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Challenges ahead are still connected to considerable uncertainty around the construction market's development in the medium-term. In a tighter market with more competition, one of the greatest challenges will be to maintain good margins on new contracts. Marketing activities and customer follow-up perhaps are, therefore, particularly important. What matters most, however, is good operation of each individual project.
We place emphasis on achieving the right staffing of projects and on continuous improvement through employee involvement. Another area of importance is the follow up our subcontractors' ability to deliver, both for ongoing and new projects.
There are some signs of recovery in the Scandinavian housing market. Housing has picked up somewhat, and lower building costs and higher prices in the used housing market means that building new homes will be more profitable. This provides new opportunities for good new projects, more of which will be initiated from the first half of 2010 with new projects becoming ready for sale throughout the year.
Another challenge in 2010 will be to reverse the negative development we have seen in health, safety and environment. Good Safety is important; not only to create safe workplaces and job satisfaction for each and every individual employee, but it is also a prerequisite for effective operations and the company's ability to create value.
It is important that we have the ability to retain and further develop competence as well as Veidekke's culture and value drivers. Our long-term ambitions remain unchanged. Veidekke shall be a leading player in Scandinavia and be among the most profitable construction and property developers in its markets.