MNOK
Construction Sweden	Q4 2009	Q4 2008	2009	2008	2007
Operating revenues	641.6	835.4	2 355.0	2 801.1	2 756.2
Operating expenses	-626.4	-809.7	-2 299.4	-2 737.3	-2 754.6
Depreciation	-6.0	-4.8	-22.3	-17.1	-9.7
Operating profit (EBIT)	9.2	20.9	33.3	46.7	-8.1
Share of profit associated companies and joint ventures	-	-	-	-	-
Net financial items	2.8	-3.3	3.1	6.0	3.8
Earnings before tax (EBT)	12.0	17.6	36.4	52.7	-4.3
Total assets business area	566.2	570.5	566.2	570.5	363.6

Swedish construction operations showed a total turnover for the fourth quarter of MNOK 642 (MNOK 835). Earnings before tax were MNOK 12.0 (MNOK 17.6), which corresponds to a profit margin of 1.9 per cent (2.1 per cent).

The number of infrastructure projects is still satisfactory, but prices are under pressure. House building activities have shown a slight upturn, but the market is still slow. There is some demand for non-residential buildings in Stockholm and Skåne.

Operations in Stockholm achieved good operational and profit margins, whereas both activity level and profitability in the other regions reflected a decline in orders received in the preceding quarters. Region West is particularly feeling the consequences of a highly challenging market.

At the end of the fourth quarter, the Swedish construction operations had an order backlog totalling
MNOK 2,764, as against MNOK 2,479 at the same time last year.

New contracts signed in the fourth quarter include a road project for the Swedish Public Roads Administration in Kista by Stockholm at MSEK 319, a tunnel project on the E45 stretch from Hede to Älvängen totalling MSEK 238, and a railway project outside Gothenburg for the Swedish Rail Administration amounting to MSEK 255. Veidekke is also building a number of housing units for the housing co-operative HSB in Lund at MSEK 72, and an apartment hotel in Stockholm for Estancia Gärdet AB at MSEK 72.