9 November 2017
Announcement No 14, 2017
MT Højgaard A/S - Interim financial report - Third quarter 2017Please find attached the interim financial report for the third quarter of 2017 of MT Højgaard A/S on its operations in the period 1 January - 30 September 2017.
Monberg & Thorsen A/S has a 46% ownership interest in MT Højgaard A/S.
Questions relating to this announcement should be directed to Anders Heine Jensen, Chairman, on telephone +45 2048 8563.
The announcement can also be viewed at www.monthor.com.
This announcement is available in Danish and English. In case of doubt, the Danish version shall prevail.
MONBERG & THORSEN A/S CVR 12 61 79 17
LEI 529900NA1V21KR5S7498
Ringager 4C, 2nd Floor, Right DK - 2605 Brøndby
STOCK EXCHANGE ANNOUNCEMENT
Interim financial report Third quarter 2017
MTH GROUP - Third quarter 2017 Summary - Third quarter 2017
Summary - Third quarter 2017
Order intakeDKK 1.2 billion
Total order intake was on a par with the third quarter of 2016. Several awarded but not con- tracted projects are expected to be recorded as orders in the fourth quarter of 2017.
Order bookDKK 7.0 billion
Lower due to the trend in order intake and a high level of activity.
Order intake
DKK million
2.700
2.400
2.100
1.800
1.500
1.200
900
600
300
0
3Q 4Q
15 15
1Q 2Q
16 16
3Q 4Q
16 16
1Q 2Q
17 17
Order book
DKK million
9.000
8.000
7.000
6.000
5.000
4.000
3.000
2.000
1.000
0
3Q
17
RevenueRevenue
Order book
DKK 2.0 billion
Increase of 22% driven by project development sales and high activity from the order book.
YTD revenue was up 19% at DKK 5.6 billion (2016: DKK 4.7 billion).
Operating profit before special itemsDKK 65 million
Earnings increased, as expected, despite a continued high level of tendering activity on
DKK
million
150
125
100
75
50
25
0
-25
Profit before special items
major tenders and costs related to a new IT platform. The improvement was driven by pro- ject development sales and a higher level of ac-
tivity. YTD operating profit before special items
3Q 4Q 1Q
15 15 16
2Q 3Q 4Q
16 16 16
1Q 2Q 3Q
17 17 17
increased to DKK 106 million (2016: loss of DKK 23 million).
Special itemsDKK 100 million loss
Relating to completed offshore projects.
Operating cash flowDKK -46 million
DKK million
250
200
150
100
50
0
-50
-100
-150
Operating cash flow
Cash flows affected by settlement following the
ruling in the legal proceedings relating to the Robin Rigg offshore project. YTD
operating cash flows amounted to DKK 97 mil- lion (2016: DKK 223 million).
3Q 4Q
15 15
1Q 2Q
16 16
3Q 4Q 1Q
16 16 17
2Q 3Q
17 17
Full-year outlook before special items is unchanged Revenue aroundDKK 7.2 billion
Operating profit before special items in the range ofDKK 150-200 million
MTH GROUP - Third quarter 2017 Consolidated financial highlights
Consolidated financial highlights
2017 | 2016 | 2017 | 2016 | 2016 |
Q3 | Q3 | YTD | YTD | Year |
Amounts in DKK million
Income statement | 1,962 | 1,612 | 5,587 | 4,704 | 6,797 |
Revenue | |||||
Gross profit | 171 | 87 | 446 | 280 | 505 |
Operating profit/(loss) before special items | 65 | -4 | 106 | -23 | 73 |
Special items* | -100 | - | -125 | - | - |
EBIT | -35 | -4 | -19 | -23 | 73 |
Profit/(loss) before tax | -38 | -5 | -28 | -28 | 72 |
Net profit/(loss) for the period | -57 | -4 | -61 | -22 | 10 |
Cash flows | -46 | 81 | 97 | 223 | 200 |
Cash flows from operating activities | |||||
Purchase of intangible assets and property, plant and equipment | -45 | -37 | -115 | -112 | -148 |
Other investments, incl. investments in securities | 11 | -1 | 16 | -4 | -3 |
Cash flows from investing activities | -34 | -38 | -99 | -116 | -151 |
Cash flows from operating and investing activities | -80 | 43 | -2 | 107 | 49 |
Balance sheet | - | - | 1,155 | 1,172 | 1,147 |
Non-current assets | |||||
Current assets | - | - | 2,794 | 2,625 | 2,521 |
Equity | - | - | 904 | 938 | 964 |
Non-current liabilities | - | - | 383 | 364 | 232 |
Current liabilities | - | - | 2,662 | 2,495 | 2,472 |
Balance sheet total | - | - | 3,949 | 3,797 | 3,668 |
Other information | 1,157 | 1,179 | 3,959 | 5,494 | 7,920 |
Order intake | |||||
Order book, end of period | - | - | 6,963 | 8,258 | 8,591 |
Working capital | - | - | -187 | -435 | -158 |
Net interest-bearing deposit/debt (+/-) | - | - | -69 | 30 | -67 |
Average invested capital incl. goodwill | - | - | 813 | 922 | 940 |
Average number of employees | - | - | 4,375 | 4,157 | 4,207 |
Financial ratios | 8.7 | 5.4 | 8.0 | 5.9 | 7.4 |
Gross margin (%) | |||||
Operating margin before special items (%) | 3.3 | -0.3 | 1.9 | -0.5 | 1.1 |
EBIT margin (%) | -1.8 | -0.3 | -0.3 | -0.5 | 1.1 |
Pre-tax margin (%) | -2.0 | -0.3 | -0.5 | -0.6 | 1.1 |
Return on invested capital incl. goodwill (ROIC) (%) | - | - | 27,2 | 9.0 | 9.4 |
Return on invested capital incl. goodwill after tax (%) | - | - | 21,2 | 7.1 | 7.3 |
Return on equity (ROE) (%) | - | - | -8.7 | -5.8 | -1.3 |
Equity ratio (%) | - | - | 21.9 | 24.0 | 25.7 |
*Special items represent the impact on profit of legacy offshore disputes
Financial ratios have been calculated in accordance with 'Recommendations & Financial Ratios 2015' published by the Danish Finance Society. Financial ratios are defined in the 2016 annual report. Working capital excludes properties held for resale.
Monberg & Thorsen A/S published this content on 09 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 09 November 2017 15:23:04 UTC.
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