BWG Homes ASA operating revenues for Q2 2010 amounted to NOK 756 million, an increase of 13.4 per cent when compared with Q2 2009. Operational EBITDA for the quarter was NOK 93 million, an increase of 41.9 per cent. Operational EBITDA margin was 12.2 per cent, and operational EBIT margin was 11.6 per cent.

 

The order backlog at the end of the quarter was NOK 1 831 million, an increase of 43.2 per cent compared to the same period in 2009.

 

Cash flow from operations for Q2 was positive at NOK 103 million, which is an improvement of NOK 26 million on the same quarter the previous year. Net interest-bearing debt has been reduced by NOK 62 million since the beginning of the year and is NOK 85 million lower than at the end of Q1 2010.

 

- Increased production capacity, stable operating efficiency and positive development in sales have resulted in revenue growth and strong results. Operational profit and margins are considered satisfactory. BWG Homes has a solid order backlog, and macro factors affecting our segments in the housing market are highly positive for our operations. The outlook for further growth and improved results should be good, comments Lars Nilsen, CEO in BWG Homes ASA.

 

- Positive development in sales and a solid order backlog form the basis of a further strengthening of production capacity and staffing in both the Norwegian and Swedish operations in order to accommodate the strong demand for new homes. Active efforts are also in progress with the aim of contracting of land sites in order to develop more housing projects, comments Lars Nilsen further.

 

Key operational figures Q2 2010 *:

• Operating revenues: NOK 756 million (NOK 667 million)
• Operational EBITDA: NOK 93 million (NOK 65 million)
• Operational EBITDA margin: 12.2 % (9.8 %)
• Operational EBIT: NOK 88 million (NOK 60 million)
• Operational EBIT margin: 11.6 % (9.1 %)
• Cash flow from operations after interest and tax: NOK 103 million (NOK 77 million)
• Order intake: NOK 849 million (NOK 826 million)
• Order backlog: NOK 1 831 million (NOK 1 279 million)

 

Key operational figures 1 half 2010 *:

• Operating revenues: NOK 1 420 million (NOK 1 344 million)
• Operational EBITDA: NOK 175 million (NOK 137 million)
• Operational EBITDA margin: 12.3 % (10.2 %)
• Operational EBIT: NOK 167 million (NOK 121 million)
• Operational EBIT margin: 11.7 % (9.0 %)
• Cash flow from operations after interest and tax: NOK 78 million (NOK 52 million)
• Order intake: NOK 1 724 million (NOK 1 538 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.

 

Key figures from consolidated accounts (IFRS) Q2 2010:

• Operating revenues: NOK 690 million, down 7.1 %
• EBITDA: NOK 57 million, down 45.5 %
• EBT: NOK 34 million, down 58.9 %

Key figures from consolidated accounts (IFRS) 1 half 2010:

• Operating revenues: NOK 1 327 million, up 1.0 %
• EBITDA: NOK 118 million, down 17.9 %
• EBT: NOK 84 million, up 63.9 %

 

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)