Aalborg Engineering is close to be fully booked for year 2012.

The result of the first half year for the boiler company Aalborg Engineering does fully meet the expectations from the management's side for the sustained growth. The result before tax is around 6 million DKK against a deficit in the first half year of 2010 of 5 million DKK.

The turnover became 128 million DKK or approximately 10% higher that budget. This has to be seen in combination with a turnover of 50 million DKK in the first half of 2010. In 2010 the turnover was 177 million DKK and an annual result before tax of 9 million DKK.

Despite the higher activity in the first half year the cash flow has increased with 15 million DKK which means that Aalborg Engineering at the moment has a very good cash flow. The profit of the period before tax pays a return on equity of 27%. On an annual basis the return on equity is expected to represent 70% versus 57% in 2010.

The half year result has not been affected of the order intake

-Our interim accounts for the first half year has not been affected by the large numbers of orders which have a total of 450 million DKK. They will on the contrary ensure the planned and continuous growth of the company. "We expect a record high amount of incoming orders on the respectable side of 600 million DKK in present year, therefore we consider our order book to be full" CEO Peter Overgaard informs.

It is our expectation that the budget will be met

Based on the order intake it is the management expectation that the budgeted turnover of 344 million DKK and a result of 18 million DKK before tax will be met in 2012. When you see a different in the turnover and profit development in the two half years the reason has to be found in the stage of completion of the projects and the value of which they can be recorded to income statement.

New projects in Israel and Jordan

"During the summer Aalborg Engineering has achieved another two large contracts for boiler plants in Israel and Jordan" CEO Peter Overgaard says. "Both orders which have a total value of 120 million DKK are for new customers and are in both cases for oil/gas fired boiler plants. The plants have to be finished ultimo 2012." In Israel the client is a chemistry-concern called Dead Sea Works that gains minerals from the Dead Sea - the lowest point on earth, located 420 meters below sea level. The client in Jordan is Jordan Petroleum Refinery Co. Ltd. which is the only refinery in Jordan.

The cornerstone in the future growth

-The reason for the massive increase of incoming orders have to found in our new product the high efficiency heat recovery plant SG10, which transforms waste heat to electricity. The installation of the new product begins next month and has to be finish ultimo 2012. It is a reference which is a corner stone in our future development. The value of the order is close to 200 million DKK. Our turnover will be affected with 100 million DKK this year "Peter Overgaard ends.

Recruitments and development of the organisation

The increased activity in the first half year has resulted in several new employees and a development of our organisation in order for us to maintain our high level of quality. It has meant 7 new employees which brought us up to 80 employees at the end of 2. quarter. Afterwards, several had come and today we are all together 88 employed in the company.

CEO Peter Overgaard – our incoming orders are record high.

For further informations contact:
Peter Overgaard
Direct:+45 29682259
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