MNOK
Construction, Denmark	Q1 2009	Q1 2008	2008	2007
Operating revenues	398.3	514.9	2 073.0	2 779.6
Operating expenses	-388.8	-528.4	-2 066.3	-2 879.9
Depreciation	-2.5	-2.4	-9.7	-9.3
Operating profit (EBIT)	7.0	-15.9	-3.0	-109.6
Share of profit associated companies and joint ventures	-	-	0.7	0.6
Net financial items	1.0	3.6	15.5	20.9
Earnings before tax (EBT)	8.0	-12.3	13.2	-88.1
Total assets business area	825.5	907.3	641.1	644.8

For the first quarter, Veidekke's Danish construction operations, Hoffmann, had a turnover of MNOK 398 (MNOK 515 for the first quarter of 2008), and earnings before tax totalled MNOK 8.0 (MNOK -12.3). This gave a profit margin of 2.0 per cent (-2.4 per cent).

The division has continued to show positive profit performance in its projects throughout the quarter. The positive project development may be attributed both to the implementation of the improvement process called ”Hoffmann's spine”, and to the favourable agreements entered into with suppliers and subcontractors, as a result of the market situation.

The current order backlog is on par with the decreased level of activity expected by the division in 2009, and the division will continue to place emphasis on an ongoing adjustment and consolidation of the operations.

At the end of the first quarter, the company had orders-on-hand amounting to MNOK 1,147, as against MNOK 1,298 at the turn of the year, and MNOK 1,555 at the same time last year.