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Veidekke ASA : Veidekke expects significantly higher IFRIC result than segment result in fourth quarter 2011

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In accordance with IFRIC 15, housing projects are to be taken to income at completion, and Veidekke has complied with this principle since 1 January 2010. However, in parallel Veidekke has continued to recognise revenue according to percentage of completion in segment accounts to better present continuous added value.

In the fourth quarter the Property division has completed and handed over large numbers of homes. Veidekke's IFRIC result will therefore be approx. NOK 70 million higher than the segment result for the quarter. This is the first quarter in which Veidekke reports a higher IFRIC result than segment result. In comparison, the IFRIC result was NOK 66.3 million lower than the segment result in the fourth quarter of 2010.

As a result of the higher IFRIC result in the fourth quarter, on an annual basis the segment and financial result will be at almost the same level.

Veidekke will present the fourth quarter results on Thursday 16 February.

 Contact persons:
CFO: Jørgen W. Porsmyr; +47 907 59 058
Finance Director: Jørgen G. Michelet; +47 917 43 856

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

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