Solid results in Norway and positive development in Sweden in Q2 2013
BWG Homes Group operating revenues for Q2 2013 amounted to NOK 1 053 million, an increase of 15.9 per cent when compared to Q2 2012. Operational EBITDA for the quarter was NOK 130 million, an increase of 17.2 per cent. Operational EBITDA margin for the quarter was 12.3 per cent, and operational EBIT margin was 11.9 per cent.
The order backlog at the end of the quarter was NOK 1 805 million, up NOK 141 million when compared to the same period in 2012. This is mainly due to an increased order backlog for BWG Homes AB and the consolidated order backlog for May and June for Kärnhem.
Cash flow from operations for the quarter was positive at NOK 48 million against negative NOK 143 million in Q2 2012. Net interest-bearing debt is down by NOK 1.6 million from the previous quarter.
«The Group recorded increased revenues and solid results in Q2. Block Watne continues the trend from previous quarters with good sales and growth in revenues and profitability. Several indicators now suggest that the Swedish economy is improving slightly and home buyers are returning to the market. BWG Homes AB has achieved positive growth over the last three quarters with increased sales and improved results, although from low levels. Our new company Kärnhem is reported for the first time and shows positive development in line with the plans that were laid down at the time of acquisition”, comments Ole Feet, CEO in BWG Homes ASA.
«Demand for housing in Norway continues to be high, and we expect a stable development in this market going forward. In Sweden there is a large unmet need for new housing. With our focus on new products, own residential production and housing cooperative projects, we are positioned for a broader part of the Swedish housing market”, Ole Feet comments further.
Key operational figures Q2 2013*:
- Operating revenues: NOK 1 053 million (NOK 908 million)
- Operational EBITDA: NOK 130 million (NOK 111 million)
- Operational EBITDA margin: 12.3 % (12.2 %)
- Operational EBIT: NOK 125 million (NOK 108 million)
- Operational EBIT margin: 11.9 % (11.9 %)
- Cash flows from operations after interest and tax: NOK 48 million (NOK -143 million)
- Order intake: NOK 1 088 million (NOK 937 million)
- Order backlog: NOK 1 805 million (NOK 1 664 million)
- Units in production: 1 226 (1 182)
- Units sold: 431 (389)
- Units delivered: 460 (371)
Key operational figures 1. Half 2013*:
- Operating revenues: NOK 1 992 million (NOK 1 750 million)
- Operational EBITDA: NOK 254 million (NOK 203 million)
- Operational EBITDA margin: 12.7 % (11.6 %)
- Operational EBIT: NOK 245 million (NOK 196 million)
- Operational EBIT margin: 12.3 % (11.2 %)
- Cash flows from operations after interest and tax: NOK -165 million (NOK -231 million)
- Order intake: NOK 2 129 million (NOK 1 848 million)
- Units sold: 864 (758)
- Units delivered: 773 (709)
* The operational figures are based on the internal management reports which differ somewhat from the consolidated accounts; see note 1 in the interim report. The figures include Kärnhem AB for May and June 2013.
For the consolidated income statement (IFRS), reference is made to page 11 in the interim report. For more details, see the attached interim report.
Further information from:
Ole Feet, CEO, tel: +47 900 91 230
Arnt Eriksen, CFO, tel: +47 922 14 625
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 1 080 employees. In 2012 the turnover was NOK 3.5 billion. More information about the Group at www.bwghomes.no/en