Interim report for 1 January to 31 March 2014 (1st Qtr 2014)

The board of directors of Højgaard Holding A/S has today considered and approved this interim­ report for the period from 1 January to 31 March 2014.

• In accordance with IFRS 11, as of 1 January 2014 the ownership share in the jointly controlled enterprise MT Højgaard is recognised on the basis of the equity method (one-line consolidation) and not on a pro rata basis as previously, see note 1.

• The group’s revenue was DKK 19.6 million against DKK 20.7 million for the same period last year.
• The group recorded a loss before tax of DKK 124.2 million, compared to a loss of DKK 28.4 million for the same period in the previous year.
• The jointly controlled enterprise, MT Højgaard (in which Højgaard Holding holds a share of 54%), recorded an operating loss before special items for the period of DKK 30 million, compared to a loss of DKK 59 million for the same period in the previous year. Special items for the period amounted to a loss of DKK 195 million and relate to the provision for the lost offshore dispute case Robin Rigg, which was described in the stock exchange announcement of 15 April 2014. The profit after tax (before minority interests) was a loss of DKK 216 million for the period, compared to a loss of DKK 42 million for the same period last year.
• MT Højgaard maintains its forecast for a revenue at the level of DKK 7.0 to 7.5 billion. An operating profit before special items for the year at the level of DKK 150-225 million is still expected, which corresponds to a margin of 2-3%. Special items for 2014 are expected to be negative by an amount of DKK 195 million, but may still be impacted by the outcome of old dispute cases, most of which are still ex­pected to be settled in 2014.
• For 2014, in addition to our share in the MT Højgaard group’s profit after tax and minority interests, the Højgaard Holding group still expects a small po­sitive result before tax.

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