Højgaard Holding A/S annual report 2012

The Board of Directors of Højgaard Holding A/S has today considered and approved the Annual Report for 2012, which follows below in its entirety and with the following summary in English.

Summary

• The revenue of the Højgaard Holding Group amounted to DKK 5.3 billion, which is in line with the outlook announced and up 5% on 2011.
• The MT Højgaard Group recorded a loss before tax of DKK 512 million compared to a loss of DKK 335 million last year and realised an operating margin (pre-tax margin) of -5.3% compared to -3.6% in 2011. The operating margin realised is in line with the most recent outlook for the year of -5%. The highly unsatisfactory performance is due in particular to poor earnings recorded by MT Højgaard A/S, which is affected by, among other things, weak profitability and increased provisions for both projects in progress and projects previously handed over as well as costs of restructuring and resignations. Overall, the MT Højgaard A/S subsidiaries met expectations and contributed positively to earnings.
• The Højgaard Holding Group recorded a total loss before tax of DKK 264 million compared to a loss of DKK 170 million last year and realised an operating margin (pre-tax-margin) of -5.0% compared to -3.3% in 2011. The operating margin realised is in line with the most recent outlook for the year of -5%.
• The Højgaard Holding Group recorded a loss after tax of DKK 268 million compared to a loss of DKK 133 million in 2011.
• For 2013 revenue at the level of DKK 3.8 million is expected as well as a small profit before tax, which may, however, be affected both positively and negatively by the outcome of major disputes involving MT Højgaard.
• No distribution of dividends for 2012 will be proposed.

         Contacts:
         Ditlev Fløistrup, CEO, Højgaard Holding A/S, tel: (+45) 4520 1507
         Torben Biilman, Group CEO, MT Højgaard A/S, tel: (+45) 2270 9263
         Helge Israelsen, Chairman of the Board, Højgaard Holding A/S, tel: (+45) 4520 1503