Veidekke ASA : New accounting policies and restatement of historical figures

With effect from Q1 2013, Veidekke has made a number of changes to its reporting and is therefore restating historical figures. The changes are as follows:

• Amended accounting policies for pensions
• Amended classification of profit from joint ventures and associated companies
• Property Denmark will be reported as a part of Property Sweden

Pensions
For more information about the new accounting rules for pensions, see the stock exchange announcement dated 5 February 2013 and the Annual Report for 2012, Note 1 Accounting policies. The description in this announcement are in accordance with these.

With effect from 1 January 2013, the EU has adopted new accounting rules for pensions - IAS 19 Employee Benefits. The new rules imply that pension obligations must be recorded at fair value. Up until 31 December 2012, Veidekke used the "corridor method" to record actuarial gains and losses on pensions.

This change means that the Group's equity at 1 January 2013 has been reduced by NOK 138 million. The write down was previous estimated at aprox. NOK 150 million.

 It is a requirement that previous years' financial statements are restated. This results in an increase in the profit for 2012 of NOK 111 million. Of this, NOK 100 million relates to an increase in revenue recognition in connection with termination of the former pension plan in Norway, while the remaining NOK 11 million relates to changes in the principles for expensing actuarial differences and returns on pension assets. See the attachment for accounting effects. The segment accounts for previous years have not been restated.

Joint ventures
From the first quarter of 2013, Veidekke is incorporating the item in the financial statements "Result from investments in joint ventures and associated companies" under operating profit. In recent years, Veidekke has increased its activities in joint ventures in the Group's property operations. Activities in joint ventures are of an operational nature where Veidekke usually has a central role in the project. For this reason, it is more appropriate to classify this type of revenue as part of the operating profit.

Segment reporting
Veidekke's property operations in Denmark was terminated in 2010, and future activities will primarily be related to selling the portfolio of sites, which had a book value of NOK 142 million at 31 December 2012. From Q1 2013, operations here will be reported under Property Sweden.

For more information, please contact:
Executive Vice President and CFO, Jørgen Wiese Porsmyr, tel. +47 21 05 76 44 /
+47 90 75 90 58,jorgen-wiese.porsmyr@veidekke.no
Financial director, Jørgen Michelet, tel. +47 21 05 77 22 / +47 91 74 38 56,
jorgen.michelet@veidekke.no

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

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