Annual Report 2008-09 Report

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Annual Report 2008-09 Report Per Aarsleff A/S Annual Report 2008-09 annual report Per Aarsleff A/S Main office Lokesvej 15 DK-8230 Åbyhøj Denmark Tel +45 8744 2222 Fax +45 8744 2249 CVR-no. 24 25 77 97 Copenhagen office Industriholmen 2 DK-2650 Hvidovre Denmark Tel +45 3679 3333 Fax +45 3679 3300 [email protected] www.aarsleff.com This annual report is a translation of Per Aarsleff A/S’s official Danish annual report. The original Danish text shall take precedence and in case of discrepancy the Danish wording shall prevail. Company profile 3 Aarsleff supplies infrastructure 3 Cooperation and synergy 4 Infrastructure specialists 6 Railway work 8 International activities 10 Industrialisation in Pipe Technologies 12 Industrialisation in Piling 14 Management’s Review 19 Highlights and financial ratios for the Group 19 The year in brief 20 The future 21 The past year in Construction 22 The past year in Pipe Technologies 24 The past year in Piling 26 Information to shareholders 28 Corporate governance in Aarsleff 30 Risk assessment 32 Internal control and risk management in financial reporting 34 Knowledge resources 36 Occupational health and safety, quality and the external environment 37 Positions held by the Executive Management and Board of Directors 38 Endorsements 40 Management’s Statement 40 Independent auditor’s report 40 Consolidated Financial Statements 52 Accounting policies 52 Financial review 58 Income statement 59 Balance sheet 60 Cash flow statement 62 Statement of changes in equity, Group 63 Statement of changes in equity, Parent Company 64 photographers Overview of notes 65 Dieter betz Notes to the Annual Report 66 ole brikner Highlights and financial ratios for Kuno Byrdorf the Group (euro) 91 Peter clausen Ralf Kornmann Companies in the Aarsleff Group 92 Jakob Mark Addresses 94 Lentokuva Vallas Oy Jan Kofod Winther Photos taken by employees 3 Installing foundations at Rødsand 2. Aarsleff supplies infrastructure – projects and industrialised processes A precondition for sound financial growth in society is the Industrialisation and optimisation existence of the best possible infrastructure; Aarsleff wants Throughout the years, Aarsleff has made a targeted effort to contribute to this. We work as a general infrastructure to optimise processes. This means that we have industrial- contractor, and particularly in Construction we focus ised a number of products and services. This concerns on infrastructure both in Denmark and abroad. In Pipe piling and trenchless pipe renewal. In both areas, we have Technologies and Piling, we focus on industrialisation. carried out a cost optimisation of all stages. Infrastructure in Denmark and abroad Joint competencies Aarsleff is a general infrastructure contractor. The activi- Aarsleff has established subsidiaries that are independent ties include construction of roads, tunnels, reservoirs and companies but at the same time part of the total competen- pipelines. Other infrastructure competencies comprise cies of the Aarsleff Group. harbours, ferry berths, coastal protection, embankments The companies share the goal of exploiting the joint and offshore foundations. We have more than 40 years of competencies and create synergy in the business and prod- experience in cofferdams and underground structures, and uct development. we have built up comprehensive geotechnical qualifica- Nationally as well as internationally, Aarsleff makes tions. a targeted effort to establish competent and competitive Aarsleff specialises in railway work. The extensive expe- consortia and working relationships capable of tendering rience and competencies built up over the years are now for large jobs in Denmark and abroad. gathered in Aarsleff Rail A/S, which is an amalgamation of the railway work organisations of the parent company, Petri & Haugsted as and Wicotec A/S. 4 Cooperation and synergy – open, professional and creative cooperation Excavating for founda- tions at Rødsand 2. Aarsleff wants to be a cooperative partner who is highly Synergy yields results professional, committed, careful, cost conscious and flexible. Aarsleff wants to trade on the synergy between the spe- We have built up a number of specialised competencies cialised products and the companies within the Group. within Construction, Piling and Pipe Technologies. They are The daily effort by which employees share knowledge and all part of the vision of supplying the best product. cooperate across organisational boundaries yields better solutions. This creates openness and a will to communicate Cooperation is a natural thing for Aarsleff internally as well as externally. An open dialogue promotes In our experience, the best cooperative working relation- innovation and initiative – all preconditions for a sound and ship is gained when the customer joins forces with the forward-looking product development. consultant and the contractor to perform a given task. In addition to the technical qualifications, the coopera- One common contractor’s culture tive concept is deep-rooted in the individual employee. This We are tied together by one common contractor’s culture, is reflected by openness, trust and the will to cooperate formulated through a practical set of values. The Aarsleff professionally on the individual projects. Aarsleff gladly culture is strong and down-to-earth. participates as an active sparring partner in framework We are characterised by keeping our word, and we are a agreements, partnering and Public Private Partnerships reliable partner in all situations. We deliver on time and as (PPPs). agreed. Our flexible project organisation makes it possible to adjust the work to most foreseen and unforeseen events. Optimisation of projects Partners to the Aarsleff Group on complex construction The employees are the foundation contracts will benefit from the specialised competencies Aarsleff is characterised by having competent, flexible, we have built up over many years. We have gathered a team diligent and enterprising employees. These are the values of highly qualified employees with a special expertise in which we find should characterise cooperation at a profes- developing and planning optimum projects. We can contrib- sional level. This applies to the small details as well as in ute consultancy and optimisation already in the planning the overall perspective. phase. We achieve this by trusting the individual employee We want to be successful on each individual project. An and through our project organisation, which picks the best important tool in this connection is our project manage- team for the specific jobs. ment which is characterised by openness and a flexible attitude to achieve the best result. company profile 5 Glimpses of the year cooperation and synergy london array offshore wind farm In November, Aarsleff signed a contract for the execution of the world’s largest offshore wind farm. The project is carried out in an equally shared consortium with German Bilfinger Berger GmbH. Aarsleff is the leading party, and the wind farm is built 20 kilometres off the coasts of Kent and Essex in the Thames estuary. The wind farm’s total energy pro- duction corresponds to the consumption of 750,000 homes. The contract has a value of approx. DKK three billion and includes production and installation of 177 monopile foundations as well as installation of wind turbines. Offshore wind farms Rødsand 2 and Sprogø In cooperation with German Bilfinger Berger GmbH, Aarsleff has executed the foundations for the offshore wind farms Rødsand 2 and Sprogø. The Rødsand 2 contract consisted of pro- duction and installation of 92 prefabricated foundations which weigh about 1,300 tons each. These 92 foundations and the seven foundations for the Sprogø project were pro- duced in Poland by means of a new produc- tion system which allowed us to produce six foundations in the same amount of time as it used to take to produce four. The contracts had a total value of DKK 700 million. Partnering cooperation with the municipality of Aarhus continues Aarsleff has signed contracts for framework agreements in partnering concerning sewer renewal by means of excavation in the centre of Aarhus as well as No-Dig renewal of sew- ers in the whole district. The contracts are a continuation of previ- ous four-year contracts running over a new six-year period until the end of 2015. The total value of the contracts is expected to be around DKK 50 million per year. 6 Infrastructure specialists – infrastructure is the foundation of society Project Culture Harbour Kronborg. Aarsleff works as a general infrastructure contractor. We concrete works in connection with tunnels, reservoirs and specialise in earthwork and construction work, under- underground parking. ground structures and marine construction. Within all three areas, we have many years of experience from big as Geotechnical specialities and equipment well as small projects. All three areas are deeply rooted in Aarsleff has translated the geotechnical challenges into our contractor’s culture. a number of specialised competencies. For instance, we handle groundwater lowering, horizontal drilling, verti- Earthwork and construction work cal drilling and soil anchors. This requires well-educated Aarsleff possesses special qualifications to build roads, tun- employees with a vast experience and special-purpose nels, gas pipelines and major sewers. We have also built up machines that have been adjusted to the varying condi- specialised knowledge in establishing communication lines tions. and high-tension lines. Synergy and corporate culture
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