| MNOK |
| PROFIT AND LOSS | Q2 2010 | Q2 2009 | 1 Jan-30 June 2010 | 1 Jan-30 June 2009 | 2009 | 2008 |
| Operating revenues | 4 189.9 | 4 413.8 | 7 300.5 | 7 771.5 | 15 923.4 | 20 225.7 |
| Operating expenses | -3 972.0 | -4 085.2 | -7 027.0 | -7 459.4 | -14 994.9 | -18 959.3 |
| Operating profit before depreciation (EBITDA) | 218.0 | 328.6 | 273.5 | 312.1 | 928.5 | 1 266.4 |
| Depreciation goodwill | - | - | - | - | - | -4.2 |
| Depreciation | -86.7 | -80.7 | -171.5 | -161.2 | -335.6 | -291.8 |
| Operating profit (EBIT) | 131.2 | 247.9 | 102.0 | 150.9 | 592.9 | 970.4 |
Share of profit associated companies
and joint ventures | 4.3 | 0.7 | 2.7 | -8.8 | 46.7 | 135.4 |
| Financial income | 8.3 | 33.6 | 15.4 | 38.2 | 66.3 | 112.3 |
| Financial expenses | -4.0 | -8.9 | -9.2 | -44.8 | -77.5 | -209.4 |
| Earnings before tax | 139.8 | 273.3 | 110.9 | 135.5 | 628.4 | 1 008.7 |
| Income tax expense | -35.0 | -46.7 | -27.7 | -20.5 | -118.5 | -221.9 |
| Earnings after tax | 104.8 | 226.6 | 83.2 | 115.0 | 509.9 | 786.8 |
| of which non-controlling interests | 1.8 | 0.9 | 2.1 | 1.6 | 9.2 | 4.2 |
| Earnings per share (NOK) * | 0.8 | 1.6 | 0.6 | 0.8 | 3.7 | 5.8 |
| * No dilution effect. |
| |
EXTENDED PROFIT AND LOSS ACCOUNT
ACCORDING TO IAS 1 | Q2 2010 | Q2 2009 | 1 Jan-30 June 2010 | 1 Jan-30 June 2009 | 2009 | 2008 |
| Earnings after tax | 104.8 | 226.6 | 83.2 | 115.0 | 509.9 | 786.8 |
Other income and expenses:
Currency conversion differences | 3.9 | 0.6 | -5.5 | -45.4 | -95.0 | 65.0 |
Value adjustments financial assets at
fair value | -16.4 | 16.9 | -27.6 | -0.3 | 6.8 | -39.8 |
| Total profit | 92.3 | 244.1 | 50.1 | 69.3 | 421.7 | 812.0 |
| of which minorities | 1.8 | 0.9 | 2.1 | 1.6 | 9.2 | 4.2 |
| |
| STATEMENT OF CASH FLOWS | Q2 2010 | Q2 2009 | 1 Jan-30 June 2010 | 1 Jan-30 June 2009 | | |
| Earnings before tax | 139.8 | 273.3 | 110.9 | 135.5 | | |
| Tax paid | -61.2 | -243.5 | -107.1 | -284.1 | | |
| Depreciation | 86.7 | 80.7 | 171.5 | 161.2 | | |
| Other operational items | -136.3 | -444.4 | -599.4 | -72.6 | | |
| Cash flow operating activities | 29.0 | -333.9 | -424.1 | -60.0 | | |
| Purchase / sale of tangible non-current assets | -112.2 | -84.3 | -186.2 | -234.8 | | |
| Other investment activities | -22.4 | 19.9 | -27.9 | 17.0 | | |
| Cash flow from investment activities | -134.6 | -64.4 | -214.1 | -217.8 | | |
| Change in interest-bearing receivables | -9.3 | -25.5 | -6.6 | -20.1 | | |
| Change in interest-bearing debt | 434.0 | 791.5 | 999.6 | 529.7 | | |
| Dividend paid | -334.3 | -334.3 | -334.3 | -334.3 | | |
| Purchases own shares | - | - | - | - | | |
| Other financial items | -4.6 | -10.6 | -5.4 | -29.2 | | |
| Cash flow from financial activities | 85.8 | 421.1 | 653.3 | 146.1 | | |
| | | | | | | |
| Change in Cash and cash equivalents | -19.8 | 22.8 | 15.1 | -131.7 | | |
| | | | | | | |
| Cash and cash equivalents | 179.1 | 196.0 | 144.1 | 354.0 | | |
| Exchange rate adjustment foreign liquid reserves | -0.6 | -0.6 | -0.5 | -4.1 | | |
| Cash and cash equivalents, 30 June | 158.7 | 218.2 | 158.7 | 218.2 | | |
| |
| NET INTEREST-BEARING POSITION | At 30 June 2010 | At 30 June 2009 | At 31 Dec. 2009 | At 31 Dec 2008 | | |
| Cash and cash equivalents | 158.7 | 218.2 | 144.1 | 354.0 | | |
| Interest-bearing receivables (long-term) | 270.6 | 290.9 | 264.0 | 270.8 | | |
| Interest-bearing liabilities | -1 306.3 | -1 414.5 | -306.6 | -884.8 | | |
| Net interest-bearing position | -877.0 | -905.4 | 101.5 | -260.0 | | |
| Change net interest-bearing position (from 1 January) | -978.5 | -645.4 | 361.5 | -451.6 | | |
| |
| OTHER KEY FIGURES | At 30 June 2010 | At 30 June 2009 | At 31 Dec. 2009 | At 31 Dec 2008 | | |
| Orders-on-hand, Construction (MNOK) | 12 347 | 10 839 | 12 334 | 10 564 | | |
| Equity ratio (%) | 19.3 | 18.8 | 25.7 | 21.5 | | |
| Average number of employees | 5 981 | 6 136 | 5 925 | 6 431 | | |
| |
| STATEMENT OF FINANCIAL POSITION | At 30 June 2010 | At 30 June 2009 | At 31 Dec. 2009 | At 31 Dec 2008 | | |
| ASSETS | | | | | | |
| Non-current assets | | | | | | |
| Goodwill | 526.4 | 535.7 | 523.0 | 556.6 | | |
| Other intangible assets | 26.7 | 25.2 | 26.7 | 26.8 | | |
| Buildings/land | 512.9 | 581.7 | 510.5 | 576.4 | | |
| Machinery etc. | 1 232.1 | 1 244.7 | 1 206.2 | 1 200.0 | | |
Investments in associated companies and joint
ventures | 637.4 | 543.2 | 637.7 | 644.7 | | |
| Deferred tax assets | 79.3 | 35.9 | 79.3 | 35.9 | | |
| Financial assets | 336.2 | 307.6 | 317.1 | 303.2 | | |
| Total non-current assets | 3 351.0 | 3 274.0 | 3 300.5 | 3 343.6 | | |
| | | | | | | |
| Current assets | | | | | | |
| Non-residential and residential projects | 1 910.9 | 1 968.0 | 1 909.2 | 2 239.3 | | |
| Inventories | 365.6 | 293.9 | 265.9 | 322.5 | | |
| Account receivables and other receivables | 3 128.4 | 3 221.3 | 2 240.5 | 2 937.2 | | |
| Cash and cash equivalents | 158.7 | 218.2 | 144.1 | 354.0 | | |
| Total current assets | 5 563.6 | 5 701.4 | 4 559.7 | 5 853.0 | | |
| | | | | | | |
| Total assets | 8 914.6 | 8 975.4 | 7 860.2 | 9 196.6 | | |
| |
| EQUITY AND LIABILITIES | | | | | | |
| Equity | | | | | | |
| Share capital | 66.9 | 68.0 | 66.9 | 68.0 | | |
| Other equity | 1 624.8 | 1 601.6 | 1 919.5 | 1 880.1 | | |
| Minority interests | 30.8 | 17.9 | 35.3 | 24.9 | | |
| Total equity | 1 722.5 | 1 687.5 | 2 021.7 | 1 973.0 | | |
| | | | | | | |
| Long-term liabilities | | | | | | |
| Pension liability and deferred tax | 321.0 | 332.5 | 424.0 | 332.7 | | |
| Debt to credit institutions etc. | 1 260.2 | 1 343.7 | 305.6 | 884.4 | | |
| Other long-term liabilities | 46.9 | 94.2 | 45.6 | 114.7 | | |
| Total long-term liabilities | 1 628.1 | 1 770.4 | 775.2 | 1 331.8 | | |
| | | | | | | |
| Short-term liabilities | | | | | | |
| Debt to credit institutions etc. | 46.1 | - | 1.1 | 0.4 | | |
| Creditors, guarantee funds | 3 753.6 | 3 921.5 | 3 336.3 | 3 499.8 | | |
| Unpaid government charges | 393.8 | 457.7 | 436.6 | 715.7 | | |
| Other short-term liabilities | 1 370.5 | 1 138.3 | 1 289.3 | 1 675.9 | | |
| Total short-term liabilities | 5 564.0 | 5 517.5 | 5 063.3 | 5 891.8 | | |
| | | | | | | |
| Total equity and liabilities | 8 914.6 | 8 975.4 | 7 860.2 | 9 196.6 | | |
