Announcement to the Copenhagen Stock Exchange

Today, the Board of Directors of Per Aarsleff A/S has discussed and approved the Interim Report for the first six months of the financial year 2008/2009. The Interim Report has not been audited or reviewed by the company’s auditors.

Results of the first six months:

• Profit before tax came to DKK 145 million and exceeds expectations at the beginning of the financial year.
• Consolidated revenue reached DKK 2,524 million.
• Construction contributed profit before interest of DKK 72 million.
• Pipe Technologies contributed profit before interest of DKK 30 million.
• Piling contributed profit before interest of DKK 52 million.
• Cash flows from operating activities and investing activities constituted a positive cash flow of DKK 208 million.

Outlook for the financial year 2008/2009: 

• Despite the good interim results, the company maintains its expectations for a profit before tax of DKK 200 million for 2008/2009.
• The Construction segment has made a slight upwards adjustment of the expectations for the full-year results, while the Piling segment now makes a further downwards adjustment of the expectations for the rest of the financial year. This is owing to the prospects of a reduction in the piling activities that are dependent on the construction sector in Denmark, England, Sweden and Germany. Furthermore, it is underlined that the economic crisis will continue to be a considerable element of uncertainty.