Solid results and strong margins
BWG Homes ASA operating revenues for Q3 2010 amounted to NOK 662 million, an increase of 23.9 per cent when compared with Q3 2009. Operational EBITDA for the quarter was NOK 83 million, an increase of 59.3 per cent. Operational EBITDA margin was 12.5 per cent, and operational EBIT margin was 11.8 per cent.
The order backlog at the end of the quarter was NOK 1 903 million, an increase of 37.1 per cent compared to the same period in 2009.
Cash flow from operations for Q3 was positive at NOK 32 million. Net interest-bearing debt has been reduced by NOK 102 million since the beginning of the year and is NOK 252 million lower than at the end of Q3 2009.
"Further increased production capacity, efficient operations and good sales have resulted in revenue growth and improved profit. We are very pleased with the operating profit and margins. BWG Homes has a satisfactory order backlog, and the market outlook is positive. This should provide a solid foundation for further growth and profit. The fact that the lender has opened for payment of dividends we consider as a confirmation of the Group's financial strength", comments Lars Nilsen, CEO in BWG Homes ASA.
"Improvement programmes are ongoing to streamline and further standardize production in factories and at building sites. These improvements are expected to yield positive effects into 2011. Acquisition of new plots of land, particularly in Sweden, has high priority in order to develop more housing projects on our own control", comments Lars Nilsen further.
Key operational figures Q3 2010 *:
- Operating revenues: NOK 662 million (NOK 534 million)
- Operational EBITDA: NOK 83 million (NOK 52 million)
- Operational EBITDA margin: 12.5 % (9.7 %)
- Operational EBIT: NOK 78 million (NOK 47 million)
- Operational EBIT margin: 11.8 % (8.8 %)
- Cash flow from operations after interest and tax: NOK 32 million (NOK 116 million)
- Order intake: NOK 738 million (NOK 654 million)
- Order backlog: NOK 1 903 million (NOK 1 338 million)
Key operational figures at 30.09.2010 *:
- Operating revenues: NOK 2 082 million (NOK 1 878 million)
- Operational EBITDA: NOK 258 million (NOK 189 million)
- Operational EBITDA margin: 12.4 % (10.1 %)
- Operational EBIT: NOK 245 million (NOK 168 million)
- Operational EBIT margin: 11.7 % (9.0 %)
- Cash flow from operations after interest and tax: NOK 110 million (NOK 169 million)
- Order intake: NOK 2 462 million (NOK 2 192 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.
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.