Announcement to the Copenhagen Stock Exchange

Today the Board of Per Aarsleff A/S has discussed and adopted the Annual Report for 2004/2005.

The consolidated profit for the financial year 2004/2005 is DKK 86 million before tax against DKK 68 million last year. The outlook expressed at the beginning of the year was for a profit at DKK 80 million.

Revenue grew by 17%, reaching DKK 3,464 million compared to DKK 2,958 million in the previous financial year. The level of activity is higher than forecasted at the beginning of the financial year.

The Danish part of the revenue amounts to DKK 2,129 million against DKK 1,993 million last year. The foreign part of the revenue amounts to DKK 1,335 million against DKK 965 million last year.

The profit for the year is DKK 59.2 million after tax.

Equity amounts to DKK 832 million as per 30 September 2005.

Cash flows from operating activities after deduction of investments constitute a net liquidity drain of DKK 10 million. A smaller, positive amount was expected at the beginning of the financial year. The deviation is the result of a higher level of activity than forecasted at the beginning of the year.

The Board of Directors is satisfied with the profit development. The profit margin is 2.5% against last year’s 2.3%. However, in the long term, efforts should still be made to increase the profit margin.

The Board of Directors recommends that a dividend be set at 12% or DKK 2.40 per share. This corresponds to DKK 5 million.

The number of directly employed, full-time employees in the Group is 2,373 against 2,271 in the previous financial year.

The outlook for the coming financial year is for a largely unchanged level of activity and a profit before tax at DKK 100 million.