Today, on 19 December 2002, the Board of Per Aarsleff A/S has adopted the annual accounts for the period 1 October 2001 – 30 September 2002. The consolidated profit for the year is DKK 67 million before tax. Turnover grew 20% to DKK 3,017 million.

The consolidated profit for the year 2001/2002 is DKK 67 million before tax. This is DKK 7 million better than forecasted in the notice given to the Copenhagen Stock Exchange on 28 August 2002. Turnover is DKK 3,017 million, which constitutes an increase of 20%.

This is a considerable improvement compared to the previous financial year, which produced a profit before tax at DKK 40 million including a non-recurring profit at DKK 10.8 million from capital gains produced by the sale of securities.

The profit after tax is DKK 44 million.

Equity amounts to DKK 744 million as per 30 September 2002.

Compared to last year the composition of the turnover has been changed and civil engineering activities have increased by 28%. Activities within the export department of Pipe Technologies have increased by 12% while Piling, also generating a considerable external operating income, remains at the level of last year.

The Danish share of the total turnover this year amounts to DKK 2,063 million compared to DKK 1,647 million last year. Export turnover including shares from associated companies amounts to DKK 1,163 million compared to DKK 1,098 million last year.

The Board of Directors is satisfied with the profit achieved, partly based on the expectations expressed at the beginning of the year under review, and partly in expectation of continuous improvements of the profit in the coming financial year. Furthermore, cash flows from operating activities after deduction of investments arrive at a satisfactory DKK 64 million.

The reorganisation from major one-off civil engineering projects to a market dominated by medium-sized and minor infrastructure projects has largely been implemented as anticipated. Over the year under review, conditions were influenced favourably by a high level of activity and subsequent high capacity utilization in Denmark.

As regards the specialised area of Pipe Technologies, a temporary almost complete slowdown in municipal capital expenditure in the second quarter influenced the profit negatively. One-off project-oriented activities also influenced the profit for the year negatively. Pipe Technologies has produced an improved profit compared to last year, although the extent of the improvement does not live up to expectations.

Piling has produced a profit complying with expectations at the beginning of the financial year. Marked progress in England and a high level of activity in Denmark influence the profit positively while difficult market conditions in Germany and one-off project-oriented activities influence the profit negatively.

An unchanged level of activity is forecasted for the coming financial year. The company expects a profit at DKK 80 million before tax.

By bringing productivity into focus and carrying on efforts to adapt the company to market conditions we expect an improved profit. The cash flows from operating activities after deduction of investments are expected to constitute a considerably positive amount in the coming financial year.