News / annual-report-for-2021-22

16.12.2022 - Company announcement

Annual report for 2021-22

Today, the Board of Directors of Per Aarsleff Holding A/S has discussed and approved the company’s audited annual report for 2021/22. 

The annual report in brief 

  • A strong year with revenue increase and earnings above expectations.
  • Revenue increased by 23.8% to DKK 18,118 million.
  • EBIT amounted to DKK 727 million, corresponding to an EBIT margin of 4.0%.
  • Return on invested capital after tax (ROIC) was 13.1%.
  • High order intake of DKK 21.0 billion and a high order backlog of DKK 22.8 billion.
  • Cash flow from operating activities of DKK 516 million, negatively affected by an amount of DKK 683 million from an increasing working capital due to more construction projects in the project portfolio.
  • Proposed dividend for the financial year is DKK 8 per share of a nominal value of DKK 2. 

Aarsleff’s outlook for 2022/23 

  • Revenue growth of 2-8% corresponding to revenue of DKK 18.5-19.5 billion.
  • EBIT in the range of DKK 820-880 million.
  • Investments in property, plant and equipment exclusive of leased assets are expected to amount to DKK 700-800 million. 
  • High share of the order backlog for execution in the financial year.
  • In general, there is great uncertainty as to global supply chain challenges, inflation and geopolitical tensions. 

The segments’ outlook for 2022/23 

Construction expects increasing activity in the construction market while the activity relating to building projects is decreasing. EBIT is expected to increase to DKK 350-370 million from DKK 250 million in the financial year 2021/22. 

Technical Solutions
Technical Solutions expects increasing revenue within service and work related to the green transition, whereas revenue from the large One Company building projects is declining as several projects are near completion. EBIT is expected to amount to DKK 80-90 million, in line with the financial year 2021/22. 

Rail expects growth primarily due to the acquisition of Trym Anlegg AS in Norway. EBIT is expected to amount to DKK 70-80 million, in line with the financial year 2021/22. 

Ground Engineering
Ground Engineering expects that a strong construction market will compensate for the slowdown in building activities. EBIT is expected to increase to DKK 180-190 million from DKK 174 million in the financial year 2021/22. 

Pipe Technologies
Pipe Technologies expects a continued high level of activity in the Nordic markets and in Germany. EBIT is expected to amount to DKK 140-150 million, in line with the financial year 2021/22. 

Jesper Kristian Jacobsen, CEO of Aarsleff, says: 

“For the fourth consecutive year, the Aarsleff Group delivers all-time high results. Therefore, I would like to thank our dedicated employees who with the usual Aarsleff spirit have been adaptable and solution-oriented, thereby facilitating our strong bottom line and top line results. But in the building and construction industry, we are also experiencing uncertain and turbulent times with rising prices of raw materials and materials, material shortages and not least, inflation and increasing interest rates. We are anticipating continued turbulent times with a changing market and a likely slowdown of the building activities. But in return, there is a current need for infrastructure improvements and green transition. Here we see a good match with our expertise within areas such as offshore windfarms, installation of electric cables and district heating as well as Power-to-X plants.” 

The annual report is published via Nasdaq Copenhagen A/S and attached to this announcement. It is also available on