Obtained turnover of approx. DKK 4 billion

New orders at the amount of DKK 4.4 billion gave a volume of orders of DKK 8 billion at the beginning of the second half of the year, where MT Højgaard expects a higher amount of activity.

Consolidated turnover in the first half of the year was DKK 3.9 billion compared with DKK 4.3 billion in the corresponding period in 2009, a decline of 11%. The decline was especially apparent in the first quarter as a consequence of the unusually hard winter, where many projects were at a standstill. This trend has characterised the entire industry which has experienced a continued low demand, intense competition for the orders, and pressure to lower prices.

MT Højgaard’s profit before tax in the first half of the year was DKK 25 million compared with DKK 165 million in the first half of last year and DKK 307 million for the whole of 2009.

- The first half of the year did not live up to our targets. This should of course be seen in the light of the very cold and protracted winter and postponement of a few larger projects. And although the general market trends are slightly better, the building and civil engineering market has not changed conclusively yet, says President and CEO Kristian May in his comment to the financial statements.

Especially the first quarter was weaker than initially expected, whereas the second quarter was better. MT Højgaard no longer expects that the lower turnover at the beginning of 2010 can be recovered this year.

Consequently, for 2010 in general a turnover of approx. DKK 8.5 billion is expected compared with the previously expected DKK 9 billion, and the pre-tax margin is expected to be between 1% and 2% compared with the previously expected 2-3%.

Orders amounting to DKK 8 billion

The intake of new orders to Denmark’s largest building and civil engineering company was DKK 4.4 billion in the first half of the year, and by the beginning of the second half of the year the volume of orders amounted to DKK 8 billion compared with DKK 7.5 billion at the beginning of the year.

- MT Højgaard has a strong financial position, and we can feel that it is important to our customers, suppliers and other business partners, says Kristian May. Consolidated equity is DKK 1.6 billion, corresponding to an equity ratio of 31%, and financial resources are DKK 1.3 billion.

MT Højgaard is carrying out a number of large international projects, among others a waste water treatment plant in Bangladesh, wind turbine foundations off the coast of Norfolk in England, and a bridge over the Hardangerfjord in Norway.

- In addition, we still develop our Danish construction business. This year we have established branches in Randers and Sakskøbing. Moreover, we took over Carlo Lorentzen A/S in June, which holds a strong position in the North of Zealand and is headquartered in Hillerød, and which has branches in Roskilde and Sorø, says Kristian May.

Financial highlights from financial statements

DKK million	Q2 2010	Q2 2009	2009
Revenue	3,865	4,328	9,087
Operating profit (loss) (EBIT)	21	150	290
Profit before tax	25	165	307
Cash flows from operating activities	9	386	485
Equity	1,584	1,511	1,610
Interest-bearing net deposit	745	807	824
Invested capital	839	783	880
EBIT margin	0.5%	3.5%	3.2%
Pre-tax margin	0.6%	3.8%	3.4%
Equity ratio	31.3%	29.1%	29.2%