Growth in turnover and results
(Thomson Reuters ONE) -
BWG Homes ASA operating revenues for Q1 2011 amounted to NOK 928 million, an
increase of 29.2 per cent when compared with Q1 2010. Operational EBITDA for the
quarter was NOK 99 million, an increase of 20.0 per cent. Operational EBITDA
margin was 10.7 per cent, and operational EBIT margin was 10.1 per cent.
The order backlog at the end of the quarter was NOK 2 051 million, an increase
of 22.0 per cent when compared to the same period in 2010.
Cash flow from operations for Q1 was negative at NOK 214 million. Net interest-
bearing debt has increased by NOK 62 million compared to Q1 2010, and by NOK
220 million from year-end 2010. Negative cash flow and increased interest-
bearing debt is a consequence of significant higher activity in the quarter.
"The order backlog is very solid. It has allowed us to increase the production
and have yielded increased revenues for both the Norwegian and Swedish
operations. The Group's operating results also show growth. The Norwegian
operation (segment Norway) has achieved solid results and strong margins. The
Swedish operation (segment Sweden) has increased the turnover substantially, but
there is a pressure on margins. This is partly due to technical challenges in
the production and to somewhat lower volumes than planned for the current
staffing levels", comments CEO Lars Nilsen in BWG Homes ASA.
"We consider the market situation going forward as mostly positive, even if the
current market situation is more demanding for the Swedish small house sector.
There is a large demand for new homes, but the customers' purchase processes are
prolonged. This is mainly due to significantly increased borrowing costs for
home buyers after the introduction of mortgage ceilings, amortization structure
and increased interests. The main focus for 2011 going forward is on acquisition
of attractive new land areas to develop our own housing projects and increase
the production volume", Lars Nilsen comments further.
Key operational figures Q1 2011*:
* Operating revenues: NOK 928 million (NOK 718 million)
* Operational EBITDA: NOK 99 million (NOK 83 million **)
* Operational EBITDA margin: 10.7 % (11.5 % **)
* Operational EBIT: NOK 94 million (NOK 79 million)
* Operational EBIT margin: 10.1 % (10.9 %)
* Cash flow from operations after interest and tax: NOK -214 million (NOK -25
million)
* Order intake: NOK 1 027 million (NOK 968 million)
* Order backlog: NOK 2 051 million (NOK 1 681 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.
** Includes reversal of NOK 8.2 million related to pension liabilities in Block
Watne AS.
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)
Report Q1 2011:
http://hugin.info/136346/R/1514925/451092.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#1514925]
Datum: 12.05.2011 - 08:22 Uhr
Sprache: Deutsch
News-ID 54574
Anzahl Zeichen: 4162
contact information:
Kategorie:
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"Growth in turnover and results"
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