MNOK
Property Development, Denmark	Q2 2009	Q2 2008	At 30 June 2009	At 30 June 2008	2008	2007
Operating revenues	1.2	11.2	2.2	43.8	50.4	162.8
Operating expenses	-1.8	-13.0	-8.4	-45.4	-73.0	-161.4
Depreciation	-	-	-	-	-	-
Operating profit (EBIT)	-0.6	-1.8	-6.2	-1.6	-22.6	1.4
Share of profit associated companies and	-0.1	-	-0.1	-	-	-0.1
Net financial items	-9.2	-2.4	-12.1	-4.9	-9.9	-11.7
Earnings before tax (EBT)	-9.9	-4.2	-18.4	-6.5	-32.5	-10.4
Total assets business area	293.6	255.1	293.6	255.1	313.3	279.6

Veidekke’s property operations in Denmark, Hoffmann Ejendomme, had a second quarter turnover of MNOK 1 (MNOK 11 in the second quarter of 2008). Earnings before tax were
MNOK -9.9 (MNOK -4.2).

In the second quarter, CVM Development AS, of which Hoffmann owns 20 per cent, withdrew from a project involving the development of a large site area in Copenhagen, Grøntorvet. Hoffmann’s result has been reduced by their share of the costs related to the discontinuation of the project. Otherwise, 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.