Annual accounts 2008

It has, in terms of operating performance, been a satisfactory year with the biggest turnover in the history of the group

March 16, 2009  Press release

E. Pihl & Søn A.S.  -  Annual report 2008
                   
It has, in terms of operating performance, been a satisfactory year. The accounts have, however, been highly influenced by the international financial crisis, especially in Iceland.

Biggest turnover in the history of the group
The turnover amounts to DKK 6.5 billion, the biggest in the 122-year long history of the group. The generated gross profit of DKK 312 million is also satisfactory, and the operating profit of DKK 151 million is the best result ever.

The serious financial situation in Iceland has a huge impact on the overall result of the group through a large negative item under financial costs, but we can ascertain that our company in Iceland is still sound.

Our key figures are - except for one - satisfactory and in line with those of previous years.

Increased exports
In 2008 we were active in sixteen countries outside Denmark, from Greenland to Zanzibar, and from Sri Lanka to the USA, and the total share of exports amounts to 57%, which is slightly more than in previous years – a trend we expect to continue in 2009.

In Denmark we have carried out a number of satisfactory projects; in many of which Pihl has been a party in the very early stages of the projects. Some examples are the ”Copenhagen Markets” – a wholesale food market in the Greater Copenhagen area - and the first state PPP project for the building of Denmark's new national archives, “Rigsarkivet”.

Expectations
One of Pihl's strengths is that the group does not depend on one single market, and therefore the order book for 2009 looks quite promising. Since we are gradually adjusting our organisation to the tasks assigned to us, we do not expect any important organisational changes.

E. Pihl & Søn A.S.
Nybrovej 116
2800 Lyngby
Denmark
Tel  +45 45 27 72 00
Fax +45 45 27 71 00
www.pihl-as.dk

Read/Download annual accounts 2008

The full annual report and its notes can be obtained upon request to our Financial Manager, Anne Brown Frandsen, phone: +45 4527 7200.