MT Højgaard Holding — Earnings Release 2016

Nov 10, 2016

Højgaard Holding A/S

Stock exchange announcement

10 November 2016

Page 1 of 2

Comments to the financial statements for the third quarter 2016

The board of directors of Højgaard Holding A/S has today considered and approved the consolidated financial statements for the period from 1 January to 30 September 2016.

Højgaard Holding A/S' main asset is the 54% ownership share of MT Højgaard A/S. For further details regarding MT Højgaard, reference is made to MT Højgaard's interim report which Højgaard Holding has today made public.

Highlights and key figures for the Højgaard Holding group are:

DKK million	2016	2015	2015
	Year to date		Full year
Revenue	56.5	49.5	57.9
MT Højgaard group
(after tax and minority interests)	-21.4	175.2	99.1
Højgaard Industri A/S	10.0	9.9	10.6
Højgaard Holding A/S	-3.8	-4.3	-5.7
Profit before tax	-15.2	180.8	104.0
Tax on profit	1.4	1.3	1.2
Profit after tax	-16.6	179.5	102.8
Investments in jointly controlled enterprise	492.1	592.9	518.4
Equity, beginning of year	471.8	362.2	362.2
Profit after tax	-16.6	179.5	102.8
Other comprehensive income in
jointly controlled enterprise	-6.6	4.1	5.4
Other	1.8	1.2	1.4
Equity, end of period	450.4	547.0	471.8
Average and end of period number of shares, million	4.2	4.2	4.2
Earnings and diluted earnings
per share (EPS and EPS-D), DKK	-4	43	24
Book value per share, DKK	107	130	112
Share price at end of period, A-shares	276	405	385
Share price at end of period, B-shares	285	400	404
Total market value, DKK million	1,168	1,698	1,640
Return on equity (%)	-4	39	25

The key figures have been calculated in accordance with the Danish Finance Society's "Recommendations & Financial Ratios 2015". The definition of the key figures applied can be seen from the annual report for 2015.

Højgaard Holding A/S

Smakkedalen 4, 1

DK-2820 Gentofte

Tel: +45 4520 1500

Fax: +45 4520 1501

hojgaard@hojgaard.dk

www.hojgaard.dk

CVR no.16 88 84 19

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Højgaard Holding A/S

H

Comments to the financial statements for the third quarter 2016

10 November 2016
Page 2 of 2

Results for Højgaard Holding and Højgaard Industri for the first three quarters are in line with expectations.

Højgaard Holding A/S' own cash resources are considered satisfactory.

The group recorded a loss before tax of DKK 15 million, compared to a profit of DKK 181 million for the same period in the previous year. The lower results, compared to the same period last year, can be attributed to lower results in the jointly controlled enterprise MT Højgaard.

The group's equity stood at DKK 450 million at 30 September 2016, and the book value corresponds to DKK 107 per share of DKK 20.

The MT Højgaard group still expects revenue at the level of DKK 6.8 billion. Expectations for operating profit (before special items) are now lowered to a level of DKK 75 million from previous at the level of DKK 225 million.

For 2016, in addition to our share in the MT Højgaard group's profit after tax and minority interests of 54%, the Højgaard Holding group still expects a small positive result before tax.

Best regards,
Højgaard Holding A/S

Søren Bjerre-Nielsen
Chairman of the board

Ditlev Fløistrup
CEO

This statement has been translated from the Danish language, and in the event of any discrepancies between the Danish and the English language versions, the Danish language version is the governing text.

Contacts:
Ditlev Fløistrup, CEO, Højgaard Holding, tel. +45 4520 1500
Torben Biilmann, CEO, MT Højgaard, tel. +45 2270 9020
Søren Bjerre-Nielsen, chairman of the board, Højgaard Holding, tel. +45 4520 1500

The projections concerning future financial performance are subject to uncertainties and risks that may result in a development that deviates substantially from expectations. For a description of risks and uncertainties, reference is made to note 2 to the consolidated financial statements and the financial statements for 2015. The significant risks and uncertainties are unchanged from the description provided in the latest annual report.