Højgaard Holding A/S annual report 2013

The board of directors of Højgaard Holding A/S has today considered and approved the annual report for 2013, which follows below in its entirety and with the following summary.

Summary

• The revenue of the Højgaard Holding group amounted to DKK 4.0 billion, which is in line with the most recent outlook and slightly more than DKK 1.3 billion less than in 2012.
• The Højgaard Holding group recorded a total profit before tax of DKK 84 million, which is in line with expectations and approx. DKK 350 million up on last year’s loss of DKK 264 million. The pre-tax margin realised is 2.0% compared to -5.0% in 2012.
• The Højgaard Holding group recorded a profit after tax of DKK 25 million compared to a loss of DKK 268 million in 2012.
• The MT Højgaard group’s revenue was DKK 7.4 billion, which is in line with expectations and approx. 25% down on last year.
• The MT Højgaard group recorded a profit before tax of DKK 139 million, which is in line with expectations and considerably up on last year’s loss of DKK 512 million. Profit for the year before tax is positively impacted by approx. DKK 130 million from the BUXTON-settlement and other disputes.
• For 2014, the MT Højgaard group expects revenue at the level of DKK 7.0 to DKK 7.5 billion and an operating profit (EBIT) at the level of DKK 150-225 million, corresponding to a margin of 2-3% before other items (old offshore disputes). In 2013, good progress was made in the handling of the disputes, and we expect that most of these will be concluded in 2014, and the first of them already within a relatively short time. The group’s­ profit may still be affected by the outcome of major old offshore disputes. The expected operating profit (EBIT) is positively affected by the new IFRS rules on recognition of jointly controlled entities with an expected EBIT effect of approx. DKK 50 million, which in MT Højgaard’s consolidated financial statements for 2014 will be adjusted for as part of non-controlling interests. Højgaard Holding A/S has a share of 54% in the MT Højgaard group’s profit after tax and non-controlling interests.
• For 2014, in addition to our share in the MT Højgaard group’s profit after tax and non-controlling interests, the Højgaard Holding group expects a small positive result before tax.
• No distribution of dividends for 2013 will be proposed.

Højgaard Holding A/S holds an ownership interest of 54% in MT Højgaard.

         Contact: Torben Biilmann, president and CEO, MT Højgaard, tel. +45 2270 9020
         Ditlev Fløistrup, CEO, Højgaard Holding, tel. +45 4520 1507
         Søren Bjerre-Nielsen, chairman of the board, Højgaard Holding, tel. +45 4520 1500