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PER AARSLEFF A/S
Årsrapport 2001/2002

Godkendt på selskabets ordinære
generalforsamling 27/2 2003

Dirigent
dvoøkat

Lng

Carsten Fode

 

 

Dormant

 

Subsidiaries: Associated Companies:
ie: fr lean

   

DAN

   

 

 
 
 
  
 

33% owned

RACTORS GMBH

im 7 33%2 owined

E CONTRACTORS LIMITED

dom " 33% ovwvned

Consortia

 

trerships m wine: Po ;2'S has at ieast 2078 of

    

ponsor),

owned

ponsor).
- 50% owned

 

J KUHLUNGSBORN

    

 

Companies in the Per Aarsleff Group

 

 

Construction

Subsidiaries: Associated Companies:
In Denmark: In Denmark:

DAN JORD A/S KNEBEL DRILLING A/S

Århus + Contractors - 100% owned

PETRI & HAUGSTED AS

Rødovre + Contractors - 100% owned
50% owned associated company:
Enlight A/S, Rødovre

WICOTEC A/S
Taastrup - Contractors - 100% owned

Abroad:

PER AARSLEFF GMBH

Hamburg " Germany + Contractors - 100% owned
AARSLEFF BYGG- OCH ANLAGGNINGS AB
Limhamn - Sweden - Contractors » 100% owned

Pipe Technologies

Ryomgård - 50% owned

Abroad:
PIHL & AARSLEFF AB
Limhamn - Sweden - 50% owned

 

Subsidiaries:

Abroad:

PER AARSLEFF AB

Stockholm + Sweden + Contractors - 100% owned
100% owned subsidiaries:

Swed-Pipe AB, Stockholm, Sweden

Cramax AB, Stockholm, Sweden

Contractors

AARSLEFF OY

Helsinki + Finland + Contractors + 100% owned
100% owned subsidiary:

AS Aarsleff, Tallinn, Estonia

Contractors

50% owned associated company:

Insituform St Petersburg, St Petersburg, Russia

PER AARSLEFF ZAO

St Petersburg - Russia Contractors + 100% owned
PER AARSLEFF POLSKA SP.Z O.O.

Warsaw - Poland - Contractors + 100% owned
PER AARSLEFF LATVIA SIA

Riga - Latvia - Contractors + 100% owned

PER AARSLEFF SOUTH AFRICA (PTY) LTD.
Johannesburg + South Africa - Contractors - 100% owned
AARSLEFF (THAILAND) LTD.

Bangkok - Thailand - Contractors + 100% owned
UAB AARSLEFF

Kaunas - Lithuania - Contractors - 100% owned

Piling
Subsidiaries:
In Denmark:
CENTRUM PÆLE A/S

Vejle - Pile production - 100% owned

100% owned subsidiaries:

Centrum Pfåhle GmbH, Hamburg, Germany

CP Test A/S, Vejle

DMT Grundungstechnik GmbH, Holzbunge, Germany
Pile driving, surveys in connection with foundation work

  

Abroad:

PER AARSLEFF (UK) LIMITED

Newark + United Kingdom - Contractors + 100% owned
100% owned subsidiary:

Centrum Pile LYD., Newark, United Kingdom

Pile production

AARSLEFF SP. Z O.O.
Warsaw - Poland - Contractors + 100% owned

Associated Companies:

Abroad:

INSITUFORM ROHRSANIERUNGSTECHNIKEN GMBH
Nuremberg " Germany " 50% owned
INSITUFORM LININGS PLC.

Northants - United Kingdom + 25% owned
PAA ENGINEERING

Kiev + Ukraine - 50% owned

PAA INTERNATIONAL ENGINEERING CORP.
Taichung + Taiwan - 50% owned
ITALCONTROLLI - INSITUFORM S.RL.

Milan + Italy - 50% owned

 

Information on the Group

 

 

This Annual Report is a translation of Per Aarsleff A/S's offi- Address
cial Danish Annual Report. The original Danish text shall take
precedence and in case of discrepancy the Danish wording

shall prevail.

Board of Directors

The Per Aarsleff Group is a firm of civil engineering contrac-
tors with about 2,150 employees and an annual turnover of
DKK three billion, of which approx. 30% comes from
exports, In Denmark and our neighbouring countries we
contract to build infrastructure projects, such as harbours,
railways, roads, tunnels, bridges, energy supply, water supply
and communication lines, In addition, we specialise in pile
foundation and renovation of underground pipelines. We
have our own production of precast concrete piles in
Denmark, and England. Our main markets for pipe renova-
tion are in Denmark, the Baltic States and Central Europe.
We are also permanently represented in the Orient and

execute one-off contracts in most parts of the world. Management

Auditors

Banker

 

Standing, from

the left:

Jens M. Jørgensen,
Boris Andersen,
Jens Bigum,

Leif Endersen,

Lars M. Carlsen,
Carsten Fode,
Niels S. Møller and
Palle Svejstrup.
Seated, from

tbe left:

Ebbe Malte Iversen,
Lise Aarsleff and
Per Aarsleff.

Lokesvej 15, 8230 Åbyhøj, Denmark

Engineer Palle Svejstrup, Chairman
Graduate Engineer Per Aarsleff

Mrs Lise Aarsleff

Attorney Carsten Fode

Managing Director Jens Bigum
State Authorized Public Accountant,
practising certificate held in custody
by FSR&, Niels S. Møller
UnskilledWorker Boris Andersen
(staff-elected)

Plant Driver Leif Endersen
(staff-elected)

Chief Estimator Jens M. Jørgensen
(staff-elected)

BSc.(Eng.) Ebbe Malte Iversen
(General Manager)

Engineer Lars M. Carlsen
(Deputy General Manager)

PricewaterhouseCoopers
Revisionsfirmaet Arnfred Hansen

Statsautoriseret Revisionsaktieselskab

Danske Bank

= The Danish Institute of State Authorized Public Accountants

Information

 

 

 

 

 

Aearslef” specialises
fir Combining &
spec ictl
conipelencies fi7
inejor infrastruc-
ye projects, Here
ett Hirtshals
Harbour

 

Humher o;

 

 

 

Highlights and Key Figures for the Group (DKK 7000)

 

 

 

 

 

Profit and Loss Account

Net turnover, work performed 2,222,529 2,608,667 2,540,962 2,515,636 3,016,907
Of this figure, exports 576,086 823,649 735,817 868,342 953,992
Exports, including shares from

associated companies 657,135 937,360 928,1 11 1,098,016 1,162,581

Profit on primary operations 96,494 101,666 80,818 33,681 70,787
Profit on associated companies 3,445 16,677 12,012 4,937 8,036
Profit before interest 106,676 1 18,875 92,715 39,203 79,375

Finance, net (2,484) (3,971) 7,42! 1,204 (12,721)
Profit before tax 104,192 [14,904 [00,136 40,407 66,654
Profit after tax 67,928 85,871 70,392 32,258 44,494
Balance Sheet

Intangible fixed assets 33,464 25,878 42,795 35,793 29,165
Tangible fixed assets 48 1,743 528,375 604,520 671,323 698,873
Financial fixed assets 35,847 56,298 79,472 62,882 64,100
Current assets 859,592 962,688 839,326 915,844 1,045,255

Total assets 1,410,646 1,573,239 1,566,113 1,685,842 1,837,393

Equity 591,921 631,365 691,466 710,095 744,39 1

Provisions 166,100 177,109 109,790 112,108 | 19,255

Debt 652,625 764,765 764,857 863,639 973,747
Total liabilrties and shareholders' equity 1,410,646 1,573,239 1,566,113 1,685,842 1,837,393

Cash Flows

From operating activities 132,812 150,814 188,769 (94,045) 196,913
From investment activities (123,855) (136,775) (195,279) (145,252) (132,638)
From financing activities (22,621) (30,956) (34,778) 62,503 14,681

Change in liquidity for the year (13,664) (16917) (41,288) (176,794) 78,956
Key Figures

Return after tax on the average equity, % 12 14 Il 5 6
Solvency ratio, % 42 40 44 42 4|

Profit after tax per share of DKK 20 (DKK) 30 39 32 16 2!

Dividend, % [2 12 12 12 12
Stock-exchange quotation at

30 Sept. per share of DKK 20 270 295 325 166 200
Price earning 9.0 7,5 10.1 10,7 9,3
Total market value 611,550 616,948 676,843 343,926 414,369
Number of employees 1,844 1,960 1,954 2,028 2,147

 

 

 

 

Highlighis and
Key Figures

 

 

The Aarsleff Group — Synergies Between Specialities

 

For [irisbals
Harbour.
aarslejf has
established a
3090-metre Heu!
wbarf. da new
ramp and et
60,000-cubic
meire sand fill.

Company Profile

 

The Aarsleff Group finds it Important to exploit the synergy
potential between the various business areas of the Parent

Company and the subsidiaries. The basis of this is one com-
mon culture connecting strong, versatile engineer's and con-

tractor's competencies,

Aarsleff acts as a main contractor as well as a specialised
Danish and foreign coi-

 

   

contractor, often in consortia wi
leagues.

 

The Aarsleff corporate culture rests on professionalism, ini-
tiative and short ways of decision-making. This, t
creativity, adaptability and teamwor«x, is Characteristic of our
project managers, our employees and the way we are
organised,

 

getner witn

    

Aarsleff works as a genera tructure contractor based
on a flexible project organisation, We nave made it a special-
ity to manage and implement maior projects from the
design to the handing-over phases.

In special areas where we repeatedly implement the same
kind of civil engineering projects, we have industrialised these
projects and market them as such. The result of this is the
two specialised areas of Pipe Technofogies and Piling.

Over the last ten years, Aarsleff has almost quadrupled the
turnover, At the same time we have increased our solvency
ratio from 34% to 41%,

enn

 

Glimpses of the Year Within the Aarsleff Group:

Foundations for Offshore Wind Farm South of
Lolland

At Rødsand south of Gedser, Aarsleff is installing 73 con-
crete foundations for the future Nysted Offshore Wind
Farm. Later on the client, Energi E2, will install 72 wind tur-
bines and a transformer station, ve produce the founda-
tions at our factory in Poland and tow them to Rødsand
where a large floating crane lifts them in place on the sea
floor. Each foundation weighs 1,300 tons and the water
depth at Rødsand is up to ten metres. The contract price is
approx. DKK 300 million and the project is to be imple-

mented in a good one year.

 

Cofferdam for the New Copenhagen Opera House
In the heart of Copenhagen, Aarsleff has established coffer-
dams for the new opera house. The client is the fund A.P
Møller og Hustru Chastine McKinney Møllers Fond til
Almene Formaal. Executing a cofferdam is a complex job
that involves many of our competencies and places heavy
demands on project management, earth and sheet pile
works as well as ground-water lowering.

Major Sewer Renovation in India

In Mumbai, India, Aarsleff is executing the biggest No-Dig job
so far, The work comprises the renovation of 8.4 kilometres
of big, deep-lying sewer pipes. The contract price is DKK 150
million, Mumbai has approx. 15 million inhabitants and due
to the high density of the population, the traffic load and a
high ground-water table, No-Dig renovation is the optimum
solution. The method applied is Channeline, which involves
pushing prefabricated glass-fibre elements into the existing,
worn sewer pipe.

— A Professional Partner

 

 

Ås a group we want to be known for…

being people who can be trusted
We are reliable, diligent and careful in our work and respect
customers, competent colleagues and foreign cultures.

giving job satisfaction and development a high
priority

We want to offer attractive workplaces where safety, job
satisfaction and lifelong development are in focus. We
believe in freedom subject to the consequences of the law,
and establish only a minimum of routines for the decision-
making and administrative processes. Freedom and inde-
pendence in the daily work shall make way for creativity and
new ideas.

possessing the engineering and contracting quali-
fications of the future

In general we undertake civil engineering and infrastructure
works, and we are specialists within trenchless pipe rehabili-
tation and foundation. By means of our own competence as
well as long-term strategic co-operation with other compa-
nies, we are able to execute small as well as large projects of
any kind within our line of business. We are always looking
for new, more simple, economic and better technical solu-
tions. If profitable for the customers and us, we are willing to
transform technical experience from project work into actu-
al specialist areas with industrialised processes.

 

having high standards of project management
and professional co-operation

We take pride in identifying the wishes and demands of our
customers and in realising them while documenting our
work, We establish efficient project groups — across divisions
and subsidiaries — which ensure resourceful and creative
design work resulting in optimal implementation of complex
projects. In addition, we gladly co-operate with competent
colleagues in consortiums or joint ventures.

being a professional, reliable business partner
When it concerns professionalism, profitable growth, com-
petitiveness and financial health, we wish to be able to com-
pare with the best within the business.

considering the world our place of work

Qur point of departure is Denmark, but we consider the
world our place of work. Primarily, we implement civil engi-
neering and infrastructure projects in Scandinavia but
through participation in major projects we constantly gain a
better foothold, We have industrialised specific fields, in
which we repeatedly implement the same type of civil engi-
neering work, and market these as industrialised processes.

Within these fields we are active in most parts of the world.

Company Profile

 

 

 

Infrastructure Contractor — Creativity and Adaptability

 

Aarsleff partici-
pates in a
muimber of
infrastructure

projects in
Ørestaden in
Copenhagen.

Company Profile

 

Aarsleff works as a general infrastructure contractor:
Modern society makes heavy demands on the infrastructure
of a country, and a weli-developed infrastructure is a condi-
tion of sound economic growth.

Adaptability is of decisive importance to an infrastructure
contractor. The nature of the Infrastructure projects
demanded by the market changes every year and every
decade. Flexible forms of cooperation and organisation
ensure flexibility and thus adaptabili

 

Close cooperation between the divisions of the Parent
Company and the subsidiar:es Petri & Haugsted as, VVicotec
AYS and Dan jord A/S is an important characteristic of the
projects we implement in Dermark,

 

 

Aarsleff contributes to paving the way on the ground, VVe
> ØÉ

build roads, harbours, railways. tunnels, airport facilities, gas

pipelines, major sewer pipes, communication lines, high-volt-

 

 

 

age lines and execute a number of service and maintenance
(==
jobs within the infrastructure area,

 

Aarsleff is specialised in marine construction. For more than
40 years we have developed competencies and equipment
for construction of harbours, ferry berths, coastal protection,
embankments and offshore foundations. In addition we exe-
cute sea crossings and dredging works.

VVe have been implementing cofferdams and underground
constructions since the 19605 and today we are able to
handle major and difficult jobs. It is especially in this field that
we use our specialised capabilities within geotechnics.

We execute water treatment projects within a wide range
of jobs from source to recipient In Denmark we renovate
the existing sewer system while in Eastern Europe, for
instance, we also participate in the building of water treat-
ment plants and in extending and renovating existing plants
and pipe systems for drinking water and wastewater.

  

— Flexibility and Strength

 

 

Glimpses of the Year as an Infrastructure
Contractor:

Harbour Project in Lithuania Handed Over One
Year Ahead of Time

Since February 2001 Aarsleff has been busy extending and
renovating two outer breakwaters in Port of Klaipeda in
Lithuania. In the autumn the completed project was handed
over to the client, almost one year ahead of the contract
deadline.

This indicates professional project management and techni-
cal qualifications.

Å total of 635,000 tons of stones have been transported
from a quarry in Sweden to the Lithuanian harbour where
the many stones weighing from 100 grams to 13 tons have
been used for the renovation and extension of the two
outer breakwaters.

Wide Experience in Gas Pipelines

This year Aarsleff has installed gas pipelines in Sweden and
Germany. Years ago our activities within gas pipelines were
many but have declined within recent years.

Ås such, adaptability is much required when the order books
contain gas pipelines again. At the same time we must
ensure that our important specialised competence is main-
tained and ready when there is a need for it.

Road, Bridge and Sewer Project as a Turnkey
Contract in Kolding

Aarsleff has executed a major road, bridge and sewer pro-
Ject at the city centre of Kolding with Kolding Municipality as
the client.

The project is the first of its kind in Denmark, where a
municipality invites tenders for an entire project as a turnkey
contract. Vve were awarded the contract in a consortium
with the consultant Hedeselskabet.

Sheet Piles and Piles Carry New Bridge Floor on
Motorway

In the spring Aarsleff participated in the execution of a spe-
cial bridge on Motorway E45 west of Århus.

On each side of the existing motorway we drove approx.
150 tons of sheet piles and 670 metres of reinforced con-
crete piles. After this a precast bridge floor was rolled in
place above the sheet piles and the reinforced concrete
piles, which as such carry the bridge floor.

Below the bridge floor, drivers will be able to drive on the
first section of the new motorway between Århus and
Herning. The special execution of the bridge floor enabled
the handling of the traffic on the E45 almost without any
problems.

3 : SSD GER SELE SS i
Land Development for New Major Slaughterhouse
near Horsens
At very short notice Aarsleff commenced the land develop-
ment contract for the building of the new, major Danish
Crown slaughterhouse near Horsens. The size of the work
combined with a demand for fast implementation required a
high degree of flexibility from Aarsleff.

Implementing a land development of 40 hectares of farming
land involves the removal of approx. 600,000 cubic metres
of soil. Conditions for success in this respect comprise good
project management, flexibility and the weight to mobilise a
large train of machines, not to mention fine weather.

Pure Water for Eight Towns in Latvia

Following 18 months' work, Aarsleff Latvia SIA has complet-
ed a major water supply project in eight towns in Latvia. The
project is the biggest EU environmental project in Latvia so

far and has been executed as a turnkey contract.

In close Cooperation with the Parent Company, Aarsleff's
Latvian subsidiary has established six new waterworks, reno-
vated an existing one and established a completely new
water supply network in the eighth town.

 

The new bridge
Jloor on motor-
way E45 west of
Årbus. Aarsleff
also participates
in the execution
of ibe motorway
between Århus
and Herning.

Company Profile

 

 

 

Industrialisaticon -— Pipe Rehabilitation

 

In May Aarslejf
executed one of
the biggest NO-
Dig rehabilita-
tion works in
Denmark.

Company Profile

 

 

Aarsleff has mace it a speciality to standardise and iIndustri-
alise specific civil engineering activities in order to obtain
quality, efficiency and a sound economy.

Ve rehabilitate pipelines by means of trenchless methods,
the so-called No-Dig methods. This comprises, e.g., waste-
water pipes, drinking water pipes, industrial process pipes,
vertical pipes and ducts in buildings as well as manholes.

Since 1979 when we began executing trenchless pipe rena-
bilitation, we have currently developed the methods while
focusing on competitiveness, auality and a minimum of
inconvenience to the surroundings while the rehabilitation
work is carried out.

We work in most parts of the world either through sub-
sidiaries, associated companies or out of our export depart-
ment in Denmark.

Aarsleff is the second biggest player in the world within the
specialised field of trenchless pipe rehabilitation.

Glimpses of the Year Within Pipe Rehabilitation:

A Hundred Years Life Expectancy of Insituform
Liners

The Environment Bureau of Århus Municipality, the Danish
Technological Institute and Aarsleff have tested pieces of
pipe from five previous sewer rehabilitation jobs executed
for Århus Municipality. Based on registered data on wail
thickness, pipe stiffness etc. the sampled pieces were tested
for around 20,000 hours while being constantly exposed to
load force. The test documented that the Insituform liner is
likely to last for at least a hundred years.

One of the Biggest Pipe Rehabilitation Jobs
Executed in Denmark

During the No-Dig 2002 conference in Copenhagen we
executed one of our biggest pipe rehabilitation jobs so far in
Denmark.

The pipe that was rehabilitated was a |36-metre, brick-built,
oval discharge pipe.The special thing about the pipe was its
large dimension of 1,725 x 1,600 millimetres.

The liner, which we installed in the damaged pipe, weighed
30 tons when it arrived from our factory in Hasselager near
Århus. The entire installation was executed in only three and
a nalf days,

Rehabilitation for the Municipal Sector

Trenchless pipe rehabilitation for the Municipal sector in
Denmark is one of our most important fields of activity. Wve
rehabilitate wastewater pipes, sewer pipes, main pipes, later-
als, manholes etc.

Rehabilitation for the Housing and Industrial
Sectørs

Our No-Dig rehabilitation activities within the housing and
industria! sectors are rapidly increasing, Our customers with-
in these secters typically comprise housing associations and
companies within the food industry, the pharmaceutical
industry, the chemical industry as well as the petrol and oil
industry.

The Insituform relining method is an advantageous choice
for rehabilitation of pipes in buildings. We rehabilitate sewer
pipes as well as water pipes and downpipes, Our method is
fast and without particular inconvenience to the residents
and the users.

Pipe Rehabilitation in Warsaw

In Poland our subsidiary Per Aarsleff Polska Sp. Z 0.0. has
rehabilitated 2.7 kilometres of pressure pipe.The sewers
located in the Karova district in tne old part of Warsaw
were of the dimensions 600 and 1,000 millimetres.

in addition we rehabilitated 1.2 kilometres of a 900-millime-
tre combined rainwater and sewer pipe. The work is con-
tinued with the rehabilitation of another two kilometres of
sewer pipe in the beginning of the new financial year,

— Piling

 

 

 

Aarsleff is the leading and trend-setting specialised contrac-
tor in Northern Europe within production and foundation

of prefabricated, reinforced concrete piles as well as estab-
lishment of complete cofferdams and sheet pile installation.

We have our own pile factories in Denmark and England.
Our subsidiary Centrum Pæle A/S in Vejle in Denmark pro-
duces approx. 600,000 rm piles per year.

We work on land as well as at sea and are specialised in
executing piling and sheet piling works in Northern Europe.
The soil conditions here often vary and are problematic.
Our primary markets are in Denmark, Germany, England,
Poland and Sweden. We serve these markets in cooperation
with our subsidiaries in the individual countries.

We possess a long-standing experience, which we currently
use in the development of new methods. Among other
things, these methods are to ensure that we execute our
work at a competitive price and with as little noise and
vibration nuisance as possible.

Glimpses of the Year in Piling:

The Biggest Piles Produced in Western Europe

In England our subsidiary Aarsleff Piling has initiated a big
and unusual order. In 18 months' time we are to produce
and drive 3,000 reinforced concrete piles of a 60 x 60-cen-
timetre dimension. This makes the piles the biggest ever pro-
duced in Western Europe.

The actual pile driving will take place in the marshland at
Havering and Thurrock in the South of England in connec-
tion with the establishment of the track system for the
future high-speed train between London and Paris.

The railway stretch in the South of England passes through
areas with very poor soil conditions, typically consisting of
four to ten metres of silt on top of flood-plain deposits, ter-
tiary clay and sand or limestone,

The work is executed with one of Aarsleff's biggest
hydraulic piling rigs, custom-built to handle the big piles.

Piling Works in Assembly Halls

For Vestas Wind Systems A/S, Aarsleff has executed piling
works in the assembly halls of the machine factory. The
heavy processing carried out places heavy demands on the
machine foundation, in several places the ground-water table
is high and the soil conditions poor. As such, a dry and
secure cofferdam is required before the casting for the foun-
dations can be commenced.

To protect the buildings, machines and the production in
progress, the foundation work shall comply with strict
requirements as to vibration. Therefore, by applying our
Silent Piler rigs we can press down the sheet piles hydrauli-
cally and as such avoid vibration damage.

Foundation for New Bus Station in Aalborg

In Aalborg the first sod has been turned for a new, multi-
functional centre at the bus station. Owing to poor soil con-
ditions and the risk of subsequent settlement damage it was
necessary first to execute a pile foundation.

We have installed a total of approx. 1,200 piles in lengths
from six to II metres. The piles had a dimension of 30 x 30
centimetres.

Kommunekemi in Nyborg

In connection with the establishment of a new receiving
plant for liquid waste, Aarsleff installed approx. 12,000
metres of piles at a Chemical plant in Nyborg, Denmark. The
piles had a dimension of 25 x 25 centimetres and lengths
ranging between eight and 14 metres.

Company Profile

 

 

 

Summary

 

The extension
GR FOHOVGUON
of 10 outer
bredkuæters at
daipedet
Lihuanict
vere banded

  
 

over ln the
CHET, Cd rØST
Ghe year abead
ef schedtle.

Report

 

  

   

The consolidated pi the vear 2001/2002 is DKK 67
million before tax. This Is DKK 7 million better than i
ed in the notice giver 5 the Copenhazsern Stock Exchan

  

 

 

on 28 August 2002.

kon,

 

 

The turnover is DKK 3,017 mi

h constitutes ar
increase of 20%, and tne bro i mil

rtax is DKI

   

 

ous financial year wnich oroduced a proft before tax of
DKK 40 million including a non-recurring profit of DKK 10,8

million from cap oduced by the sale of securities.

 

Comzared to ias over has

been changed su

year The composition of the

    
 
  
 
  

cn that the civii engineering activities have
increased by 28%, Activiti

ipe Technologies have |

 

  
  

ich also generates a Cons

income, remains af the leve! of as

The Danish share of the total turnover this
DKK 2,063 million com to DKK :
Export turnover inducing shares f
amounis to DKK
ion last year:

 

 

  

1163 mlior co

The Board of Directors is satisfied with

ihe prof achievec.
partly baseg on ihe expectations expressed at ine beginning
under review, n expectalior of ccn-
uous improvernenis of the profit m ine coming fnancia
year Furthermore, I is sa i ihe cash dows from

     
 
 

  

of the year inc på

 

 

AOF Y i

 

operating activities after deduction of

DKK 64 million.

 

  

di
The reorgan sation from major one-off civil engineering pro-
jects tc a mar<et dominated by medium-sized and minor
infrastructure projects has largely been implemented as
anticipatec. Over
been influenced

  

ne year under review, conditions have
favourably by a high level of activity and

consequent nign capacity utilization In Den:

 

    

ark,

As regards tne specialised area of Pipe Techno'ogies, a tem-

 

  

porary almost comolete stowdown in municipal capita
expendture in tne first three months of 2002 influenced the
orofit negatively. One-off proiect-oriented activities also influ-

encec ne proft for the year negatively. Pipe Technologies
has produced an improved profit compared to last year
although the extent of the improvement does not live up to

 

oroduced a profit complying with expectations

 

ine beginning of the ånarncial year. Marked progress in
England and a

high level of activity in Denmark induence the
iv while difficult market conditions on the
anc one-off project-oriented activities influ-

 
 
 

 

ii negatively.

 

2 Bcarc of Directors recommends that a Gividenc be set
at 12%, cr DKK 2.49 per share which eguates to DKK 5 mil-
ion.

 

The number of directly employed full-time employees in the
Group is 2,147 comanared to 2.028 last year:

The Future

 

   

An unchanged level of activity is forecasted for the coming

financial year, The company expects a profit of DKK 80 mil-
lion before tax.

By bringing productivity into focus and carrying on efforts to
adapt the company to market conditions we expect to
obtain an improved profit. The cash flows from operating
activities after deduction of investments are expected to
constitute a considerably positive amount in the coming
financial year.

Structural Changes to the Competitive Situation

A new Danish act on invitation to tender combined with an
increased tendency to contract out public civil engineering
works has in itself sharpened competition. The frontiers are
more open and administrative obstacles have been reduced.

lt has become easier to sell standard contractor's services
but the prices are under increased pressure. At the same
time there is a need for contractors who are able to exe-
cute one-off, total and combined projects. This requires a
large and expensive organisation but is a more efficient way
to implement a complicated construction project.

 

[50

25 700

100 600

75 500

50 400

25 300
(8 0

 

 

 

97/98 98/99 99/00 00/01 01/02

 

   

97198 98/99 99100 00/01! 01/02

 

On the one hand we will prepare for the combined proj-
ects. In the year under review, several projects have been
implemented on which we have assumed the full responsi-
bility for the deep-lying parts of major civil engineering
works. This typically comprises excavation works, cofferdams,
ground-water lowering, pipelines and underground concrete
constructions. As such the earliest, the most difficult and the
most risky operations as seen from the client's point of view
are gathered under one responsibility.

On the other hand we intend, to a larger degree, to carry
on efforts to execute construction works as standard
services and focus on improving the efficiency. Pipe Tech-
nologies has strengthened its market position and will con-
tinue efforts to reduce the costs of industrial products as
well as improve operations on major one-off contracts. Piling
utilises the more open market structure and will continue to
develop all aspects of its core activity, viz. production and
installation of standard reinforced concrete piles.

 

Så

 

97198 98/99 99100 00/01 01/02

 

Report

 

 

 

 

 

AV iHotormwday
project between
flerning and
Ikctst bas been
completed and
cRotber one near
bes been

 

  

Århus

 

COME H Ce.
Both projects are
execitled In et
COHSOFTi ub
Ove Ark AS.

Report

 

 

The Past Year in Construction

 

 

The readjustment from major one-off civil engi-
neering projects to a market dominated by
medium-sized and minor infrastructure projects
was largely implemented as anticipated. Over the
financial year, we have seen a high level of activi-
ty, which has benefitted conditions for the divi-
sion and resulted in high capacity utilisation in
Denmark. The segment result of DKK 28 million
before interest constitutes a considerable
improvement compared to the previous financial

year and is larger than forecasted

Developments in the Copenhagen region have resulted in
growing employment caused by a generally high level of
activity. A large number of major and minor projects have
been executed on the new Copenhagen Metro, including
complete sections of the embedded parts of the
Frederiksberg stretch. In addition we have executed paving

and installation works on a large number of Metro stations.

A considerable part of the new infrastructure in Ørestaden
has been implemented, i.e. roads, channels, pavings as well as
supply and discharge lines. For the future shopping and
leisure centre Field's Copenhagen, we have executed land
development works as well as deep-lying concrete works
under a partnering agreement. For the construction of the
new Copenhagen opera house, the early contractor's works
in the form of infrastructure, cofferdams and wharfs have
been completed. At the incinerator plant |/S Vestforbrænding
in Glostrup an extension for a new incinerator has been ini-
tiated, and a large number of projects for improvement of
the railway network in the Copenhagen area have been
executed for the Danish Railway Agency.

In the area covering Fredericia, Vejle and Kolding several land
development and road projects have been executed, inclu-
ding a large road construction in Kolding, which was execut-
ed as a turnkey contract. In the future, we expect to see
more infrastructure projects being put out to tender in this
way as it provides obvious opportunities for a more efficient
implementation. A major waste disposal plant has been exe-
cuted for Odense Municipality and in Horsens the initial,
hectic stage of a land development for a major slaughter-
house has been completed. A wastewater treatment plant
has been extended in Århus where several minor road
works were also executed. A motorway project between
Herning and Ikast is completed and another one initiated
near Århus. Both projects are implemented in a consortium
with Ove Arkil A/S.

For Denmark as a whole there has been a temporary
increase in activities within marine construction. The largest
jobs were a new ferry berth in Århus, new wharfs in
Hirthals and Kalundborg as well as new dolphins in
Fredericia. At Rødsand south of Lolland Aarsleff is to pro-
duce and install 73 offshore concrete foundations for
Nysted Offshore Wind Farm. The foundations are produced
in Poland and towed to Rødsand where they will be
installed at approx. ten metres' depth. The project is well
under way and we expect to gain experience from this pro-

ject that can be used on future offshore wind farms.

The total Danish turnover within construction rose from
1,260 million last year to 1,711 million in the year under

review.

International Activities

Abroad Construction is mainly engaged in specialised jobs
within a limited field of activity comprising, in the year under
review, a road project in Tanzania, a road project in
Nicaragua and a harbour in Lithuania. In Sweden we have
executed a 45-kilometre natural gas pipeline as well as a
number of minor infrastructure projects in the Malmø area.
The jobs in Sweden are managed from our office in
Limhamn, The marine construction activities in Hamburg are
carried on with Ed. Ziblin AG, Hamburg as partner: In
Baden-Wirttemberg in Germany an approx. 30-kilometre
natural gas pipeline has been executed in cooperation with
our German partner of long standing Ludwig Freytag
GmbH, Oldenburg.

The Future in Construction

For the total construction segment consisting of the parent
company activities and the subsidiaries Petri & Haugsted as,
Wicotec A/S and Dan Jord A/S we expect an unchanged
level of activity in the coming financial year. Cooperation
across the Group will be improved with the purpose of
meeting market demands for turnkey solutions while at the
same time we will endeavour to provide standard services
more efficiently. VVe expect an improvement in the profit

before interest of approx. two per cent of the turnover.

Report

 

 

 

 

 

NO-Dig pipe veha-
bilitation: can be
buplemented
guickly and it
ae mmindmum of
drstarbance to the
traffic, residents
and surroundings,

 

FONÆNMASSRNANSN

Report

  

The Past Year in Pipe Technologies

 

 

A temporary almost total slowdown in municipal
capital expenditure in the second quarter of the
year under review affected Pipe Technologies'
activities on the Danish market. At the end of the
financial year the forecasted level of activity has
been restored which constitutes an increase com-
pared to the previous financial year. The already
established subsidiaries are developing steadily,
and a targeted and patient effort to make the
newly established companies progress favourably
is carried out. Although somewhat smaller than
forecasted, the total profit of DKK 26 million
before interest constitutes an improvement com-

pared to the previous financial year

Following the appointment of the new government in
Denmark, there was a short period with exceptionally low
activity. The situation was back to normal in the spring and
by the end of the financial year we had plenty of work with-
in the municipal sector. Last year the organisational structure
for the division was changed into a regional structure in
order to achieve better focus on and contact with the cus-
tomers. The new organisation has now been working satis-
factorily for a little over a year. The special marketing efforts
made were aimed at industrial customers and housing asso-
ciations, and they are now starting to bear fruit. Thanks to
long-standing marketing efforts, Denmark continues to be
the country in which pipe rehabilitation by means of relining

is most popular.

The factory in Hasselager, Denmark, supplies several of our
foreign subsidiaries with semi-products for pipe rehabilita-
tion. Over the year under review, the efficiency of the facto-
ry has been further enhanced, and we have complied with
our objective of reducing the manufacturing costs.

Subsidiaries and Associated Companies

Sweden has generated a steady increase in turnover and
profit. This is a result of executing jobs for industrial compa-
nies during the summer holiday period. Finland has improved
its profit compared to the previous financial year and we

expect a continuous, positive development.

In St Petersburg steady supplies from the impregnation plant
have been produced. In addition we have been engaged in
one-off contracts, and at the end of the financial year an
agreement on a major combined aid project comprising
pipe rehabilitation, among other things, has been signed. In
the three Baltic states we have first and foremost been

employed in one-off projects comprising the execution of

water treatment and wastewater treatment plants. This has
especially been a success in Latvia where we have executed

eight wastewater treatment plants.

Unlike in the other East European countries, in Poland we
are mainly engaged in locally financed activities, This especial-
ly concerns municipal pipe rehabilitation projects where, at
the end of the year under review, there has been a high
level of activity. ve have now been present in Poland for
approx. ten years and the organisation is well-established

and the company is progressing favourably and steadily.

Germany represents the biggest isolated market in Europe.
Here, as in Italy, we own half of the activities while the
American player IT], Insituform Technologies Inc., owns the
other half. The German market has the largest number of
players. A total of 15 to 20 companies are employed within
the relining business. We are a market leader with a market
share of approx. 30% on a steadily growing market. The
profit is better than forecasted. The activities in Italy were
acquired a couple of years ago. The year under review has

been one of adjustments and has resulted in a loss.

In Taiwan our ownership interest is 50% while a local part-
ner owns the remaining interest. The financial year proceed-
ed as planned and the company has generated a satisfactory

result.

Projects Abroad

kt is the objective of the division to execute drinking water
and wastewater treatment projects, primarily in selected
areas in the Far East as well as in Eastern Europe. During the
year under review we have executed projects in Vietnam, in
the Philippines and in Thailand. In Eastern Europe the com-
pany has implemented jobs in Russia, the Ukraine and in the

Baltic states.

The Future in Pipe Technologies

As regards projects abroad activities are back to normal. In
Europe we expect a slow but steady growth on all markets.
In recent years competition has sharpened and under the
current conditions the division has strengthened its position.
The division will continue efforts to reduce the costs for
industrial products and improve operations on major one-off
contracts. An improvement of approx. five per cent of the
profit before interest is expected.

Report

 

 

 

 

Using CHstom-
bitilt eguipment
Acirsleff's English
Ssitbsidiary ig

i ug reln-
Jorced conerele
piles titb at
CFOSS SCCHIOH Of
00 x GO cen-
timetres. The
piles are pro-
duced at our
VIE JuCtory.

 

   

Report

 

 

The Past Year in Piling

 

The total profit for the year is DKK 25 million
before interest which corresponds to the expecta-
tions at the beginning of the financial year.
Marked progress in England is partly counter-
balanced by market difficulties and costs for ope-
rating improvements in Germany. In Denmark
we have seen a steady, high level of activity dur-
ing the entire financial year. The production costs
deriving from the production of piles at the fac-
tory in Vejle are continuously reduced

As a consequence of building an unusually large amount of
distinct buildings at central locations in the major cities in
Denmark, more cofferdams than usual have been executed.
it is mostly Copenhagen that again this year has had a steady
and high level of building activities. However, other major
cities too have been interested in implementing new building
activities close to the centre and waterfront. Here the com-
bination of our various capabilities has been used successful-
ly This concerns design as well as execution of general civil

engineering projects and specialised foundation works.

The work on developing low-noise and low-vibration
methods is carried on. There is an increasing demand for
pressed sheet pile solutions and the division now has two
sets of equipment, which are partly employed in Poland and
partly in Denmark. The Companys entire fleet of piling rigs
comprises a total of 30 units currently distributed with II in
Denmark and South Sweden, four in Poland, five in Germany
and ten in England. In the countries mentioned above, a total
of approx. 850,000 metres of reinforced concrete piles have
been installed, and a number of works of a more individual
nature, involving the driving of sheet piles and steel piles,
have been executed, This makes the division one of the

. biggest players in Northern Europe.

Production costs deriving from the production of piles at

the factory in Vejle are continuously reduced,

Expectations to the final quarter of the financial year were
not quite fulfilled due to the development of certain one-off
projects, but the total profit for the year corresponds to that
provided for in the budget.

Great Demand in England

Developmernits in England during the financial year have been
unusual. First of all, there has generally been a great demand
for our core activity, viz. industrial pile driving, which has

increased the turnover considerably compared to expec-

 

tations. Furthermore, a contract on a major project for the
construction of the railway between London and Dover has
been signed. The project comprises the supply and driving of
large reinforced concrete piles with a square cross section
of 60 centimetres. In this case the field of application for
precast piles has been extended, and an important reference
was won in competition with bored piles. The English subto-
tal is markedly better than expected due to these extraordi-

nary circumstances.

Over the financial year, we investigated whether the pile
production in Newark at a profit could be amalgamated

with another player in the field but gave up the idea.

Unfulfilled Expectations in Germany and Poland
In Germany our office in Hamburg serves the North
German market. Activities comprise almost exclusively indus-
trial pile driving with piles supplied from our factory in Vejle.
In general conditions are difficult for the German building
industry which has also influenced our operations. Various
initiatives have been taken to improve operations. It is antici-
pated that the loss for the year will be reduced considerably

in the coming financial year.

In Poland we have executed an increasing number of piling
jobs. However, considering the size of the country the level
is low. In addition we are also employed in projects such as
executing cofferdams for deep-lying buildings. During the
year under review there has been a recession on the Polish
construction market, which has lead to increased competi-
tion. Our production within railway electrification has been
stable. The total return in Poland is burdened by some
debtor losses and as such, has not quite fulfilled expecta-

tions.

The Future in Piling

We expect the English market to return to a more normal
level and that conditions in Germany will continue to be dif-
ficult and require efforts for adjustment. In Poland develop-
ments will be marked by slow growth, and in Denmark we
expect a small recession. Against this background an
unchanged profit before interest is forecasted which means

approx. four to five per cent of the turnover.

Report

 

 

 

Subsidiaries and Associated Companies

 

in Bader-
Wwrttemberg in
Germany,
Aarslejf and our
Gerinan partner
of lorg slanding
bie executed
Cir ADPTON,
30-kiGomeltre
long natural gas

pipeltae.

The main part of cur sub
nas been establisned by ti
developmert and part of
discussed in the
tion, Other subsidi

 

atonal grov, th th They

 

annua report under ie divisions in GuUes-

 

aries Q r a more isolated

framework, This esp the following three

major companies operat

engineering:

 

Petri & Haugsted as, Rødovre, emo oyed I In telecommu-

 
 

nications, service works

works, In the

year under review the company has bee

G

1 busy executing

 

vvell as various works
Is extraordinarily
osten of orders and a high

ucture projects in IIs loca

   
  

 

for the new Co

 

leve! of activity.

Report

 

 
  

 

 

 

Wicotec A/8, Taast"up, employed in technical installations
and re!: vice works. VVith a turnover of. DKK 272 mii-
ion the comzany constitutes an importart player within this
business, which over the past three or four years has been
going ihrougn a structural adjustment process. During the

5

 

same period, the company has been growing and has

 

  

for ne year is

 

ve operating results. The profit

 

Dan Jord A/S, Århus. employed in minor

 

engineering
pe gardening as well as district neat ing

25 are Increasingly being aimed at complete
Dipelines and pavings in central parts of towns.
In this connection the company has executed works on new
shopping streets in Århus and Vejle.The prof for the year is
t better Inan forecasted.

 

projec:, landsca

works, Act

     

renovation af

 

 

somevv

Quality, Environment, Safety and Health

 

 

 

The number of accidents per million working hours in the
financial year 2001/2002 has increased to 35 from 20 in the
previous financial year. This is not satisfactory and therefore
we have initiated a number of efforts to reduce the number
of accidents.

In 2001/2002 we have executed a large number of jobs
within specialised areas that traditionally have a higher fre-
quency of accidents. For instance, in the year under review
we have increased activities within concrete work in order
to supplement the services offered by Construction.

An action plan has been initiated with a view to reduce the
number of accidents. The plan combines the targeted efforts
of the management, the safety organisation and the em-
ployees at the worksites. Ve expect to see a marked
improvement in the coming financial year:

In Sweden we
have installed
45 kilometres of
natural gas
pipeline as well
as a number of
minor infrastruc-
ture projects in
the Malmø area.

Within the areas of quality and environmental management
we can establish a continuously positive development in
compliance with the objective of current improvements of
the quality and environmental conditions. During the period
in question, Pipe Technologies was re-certified in accordance
with the new version of the DS/ISO 9001. In the beginning
of 2002 Wicotec A/S obtained an environmental certifica-
tion in accordance with the 14001 standard. Petri &
Haugsted as has initiated a process to obtain a certification
and as such, the company expects to be certified within
working environment in the spring of 2003.

 

2,000
1,750
1,500
1,250
1,000

  
    

   
     

 

 

| FSB | Så

97198 98/99 99/00 00/0! 01/02

St |

97198 98/99 99100 00/01 01/02

 

Report

 

 

 

ir May 2002 the
new airport at
Billand was
opened. Together
Hk Ove Arkil
AS Adtrsleff has
executed tbe
new ramps and
taxi danne,

Report

Segments

 

  

 

 

 

The following table snows the ibree segments of the Group:

Construction, Pize Techrolcgies and Piling. The information

 

as shares of

Wa
RT

Consortz.

All directy attrioutable Income and expencditure have been

 

allocated to the respective seg me
by staff

As the segments are

Cc joint functions In tne Parent
;t, administration,

rad

 

Supp
Company, comprising group 7

  

 

 

 

 

project development and design, and IT support
connected io these functions have been allocated to the

 

pe basis of the drain by the segments on the
staff and joint functions.

Equity has been assessed as the value of fhe tangible fixed
assets, subsid:aries, associated companies, goodwill etc. as
well as a proportional distribution of other assets and liabili-

Fiese
UuEs,

 

 

 

 

 

 

 

 

 

2001/2002 2000/2001 : 2001/2002 2000/2001 | 2001/2002 2000/2001 | 2001/2002 2000/2001

Turnover 323 500 69i 618 203 398 3,0:7 2.516

Of this figure, exports 22 240 463 385 279 242 954 868
Expørts, including sn

iatec companies 224 317 660 539 279 242 1,163 1,098

78 5) 18 5 25 25 Zi 34

o 3) 8 3 0 8 5

28 9 26 23 25 25 79 39

Finance, net (12) !

Proåt sefore 67 40

Equity at year-end 263 256 249 239 232 215 744 710

er of emplovees:

Paid every two væesks LO 045 87 152 142 49 1,430 1,286
Engineers, technicians

and administrative staff 358 337 212 200 137 105 717 642

In total 1.269 |,382 399 392 279 254 2,147 2,028

 

 

 

 

 

Risk Assessment

 

 

Commercial Risks

Within our specialised fields we execute a number of rou-
tine jobs involving a large degree of repetition, One of the
effects of the repetitions is the possibility to control and
reduce errors and risks. A systematic work is carried out to
identify and remove sources of error, and the repetitions
provide an opportunity to Monitor, control and inspect the
work.

Regarding large one-off projects we minimise risks by enter-
ing into consortium agreements. By doing so, a harmonisa-
tion of the organisational capacity as well as reduced effects
from unsuccessful projects can be obtained, As far as pos-
sible, we co-operate with already known partners. In con-
nection with projects in unknown markets we frequently
seek a local partner for the project in order to Minimise the
risk of first errors.

A special form of hedging consists in integrating the design
and planning. Traditionally, a contractor does not become
part of a project until a firm of consulting engineers has
completed the design and the tender phase is over.
However, there is a tendency to involve the contractor early
when initiating the designing. This form of co-operation is
e.g. called "Partnering” or "Design and Construct".We
actively participate in this development process.

Financial Risks and Policy

The Aarsleff Group exports have been increasing strongly in
recent years. This entails exposure to a number of financial
risks concerning both profits and balance sheet. The risks are
monitored and controlled centrally within Per Aarsleff A/S in
accordance with the fiscal policy adopted by the Board of
Directors. The policy involves a low risk profile, so that risks
will only occur on the basis of business matters.

 

Currency Exposure

It is Group policy to reduce currency exposure by evaluating
the individual projects and markets with a view to establish-
ing currency hedging. Forward and option contracts are
entered into on the basis of a current statement of the cur-
rency exposure regarding the most important currencies.
Considerable forward contracts are made concerning cur-
rencies that are not part of the Euro co-operation. Short-
term and long-term outstanding amounts in attached com-
panies are normally not currency hedged.

Interest Rate Exposure

At the end of September 2002, Group interest-bearing lia-
bilities and interest-bearing assets totalled approx. DKK 273
million. In order to minimise both the interest rate and risks,
cash-pool and interest rate netting agreements for the
Danish companies in the Group have been entered into
with the Group's Danish bank.

Credit Risks

The majority of the Group's customers consist of public or
semi-public clients and as such, the exposure to financial
losses is at a Minimum.

Liquidity and Borrowing Risks

lt is Group policy to have the necessary liquidity available.
The stable and good financial position of the Group entails a
high creditworthiness which is reflected in appropriate credit
facilities and loan commitments, short-term as well as long-
term.

Report

 

 

 

Planning ad
Cooperdtion are
importen
cispects then
eff and the
Danish Ratheay
åÅgency execude
track works. In
io keep the

Alcersili

 
   

  

order

distarbance of

operations abe
imium, the
ix cerrried

ni

 

FUOFR

oit dt nigbt.

 

Information to Shareholders

 

Share Capital
The share cao'tal Is DKK 45.3
ilior A-shares and DKK 42.6 <r

  
  

ded into DKK 2.7
jør 3-shares.

   

The B-share capital is quotec c% ne Copenhagen Stock

Exchange, The 8-share capita Is str > butec on shares of a

 
  
 

nomina! value of DKK 2C a
2,13 Doe ; shares, The B-s

nine narre of the

reholders

o beare” but can de
… im the Coma er of sne

mes the vot

ights ccmoared to

 

Tre Å-s De Insrumerts.

  

nares are Non-n

då

Sharceholders

ER

  

Narsleffs Fond.

A-shares are cwned by Par og Lise 2

 

As at 19

 
 

December 2 :
snarehoiders who own more tl

arts:

  

cortrois 5% of pe votir

 

Number of  Percentage  Percentage

Shareholders shares of capital of votes
vønmodtager "nes Dyrtidsfond, Copenhagen, 02.045 13.25 9,13
dsmarkedets Tillægspersion, Hillerød 233.260 10,20 740
Pen-Sam Liv Forsikringsaktieselskab, Farum 3.49 2,47
Magistreres Pensionskasse, Coperhagen 5.29 3,72
Per og Lise Aarsleffs Fond, Åbyhøj + A-shares 5.98 21.07
Owr shares 8.53 -

  

 

 

Report

 

 

As at 19 December

registerec win

2002, 850 shareholders had been
icn equals approx. 91% of the share capital.

 

The voting righis at the general meeting are condiional on
the shareholders, prior to the c
meeting, naving been registered in the compa

onvening of the general
s register of

 

 

sparebold ” having applied for registration and having

docurermed the acquisition of shares.

Own Shares

The holding ef own shares is the same as last year and as

such anmounts to 193,156 B-shares of 2 nominal vave of

DKK 39 million and an acquisition price of DXK 51.6 million.
he market capitalisation of own shares as at 30 September
2002 is DKX 38.6 million.

The e holding o ovvn shares has been acquired in: order ta

tions of option contracts with executive employ-

r to ensure the

increase the fl

business acquisitions.

  

negotiability of the share an
ial flexibilky in connection with future

j

  

   

Market Capitalisation
The market cad:talisation of tne company shares totalle
DKK €14 milbon on 30 September 2002.

 

Dividends
VVith 2
Meeting, ine Boa

 

the coming Annua' General

d of Directors y proposes
vidend be set at 12% which ecsais DKK 2.40 per
share of DKK 20.

view io approval at

 

of the Company

     

 

 

 

19 December 2001. Presentation of Annual Report
for 2000/2001.

 

22 February 2002. Approval by the Annual General
Meeting of the Annual Report for 2000/2001.
Presentation of financial statement concerning the first
quarter of 2001/2002.

 

20 March 2002. Aarsleff is awarded contract on
concrete foundations for offshore wind farm.

 

14 May 2002. Presentation of financial statement
concerning the first half of 2001/2002.

 

7 August 2002, Aarsleff is awarded contract on land
development for Danish Crown.

27 February 2003. Annual General Meeting is held
at the Group headquarters, Lokesvej 15, Åbyhøj, at
15:00. Financial statement presented concerning the
first quarter of 2002/2003.

 

5 March 2003. Dividend paid to shareholders.

 

28 May 2003. Financial statement presented concern-
ing the first half of 2002/2003.

 

26 August 2003. Financial statement presented con-
cerning the third quarter of 2002/2003.

 

[18 December 2003. Presentation of the Annual
Report for 2002/2003.

 

 

 

28 August 2002. Presentation of financial statement
concerning the third quarter of 2001/2002.

 

 

 

Transactions with Connected Parties

The connected parties of the Group consist of the mem-
bers of the Board and Management of the Parent Company
as well as Per og Lise Aarsleffs Fond. No unusual agreements
or other deals or transactions have taken place between the
Group and the connected parties.

Trading between the companies of the Group takes place at
arm's length.

Corporate Governance
The report from the Danish Ministry of Business and

Industry concerning Corporate Governance in Denmark has

been discussed by the Board of Directors. It is the opinion
of the Board of Directors that Per Aarsleff A/S already to a
considerable extent complies with the recommendations in
the report. As such, the Board of Directors does not con-
sider the report to give rise to Material changes in the
behaviour of the Company in this area, However, the Board
of Directors will continue to follow closely the debate on
this subject in order to ensure a correct conduct and avoid
mistakes, which should be in the interest of everybody.

In Swinoujscie in
Poland, Aarslejf
is casting 73
concrete founda-
tions for Nysted
Offshore Wind
Farm at Rødsand
sottth of Lolland.

Report

 

 

 

Signature of Board of Directors

and Management

 

Signeatures crnd
Audtitors" Report

 

    

  

Today tne Board of Directors arc the Management have
discussed and approved tne Group and Parent Company

Z

Accounts af 2001/2002.

The Group and Parent Company Accounts have been pre-
pared in accordance with the Danish Company Accounts
Act of 1996, Danish accounting standards as well as the

requirements of the Copen : Stocx Exchange concern-

hagen

ing the financial repor 0” publicly listeg companies. Vve

 

consider tne selected accounting Dolices appropriate such

pa
true and far view of ihe Croua and the Parent Company

 

that the Group and Parert Co ccounts provide 2

 

ndarny 2

 

assets, liabilities, financial positon and result for the y

The Group and Par ccounts are recommend-

  

Århus, 19 December 2002.

Management

  

Ebbe Malte Iversen Lars M. Carlsen

Board of Directors

 
 

Palle Svejstrup Per Aarsleff 7

Lise Aarsleff Carsten Fode

  
   

  

 

   

 

  

 

 

 

         

 

"al Meeting of de

Sharehoider Jens Bigum . Møller

' al

Leif Endersen
i i HE:
Jens M. Jørgensen
di ?

Auditors”' Report
YVe have audited ne Group ard Parert Company Accounts Opinion
of Per Aarsleff A/S for ine ydar covering | Octeoer In our opinion the Group and Parent Company Accounts
200! to 30 Septemoer 2902 give a Grue and far view of the assets, liabilities and financial

    

Tne Board of Directors and Te emen are respon-

5

sible for the Grous and Parent Company Accouris. Our

responsibility consists m expressing, G1 the basis of our audit,

 

our opinion of ine Group arc ”arert Commoany Accounts,

Basis of Opinion

accordance with

 

VVe have performed our audit ir. gene

  

accepted Danish auciting stancards, Ibese standards reguire

 

us to plan anc perform our auCZ with a view to obtaining a
&

high degree of ce

ma

 

niy (hat Ihe Group and Parent

 

Company Accounts are free of material misinfora

nation suDporting

id Parent

audit comprises random checks of infor:

 

the figures and information stat

 

c in the Group an

 

   

Company Accounts. Furthermore, we have assessed the
accounting poiicdes anc the | estimates made by the

Boarc of Directors and the Managemert as wel! as evaluat-

 

c the overali

v ofine Information disdlosec In the

(md

 

Group and Parert Company Acccunss, in our opinion our

dit provides an adequate bas:s for our conclusior.

Our audit did not give I

 

 

position of the Graup and the Parent Company as at 30
er

September 2002 as well as of the result for the financia! year

covering i

October 200i tc 30 September 20072 of the
Group and Parem Company activities in accordance with

1996,

the Danish Company Accounts Act of
cember 2002.

PricewaterbouseCoopers

 

" Claus.

State Åutborized Public Åccountants

Harald Birkwald Jacobsen

Revisionsfirmaet Arnfred Hansen

 

Statsautoriseret Revisionsaktieselskab

 

 

Amfred Hansen

State Authorized Public Accountant

 

 

 

i
i
i
j
i

 

In the heart of
Copenhagen
Aarsleff bas
executed earth as
well as sheet pile
works for the
new opera house.

 

 

 

Applied Accounting Policies

 

fre the spring Of
2002 Acrsleff
changed Inca-
fions al Sedland,
The ner office
at Avedøre

 

 

Holme, Wedr
Copenbagen,
covers 4,500
Sejttetre Meres.

Applied
Acevituling Policies

 

 

The Gr
pared in accordan
Act of 1996 anc with the regvir
Copenhagen Stock Exchange for accounts presented for
publicly listed companies, including current Danish account-
ing standards.

 

; accounts have been pre-
nish Company Accounts
nens stated by the

 
   

 

The accounting Dolicies applied remain the same as in pre-
ons and consequent agjust-

  

ments of the

i ures have been made.The re-
classifications have had nec indvende on the profit anc ecui

 

Future Accounting Policies
The new Danish Company Accourts Act, effective from |
January 2002, will not ca

 

 

se material changes to the financial

 

reporting of Per Aarsleff A/S for ba fnancial year

2002/2003.

  
   

be prepared

new Danish Compary Accounts Act

Consolidation
The Group accourts inccrDorate i"

ccounts for the

  
 

Parent Comp:

 

which the Parent

> Snare CaDi

 

Company owns more thar 50

 

applied 'n both the
ms

 

Furthermere, pro rata corsc

 
  
 

 

arent Company and Group ac or accounting I

rejating TO e resuk being a figure

to fine s

 

corresaon tb wricn ne company 5 par-
70 rata consolida-

20% of tne

D

 

 

tcipating in each indivigua: ceonsortum.
So

 

2: le

 

ion is practisec where ihe

voting rights. No pro rata consolidation is performed in con-

nection with consortia organised as sp

 

oint ventures.

 

    

Other associated companies are included vi
al share of their financial result and equity.

h a proportion-

The Group accounts have been prepared by combining the
relevant accounting items of the individual companies. Inter-
company incomes, expenses, Capital participation, balances
and profits have been eliminated. The fnancal resuits of
acqulred companies and amounts arising from increased
Capital participation In companies are indluded in the Group
accounts from the acquisition date.

 

Foreign Currency

The balance sheets of foreign subsidiaries and associated
ed at the year-end rate of exchange.
The translation of the companies' profit and ioss accounts Is

,

companies are translat

  

  

    
   

entered directly under ”Equity”.

otors ar.d creditors are transiated at

 

; exchange or at a rate covered by a for-

ward exchange contract, Exchange rate adjustments are

e Profit and Loss Account.

 

tagen tet

(

Segments
Information is provided on the primary segmenis of the

 

In addition 10 the Parent Company divisions, all sub-

Group.

iated companies as well as the participation In

   

 

n. on segments complies with the applied
c

accounting policies for the Group.

 

 

Net Turnover, Work Performed

Profits on work in progress for third party are recognised
according to the production principle, which means that the
year's turnover corresponds to the sales value of the work
completed during the year.

Research and Development Costs
R&D costs are provided for in the year in which they are

incurred.

Results of Subsidiaries and Associated Companies
The profit and loss account of the Parent Company includes
a proportional share of the result of each of the Company's
subsidiaries and associated companies. A share of the taxes
calculated for the individual companies is included in the
item "Tax on the profit for the year”.

Tax on the Profit for the Year

Tax is expensed on the basis of the financial result for the
year adjusted for non-tax items. The portion of the tax
deferred for payment in later years is entered as "Deferred
tax" under "Provisions” and concerns fixed assets as well as

current assets.

Tax payable and deferred tax for the Parent Company and
Danish affiliated companies is calculated using the current
Danish tax rate of 30%, and for foreign affiliated companies
the current tax rates of the relevant countries are used.

The Parent Company is subject to joint taxation with some
of its 100% owned Danish subsidiaries, The tax effect of the
joint taxation is distributed on profit-yielding as well as on
loss-making companies relative to their taxable ncome.

Tangible and Intangible Fixed Assets

These assets are booked at acquisition cost less accumulated
depreciation. Depreciation amounts are calculated using the
straight-line method over the expected operational life, thus:

Goodwill
Patents and similar rights

5-10 years
5 years
Buildings 33 years

Technical plant and machinery 5-10 years

Cars, furniture and fittings

5-10 years

 

Depreciation of Group goodwill is included in "Depreciation,

administrative equipment, etc.” in the Group accounts.

 

Assets costing less than DKK 25,000 are expensed upon
acquisition.

Shares in Subsidiaries and Associated Companies
Shares in subsidiaries are entered on an equity basis in pro-
portion to the equity share in the company owned.

As far as possible, in connection with the purchase of com-
panies or increased capital participation in current subsidia-
ries, any differences between acquisition cost and equity at
acquisition date are allocated to the individual assets and lia-
bilities of the subsidiary in question. Any remaining difference
in excess of the amounts allocated is capitalised and depre-
ciated as goodwill over the expected operational life of the
company.

Stocks

Stocks are valuated as follows:

Raw materials and consumables:

Lower of cost on a FIFO basis or net realisable value.

Manufactured goods:
Lower of cost of direct materials and wages plus proportio-
nal share of indirect production costs, or net realisable value.

 

In cooperation
with Ed. Ziiblin
AG, Aarsleff bas
installed eight
dolpbins in
Hamburg
Harbour. The
dolphins have a
diameter of two
metres and a
length of 40
metres.

Applied
Accounting Policies

 

 

 

Applied Accounting Policies

 

In et Consortium
wetth the Consultant
Hedeselskabet,

x execul-
ing a mejor rod,
bridge and sewer
project as dt
turnkey contract in
Kolding, Denmark,

 

Applied
AÅcconnting Policies

 

Work in Progress for Third Party
Work in progress for ti valuated at direct costs
pus a Conservative estimate of the share of the expected

 

profit on work completed. Direct costs nciude consumption

  

of materials, wages, a 5
other attributable costs.

eers sa:arles 28 well as

For work in progress expected 0 result in a loss, the entire

 

 

expectec loss Is provided for

 

rding worzx in

 
 

zort-term debt".

Debtors
These amounts are v.

   

iuated or the basis of an examination

of each individual debtor,

Other Securities and Shares
n the stock exchange
ucn cost or cuoted value

  
  

are ertered at at the lower c

zt yearenc.

Bonds that have been oficialv drawn are entered at face

 
 
 

and shares rot list-
ssibie written-down

value arnc booked accorcir
d are entered at acqui

 
 

 

value, whichever is lower;

Own Shares
The cost of acaquisitions of ow-
against eguity.

 

Share Option Contracts
At the formation of share option cont-acts and the employ-
re options, the valu

 

ion of the

 

ees' subsequent expioita

 

of the stock options is neither calculated nor expensed. The
share options are covered by the Group's holding of own
shares,

Public-Sector Grants

Grants for R&D are systematically
profit anc dg los ss account such that they represent the eguiva-
lent of the costs they are compensating. Grants for invest-
ments are cfset against the purchase price of the assets
subsidised.

booked as Income in the

Cash Flow Statement

The cash flow statement is presented using the indirect
method and shows the year's cash flows from operating
ent activities and financing activities as well
he beginning and end of the year:

 
 

  
 
  

to operations are stated as prof
e

ne purchase and sale of companies and
5, and ; burchases and sales of intangible, tangibie and
financia: assets sdjus sted & for changes in accounts receivable
ese items.

 

 

 

Cash flows relating to mane rs consist of changes in the size
or structure of the Group's share capital and related costs as
well as purcnases and sales fon wn shares, loans raised,

t-bearing debt and payment of civi-

rebaym

 

nt cf interest

Uquid assets include cash and securities stated as current

assets, less short-term debt to financial institutions

Profit and Loss Account (DKK ”000)

 

 

 

 

 

 

 

 

 

 

 

 

 

2000/2001 2001/2002 Note 2001/2002 2000/2001
1,604,138 2,059,790 |. Net Turnover Work Performed 3,016,907  2,515,636
(1,391,132)  (1,827,590) 2. Direct production costs (2,501,423). (2,044,712)
213,006 232,200 Contribution Margin 515,484 470,924
(7,684) (5,059) 2. Other production costs (42,788) (42,014)
(60,689) (61,328) 8. Depreciation, production plant (89,529) (88,290)
[44,633 165,813 Gross Profit 383,167 340,620
(152,596) (150,046) 2,3 Administration and other overheads (292,467)  (287,483)
(7,117) (8,223) Depreciation, administrative equipment, etc. (19,913) (19,456)
(15,080) 7,544 Profit on Primary Operations 70,787 33,681

686 944 Other operating income 1,157 1,025
(224) (571) Other operating expenses (605) (440)
4. Result of capital participation in affiliated
companies before tax:
48,097 64,089 Subsidiaries
5,283 7,999 Associated companies 8,036 4,937

38,762 80,005 Profit before Interest 79,375 39,203

16,825 4,474 Financial income 9,009 19,824
(15,180) (17,825) Financial expenses (21,730) (18,620)
40,407 66,654 Profit before Tax 66,654 40,407

(8,149) (22,160) 7. Tax on the profit for the year (22,160) (8,149)

32,258 44,494 Profit for the Year 44,494 32,258

Proposal for Distribution of Profit:
4,972 4,972 Dividend to shareholders
Allocation to reserve for write-up
24,166 30,002 of investments to equity
3,120 9,520 To be carried forward to next year
32,258 44,494

 

 

 

  

Profit and Loss
gr

Balance Sheet (DKK 7000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30 Sept. 200! 30 Sept. 2002 Note 30 Sept. 2002 30 Sept. 2001

5,659 4,157 Gocdwil 27413 33,454

0 162 Patents and similar rignts 752 2,339

5,659 En 5,329 |. …B Intangible Fixed Åssets 29,165 35,793

153,67 76,578 Land and buildings 281,270 252,520

249271 247,159 Technical plant and machinerv 380,939 379,428

8,885 257 Cars, furniture and fittings 31,587 30,167

FE 8,506 — 4.53: … . Assels im Cour se of constru: uction 5,077 9 208

420,34 435,125 8. Tangible Fixed Assets 698,873 671 323
309,336 Shares in subsidiaries

51,948 Shares in associated companies 58,269 52,180
31,839 F2 Lcans to subsidiaries

9,669 200 Loans to associated companies 4,900 2,669

— 573 329 Other securities and shares 93! 1,033

. 403,365 427,160 92. Financial Fixed Assets ke 64,100 62,882

— 829, 365 867,6 |4 Total Fixed Åssets 792,138 769,998

48,897 19. Stocks 70,844 78,784

103612 … [I Work in progress less Interim invoicing 193,988 146,81 1

—152,509 HEN 7 —… Stocks 264,832 225,595

336,607 208,730 Contracting debtors $30,575 562,474

47,977 72,342 Accounts receivable from subsidiaries
Accounts receivable from associated

21,902 1921: companies 19,248 21,935

18,804 23.29i Other debtors 29,854 23,744

9,83< 13,37 Tax receivable 16,569 14,840

EN 925 1,222 Prepayments — 11,065 5,158

436049 5379883 Deo oo 7O30l 628151

— 0 1 290 En Securities 2,562 2,357

30,005 43,061 12. Cash Funds En 70,550 59,741

— 61 8,563 758,894 — Total Current Åssets — 1,045,255 9| 5,844

| ,447,928 1,626,508 Total Assets [,837,393 …— 1,685,842

 

 

 

 

Balance Sbeet

  

 

 

Balance Sheet (DKK ”000)

 

E i
E

 

 

 

 

 

 

 

 

 

 

 

 

 

30 Sept. 200! 30 Sept. 2002 Note 30 Sept. 2002 30 Sept. 2001
45,300 45,300 Share capital 45,300 45,300
1 77,835 177,835 Share premium account 177,835 177,835
Reserve for write-up of
| 22,680 147,701 investments to equity

364,280 373,555 Carried forward to next year 521,256 486,960
710,095 744,391 13. Total Equity 744,391 710,095
68,950 71,467 7. Deferred tax 110,855 104,609
5,600 5,600 Warranties 8,400 7,499
74,550 77,067 Total Provisions I 19,255 112,108
62,635 79,481 Mortgage debt 98,254 82,597
52,060 51,992 Financial institutions 66,892 61,605
0 0 Company tax 5,872 3,290
I 14,695 131,473 14. Total Long-Term Debt 171,018 147,492
4,483 4,692 Mortgage debt 5,883 5,558
221,065 166,195 Financial institutions [79,904 247,846
43,186 69,182 II Prepayments regarding work in progress 87,238 59,606
146,267 267,376 Trade creditors 356,377 235,546

42,486 70,338 Accounts payable to subsidiaries
2,393 5,094 Accounts payable to associated companies 5,335 2,393
0 0 Company tax 10,173 9,218
83,736 85,728 15. Other creditors 152,847 151,008
4,972 4,972 Dividend for the year 4,972 4,972
548,588 673,577 Total Short-Term Debt 802,729 716,147
663,283 805,050 Total Debts 973,747 863,639
1,447,928 1,626,508 Total Liabilities and Shareholders” Equity — 1,837,393 I ,685,842

 

Supplementary Information

 

 

Balance Sheet

 

Cash Flow Statement (DKK 7000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2000/200 I 2001/2002 Note 2001/2002 2000/2001!
Cash Flow from Operating Activities
38.762 5 Profit before interest 79,375 39,203
73,005 5 Depreciation [14,94] 111,457
(58,248) DR A. Other adjustments (12,303) (8,018)
(0732) 3 BB Change in operating Capital — 37,523 (130,219)
Cash flow from operating activities
(54,008) 134,482 before financial items and tax 219,536 [2,423
6,274 2,958 Interest payments received 2,009 9,298
— 4138357 (6815) — Interest paymenis made (22,35!) (18,755)
(61,569) 120,625 Cash flow from ordinary operations 206,194 2,966
— (82,790) … 3,626 Company tax paid — (9281) (97,011)
i (14359 |. 124251 Cash flow from operating activities 196,913 … (94,045)
Cash Flow from Investment Activities
C (1,152 Patents and similar rights 268 (50
(23,152) (28,0755 Lanc and buildings (36822); (32,300)
(91,586) 482377 Technical plant and machinery (81,485) (126,985)
2.405) 6.818) Cars. furniture and fittings (12,610) (8,152)
4169 15,366 Investment in companies 0 0
RS 2273 .Jnvestment in other fnandal assets (1.229) 22,336
(75,381) (66,55 DD Cash flow from investment activities (132,638)  (145,252)
Cash Flow from Financing Activities
77,24 | 15,778 Long-term liabilities 20,943 70,285
(4,972) (4,972) Divicend paid (4972) (4,972)
(2,810) 0 Own shares 0 (2,810)
… ( — (1.290) — Exoloitation of share options (1,290) o
69439 1016 Cash flow from financing activities 68! 62,503
— (150,281) 6826 Total change in liquidity for the year —— 78,956 (176,794)
(40,779) (91,060) Opering liguidity (185,748) (8,954)
…AISO28D S82:6 …… Change in Jiquidity for the year 78,956 (176,794)
(191,060) (228449 C. Closing liquidity (106,792)  (185,748)

 

 

 

 

Ceish Flow:

 

Notes to the Cash Flow Statement (DKK 7000)

 

 

 

 

 

 

 

 

 

2000/2001 2001/2002 2001/2002 2000/2001
A. Other Adjustments
(50,800) (66,773) Profit before tax in subsidiaries
(5,352) (8,058) Profit before tax in associated companies (8,095) (5,006)
0 0 Warranties 901 299
(2,096) (2,870) Profit from the sale of operating equipment (5,109) (3,311)
(58,248) (77,701) (12,303) (8,018)
B Change in Operating Capital
177 5,627 Stocks 7,940 (1,017)
5,153 (4,682) Net work in progress (19,545) 3,975
(99,732) (97,115) Debtors (76,810) (121,716)
(13,125) 152,853 Creditors, other debt, etc. 125,938 (11,461)
(107,527) 56,683 37,523  (130,219)
C. Closing Liquidity
30,005 43,061 Cash funds 70,550 59,741
0 290 Securities 2,562 2,357
(221,065) (166,195) Short-term debt to financial institutions (179,904)  (247,846)
(191,060) (122,844) (106,792)  (185,748)

 

 

 

 

Notes

 

 

 

 

 

2000/200! 2001/2002 Note

2001/2002  2000/200 I

 

I. Net Turnover, Work Performed

1,331,983 1,312,1 10 Work completed
Value of work in progress:
1,429,046  2,176,726 30 September 2002
(1,156,891)- (1,429,046) | October 2001

2,047,449  72,288,930

2,755,954  1,786,496
(1,786,496) (1,559,790)

 

1,604,138  2,059,790

3,016,907  2,515,636

 

Net turnover for exports
Share hereof from associated companies

1,162,581 — 1,098,016
(208,589) — (229,674)

 

553,380 618,627 Cansolidated exports

953,992 868,342

 

2. Wages and Salaries

358,072 416,103 Wages, salaries and remuneration
11,693 14,784 Pensions
6,508 8,113 Other social costs

729923 677,038
27,709 23,942
23,785 19,682

 

376,273 439,000

781,417 720,662

 

Of this figure, remuneration amounts to:

 

 

1,348 1,289 Board 1,289 1,348
3,331 3,560 Management 3,560 3,33!
999 [119 Average number of full-time employees 2,147 2,028

 

 

 

 

 

 

Notes to the Group and Parent Company Accounts (DKK 7000)

 

NOLES

 

”

2 Wages and Salaries (contd.)

Tne Management and

The purpose of this 's 10

 

 

    

keeping and g empioyees. The ali
of the Individual exe

the exercise price is fxed on the basis of the

 

ul

   

emp'oyees in the

The Board of Directo

 
 

In 1998/1999 tre Mana
holder of an option is
The share options were exercised during the
tne exercise orice and the c
The amount is cnarged 16 souity

In 199972009 share options were alottec to

 

enttili ng them io 2 2CGU ire shares 27 3 nominal

 

In 2001/2002

io acqure shares

are oDuons

 

een

veg

  
    

at a nominal value of DKK
In order to cover obligations of share option
5 amounts

The purchase and s

No other incentive

 

Company.

Vanagement

Share options

 

 

 

Allotted in 1998/:99 $,250
Allotted in 1999/2000 7,500
Aliotted in 2001/2002 7,500
Exercised in 200 12002 (6,250)
Balance at 30/9 2002 15,000

iment of share options is based solely on an estimation oft

Cornpany. The share options

 

executive employees were

to acquire shares

stec price a pavment of 1,290k was mace to

aliotted to tre Management

2C and at a price

for own sha

> been established for the

 

executive employees of the Company are comprised by share option schemes.

ensure common obiectives for the Management, employees and shareholders while

have a duration of three years and
quoted price at the time of allotment.

options.
allotted share options, Upon maturity the

20 and at a price of DKK 200.

a result of the difference between

at anomma: value of DKK
period April to Mav 2002, As

zhe employees

ihe Management and executive employees of the Company,

value of DKK 20 and at a price of DKK 297,

and executive employees entitling them
of DKK 170.

schemes the Company has acquired own shares.

res are offset directiv against equit

Management and executive employees of the

Executive Exercise price/

 

 

he work

 

 

employees Number average
number market price Exercised from
27.500 33,750 200 December 2001
47,500 55,090 297 May 2003
53,750 61,250 170. December 2004
2750) 37 28
101250 116,250 FEE

 

Calculated at the quoted p
DKK 1.8 million.

In December e opt

2002 shar

total approx. 40 per

   

at a nominal value of DKK 20 and aft a price

 

The market value 5 ca'culated according to th

s have been allotte

 

 

 

> Black-Scholes model and amcunts to DKK 3.1 million.

to the Management and executive employees, in

”sons corresaonding to approx. 60,000 shares, wno shall! be entitled to acquire shares
of DKK 172.

 

 

Notes to the Group and Parent Company Accounts (DKK 7000)

 

 

 

2000/200I 2001/2002 Note 2001/2002. 2000/200 I

 

3. Fees to Auditors Elected at the
Annual General Meeting
PricewaterhouseCoopers:

 

 

 

640 676 Audit
674 234 Non-audit work
1,314 910
Revisionsfirmaet Arnfred Hansen:
135 129 Audit
I 449 1,039 Total fees

 

4. Result of Capital Participation
in Subsidaries and Associated
Companies before Tax
In subsidiaries:

 

61,398 68,980 Share of profit
(10,598) (2,207) Share of loss

(2,703) (2,684) Amortisation of goodwill for the year
48,097 64,089

 

In associated Companies:

 

 

11,646 13,194 Share of profit 13,231 11,676
(6,294) (5,136) Share of loss (5,136) (6,670)
(69) (59) Amortisation of goodwill for the year (59) (69)
5,283 7,999 8,036 4,937
53,380 72,088 Total capital participation 8,036 4,937

 

5. Financial Income

 

10,760 0 Capital gains On securities 68 10,841
197 9 Interest on bonds 145 372
138 79 Cash discounts received 527 721

1,825 2,022 Interest regarding subsidiaries

1,453 1,161 Interest regarding associated companies 1,161 1,509

2,452 1,203 Other interest income 7,108 6,38 |
16,825 4,474 9,009 19,824

 

6. Financial Expenses

106 0 Capital loss on securities || 106
1,945 3,359 Mortgage interest 5,122 3,265
1,877 1,090 Interest regarding subsidiaries

| 1,252 13,376 Other interest expenses 16,597 15,249

 

15,180 17,825 21,730 18,620

 

 

 

Notes

   

 

 

2009/2000! 2001/2092 Note 200:/2002 2000/2001

"AJ

Tax on the Profit for the Year

 

Tax cn ine profit for the year including

 

aciustmerts. can be specifec as follows:
Tax payadie 13,259 5613
(7.006) 3.7 Adjustment of deferred tax for the vear 4,076 (1.026)

[04 RLGEJ Subsidiaries

 

 

 

8 825 Associated companies 4,825 3,562
149 22,160 |. i . 22,160 8,149

 

 

During the fnancia' year 2001/2002 the
Parent Company has receivec a tax refund
of DKK 3.626k and the Gr-ouD has paid
DXK 928ik in tax.

Tax cn the profit for the vear can be

explained as follows:

”

 

 

iax calculatec on ne proft before tax 19,996 12,122

CD
VA

Tax impact of:

Norn-deductiole amortisation cf

Ko
co
KE
is
EN
oo

348 .28< Group goodwill i,

Difference relating to sudsidiar.es and
8

 

(1,180 associated companies 4,123 (1,180)
(2,905) Cther nen-decuctible tems (2,126) (2,905)
(1,236) 1117 Aciustmem of tax regarding orior vears (117 (1,236)

 

 

8,149 22160 22,160 8,149

 

Deferred Tax Provision

 

 

7299 Provision at | Octoaer 2001 104,609 102,590
(3,960) Net adiustment of deferred tax 6.246 2,0:9

 

Provision at 30 September 2002 110,855 104,609

 

 

Deferred tax concerns:

GIN
[9.8]
ON
Cc

co

CP

NOLES

 

DN

(Sy

(1
LJ
cD

Intangible ixed assets
Tangibie fixed assets
Work in progress
Other current assets
Provisiors

Legiimate 1ax-loss carry-forwarcs

2,036 2,219

33,134
107,474
3,057

35,719
79,375
2,773

(870)

(14,607)

 

 

[04,609

 

 

 

 

Notes to the Group and Parent Company Accounts (DKK ”000)

 

 

 

8. Intangible and Tangible Fixed Assets

 

 

 

 

 

 

 

 

 

 

 

 

Patents Technical Cars, ÅAssets in

and similar Landand  plantand furniture course of
Parent company Goodwill rights — buildings machinery and fittings construction
Acquisition costs at | October 200! 7,589 0 183,45I 522,315 25,112 8,506
Additions from mergers 0 1,162 0 762 0 0
Additions for the year 46 1,328 36,099 38,058 6,858 23,655
Disposals for the year 0 (166) (8,024) (32,850) (4,144) (7,219)
Amounts to be carried forward for the year 0 0 0 20,41 | 0 (20,411)
Acquisition costs at 30 September 2002 7,635 2,324 211,526 548,696 27,826 4,531
Depreciation at I October 2001 1,930 0 29,773 273,044 16,226 0
Additions from mergers 0 1,162 0 457 0 0
Depreciation for the year 1,538 0 5,175 62,248 3,790 0
Depreciation carried back on assets sold 0 0 0 (29,212) (4,047) 0
Depreciation at 30 September 2002 3,468 1,162 34,948 306,537 15,969 Q
Book value at 30 September 2002 4,167 1,162  176,578 242,159 [1,857 4,53 I
Cash assessment value of Danish land and buildings
at | January 2002 I 14,745
Rebuilding and extensions, not yet officially assessed 43,914

Patents Technical Cars, Assets in

and similar Landand  plantand — furniture course of
Group Goodwill rights buildings machinery and fittings construction
Acquisition costs at | October 2001! 52,208 5,287 293,985 778,39 1 76,693 9,208
Exchange rate adjustments 323 23 (445) (875) (153) 0
Additions for the year 47 1,343 44,846 84,493 14,596 24,201
Disposals for the year 0 (2,124) (8,024) — (58,245) (11,884) (7,219)
Amounts to be carried forward 0 0 0 21,113 0 (21,113)
Acquisition costs at 30 September 2002 52,578 4,529 330,362 824877 79,252 5,077
Depreciation at I October 2001 18,754 2,948 41,465 398,963 46,526 0
Exchange rate adjustments 150 2 (47) 88 4 0
Depreciation for the year 6,261 341 7,674 89,678 10,978 0
Depreciation carried back on assets sold 0 (514) 0 (44,791) (9,843) 0
Depreciation at 30 September 2002 25,165 2,777 49,092 443,938 47,665 0
Book value at 30 September 2002 27,413 1,752. 281,270 380,939 31,587 5,077
Cash assessment value of Danish land
and buildings at | January 2002 172,553
Rebuilding and extensions, not yet officially assessed,
and foreign property 91,022

 

 

 

Notes

 

 

Notes to the Group and Parent Company Accounts (DKK 7000)

 

Noles

 

 

2. Financial Fixed Åssets

   

 

 

 

 

 

  

 

  

 

 

 

  

 

 

 

 

 

 

 

Shares in Loans to Other

Shares in associated Loans to associated securities
Parent Company subsidiaries — companies — subsidiaries — companies — and shares
Acquisition costs at ; October 200 | 74,780 37,474 47,267 18,848 679
Disposais from mergers 2,028 9 (4,522) 0 Q
Additions for the yea 1,476 207 5,593 392 0
Disposals for the year 11,884 (1,380) (3,922) (2,157 (44
Acquisition costs at 30 September 2002 176,400 38,00! 44,416 17,083 635
VYrite-uos at | October 200 152.00] 22 599 48 | C 0
Disposals from me (15915 C 0 Cc 0
Write-ups for the ; 4666! 7390 0 Cc 0
Wrie-ups carried | (15,402) C C 0 0
Exchange rate ad;ustment (1,406) (2,100) (478) 0 0
Write-ups at 30 September 2002 180,263 30,489 3 0 0
Amortisation and write-dowr of goodwill
at I October 200 12,378 69
Amortisatior and write-cowns for the year 2,684 5%
Amortisation at 30 September 2002 15,062 128
wWrite-downs at : Ociobe= 200i 20,906 18,798 76 437 106
Vvrite-downs for ife vear 1,713 5,222 0 0 0
Vrite-downs carried bac< (481) 11,575) 0 0
Exchange rate acjustmern. 5! (133) 33 (7) 0
Write-downs at 30 September 2002 22,189 22,112 103 430 106
Capital loss offset against
accounts receivable — 14,944 11,753 (14,944) (11,753y
Book value at 30 September 2002 " 334,356 58,003 29,372 4,900 529

 

 

Notes to the Group and Parent Company Accounts (DKK ”000)

 

 

 

 

 

 

 

 

 

 

 

2. Financial Fixed Assets (contd.)
Specification of book value, etc., for subsidiaries Ownership Share
and associated companies: share % capital Equity
Subsidiaries
Dan Jord A/S 100 3,000 33,677
Centrum Pæle A/S 100 1,000 95,399
Petri & Haugsted as 100 10,000 56,556
Wicotec A/S 100 3,000 41,293
Per Aarsleff GmbH 100 190 (14,944)
Per Aarsleff (UK) Limited 100 22,595 45,631
Per Aarsleff AB 100 2,678 15,384
Aarsleff Oy 100 375 897
Per Aarsleff Polska Sp. z 0.0. 100 5,807 12,157
Aarsleff Sp. z 0.0. 100 5,963 16,095
Per Aarsleff ZAO 100 127 1,813
Per Aarsleff Latvia SIA 100 500 561
Per Aarsleff South Africa (Pty) Ltd. 100 0 (541)
Aarsleff Bygg- och Anlåggnings AB 100 406 2,358
Aarsleff (Thailand) Ltd. 100 697 661
Dormant subsidiaries 586 639
307,636
Book value of goodwill 11,776
Capital loss offset against accounts receivable 14,944
Total subsidiaries 334,356
Ownership Share
share % capital Equity
Associated Companies
Insituform Rohrsanierungstechniken GmbH 50 6,870 26,393
Insituform Linings Plc. 25 802 8,393
PAA International Engineering Corp. 50 26,759 20,118
Knebel Drilling A/S 50 1,200 1,529
Pihl & Aarsleff AB 50 812 428
PAA Engineering 50 222 Ill
Italcontrolli-Insituform Sr. 50 846 (3,769)
Dormant associated companies 14,623 (7,412)
45,791
Book value of goodwill 459
Capital loss offset against accounts receivable 11,753
Total associated companies 58,003

 

 

 

Notes

  

 

 

NOLES

eet

  

 

S… Financial Fixed Assets (contd.)

 

 

 

 

 

         

 

 

 

 

 

 

 

Shares in Loans to Other
associated associated securities
— companies companies and shares
Group
Acquisition costs at i October 2C0i 38,097 8,848 1,161
Acditions for the vear 1,907 392 0
Disease (1.380) (2,157) (127)
Acquisition costs af 30 September 2002 38,624 17,083 1,034
VVrite-uos at | October 200: 24,599 0 0
Write-ups for he year 7,990 0 C
VVrite-ups carried back C C C
Exchange rate adjustment (2,100) C 0
Write-ups at 30 September 2002 30,489 Q Q
Amort wii at i: October 2001 69
Amortisation for tne year 59
Amortisation at 30 September 2002 128
Write-downs at | October 200 19,189 437 128
Yrrte-downs for ihe vear 5,223 0 0
Write-downs carried back (810) Q (25)
Exchange rate adjustment — (133) (7) 0
Write-downs at 30 September 2002 22,469 430 103
Capital loss offset against accounts receivable 11,753 (11,753)
Book value at 30 September 2002 58,269 4,900 931

 

 

 

 

 

30 Sept.0! 30 Sept. 02 Note 30 Sept.02 30 Sept. 0!

 

 

IQ Stocks
48,897 43,270 Raw materials and consumables 53015 58,383
0 0 Finished goods 17,829 20,401
48,897 43,270 70,844 78,784

 

I Work in Progress for Third Party
less Interim Invoicing
Work in progress for third party:

 

 

 

1,314,902 2,036,047 Direct production costs 2,524,854 1,620,567
| 14,144 40,679 Interim profits 231,100 | 65,929
I ,429,046 2,176,726 2,755,954  1,786,496
1,368,620 2,111,618 Interim invoicing 2,649,204 1,699,29 |
60,426 65,108 Difference 106,750 87,205

 

The difference can be specified as follows:
Work in progress for third party

 

103,612 | 34,290 less interim invoicing 193,988 146,81 I
Prepayments regarding work in progress

(43,186) (69,182) for third party (87,238) (59,606)

60,426 65,108 106,750 87,205

 

12. Cash Funds
21,986 25,640 Share of liquid funds in consortia 35,709 23,996
8,019 17,421 Other liquid funds 34,841 35,745
30,005 43,061 70,550 59,741

 

 

 

 

 

 

Notes to the Group and Parent Company Accounts (DKK 7000)

 

Notes

 

13 Equity of Parent Company

Reserve for

 

 

Balance at | October 209!

Adiustment from merge”s

Exploitation of share oplior agreements
Exchange rate adjustment for foreign
subsidiaries and associated companies

Carried forward from ihe profit for the year

 

Balance at 30 September 0
The share capital comprises:

A-shares, | share

B-shares. 2,130,000 shares of DKK 20 each

 

 

    

Share write-up of Carried
Share premium investments forward to
capital account to equity next year Total
25.300 177.835 1 22,680 364,280  710,095
(1.591 1,591 0
(1,290) (1,290)
(3,390) (546) (3,936)
30,002 9,520 39,522
45,300 177,835 147,701 373,555  744,391
2,700
42,600
45,300

 

 

 

 

 

  

 

 

 

 

 

30 Sept. 200| 30 Sept. 2002 Note 30 Sept. 2002 30 Sept. 200i
1. Long-Term Debt
Of the total long-term dedbt, the foliowing
amount falis due after five years:
42,574 59,126 Mortgage debt 73,172 57,694
15. Other Creditors (Short-Term)
Vvvages. salaries, holiday Day,
58,447 55,952 PAYE tax and similar amouris 95,768 | 10,888
25,289 29,775 Other items 57,079 40,120
83,736 85728 i [52,847 151,008

 

 

 

 

 

Notes to the Group and Parent Company Accounts (DKK 7000)

 

 

 

 

16 Supplementary Information

Foreign Exchange
At 30 September 2002, forward contracts stood as follows (DKK "000):

 

 

 

 

Parent
Company
Contracts for sale of foreign currency:
USD 40,373
The forward contracts imply a reduced entry of capital after 30 September
2002 of DKK 214k in relation to the year-end rate of exchange.
Interest Rate Risk
The Group interest rate risk is attached to the following items,
stating the earliest date of expiry: 0-I year 1-5 years > 5 years
Amounts receivable from associated companies 4,848
Cash funds and securities 73,112
Financial institutions, short-term (179,904)
(101,944)

Mortgage debt and financial institutions, long-term

(5,883) (91,973) (73,172)

 

Interest-bearing assets and debt, total

(107,827) (91,973) (73,172)

 

The Group interest-bearing assets and liabilities carry interest at a rate of
4-6%, calculated on the basis of the average interest rate level for the year.

Financial Instruments

As of 30 September 2002, the Group foreign currency accounts (exclusive
of currencies comprised by the Euro co-operation) as well as the related
hedging activities are as follows (DKK 000):

 

 

Covered by

Payment/ Financial Financial forward Net

Foreign currency maturity assets obligations contracts position
SEK < | year 55,881 (20,949) 34,932
PLN < | year 70,293 (17,592) 52,701
GBP < | year 25,986 (28,559) (2,573)
USD < | year 12,800 (6,216) (731) 5,853
LTL < | year 2,542 (139) 2,403
RUB < | year 6,395 (207) 6,188
INR < | year 8,607 (1,760) 6,847
Other < | year 3,531 (604) 2,927
186,035 (76,026) (731) 109,278

 

 

 

Notes

 

 

Notes to the Group and Parent Company Accounts (DKK 7000)

 

 

16 Supplementary information (Contd.)

Contingent Liabilities

Parent Company
!, Normal gua

ntee liaburiies for vvork performed.

 
   

2, Participation in 28 joint ventures and consortia, The tota! liabtities in these co-operations amount to

DXK 08.8 milor, and operations are not expected to result in osses in excess of any amounts included in

 

 

the annual acccums. jon anc several lability Each of tne joint ventures/consortia nas two to four parties.

Ud

. Guarantee for bank dedt 0” subs!diaries, which totalled DKK 1.9 million at 30 September 2002.

   

.A etter of intent has »een issued to the associated company Pihl & Aarsleff AB.

mo

 

. Operating leasing commitments regarding ing annually To DKK 20,| million with contract periods

ofone to four y

”S,

 

 

he Danisn Group comparies that are join

 

taxed are jointly and severally liable for tax levied on the

joint taxable income.

Subsidiaries
L. Owner's mortgages securing mortgage debts of DKK 52 million In real property with a book value of
STS > Sta ' p y
DKK 19,2 million.

2, Leasing Commitments ame:

mually to DKK 2.) million with contract periods of one to elght years.

 

Transactions with Major Shareholders and Members of the Board and Management

  

No Group companies hæ

ior shareholders or members of the

2 concluded meterial transactiors with any ni

  

a

Ty "

Board or Managemert im 200 1/2

   

sith any companies ouisde the Group in which such parties have an

interest,

 

 

 

Notes

 

Highlights and Key Figures for the Group Stated in Euro

 

 

 

 

 

 

 

 

Profit and Loss Account

Net turnover, work performed 297911 349,669 340,785 338,255 406,186

Of this figure, exports 77,219 |10,403 98,685 116,758 128,442

Exports, including shares from

associated companies 88,083 125,645 124,475 147,640 156,526

Profit on primary operations 12,934 13,627 10,839 4,529 9,530
Profit on associated companies 462 2,235 1,611 664 1,082

Profit before tax 14,299 15,934 12,435 5,271 10,687

Finance, net (333) (532) 995 162 (1,713)
Profit before tax 13,966 15,402 13,430 5,433 8,974

Profit after tax 9,105 11,510 9,441 4,337 5,990
Balance Sheet

Intangible fixed assets 4,486 3,469 5,740 4,813 3,927
Tangible fixed assets 64,574 70,824 81,076 90,267 94,094
Financial fixed assets 4,805 7,546 10,659 8,455 8,630
Current assets 115,221 1 29,040 1 12,567 123,145 140,729

Total assets 89,086 210,879 210,042 226,680 247,380
Equity 79,342 84,629 92,737 95,480 100,222
Provisions 22,264 23,740 14,725 15,074 16,056
Debt 87,480 102,510 102,580 116,126 131,102
Total liabilities and shareholders' equity — 189,086 210,879 210,042 226,680 247,380
Cash Flows

From operating activities 17,802 20,215 25,317 (12,645) 26511

From investment activities (16,602) (18,334) (26,190) (19,531) (17,858)
From financing activities (3,032) (4,149) (4,664) 8,404 1,977
Change in liquidity for the year (1,832) (2,268) (5,537) (23,772) 10,630
Key Figures

Return after tax on the average equity, % |2 14 Il 5 6
Solvency ratio, % 42 40 44 42 41

Profit after tax per share of DKK 20 (DKK) 4 5 4 2 3
Dividend, % 12 [2 12 12 12
Stock-exchange quotation at

30 Sept. per share of DKK 20 270 295 325 166 200
Price earning 2.0 7.5 10,1 10.7 9.3
Total market value 81,973 82,697 90,776 46,245 55,789
Number of employees 1,844 1,960 1,954 2,028 2,147
Applied conversion rate 7.46038 7.46038 7.4562 7.4371 7.4274

 

 

Highlights and
Key Figures

 

 

 

 

Pipe Technologies
currently devel-
OPS new: Methods
for trenchless pipe
rebabilitation
Jocusing on tbe
gudlitv and on
cost reduciions.

Partnersbibs

 

JMKK Nielsen A/S og Per Aarsleff AS, Å

Partnerships Governed by Section 2(f)
of the Danish Company Accounts Act

 
  

   

ofz
Accounts Act, tne partnerships r mertio

in accordance with Section 2 he Danish Com

 

ny
ned below have not
preparec annua: accounts, as the results and Information ari-

rciuded in the

   

e oser

sing from the partnerships

Groua accounss of Per Aarsleff A

   

'eL Århus

 
 

Naturgaskonsort
£02-konsortiet, Århus

  

far onsortiet, Hørsholm
Fourcon-konsortiet, Århus
2G0 KV

Pik! & Aarsleff I.

  

ppen, Århu s

BUD É

 

WS ”Aufremontage, Taastrup

Ph! & Aarsleff J.V, Charlottenlund
rsieff Superfos 75. Arhus

Ars FMDenek Geojysik JM, Årnus

e Reinerstieg, Århus

>=
vd

r;

Alotervejskonsortiet Arki-Aarsie F il Å Arhitis

  

Lufthavnskonsortiei
ECD-Gruppen j.V, Århus

  

 

NCC - Aarsleff IV, Helieru
Scandinavian Power Grou>

   

Banekonsortiet 1/S, Århus

 

APH-Konsortiet LV.

 

 

 

Positions Held by the Company's Board of
Directors and Management in Other Danish
Limited Companies

Board of Directors

Engincer Palle Svejstrup, Chairman:
Camp

Løgstør Rør Holding A/S

 

v

an of the Board of É

 

e Tæpper A/S
"the Beard of Aa hur Stiftsbogtryxkeries Fond

 

Graduate Engineer Per Aarsleff:
Be

IDE

  

eselskaber Århus Midt A/S

Åttorney Carsten Fode
DDE Holding A/S

BCA Auto Auktion A/S
Red/; A/S

Bording A/S

 

   

Dansk Bygningsanclyse A/S
Aage Y Kjærs Maskinfabrik A/S
AVK Gummi A/S
HH & D invest A/S

Dansk vider Service A/S
Aietrius A/S
Meinertz Danica A/S af 1994

Karnike Holding A/S

 

i<

Cico Invest A/S
Dan Lebels A/S

Sande Food A/S
Queen's Biscuits A/S
Chris-lnvesr A/S

Car! Hansen & Søn Møbelfabrik A/S
Managing Director jens Bigum:
Managing Director of Aria Foods Amba

v

Chairman of the Board of Carlsberg Breweries A/S

d
Deputy Charman of the Board of Carlsberg A/

State Authorized Public Accountant,
practising Certificate held in custody by FSR,
Niels 5. Møller

Erik Dam Hoiding A/S

Erik Dam A/S

  

Horsens Folkeplads Fond
Management

BSc.ding.) Ebbe Malte Iversen:
Nordhavn Al:

Engineer Lars M. Carlsen:
No positions held

 

ish Institute of State Authorized Public Accountants

i

Addresses

 

 

Layout and production:

Aarsleff

Pre-press and printing:
AKA-Print A/S

Photos:

Ole Brickner

Jørn Deleuran

Mads Madsen

Jan Kofod Winther

Per Aarsleff A/S
Lokesvej 15

DK-8230 Åbyhøj, Denmark
Tel +45 8744 2222

Fax +45 8744 2249
infoQaarsleff.com
www.aarsleff.com

Dan Jord A/S

Viengevej 8

DK-8240 Risskov, Denmark
Tel +45 8621 2655

Fax +45 8621 1728
danjord&ødanjord.dk
www.,danjord.dk

Per Aarsleff GmbH
Friedrich-Ebert-Damm II IC
D-22047 Hamburg, Germany
Tel +49 40 696 720

Fax +49 40 696 722 22

Petri & Haugsted as

Box 139

Islevdalvej 181

DK-2610 Rødovre, Denmark
Tel +45 4488 7700

Fax +45 4488 7701
infoQpetri-haugsted.dk
www.petri-haugsted.dk

Wicotec A/S

Roskildevej 338

Box 10

DK-2630 Taastrup, Denmark
Tel +45 4332 4229

Fax +45 4332 4252
wicotecQwicotec-as.dk
www.wicotec-as.dk

Aarsleff Bygg- och Anlåggnings AB
Strandgatan I

S-216 12 Limhamn, Sweden

Tel +46 40 51 20 50

Fax +46 40 51 15 94
limhamnaarsleff.com

Centrum Pæle A/S
Grønlandsvej 96
DK-7100 Vejle, Denmark
Tel +45 7583 Ol II

Fax +45 7572 0546
infoQcentrumpaele.dk
www.centrumpaele.dk

Per Aarsleff (UK) Limited
Hawton Lane, Balderton
Newark, Nottinghamshire
NG24 3BU, United Kingdom
Tel +44 1636 611140

Fax +44 1636 611142
pilingQaarsleff.co.uk
www.aarsleff.co.uk

Aarsleff Sp. z 0.0.

ul. Lambady 6

PL-02 830 Warsaw, Poland
Telt +48 2264 88835

Fax +48 2264 88836
aarsleffQaarsleff.com. pl

Per Aarsleff AB

Kung Hans Våg 8

Box 7092

S-192 07 Sollentuna, Sweden
Tel +46 8594 76400

Fax +46 8594 76401
infoGperaarsleff.se

www. peraarsleff.se

Aarsleff Oy

Alhonniituntie 5

FIN-01900 Nurmijårvi, Finland
Tel +358 9 290 2280

Fax +358 9 290 22850
aarsleffQaarsleff.fi
www.aarsleff.fi

Per Aarsleff Polska Sp. Z 0.0.
ul, Wiertnicza 131

PL-02 952 Warsaw, Poland

Tel +48 2265 16972

Fax +48 2264 21344
biuroQaarsleff.pl

www.aarsleff.pl

Per Aarsleff ZAO

Shpalernaya str. 36

RU-191123 St Petersburg, Russia
Tel +7 812 379 5791

Fax +7 812 329 5774
officeGaarsleff.ru
www.aarsleff.ru

Per Aarsleff Latvia SIA
Alexander CHAKA Street 28- I
LV-IOII Riga, Latvia

Tel +371 728 5459

Fax +371 728 6776
aarsleffQaarsleff.lv

Aarsleff (Thailand) Ltd.

64 Soi Sukhumwit 2

Sukhumwit Road, Kwang Klongtoey
Khet Klongtoey

10110 Bangkok, Thailand

Tel +66 2 656 7407

Fax +66 2 656 7405
infoQaarsleff.co.th
www.aarsleff.co.th

Addresses