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Today, the Board of Per Aarsleff A/S has discussed and approved the company’s report for the first nine months of the financial year 2002/2003.
The company’s profit for the first nine months was DKK0 million before tax compared to DKK40.3 million for the same period last year. The third quarter of the financial year contributed a loss at DKK10 million before tax.
The result of the third quarter is marked by our decision, for precautionary reasons, to make a provision for a completed, foreign project.
In the interim report of the company dated 28 May 2003 the outlook for the year was for a profit before tax at DKK40 to DKK50 million. Based on the results achieved in the first quarters combined with a forecast for the fourth quarter, we now have to adjust the outlook to a profit for the year at DKK15 million before tax.
Group turnover for the period was DKK2,333 million against DKK2,130 million last year. Exports including shares from associated companies amount to DKK791 million against DKK797 million last year.
Construction’s result for the period is especially marked by the above-mentioned provision for a foreign road project. Construction has carried on the high level of activity from the first six months of the financial year and operations are otherwise progressing as expected.
The result obtained by Pipe Technologies in this quarter largely corresponds to the result obtained in the corresponding period of last year. The low level of activity within the local government sector concerning trenchless sewer rehabilitation projects continued in the third quarter of the financial year.
Piling contributed a considerably smaller result than for the same period last year. This is due to difficult market conditions in Germany and Poland.
Group interest expenditure is developing as expected. Net financing income for the third quarter is affected positively by exchange rate gains. Cash flows from operating activities less investments amounted to a positive DKK31 million in the first nine months of the financial year.
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