| | | | | | MNOK |
| PROFIT AND LOSS ACCOUNT | Q4 2009 | Q4 2008 | 2009 | 2008 | 2007 |
| Operating revenues | 4 066.4 | 4 448.3 | 15 558.0 | 19 395.3 | 19 335.9 |
| Operating expenses | -3 776.7 | -4 177.9 | -14 753.8 | -18 303.1 | -18 219.8 |
| Operating profit before depreciation (EBITDA) | 289.7 | 270.4 | 804.2 | 1 092.2 | 1 116.1 |
| Depreciation | -96.4 | -79.6 | -335.6 | -296.0 | -233.6 |
| Operating profit (EBIT) | 193.3 | 190.8 | 468.6 | 796.2 | 882.5 |
| Share of profit associated companies and joint ventures | 2.2 | 63.4 | 26.0 | 123.3 | 325.8 |
| Net financial items | 16.1 | -2.2 | 2.2 | -103.9 | -27.3 |
| Earnings before tax (EBT) | 211.6 | 252.0 | 523.1 | 815.6 | 1 181.0 |
| Income tax expense | -33.6 | -76.1 | -111.5 | -200.1 | -179.9 |
| Earnings after tax | 178.0 | 175.9 | 411.6 | 615.5 | 1 001.1 |
| of which minorities | 6.8 | -0.2 | 9.2 | 4.2 | 11.4 |
| Earnings per share (NOK) * | 1.3 | 1.3 | 3.0 | 4.5 | 7.1 |
| * No dilution effect | | | | | |
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| Extended profit and loss account according to IAS 1 | Q4 2009 | Q4 2008 | 2009 | 2008 | 2007 |
| Earnings after tax | 178.0 | 175.9 | 411.6 | 615.5 | 1 001.1 |
Profit and loss items entered directly against equity:
Currency conversion differences | -27.5 | 76.5 | -105.7 | 75.6 | -31.1 |
| Value adjustments financial assets at fair value | 1.5 | -32.0 | 6.8 | -39.8 | 29.2 |
| Total profit | 152.0 | 220.4 | 312.7 | 651.3 | 999.2 |
| of which minorities | 6.8 | -0.2 | 9.2 | 4.2 | 11.4 |
| | | | | | |
| CASH FLOW STATEMENT | 1 Jan – 31 Dec 2009 | 1 Jan – 31 Dec 2008 | | | |
| Earnings before tax | 523.1 | 815.6 | | | |
| Tax paid | -291.8 | -176.5 | | | |
| Depreciation and write-downs | 335.6 | 296.0 | | | |
| Other operating capital etc. | 630.7 | 292.5 | | | |
| Cash flow from operating activities | 1 197.6 | 1 227.6 | | | |
| Purchase/sale of tangible non-current assets | -365.4 | -713.7 | | | |
| Other investment activities | -59.5 | 165.3 | | | |
| Cash flow from investment activities | -424.9 | -548.4 | | | |
| Change in interest-bearing assets | 6.8 | 269.5 | | | |
| Change in interest-bearing liabilities | -578.1 | 263.7 | | | |
| Distribution of dividends | -334.3 | -543.8 | | | |
| Purchases own shares | - | -234.4 | | | |
| Other financial items | -77.0 | -352.6 | | | |
| Cash flow from financing activities | -982.6 | -597.6 | | | |
| Change in liquid assets | -209.9 | 81.6 | | | |
| | | | | | |
| Liquid assets, 1 January | 354.0 | 272.4 | | | |
| Liquid assets, 31 December | 144.1 | 354.0 | | | |
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| NET INTEREST-BEARING POSITION | At 31 Dec 2009 | At 31 Dec 2008 | At 31 Dec 2007 | | |
| Liquid assets | 144.1 | 354.0 | 272.4 | | |
| Interest-bearing assets (long-term) | 264.0 | 270.8 | 540.3 | | |
| Interest-bearing liabilities | -306.7 | -884.8 | -621.1 | | |
| Net interest-bearing position | 101.4 | -260.0 | 191.6 | | |
Change in net interest-bearing
position (from 1 January) | 361.4 | -451.6 | 725.3 | | |
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| OTHER KEY FIGURES | At 31 Dec 2009 | At 31 Dec 2008 | At 31 Dec 2007 | | |
| Backlog. Construction (MNOK) | 12 346 | 10 564 | 13 263 | | |
| Equity ratio (%) | 26.4 | 23.6 | 26.3 | | |
| Average number of employees | 5 403 | 6 431 | 6 451 | | |
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| BALANCE SHEET | At 31 Dec 2009 | At 31 Dec 2008 | At 31 Dec 2007 | | |
| ASSETS | | | | | |
| Non-current assets | | | | | |
| Goodwill and other intangible assets | 549.7 | 583.4 | 504.2 | | |
| Property | 510.5 | 576.4 | 495.2 | | |
| Machinery etc. | 1 206.2 | 1 200.0 | 927.3 | | |
| Investments in associated companies and joint ventures | 644.1 | 672.6 | 427.7 | | |
| Deferred tax assets | 79.3 | 35.9 | 45.6 | | |
| Financial assets | 317.1 | 303.2 | 405.4 | | |
| Total non-current assets | 3 306.9 | 3 371.5 | 2 805.4 | | |
| | | | | | |
| Current assets | | | | | |
| Non-residential and residential projects | 1 723.1 | 1 751.3 | 1 370.6 | | |
| Stocks | 265.9 | 322.5 | 273.1 | | |
| Accounts receivable and other receivables | 2 339.4 | 3 166.3 | 3 977.8 | | |
| Liquid assets | 144.1 | 354.0 | 272.4 | | |
| Total current assets | 4 472.5 | 5 594.1 | 5 893.9 | | |
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| Total assets | 7 779.4 | 8 965.6 | 8 699.3 | | |
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| EQUITY AND LIABILITIES | | | | | |
| Equity | | | | | |
| Share capital | 66.9 | 68.0 | 70.1 | | |
| Other equity | 1 951.5 | 2 021.0 | 2 182.3 | | |
| Minority interests | 35.3 | 24.9 | 33.5 | | |
| Total equity | 2 053.7 | 2 113.9 | 2 285.9 | | |
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| Long-term liabilities | | | | | |
| Pension liability and deferred tax | 424.8 | 340.5 | 474.7 | | |
| Debt to credit institutions etc. | 305.6 | 884.4 | 457.9 | | |
| Other long-term liabilities | 45.6 | 114.7 | 110.8 | | |
| Total long-term liabilities | 776.0 | 1 339.6 | 1 043.4 | | |
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| Short-term liabilities | | | | | |
| Debt to credit institutions etc. | 1.1 | 0.4 | 163.2 | | |
| Creditors, guarantee funds | 3 336.3 | 3 499.8 | 3 651.4 | | |
| Unpaid government charges | 436.6 | 715.7 | 575.2 | | |
| Other short-term liabilities | 1 175.7 | 1 296.2 | 980.2 | | |
| Total short-term liabilities | 4 949.7 | 5 512.1 | 5 370.0 | | |
| | | | | | |
| Total equity and liabilities | 7 779.4 | 8 965.6 | 8 699.3 | | |
