Comments to the financial statements for the first quarter 2016


The board of directors of Højgaard Holding A/S has today considered and approved the consolidated financial statements for the period from 1 January to 31 March 2016.

Højgaard Holding A/S’ main asset is the 54 % ownership share of MT Højgaard A/S. For further details regarding MT Højgaard, reference is made to MT Højgaard’s interim report which Højgaard Holding has today made public.

Highlights and key figures for the Højgaard Holding group are:

                                                                                2016           2015           2015

DKK million                                                 1st quarter  1st quarter     Full year
 

Revenue                                                                   17.8            18.4            57.9


MT Højgaard group
(after tax and minority interests)                             -11.6            13.8            99.1
Højgaard Industri A/S                                                 2.8              3.7            10.6
Højgaard Holding A/S                                               -1.4             -1.6             -5.7

Profit before tax                                                    -10.2            15.9          104.0

Tax on profit                                                              0.3              0.5              1.2

Profit after tax                                                       -10.5            15.4          102.8

 

Investments in jointly controlled enterprise            503.8          424.6          518.4

 

Equity, beginning of year                                       471.8          362.2          362.2

Profit after tax                                                         -10.5            15.4          102.8

Other comprehensive income in                        
jointly controlled enterprise                                      -4.0             -2.5              5.4

Other                                                                          1.1              0.9              1.4

Equity, end of year                                                                   458.4          376.0     471.8
 

Average and end of period number of shares, million 4.2            4.2              4.2
Earnings and diluted earnings after tax                                                                

per share (EPS and EPS-D), DKK                             -2.5              3.7            24.4
Book value per share, DKK                                      109               89             112
Share price at end of period, A-shares                      354             270             385
Share price at end of period, B-shares                       360             275             404
Total market value, DKK million                           1,495          1,140          1,640

Return on equity (%)                                                   -2                 4               25

 

The key figures have been calculated in accordance with the Danish Finance Society’s “Recommendations & Financial Ratios 2015”. The definition of the key figures applied can be seen from the annual report for 2015.

Results for Højgaard Holding and Højgaard Industri for the first quarter are in line with expectations.

Højgaard Holding A/S’ own cash resources are considered satisfactory.

The group recorded a loss before tax of DKK 10 million, compared to a profit of DKK 16 million for the same period in the previous year. The lower results, compared to the same period last year, can be attributed to lower results in the jointly controlled enterprise MT Højgaard.

The group’s equity stood at DKK 458 million at 31 March 2016, and the book value corresponds to DKK 109 per share of DKK 20.

The MT Højgaard group still expects revenue at the level of DKK 7.0 billion and an operating profit (before any special items) at the level of DKK 300 million. This results in an EBIT margin slightly below the desired 5 %.

For 2016, in addition to our share in the MT Højgaard group’s profit after tax and minority interests of 54 %, 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

 

 

 

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


Attachments

2016-05-11 Højgaard Holding Comments to the financial statements for the first quarter 2016.pdf