Strong results and increased margins
Operating revenues for the 4th quarter 2009 amounted to NOK 657 million, down 8.9 per cent compared with 4th quarter 2008. Operational EBITDA for the quarter was NOK 85 million, an increase of 25.0 per cent. The EBITDA margin was 12.9 per cent. Cash flow from operations after interest and tax was NOK 132 million, an improvement of 173 per cent compared with 4th quarter 2008.
The order backlog at the end of 2009 was NOK 1,471 million, an increase of 25.8 % compared to year-end 2008.
Cash flow from operations after interest and tax for 2009 was NOK 301 million, an improvement of NOK 527 million compared with 2008. Net interest-bearing debt has been reduced by NOK 590 million since year-end 2008.
The decline in revenues for 2009 is due to a significant reduction in the Group's production both in Norway and Sweden in 2008 and at the start of 2009.
- 2009 turned out to be a good year for sales for BWG Homes. The order intake for the Group rose by 23 % in 2009, and at year-end the order backlog was up 26 %. 2009 is ended with strong results and solid margins. The Group has a strong cash flow and has been able to further reduce its interest-bearing liabilities substantially during the year, comments Lars Nilsen, CEO in BWG Homes ASA.
- The operating conditions for BWG Homes' activities are highly positive at the beginning of 2010. Interest rates are still low, unemployment is stable, and demand for new homes is increasing. Capacity and production rates will gradually be increased in 2010, while maintaining focus on efficient operations and profitability, Lars Nilsen comments further.
Key figures 4th quarter 2009
Operating revenues: NOK 657 million (NOK 721 million)
Operational EBITDA: NOK 85 million (NOK 68 million)
EBITDA margin: 12.9 % (9.4 %)
Operational EBIT: NOK 81 million (NOK 67 million)
EBIT margin: 12.4 % (9.4 %)
Cash flow from operations after interest and tax: NOK 132 million (NOK 48 million)
Order intake: NOK 690 million (NOK 225 million)
Preliminary key figures 2009
Operating revenues: NOK 2,534 million (NOK 3,172 million)
Operational EBITDA: NOK 274 million (NOK 378 million)
EBITDA margin: 10.8 % (11.9 %)
Operational EBIT: NOK 250 million (NOK 357 million)
EBIT margin: 9.8 % (11.2 %)
Cash flow from operations after interest and tax: NOK 301 million (NOK -226 million)
Order intake: NOK 2,882 million (NOK 2,347 million)
Order backlog: NOK 1,471 million (NOK 1,169 million)
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