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Annual Report 2017

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Annual Report 2017 Annual report 2017 CONTENTS 3 KEY FIGURES 38 ANNUAL FINANCIAL STATEMENT 4 This is Veidekke VEIDEKKE GROUP 6 Business areas 38 Income statement Group 12 Introduction by the President and CEO 39 Statement of financial position Group 14 Projects in Veidekke 40 Statement of changes in equity Group 22 The Board of Directors of Veidekke ASA 41 Statement of cash flows Group 24 The Corporate Management of Veidekke ASA 42 NOTES VEIDEKKE GROUP 26 THE BOARD OF DIRECTORS’ REPORT 107 ANNUAL FINANCIAL STATEMENT 27 Construction operations VEIDEKKE ASA 29 Property Development 107 Income statement Veidekke ASA 30 Industrial 108 Statement of financial position Veidekke ASA 31 Other operations 109 Statement of cash flows Veidekke ASA 31 Strategic goals 31 Organisation 110 NOTES VEIDEKKE ASA 33 Occupational health and safety 118 CORPORATE GOVERNANCE 34 The external environment 124 AUDITOR’S REPORT 34 Corporate governance 128 SHAREHOLDER INFORMATION 34 Salaries and remuneration of senior 132 ARTICLES OF ASSOCIATION VEIDEKKE ASA executives 133 VEIDEKKE’S HISTORY 34 Shareholders and the stock market 35 Financial situation and capital structure 35 Risk and uncertainty factors 36 The market 37 Post balance sheet events ANNUAL REPORT 2017 VEIDEKKE ASA 3 KEY FIGURES 1) Figures in NOK million 2017 2016 2) 2015 2014 2013 Revenue, segment 31 568 30 137 24 509 23 863 21 191 Profit before tax, segment 1 441 1 460 1 043 967 776 Business area Construction 759 804 644 549 446 Business area Property Development 549 567 306 280 221 Business area Industrial 206 136 190 210 158 Business area Other / elimination -73 -47 -97 -73 -49 Earnings per share, segment 9.4 9.3 6.5 5.8 4.5 Dividend per share 5.0 4.5 4.0 3.5 3.0 Profit margin, segment (per cent) 4.6 4.8 4.3 4.1 3.7 Revenue, IFRS 3) 30 281 28 613 24 225 24 027 21 781 EBITDA, IFRS 1 776 1 520 1 316 1 383 1 002 EBIT, IFRS 1 252 1 053 944 1 045 692 Profit before tax, IFRS 1 259 1 092 950 1 055 718 Earnings per share, IFRS (NOK) 4) 8.2 6.6 5.7 6.3 4.1 Net interest-bearing debt 764 0 606 -274 396 Total order backlog 32 561 24 404 24 814 16 792 18 273 1) The comments in the report relate to figures taken from the segment accounts. Comments to the IFRS accounts are specified in the text. 2) The profit for 2016 includes a non-recurring effect as a result of changes to the disability pension in Norway of a total of NOK 108 million, with the following distribution: NOK 81 million in Construction Norway, NOK 19 million in Industrial, NOK 4 million in Property Norway and NOK 4 million in Other operations. 3) Under IFRS, revenue from residential sales is not recognised until the residential unit is taken over by the buyer. In the segment reporting, revenue is recogni- sed using the formula: estimated final profit x sales ratio x stage of completion. 4) No dilutive effect. 4 ANNUAL REPORT 2017 VEIDEKKE ASA THIS IS VEIDEKKE Veidekke is one of Scandinavia‘s largest construction and results, good, safe operations, and continuous and property development companies. The company learning and improvement, as well as fostering loyalty undertakes all types of building construction and civil and commitment. engineering contracts, develops residential projects, maintains roads, and produces asphalt and aggregates. Our most valuable resource is our employees and their In 2017 Veidekke had revenue of NOK 31.6 billion and 7,700 expertise, and we therefore attach importance to targeted employees. Veidekke is listed on the Oslo Stock Exchange, skills development and recruitment of new staff. and a large proportion of the employees are shareholders in the company. Multi-local strength is generated through our widespread presence in Scandinavia. Veidekke has strong local roots The company is organised into three business areas: and proximity to customers, at the same time as we have Construction, Property Development and Industrial, with both the size and the expertise to be able to undertake strong intra-group synergies. Veidekke is a specialised, large, complex projects all over Scandinavia. competence-based company that carries out projects in collaborative interaction with its customers and suppliers. This participative approach helps ensure good solutions REVENUE PROFIT BEFORE TAX ORDER BACKLOG 31.6 1.4 32.6 NOK BILLION NOK BILLION NOK BILLION REVENUE PROFIT BEFORE TAX AND PROFIT MARGIN NOK BILLION NOK MILLION AND PER CENT 35 1 600 5 30 1 400 4 1 200 25 1 000 20 3 800 15 600 2 10 400 1 5 200 0 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Profit before tax Profit margin The figures are taken from the segment accounts. ANNUAL REPORT 2017 VEIDEKKE ASA 5 GEOGRAPHICAL DISTRIBUTION REVENUE BY COUNTRY NUMBER OF EMPLOYEES Norway 5 331 7 % Sweden 1 863 Denmark 542 31 % 62 % Norway Sweden Denmark SHARE OF REVENUE DISTRIBUTED BY BUSINESS AREA BUILDING CIVIL ENGINEERING PROPERTY INDUSTRIAL CONSTRUCTION DEVELOPMENT 51% 24% 10% 15% 6 ANNUAL REPORT 2017 VEIDEKKE ASA KEY FIGURES CONSTRUCTION OPERATIONS NOK million 2017 20161) 2015 2014 2013 Revenue 25 804 24 629 19 795 18 502 16 968 Profit before tax 759 804 644 549 446 Order backlog 31 601 23 368 23 686 15 810 16 728 REVENUE PROFIT BEFORE TAX 1) NOK BILLION NOK MILLION % 30 5 1000 25 4 800 20 3 600 15 2 400 10 18,1 200 5 1 0 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Building Construction Margin Building Construction (%) Civil Engineering Margin Civil Engineering (%) SHARE OF REVENUE BY SEGMENT ORDER BACKLOG NOK BILLION NOK BILLION 35 30 6.6 7. 7 25 Total 20 NOK 25.8 billion 15 10 5 11. 5 0 2013 2014 2015 2016 2017 Residential units Public and Commercial Buildings Building Construction Civil Engineering Civil Engineering 1) The profit for 2016 includes a non-recurring effect as a result of changes to the disability pension in Norway of a total of NOK 81 million. ANNUAL REPORT 2017 VEIDEKKE ASA 7 CONSTRUCTION OPERATIONS Veidekke is engaged in nationwide building construction Civil engineering operations accounted for the remaining and civil engineering activities in Norway and Denmark, 30% of the revenue in Veidekke’s construction operations while operations in Sweden are concentrated in the lar- in 2017. Transport infrastructure projects (road and rail) and gest cities. Construction operations accounted for 75% of other public infrastructure provide the majority of Civil Veidekke’s revenue in 2017. Engineering’s revenue. The portfolio also includes projects in the energy sector and other industrial facilities. Building Construction builds commercial buildings, public buildings and residential buildings. Commercial buildings Civil Engineering has seen an increase in both the number are mainly office buildings, shopping centres and hotels. of design and build contracts and the size of contracts. Public buildings are primarily schools and health-care This enables Veidekke to make greater use the combined buildings. competencies in the organisation. A large proportion of the projects in Building Construction are developed in close collaboration with the customer, ensuring opportunities and risks are identified at an early stage. This contributes to a better end product and increa- sed added value for the customer and is a success factor for good and profitable operations. A significant portion of Veidekke’s building construction contracts are negotiated contracts. Building construction operations accounted for 70% of the business area Construction’s total revenue in 2 0 1 7. 8 ANNUAL REPORT 2017 VEIDEKKE ASA KEY FIGURES PROPERTY DEVELOPMENT NOK million 2017 2016 1) 2015 2014 2013 Revenue 3 456 3 202 2 126 2 276 1 783 Profit before tax 549 567 306 280 221 Capital invested 4 163 3 115 3 004 3 010 3 224 PROFIT BEFORE TAX 1) RETURN ON INVESTED CAPITAL, ROLLING NOK MILLION PER CENT 600 25 500 20 400 15 300 10 200 100 5 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 NO. OF UNITS UNDER CONSTRUCTION AT YEAR-END RESIDENTIAL SALES 2 000 1 000 800 1 500 600 1 000 400 500 200 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Norway Sweden Norway Sweden 1) The profit for 2016 includes a non-recurring effect as a result of changes to the disability pension in Norway of a total of NOK 4 million. ANNUAL REPORT 2017 VEIDEKKE ASA 9 PROPERTY DEVELOPMENT Veidekke’s property development operations purchase sites In Sweden Veidekke is generally the sole owner of residen- and develop them into residential buildings for sale to end tial projects, while in Norway most of the projects are done customers, primarily in the largest cities in Norway and in joint ventures with other partners. The choice of business Sweden. Veidekke’s construction operations are responsi- model is assessed individually for each project, and the pro- ble for the construction of the residential buildings and are ject’s scope, risk and financing are the decisive factors. involved from the earliest phase, before the site has even been purchased, to ensure identification of opportunities Property Development has a long-term perspective. It takes and risks. The close collaboration between Veidekke’s several years from a site being purchased to the home being property development and construction operations provides handed over to the buyer. For this reason, the land bank is synergies and is central to good profitability in Veidekke’s strategically important, and the portfolio is optimised through residential segment.
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