2021 2022 2023 2024 1 2023 included the settlement of an older dispute involving Infrastructure Norway, wit
Slide 5: Stable, high quality order book
Stable, high quality order book Revenues and order intake Order book Order book per segment 12-month rolling, NOK billion NOK billion Percent 100 % 48 42 44 38 40 80 % 36 34 32 60 % 30 28 24 26 20 40 % 22 16 18 12 20 % 8 14 4 10 0 0% Mar-22 Mar-23 Mar-24 Mar-22 Mar-23 Mar-24 Mar-22 Mar-23 Mar-24 Con
Slide 6: Broad order intake, dominated by private sector
Broad order intake, dominated by private sector Order intake Q1 2024 NOK billion Construction segments Infrastructure segments 4.4 1.4 1.0 1.1 1.2 0.9 0.4 Residential Commercial Public Rock and Energy, industry, buildings buildings buildings foundation work water, drainage Transportation Road maint.
Slide 7: Q1 Results and financial status
Q1 Results and financial status Jørgen Wiese Porsmyr, CFO
Slide 8: Revenues, profits and profit margins
Revenues, profits and profit margins Group and business areas Q1 2024 Q1 20231 Amounts in NOK million Revenues Profit before tax Profit margin Revenues Profit before tax Profit margin Construction Norway 3 772 150 4.0% 3 977 136 3.4% Infrastructure Norway 1 761 -169 -9.6% 1 407 -303 -21.5% Construct
Slide 9: Construction Norway
Construction Norway Revenues and profit margin Profit before tax 5 5.5% 6% 3.4% 4.0% 4.5% 4 4.0% 5% 245 4% 3 Revenue down 5% on Q1 2023 3% 164 165 4.5 150 4.0 4.1 3.8 136 • Revenue increased in operations located in big cities, 2 3.7 2% but declined elsewhere 1 1% 0 0% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24
Slide 10: Infrastructure Norway
Infrastructure Norway Revenues and profit margin Profit before tax 4 25% 24% 1 10.1% 23% 22% 21% 61 51 43 20% 3 4.5% 19% 18% 17% 16% 15% 2.8 2.7 14% 13% 2.4 2 12% 11% 10% 9% 1.8 8% 7% 1.4 1 6% 5% Revenue up 25% compared to Q1 2023 4% 3% 2% 1% 0 0% 4.9% -1% -2% -9.6% -3% -4% • Increased revenue from
Slide 11: Construction Sweden
Construction Sweden Revenues and profit margin Profit before tax 3 5% 47 4% 2.5 41 2 2.2 2.3 37 2.0 2.1 3% Revenue in local currency down 9% on Q1 2023 2% • BRA’s revenue has declined somewhat 1 2.0% 2.2% 18 1.6% • Mixed performance in the other businesses 0.5% 1% 10 0.7% 0 0% Q1 23 Q2 23 Q3 23 Q4 2
Slide 12: Infrastructure Sweden
Infrastructure Sweden Revenues and profit margin Profit before tax 3 7% 5.4% 6% 4.6% 3.7% 5% 2 1.8 4% Revenue in local currency on a par with Q1 2023 1.2 1.6 1.3 1.2 3% 2% • High activity in individual projects 1 1% • Low season in industrial operations and parts of 0% -1% operations in northern Swe
Slide 13: Denmark
Denmark Revenues and profit margin Profit before tax 1 16.3% 18% 17% 16% 15% 0.8 14% 118 0.8 13% 0.8 0.7 12% 7.7% 0.7 11% Revenue in local currency down 8% on Q1 2023 7.0% 7.0% 10% 9% 8% 9.6% 65 62 7% 55 6% 5% 53 Strong results and solid profitability 4% 3% 2% 1% • Consistently strong project profit
Slide 14: Financial position
Financial position Balance sheet Amounts in NOK million 31 March 2024 31 March 2023 Fixed assets 7 438 7 136 Current assets (excluding cash, cash equivalents and financial investments) 8 233 7 595 Cash, cash equivalents and financial investments 2 331 2 820 Assets 18 002 17 552 Equity 3 114 2 951 Lo
Slide 15: Financial position
Financial position Net interest-bearing position NOK million Highlights Q1 • The increase in working capital can be attributed higher trade receivables from public sector clients. With due dates during Easter, these trade receivables were paid in early Q2. • Other changes are linked to ordinary seas
Slide 16: Q1 Closing comments
Q1 Closing comments Jimmy Bengtsson, Group CEO
Slide 17: The road to further improvement
The road to further improvement Systematic and step-by-step ● Margins improved across large parts of the business through solid execution and selection of the appropriate projects ● Develop long-term and close customer relationships Selectivity Execution New projects at the right On plan or better,
Slide 18: Summary
Summary 1 Revenue and margin remained stable in Q1 • Increase in infrastructure • Decline in construction activities 2 Stable and strong order book • Strong order intake in a challenging market • Construction activity expected to abate somewhat Husk nytt bilde going forward 3 Large potential • Poten
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Slide 20: VEIDEKKE
VEIDEKKE