Abyhoj, Denemarken – The Board of Per Aarsleff A/S has discussed and adopted the Annual Report covering the period 1 October 2003 – 30 September 2004. The consolidated profit for the year 2003/2004 is DKK 68 million before tax compared to DKK 21 million last year. At the beginning of the financial year the outlook was for a profit at DKK 40 million, which during the financial year was adjusted upwards to DKK 60 million.

Revenue decreased by 5% as expected, amounting to DKK 2,958 million against DKK 3,120 million in the previous financial year.

The Danish part of revenue came to DKK 1,993 million against DKK 2,227 million last year. Revenue from abroad came to DKK 965 million against DKK 893 million last year.

The profit after tax for the year is DKK 43 million.

Equity amounts to DKK 772 million as per 30 September 2004.

Cash flows from operating activities after deduction of investments constitute a net liquidity drain of DKK 22 million. A considerably positive amount was forecasted at the beginning of the financial year. The deviation is mainly due to major investments and increased working capital and is a consequence of the level of activity being slightly on the increase again.

The result is markedly better than last year and above expectations at the beginning of the financial year. The Board of Directors is satisfied with the result. However, in the long term a profit margin above the achieved 2.3% will be required.

The number of directly employed, full-time employees in the Group is 2,271 compared to 2,211 in the previous financial year.

For the coming financial year, we expect a slightly increasing level of activity and a profit before tax at DKK 80 million.