In connection with installation of an English wind farm disagreement arose between MT Højgaard and the owner of the wind farm as to the interpretation of the contract. The owner claimed damages from MT Højgaard and brought the case before the International Court of Arbitration (ICC).
Similarly, MT Højgaard filed counterclaims with the ICC.
The arbitration case has now been decided, and the Court orders MT Højgaard to pay partial damages, interest and substantial parts of the litigation costs to the owner.
With this ruling and a positive ruling in another offshore case, the last of MT Højgaard’s old arbitration and court cases within the offshore area have been decided. Accordingly, the Group expects that special items will amount to approx. DKK -400 million as opposed to previously DKK -195 million.
The liquidity effect of the two rulings just made is approx. DKK -75 million and can be covered by the Group’s net interest-bearing deposits end of September 2014. The Group’s financial resources are strong, and the equity ratio is above 20%.
Appeal has been granted of the ruling in the Robin Rigg litigation earlier this year, but the final ruling will not have an additional adverse impact on the Group equity.
MT Højgaard’s management still expects an operating profit (EBIT) in 2014 of DKK 150-225 million before above special items.
The expectations to the future financial trends are subject to uncertainty and risks which may cause the trends to deviate from expectations.
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