From the president and CEO:

The first quarter result was weak. This is due to an expected decline in activity within all our business areas as a consequence of the financial crisis, but can also be attributed to surprisingly negative results within the Industry Division. On the positive side, we have maintained good margins in the construction area, seen a considerable improvement within Hoffmann and retained our strong financial position.

Report of the Board of Directors for first quarter 2009:

KEY FIGURES (MNOK)	Q1 2009	Q1 2008	April 2008 - March 2009	2008	2007
Operating revenues	3 325	4 337	18 383	19 395	19 336
Earnings before tax (EBT)	-133.5	16.0	666.1	815.6	1 181.0
Earnings before share (NOK) *	-0.8	0.1	3.6	4.5	7.1
Profit margin (%)	-4.0	0.4	3.6	4.2	6.1
Net interest-bearing position	-162	-124	-162	-260	192
Backlog of orders, construction	9 941	13 213	9 941	10 564	13 263
* No dilution effect