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Per Aarsleff Holding Interim / Quarterly Report 2017
3412_rns_2017-05-22_61ae3af2-0686-454e-bfcc-b96037e6a61b.pdf
Interim / Quarterly Report
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Nasdaq Copenhagen A/S
P. O. Box 1040
1007 København K
22 May 2017
Ref.: JSZ/tms
Interim financial report for the period 1 October 2016-31 March 2017
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 2016/2017. The interim financial report has not been audited or reviewed by the company's auditor.
Results of the first six months
- Operating profit (EBIT) came to DKK 110 million compared to DKK 182 million in the same period of last financial year. Results fell short of expectations.
- Consolidated revenue came to DKK 5,333 million compared to DKK 4,891 million in the same period of last financial year.
- Construction generated EBIT of DKK 50 million.
- Pipe Technologies generated EBIT of DKK 37 million.
- Ground Engineering generated EBIT of DKK 23 million.
- The Group's net interest-bearing debt came to DKK 6 million as at 31 March 2017.
- The equity ratio was 40.9% as at 31 March 2017.
Outlook for the financial year 2016/2017
- In a company announcement of 9 May 2017, the outlook for the full financial year 2016/2017 was changed to an EBIT level of DKK 375 million compared to the previous announcement of DKK 430 million. Revenue is expected to result in continued growth of approx. 5% compared with last financial year. The outlook for increased earnings in the second half of the financial year compared to last financial year cannot compensate for the effect of write-downs made on single projects in the first half of the financial year. In general, the Aarsleff Group experiences positive market opportunities in all three segments. The tender activity is high, and there are continued expectations for a high capacity utilisation in the production.
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
Hasselager Allé 5
DK-8260 Viby J
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 2016-31 March 2017
Company announcement no. 6 /22.5.2017
www.aarsleff.com
2/12
AARSLEFF
Highlights for the Group
| Amounts in DKK million | January quarter | H1 | Financial year | ||
|---|---|---|---|---|---|
| 2016/2017 | 2015/2016 | 2016/2017 | 2015/2016 | 2015/2016 | |
| Income statement | |||||
| Revenue | 2,416 | 2,336 | 5,333 | 4,891 | 10,420 |
| Of this figure, work performed abroad | 673 | 587 | 1,448 | 1,260 | 2,843 |
| Operating profit | 7 | 59 | 110 | 182 | 418 |
| Profit before interest | 7 | 57 | 110 | 180 | 416 |
| Net financials | -3 | -5 | -8 | -9 | -17 |
| Profit before tax | 4 | 52 | 102 | 171 | 399 |
| Profit after tax | 2 | 39 | 76 | 129 | 304 |
| Balance sheet | |||||
| Non-current assets | 2,489 | 2,274 | 2,420 | ||
| Current assets | 3,658 | 2,268 | 4,113 | ||
| Total assets | 6,147 | 5,542 | 6,533 | ||
| Equity | 2,512 | 2,330 | 2,503 | ||
| Non-current liabilities | 768 | 666 | 767 | ||
| Current liabilities | 2,867 | 2,546 | 3,263 | ||
| Total equity and liabilities | 6,147 | 5,542 | 6,533 | ||
| Net interest-bearing debt | 6 | -56 | 61 | ||
| Invested capital (IC) | 2,509 | 2,262 | 2,555 | ||
| Cash flow statement | |||||
| Cash flows from operating activities | 349 | 44 | 328 | 245 | 430 |
| Cash flows from investing activities | -68 | -349 | -186 | -487 | -782 |
| Of this figure, investment in property, plant and equipment, net | -83 | -145 | -201 | -283 | -572 |
| Cash flows from financing activities | -85 | -167 | -77 | -168 | -77 |
| Change in liquidity for the period | 196 | -472 | 65 | -410 | -429 |
| Financial ratios | |||||
| Gross margin ratio, % | 8.7 | 10.8 | 9.9 | 11.8 | 12.0 |
| Profit margin (EBIT margin), % | 0.3 | 2.5 | 2.1 | 3.7 | 4.0 |
| Net profit ratio (pre-tax margin), % | 0.1 | 2.2 | 1.9 | 3.5 | 3.8 |
| Return on invested capital (ROIC), % * | 4.3 | 8.8 | 18.8 | ||
| Return on invested capital after tax (ROIC), % * | 3.3 | 6.6 | 14.4 | ||
| Return on equity (ROE), % * | 3.0 | 5.6 | 12.7 | ||
| Equity ratio, % | 40.9 | 42.0 | 38.3 | ||
| Earnings per share (EPS), DKK | 0.11 | 1.93 | 3.74 | 6.34 | 14.84 |
| Number of employees | 6,096 | 5,655 | 5,906 |
Please see page 55 of the 2015/2016 annual report for financial ratio definitions.
*Not translated into full year figures.
Interim financial report for the period 1 October 2016-31 March 2017
Company announcement no. 6/22.5.2017
www.aarsleff.com
3/12
AARSLEFF
Management's review concerning the first six months of the financial year 2016/2017
Financial development of the Aarsleff Group
Income statement
In the first six months of the financial year 2016/2017, consolidated revenue came to DKK 5,333 million or 9% up on last financial year. The Danish operations reported a revenue increase of 7%, while the foreign operations reported a revenue increase of 15%.
Administrative expenses and selling costs came to 8.3%, in line with the level of last financial year.
The period includes profit of DKK 22.5 million from the sale of the former main office in Aabyhøj and the sale of land, of which DKK 12.9 million have been recognised as income in the second quarter.
Operating profit came to DKK 110.0 million against DKK 182.0 million in the same period last financial year.
Net financials were negative at DKK 8.0 million against a negative amount of DKK 8.9 million last financial year.
In the first six months of the financial year, profit before tax reached DKK 101.8 million against a profit of DKK 171.1 million in the same period of last year.
In the first six months of the financial year, consolidated profit after tax was DKK 76.4 million against a profit of DKK 129.5 million last financial year.
Balance sheet
The consolidated balance sheet total came to DKK 6,147 million at 31 March 2017. This corresponds to a decrease of DKK 386 million compared to the balance sheet total of DKK 6,533 million at the end of last financial year.
Contract work in progress, net increased by DKK 223 million in the first six months of the financial year.
Consolidated interest-bearing liabilities less interest-bearing assets constituted a net debt of DKK 6 million against a net debt of DKK 61 million at 30 September 2016.
Equity amounted to DKK 2,512 million against DKK 2,503 million at the end of last financial year or 40.9% of the balance sheet total compared to 38.3% at the beginning of the financial year.
Cash flow statement
Cash flows from operating activities amounted to DKK 328 million against DKK 245 million in the same period last financial year.
Cash flows from investing activities were negative at DKK 186 million against a negative amount of DKK 487 million in the same period last financial year.
Cash flows from financing activities were negative at DKK 77 million against a negative amount of DKK 168 million in the same period last financial year.
Thus, the change in liquidity for the period was positive at DKK 65 million.
Interim financial report for the period 1 October 2016-31 March 2017
Company announcement no. 6/22.5.2017
www.aarsleff.com
4/12
AARSLEFF
Segment results
| Amounts in DKK million | Construction | Pipe Technologies | Ground Engineering | Total | ||||
|---|---|---|---|---|---|---|---|---|
| H1 | H1 | H1 | H1 | |||||
| 2016/2017 | 2015/2016 | 2016/2017 | 2015/2016 | 2016/2017 | 2015/2016 | 2016/2017 | 2015/2016 | |
| Segment revenue | 3,786 | 3,497 | 743 | 689 | 848 | 742 | 5,377 | 4,928 |
| Internal revenue | -22 | -25 | -3 | -4 | -19 | -8 | -44 | -37 |
| Revenue | 3,764 | 3,472 | 740 | 685 | 829 | 734 | 5,333 | 4,891 |
| Of this figure, work performed abroad | 482 | 429 | 481 | 426 | 485 | 405 | 1,448 | 1,260 |
| Operating profit | 50 | 117 | 37 | 23 | 23 | 42 | 110 | 182 |
| Profit in associates | 0 | 0 | 0 | -2 | 0 | 0 | 0 | -2 |
| Profit before interest | 50 | 117 | 37 | 21 | 23 | 42 | 110 | 180 |
| Net financials | -8 | -9 | ||||||
| Profit before tax | 102 | 171 | ||||||
| Profit before interest, % | 1.3 | 3,4 | 5,0 | 3,4 | 2,8 | 5,7 | 2,1 | 3,7 |
| Number of employees | 4,363 | 3,944 | 794 | 813 | 939 | 898 | 6,096 | 5,655 |
Construction – results fell short of expectations
Revenue for the first six months was DKK 3,764 million or up 8% on last financial year. The Danish operations reported a revenue increase of 8% to DKK 3,282 million. The foreign operations reported a revenue increase of 12% to DKK 482 million. Hansson & Knudsen A/S was included in the segment results from January 2016, and revenue came to DKK 216 million in the first quarter of the financial year.
Segment results (EBIT) came to DKK 50 million compared to DKK 117 million last financial year and is below expectations at the beginning of the financial year.
Second quarter results are affected by losses on single projects in Thule and Nuuk in Greenland. These projects will be completed during this financial year, and measures have been initiated to strengthen the management and the project management of projects abroad. The results of Wicotec Kirkebjerg A/S comprise a share of the losses on the projects in Greenland, and the results are also affected by write-downs made in the first quarter. The project organisation in Wicotec Kirkebjerg A/S is being developed with a view to improving the management of large-scale and complex technical contracts. Aarsleff Rail A/S is affected by a negative development in connection with the execution of the first phase of the project for electrification of the Danish railway network due to obstacles in connection with planning, including changed track closures. The next phase has commenced, and a more detailed financial follow-up has been implemented with a view to improving the documentation of the consequences of the amended contractual terms. Also, together with Banedanmark the experience of the first phase can be used for making efficiency improvements on subsequent sections.
Total write-downs in the first half of the financial year on the two projects in Greenland, the electrification project as well as a major, single project in Wicotec Kirkebjerg A/S amount to DKK 60 million. Of this amount, the Ground Engineering segment is affected with DKK 5 million.
The performance of Hansson & Knudsen A/S is significantly below expectations due to a low order intake. The generational change in the management is approaching as the new general manager, Dirk Voss, will join the company on 1 July 2017.
Istak hf. is developing positively with a good order intake and improved project execution resulting in significant profit improvements compared to last financial year.
Interim financial report for the period 1 October 2016-31 March 2017
Company announcement no. 6/22.5.2017
www.aarsleff.com
5/12
AARSLEFF
For the full financial year 2016/2017, an EBIT margin of approx. 3% is now expected against previous expectations of approx. 3.5%. The outlook for increased earnings in the second half of the financial year compared to last financial year cannot compensate for the effect of write-downs made on single projects in the first half of the financial year. Expectations are maintained for a revenue increase of approx. 5% compared to last financial year.
Pipe Technologies – results above expectations at the beginning of the year
Revenue for the first six months was DKK 740 million or an increase of 8% compared with last year. The Danish operations reported revenue of DKK 259 million or on par with last financial year. The foreign operations reported a revenue increase of 13% to DKK 481 million.
Segment results (EBIT) came to DKK 37 million against DKK 23 million last financial year. Results exceeded expectations at the beginning of the financial year, and the segment develops positively.
In Denmark, it has been possible to maintain the market share even though new competitors have entered the market. In Germany, results were slightly below expectations. The strategy to introduce new technologies on the German market is expected to yield improved results during the second half of the financial year. There is a high level of activity on the Swedish market, and the company performs in line with expectations.
The market conditions in Russia are still difficult, and the company continues to be loss-making. An increased level of activity is expected in the second half of the financial year. In Poland, the first tenders have been financed by the next phase of the EU structural funds. However, Polish legislation on self-financing has not yet been adopted in the parliament. As a result of the delay of the EU projects, the Polish company will continue to be loss-making this financial year.
In Norway, there is an increasing level of activity, and there are good opportunities to introduce different technologies such as glass liners and LED.
The outlook for the full financial year 2016/2017 is changed to an EBIT margin of approx. 3.5% against previous expectations of approx. 3%. Expectations are maintained for a revenue increase of approx. 5% compared with last financial year.
Ground Engineering – results fell short of expectations
Revenue for the first six months came to DKK 829 million or 13% up on the same period last financial year. The Danish operations reported revenue of DKK 344 million or up 5% on last year. The foreign operations reported a revenue increase of 20% to DKK 485 million.
Segment results (EBIT) came to DKK 23 million compared to DKK 42 million last financial year and is below expectations at the beginning of the financial year.
The results of the Danish activities fell short of expectations at the beginning of the year due to a level of activity which was lower than expected in the second quarter of the financial year. Results are affected by shares of write-downs on single projects carried out in collaboration with Construction.
The Polish company is loss-making and far below expectations. The reason is a general slowdown in the market. The outlook is for a high level of activity during the rest of the financial year which will result in positive full-year results.
The companies in Germany and Sweden develop positively with results above expectations, while the companies in the UK performed slightly below expectations due to delays on a large, single project.
The outlook for the full financial year 2016/2017 is changed. We now expect an EBIT margin of approx. 5% against previously 6.5%. Revenue is expected to result in continued growth of approx. 10% compared with last financial year.
Interim financial report for the period 1 October 2016-31 March 2017
Company announcement no. 6/22.5.2017
www.aarsleff.com
6/12
AARSLEFF
Outlook for the financial year 2016/2017
In a company announcement of 9 May 2017, the outlook for the full financial year 2016/2017 was changed to an EBIT level of DKK 375 million compared to the previous announcement of DKK 430 million. Revenue is expected to result in continued growth of approx. 5% compared with last financial year. The outlook for increased earnings in the second half of the financial year compared to last financial year cannot compensate for the effect of write-downs on single projects in the first half of the financial year. In general, the Aarsleff Group experiences positive market opportunities in all three segments. The tender activity is high, and there are continued expectations for a high capacity utilisation in the production.
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 2015/2016 and note 2 on Estimation uncertainty. Significant risks and uncertainties remain unchanged compared with the description in the annual report.
Accounting policies
The interim financial report covering the first six months of the financial year 2016/2017 has been prepared in accordance with IAS 34 "Interim Financial Reporting" and additional Danish disclosure requirements for interim financial 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 2015/2016 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 2015/2016 Annual Report for a further description of the accounting policies.
Certain new or changed standards or interpretations have become effective for the financial year 2016/2017. It is the Management's view that these standards and interpretations will have no significant effect on the annual report.
The interim financial report is presented in Danish kroner (DKK) which is the parent company's functional currency.
Interim financial report for the period 1 October 2016-31 March 2017
Company announcement no. 6/22.5.2017
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 2016-31 March 2017.
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 31 March 2017 of the Group as well as of the results of the Group's operations and cash flows in the period 1 October 2016 to 31 March 2017.
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.
Viby J, 22 May 2017
Executive Management
Ebbe Malte Iversen
General Manager
Lars M. Carlsen
Deputy General Manager
Jesper Kristian Jacobsen
Group Director
Mogens Vedel Hestbæk
Group Chief Financial Officer
Board of directors
Andreas Lundby
Chairman of the Board
Jens Bjerg Sørensen
Deputy Chairman
Carsten Fode
Board member
Peter Arndrup Poulsen
Board member
Charlotte Strand
Board member
Interim financial report for the period 1 October 2016-31 March 2017
Company announcement no. 6/22.5.2017
www.aarsleff.com
8/12
AARSLEFF
Consolidated income statement
Amounts in tDKK
| January quarter | H1 | |||
|---|---|---|---|---|
| 2016/2017 | 2015/2016 | 2016/2017 | 2015/2016 | |
| Revenue | 2,416,334 | 2,336,117 | 5,332,904 | 4,891,224 |
| Production costs | -2,205,655 | -2,083,385 | -4,803,376 | -4,313,133 |
| Gross profit | 210,679 | 252,732 | 529,528 | 578,091 |
| Administrative expenses and selling costs | -216,225 | -193,605 | -441,509 | -396,028 |
| Other operating income and expenses | 12,628 | 48 | 21,957 | -75 |
| Operating profit | 7,082 | 59,175 | 109,976 | 181,988 |
| Profit in associates | 25 | -1,784 | -139 | -1,978 |
| Profit before interest | 7,107 | 57,391 | 109,837 | 180,010 |
| Net financials | -3,770 | -5,140 | -8,046 | -8,936 |
| Profit before tax | 3,337 | 52,251 | 101,791 | 171,074 |
| Tax on profit for the period | -1,009 | -12,812 | -25,424 | -41,606 |
| Profit after tax | 2,328 | 39,439 | 76,367 | 129,468 |
| Earnings per share (DKK) | 0.11 | 1.93 | 3.74 | 6.34 |
Statement of comprehensive income
Amounts in tDKK
| January quarter | H1 | |||
|---|---|---|---|---|
| 2016/2017 | 2015/2016 | 2016/2017 | 2015/2016 | |
| Profit after tax | 2,328 | 39,439 | 76,367 | 129,468 |
| Items which may become reclassified to the income statement | ||||
| Exchange rate adjustment of foreign companies | 10,381 | -7,366 | 12,925 | -5,308 |
| Fair value adjustments of derivative financial instruments, net | 1,850 | 8,357 | 2,740 | 2,768 |
| Tax on other comprehensive income | -441 | -1,839 | -630 | -609 |
| Other total comprehensive income | 11,790 | -848 | 15,035 | -3,149 |
| Total comprehensive income | 14,118 | 38,591 | 91,402 | 126,319 |
| Total comprehensive income accrues to | ||||
| Shareholders of Per Aarsleff Holding A/S | 14,097 | 38,536 | 91,268 | 126,064 |
| Minority shareholders | 21 | 55 | 134 | 255 |
| Total | 14,118 | 38,591 | 91,402 | 126,319 |
Interim financial report for the period 1 October 2016-31 March 2017
Company announcement no. 6/22.5.2017
www.aarsleff.com
9/12
AARSLEFF
Consolidated balance sheet
Amounts in tDKK
| 31/3 2017 | 30/9 2016 | 31/3 2016 | |
|---|---|---|---|
| Assets | |||
| Goodwill | 229,588 | 244,584 | 237,894 |
| Patents and other intangible assets | 81,076 | 88,164 | 95,400 |
| Land and buildings | 645,105 | 645,768 | 631,414 |
| Plant and machinery | 1,110,407 | 1,119,397 | 1,097,872 |
| Other fixtures and fittings, tools and equipment | 112,449 | 91,297 | 63,984 |
| Property, plant and equipment in progress | 287,062 | 212,519 | 131,103 |
| Other non-current assets | 22,988 | 18,322 | 16,060 |
| Non-current assets | 2,488,675 | 2,420,051 | 2,273,727 |
| Inventories | 238,397 | 225,432 | 220,532 |
| Contracting debtors | 1,831,091 | 2,553,926 | 1,744,007 |
| Work in progress | 834,280 | 678,638 | 636,992 |
| Other receivables | 185,783 | 142,005 | 114,077 |
| Securities | 195,670 | 195,997 | 196,114 |
| Cash | 372,998 | 317,272 | 356,937 |
| Current assets | 3,658,219 | 4,113,270 | 3,268,659 |
| Total assets | 6,146,894 | 6,533,321 | 5,542,386 |
| Equity and liabilities | |||
| Equity, shareholders of Per Aarsleff Holding A/S | 2,505,243 | 2,495,515 | 2,323,427 |
| Minority interests' share of equity | 6,563 | 7,916 | 6,840 |
| Equity | 2,511,806 | 2,503,431 | 2,330,267 |
| Mortgage debt and credit institutions | 184,469 | 180,264 | 89,464 |
| Provisions | 70,161 | 71,786 | 80,890 |
| Other payables | 67,015 | 62,727 | 58,683 |
| Deferred tax | 446,453 | 452,457 | 437,025 |
| Non-current liabilities | 768,098 | 767,234 | 666,062 |
| Mortgage debt and credit institutions | 323,250 | 330,838 | 348,450 |
| Work in progress | 709,245 | 776,542 | 694,131 |
| Trade payables | 1,101,214 | 1,376,700 | 849,679 |
| Other payables | 733,281 | 778,576 | 653,797 |
| Current liabilities | 2,866,990 | 3,262,656 | 2,546,057 |
| Total liabilities | 3,635,088 | 4,029,890 | 3,212,119 |
| Total equity and liabilities | 6,146,894 | 6,533,321 | 5,542,386 |
Interim financial report for the period 1 October 2016-31 March 2017
Company announcement no. 6/22.5.2017
www.aarsleff.com
10/12
AARSLEFF
Consolidated cash flow statement
Amounts in tDKK
| H1 | ||
|---|---|---|
| 2016/2017 | 2015/2016 | |
| Cash flow from operating activities | ||
| Profit before interest | 109,837 | 180,010 |
| Depreciation, amortisation and impairment losses, intangible assets | 6,629 | 5,332 |
| Depreciation, amortisation and impairment losses, property, plant and equipment | 160,923 | 146,229 |
| Other adjustments | -32,745 | -11,430 |
| Changes in working capital | 122,990 | -64,612 |
| Net financials | -8,046 | -8,936 |
| Corporation tax paid | -31,976 | -1,601 |
| Cash flows from operating activities | 327,612 | 244,992 |
| Cash flow from investing activities | ||
| Net investment in property, plant and equipment and intangible assets | -185,714 | -292,245 |
| Net investment in subsidiaries | 0 | -195,678 |
| Net investment in associates and joint ventures | 0 | 930 |
| Cash flows from investing activities | -185,714 | -486,993 |
| Cash flow from financing activities | -76,794 | -167,725 |
| Cash flows from financing activities | -76,794 | -167,725 |
| Change in liquidity for the period | 65,104 | -409,726 |
| Opening liquidity | 5,359 | 435,678 |
| Change in liquidity for the period | 65,104 | -409,726 |
| Closing liquidity | 70,463 | 25,952 |
Net interest-bearing debt
Amounts in tDKK
| H1 | ||
|---|---|---|
| 2016/2017 | 2015/2016 | |
| Cash | 372,998 | 356,937 |
| Securities | 195,670 | 196,114 |
| Total interest-bearing assets | 568,668 | 553,051 |
| Mortgage debt and credit institutions | 507,719 | 437,914 |
| Other long-term debt | 67,015 | 58,683 |
| Total interest-bearing liabilities | 574,734 | 496,597 |
| Net interest-bearing debt | 6,066 | -56,454 |
Interim financial report for the period 1 October 2016-31 March 2017
Company announcement no. 6/22.5.2017
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 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 | 129,213 | 129,213 | 255 | 129,468 | ||||
| Other total comprehensive income | ||||||||
| Exchange rate adjustments of foreign companies | -5,308 | -5,308 | -5,308 | |||||
| Fair value adjustments of derivative financial instruments | 2,768 | 2,768 | 2,768 | |||||
| Tax on derivative financial instruments | -609 | -609 | -609 | |||||
| Other total comprehensive income | 0 | -5,308 | 2,159 | 0 | 0 | -3,149 | 0 | -3,149 |
| Total comprehensive income | 0 | -5,308 | 2,159 | 129,213 | 0 | 126,064 | 255 | 126,319 |
| 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 31 March 2016 | 45,300 | -57,802 | 3,009 | 2,332,920 | 0 | 2,332,920 | 6,840 | 2,330,267 |
| Equity at 1 October 2016 | 45,300 | -67,994 | 12,320 | 2,415,289 | 90,600 | 2,495,515 | 7,916 | 2,503,431 |
| Total comprehensive income | ||||||||
| Profit for the year | 76,233 | 76,233 | 134 | 76,367 | ||||
| Other total comprehensive income | ||||||||
| Exchange rate adjustments of foreign companies | 12,925 | 12,925 | 12,925 | |||||
| Fair value adjustments of derivative financial instruments | 2,740 | 2,740 | 2,740 | |||||
| Tax on derivative financial instruments | -630 | -630 | -630 | |||||
| Other total comprehensive income | 0 | 12,925 | 2,110 | 0 | 0 | 15,035 | 0 | 15,035 |
| Total comprehensive income | 0 | 12,925 | 2,110 | 76,233 | 0 | 91,268 | 134 | 91,402 |
| Transactions with owners | ||||||||
| Dividend paid | -90,600 | -90,600 | -90,600 | |||||
| Dividend, treasury shares | 9,060 | 9,060 | 9,060 | |||||
| Dividend, minority shareholders | -1,487 | -1,486 | ||||||
| Total transactions with owners | 0 | 0 | 0 | 9,060 | -90,600 | -81,540 | -1,487 | -83,026 |
| Equity at 31 March 2017 | 45,300 | -55,069 | 14,430 | 2,500,582 | 0 | 2,505,243 | 6,563 | 2,511,806 |
Interim financial report for the period 1 October 2016-31 March 2017
Company announcement no. 6/22.5.2017
www.aarsleff.com
12/12
AARSLEFF
Company announcements published this current financial year
21 December 2016 Preliminary announcement of financial statements for the financial year 2015/2016
09 January 2017 Notice convening the Annual General Meeting of Per Aarsleff Holding A/S
01 February 2017 Annual General Meeting of Per Aarsleff Holding A/S
10 February 2017 Aarsleff is to construct new headquarters for the Carlsberg Group
24 February 2017 Interim financial report for the period 1 October-31 December 2016
09 May 2017 Aarsleff adjusts expectations for the financial year 2016/2017 downwards
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 2016-31 March 2017
Company announcement no. 6/22.5.2017
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