BWG Homes ASA: Growth in turnover and solid results in Q3 2012
(Thomson Reuters ONE) -
BWG Homes Group operating revenues for Q3 2012 amounted to NOK 772 million, an
increase of 7.5 per cent when compared to Q3 2011. Operational EBITDA for the
quarter was NOK 108 million, an increase of 32.8 per cent. Operational EBITDA
margin for the quarter was 14.0 per cent (11.3 per cent), and operational EBIT
margin was 13.5 per cent (10.7 per cent).
The order backlog at the end of the quarter was NOK 1 629 million, an increase
of NOK 16 million from year-end and down NOK 35 million from the previous
quarter. The decline in order backlog is primarily a direct effect of Block
Watne, to a greater extent, is selling houses later in the project phase.
Cash flow from operations for the quarter was negative at NOK 10 million against
negative at NOK 21 million in Q3 2011. Net interest-bearing debt has increased
by NOK 27 million from the previous quarter, but is reduced by NOK 171 million
from year-end.
"The Group shows a good development in turnover and profitability; as in the
previous quarter this is mainly driven by the Norwegian operations. The
Norwegian operations continue the positive trend from the previous quarters with
good sales, increased volume and efficient production. The situation in Sweden
remains challenging. The international recession is also adversely affecting
Sweden and intensifying the inertia in the housing market, even though there is
a considerable underlying need for new homes. Profitability in the Swedish
operations is still low, but there is a certain improvement in sales in the
quarter and for the year-to-date. Priority is given to development of affordable
products and increased own residential production in Swedish growth regions, and
thereby increase volume and strengthen the profitability", comments Lars Nilsen,
CEO in BWG Homes ASA.
"We are pleased to state that the Group has maintained satisfactory
profitability in the first nine months of the year, despite the challenging
market situation in Sweden", Lars Nilsen comments further.
Key operational figures Q3 2012*:
* Operating revenues: NOK 772 million (NOK 718 million)
* Operational EBITDA: NOK 108 million (NOK 81 million)
* Operational EBITDA margin: 14.0 % (11.3 %)
* Operational EBIT: NOK 104 million (NOK 77 million)
* Operational EBIT margin: 13.5 % (10.7 %)
* Cash flow from operations after interest and tax: NOK -10 million (NOK -21
million)
* Order intake: NOK 727 million (NOK 708 million)
* Order backlog: NOK 1 629 million (NOK 1 864 million)
Key operational figures per 30.09 2012*:
* Operating revenues: NOK 2 522 million (NOK 2 548 million)
* Operational EBITDA A: NOK 311 million (NOK 282 million)
* Operational EBITDA margin: 12.3 % (11.1 %)
* Operational EBIT: NOK 300 million (NOK 267 million)
* Operational EBIT margin: 11.9 % (10.5 %)
* Cash flow from operations after interest and tax: NOK -251 million (NOK -119
million)
* Order intake: NOK 2 575 million (NOK 2 565 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 9 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)
Q3 2012 report:
http://hugin.info/136346/R/1654299/534462.pdf
Q3 2012 presentation:
http://hugin.info/136346/R/1654299/534463.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#1654299]
Datum: 01.11.2012 - 07:46 Uhr
Sprache: Deutsch
News-ID 198358
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