Monberg & Thorsen A/S : MT Højgaard A/S - Q1 2017

10th May 2017

Stock Exchange Announcement No 6, 2017

MT Højgaard A/S - Q1 2017

Enclosed please find the interim financial report from MT Højgaard A/S about the activities during 1st January - 31st March 2017.

For your information Monberg & Thorsen A/S owns 46% of the shares in MT Højgaard A/S. The announcement can also be viewed on 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 no. 12 61 79 17

LEI 529900NA1V21KR5S7498

Ringager 4C 2. th. DK-2605 Brondby

Interim financial report first quarter 2017

MTH GROUP - first quarter 2017  Summary - First quarter 2017

Summary - First quarter 2017

Order intake

Order intake DKK million

Order book DKK million

DKK 1.0 billion	2.700 2.400	9.000 8.000
Lower order intake compared with a first	2.100	7.000
quarter 2016 driven by a few large orders.	1.800	6.000
1.500	5.000
1.200	4.000
900	3.000
Order book	600	2.000

DKK 7.9 billion

Increased by DKK 0.2 billion due to improve- ment in the second to fourth quarters of 2016.

300

0

1Q 2Q

15 15

3Q 4Q

15 15

1Q 2Q

16 16

3Q 4Q 1Q

16 16 17

1.000

0

Revenue Order book

Revenue

DKK 1.7 billion

14% growth driven by the large order book compared with deferred project start-ups in the comparison period.

DKK million 160

120

80

EBIT

EBIT

DKK 22 million loss

Low EBIT as expected following adjustments in 2016 and standstill in interior works at metro stations in Copenhagen. Plus high activity in bidding for large future projects.

40

0

-40

1Q 2Q

15 15

3Q 4Q

15 15

1Q 2Q

16 16

3Q 4Q 1Q

16 16 17

DKK million

Operating cash flow

Operating cash flow

DKK 1 million

Improvement resulting from improved working capital since the first quarter of 2016.

250

200

150

100

50

0

-50

-100

-150

1Q 2Q

15 15

3Q 4Q

15 15

1Q 2Q

16 16

3Q 4Q 1Q

16 16 17

Outlook for 2017 maintained Revenue around

DKK 7.2 billion

EBIT in the range of

DKK 150-200 million

MTH GROUP - first quarter 2017  Consolidated financial highlights

Consolidated financial highlights

Amounts in DKK million	2017 Q1	2016 Q1	2016 Year
Income statement	1,694	1,488	6,797
Revenue
Gross profit	92	87	505
EBIT	-22	-14	73
Profit/(loss) before tax	-26	-19	72
Net profit/(loss) for the period	-19	-14	10
Cash flows	1	-103	200
Cash flows from operating activities
Purchase of property, plant and equipment	-25	-27	-148
Other investments	4	-2	-3
Cash flows from investing activities	-21	-29	-151
Cash flows from operating and investing activities	-20	-132	49
Balance sheet	1,150	1,110	1,147
Non-current assets
Current assets	2,575	2,271	2,521
Equity	946	979	964
Non-current liabilities	225	313	232
Current liabilities	2,554	2,089	2,472
Balance sheet total	3,725	3,381	3,668
Other information	1,044	1,768	7,920
Order intake
Order book, end of period	7,941	7,748	8,591
Working capital	-155	-21	-158
Net interest-bearing deposit/debt (+/-)	-88	-181	-67
Average invested capital incl. goodwill	988	786	940
Average number of employees	4,222	4,083	4,207
Financial ratios	5.4	5.8	7.4
Gross margin (%)
Operating margin before special items (%)	-1.3	-0.9	1.1
EBIT margin (%)	-1.3	-0.9	1.1
Pre-tax margin (%)	-1.5	-1.2	1.1
Return on invested capital incl. goodwill (ROIC) (%)	9.4
Return on invested capital incl. goodwill after tax (%)	7.3
Return on equity (ROE) (%)	-2.4	-2.3	-1.3
Equity ratio (%)	24.7	27.6	25.7

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.