Veidekke Asa · OSL:VEI
Veidekke Asa — Q1 2022 Earnings Presentation
19 slides from Veidekke Asa's earnings presentation, May 12, 2022
Slide 1: First quarter 2022
Q1 6. mai 2021 12 May 2022 Jimmy Bengtsson, Group CEO First quarter 2022 Jørgen Wiese Porsmyr, Group 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, Veidekke employees hired staff and sub-contractors 6% 14 12 5% 10 4% 8 3% 6 2% 4 1% 2 0 0% 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 -2 2
Slide 3: Highlights Q1 2022
Highlights Q1 2022 • Turnover on a par with Q1 2021; low season in parts of the group • Profitability of most business areas also on a par with Q1 2021 • Construction Sweden continues to show weak results • NOK 33 million financial expenses charged against the result for the quarter Veidekke has bee
Slide 4: Key financial figures
Key financial figures Q1 revenues and profits Q1 revenues Q1 pre-tax profit NOK billion NOK million 9 100 28 6 0 -55 -77 8.4 8.3 8.4 -116 8.1 3 -100 0 -200 2019 2020 2021 2022 2019 2020 2021 2022 4 Historical figures have been restated in connection with the spin-off of the property development oper
Slide 5: Major public contracts signed in Q1
Major public contracts signed in Q1 Psychiatric facility, Drammen The Hestnes railway tunnel Wastewater treatment system, Stockholm Health care building at Drammen Hospital Railway tunnel and day zone from Kleverud to Construction and installation of treatment plant in Viken county Tangenvika along
Slide 6: Strong order intake in Q1
Strong order intake in Q1 Revenues and order intake Order book Order book per segment 12-month rolling, NOK billion NOK billion Percent 40 40 100 % 36 32 80 % 36 28 24 60 % 32 20 16 40 % 12 28 8 20 % 4 24 0 0% Mar-20 Mar-21 Mar-22 Mar-20 Mar-21 Mar-22 Mar-20 Mar-21 Mar-22 Construction Norway Constru
Slide 7: Results
Results Group and segments Jørgen Wiese Porsmyr, Group CFO Q1 2022 Questions? E-mail: ir@veidekke.no
Slide 8: Revenues, profits and profit margins
Revenues, profits and profit margins Group and segments Q1 2022 Q1 2021 Amounts in NOK million Revenues Profit before tax Profit margin Revenues Profit before tax Profit margin Construction Norway 3 196 108 3.4 % 3 471 113 3.3 % Infrastructure Norway 1 715 -149 -8.7 % 1 463 -132 -9.0 % Construction
Slide 9: Construction Norway
Revenues and profit margin Profit before tax Construction Norway 4 3.3% 3.9% 3.9% 4.0% 3.4% 5% 3 4% 138 139 113 117 Revenues down 8% from Q1 2021 3% 108 2 • Reflects reduced order intake in 2020 and 1H 2021 3.5 3.6 3.0 3.5 3.2 2% • Mainly related to commercial buildings in Oslo 1 1% Margin boost 0 0
Slide 10: Infrastructure Norway
Revenues and margin Profit before tax Q1 Infrastructure Norway 4 11.7% 15% 14% 13% 61 3 5.5% 5.5% 12% 11% 36 10% 9% 14 8% 2 7% 6% 5% Revenues up 17% from Q1 2021 1 1.5 2.5 2.8 2.4 4% 3% 2% 0 1.7 1% 0% • Attributed to the civil engineering operation -1% -2% -3% -1 -9.1% -8.7% -4% -5% -147 -6% -7% -2
Slide 11: Construction Sweden
Revenues and margin Profit before tax Construction Sweden 3 5% 4% 72 2.5 2 2.2 2.1 Revenues increased 7% over Q1 2021 2.0 3.3% 1.9 3% 49 • Mainly related to Gothenburg operations 2.5% 2% 1 34 30 Weak results and low profitability 1.4% 1.4% 1% 0.6% 11 • NOK -28 mill. loss in Stockholm after project w
Slide 12: Infrastructure Sweden
Revenues and margin Profit before tax Infrastructure Sweden 5% 5.0% 4.0% 4% 2 3.7% 54 53 3% 1.3 41 Revenues up 17% over Q1 2021 1.1 1.1 2% 1.0 1% • Majority of operations saw revenue boost 1 0.8 0% -1% Improved results and margin -0,9 % -2% -14 -9 -1,7 % • Industrial operations’ results up -1 -3% Q1
Slide 13: Denmark/Hoffmann
Revenues and margin Profit before tax Denmark/Hoffmann 1 11.9% 12% 11% 10% 8.0% 9% 70 7.0% 7.0% 8% Revenues (local currency) down 26% from Q1 2021 0.6 7% 50 0.6 0.6 7.0% 6% 43 • Activity slowed down, especially in Copenhagen region 0.5 0.4 5% 37 4% 31 3% Profits down slightly; margins on a par with
Slide 14: Financial position
Financial position Balance sheet Amounts in NOK million 31 March 2022 31 March 2021 Fixed assets 6 372 6 262 Current assets (excluding cash, cash equivalents and financial investments) 6 461 6 842 Cash, cash equivivalents and financial investments 3 667 3 442 Assets 16 500 16 546 Equity 2 797 2 813
Slide 15: Financial position
Financial position Key points Q1 2022 Change in net interest-bearing assets NOK million • Cash flow from operations amounted to NOK 1 million (NOK -185 million a year ago) • Net investments in fixed assets of NOK 79 million • Completed voluntary buy-back of bond loan, which was reduced from NOK 600
Slide 16: Closing comments
Closing comments Jimmy Bengtsson, Group CEO
Slide 17: Multiple scenarios in play: Macro factors evoke uncertainty
Multiple scenarios in play: Macro factors evoke uncertainty Veidekke works closely with projects, customers and suppliers Uncertainty related to prices and bottlenecks Unreliable supply due to the pandemic and war in Ukraine Investors Clients Property owners End-users The macroeconomic situation,
Slide 18: Closing comments
Closing comments • Four of the five business areas produced profitability above or on a par with Q1 2021 • Good order intake in the quarter provides a solid foundation for future activities • Close monitoring of uncertainty related to commodity prices and market developments 18
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