BWG Homes ASA: Good profitability in Q2 2012; strong results in Norway, signs of improvement in Sweden
(Thomson Reuters ONE) -
BWG Homes Group operating revenues for Q2 2012 amounted to NOK 908 million, an
increase of 0.7 per cent when compared to Q2 2011. Operational EBITDA for the
quarter was NOK 111 million, an increase of 8.7 per cent. Operational EBITDA
margin was 12.2 per cent (11.3 per cent), and operational EBIT margin was 11.9
per cent (10.6 per cent).
The order backlog at the end of the quarter was NOK 1 664 million, an increase
of 3.1 per cent from year-end 2011 and up 0.2 per cent from the previous
quarter.
Cash flow from operations for Q2 was negative at NOK 143 million against
positive NOK 116 million in Q2 2011. This reflects increased activity and tied-
up working capital in the Norwegian operations in the period. Net interest-
bearing debt has increased by NOK 108 million from the previous quarter.
"The Group shows good profitability and margins in the quarter; mainly driven by
the Norwegian operations. This is a consequence of good sales in a market with
high demand, increased production volume and ongoing work of improving the
efficiency of production on site. In Sweden the profitability is still low due
to lengthy purchase processes both for new homes and in the resale market. But
there are positive signs in sales, and the previous year's improvement
programmes on costs, efficiency and quality are yielding results. All in all we
are satisfied with performance and results in this quarter, comments Lars
Nilsen, CEO in BWG Homes ASA.
"The underlying need for new homes is still high in Norway and Sweden. The
housing market in Norway is expected to be strong going forward, and the market
conditions in Sweden will continue to be challenging in 2012. We have an ongoing
focus on profitability, efficiency and further product development", comments
Lars Nilsen.
Key operational figures Q2 2012*:
* Operating revenues: NOK 908 million (NOK 902 million)
* Operational EBITDA: NOK 111 million (NOK 102 million)
* Operational EBITDA margin: 12.2 % (11.3 %)
* Operational EBIT: NOK 108 million (NOK 96 million)
* Operational EBIT margin: 11.9 % (10.6 %)
* Cash flow from operations after interest and tax: NOK -143 million (NOK 116
million)
* Order intake: NOK 937 million (NOK 830 million)
* Order backlog: NOK 1 664 million (NOK 1 924 million)
Key operational figures 1. half 2012*:
* Operating revenues: NOK 1 750 million (NOK 1 829 million)
* Operational EBITDA: NOK 203 million (NOK 201 million)
* Operational EBITDA margin: 11.6 % (11.0 %)
* Operational EBIT: NOK 196 million (NOK 190 million)
* Operational EBIT margin: 11.2 % (10.4 %)
* Cash flow from operations after interest and tax: NOK -231 million (NOK -98
million)
* Order intake: NOK 1 848 million (NOK 1 857 million)
* The operational figures are based on the internal management reports which
differ somewhat from the consolidated accounts; see note 1 in the interim
report.
For the consolidated income statement (IFRS), reference is made to page 10 in
the interim report.
For more details, see the attached interim report.
Further information from:
Lars Nilsen, CEO, BWG Homes ASA, tel: +47 23 24 60 00,
Arnt Eriksen, CFO, BWG Homes ASA, tel: +47 23 24 60 37, +47 922 14 625.
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
Q2 2012 report:
http://hugin.info/136346/R/1635394/525290.pdf
Q2 2012 presentation:
http://hugin.info/136346/R/1635394/525291.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: BWG Homes ASA via Thomson Reuters ONE
[HUG#1635394]
Datum: 22.08.2012 - 07:31 Uhr
Sprache: Deutsch
News-ID 176607
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