| | | | MNOK |
| PROFIT AND LOSS ACCOUNT | Q1 2009 | Q1 2008 | 2008 | 2007 |
| Operating revenues | 3 325.3 | 4 337.4 | 19 395.3 | 19 335.9 |
| Operating expenses | -3 346.8 | -4 266.9 | -18 303.1 | -18 219.8 |
| Operating profit before depreciation (EBITDA) | -21.5 | 70.5 | 1 092.2 | 1 116.1 |
| Depreciation of goodwill | - | - | -4.2 | - |
| Depreciation | -80.5 | -66.7 | -291.8 | -233.6 |
| Operating profit (EBIT) | -102.0 | 3.8 | 796.2 | 882.5 |
| Share of profit associated companies and joint ventures | -5.8 | 14.0 | 123.3 | 325.8 |
| Financial income | 20.3 | 54.5 | 112.2 | 80.4 |
| Financial expenses | -46.0 | --56.3 | -216.1 | -107.7 |
| Earnings before tax (EBT) | -133.5 | 16.0 | 815.6 | 1 181.0 |
| Income tax expense | 30.7 | -3.5 | -200.1 | -179.9 |
| Earnings after tax | -102.8 | 12.5 | 615.5 | 1 001.1 |
| of which minorities | 0.7 | 3.6 | 4.2 | 11.4 |
| Earnings per share (NOK) * | -0.8 | 0.1 | 4.5 | 7.1 |
| *No dilution effect | | | | |
| | | | |
|
| TOTAL PROFIT AND LOSS ACCOUNT | Q1 2009 | Q1 2008 | 2008 | 2007 |
| Earnings after tax | -102.8 | 12.5 | 615.5 | 1 001.1 |
| Profit and loss items entered directly against equity: | | | | |
| Currency conversion differences | -56.6 | -1.6 | 75.6 | -31.1 |
| IAS 39 – hedging PPP project | -17.2 | -11.5 | -39.8 | 29.2 |
| Total profit | -176.6 | -0.6 | 651.3 | 999.2 |
| of which minorities | 0.7 | 3.6 | 4.2 | 11.4 |
|
| CASH FLOW STATEMENT | 1 Jan – 31 Mar 2009 | 1 Jan – 31 Mar 2008 | | |
| Earnings before tax | -133.5 | 16.0 | | |
| Depreciation | 80.5 | 66.7 | | |
| Other operational items | -37.1 | -23.6 | | |
| Change in other operating capital | 360.5 | -103.8 | | |
| Cash flow from operating activities | 270.4 | -44.7 | | |
| Purchase / sale of tangible non-current assets | -150.5 | -103.2 | | |
| Other investment activities | -2.9 | -28.8 | | |
| Cash flow from investment activities | -153.4 | -132.0 | | |
| Change in accounts receivable | 5.4 | 103.1 | | |
| Change in interest-bearing debt | -261.8 | 297.3 | | |
| Dividend paid | - | - | | |
| Purchases own shares | - | -135.2 | | |
| Other financial items | -18.6 | -3.7 | | |
| Cash flow from financing activities | -275.0 | 261.5 | | |
| Change in liquid assets | -158.0 | 84.8 | | |
| Liquid assets, 1 January | 354.0 | 272.4 | | |
| Liquid assets, 31 March | 196.0 | 357.2 | | |
|
| NET INTEREST-BEARING POSITION | At 31 Mar 2009 | At 31 Mar 2008 | At 31 Dec 2008 | |
| Liquid assets | 196.0 | 357.2 | 354.0 | |
| Interest-bearing assets | 265.4 | 437.2 | 270.8 | |
| Interest-bearing liabilities | -623.0 | -918.4 | -884.8 | |
| Net interest-bearing position | -161.6 | -124.0 | -260.0 | |
| Change in net interest-bearing position (from 1 January) | 98.4 | -315.6 | -451.6 | |
|
| OTHER KEY FIGURES | At 31 Mar 2009 | At 31 Mar 2008 | At 31 Dec 2008 | At 31 Mar 2007 |
| Backlog, Construction (MNOK) | 9 941 | 13 213 | 10 564 | 13 364 |
| Equity ratio (%) | 23.7 | 24.3 | 23.6 | 21.9 |
| Net interest-bearing position (MNOK) | -162 | -124 | -260 | -695 |
| Average number of employees | 6 116 | 6 446 | 6 431 | 6 307 |
|
| BALANCE SHEET | At 31 Mar 2009 | At 31 Mar 2008 | At 31 Dec 2008 | At 31 Dec 2007 |
| ASSETS | | | | |
| Non-current assets | | | | |
| Goodwill and other intangible assets | 562.4 | 509.5 | 583.4 | 504.2 |
| Property | 571.3 | 458.7 | 576.4 | 495.2 |
| Machinery etc. | 1 250.1 | 994.8 | 1 200.0 | 927.3 |
| Investments in associated companies and joint ventures | 536.1 | 590.1 | 672.6 | 427.7 |
| Deferred tax assets | 35.9 | 45.6 | 35.9 | 45.6 |
| Financial assets | 299.6 | 409.4 | 303.2 | 405.4 |
| Total non-current assets | 3 255.4 | 3 008.1 | 3 371.5 | 2 805.4 |
| | | | | |
| Current assets | | | | |
| Non-residential and residential projects | 1 753.1 | 1 357.6 | 1 751.3 | 1 370.6 |
| Stocks | 315.2 | 306.1 | 322.5 | 273.1 |
| Accounts receivable and other receivables | 2 656.6 | 3 809.4 | 3 166.3 | 3 977.8 |
| Liquid assets | 196.0 | 357.2 | 354.0 | 272.4 |
| Total current assets | 4 920.9 | 5 830.3 | 5 594.1 | 5 893.9 |
| | | | | |
| Total assets | 8 176.3 | 8 838.4 | 8 965.6 | 8 699.3 |
| | | | | |
| EQUITY AND LIABILITIES | | | | |
| Equity | | | | |
| Share capital | 68.0 | 70.1 | 68.0 | 70.1 |
| Other equity | 1 844.4 | 2 042.9 | 2 021.0 | 2 182.3 |
| Minority interests | 24.1 | 37.1 | 24.9 | 33.5 |
| Total equity | 1 936.5 | 2 150.1 | 2 113.9 | 2 285.9 |
| | | | | |
| Long-term liabilities | | | | |
| Pension liability and deferred tax | 346.2 | 484.5 | 340.5 | 474.7 |
| Debt to credit institutions etc. | 555.5 | 771.0 | 884.4 | 457.9 |
| Other long-term liabilities | 96.9 | 107.1 | 114.7 | 110.8 |
| Total long-term liabilities | 998.6 | 1 362.6 | 1 339.6 | 1 043.4 |
| | | | | |
| Short-term liabilities | | | | |
| Debt to credit institutions etc. | - | 147.4 | 0.4 | 163.2 |
| Creditors, guarantee funds | 3 499.5 | 3 745.6 | 3 499.8 | 3 651.4 |
| Unpaid government charges | 524.9 | 530.0 | 715.7 | 575.2 |
| Other short-term liabilities | 1 216.8 | 902.7 | 1 296.2 | 980.2 |
| Total short-term liabilities | 5 241.2 | 5 325.7 | 5 512.1 | 5 370.0 |
| | | | | |
| Total equity and liabilities | 8 176.3 | 8 838.4 | 8 965.6 | 8 699.3 |
