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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Veidekke ASA    0GF6   NO0005806802

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Veidekke ASA : Major rail contract for Veidekke

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11/16/2012 | 02:00pm CEST

Today Veidekke Entreprenør AS has entered into a contract with the National Rail Administration to build 5.75 km double tracks for the Farriseidet - Porsgrunn project. The value of the contract is NOK 980 million excluding VAT.

The 5.75 km of double tracks Veidekke will build includes two tunnels and two bridges. The Skillingsmyr tunnel will be the longest at 3,810 metres, and will extend from the Telemark county border to Gunnarsrød at the head of Langangfjorden. At Gunnarsrød there will be a 300 m open stretch, including Gunnarsrød bridge (62 m). From there a tunnel will be built through Ønnsåsen (580 m) and a bridge over Ønna (228 m) that takes the track into the Storberget tunnel. Blasting and securing the first 300 metres of the Storberget tunnel is also included in Veidekke's contract. 

In addition, Veidekke will build a 264 metre cross cut and two escape tunnels totalling just over 700 meters. Rigging starts in mid-January and Veidekke is to hand over the stretch in September 2016.

The contract Veidekke has been awarded is part of the Farriseidet - Porsgrunn project and the second of a total of four major ground and tunnel contracts to be contracted in the coming year.

More information on the project: http://www.jernbaneverket.no/no/Prosjekter/Prosjekter/Dette-er-Vestfoldbanen/Farriseidet---Porsgrunn/

For more information please contact:
Project Manager Neal Nordahl with Veidekke, tel. +47 90 92 44 64, neal.nordahl@veidekke.no
Communications Manager Helge Dieset of Veidekke, tel. +47 21 05 77 91 /+47 90 55 33 22, helge.dieset@veidekke.no
Project Director Stine Ilebrekke Undrum with the National Rail Administration, tel. +47 97 52 93 10,unst@jbv.no:


Veidekke is one of Scandinavia's leading contractors and property developers with a turnover of 18 billion (2011) and 6,500 employees. Activities include building and construction projects, residential developments, asphalt plants, gravel and aggregates and road maintenance. Our values are professional, honest, enthusiastic and pioneering. Our goals for health, safety and the environment, HSE, have equal status with our financial goals. Veidekke is characterised by a strong corporate culture with employee involvement and co-ownership as important cornerstones. More than half of the employees are co-owners, holding around 20% of the Group's shares between them. The company is listed on the Oslo Stock Exchange and has never declared a loss since it was founded in 1936.



This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Veidekke ASA via Thomson Reuters ONE

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Financials ( NOK)
Sales 2016 29 576 M
EBIT 2016 1 212 M
Net income 2016 1 039 M
Debt 2016 533 M
Yield 2016 3,81%
P/E ratio 2016 15,87
P/E ratio 2017 12,78
EV / Sales 2016 0,57x
EV / Sales 2017 0,52x
Capitalization 16 446 M
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Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 127  NOK
Spread / Average Target 3,6%
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Arne Giske President & Chief Executive Officer
Martin Mæland Chairman
Terje Kaasa Larsen Chief Financial Officer & Executive VP
Gro Bakstad Director
Annika Billström Director
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