MT Højgaard Holding A/S: First-quarter 2019 results matching expectations

MT Højgaard Holding A/S has today published the MT Højgaard Group’s financial review for the first quarter of 2019, which can be summarised as follows:

The first-quarter results showed increasing revenue and improved earnings, as expected.

Revenue increased by 11% to DKK 1.7 billion as a result of high order intake in 2018
EBIT was DKK 5 million compared with a loss of DKK 56 million in the first quarter of 2018
Order intake at DKK 1.4 billion was slightly below the first-quarter 2018 level
The order book was DKK 8.8 billion compared with DKK 6.9 billion in the same quarter last year
Equity in MT Højgaard A/S was given a DKK 400 million boost at the beginning of April 2019
Pro forma equity at the beginning of April 2019 can be determined at approx. DKK 785 million, corresponding to an equity ratio of approx. 20%

The outlook for 2019 is unchanged.

Revenue is expected to be around DKK 7.0 billion
EBIT is expected to be around DKK 75 million

”The revitalisation of MT Højgaard is proceeding according to plan with further stabilising of operations during the quarter, while the other companies in the Group continue to make reasonable progress. As expected, earnings were affected by the completion of projects that contribute low or no earnings. We expect a further improvement in earnings during the rest of the year, so 2019 will be a year of transition during which we will turn things around and create a sustainable basis for future improvements in profitability and cash flows,” says Group President & CEO Anders Heine Jensen.

MT Højgaard Holding A/S

MT Højgaard Holding A/S’s interim financial report for the first quarter of 2019 constitutes 54% of MT Højgaard Group only, as the full consolidation was only established by the merger on 5 April 2019.

For the individual financial statements for MT Højgaard Holding A/S, the net result for the first quarter of 2019 was a loss of DKK 4.5 million compared with a loss of DKK 24.2 million in the same period last year. The profit outlook for MT Højgaard Holding for 2019 will be announced in connection with the interim financial report for the first half of 2019.

Contact: Ann-Louise Elkjær, Vice President Communications and HR, +45 2033 8693, ale@mth.dk

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