MNOK
	Q1 2010	Q1 2009	2009	2008
Operating revenues	134.3	143.9	711.2	1 401.8
Earnings before tax	–10.7	– 38.2	- 73.9	19.4
Number of apartments under construction	434	567	310	638

The Property Division is engaged in the development of apartments for Veidekke’s own account, as well as non-residential buildings for private and public customers. In Norway and Sweden, operations are concentrated around the largest towns, while activities in Denmark are limited.

Property activities in Scandinavia had a result of MNOK -10.7 as against MNOK -38.2 in the same period last year. Quarterly results are still characterised by low production. Initiated projects are at a very early stage and therefore have a low profit contribution.

After a period of very low sales, the market has shown a gradual improvement the past year. Veidekke’s sales have increased and more projects will be initiated. Sales of new projects have been satisfactory although the market is still somewhat hesitant, indicating that it will take time to achieve the necessary pre-sales.

Due to low start-ups in previous years, the current production level is low, and it will take time to achieve our activity target of 1 400 units under production. The group started up 151 new apartments in the first quarter of 2010. At the end of the quarter the Group had a land bank equivalent to 7 800 units.

Property development in Norway
Property development in Sweden
Property development in Denmark