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Increased turnover, strong results and solid margins

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BWG Homes ASA operating revenues for Q4 2010 amounted to NOK 858 million, an increase of 30.6 per cent when compared with Q4 2009. Operational EBITDA for the quarter was NOK 111 million, an increase of 30.8 per cent. Operational EBITDA margin was 13.0 per cent, and operational EBIT margin was 12.5 per cent.

 

The order backlog at the end of the quarter was NOK 1 809 million, an increase of 23.0 per cent when compared to the same period in 2009.

 

Cash flow from operations for Q4 was positive at NOK 34 million. Net interest-bearing debt has been reduced by NOK 33 million from Q3 2010 and by NOK 136 million from year-end 2009.

 

"The strong order backlog has allowed us to increase production significantly throughout the year. Increased capacity, efficient production and cost control combined with strong sales have yielded growth in turnover and results. We are very satisfied with the operating results and margins. The Group has a satisfactory order backlog when entering 2011, and the market situation going forward is mostly positive. 2011 has got off to a good start with strong sales, and the professional market is also growing. It is our opinion that BWG Homes is well positioned for further profitable growth in 2011", comments Lars Nilsen, CEO in BWG Homes ASA.

 

Dividend for the financial year 2010
The Group has strengthened its financial position considerably in 2009 and 2010. The Group's net earnings (IFRS) in 2010 were NOK 179 million, an increase of NOK 109 million on 2009. The Board will propose to the General Meeting that a dividend of NOK 0.90 per share be paid for the financial year 2010.

 

Key operational figures Q4 2010*:

  • Operating revenues: NOK 858 million (NOK 657 million)
  • Operational EBITDA: NOK 111 million (NOK 85 million)
  • Operational EBITDA margin: 13.0 % (12.9 %)
  • Operational EBIT: NOK 107 million (NOK 81 million)
  • Operational EBIT margin: 12.5 % (12.4 %)
  • Cash flow from operations after interest and tax: NOK 34 million (NOK 132 million)
  • Order intake: NOK 724 million (NOK 690 million)
  • Order backlog: NOK 1 809 million (NOK 1 471 million)

 

Key operational figures for 2010*:

  • Operating revenues: NOK 2 940 million (NOK 2 534 million)
  • Operational EBITDA: NOK 369 million (NOK 274 million)
  • Operational EBITDA margin: 12.6 % (10.8 %)
  • Operational EBIT: NOK 352 million (NOK 250 million)
  • Operational EBIT margin: 12.0 % (9.8 %)
  • Cash flow from operations after interest and tax: NOK 144 million (NOK 301 million)
  • Order intake: NOK 3 182 million (NOK 2 882 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.

 

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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