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Strong revenue growth for the Group and considerable improvements in Sweden in Q3 2013

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BWG Homes Group operating revenues for Q3 2013 amounted to NOK 899 million, an increase of 16.4 per cent when compared to Q3 2012. Operational EBITDA for the quarter was NOK 97 million, down by 10.2 per cent. Operational EBITDA margin for the quarter was 10.8 per cent, and operational EBIT margin was 10.3 per cent. 

The order backlog at the end of the quarter was NOK 1 835 million, up NOK 206 million when compared to the same period in 2012. This is mainly due to an increased order backlog for BWG Homes AB and the consolidated order backlog for Kärnhem.

Cash flow from operations for the quarter was negative at NOK 12 million against negative NOK 10 million in Q3 2012. Net interest-bearing debt is up by NOK 36 million from the previous quarter.

«The Group can demonstrate strong sales and significantly increased revenues. Improvements in BWG Homes AB are considerable in this quarter. Increased sales and higher delivery volume have brought good earnings and margins in the 3rd quarter and the year to date in the Swedish operation. Block Watne continues strong performance with good sales and revenue growth. The Group’s operational earnings in the 3rd quarter were affected by Block Watne's increased costs associated with project planning and regulation in an early phase, and by a certain levelling off in house price growth. Kärnhem’s almost break-even results for the 3rd quarter reflect the fact that no major new housing cooperative projects were established in this quarter. The company nevertheless demonstrates higher activity than previously planned”, comments Ole Feet, CEO in BWG Homes ASA.

“The strong growth in house prices and the high sales rate that we have seen in Norway for several years appear to be levelling off to a more normal level. There is still a demand for new housing, but housing starts are expected to be slightly lower in 2013 and 2014 in Norway than previously estimated. In addition, costs of housing production are increasing as a result of technical regulations. The Swedish economy has taken a more positive turn and home buyers are returning to the market. The main growth is in the Stockholm and Gothenburg areas. Our Swedish operations continues its focus on own residential projects and housing cooperative projects as well as single family homes. The Group’s focus is constantly on market alignment of products and projects, profitability and cost efficiency, both in Norway and Sweden”, Ole Feet comments further.


Key operational figures Q3 2013*:

  • Operating revenues: NOK 899 million (NOK 772 million)
  • Operational EBITDA: NOK 97 million (NOK 108 million)
  • Operational EBITDA margin: 10.8 % (14.0 %)
  • Operational EBIT: NOK 93 million (NOK 104 million)
  • Operational EBIT margin: 10.3 % (13.5 %)
  • Cash flows from operations after interest and tax: NOK -12 million (NOK -10 million)
  • Order intake: NOK 860 million (NOK 727 million)
  • Order backlog: NOK 1 835 million (NOK 1 629 million)
  • Units in production: 1 298 (1 221)
  • Units sold: 340 (288)
  • Units delivered: 345 (305)


Key operational figures per 30.09.2013*:

  • Operating revenues: NOK 2 890 million (NOK 2 522 million)
  • Operational EBITDA: NOK 351 million (NOK 311 million)
  • Operational EBITDA margin: 12.1 % (12.3 %)
  • Operational EBIT: NOK 337 million (NOK 300 million)
  • Operational EBIT margin: 11.7 % (11.9 %)
  • Cash flows from operations after interest and tax: NOK -177 million (NOK -251 million)
  • Order intake: NOK 2 989 million (NOK 2 575 million)
  • Units sold: 1 204 (1 046)
  • Units delivered: 1 118 (1 014)

* 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 include Kärnhem AB with effect 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:

Ole Feet, CEO, tel: +47 900 91 230

Arnt Eriksen, CFO, tel: +47 922 14 625


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. More information about the Group at www.bwghomes.no/en

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