MT Højgaard Holding A/S: MT Højgaard Holding initiates sales process for international activities – adjusts outlook
27 Ottobre 2023 - 11:17AM
MT Højgaard Holding A/S: MT Højgaard Holding initiates sales
process for international activities – adjusts outlook
MT Højgaard Holding initiated a strategic process for the
loss-making business unit MT Højgaard International (company
announcement no. 9/2023) in June 2023. As part of the process, the
board of directors has assessed the potential and risks related to
the international activities, and after the divestment of the
ownership interest in Portuguese Seth (company announcement no.
13/2023), the board of directors has today decided to sell the
remaining foreign activities in the Northern Atlantic and thus wind
up the business unit. Management responsibility for the activities
in Greenland has already been transferred to MT Højgaard Danmark,
and the optimisation of all activities in the Northern Atlantic is
ongoing with increased focus on the well-run technical
installations and service activities, supplemented by a few
carefully selected construction activities. MT Højgaard Holding
will focus on its profitable Danish business going forward.
Because of the decision to divest the foreign activities, MT
Højgaard International is, as of today, classified as discontinuing
operations in accordance with IFRS 5. In the 2023 annual report,
the business unit will be presented as “assets held for sale”,
while MT Højgaard International’s result will be reported as
“result of discontinuing operations”. The group’s 2023 outlook is
therefore changed.
Revenue is expected to be DKK 9.5-10 billion (previously: around
DKK 10 billion) with an operating profit before special items
around DKK 400 million (previously: DKK 200-225 million before
special items and potential value adjustments). The adjustments are
made because MT Højgaard International no longer impacts group
revenue and operating profit. The Danish business includes business
units MT Højgaard Danmark, Enemærke & Petersen and MT Højgaard
Property Development, expected to improve operating profit in 2023
for the fifth consecutive year after delivering solid growth.
In continuation of the assessment of the growth and earnings
potential of the international activities, a total value adjustment
of DKK 53 million has been applied including a write-down of the
tax asset related to the activities in Greenland. The value
adjustment will be recognised in the interim report for the period
1 January – 30 September 2023.
“We have decided to initiate a sales process for the remaining
international activities to set a clear strategic direction for the
group. We owe it to our shareholders, employees and customers to
deploy our resources in the areas where we can create the greatest
value. That is in the Danish business where there is still
potential for further improvements and new strategic initiatives to
expand our market-leading positions,” says CEO Henrik Mielke.
MT Højgaard International impacted the group’s operating profit
by DKK -83 million after generating revenue of DKK 328 million in
H1. In addition, Seth contributed to the group financial statements
with a result from joint ventures of DKK -2 million. In comparison,
the Danish business achieved operating profit of DKK 147 million
before special items in H1 based on revenue of DKK 4.6 billion.
Contact:CEO Henrik Mielke and CFO Rasmus Untidt
can be contacted on telephone +45 22 70 93 65.
- MTHH_Company announcement 27Oct23
Grafico Azioni Hoejgaard Holding A/s (LSE:0JD8)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Hoejgaard Holding A/s (LSE:0JD8)
Storico
Da Giu 2023 a Giu 2024