Højgaard Holding A/S annual report 2016

The board of directors of Højgaard Holding A/S has today considered and approved the annual report for 2016, which follows below in its entirety and with the following summary.

Summary

• In 2016, the Højgaard Holding group realised revenue of DKK 76 million. The operating profit of DKK 10 million is on a level with 2015.
• The Højgaard Holding group recorded a profit before tax of DKK 1 million, which is approx. DKK 100 million down on last year’s profit. The group’s profit before tax is negatively affected in particular by the lower result in the MT Højgaard group, in which the Højgaard Holding group’s share this year amounted to a loss of DKK 7 million compared to a profit of DKK 99 million last year.
• The Højgaard Holding group recorded a loss after tax of DKK 1 million compared to a profit of DKK 103 million in 2015.
• The jointly controlled enterprise MT Højgaard (in which Højgaard Holding A/S holds a share of 54 %) recorded an operating profit before and after special items of DKK 73 million, compared to a profit of DKK 352 million for 2015. The result after tax (before minority interests) amounted to a profit of DKK 10 million for the year, compared to a profit of DKK 290 million for 2015. The result for 2016 is negatively affected by postponed project start-ups and too low capacity utilisation, write-down on an infrastructure project and reorganisation in Scandi Byg, write-down on individual projects at the end of the year and write-down of the tax asset.
• For 2017, the MT Højgaard group expects revenue around DKK 7.2 billion and an operating profit before special items at the level of DKK 150 - 200 million.
• For 2017, in addition to our share in the MT Højgaard group’s profit after tax and minority interests of 54 % the Højgaard Holding group expects a small positive result before tax.
• No distribution of dividends for 2016 will be proposed.

The annual report for 2016 of the MT Højgaard group, which we have just published, and the annual report for 2016 of Højgaard Holding A/S are available for download at the company’s website www.hojgaard.dk

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