VV Holding AS 2014: All out effort for sustainable development and circular economy
VV Holding AS owns Norsk Gjenvinning, Norway’s largest provider of recycling and environmental services. The Norsk Gjenvinning Group's ambition is to be the recycling sector's best player in terms of sustainable business development and in 2014 it strengthened its position within sustainable development and the future's circular economy.
Norsk Gjenvinning Group followed up last year's record year with strong results in a challenging market. The decline is due primarily to cyclical fluctuations that hit throughout Norway.
The Group reports total operating revenue of NOK 4,136 million that is a slight decrease on the previous year. Lower prices and margin pressures hampered revenue growth and reduced profitability. The result was also affected by costs related to investments in improvement programs. As a result of the above, the operating profit for 2014 declined from NOK 186.2 million in 2013 to NOK 89.3 million in 2014. The net profit after tax was NOK -128.0 million, compared with NOK -0.4 million the year before.
2014 was a challenging year operationally, but thanks to the investments and the efforts being put into improvement programs and the NG200 costs-cutting programme, the Board believes that Norsk Gjenvinning is in a good position to exploit growth opportunities and improve its profitability over the coming years.