(DKK ’000)

Statement of income	1st half 2004	1st half 2003	2003
Net turnover	129,545	116,404	228,006
Operational costs	-86,397	-79,532	-157,593
Profit on ordinary activities	43,148	36,872	70,413
Profit on financial items, net	2,639	2,474	3,505
Profit before tax	45,787	39,346	73,918
Tax on profit for the period	-14,011	-13,216	-25,018
Profit for the period	31,776	26,130	48,900
Balance	30/6 2004	30/6 2003	31/12 2003
Fixed assets	35,293	40,975	38,120
Current assets	190,444	206,516	215,514
Total assets	225,737	247,491	253,634
Net capital	123,268	149,579	171,492
Tied-up fund reserve	52,731	51,874	52,731
Total debt commitments	49,738	46,038	29,411
Total liabilities	225,737	247,491	253,634
Cash flow statement	1st half 2004	1st half 2003	2003
Cash flow from operations	45,674	38,936	57,720
Cash flow from investments	-507	-550	-653
Cash flow from financing	-80.000	-63,748	-67,855
Net cash flow	-34,833	-25,362	-10,788
Ratios (converted into all-year ratios)	1st half 2004	1st half 2003	2003
Net profit ratio	33%	32%	31%
Return on investment	94%	78%	78%
Return on shareholders’ fund	32%	24%	21%
Equity ratio	78%	81%	88%
Average number of full time employees	136	136	138