| | | | | MNOK |
| | Q1 2010 | Q1 2009 | 2009 | 2008 |
| Operating revenues | 252.3 | 274.9 | 2 968.0 | 3 292.6 |
| Operating profit | -117.7 | -160.1 | 28.3 | 110.0 |
| Earnings before tax (EBT) | -127.0 | -179.6 | 7.1 | 68.1 |
| Earnings before tax (EBT) (12 months rolling) | 59.7 | 7.1 | 7.1 | 68.1 |
The Norwegian Industry Division’s operations are nation-wide and its business areas are asphalt, crushed stone and gravel, road maintenance, and industrial waste recycling. In Sweden, Veidekke has operations within the areas of asphalt, crushed stone and gravel, although these activities are very limited at present.
Industry activity in the first quarter is seasonally characterised by low activity making the first an expense quarter.
The first quarter result was MNOK -127, of which MNOK 21 million was due to the effect of pension scheme changes. The result for the first quarter of 2009 was MNOK -179.6, of which MNOK -27 was related to project write-downs in asphalt operations in Mid-Norway.
Asphalt operations in the first quarter had great focus on costs and cost reductions, which had a positive effect. The business works continuously on improvement efforts. In the tender round for asphalt contracts for the Norwegian Public Roads Administration for 2010, Kolo Veidekke came out well compared with last year. There is, however, some uncertainty associated with developments in the private market for 2010.
In road maintenance, the results are still negative. An unusually hard winter in the south and west of the country led to high costs on some contracts. The operations continue to work on strengthening the organisation in contract understanding, competence, and leadership. The company won two new contracts, which had satisfactory prices, in this year’s tender competition.
Activities within crushed stone and gravel had a negative difference in volume of approximately 8% compared with last year, but results are in line with last year. Crushed stone and gravel focuses continuously on cost reduction measures and increasing productivity.
Recycling volumes in the first quarter were on par with 2009, and results were as expected. The operations had great focus on cost reduction measures including through implementing an efficient transport solution.
