MNOK
Property Development, Denmark	Q1 2009	Q1 2008	2008	2007
Operating revenues	1.0	32.6	50.4	162.8
Operating expenses	-6.6	-32.4	-73.0	-161.4
Depreciation	-	-	-	-
Operating profit (EBIT)	-5.6	0.2	-22.6	1.4
Share of profit associated companies and joint ventures	-	-	-	-0.1
Net financial items	-2.9	-2.5	-9.9	-11.7
Earnings before tax (EBT)	-8.5	-2.3	-32.5	-10.4
Total assets business area	284.8	233.1	313.3	279.6

Veidekke's property operations in Denmark, Hoffmann Ejendomme, had a first quarter turnover of MNOK 1 (MNOK 33 for the first quarter of 2008). Earnings before tax were MNOK -8.5 (MNOK -2.3).

There is no activity in this division, and the costs are essentially attached to the company's site portfolio.

Hoffmann Ejendomme has 17 completed, unsold dwellings, four of which are let.