Welcome to NRC Group's Quarter 1 Presentation. This presentation will also be followed by a Q and A session at 10 today, and please refer to our stock notice for participation tales. As always, quarter 1 is impacted by winter conditions, And we have a high seasonality in our business. Especially within the construction contracts, the activity level is low. However, it is an important season where our employees has done a good job making sure we have stable train traffic at our Swedish and Finnish maintenance contracts throughout the winter.
The revenue It's more or less in line with last year adjusted for the one off sales of inventory in Finland quarter 1, 2020. And the EBITDA of minus €59,000,000 is also in line with last year. The order intake for the quarter was SEK860 1,000,000 and this was negatively affected by the cancellation of the maintenance Area 5 contract in Finland with minus SEK183 1,000,000, but it was also impacted by negative Currency effects of NOK240 1,000,000. So the quarter 1 order intake level was at satisfactory Level and adjusted for these two effects, the book to bill ratio in quarter 1 was 1.1. Our order book at the end of the quarter was SEK 6,000,000,000 compared to SEK 8,000,000,000 last year.
This is, of course, impacted by the low order intake in 2020, but also we see currency effects of NOK 500,000,000 explaining some of the difference. Our cash flow was solid in the quarter with 17,000,000 leaving us with a good cash position of $551,000,000 end of quarter. COVID-nineteen is still very present in our markets. And although we haven't seen too much direct effects in the project execution, We still experienced secondary effects with disruptions in the value chain, and also we see that we faced some capacity challenges in the civil construction area in Norway due to travel restrictions. As the rest of the society, we are very much looking forward to more normal operating environment And especially when it comes to our improvement programs, where we also need to involve our project organizations in the work, It will be very favorable to be able to meet more frequently.
Getting the work done in a safe way is our first priority. In quarter 1, we had the high Injury frequency rate of 9.6. This is due to tougher winter conditions than last year, And the injuries are of less serious nature and related to the tough winter conditions. We expect this trend to be more normal during the year as the operating environment gets more favorable and also as the activity level are picking up. Our sickness absence rate It's 4.1%, significant better than last year, although we still see some COVID effects into our number this quarter.
So also this figure, we believe that will gradually become better as we move forward this year. Sustainability is a part of NRC Group's DNA. Our mission is to create infrastructure that goes beyond the demands of today and tomorrow. And for us, it does not stop at building sustainable infrastructure. We also strive to do it in a sustainable way.
And it is important for us to meet the requirements from investors when it comes to provide good information also within this area. And with our sustainability report published earlier this year, We are significantly improving our reporting within this area. We are also closely monitoring the EU work on sustainable finance and the EU taxonomy regulations. And we will, during this year, classify our revenues, our costs and our investments according to this regulation. We believe that NRC Group will benefit from the EU taxonomy as all our core business areas are closely aligned with the EU environmental targets.
We will also, in quarter 2, present our targets within sustainability to reduce our greenhouse gas emissions. Then I will leave it to Doug to go through the financials.
Thank you, Henning. As Henning mentioned, Q1 is low season for our business, and hence, revenue and results are affected By that, revenue in quarter 1 was SEK 1,130,000,000, which is 10% lower than last year. Last year included an extraordinary sale of inventory of $110,000,000 in Finland, and adjusted for that, revenue is more or less on same level as last year. EBITA excluding M and A was minus 59,000,000 compared with minus $54,000,000 last year and at normal levels for Q1. Finland is continuing performing good with improved profitability versus last year, while lower revenue negatively affects the profitability in Sweden.
The profitability in the Norwegian operation was more or less in line with last year. Henning will come back to more details on each country later in the presentation. Our pretax profit was minus $95,000,000 in the quarter, slightly better than last year and at normal level in quarter 1. Moving to the balance sheet. End of March, our total balance is SEK 5,400,000,000 compared with SEK 5,900,000,000 end of December.
The changes since December is mainly variations due to seasonal effects and also some currency effects. Goodwill and intangible assets was SEK 2,900,000,000 End of March is reduced by SEK 110,000,000 since December, and that is mainly explained by currency effects. The working capital was slightly lower than December and in line with normal seasonality. Our interest bearing debt in the quarter has been reduced by $110,000,000 mainly explained by normal repayment of bank debt and also reduced leasing debt. Cash position at 31st March was NOK551,000,000 compared with NOK610,000,000 in end of December, which means that we have reduced our net debt with NOK51 1,000,000 in the quarter, and net debt is now at NOK1.1 billion.
Equity ratio is 48% at the end of March. As mentioned, Q1 is slow season. And in terms of cash flow from operation, we normally tie up our working capital in the 1st quarters and into Q3 as production is gradually ramping up for high season, which is quarter 3. Q1 is naturally affected by low season and low profitability. However, our cash flow from operation was plus 17,000,000, which is solid in this quarter.
Compared with last year, it's minus 40,000,000. However, last year included a positive effect from reduced working capital since we had an extraordinary sale of inventory in Finland of SEK 110,000,000 Net financial activities, minus SEK 96,000,000, which is more or less at same level as previous quarters and consists of repayment of debt of SEK 38,000,000, Leasing payments of $43,000,000 and net finance of minus $17,000,000 Our financial position end of March is robust. We have a cash position of 551,000,000 and also an unused credit facility of SEK 200,000,000. The remaining repayment schedule for our bank debt is approximately SEK 110,000,000 in 2021, and SEK 150,000,000 the next coming 3 years. Our bond has maturities in September 2024.
To sum it all up, The financial performance was at normal level for quarter 1, which is a low seasonal quarter. Henning will now go through operational business and the market update.
Thank you, Dag. As Dag said, we continue to see good performance in Finland. The revenue was somewhat lower last year, but this is explained by the one off effect of sales of inventory last year. Results are slightly better, explained by improved financial performance within rail construction. We are also very satisfied with the order intake in Finland so far this year.
Of course, with the contract of DKK420,000,000 we received for Usenso rail yard 1st April, but we have also won several smaller contracts in rail construction during the quarter. The order book is down by SEK1.2 billion compared to same time last year. SEK 400,000,000 is explained by a stronger Norwegian krone. However, the main explanation is the fact that we have produced on 2 big alliance contracts during 2020 without closing new alliance contracts into the order book. The cancellation of maintenance Area 5 contract is, of course, also impacting the numbers, And the cancellation was due to mistakes in the request for tender and the client need to retender the contract.
We are, of course, planning on to win this contract once more as we did last September. The tender pipeline is in Finland is solid, However, somewhat lower within the rail construction area. And this is explained by High tender activity in quarter 1 this year, where we have won almost 50% of the volume that has been out for tender. And the tender pipeline is looking strong also going forward in rail construction with the tender pipeline being SEK 2 phase of the development phase of the crown bridge project, and we expect the City of Helsinki to take a decision on that project during second half of twenty twenty one. If approved, it will be a significant contribution to our long term order book in the Finnish market.
The low order intake in Sweden in 2020 are starting to show in our revenues and, of course, also in the EBITDA of minus €35,000,000 The improvement program in Sweden continues with the goal of bringing the profitability back to satisfactory levels. The profitability On the projects we have won during the past 21 months is good, and We need to confirm this trend through a good construction season this year, but also by winning new contracts in rail construction as this is needed to succeed with our target of returning to profitability in Sweden. Quarter 1 has not been very active on the tender side in rail construction. However, this will pick up going forward. We have announced 2 wins on civil construction during the quarter and also another win after the end of quarter.
This has been important to secure the We have also seen a high tender activity within maintenance, and this will continue going forward. 2021 will be a very important year for us to confirm the competitiveness of the Swedish maintenance business by winning new contracts in the Swedish market. In Norway, the revenue and results are in line with last year. Well, that was a bit too early. In Sweden, we still see a strong tender pipeline, although somewhat lower in rail construction, but this is within normal fluctuations.
The long term outlook is strong and confirmed by the new national transportation plan from 2022 to 2,033. This is planned with the increase in the spend by €176,000,000,000 compared to the former National Transportation Plan. And what is equally important for us is that the funds allocated to maintenance and upgrades of the existing infrastructure is increased by SEK 40,000,000,000 to SEK165 1,000,000,000, and this is an increase with 30% from the current levels. And this is a core segment for NRC Group and also a segment where we are very competitive. Then let's go to Norway.
In Norway, we see revenue and results in line with last year. Growth and better results in the Rail Construction division is offset by somewhat lower activity and hence lower results in the civil construction area. We have a sharp focus on improving the results in our demolition and recycling business, but it will still take some time before we see the measures into improved financial results in our accounts. The win in civil construction of the access tunnel to the new Skoyn metro station is a very important win for us to gradually get back to more normal activity level in our civil construction unit. And we have Several smaller contracts in this segment during the quarter, so the order situation is improving.
The tender pipeline in Norway remains strong, and it's increasing within rail construction. And one big effect is the fact that the first maintenance contract is out for tender in the Norwegian market, and that will be submitted in quarter 3 this year. As in Sweden, The proposal for the new national transportation plan confirms long term outlook. And also in Norway, we are investing more into maintenance and upgrades of the existing infrastructure. And the expected growth in this area is almost 50% compared to the current budget this year.
This is much needed to make sure that the railway system stays competitive in the transportation of goods and personnel and of very high importance for NRC Group in Norway as this is one of our core segments within rail construction. To sum it up, as always, quarter 1 is a low activity Quarter and revenue and results are in line with last year. Cash position is strong with the end of month balance of €551,000,000 Performance in Finland continues to be good, while we are working hard to improve the profitability in Norway and Sweden to more satisfactory levels. We have had some important wins in 2021 with the access tunnel to the Skagen metro station in Norway with the Jusensor rail yard in Finland and several civil construction contracts in Sweden. And this has been important to secure the activity level throughout 2021, but we still need to strengthen our long term order book.
So the tender activity will remain high, and we see a strong tender pipeline with lots of attractive projects to compete for. Short term, we are reiterating our EBITDA guidance Our EBITDA margin between 1.75% 2.5%. Long term, The positive market outlook is confirmed by the new national transportation plans in Norway and Sweden. If you want to participate in our Q and A session at 10 today, please refer to our stock notice for participation details. Thank you for your attention.