News / annual-report-for-2022-23

19.12.2023 - Company announcement

Annual report for 2022/23

Today, the Board of Directors of Per Aarsleff Holding A/S has discussed and approved the company’s audited annual report for 2022/23. 

The annual report in brief 

  • A very impressive year with revenue increase and high earnings.
  • Revenue increased by 11.7% to DKK 20.2 billion.
  • EBIT amounted to DKK 1,078 million, corresponding to an EBIT margin of 5.3%.
  • Return on invested capital after tax (ROIC) was 15.0%.
  • Satisfactory order intake of DKK 19.6 billion and a good order backlog of DKK 22.2 billion.
  • Cash flow from operating activities came to DKK 1,102 million but was negatively affected by DKK 853 million from an increasing working capital due to the high level of activity and agreed terms of payment for a few projects in Construction.
  • The proposed dividend for the financial year is DKK 10 per share of a nominal value of DKK 2.

Aarsleff’s overall expectations for 2023/24 

  • Revenue growth of  -4 to 1%, corresponding to revenue of DKK 19.5 to 20.5 billion.
  • EBIT in the range of DKK 900 to 1,000 million.
  • Investments in property, plant and equipment exclusive of leased assets are expected to be in the range of DKK 700 to 750 million. 
  • The usual share of the order backlog for execution in the financial year.
  • Working capital is expected to decrease significantly.

The segments expectations for 2023/24

Construction expects a continued good level of activity especially within harbour projects and projects driven by the green transition. The building activities, however, are decreasing as several large One Company projects have been handed over. EBIT is expected to amount to DKK 370 to 430 million compared to DKK 555 million in 2022/23. 

Technical Solutions
Technical Solutions expects a high level of activity in connection with the building of the New North Zealand Hospital and Mary Elizabeth's Hospital. Several of the large One Company building projects have been handed over and will be contributing limited revenue. EBIT is expected to amount to DKK 95 to 105 million against DKK 86 million in the financial year 2022/23. 

Rail expects lower level of activity primarily due to a more selective order selection in Denmark. At the same time, there is focus on increasing earnings in Norway and Sweden. EBIT is expected to amount to DKK 70 to 80 million against DKK 46 million in the financial year 2022/23. 

Ground Engineering
Ground Engineering expects revenue growth due to a strong construction market, increasingly driven by infrastructure and energy projects resulting from the green transition. However, there is a slowdown in residential building activities in all markets. EBIT is expected to amount to DKK 205 to 215 million against DKK 204 million in the financial year 2022/23. 

Pipe Technologies
Pipe Technologies expects a good level of activity in all significant markets, but there is uncertainty as to allocation of funds for especially pipe renewal in the public sector. EBIT is expected to amount to DKK 160 to 170 million against DKK 187 million in the financial year 2022/23. 

CEO of Aarsleff, Jesper Kristian Jacobsen, says: 

"The Aarsleff Group has had a very impressive year and thanks to a strong team effort, we have reached two important milestones. Our revenue exceeded DKK 20 billion, but more importantly we have reached the ambitious target of a 5% EBIT. Especially the green transition is driving development, and the demand for sustainable solutions is increasing. In both the short and long term, we therefore expect good market opportunities to bring all of Aarsleff's skills into play.” 

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