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 2004/2005.

 The interim result of the company came to DKK 34.1 million before tax compared to DKK 25.2 million over the same period of last year.

The result corresponds to the outlook expressed at the beginning of the financial year. The October quarter was better than forecasted while the January quarter did not live up to expectations. The development of the first six months does not give rise to change the outlook for the year, which as previously announced is for a profit before tax at DKK 80 million.

At the beginning of the year the company expected a slightly increasing level of activity. The trend of the first six months is towards further increases on the Danish construction market as well as abroad. This development supports the forecast of a general increase in the level of activity for the year, as announced by the management after the first quarter.

Group revenue was DKK 1,644 million against DKK 1,373 million last year. Foreign activities, including shares from associates, amount to DKK 686 million compared to DKK 565 million last year.

Construction contributes a profit before interest at DKK 1 million compared to a negative DKK 5 million last year. Revenue came to DKK 970 million compared to DKK 779 million last year. The level of activity has been higher than expected at the beginning of the financial year. However, activities in Southern Sweden generated a loss in the second quarter, which means that the total profit is slightly lower than forecasted.

Pipe Technologies contributes a profit before interest at DKK 24 million against DKK 18 million over the same period of last year. The total profit is as forecasted at the beginning of the financial year.

Piling contributes a profit before interest at DKK 13 million against DKK 19 million over the same period of last year, which saw an extremely good result in the English subsidiary. The result is slightly better than expected.

The cash flows from operating activities with deduction of investments reached a positive DKK 97 million.