BWG Homes - Continued growth in turnover and results in Q2 2011
(Thomson Reuters ONE) -
BWG Homes ASA operating revenues for Q2 2011 amounted to NOK 902 million, an
increase of 11.3 per cent when compared with Q2 2010. Operational EBITDA for the
quarter was NOK 102 million, an increase of 9.8 per cent. Operational EBITDA
margin was 11.3 per cent, and operational EBIT margin was 10.6 per cent.
The order backlog at the end of the quarter was NOK 1 924 million, an increase
of 5.1 per cent when compared to the same period in 2010.
Cash flow from operations for Q2 was positive at NOK 116 million. Net interest-
bearing debt has decreased by NOK 41 million compared to Q1 2011, and increased
by NOK 106 million compared to Q2 1010.
"A continuing strong order backlog into the quarter and increased production
capacity has resulted in revenue growth for both the Norwegian and Swedish
operations. The Group's operating results also show growth. In the Norwegian
operation (segment Norway) improved production capacity, operational efficiency
and good sales have resulted in a solid performance and good margins. The
production capacity in Norway will ble increased further during the 2nd half of
the year. The Swedish operation (segment Sweden) has increased the turnover, but
there is a pressure on margins due to low efficiency in parts of the production
and lower sales. As a result of significantly reduced sales and volumes, the
Swedish operations have initiated layoffs, involving a reduction of 50 full-time
equivalents in addition to temporary staff layoffs. Efficiency programs have
been started in the Myresjöhus operation to improve efficiency and performance",
comments CEO Lars Nilsen in BWG Homes ASA.
"The demand for new homes is showing positive development in the Norwegian
market. The market situation continues to be demanding for parts of the housing
sector in Sweden due to a slow-down in house sales in the climate of restrictive
lending and more expensive financing for home buyers. The development in our
markets in isolation is still considered stable, with population growth and
rising employment. The underlying need for new homes is still high in Norway and
Sweden. At the same time, there is concern at the escalating international
financial turmoil. We monitor the market situation closely in order to adjust
production capacity, the product portfolio and project development to the
prevailing conditions, Lars Nilsen comments further.
Key operational figures Q2 2011*:
* Operating revenues: NOK 902 million (NOK 810 million)
* Operational EBITDA: NOK 102 million (NOK 93 million)
* Operational EBITDA margin: 11.3 % (11.4 %)
* Operational EBIT: NOK 96 million (NOK 88 million)
* Operational EBIT margin: 10.6 % (10.9 %)
* Cash flow from operations after interest and tax: NOK 116 million (NOK 103
million)
* Order intake: NOK 830 million (NOK 925 million)
* Order backlog: NOK 1 924 million (NOK 1 831 million)
Key operational figures 1. Half 2011*:
* Operating revenues: NOK 1 829 million (NOK 1 528 million)
* Operational EBITDA: NOK 201 million (NOK 175 million **)
* Operational EBITDA margin: 11.0 % (11.5 % **)
* Operational EBIT: NOK 190 million (NOK 167 million **)
* Operational EBIT margin: 10.4 % (10.9 % **)
* Cash flow from operations after interest and tax: NOK -98 million (NOK 78
million)
* Order intake NOK 1 857 million (NOK 1 893 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 in Q1 2010 related to pension
liabilities in Block Watne AS.
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)
Report Q2 2011:
http://hugin.info/136346/R/1541119/471361.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#1541119]
Datum: 25.08.2011 - 08:24 Uhr
Sprache: Deutsch
News-ID 59116
Anzahl Zeichen: 5150
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 206 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"BWG Homes - Continued growth in turnover and results in Q2 2011"
steht unter der journalistisch-redaktionellen Verantwortung von
BWG Homes ASA (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
