Improved sales, increased order backlog and positive cash flow
(Thomson Reuters ONE) - BWG Homes Group's operating revenues for the 2nd quarter 2009amounted to NOK 667 million. This is a reduction of 28.8 per cent inrelation to Q2 2008. Operating profit (EBITDA) was NOK 65 million, areduction of 44.3 per cent. The EBITDA margin for the 2nd quarter2009 was 9.8 per cent.The Group's order backlog at the end of Q2 was NOK 1,279 million,down 26.1 per cent compared to the same period in 2008. The orderbacklog shows an increase of 14.3 per cent when compared with the endof Q1 2009. Net cash flow from operating activities was positive atNOK 77 million, and net interest-bearing debt has been reduced by NOK279 million from year-end."House sales have seen a positive development throughout the firsthalf of 2009. Many customers who have postponed buying houses havenow returned to the market due to the historically low interest ratefor mortgages, a more stable development in unemployment and asecond-hand market which is once again functional. Sales during thequarter saw an increase of 15.9 per cent in comparison with Q1 2009.For the first half 2009, sales were 104 per cent higher than thesecond half of 2008. Further positive development in sales combinedwith an increasing order backlog will allow a gradual escalation ofproduction throughout the autumn", comments Lars Nilsen, CEO of BWGHomes ASA.The decline in turnover is due to the fact that the Group'sproduction capacity was significantly reduced both in Norway and inSweden in 2008 and Q1 2009. A continued pressure on the Group'soperating revenues and margins in Q3 2009 is expected."The fact that the decline in turnover in the first half is nothigher than 25 per cent can be explained by high sales during thefirst quarter of houses which had already been built. The number ofregistered housing starts in both Norway and Sweden will be extremelylow in 2009. A pent-up demand for new houses is expected to provideincreased demand for the Group's products", Lars Nilsen commentsfurther.Key figures 2nd quarter 2009Operating revenues: NOK 667 million (NOK 937 million). Down 28.8 %.EBITDA: NOK 65 million (NOK 117 million). Down 44.3 %.EBITDA margin: 9.8 % (12.5 %).EBIT: NOK 60 million (NOK 112 million). Down 46.2 %.EBIT margin: 9.1 % (12.0 %).New orders: NOK 825 million (NOK 856 million). Down 3.5 %.Cash flow from operations: NOK 77 million (NOK 19 million). Up by 296%.Key figures 1st half 2009Operating revenues: NOK 1,344 million (NOK 1,795 million). Down 25.5%.EBITDA: NOK 137 million (NOK 230 million). Down 40.4 %.EBITDA margin: 10.2 % (12.8 %).EBIT: NOK 121 million (NOK 219 million). Down 44.4 %.EBIT margin: 9.0 % (12.2 %).New orders: NOK 1,538 million (NOK 1,592 million). Down 3.4 %.Order backlog: NOK 1,279 million (NOK 1,731 million). Down 26.1 %.Cash flow from operations: NOK 52 million (NOK -103 million). Up byNOK 155 million.For more details, see 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 14625.http://hugin.info/136346/R/1337121/318521.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 26.08.2009 - 08:23 Uhr
Sprache: Deutsch
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