Good sales, strong cash flow and reduced debt
(Thomson Reuters ONE) - BWG Homes Group's operating revenues for the 3rd quarter 2009amounted to NOK 534 million. This is a reduction of 18.5 per centcompared with 3rd quarter 2008. Operating profit (EBITDA) was NOK 52million, a reduction of 35.4 per cent. The EBITDA margin was 9.7 percent. Cash flow from operations pre tax was positive at NOK 171million, an improvement of NOK 343 million when compared with 3rdquarter 2008.The Group's order backlog at the end of Q3 was NOK 1,388 million. Theorder backlog shows an increase of 8.6 per from Q2 2009, but is downby 17.3 per cent on Q3 2009 figures.Cash flow from operations was positive at NOK 169 million at year todate Q3, an improvement of NOK 443 million in comparison with thesame period in 2008. Net interest bearing debt has been reduced byNOK 441 million since year-end."Sales show a positive development. At the end of Q3 the order intakeis at the same level as for the end of Q3 2008. Further positivedevelopment in sales and order backlog pave the way for a gradualescalation of capacity to increase the production rate into 2010",comment Lars Nilsen, CEO of BWG Homes ASA.The decline in turnover is due to a significant reduction in theGroup's production both in Norway and Sweden in 2008 and at the startof 2009."Turnover for the quarter is considered satisfactory, in particularwith regard to the market situation and the reduced production. TheGroup has maintained acceptable margins. A strong cash flow andfurther reduced interest-bearing debt provide the Group with afinancial strength into 2010. Going forward we anticipate furthervolatility in the markets both in Norway and Sweden, but anunderlying positive development is expected", Lars Nilsen comments.Key figures Q3 2009Operating revenues: NOK 534 million (NOK 655 million)EBITDA: NOK 52 million (NOK 80 million)EBITDA margin: 9.7 % (10.1 %)EBIT: NOK 47 million (NOK 71 million)EBIT margin: 8.8 % (9.0 %)Cash flow from operations after interest and tax: NOK 116 million(NOK -172 million)Order intake: NOK 654 million (NOK 531 million)Key figures at 30.09.2009Operating revenues NOK 1,878 million (NOK 2,450 million)EBITDA: NOK 189 million (NOK 310 million)EBITDA margin: 10.1 % (12.7 %)EBIT: NOK 168 million (NOK 289 million)EBIT margin: 9.0 % (11.8 %)Cash flow from operations after interest and tax: NOK 169 million(NOK -275 million)Order intake: NOK 2,192 million (NOK 2,123 million)Order backlog: NOK 1,388 million (NOK 1,678 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/1351072/326376.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 29.10.2009 - 08:18 Uhr
Sprache: Deutsch
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