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Strong results in Norway in Q4 2012, still demanding in Sweden

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BWG Homes Group operating revenues for Q4 2012 amounted to NOK 961 million, an increase of 5.2 per cent when compared to Q4 2011. Operational EBITDA for the quarter was NOK 146 million, an increase of 15.9 per cent. Operational EBITDA margin for the quarter was 15.2 per cent (13.8 per cent), and operational EBIT margin was 15.2 per cent (13.1 per cent). Write-down of goodwill in the Swedish operations of NOK 404 million has been made.

The order backlog at the end of 2012 was NOK 1 455 million, down NOK 159 million from the end of 2011. The decline in order backlog is primarily a direct effect of Block Watne, to a greater extent, is selling houses later in the project phase.

Cash flow from operations for the quarter was negative at NOK 30 million against negative at NOK 31 million in Q4 2011. Net interest-bearing debt is reduced by NOK 129 million from year-end.

”Both Q4 and 2012 as a whole have been very good for the Group. The Norwegian operations continue the positive trend from the previous quarters, and show historically strong results. The situation in Sweden remains demanding. During 2012, however, the declining sales seem to have stabilized, and we have certain positive expectations for sales going forward. Profitability in the Swedish operations is still low. We have carried out a number of measures to enhance profitability, but how soon improvements can be achieved will also depend on market developments, comments Lars Nilsen, CEO in BWG Homes ASA.

“In 2012 the Group has refinanced all debts and new equity is gained. There will be strong focus on limiting the tied-up capital. The Group has a strong financial position and good results are expected going forward. The Board has adjusted the dividend policy and emphasises thereby that shareholders will come to get their share of these results”, Lars Nilsen comments further.

Key operational figures Q4 2012*:

  • Operating revenues: NOK 961 million (NOK 913 million)
  • Operational EBITDA: NOK 146 million (NOK 126 million)
  • Operational EBITDA margin: 15.2 % (13.8 %)
  • Operational EBIT: NOK 146 million (NOK 119 million)
  • Operational EBIT margin: 15.2 % (13.1 %)
  • Cash flow from operations after interest and tax: NOK -30 million (NOK -31 million)
  • Order intake: NOK 800 million (NOK 634 million)
  • Order backlog: NOK 1 455 million (NOK 1 613 million)

Key operational figures 2012*:

  • Operating revenues: NOK 3 483 million (NOK 3 461 million)
  • Operational EBITDA A: NOK 457 million (NOK 408 million)
  • Operational EBITDA margin: 13.1 % (11.8 %)
  • Operational EBIT: NOK 446 million (NOK 386 million)
  • Operational EBIT margin: 12.8 % (11.2 %)
  • Cash flow from operations after interest and tax: NOK -281 million (NOK -150 million)
  • Order intake: NOK 3 374 million (NOK 3 199 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.

For the consolidated income statement (IFRS), reference is made to page 11 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.

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