Interim Report for the period 1 October 2009-31 March 2010

Today, the Board of Directors of Per Aarsleff A/S have discussed and approved the Interim Report for the first six 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 six months: 

• Profit before tax came to a loss of DKK 15 million and falls short of expectations.
• Consolidated revenue came to DKK 1,991 million.
• Profit before interest in Construction came to a loss of DKK 16 million.
• Profit before interest in Pipe Technologies came to a profit of DKK 22 million.
• Profit before interest in Piling came to a loss of DKK 15 million.
• Liquidity has improved by DKK 287 million affected by prepayments from work in progress, among other things.  

Outlook for the financial year 2009/2010: 

• The results of the first six months are significantly influenced by the hard winter weather, and there has been a revenue loss which we do not expect to catch up with in the rest of the financial year. After the winter, everybody is now back to work, and many places there is a high level of activity to try to catch up with the backlog of work after the winter.

• The general economic downturn has impacted activity and results in the first six months of the financial year more than expected in Construction and Piling. This effect is expected to continue during the rest of the financial year 2009/2010. The market for civil engineering projects is characterised by keen competition within general civil engineering work resulting in declining prices. The volume of orders is higher than at 31 March last year. The tendering activity is high.  

• The company now expects to report profit before tax of DKK 70 million for the financial year as a whole against DKK 80-100 million as previously announced and a somewhat lower level of activity compared to 2008/2009. Steps to reduce costs and enhance competition are taken on an ongoing basis.