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Strong results in Norway in Q1 2013, improvements in Sweden

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BWG Homes Group operating revenues for Q1 2013 amounted to NOK 939 million, an increase of 11.5 per cent when compared to Q1 2012. Operational EBITDA for the quarter was NOK 124 million, an increase of 33.8 per cent. Operational EBITDA margin for the quarter was 13.2 per cent (11.0 per cent), and operational EBIT margin was 12.7 per cent (10.5 per cent).

The order backlog at the end of the quarter was NOK 1 568 million, down NOK 92 million when compared to the same period in 2012. The decline in order backlog is a direct effect of Block Watne selling some of its houses closer to the date of their completion.

Cash flow from operations for the quarter was negative at NOK 213 million against negative at NOK 88 million in Q1 2012. Net interest-bearing debt is increased by NOK 223 million from the previous quarter (year-end).

“The Group shows increased revenues and solid results in Q1 2013. Sales in the quarter are historically strong. Block Watne continues the positive trend from the previous quarters, and shows excellent results. The market situation in Sweden remains demanding, but a more positive trend is seen. Our Swedish operations, BWG Homes AB, achieved improved sales and a positive development in results, but still at low levels. We expect that more efficient production and the development of a broader product range with different forms of settlement will have a positive effect on volumes and results”, comments Lars Nilsen, CEO in BWG Homes ASA.

“The acquisition of Kärnhem, which was completed in April, shows a stronger emphasis on the apartment market. Kärnhem's development projects have a considerable proportion of apartment buildings and cooperative housing societies. This area of the housing market has fared better than the market for single-unit homes in the past few years. It is our expectation that the acquisition of Kärnhem will significantly strengthen the Group's position in Sweden going forward”, Lars Nilsen comments further.

Key operational figures Q1 2013*:

  • Operating revenues: NOK 939 million (NOK 842 million)
  • Operational EBITDA: NOK 124 million (NOK 93 million)
  • Operational EBITDA margin: 15.2% (13.8%)
  • Operational EBIT: NOK 146 million (NOK 119 million)
  • Operational EBIT margin: 13.2% (11.0%)
  • Cash flows from operations after interest and tax: NOK -213 million (NOK -88 million)
  • Order intake: NOK 1 041 million (NOK 910 million)
  • Order backlog: NOK 1 568 million (NOK 1 660 million)
  • Number of homes in production: 1 226 (1 196)
  • Number of homes sold: 433 (369)
  • Number of homes delivered: 313 (338)

* The operational figures are based on the internal management reports which differ somewhat from the consolidated accounts; see note 1 in the interim report. The figures above do not include Kärnhem AB. Kärnhem AB will be consolidated effective from May 2013.

For the consolidated income statement (IFRS), reference is made to page 10 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

 

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.

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