Announcement to The Copenhagen Stock Exchange

Today the Board of Per Aarsleff A/S has discussed and approved the Quarterly Report of the Company covering the first nine months of the financial year 2003/2004.

The result of the first nine months came to DKK 50.4 million before tax compared to DKK 0 million over the same period of last year.

This is better than forecasted at the beginning of the financial year. The Company expects a profit for the year 2003/2004 at approx. DKK 60 million before tax, which is DKK 10 million more than forecasted in the Interim Report.

Group revenue was DKK 2,125 million against DKK 2,333 million last year. Exports including shares from associates amount to DKK 851 million against DKK 791 million last year.

This tendency substantiates the outlook for a slightly decreasing level of activity in Denmark compared to the previous financial year.

Construction contributes a profit before interest at DKK 5 million against a negative DKK 3 million last year, where provisions made for a completed foreign project, among other things, influenced the result. The outcome corresponds to expectations.

Pipe Technologies contributes a profit before interest at DKK 26 million against DKK 8 million over the same period of last year. This year activities within sewer rehabilitation in Denmark developed positively compared to the low level seen last year. The steady growth in the European markets continues. The result is better than forecasted.

Piling contributes a profit before interest at DKK 30 million compared to DKK 8 million for the same period of last year. The profit generated by the English subsidiary is considerably larger than expected. Market conditions in Germany are still difficult but we have reduced our loss significantly compared to last year. As expected, Poland contributes a positive result which is an improvement compared to last year. In total the result is better than forecasted.

Major investments and increased binding of liquidity in works in progress resulted in cash flows from operating activities with deduction of investments arriving at a negative DKK 16 million for the first nine months of the financial year. Net interest payments amount to DKK 11 million for the first nine months of the financial year compared to DKK 13 million last year.