Good sales, strong cash flow and reduced debt

The Group's order backlog at the end of Q3 was NOK 1,388 million. The order backlog shows an increase of 8.6 per from Q2 2009, but is down by 17.3 per cent on Q3 2009 figures.  
 
Cash flow from operations was positive at NOK 169 million at year to date Q3, an improvement of NOK 443 million in comparison with the same period in 2008. Net interest bearing debt has been reduced by NOK 441 million since year-end.
 
"Sales show a positive development. At the end of Q3 the order intake is at the same level as for the end of Q3 2008. Further positive development in sales and order backlog pave the way for a gradual escalation 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 the Group's production both in Norway and Sweden in 2008 and at the start of 2009.
 
"Turnover for the quarter is considered satisfactory, in particular with regard to the market situation and the reduced production. The Group has maintained acceptable margins. A strong cash flow and further reduced interest-bearing debt provide the Group with a financial strength into 2010. Going forward we anticipate further volatility in the markets both in Norway and Sweden, but an underlying positive development is expected", Lars Nilsen comments.
 
Key figures Q3 2009
Operating 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 30.09.2009
Operating 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 14 625.

About Us

BWG Homes develops, sells and constructs residential homes in the Nordic region. The brands owned by the Group are Block Watne and Hetlandhus in Norway, Kärnhem, Myresjöhus and SmålandsVillan in Sweden. Ranked as a leading residential house builder in its markets, the Group annually completes approx. 2 000 new homes through own residential projects and for individual customers. BWG Homes has approx. 1 000 employees. In 2013 the operational turnover was NOK 3.9 billion. BWG Homes is a company in the OBOS Group.

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