The quarterly result before tax is DKK 34.1 million compared to DKK 23.8 million over the same period last year. The result is up to expectations.

The Company still forecasts a profit for 2002/2003 at DKK 80 million before tax as stated in the Annual Report for 2001/2002, published on 19 December 2002. The second quarter will generate a minor loss and the remaining part of the earnings will be generated in the third and fourth quarters.

Group turnover came DKK 861 million compared to DKK 715 million last year. Exports including shares from associated companies amount to DKK 268 million against DKK 279 million last year.

Construction contributes an improved profit at DKK 17 million, compared to DKK 9 million last year, resulting from a high level of activity in Denmark and profits from the subsidiaries being up to expectations. Turnover for the quarter amounts to DKK 570 million compared to DKK 447 million last year.

Pipe Technologies contributes a profit at DKK 16 million before interest compared to DKK 13 million last year. A low level of activity and increased competition within renovation of sewer and wastewater pipes in the local government sector in Denmark have generated a smaller profit than last year. However, improved results from export of trenchless pipe rehabilitation as well as the results from the foreign subsidiaries have contributed a larger profit than last year.

Piling’s profit at DKK 5 million before interest is at the level of last year. A high level of activity within foundation of wind turbines in Denmark produced an increased turnover and influenced the result positively, while provisions for a single bad debt in Poland influenced the result negatively.

Cash flows from operating activities with deduction of investments were positive in the first quarter of the financial year and reached DKK 4 million, which is up to expectations. For the financial year 2002/2003 as a whole a considerably positive cash flow impact is forecasted.