MNOK
Property Sweden	Q4 2009	Q4 2008	2009	2008	2007
Operating revenues	131.3	148.5	359.3	719.7	767.8
Operating expenses	-129.2	-129.4	-342.2	-629.2	-638.5
Depreciation	-0.1	-0.2	-0.1	-0.5	-3.8
Operating profit (EBIT)	2.0	18.9	17.0	90.0	125.5
Share of profit associated companies and joint ventures	-0.2	3.5	6.1	15.5	5.5
Net financial items	-2.3	4.4	-1.9	-3.7	-18.0
Earnings before tax (EBT)	-0.5	26.8	21.2	101.8	113.0
Total assets business area	619.8	791.3	619.8	791.3	825.4

The Swedish housing market has shown a positive development during the last year. This applies particularly to the Stockholm area, where the market is excellent, but demand is also picking up in the Skåne region. As in Norway, the market for terraced houses/small dwellings and smaller blocks of flats in the outskirt areas comes out on top, while the market for larger blocks of flats is more hesitant. A total of 91 dwellings were sold in the fourth quarter, as against 86 in all of 2008.

The Swedish property operations had a fourth quarter turnover of MNOK 131 (MNOK 149 for fourth quarter 2008). This gave earnings before tax of MNOK -0.5 (MNOK 26.8).

Two projects have been started up in the fourth quarter, covering altogether 83 housing units. At the end of the quarter, the division had 247 dwellings under construction, as against 453 housing units at the end of the fourth quarter of 2008. Of the dwellings under construction, 15 remain unsold. There are no completed, unsold dwellings. The low volumes can be explained by the fact that few projects are approved for development, but this will change in the course of 2010.

At the end of the quarter, the site portfolio in Sweden contained 3,900 units, of which 70 per cent were options. The share of small dwellings in the portfolio is gradually increasing, and has now reached
28 per cent.