Today, the Board of Directors of Per Aarsleff Holding A/S has discussed and approved the interim financial report for the first six months of the financial year 2019/20. The interim financial report has not been audited or reviewed by the company’s auditor
Results of the first six months
- Consolidated revenue increased by 2.5% to DKK 6,536 million (H1 2018/19: DKK 6,374 million)
- Operating profit (EBIT) before recognition of goodwill impairment came to DKK 299 million (H1 2018/19: DKK 209 million/DKK 281 million before arbitration loss*). In connection with the H1 interim financial report, an impairment test of goodwill has been performed. For Hansson & Knudsen A/S this has resulted in impairment losses of DKK 71.7 million in the second quarter. EBIT after recognition of goodwill impairment came to DKK 227 million.
- Construction generated EBIT of DKK 164 million before goodwill impairment (H1 2018/19: DKK 126 million/DKK 198 million before arbitration loss*). EBIT after recognition of goodwill impairment came to DKK 92 million.
- Pipe Technologies generated EBIT of DKK 82 million (H1 2018/19: DKK 44 million).
- Ground Engineering generated EBIT of DKK 53 million (H1 2018/19: DKK 39 million).
- Cash flows from operating activities with deduction of investing activities (exclusive of investments in securities) amounted to a positive liquidity flow of DKK 984 million.
- The Group’s net interest-bearing deposit came to DKK 822 million at 31 March 2020. The implementation of IFRS 16 affected the interest-bearing debt by DKK 369 million.
*Results adjusted for arbitration loss as announced in company announcement of 16 January 2019.
Outlook for the financial year 2019/20
The outlook for the financial year as a whole, before recognition of goodwill impairment for Hansson & Knudsen A/S, remain unchanged. EBIT is expected to amount to DKK 560 million. EBIT after recognition of goodwill impairment is expected to amount to DKK 488 million. Revenue is expected to be approx. 1% up on the financial year 2018/19.
COVID-19 impact
The short-term financial impact of COVID-19 is currently limited but depending on how fast conditions return to normal, profit for the year may be affected.