Per Aarsleff A/S Announces Half Year Interim Report (Denmark)

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 2010/2011. 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 DKK 68 million compared to a loss of DKK 15 million in the same period last financial year.

Consolidated revenue came to DKK 2,719 million.

In Construction, profit before interest came to DKK 11 million.

In Pipe Technologies, profit before interest came to DKK 27 million.

In Piling, profit before interest came to DKK 37 million.

The free cash flow of the Group was negative at DKK 91 million.

Outlook for the financial year 2010/2011:

As announced in the 2009/2010 annual report, the company maintains its expectations for a profit before tax of DKK 120 million for the financial year 2010/2011.

Revenue, however, is expected to be significantly higher than the 2009/2010 level and is positively influenced by the activity of establishing the London Array Offshore Wind Farm.

The execution phase of the offshore wind turbine foundations for the London Array Offshore Wind Farm is in the initial phase at the end of the first six months of the financial year. Thus, the project’s contribution to the expected results continues to be conservatively assessed.

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Source: aarsleff, May 27, 2011