31.08.2010 - Company announcement

Interim Report for the period 1 October 2009-30 June 2010

Today, the Board of Directors of Per Aarsleff A/S have discussed and approved the Interim Report for the first nine months of the financial year 2009/2010. The Interim Report has not been audited or reviewed by the company’s auditors. 

Results of the first nine months:

• Profit before tax came to DKK 32 million and is below expectations at the beginning of the year.
• Consolidated revenue came to DKK 3,103 million.
• Profit before interest in Construction came to DKK 4 million.
• Profit before interest in Pipe Technologies came to DKK 36 million.
• Profit before interest in Piling came to DKK 2 million.
• Liquidity has improved by DKK 104 million.

Outlook for the financial year 2009/2010:

• Results of the first six months were significantly influenced by the hard winter weather, and there was a revenue loss which we do not expect to catch up with in the current financial year. Third quarter results came to DKK 47 million compared to DKK 36 million last year but are slightly below expectations for the quarter.
• The market for civil engineering projects continues to be characterised by keen competition within general civil engineering work. The volume of orders is higher than at 30 June last year and indicates increasing activity in the year ahead. In view of the financial crisis, it is positive that the number of projects put out to tender is high, and consequently the tendering activity is high.
• The company now expects to report profit before tax of DKK 60 million for the financial year as a whole against DKK 70 million as previously announced and a continued lower level of activity compared to 2008/2009. Steps to reduce costs and enhance competition are taken on an ongoing basis.

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