9 November 2017

Announcement No 14, 2017

MT Højgaard A/S - Interim financial report - Third quarter 2017

Please 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 intake

DKK 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 book

DKK 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

Revenue

Revenue

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 items

DKK 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 items

DKK 100 million loss

Relating to completed offshore projects.

Operating cash flow

DKK -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 around

DKK 7.2 billion

Operating profit before special items in the range of

DKK 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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