BWG Homes ASA operating revenues for Q1 2010 amounted to NOK 664 million, down 1.8 per cent when compared with Q1 2009. Operating EBITDA for the quarter was NOK 83 million, an increase of 15.3 per cent. Operating EBITDA margin was 12.5 per cent, and operating EBIT margin was 11.8 per cent.

 

The order backlog at the end of the quarter was NOK 1 681 million, an increase of 50.2 per cent compared to the same period in 2009.

 

Cash flow from operating activities for Q1 was negative at NOK 25 million, on par with the same quarter in 2009. Net interest-bearing debt saw an increase of NOK 23 million since year-end, but was NOK 365 million lower than at the end of Q1 2009.

 

- Stable operations and good developments in sales have provided turnover for the quarter which is in line with Q1 2009, even though a difficult winter with a lot of snowfall in parts of both Norway and Sweden caused delays to production at building sites. We consider the operating result and margins as satisfactory and representing a strong start to 2010, comments Lars Nilsen, CEO in BWG Homes.

 

- The demand for new homes is increasing both in Norway and Sweden. Backed by good sales and increasing order back log, production staff and capacity will be strengthened during 2010. At the same time we maintain constant focus on cost levels and improvements to efficiency, Lars Nilsen comments further.

 

 

Key operational figures 1st quarter 2010 *:

• Operating revenues: NOK 664 million (NOK 677 million)
• Operating EBITDA: NOK 83 million (NOK 72 million)
• Operating EBITDA margin: 12.5% (10.6%)
• Operating EBIT: NOK 79 million (NOK 61 million)
• Operating EBIT margin: 11.8% (9.0%)
• Cash flow from operations after interest and tax: NOK -25 million (NOK -25 million)
• Order intake: NOK 876 million (NOK 712 million)
• Order backlog: NOK 1 681 million (NOK 1 119 million)

 

Key figures from consolidated accounts (IFRS):

• Operating revenues: NOK 637 million, up 11.4 per cent
• EBITDA: NOK 61 million, up 56.9 per cent
• EBT: NOK 50 million, an improvement of NOK 82 million

 

* The operating figures are based on the internal operating reports which differ somewhat from the consolidated accounts; see note 1 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 acc. to §5-12 vphl (Norwegian Securities Trading Act)