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NOK 40 million in dividends for Veidekke's employee shareholders

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If Veidekke's AGM approves the Board's proposal to distribute a dividend of NOK 10 per share for 2005, Veidekke employees with shares in the company will receive no less than NOK 40 million as their part of the dividend. "We are in no doubt that our co-ownership programme is one of our best factors of success," says President and CEO Terje R. Venold. "It gives farsightedness and greater awareness of the company's operations. This is important for each individual project and for our customers."
"It is important to emphasise here that it is not just a few top managers but employees at all levels and in all parts of the Group who have shares in the company," he adds.


"Holding shares in your own company gives a sense of both involvement and motivation, and thanks to Veidekke's dividend policy, it also gives a substantial return on one's investment when we achieve good results," says Mr. Venold. Providing that Veidekke's annual general meeting approves the Board of Director's recommendation of a dividend of NOK 10 per share for 2005, the employees who are shareholders will receive an average of NOK 20,000 each.


Mr. Venold can also report that Veidekke introduced shares for employees way back in 1968, and sales of shares to employees have been an annual event since Veidekke was listed on the stock exchange in 1986.


"We have one share offer in the autumn for all of our approximately 6,000 employees and one in the spring for about 400 key managers. In both cases, the shares are sold at a discount on the current market price, with the option of financing by the company and a lock-in period for resale of one and three years respectively. There is tremendous interest among our employees in this programme, and we see that the majority use part of the dividend to repay any debts on the shares," he says.


Veidekke's aim is for 50% of the employees to hold shares in their own company and for them to have a total ownership share of 15% in the company. Since the employees now hold about 14% of the shares, the total value of their holding is more than NOK 800 million based on today's market price. This is a considerable investment for the Group and makes for good capital savings for the employees," Mr. Venold concludes.


Please address any queries to:


Terje R. Venold, President & CEO,
tel. + 47 21 05 77 01, mobile +47 905 82 323
Jørgen G. Michelet, Financial Director and Head of Investor Relations,
tel. + 47 21 05 77 22, mobile +47 917 43 856
Kai Krüger Henriksen, Executive Vice President Communications
tel. + 47 21 05 77 04, mobile +47 905 19 360

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