From the president and CEO:

All in all, Veidekke achieved a good result in the fourth quarter, but the market decline continued and the effect on the building, construction and property industry as a whole was intensified by the financial unrest. The positive development continued in construction operations, whereas property operations reflected a weak housing market and the year ended disappointingly for the Industry Division. Within the area of road maintenance, allocations were made for future loss on certain contracts.

Report of the Board of Directors for the fourth quarter 2008: