Interim report for 1 January to 30 September 2014 (3rd quarter 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 30 September 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 53 million against DKK 55 million for the same period last year.
  • The group recorded a loss before tax of DKK 204 million, compared to a loss of DKK 25 million for the same period in the previous year.
  • The jointly controlled enterprise MT Højgaard (in which Højgaard Holding A/S holds a share of 54%) recorded an operating profit before special items for the period of DKK 88 million, compared to a profit of DKK 23 million for the same period in the previous year. Special items amount to a loss of DKK 408 million and relate to the provision for the lost offshore dispute case Robin Rigg and decisions made in offshore cases as described in the stock exchange announcement of 12 October 2014. The profit after tax (before minority interests) was a loss of DKK 339 million for the period, compared to a loss of DKK 9 million for the same period last year.
  • MT Højgaard expects revenue at the level of DKK 7.0 billion compared to a previous outlook for DKK 7.0 to 7.5 billion. An operating profit before special items for 2014 of DKK 175-200 million, corresponding to an operating margin of approx. 2.5%, is expected, compared to a previous outlook for DKK 150-225 million (an operating margin of 2-3%). Special items are expected to amount to approx. DKK -400 million for the full year.
  • For 2014, in addition to our share of 54% in the MT Højgaard group’s profit after tax and minority interests, the Højgaard Holding group still expects a small po­sitive result before tax.

 

 

Best regards
Højgaard Holding A/S



Søren Bjerre-Nielsen                                  Ditlev Fløistrup
Chairman of the board                                CEO

 


Attachments

2014-11-19 HH Interim report 3rd quarter 2014.pdf