Monberg & Thorsen A/S : & Throsen A/S – Quarterly announcement – First quarter 2018

9 May 2018

Announcement No 9, 2018

Quarterly announcement - First quarter 2018

At its meeting today, the Board of Directors of Monberg & Thorsen A/S approved the interim financial report for the period 1 January - 31 March 2018. The interim financial report has not been audited or reviewed by the company's auditor.

Questions relating to this announcement should be directed to Anders Heine Jensen, Chairman, on telephone [phone].

The announcement can also be viewed atwww.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

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Comments to quarterly announcement - First quarter 2018

Monberg & Thorsen's sole activity is its 46% ownership interest in the jointly controlled entity MT Højgaard A/S. A detailed account of the development in the quarter under review and the period

1 January - 31 March 2018 is given in the interim financial report of MT Højgaard in Stock Exchange Announcement No 8, which has just been released and to which reference is made.

Financial highlights for Monberg & Thorsen:

DKK million	Q1 2018 2017			Year 2017
Income statement Share of profit/(loss) after tax and non-controlling interests in jointly controlled entities, MT Højgaard (46%) Administrative expenses in Monberg & Thorsen EBIT Net financials Profit/(loss) before tax Tax Net profit/(loss) for the period	-11 -1	-39 -3
			-21
			0
	-12 2	-42 4
			-21
			0
	-10 0	-38 0
			-21
			0
	-10	-38
			-21
Balance sheet Investment in jointly controlled entity, MT Højgaard Interest-bearing assets Invested capital Equity at start of period Net profit/(loss) for the period Other comprehensive income in jointly controlled entity Other Dividends to shareholders Equity at end of period	423 184 424 616 -10 1 0 0	394 78 434 616 -38 0 0 -108
			372
			76
			372
			470
			-21
			0
			-1
			0
	607	470
			448
Financial ratios (%) Return on invested capital (ROIC) Return on equity (ROE) Equity ratio Share ratios (DKK per DKK 20 share) Earnings per share (EPS) Book value Market price Market price/book value Market capitalisation (DKK million)	-3% * -2% * 99% -3 170 256 1.5 916	-3% -1% 99% -3 130 169 1.3 606
			-6%	*
			-6%	*
			99%
			-6
			125
			160
			1.3
			572

* not converted to full-year figures

Financial ratios have been calculated in accordance with the recommendations published by the Danish Finance Society. Financial ratios are defined in the 2017 annual report.

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Operating review - First quarter 2018

The first-quarter 2018 operating result was in line with expectations.

The share of MT Højgaard's net result for the period was a loss of DKK 21 million, compared with a loss of DKK 11 million in the first quarter of 2017. The lower result primarily reflected lower revenue due to lower order intake in 2017 and a write-down on a single project. Order intake increased by 37% during the quarter.

Monberg & Thorsen's financial resources are considered satisfactory, and equity stood at DKK 448 million, corresponding to an equity ratio of 99%.

Monberg & Thorsen A/S has made a subordinated loan of DKK 69 million available to MTH Group.

Outlook 2018

MTH GROUP's full-year 2018 outlook of revenue of around DKK 6.8 billion and operating profit before special items in the DKK 140-180 million range remains unchanged.

Revenue is expected to increase during the coming quarters, driven by the existing order book and intake of new orders with a focus on quality. Earnings are expected to improve in the coming quarters, partly as a result of growing revenue, and partly due to the effect of capacity adjustments implemented in MT Højgaard A/S (see Company Announcement No 1 dated 30 January 2018).

Monberg & Thorsen's share is 46% of MT Højgaard's result after tax and non-controlling interests. From this should be deducted operating expenses in Monberg & Thorsen, which are still expected to be around DKK 4 million.

The projections concerning future financial performance involve uncertainties and risks that may cause the performance to differ materially from the projections. Significant risks are described in the 'Risk factors' section in the 2017 annual report. Significant risks and uncertainties remain unchanged compared with the description in the annual report. The outlook is based on relatively stable interest rate and exchange rate levels.

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