| | | | MNOK |
| Construction, Sweden | Q1 2009 | Q1 2008 | 2008 | 2007 |
| | | | |
| Operating revenues | 551.8 | 630.4 | 2 801.1 | 2 756.2 |
| Operating expenses | -536.3 | -622.0 | -2 737.3 | -2 754.6 |
| Depreciation | -5.0 | -2.2 | -17.1 | -9.7 |
| Operating profit (EBIT) | 10.5 | 6.2 | 46.7 | -8.1 |
| Share of profit associated companies and joint ventures | - | - | - | - |
| Net financial items | -1.4 | -0.4 | 6.0 | 3.8 |
| Earnings before tax (EBT) | 9.1 | 5.8 | 52.7 | -4.3 |
| Total assets business area | 540.8 | 368.0 | 570.5 | 448.5 |
The current market situation in Sweden is highly complex. While there is a good market for heavy construction in infrastructure projects, the housing market is weak in most regions. However, there is still some activity in the area of non-residential building in Stockholm and the Skåne region. All regions are seeing activity in connection with public building projects such as schools, hospitals etc.
The Swedish construction operations showed a total turnover for the first quarter of MNOK 552 (MNOK 630 for the first quarter of 2008). Earnings before tax were MNOK 9.1 (MNOK 5.8), and this gave a profit margin of 1.6 per cent
(0.9 per cent).
The division's quarterly result indicates good progress in projects under production, but the lack of orders received in the autumn of 2008 and the first quarter of 2009 has had a negative impact on the activity level. Stockholm has proved to be the most stable region.
The division has adapted to the market decline, and has a clear long-term strategy where profitability is prioritised over volume. Whereas the order backlog is good in the Stockholm region, the other regions are in need of new assignments.
New contracts include the renovation of an office building in Stockholm for AMF Pension at MSEK 230.
At the end of the first quarter, the Swedish construction operations had orders-on-hand amounting to
MNOK 2,215, as against MNOK 2,479 at the turn of the year, and MNOK 3,035 at the same time last year.
