| | | | MNOK |
| Property Development, Sweden | Q1 2009 | Q1 2008 | 2008 | 2007 |
| | | | |
| Operating revenues | 77.6 | 184.0 | 719.7 | 767.8 |
| Operating expenses | -72.7 | -161.9 | -629.2 | -638.5 |
| Depreciation | - | -0.1 | -0.5 | -3.8 |
| Operating profit (EBIT) | 4.9 | 22.0 | 90.0 | 125.5 |
| Share of profit associated companies and joint ventures | 1.3 | 6.2 | 15.5 | 5.5 |
| Net financial items | 0.7 | 0.3 | -3.7 | -18.0 |
| Earnings before tax (EBT) | 6.9 | 28.5 | 101.8 | 113.0 |
| Total assets business area | 616.2 | 808.1 | 791.3 | 825.4 |
Compared to 2008, the housing market has shown a slight positive trend in the first quarter of 2009. This can mainly be attributed to the fact that the Swedish national bank, Riksbanken, lowered the interest rates.
The Swedish property operations had a first quarter turnover of MNOK 78 (MNOK 184 for the first quarter of 2008). Earnings before tax were MNOK 6.9 (MNOK 28.5). The result is largely affected by a hesitant market, but also by the fact that Veidekke has few dwellings for sale.
21 housing units were sold in the course of the first quarter, as against 22 in the first quarter of 2008. At the end of the quarter, a further 67 dwellings were put up for sale. Housing sales are expected to remain low in the times ahead.
The site portfolio comprises 3,700 building rights under development. This number has not changed since
31 December 2008, and includes 65 per cent options. The high percentage of options means that the amount of tied-up capital is low. Towards the end of the year, approx. 300 dwellings will be ready for sale, and we plan to start construction in four projects if the sale of these projects shows a positive development.
At the end of the quarter, the division had 444 dwellings in 11 projects under construction (453 at
31 December 2008). 38 units, of which 17 are sites, are not sold. This corresponds to a sales rate of
93 per cent. Only two completed dwellings remain unsold.
