Announcement to The Copenhagen Stock Exchange

Today the Board of Per Aarsleff A/S has discussed and approved the company’s report for the first six months of the financial year 2003/2004.

The interim result of the company came to DKK 25.2 million before tax compared to DKK 10.1 million over the same period of last year.

This is slightly better than forecasted at the beginning of the financial year.

The outlook for the year is for a profit before tax at DKK 50 million, which is DKK 10 million more than forecasted in the quarterly report for the first quarter of the financial year.

Group revenue was DKK 1,373 million against DKK 1,540 million last year. Exports including shares from associates amount to DKK 565 million compared to DKK 529 million last year.

This trend supports the outlook for a slightly falling level of activity in this financial year compared to the previous financial year.

The result generated by Construction was a negative DKK 5 million compared to a positive DKK 15 million last year. Revenue came to DKK 779 million compared to DKK 967 million last year. The market is characterised by a lack of major projects and thus a lower level of activity. The result is less than forecasted.

Pipe Technologies contributes a result before interest at DKK 18 million against DKK 4 million over the same period of last year. After experiencing a weak market in the previous year, the level of activity is back to normal for sewer rehabilitation within the municipal sector in Denmark. Following the recent, positive developments of the first six months, and as a consequence of the Danish municipalities having realised their need for sewer rehabilitation, the management expects the present level of activity to continue in the coming six months. The steady growth experienced on the European markets continues. In total, Pipe Technologies contributes an interim result better than expected.

Piling contributes a result before interest at DKK 19 million against DKK 2 million over the same period of last year. An isolated DKK 65 million contract in Kazakhstan has been completed and earnings from the project were satisfactory. The result produced in the English subsidiary is better than expected. In Germany market conditions continue to be difficult while the result generated in Poland is positive, as expected, thus having improved compared to last year. In total, Piling contributes a result better than expected.

The cash flows from operating activities with deduction of investments reached a positive DKK 44 million for the first six months. This supports the outlook for a continuance of the positive cash flow effect of the two previous financial years. The net interest payable for the period was DKK 7 million against DKK 11 million last year.