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Per Aarsleff Holding Interim / Quarterly Report 2016
3412_rns_2016-08-29_9bbece08-c710-4856-8b83-0d21de75d6d7.pdf
Interim / Quarterly Report
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Nasdaq Copenhagen A/S
P.O. Box 1040
1007 København K
29 August 2016
Ref.: JSZ/tms
Interim financial report for the period 1 October 2015-30 June 2016
Today, the Board of Directors of Per Aarsleff Holding A/S has discussed and approved the interim financial report for the first nine months of the financial year 2015/2016. The interim financial report has not been audited or reviewed by the company's auditor.
Results of the first nine months:
- Profit before tax was DKK 298 million compared with DKK 335 million in the same period last financial year.
- Consolidated revenue came to DKK 7,596 million against DKK 7,516 million in the same period last financial year, corresponding to an increase of 1%.
- Construction generated profit before interest of DKK 181 million.
- Pipe Technologies generated profit before interest of DKK 31 million.
- Ground Engineering generated profit before interest of DKK 97 million.
- The Group's net interest-bearing debt came to DKK 70 million as at 30 June 2016.
- The equity ratio was 41.5% as at 30 June 2016.
Outlook for the financial year 2015/2016
- We maintain our expectations for a profit before tax of DKK 400 million for the financial year and a total level of activity in line with last financial year.
Andreas Lundby
Chairman of the Board
Ebbe Malte Iversen
General Manager
Further information:
General Manager Ebbe Malte Iversen, tel. +45 8744 2222.
Per Aarsleff Holding A/S
Main office
Lokesvej 15
DK-8230 Aabyhoej
Denmark
Tel +45 8744 2222
Copenhagen office
Industriholmen 2
DK-2650 Hvidovre
Denmark
Tel +45 3679 3333
CVR no. 24257797
Interim financial report for the period 1 October 2015-30 June 2016
Company announcement no. 23 /29.8.2016
www.aarsleff.com
2/12
AARSLEFF
Highlights for the Group
| Amounts in DKK million | April quarter | Year to date | Financial year | ||
|---|---|---|---|---|---|
| 2015/2016 | 2014/2015 | 2015/2016 | 2014/2015 | 2014/2015 | |
| Income statement | |||||
| Revenue | 2,705 | 2,718 | 7,596 | 7,516 | 10,254 |
| Of this figure, work performed abroad | 761 | 832 | 2,021 | 2,338 | 3,145 |
| Operating profit | 130 | 150 | 312 | 354 | 487 |
| Profit before interest | 129 | 150 | 309 | 352 | 484 |
| Net financials | -2 | -5 | -11 | -17 | -29 |
| Profit before tax | 127 | 145 | 298 | 335 | 455 |
| Profit after tax | 96 | 112 | 225 | 257 | 366 |
| Balance sheet | |||||
| Non-current assets | 2,316 | 1,879 | 1,939 | ||
| Current assets | 3,485 | 3,632 | 4,051 | ||
| Total assets | 5,801 | 5,511 | 5,990 | ||
| Equity | 2,410 | 2,166 | 2,265 | ||
| Non-current liabilities | 664 | 599 | 725 | ||
| Current liabilities | 2,727 | 2,746 | 3,000 | ||
| Total equity and liabilities | 5,801 | 5,511 | 5,990 | ||
| Net interest-bearing debt | 70 | -85 | -373 | ||
| Invested capital (IC) | 2,472 | 2,068 | 1,880 | ||
| Cash flow statement | |||||
| Cash flows from operating activities | -9 | 55 | 236 | 702 | 1,124 |
| Cash flows from investing activities | -116 | -357 | -603 | -510 | -626 |
| Of this figure, investment in property, plant and equipment, net | -115 | -105 | -398 | -242 | -377 |
| Cash flows from financing activities | 6 | 0 | -161 | -75 | -91 |
| Change in liquidity for the period | -119 | -302 | -529 | 117 | 407 |
| Financial ratios | |||||
| Gross margin ratio, % | 12.7 | 12.5 | 12.1 | 11.9 | 11.9 |
| Profit margin (EBIT margin), % | 4.8 | 5.5 | 4.1 | 4.7 | 4.8 |
| Net profit ratio (pre-tax margin), % | 4.7 | 5.3 | 3.9 | 4.5 | 4.4 |
| Return on invested capital (ROIC), % * | 14.3 | 16.8 | 24.2 | ||
| Return on invested capital after tax (ROIC), % * | 10.8 | 12.9 | 19.5 | ||
| Return on equity (ROE), % * | 9.7 | 12.5 | 17.4 | ||
| Equity ratio, % | 41.5 | 39.3 | 37.8 | ||
| Earnings per share (EPS), DKK | 4.70 | 5.50 | 11.04 | 12.62 | 17.98 |
| Number of employees | 5,886 | 4,773 | 4,932 |
Please see page 56 of the 2014/2015 annual report for financial ratio definitions.
*Not translated into full year figures.
Interim financial report for the period 1 October 2015-30 June 2016
Company announcement no. 23 /29.8.2016
www.aarsleff.com
3/12
AARSLEFF
Management's review concerning the first nine months of the financial year 2015/2016
Financial development of the Aarsleff Group
Income statement
In the first nine months of the financial year 2015/2016, consolidated revenue increased by DKK 80 million or 1% from DKK 7,516 million to DKK 7,596 million. The Danish operations reported a revenue increase of 8%, and the foreign operations reported a revenue decrease of 14%.
Administrative expenses and selling costs amounted to 8% of revenue against 7.2% last financial year.
Operating profit was positive at DKK 311.9 million against DKK 354.2 million in the same period last financial year.
Net financials were negative at DKK 11.4 million against a negative DKK 17 million last financial year.
In the first nine months of the financial year, profit before tax came to DKK 297.8 million against DKK 335.2 million last year.
Consolidated profit after tax was DKK 225.3 million compared with consolidated profit of DKK 257.2 million last financial year.
Balance sheet
The consolidated balance sheet total was DKK 5,801 million as at 30 June 2016. This corresponds to a decrease of DKK 189 million compared with the balance sheet total of DKK 5,990 million at the end of last financial year.
Consolidated interest-bearing liabilities less interest-bearing assets amounted to a net debt of DKK 70 million against a net deposit of DKK 373 million at the end of last financial year.
Equity amounted to DKK 2,410 million against DKK 2,265 million at the end of last financial year or 41.5% of the balance sheet total compared with 37.8% at the beginning of the financial year.
Cash flow statement
Cash flows from operating activities came to DKK 236 million against DKK 702 million in the first nine months of last financial year.
Cash flows from investing activities were negative at DKK 603 million against a negative DKK 510 million in the same period last financial year of which DKK 198 million was investment in securities. The investments of the period comprise e.g. the acquisition of Hansson & Knudsen A/S, investments in connection with the current construction of Aarsleff's new office building in Aarhus and acquisition of machinery and equipment for the project concerning electrification of the Danish railway.
Cash flows from financing activities were negative at DKK 161 million against a negative amount of DKK 75 million in the same period last financial year and comprise, among other things, repayment of mortgage loans.
Thus, the change in liquidity for the period constituted a negative amount of DKK 529 million.
Interim financial report for the period 1 October 2015-30 June 2016
Company announcement no. 23 /29.8.2016
www.aarsleff.com
4/12
AARSLEFF
Segment results
| Amounts in DKK million | Construction | Pipe Technologies | Ground Engineering | Total | ||||
|---|---|---|---|---|---|---|---|---|
| First nine months | First nine months | First nine months | First nine months | |||||
| 2015/2016 | 2014/2015 | 2015/2016 | 2014/2015 | 2015/2016 | 2014/2015 | 2015/2016 | 2014/2015 | |
| Segment revenue | 5,362 | 5,215 | 1,034 | 1,170 | 1,254 | 1,202 | 7,650 | 7,587 |
| Internal revenue | -35 | -27 | -5 | -12 | -14 | -32 | -54 | -71 |
| Revenue | 5,327 | 5,188 | 1,029 | 1,158 | 1,240 | 1,170 | 7,596 | 7,516 |
| Of this figure, work performed abroad | 673 | 811 | 662 | 845 | 686 | 682 | 2,021 | 2,338 |
| Operating profit | 181 | 219 | 34 | 63 | 97 | 72 | 312 | 354 |
| Profit in associates | 0 | 0 | -3 | -2 | 0 | 0 | -3 | -2 |
| Profit before interest | 181 | 219 | 31 | 61 | 97 | 72 | 309 | 352 |
| Net financials | -11 | -17 | ||||||
| Profit before tax | 298 | 335 | ||||||
| Profit before interest, % | 3.4 | 4.2 | 3.0 | 5.3 | 7.8 | 6.2 | 4.1 | 4.7 |
| Number of employees | 4,147 | 3,160 | 825 | 815 | 914 | 798 | 5,886 | 4,773 |
Construction – results in line with expectations and good market opportunities within building activities
Revenue in the first nine months of the financial year came to DKK 5,327 million against DKK 5,188 million in the same period last financial year, corresponding to an increase of 3%. The Danish operations reported a revenue increase of 6% to DKK 4,654 million. The foreign operations reported a revenue decline of 17% to DKK 673 million. The revenue in Istak hf. came to DKK 288 million against DKK 55 million last financial year – the company was included from May 2015. The revenue in Hansson & Knudsen A/S came to DKK 325 million – the company was included from January 2016.
As expected at the beginning of the financial year, segment results before interest came to DKK 181 million favoured by the market opportunities within construction and building activities.
Per Aarsleff A/S performed above expectations while the total results of the segment's other companies fell short of expectations at the beginning of the financial year. Especially Wicotec Kirkebjerg A/S, Aarsleff Rail A/S and Istak hf. did not perform in line with expectations.
There is a high level of activity within submission of tenders, resulting in relatively high tender costs. The market opportunities are good, but competition is keen.
The segment's building activities develop positively in a market with many projects put out to tender. Aarsleff's building activities in the Copenhagen area have been stable during the past years, now constituting a significant activity. Aarsleff's building activities now also comprise projects west of the Great Belt Bridge, and the first contracts have been signed. Examples of current projects are the construction of a new laboratory and logistics building at Bispebjerg Hospital in Copenhagen and 28,000 square metres of combined residential and commercial construction at Thomas B. Thriges Gade in Odense.
In the third quarter of the financial year, Aarsleff signed conditional contracts for three out of the four large tunnel contracts for the Fehmarnbelt Link. The total contract value is EUR 3.4 billion of which Aarsleff's share is EUR 0.5 billion. The contracts are subject to the German environmental approval, and the start date of the construction activities is still not known.
Interim financial report for the period 1 October 2015-30 June 2016
Company announcement no. 23 /29.8.2016
www.aarsleff.com
5/12
AARSLEFF
For the full financial year, Construction expects a level of activity in line with 2014/2015. Profit before interest in percentage of revenue is expected to amount to an unchanged 3.5%.
Pipe Technologies – difficult market conditions in Poland, Russia and Ukraine
Revenue in the first nine months of the financial year came to DKK 1,029 million or down 11% on last financial year. Revenue generated by the Danish operations increased by 17% to DKK 367 million. Last financial year, the activity in Denmark was exceptionally low as a result of the utility companies' increased focus on investments in climate adaptation and less focus on sewer renewal. Revenue generated by the foreign operations decreased by 22% to DKK 662 million.
Profit before interest came to DKK 31 million compared to DKK 61 million last financial year and is below expectations at the beginning of the financial year. Last financial year, the Russian company performed extraordinarily well. The market conditions in Poland, Russia and Ukraine are very difficult.
In Denmark, the level of activity within the municipal utility companies and the housing and industry segments exceeded expectations, and earnings are in line with expectations. There is keen competition in the market, resulting in pressure on the margins.
Export projects within drinking water supply and wastewater, primarily carried out in Eastern Europe, performed below expectations, and capacity adjustments were made due to the very difficult market situation.
Total results of the foreign companies were below expectations. The companies in Sweden, Finland and Lithuania are developing steadily, while the companies in Poland, Russia and Ukraine are strongly affected by the difficult market conditions. The companies in Poland and Russia are loss-making, and in Ukraine, activities have been discontinued. However, we are now seeing the first EU financed tenders in the Baltic countries and in Poland. The German company is developing positively and performed in line with expectations.
For the full financial year, the outlook is for a level of activity which is approx. 5-10% lower than last year. The segment now expects profit before interest in percentage of revenue of approx. 2.5% compared with previous expectations of 3%.
Ground Engineering – positive development
Revenue in the first nine months of the financial year came to DKK 1,240 million or up 6% on the same period last financial year. Revenue generated by the Danish operations was DKK 554 million which is 14% higher than last financial year. Revenue generated by the foreign operations came to DKK 668 million or on par with the same period last financial year.
The degree of collaboration between the companies of the Ground Engineering segment has been intensified to standardise and improve the efficiency of the segment's central, market-leading precast pile system. In addition, other piling methods are introduced with a view to meeting requests for complete supplies adjusted to the needs of the individual markets. The production in the newly established pile factory in Southern Germany has now begun. Ground Engineering now has contracting units as well as pile factories in Denmark, Sweden, the UK, Poland and Germany.
Profit before interest came to DKK 97 million compared to DKK 72 million in the same period last financial year. Results were above expectations at the beginning of the financial year.
The results of the Danish activities were significantly above expectations at the beginning of the financial year, and there is a high level of activity on the Danish market.
Total results of the foreign companies were below expectations, mainly due to the performance of the company in Poland. The companies in the UK and Sweden performed in line with expectations. The German company performed above
Interim financial report for the period 1 October 2015-30 June 2016
Company announcement no. 23 /29.8.2016
www.aarsleff.com
6/12
AARSLEFF
expectations at the beginning of the financial year. Increasing levels of activities are expected on all four markets in the last part of the financial year, resulting in profit improvements.
For the full financial year, we expect that the level of activity will be approx. 0-5% higher than last year. Profit before interest in percentage of revenue is now expected to amount to approx. 7.5% compared with previous expectations of 7%.
Outlook for the financial year 2015/2016
We maintain our expectations for a profit before tax of DKK 400 million for the financial year and a total level of activity in line with last financial year.
The expectations for the future financial performance are subject to uncertainties and risks that may cause the performance to differ from the expectations. Significant commercial risks are described in Assessment of commercial risks of the annual report of 2014/2015 and note 2 on Estimation uncertainty. Significant risks and uncertainties remain unchanged compared with the description in the annual report.
Procedure for company announcements when entering into large-scale contracts
It has been decided to raise the limit for issuing of company announcements when entering into large-scale contracts. The limit will be raised from the current amount of DKK 200 million to DKK 500 million or more. However, there will always be a specific assessment of the contract's significance for the company.
Accounting policies
The Interim Report covering the first nine months of the financial year 2015/2016 has been prepared in accordance with IAS 34 "Interim Financial Reporting" and additional Danish disclosure requirements for interim reports of listed companies.
No interim financial report has been prepared for the parent company.
The accounting policies of the interim financial report remain unchanged from the 2014/2015 Annual Report which has been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies. Please refer to the 2014/2015 Annual Report for a further description of the accounting policies.
Certain new or changed standards or interpretations have become effective for the financial year 2015/2016. It is the Management's view that these standards and interpretations will have no significant effect on the annual report.
The interim report is presented in Danish kroner (DKK) which is the parent company's functional currency.
Interim financial report for the period 1 October 2015-30 June 2016
Company announcement no. 23 /29.8.2016
www.aarsleff.com
7/12
AARSLEFF
Management's statement
Today, the Board of Directors and Executive Management have discussed and approved the interim financial report of Per Aarsleff Holding A/S for the period 1 October 2015-30 June 2016.
The interim financial report has been prepared in accordance with IAS 34 "Interim Financial Reporting" and additional Danish disclosure requirements for interim financial reports of listed companies.
The interim financial report has not been audited or reviewed by the company's auditor.
We consider the accounting policies used to be appropriate. Accordingly, the interim financial report gives a true and fair view of the financial position at 30 June 2016 of the Group as well as of the results of the Group's operations and cash flows in the period 1 October 2015-30 June 2016.
In our opinion, Management's review includes a true and fair account of the development in the operations and financial circumstances of the Group, of the results for the period and of the financial position of the Group as well as a description of the most significant risks and elements of uncertainty facing the Group.
Aabyhoej, 29 August 2016
Executive Management
Ebbe Malte Iversen
General Manager
Lars M. Carlsen
Deputy General Manager
Jesper K. Jacobsen
Group Director
Mogens Vedel Hestbæk
Group Chief Financial Officer
Board of directors
Andreas Lundby
Chairman
Jens Bjerg Sørensen
Deputy Chairman
Carsten Fode
Board member
Peter Arndrup Poulsen
Board member
Interim financial report for the period 1 October 2015-30 June 2016
Company announcement no. 23 /29.8.2016
www.aarsleff.com
8/12
AARSLEFF
Consolidated income statement
Amounts in tDKK
| April quarter | First nine months | |||
|---|---|---|---|---|
| 2015/2016 | 2014/2015 | 2015/2016 | 2014/2015 | |
| Revenue | 2,704,736 | 2,718,460 | 7,595,960 | 7,516,265 |
| Production costs | -2,362,216 | -2,379,662 | -6,675,349 | -6,622,268 |
| Gross profit | 342,520 | 338,798 | 920,611 | 893,997 |
| Administrative expenses and selling costs | -212,643 | -188,818 | -608,671 | -540,286 |
| Other operating income and expenses | 9 | 198 | -66 | 508 |
| Operating profit | 129,886 | 150,178 | 311,874 | 354,219 |
| Profit/loss in associates and joint ventures | -833 | 0 | -2,811 | -2,000 |
| Profit before interest | 129,053 | 150,178 | 309,063 | 352,219 |
| Net financials | -2,448 | -5,073 | -11,384 | -16,976 |
| Profit before tax | 126,605 | 145,105 | 297,679 | 335,243 |
| Tax on profit for the period | -30,740 | -33,031 | -72,346 | -78,046 |
| Profit after tax | 95,865 | 112,074 | 225,333 | 257,197 |
| Earnings per share (DKK) | 4.70 | 5.50 | 11.04 | 12.62 |
Statement of comprehensive income
Amounts in tDKK
| April quarter | First nine months | |||
|---|---|---|---|---|
| 2015/2016 | 2014/2015 | 2015/2016 | 2014/2015 | |
| Profit after tax | 95,865 | 112,074 | 225,333 | 257,197 |
| Items which may become reclassified to the income statement | ||||
| Exchange rate adjustment of foreign companies | -13,273 | -3,058 | -18,581 | -5,339 |
| Fair value adjustments of derivative financial instruments, net | -3,748 | -3,580 | -980 | -9,130 |
| Tax on other comprehensive income | 825 | 842 | 216 | 2,146 |
| Other total comprehensive income | -16,196 | -5,796 | -19,345 | -12,323 |
| Total comprehensive income | 79,669 | 106,278 | 205,988 | 244,874 |
| Total comprehensive income accrues to | ||||
| Shareholders of Per Aarsleff Holding A/S | 79,544 | 106,313 | 205,608 | 245,009 |
| Minority shareholders | 125 | -35 | 380 | -135 |
| Total | 79,669 | 106,278 | 205,988 | 244,874 |
Interim financial report for the period 1 October 2015-30 June 2016
Company announcement no. 23 /29.8.2016
www.aarsleff.com
9/12
AARSLEFF
Consolidated balance sheet
Amounts in tDKK
| 30/6 2016 | 30/9 2015 | 30/6 2015 | |
|---|---|---|---|
| Assets | |||
| Intangible assets | 330,729 | 178,144 | 176,773 |
| Property, plant and equipment | 1,969,572 | 1,743,406 | 1,686,340 |
| Other non-current assets | 15,957 | 17,798 | 15,427 |
| Non-current assets | 2,316,258 | 1,939,348 | 1,878,540 |
| Inventories | 218,031 | 210,726 | 211,982 |
| Contracting debtors | 1,975,583 | 2,154,706 | 2,001,964 |
| Work in progress | 738,479 | 530,874 | 551,970 |
| Other receivables | 97,833 | 92,467 | 80,174 |
| Securities | 196,004 | 196,457 | 197,699 |
| Cash | 258,590 | 865,568 | 588,689 |
| Current assets | 3,484,520 | 4,050,798 | 3,632,478 |
| Total assets | 5,800,778 | 5,990,146 | 5,511,018 |
Equity and liabilities
| Equity | 2,409,936 | 2,265,103 | 2,165,770 |
|---|---|---|---|
| Mortgage debt and credit institutions | 95,826 | 184,008 | 196,264 |
| Other debt and provisions | 116,275 | 138,746 | 92,717 |
| Deferred tax | 451,507 | 402,416 | 310,029 |
| Non-current liabilities | 663,608 | 725,170 | 599,010 |
| Mortgage debt and credit institutions | 369,236 | 448,411 | 455,612 |
| Work in progress | 748,179 | 626,308 | 558,853 |
| Trade payables | 857,565 | 1,312,437 | 1,128,611 |
| Other payables | 752,254 | 612,717 | 603,162 |
| Current liabilities | 2,727,234 | 2,999,873 | 2,746,238 |
| Total liabilities | 3,390,842 | 3,725,043 | 3,345,248 |
| Total equity and liabilities | 5,800,778 | 5,990,146 | 5,511,018 |
Interim financial report for the period 1 October 2015-30 June 2016
Company announcement no. 23 /29.8.2016
www.aarsleff.com
10/12
AARSLEFF
Consolidated cash flow statement
Amounts in tDKK
| First nine months | ||
|---|---|---|
| 2015/2016 | 2014/2015 | |
| Cash flow from operating activities | ||
| Profit before interest | 309,063 | 352,219 |
| Depreciation, amortisation and impairment losses | 224,155 | 221,082 |
| Other adjustments | -269,204 | 137,326 |
| Net financials | -11,384 | -16,976 |
| Corporation tax paid | -16,686 | 8,195 |
| Cash flows from operating activities | 235,944 | 701,846 |
| Cash flow from investing activities | ||
| Net investment in property, plant and equipment and intangible assets | -407,326 | -241,712 |
| Net investment in subsidiaries | -197,483 | -70,056 |
| Net investment in associates and joint ventures | 1,515 | 0 |
| Net investment in securities | 0 | -197,699 |
| Cash flows from investing activities | -603,294 | -509,467 |
| Cash flow from financing activities | -161,363 | -75,231 |
| Cash flows from financing activities | -161,363 | -75,231 |
| Change in liquidity for the period | -528,713 | 117,148 |
| Opening liquidity | 435,678 | 30,095 |
| Change in liquidity for the period | -528,713 | 117,148 |
| Closing liquidity | -93,035 | 147,243 |
Interim financial report for the period 1 October 2015-30 June 2016
Company announcement no. 23 /29.8.2016
www.aarsleff.com
11/12
AARSLEFF
Statement of changes in equity, Group
Amounts in tDKK
| Share capital | Translation reserve | Hedging reserve | Retained earnings | Total shareholders of | Total | |||
|---|---|---|---|---|---|---|---|---|
| Proposed dividend | Per Aarsleff Holding A/S | Minority shareholders | ||||||
| Equity at 1 October 2014 | 45,300 | -33,961 | 4,517 | 1,894,893 | 33,975 | 1,944,724 | 7,584 | 1,952,308 |
| Total comprehensive income | ||||||||
| Profit for the year | 257,332 | 257,332 | -135 | 257,197 | ||||
| Other total comprehensive income | ||||||||
| Exchange rate adjustments of foreign companies | -5,339 | -5,339 | -5,339 | |||||
| Fair value adjustments of derivative financial instruments | -9,130 | -9,130 | -9,130 | |||||
| Tax on derivative financial instruments | 2,146 | 2,146 | 2,146 | |||||
| Other total comprehensive income | 0 | -5,339 | -6,984 | 0 | 0 | -12,323 | 0 | -12,323 |
| Total comprehensive income | 0 | -5,339 | -6,984 | 257,332 | 0 | 245,009 | -135 | 244,874 |
| Transactions with owners | ||||||||
| Dividend paid | -33,975 | -33,975 | -33,975 | |||||
| Dividend, treasury shares | 3,398 | 3,398 | 3,398 | |||||
| Dividend, minority shareholders | -835 | -835 | ||||||
| Total transactions with owners | 0 | 0 | 0 | 3,398 | -33,975 | -30,577 | -835 | -31,412 |
| Equity at 30 June 2015 | 45,300 | -39,300 | -2,467 | 2,155,623 | 0 | 2,159,156 | 6,614 | 2,165,770 |
| Equity at 1 October 2015 | 45,300 | -52,494 | 850 | 2,196,912 | 67,950 | 2,258,518 | 6,585 | 2,265,103 |
| Total comprehensive income | ||||||||
| Profit for the year | 224,953 | 224,953 | 380 | 225,333 | ||||
| Other total comprehensive income | ||||||||
| Exchange rate adjustments of foreign companies | -18,581 | -18,581 | -18,581 | |||||
| Fair value adjustments of derivative financial instruments | -980 | -980 | -980 | |||||
| Tax on derivative financial instruments | 216 | 216 | 216 | |||||
| Other total comprehensive income | 0 | -18,581 | -764 | 0 | 0 | -19,345 | 0 | -19,345 |
| Total comprehensive income | 0 | -18,581 | -764 | 224,953 | 0 | 205,608 | 380 | 205,988 |
| Transactions with owners | ||||||||
| Dividend paid | -67,950 | -67,950 | -67,950 | |||||
| Dividend, treasury shares | 6,795 | 6,795 | 6,795 | |||||
| Total transactions with owners | 0 | 0 | 0 | 6,795 | -67,950 | -61,155 | 0 | -61,155 |
| Equity at 30 June 2016 | 45,300 | -71,075 | 86 | 2,428,660 | 0 | 2,402,971 | 6,965 | 2,409,936 |
Interim financial report for the period 1 October 2015-30 June 2016
Company announcement no. 23 /29.8.2016
www.aarsleff.com
12/12
AARSLEFF
Company announcements published this current financial year
12 October 2015 Aarsleff signs conditional agreement for acquisition of the shares in Hansson & Knudsen A/S
12 November 2015 Aarsleff involved in preliminary collaboration on the development of the central post office area in Copenhagen
21 December 2015 Preliminary announcement of financial statements for the financial year 2014/2015
21 December 2015 Stock split to enhance the liquidity of the Aarsleff share
06 January 2016 Notice convening the Annual General Meeting of Per Aarsleff A/S
07 January 2016 Aarsleff's acquisition of the shares in Hansson & Knudsen A/S has been approved
18 January 2016 Notification pursuant to section 55 of the Danish Companies Act and section 29 of the Danish law on securities trading etc.
21 January 2016 Establishment of a holding company structure in the Aarsleff Group
29 January 2016 Annual General Meeting of Per Aarsleff A/S
22 February 2016 Notice convening Extraordinary General Meeting of Per Aarsleff A/S
25 February 2016 Interim financial report for the period 1 October-31 December 2015
08 March 2016 Notification pursuant to section 55 of the Danish Companies Act and section 29 of the Danish law on securities trading etc.
08 March 2016 Notification pursuant to section 55 of the Danish Companies Act and section 29 of the Danish law on securities trading etc.
16 March 2016 Extraordinary General Meeting of Per Aarsleff A/S
07 April 2016 The Danish Competition and Consumer Authority has commenced an investigation of Hansson & Knudsen A/S
20 April 2016 Notification pursuant to section 55 of the Danish Companies Act and section 29 of the Danish law on securities trading etc.
20 April 2016 Aarsleff company renews contract with TDC Group
09 May 2016 Aarsleff to build new bridge over Masnedsund
30 May 2016 Interim financial report for the period 1 October 2015-31 March 2016
30 May 2016 Aarsleff signs conditional contract for the Fehmarnbelt Link
17 June 2016 Notification pursuant to section 55 of the Danish Companies Act and section 29 of the Danish law on securities trading etc.
24 June 2016 Per Aarsleff Holding A/S expands its Executive Management
01 July 2016 Aarsleff close to signing contract with AP Pension in Odense
08 July 2016 Aarsleff close to signing contract concerning Bispebjerg Hospital
See www.aarsleff.com for further information.
This interim financial report is a translation of Per Aarsleff Holding A/S's official Danish interim financial report. The original Danish text shall take precedence and in case of discrepancy, the Danish wording shall prevail.
Interim financial report for the period 1 October 2015-30 June 2016
Company announcement no. 23 /29.8.2016
www.aarsleff.com