Aarsleff leaves Russia

The war in Ukraine affects us deeply. We have therefore taken the decision to sell our businesses in Russia.

The war in Ukraine affects us deeply. We continue to condemn the Russian invasion, which has led to so many losses of human life, destruction and human tragedy.

We have therefore taken the decision to sell our businesses in Russia, which we believe is the right thing to do in the current situation. Once the sale is completed, we will no longer be present in Russia.

As a consequence of this decision, our business in Russia will no longer be included in the group’s revenue and operating result. From an accounting point of view, the business will be treated as an asset intended for sale until the liquidation has taken place. The business will be written down to fair value, resulting in an estimated non-liquid write-down of DKK 20 to 40 million. In 2020/21, the business in Russia had a turnover of DKK 64 million and an operating profit of DKK 4 million. We will later provide further information regarding the accounting consequences.

The decision to leave Russia will not affect Aarsleff’s expectations for the EBIT result for the financial year 2021/22.

We deeply regret the consequences this decision has for our employees in Russia. Until the sale is effected, we maintain that we will fulfill our contractual obligations on ongoing projects.

Our thoughts go out to the Ukrainian people and we hope that peace will be restored as soon as possible.