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Strong profit in BWG Homes

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(Oslo 15 February 2008) Operating revenues for the 4th quarter 2007 amounted to NOK 931 million, up NOK 28 million (3.1 %) compared to the 4th quarter 2006 (pro forma). Pro forma EBIT for the quarter was NOK 148 million, up NOK 18 million (13.6 %) compared to the corresponding quarter 2006. The EBIT margin for the quarter was 15.9 % against 14.4 % for the 4th quarter 2006.

- The operating revenues and the operating profit for the 4th quarter 2007 in BWG Homes show a positive development. BWG Homes has a satisfactory order backlog at the start of 2008. This should contribute to guaranteeing a satisfactory turnover in 2008, although we may not have seen the last of the market fluctuations. In our opinion the macro situation in Norway and Sweden, with low unemployment and reasonable interest rates, should provide a foundation for relatively stable development and growth in our principal market - affordable detached houses, small houses and smaller apartment buildings on the outskirts of the pressure areas, comments CEO Lars Nilsen in BWG Homes.
 
Key figures 4th quarter 2007
  •               Operating revenues NOK 931 * million (NOK 903 million). Up 3.1 per cent
  •               EBITDA NOK 155 * million (NOK 126 million). Up 22.9 per cent
  •               EBIT NOK 148 million (NOK 130 million). Up 13.6 per cent
  •               EBIT margin 15.9 per cent (14.4 per cent)
  •               EBT NOK 127 million (NOK 114 million). Up 2.9 per cent
  •               New orders NOK 765 * million (NOK 817 million). Down 6.4 per cent
  •               Cash flow from operating activities is positive with NOK 98 * million
    • (All figures are pro forma except *)
     
    Key figures 2007
  •               Operating revenues NOK 3 272 million (NOK 3 059 million). Up 7.0 per cent
  •               EBITDA NOK 441 million (NOK 397 million). Up 10.9 per cent
  •               EBIT NOK 429 million (NOK 402 million). Up 6.9 per cent
  •               EBIT margin 13.1 per cent (13.1 per cent)
  •               EBT NOK 333 million (NOK 325 million). Up 2.5 per cent
  •               New orders NOK 3 387 million (NOK 3 260 million). Up 3.9 per cent
  •               Order backlog NOK 1 949 * million (NOK 1 909 million). Up 2.1 per cent
  •               Cash flow from operating activities is positive with NOK 123 * million
    • (All figures are pro forma except *)
     
    Dividend for financial year 2007
    The Board will propose to the General Meeting that a dividend of NOK 2.00 per share be paid for the 2007 financial year. This accounts for 65.7 per cent of the net profit for the year after tax and it is in accordance with the company's policy to distribute 50 to 70 per cent of its profits in dividends.
     
    For more details, see the attached interim report.
     
    Further information from:
    Lars Nilsen, CEO, BWG Homes ASA, tel: +47 23 24 60 00
    Ketil Kvalvik, CFO, BWG Homes ASA, tel: +47 23 24 60 42, +47 90 77 13 15
     
    BWG Homes develops, sells and constructs residential homes in the Nordic region. The present brands owned by the group are Block Watne 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 2 500 new homes. BWG Homes has 1 360 employees. In 2007 the turnover was NOK 3.2 billion.

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