BWG Homes expects to report better results for 4th quarter 2009 than reported for 4th quarter 2008. The results will also be considerably stronger than currently expected by the analysts (consensus).

The company expects its operating revenues to amount to approx. NOK 650 million for the quarter, and EBITDA amounting to approx. NOK 78 million.

The reason for the relatively strong results is primarily the completion of major housing projects in the Norwegian operation (Block Watne) where the result estimates have proved too conservative. Operating revenues for the Norwegian operation are expected to amount to approx. NOK 390 million in 4th quarter 2009 with EBITDA of approx. NOK 70 million. Operating revenues for the Swedish operation (Myresjöhus and SmålandsVillan) are expected to amount to approx. NOK 260 million with EBITDA of approx. NOK 18 million.

The above implies no change in the project management assumptions applied by the company.

As previously announced the presentation of 4th quarter 2009 and preliminary results for 2009 will take place in Vika Atrium, 11 February 2010, at 11:00.

 

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.

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, Myresjöhus and SmålandsVillan in Sweden. BWG Homes sells and constructs homes through own residential projects and for individual customers. Ranked as a leading residential house builder in its markets, the group annually completes more than 2 000 new homes. BWG Homes has 850 employees. In 2008 the turnover was NOK 3.2 billion.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)