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					                                                1)
Key figures and financial ratios

                                                                  Q1         Q1        Year
Key figures. Amounts in DKKm                                    2002       2001        2001

Turnover                                                       9,300       8,153     34,852
Operating profit 2)                                              396         339      1,633
Financial income and expenses, net                               (90)        (72)      (310)
Ordinary profit before goodwill amortisation                     277         186        898
Net profit for the period                                         90          12        222
Cash flow from operating activities                             (136)        (82)     1,510
Free cash flow                                                  (237)       (167)     1,058

Total assets                                                  23,431      20,227     22,419
Goodwill                                                      11,970      10,063     12,022
Interest-bearing debt, net                                     7,044       4,651      6,317
Total equity                                                   6,740       6,410      6,621

Share information

Number of shares, thousands                                   42,217      41,871     42,217
Share price, DKK                                               432.5       460.0      411.0
Market value, DKKm                                            18,259      19,261     17,351

Financial ratios

Earnings per share before goodwill amortisation, DKK 3)           6.6        4.6        21.6
Free cash flow per share, DKK                                    (5.6)      (4.1)       25.4
Interest coverage (EBITDA/Net financial expenses)                 6.0        6.4         7.0
Equity ratio, %                                                  28.8       31.7        29.5


1)
   The financial statements for the first quarter are unaudited and have been prepared using
the same accounting principles as for the 2001 financial statements except for changes in
accounting policy relating to accounting for derivatives and other securities classified as
financial assets. Comparative figures are restated accordingly. For a description of the
changes in accounting policy, please see First Quarter Report 2002. For definitions of key
figures and financial ratios, please see the Annual Report 2001.
2)
     Before other income and expenses, net.
3)
  In the first quarter of 2002, earnings per share before goodwill amortisation were impacted
by an adjustment to fair value of the Berendsen shares.
Consolidated Profit and Loss Account
The first quarter financial statements are unaudited. Comparison figures are restated as a consequence of change in
accounting policy. Amounts in DKKm



                                                                             Q1              Q1               Year
                                                                           2002            2001               2001

Turnover                                                                  9,300           8,153             34,852

Operating expenses                                                       (8,756)          (7,693)          (32,668)
Depreciation and amortisation                                              (148)            (121)             (551)

Operating profit before other income and expenses                           396             339              1,633

Other income and expenses, net                                              100                 -               (24)

Operating profit after other income and expenses                            496             339              1,609

Income from associated undertakings                                           0                0                 1
Financial income and expenses, net                                          (90)             (72)             (310)

Ordinary profit before tax and goodwill amortisation                        406             267              1,300

Tax on ordinary profit before goodwill amortisation                        (129)             (81)             (402)

Ordinary profit before goodwill amortisation                                277             186                898

Goodwill amortisation                                                      (186)            (176)             (695)
Tax effect of goodwill amortisation                                           2                7                39
Minority interests                                                           (3)              (5)              (15)

Net profit from ordinary activities                                          90               12               227

Discontinued business, net of tax                                              -                -                (5)

Net profit for the period                                                    90               12               222

Earnings per share before goodwill amortisation (DKK)                       6.55            4.62              21.56
Consolidated Statement of Cash Flows
The first quarter financial statements are unaudited. Amounts in DKKm

                                                                  Q1       Q1      Year
                                                                2002     2001      2001

Operating profit before other income and expenses                396       339    1,633
Depreciation and amortisation                                    148       121      551
Changes in working capital 1)                                   (480)     (414)      52
Changes in provisions 1)                                          (4)        3        4
Interest paid 1)                                                 (72)      (69)    (328)
Corporation tax paid 1)                                         (100)      (62)    (377)
Payments related to other income and expenses                    (24)        0      (25)

Cash flow from operating activities                             (136)      (82)   1,510

Acquisition of businesses, net                                  (142)     (766)   (3,098)
Divestment of businesses, net                                      1         -        13
                                                     1)         (101)      (85)     (452)
Investments in intangible and tangible assets, net

                                             1)                 (289)      (13)    (180)
Investments in financial fixed assets, net

Cash flow from investing activities                             (531)     (864)   (3,717)

Financial payments, net 2)                                       619     2,043    2,131
Proceeds from issuance of share capital                            -       733      789
Minority interests                                                 3        (3)     (15)

Cash flow from financing activities                              622     2,773    2,905

Total cash flow                                                   (45)   1,827      698


Cash and cash equivalents at beginning of year                 1,023       324      324
Total cash flow                                                  (45)    1,827      698
Exchange rate adjustments                                         17         2        1

Cash and cash equivalents at end of period                       995     2,153    1,023


1)
     Net of effect of acquisitions and divestments
2)
     Proceeds from bank debt less repayment of bank debt
Consolidated Balance Sheet
The first quarter financial statements are unaudited. Comparison figures are restated as a
consequence of change in accounting policy. Amounts in DKKm



Assets                                                           31.3          31.3           31.12
                                                                2002          2001             2001

Goodwill                                                      11,970         10,063          12,022
Other intangible fixed assets                                    172            110              98
Tangible fixed assets                                          1,576          1,344           1,673
Financial fixed assets                                         1,287            460             704
Accounts receivable and other current assets                   7,431          6,097           6,899
Liquid funds and securities                                      995          2,153           1,023

Total assets                                                  23,431         20,227          22,419




Equity and liabilities                                           31.3          31.3           31.12
                                                                2002          2001             2001

Total equity                                                    6,740         6,410           6,621
Minorities                                                         63            55              57
Provisions                                                      1,040           752             966
Long-term bank debt                                             6,405         4,136           5,853
Short-term bank loans and other debt                            1,634         2,668           1,487
Other current liabilities                                       7,549         6,206           7,435

Total equity and liabilities                                  23,431         20,227          22,419
Consolidated Statement of Equity
The first quarter financial statements are unaudited. Comparison figures are restated as a consequence of
change in accounting policy. Amounts in DKKm

                                                                                Reserves
                                                     Share       Share      Retained       Own           Total
                                                    capital   premium       earnings     shares         equity

Equity at 1 January 2002 before restatement            844          48         5,812         (62)       6,642
Effect of change in accounting policy                    -           -           (21)          -          (21)
Equity at 1 January 2002                               844          48         5,791         (62)       6,621
Exchange rate adj. of foreign subsidiaries etc.          -           -            12           -           12

Gains/losses on hedging derivatives                       -           -           17            -            17
Net profit for the period                                 -           -           90            -            90

Equity at 31 March 2002                                844          48         5,910         (62)       6,740


Equity at 1 January 2001 before restatement            803       1,003         3,943         (66)       5,683
Effect of change in accounting policy                    -           -            (5)          -           (5)
Equity at 1 January 2001                               803       1,003         3,938         (66)       5,678
Exchange rate adj. of foreign subsidiaries etc.          -           -            (8)          -           (8)

Gains/losses on hedging derivatives                      -           -            (6)           -            (6)
Share issue                                             34         700             -            -           734
Net profit for the period                                -           -            12            -            12

Equity at 31 March 2001                                837       1,703         3,936         (66)       6,410


Equity at 1 January 2001 before restatement            803       1,003         3,943         (66)       5,683
Effect of change in accounting policy                    -           -            (5)          -           (5)
Equity at 1 January 2001                               803       1,003         3,938         (66)       5,678
Exchange rate adj. of foreign subsidiaries etc.          -           -           (52)          -          (52)

Gains/losses on hedging derivatives                      -           -           (16)           -           (16)
Transfer                                                 -      (1,703)        1,699            4             -
Share issue                                             34         700             -            -           734
Employee shares                                          7          48             -            -            55
Net profit for the year                                  -           -           222            -           222

Equity at 31 December 2001                             844          48         5,791         (62)       6,621

				
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