| | | | | | | MNOK |
| PROFIT AND LOSS ACCOUNT | Q2 2009 | Q2 2008 | 1 Jan. - 30 June 2009 | 1 Jan. - 30 June 2008 | 2008 | 2007 |
| Operating revenues | 4 186.2 | 5 580.7 | 7 511.5 | 9 918.1 | 19 395.3 | 19 335.9 |
| Operating expenses | -3 925.4 | -5 243.0 | -7 272.2 | -9 509.9 | -18 303.1 | -18 219.8 |
| Operating profit before depreciation (EBITDA) | 260.8 | 337.7 | 239.3 | 408.2 | 1 092.2 | 1 116.1 |
| Depreciation of goodwill | - | - | - | - | -4.2 | - |
| Depreciation | -80.7 | -71.3 | -161.2 | -138.0 | -291.8 | -233.6 |
| Operating profit (EBIT) | 180.1 | 266.4 | 78.1 | 270.2 | 796.2 | 882.5 |
| Share of profit associated companies and joint ventures | 1.3 | 37.4 | -4.5 | 51.4 | 123.3 | 325.8 |
| Financial income | 47.7 | 34.8 | 68.0 | 59.6 | 112.2 | 80.4 |
| Financial expenses | -24.6 | -53.9 | -70.6 | -80.5 | -216.1 | -107.7 |
| Earnings before tax (EBT) | 204.5 | 284.7 | 71.0 | 300.7 | 815.6 | 1 181.0 |
| Income tax expense | -48.5 | -62.7 | -17.8 | -66.2 | -200.1 | -179.9 |
| Earnings after tax | 156.0 | 222.0 | 53.2 | 234.5 | 615.5 | 1 001.1 |
| of which minorities | 0.9 | 5.7 | 1.6 | 9.3 | 4.2 | 11.4 |
| Earnings per share (NOK) * | 1.2 | 1.5 | 0.4 | 1.6 | 4.5 | 7.1 |
| * No dilution effect | | | | | | |
| | | | | | |
| | | | | | |
| Total profit and loss account | Q2 2009 | Q2 2008 | 1 Jan. - 30 June 2009 | 1 Jan. - 30 June 2008 | 2008 | 2007 |
| Earnings after tax | 156.0 | 222.0 | 53.2 | 234.5 | 615.5 | 1 001.1 |
| Profit and loss items entered directly against equity: Currency conversion differences | 0.6 | 2.2 | -56.0 | 0.6 | 75.6 | -31.1 |
| IAS 39 – hedging PPP project | 16.9 | 26.3 | -0.3 | 14.8 | -39.8 | 29.2 |
| Total profit | 173.5 | 250.5 | -3.1 | 249.9 | 651.3 | 999.2 |
| of which minorities | 0.9 | 5.7 | 1.6 | 9.3 | 4.2 | 11.4 |
|
|
| |
| CASH FLOW STATEMENT | 1 Jan. -
30 June 2009 | 1 Jan. -
30 June 2008 | | | | |
| Earnings before tax | 71.0 | 300.7 | | | | |
| Depreciation | 161.2 | 138.0 | | | | |
| Other operational items | -296.5 | -45.2 | | | | |
| Change in other operating capital | 3.7 | -218.7 | | | | |
| Cash flow from operating activities | -60.6 | 174.8 | | | | |
| Purchase / sale of tangible non-current assets | -234.8 | -297.1 | | | | |
| Other investment activities | 13.5 | -31.3 | | | | |
| Cash flow from investment activities | -221.3 | -328.4 | | | | |
| Change in accounts receivable | -20.1 | 189.8 | | | | |
| Change in interest-bearing debt | 529.7 | 705.8 | | | | |
| Dividend paid | -334.3 | -543.8 | | | | |
| Purchases own shares | - | -203.1 | | | | |
| Other financial items | -29.2 | -0.8 | | | | |
| Cash flow from financing activities | 146.1 | 147.9 | | | | |
| Change in liquid assets | -135.8 | -5.7 | | | | |
| | | | | | | |
| Liquid assets. 1 January | 354.0 | 272.4 | | | | |
| Liquid assets. 30 June | 218.2 | 266.7 | | | | |
|
|
| |
| NET INTEREST-BEARING POSITION | At 30 June 2009 | At 30 June 2008 | Pr. 31.12.2008 | | | |
| Liquid assets | 218.2 | 266.7 | 354.0 | | | |
| Interest-bearing assets | 290.9 | 350.5 | 270.8 | | | |
| Interest-bearing liabilities | -1 414.5 | -1 326.9 | -884.8 | | | |
| Net interest-bearing position | -905.4 | -709.7 | -260.0 | | | |
| Change in net interest-bearing position (from 1 January) | -645.4 | -901.3 | -451.6 | | | |
|
|
| | | | | MNOK | | |
| OTHER KEY FIGURES | At 30 June 2009 | At 30 June 2008 | At 31 Dec 2008 | At 30 June 2007 | | |
| Backlog. Construction (MNOK) | 10 839 | 12 560 | 10 564 | 15 504 | | |
| Equity ratio (%) | 19.7 | 18.7 | 23.6 | 18.0 | | |
| Net interest-bearing position (MNOK) | -905 | -710 | -260 | -1 196 | | |
| Average number of employees | 6 082 | 6 530 | 6 431 | 6 359 | | |
| | | | | | | |
| | | | | | | |
| | | | | MNOK | | |
| BALANCE SHEET | At 30 June 2009 | At 30 June 2008 | At 31 Dec 2008 | At 31 Dec 2007 | | |
| ASSETS | | | | | | |
| Non-current assets | | | | | | |
| Goodwill and other intangible assets | 560.9 | 522.3 | 583.4 | 504.2 | | |
| Property | 581.7 | 477.5 | 576.4 | 495.2 | | |
| Machinery etc. | 1 244.7 | 1 138.4 | 1 200.0 | 927.3 | | |
Investments in associated companies
and joint ventures | 574.6 | 618.6 | 672.6 | 427.7 | | |
| Deferred tax assets | 35.9 | 45.6 | 35.9 | 45.6 | | |
| Financial assets | 307.6 | 454.5 | 303.2 | 405.4 | | |
| Total non-current assets | 3 305.4 | 3 256.9 | 3 371.5 | 2 805.4 | | |
| | | | | | | |
| Current assets | | | | | | |
| Non-residential and residential projects | 1 693.1 | 1 482.7 | 1 751.3 | 1 370.6 | | |
| Stocks | 293.9 | 286.0 | 322.5 | 273.1 | | |
| Accounts receivable and other receivables | 3 383.5 | 4 221.0 | 3 166.3 | 3 977.8 | | |
| Liquid assets | 218.2 | 266.7 | 354.0 | 272.4 | | |
| Total current assets | 5 588.7 | 6 256.4 | 5 594.1 | 5 893.9 | | |
| | | | | | | |
| Total assets | 8 894.1 | 9 513.3 | 8 965.6 | 8 699.3 | | |
| | | | | | | |
| EQUITY AND LIABILITIES | | | | | | |
| Equity | | | | | | |
| Share capital | 68.0 | 68.0 | 68.0 | 70.1 | | |
| Other equity | 1 670.1 | 1 666.7 | 2 021.0 | 2 182.3 | | |
| Minority interests | 17.9 | 44.6 | 24.9 | 33.5 | | |
| Total equity | 1 756.0 | 1 779.3 | 2 113.9 | 2 285.9 | | |
| | | | | | | |
| Long-term liabilities | | | | | | |
| Pension liability and deferred tax | 337.7 | 483.1 | 340.5 | 474.7 | | |
| Debt to credit institutions etc. | 1 343.7 | 1 310.3 | 884.4 | 457.9 | | |
| Other long-term liabilities | 94.2 | 110.0 | 114.7 | 110.8 | | |
| Total long-term liabilities | 1 775.6 | 1 903.4 | 1 339.6 | 1 043.4 | | |
| | | | | | | |
| Short-term liabilities | | | | | | |
| Debt to credit institutions etc. | - | 16.6 | 0.4 | 163.2 | | |
| Creditors. guarantee funds | 3 921.5 | 4 484.6 | 3 499.8 | 3 651.4 | | |
| Unpaid government charges | 457.7 | 616.6 | 715.7 | 575.2 | | |
| Other short-term liabilities | 983.3 | 712.8 | 1 296.2 | 980.2 | | |
| Total short-term liabilities | 5 362.5 | 5 830.6 | 5 512.1 | 5 370.0 | | |
| | | | | | | |
| Total equity and liabilities | 8 894.1 | 9 513.3 | 8 965.6 | 8 699.3 | | |
