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Results update 4th quarter 2013

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BWG Homes Group expects to report operational EBITDA at approx. NOK 105 million for Q4 2013 (NOK 146 million in Q4 2012). Consensus from currently available analyses seems to be somewhat higher. Consolidated EBITDA (IFRS) for the quarter is expected at approx. NOK 200 million (NOK 135 million in Q4 2012).

Operational EBITDA for the year 2013 is expected to be at approx. NOK 458 million (NOK 457 million in 2012), and consolidated EBITDA (IFRS) for 2013 is expected at approx. NOK 470 million (NOK 414 million in 2012).

The difference from consensus in Q4 2013 is mainly due to decreasing sales in segment Block Watne (reference is made to press release 3 January 2014). Block Watne has already carried through cost reduction measures which will give an effect of approx. NOK 50 million, and in November 2013, a workforce reduction of approx. 15 percent was implemented. The reduction will take effect during the 1st quarter of 2014.

Block Watne’s number of unsold completed homes has increased from 62 units at the end of Q3 to 99 units at the end of Q4. BWG Homes Group’ net interest-bearing debt increased by NOK 118 million in Q4. All covenants in are fulfilled.  

The Board will consider deviating from a dividend level of a minimum of 50 per cent of profit after tax, announced in Spring 2013. The Board's dividend proposal for the financial year 2013 will be announced at the presentation of Q4 2013.

4th quarter 2013 results and preliminary results for 2013 will be presented on Thursday 13 February 2014 at 11:00 hrs. in Vika Atrium conference center, Oslo.

Further information from:

Ole Feet, CEO, BWG Homes ASA, tel: +47 900 91 230

Arnt Eriksen, CFO, BWG Homes ASA, 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