Højgaard Holding A/S annual report 2017

Annual report 2017

The board of directors of Højgaard Holding A/S has today considered and approved the annual report for 2017, which follows below in its entirety and with the following summary.

Summary

• In 2017, the Højgaard Holding group realised revenue of DKK 60 million. The operating profit of DKK 9 million is on a level with 2016.
• The Højgaard Holding group recorded a loss before tax of DKK 38 million, which is DKK 39 million down on last year. The group’s profit before tax is negatively affected in particular by the lower results in the MT Højgaard group, in which the Højgaard Holding group’s share this year amounted to a loss of DKK 46 million compared to a loss of DKK 7 million last year.
• The Højgaard Holding group recorded a loss after tax of DKK 40 million compared to a loss of DKK 1 million in 2016.
• The jointly controlled enterprise MT Højgaard (in which Højgaard Holding A/S holds a share of 54 %) recorded an operating profit before special items of DKK 176 million, compared to a profit of DKK 73 million for 2016. Special items amounted to an expense of DKK 125 million in 2017 which relates to former completed offshore disputes. In 2016, special items amounted to DKK 0 million. Results after tax (before minority interests) amounted to a loss of DKK 58 million for the year, compared to a profit of DKK 10 million for 2016. Results for 2017 are negatively affected by the above special items and write-down of the deferred tax asset by DKK 79 million.
• For 2018, the MT Højgaard group expects revenue at the level of DKK 6.8 billion and an operating profit before special items at the level of DKK 140 - 180 million. Special items are expected to amount to DKK 0 million.
• For 2018, 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 2017 will be proposed.

The annual report for 2017 of the MT Højgaard group, which we have just published, and the annual report for 2017 of Højgaard Holding A/S are available for download at the company’s website www.hojgaard.dk

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