Annual accounts: Increasing activity in E. Pihl & Søn A.S.
The contracting company E. Pihl & Søn A.S. has in 2011 had a 15-per cent increase in turnover to totally 5.5 billion Danish Kroner, but the company has at the same time realized a loss of 198 million Danish Kroner as a result of loss on some large civil engineering projects abroad.
Press release 24 April 2012
The contracting company E. Pihl & Søn A.S. has in 2011 had a 15-per cent increase in turnover to totally 5.5 billion Danish Kroner, but the company has at the same time realized a loss of 198 million Danish Kroner as a result of loss on some large civil engineering projects abroad.
”We are pleased with the fact that we have been able to achieve a sizeable increase in turnover in the current difficult market. We have a solid order book and the prospects of new orders in 2012 are good," says Halldór P. Ragnarsson, Managing Director of E. Pihl & Søn A.S. “The loss is primarily related to some large civil engineering projects outside the Nordic countries; one of them being a hydro power plant in Panama, which has now been taken into use. It turned out, however, that it was much more costly than expected to complete that project. Further, there has been loss in connection with some finalized legal proceedings and settlements.”
The Danish and Nordic markets account for about 80% of Pihl’s turnover and Pihl expects further expansion on these markets in 2012. Pihl has lately signed two contracts; one for the construction of the ”Circle Bridge” (Cirkelbroen) designed by the Icelandic artist Olafur Eliasson and one for the new head office for BESTSELLER in Aarhus. Pihl is together with the company Aarsleff responsible for the reconstruction of the Copenhagen railway station “Noerreport”, and Pihl and the company Züblin are responsible for the execution of the “Nordhavnsvej” project in Copenhagen.
”The Nordic market will account for a larger share of our turnover in the years to come,” says Halldór P. Ragnarsson. ”We will continue carrying out projects outside the Nordic market, but we will be more selective as to the projects we take on.”
For the year 2012, Pihl is expecting a turnover in line with that of 2011 and a positive result.
Key figures for the Group
Million Danish Kroner | 2011 | 2010 | 2009 | 2008 | 2007 |
Profit and loss account | |||||
Net turnover | 5.454 | 4.846 | 5.456 | 6.477 | 6.068 |
Gross profit | -49 | 301 | 273 | 312 | 191 |
Operating profit | -230 | 95 | 81 | 151 | 34 |
Financial items, net | -36 | -61 | -8 | -84 | -14 |
Profit before tax | -238 | 33 | 73 | 56 | 97 |
Consolidated profit of the year | -198 | 43 | 50 | 21 | 91 |
For further information, you may contact:
Managing Director Halldór P. Ragnarsson, tel. (+45) 4527 7200
