MNOK
Construction, Denmark	Q2 2009	Q2 2008	At 30 June 2009	At 30 June 2008	2008	2007
Operating revenues	399.8	574.8	798.1	1 089.7	2 073.0	2 779.6
Operating expenses	-395.5	-577.4	-784.3	-1 105.8	-2 066.3	-2 879.9
Depreciation	-2.5	-1.6	-5.0	-4.0	-9.7	-9.3
Operating profit (EBIT)	1.8	-4.2	8.8	-20.1	-3.0	-109.6
Share of profit associated companies and	-	0.3	-	0.3	0.7	0.6
Net financial items	7.0	4.2	8.0	7.8	15.5	20.9
Earnings before tax (EBT)	8.8	0.3	16.8	-12.0	13.2	-88.1
Total assets business area	840.9	890.7	840.9	890.7	641.1	644.8

For the second quarter, Veidekke’s Danish construction operations, Hoffmann, had a turnover of MNOK 400 (MNOK 575 for the second quarter of 2008), and earnings before tax totalling MNOK 8.8 (MNOK 0.3). This corresponds to a profit margin of
2.2 per cent (0.1 per cent).

The company has shown a positive profit trend, despite the tough market situation. This may be attributed both to the implementation of the improvement process called ”Hoffmann’s spine”, and to the favourable price development for purchases from subcontractors and suppliers.

During the quarter, the orders received by the company have been on a level with the turnover, thus ensuring a stable order backlog. The orders-on-hand are well matched to the division’s current capacity. This level of activity is expected to continue into 2010.

At the end of the second quarter, the company had orders-on-hand totalling MNOK 1,137, as against
MNOK 1,298 at the turn of the year, and MNOK 1,283 at the same time last year.