1. General information

The consolidated accounts for the first quarter of 2009 include Veidekke ASA and its subsidiaries and the Group's share of associated companies and joint ventures. At the end of the first quarter of 2009, the Group consisted of the same entities as reported in the annual accounts for 2008.

2. Accounting policies

The Group's financial reporting is carried out in accordance with International Financial Reporting Standards (IFRS) approved by the EU. The quarterly accounts have been drawn up in accordance with IAS 34 Interim Financial Reporting and the Stock Exchange Rules.The quarterly accounts have been drawn up in accordance with the same accounting policies as the annual accounts for 2008. The following new standards were implemented as of 1 January 2009:

• IFRS 2: Share-based Payment – Vesting conditions and cancellations
• IFRS 8: Operating Segments – Identification of segments
• IAS 1 (Amendment): Presentation of Financial Statements – Revised presentation
• IAS 23 (Amendment): Borrowing Costs – Capitalisation of interest related to the production of qualifying assets
• IAS 27 (Amendment): Consolidated and Separate Financial Statements – Accounting of changes in ownership share in subsidiaries
• IAS 32 (Amendment): Financial Instruments: Presentation In compliance with the amendments to IFRS 8 and IAS 1, a few changes have been made in the presentation of the quarterly report.

In compliance with the amendments to IFRS 8 and IAS 1, a few changes have the presentation of the quarterly report. The new rules in IFRS 8 do not require any changes in the division into business areas as presented in previous reports prepared in accordance with IAS 14.

New rules have been implemented for the capitalisation of interest charges related to long-term building projects – IAS 23 on borrowing costs. Veidekke has elected to follow the transitional provisions in IAS 23, which means that the new rules are implemented with effect in the accounts from 1 January 2009, but that accounting figures for previous accounting periods are not adapted.

Implementation of the other standards has had no effect on the company's financial reporting for the quarter.

The EU has not approved the interpretation IFRIC 15 regarding the accounting of the sale of real estate. It may be expected that the EU will adopt the interpretation in the second quarter of 2009, with a requirement for implementation by 1 January 2010. For more information on IFRIC 15, reference is made to the Annual Report for 2008.

The quarterly accounts do not contain all the information that is required for complete annual accounts, and should therefore be read with reference to the consolidated accounts for 2008, which are available on request from the company or can be found here .

3. Segment reporting

The Group's segments are based on its business areas: Construction, Property Development and Industry. The segmental results for the first quarter of 2009 can be found in the table here.

4. Estimates

Construction and property development projects form a large part of Veidekke's operations. The accounting of project activities is, to a large degree, based on estimates. The material assessments made in the application of the Group's accounting policies and the most important sources of uncertainty in the estimates are the same for the first quarter of 2009, as those presented in the annual accounts for 2008.

5. Operations with significant seasonal fluctuations

Owing to climatic conditions in Norway, the Group's asphalt and aggregate operations are subject to considerable seasonal fluctuations. Most of the production takes place between April and October, and turnover from these operations therefore accrues during these months. However, expenses relating to operations and maintenance of the production organisation and depreciation are spread over the whole year. As a result, there will normally be significant fluctuations in the quarterly accounts for the Industry Division, and the reports for the first, second and third quarter therefore also include figures for a rolling 12-month period for the Group and for the Industry Division.

			MNOK
	12-month rolling period to March 2009	12-month rolling period to March 2008	2008
Industry Division
Turnover	3 180.0	2 951.1	3 292.6
Earnings before tax (EBT)	7.1	92.7	68.1
GROUP
Turnover	18 383.2	19 518.3	19 395.3
Earnings before tax (EBT)	666.1	1 143.3	815.6

6. Acquisition of businesses and investments

Veidekke made no acquisitions of significance in the first quarter of 2009.

7. Sales of businesses and investments

There were no sales of significance in the first quarter of 2009.

8. Financial instruments

Veidekke owns 3,268,107 shares in Hansa Property Group ASA. This corresponds to an ownership share of 8.7 per cent. The shares are not listed in an active market. In the first quarter, Veidekke wrote down the shareholding by MNOK 13. Following this devaluation, the shareholding has a book value of MNOK 3. Hansa Property Group ASA has signalled a need for injection of new equity. No decision has been made regarding such a capital infusion at the time of submission of this quarterly report.

There were no material changes during the period as regards financial risk and the Group's use of financial instruments. Further details can be found in the Annual Report for 2008.

9. Equity

Reconciliation of changes in equity in the first quarter of 2009:

		MNOK
	Q1 2009	Q1 2008
Equity at 1 January	2 113.9	2 285.9
Currency conversion differences	-56.6	-1.6
IAS 39 – hedging PPP project	-17.2	-11.5
Earnings after tax	-102.8	12.5
Total profit	-176.6	-0.6
Purchases own shares	-	-135.2
Change minority interests	-0.8	-
Equity at 31 March	1 936.5	2 150.1

There were no buybacks of shares in the first quarter of 2009.

10. Dividends

Proposed dividends are not entered as liabilities in the accounts until they have been approved by the Annual General Meeting. A dividend of NOK 2.50 per share is determined for the accounting year 2008. This constitutes MNOK 334, taking into account the company's own shares. This was resolved at the Annual General Meeting on 7 May 2009, and will therefore be reported in the second quarter of 2009.

11. Post balance sheet events

No events have occurred since the balance sheet date that would have had any significant effect on the submitted accounts.