| | | | | | MNOK |
| Property Development, Sweden | Q2 2009 | Q2 2008 | At 30 June 2009 | At 30 June 2008 | 2008 | 2007 |
| Operating revenues | 101.3 | 181.2 | 178.9 | 365.2 | 719.7 | 767.8 |
| Operating expenses | -91.1 | -156.0 | -163.8 | -317.9 | -629.2 | -638.5 |
| Depreciation | -0.1 | -0.1 | -0.1 | -0.2 | -0.5 | -3.8 |
| Operating profit (EBIT) | 10.1 | 25.1 | 15.0 | 47.1 | 90.0 | 125.5 |
Share of profit associated
companies and | 1.4 | 5.2 | 2.7 | 11.4 | 15.5 | 5.5 |
| Net financial items | 0.1 | -7.3 | 0.8 | -7.0 | -3.7 | -18.0 |
| Earnings before tax (EBT) | 11.6 | 23.0 | 18.5 | 51.5 | 101.8 | 113.0 |
| Total assets business area | 626.2 | 601.8 | 626.2 | 601.8 | 791.3 | 825.4 |
The housing market has shown a positive development in the second quarter of 2009. A total of 51 dwellings were sold, as against 86 in all of 2008.
The Swedish property operations had a second quarter turnover of MNOK 101 (MNOK 181 in the second quarter of 2008). Earnings before tax were MNOK 11.6 (MNOK 23.0).
At the end of the quarter, the division had 238 dwellings under construction in nine projects (378 at 31 March 2009). 27 units, of which 13 are sites, are not sold. This corresponds to a sales rate of 89 per cent. Two completed dwellings remain unsold.
The low volumes can be explained by the fact that few projects are approved for development, and that demand is still relatively low. We are planning to start sales on several projects towards the end of 2009. In the second quarter, sales were started on two projects with a total of 58 housing units. At the end of the quarter, the portfolio of development sites in Sweden contained 3,870 units. Here too, priority is assigned to further developing the portfolio.
