From the president and CEO:

As a result of the winter months, the first quarter is usually characterised by little or no activity in certain parts of our operations, which affects of course profit figures. The first quarter is, however, still important as an estimate of future prospects. In this context, the first quarter of this year was a positive quarter for Veidekke, primarily due to good housing sales, a stronger order book and a positive market outlook.

Report of the Board of Directors for the first quarter 2011:

KEY FIGURES (MNOK) *	Q1 2011	Q1 2010	April 2010 - March 2011	2010	2009
Operating revenues IFRS	3 440.7	3 110.5	16 075.1	15 744.9	15 923.4
Earnings before tax IFRS	-87.7	-29.0	423.2	482.0	628.4
Earnings per share IFRS (NOK) 1)	-0.5	-0.2	2.3	2.6	3.7
Operating revenues segment 2)	3 538.1	3 147.8	16 686.7	16 296.4	15 558.0
Earnings before tax (EBT) segment 2)	-69.1	-14.3	534.9	589.7	523.1
Earnings per share segment 2)	-0.4	-0.1	3.0	3.3	3.0
Profit margin (%) 2)	-2.0	-0.5	3.2	3.6	3.4
Net interest-bearing position	-508	-432	-508	-162	101
Orders-on-hand Construction	12 890	12 045	12 890	12 183	12 334
1) No dilution effect. 2)The figures are taken from the segment accounts. * The comments in highlights and segment reports relate to figures from the segment accounts.