Interim report January-September 2019
FOCUS ON PROFITABILITY IMPROVEMENTS
July – September 2019
- Order bookings amounted to SEK 1,792 million (1,236)
- Income amounted to SEK 1,376 million (1,359)
- The operating loss amounted to SEK 5 million (40)
- Cash flow from operating activities amounted to a negative SEK 164 million (9)
- The loss for the period amounted to SEK 27 million (55)
- Taking internal deliveries to Karlastaden into account, as well as accounting changes regarding tenant-owner projects, income amounted to SEK 1,476 million and operating profit to SEK 9 million. Cash flow from operating activities was adversely impacted in the amount of SEK 88 million by in-house production of tenant-owner apartments, and in the amount of SEK 39 million by internal deliveries to Karlastaden.
- Earnings per share after dilution amounted to a negative SEK 1.20 (2.42)
January – September 2019
- Order bookings amounted to SEK 5,632 million (3,692)
- The order backlog amounted to SEK 7,662 million (7,303)
- Income amounted to SEK 4,472 million (4,525)
- Operating profit amounted to SEK 13 million (86)
- Cash flow from operating activities amounted to a negative SEK 728 million (positive 1)
- The loss for the period amounted to SEK 19 million (profit 32)
- Taking internal deliveries to Karlastaden into account, as well as accounting changes regarding tenant-owner projects, income amounted to SEK 4,899 million and operating profit to SEK 63 million. Cash flow was adversely impacted in the amount of SEK 289 million by in-house production of tenant-owner apartments, and in the amount of SEK 132 million by internal deliveries to Karlastaden.
- Earnings per share after dilution amounted to a negative SEK 0.85 (positive 1.38)
- The equity/assets ratio was 39.3 percent (36.4)
Ola Serneke, CEO Serneke Group, comments:
“On the positive side, we saw continued good order bookings for the contracting operations during the quarter and considerable underlying need for public investment in housing, schools and other public properties.”
“We are not satisfied with the earnings trend or the declining growth. We face the challenges ahead with considerable humility, but also with determination and vigor. During the third quarter, we worked intensively to plan a major reorganization as part of a package of measures aimed at ensuring the company’s long-term competitiveness.”
Presentation of the Interim Report for January-September 2019
On October 25, 2019 at 9:00 a.m. (CET), Serneke Group will comment on this Interim Report in a conference call with an online presentation for investors, analysts and the media. The presentation will be in Swedish and can be followed live via webcast at https://tv.streamfabriken.com/serneke-q3-2019 Presentation materials for the presentation will be available on the website one hour before the webcast begins.
To participate, please dial: +46856642706
For more information, please contact:
Anders Düring, CFO Serneke Group AB
Tel: +46 70 888 77 33
anders.during@serneke.se
This information is information that Serneke is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was released for public disclosure, through the agency of the contact person above, on October 25, 2019, at 8.00 a.m. CET.
Serneke is a rapidly growing corporate group active in construction, civil engineering, project development and property management. The Group was founded in 2002 and today has income of around SEK 6.5 billion and around 1,200 employees. Through novel thinking, the Company drives development and creates more effective and more innovative solutions for responsible construction. The Company builds and develops housing, commercial buildings, industrial facilities, public buildings, roads and civil engineering projects, and other infrastructure. The Company’s customers are public and commercial clients, and operations are focused on the three metropolitan regions in Sweden, Gothenburg (Region West), Stockholm (Region East) and Malmö (Region South). Serneke has its headquarters in Gothenburg and offices in Stockholm, Malmö, Alingsås, Borås, Eskilstuna, Halmstad, Helsingborg, Jönköping, Skövde, Strömstad, Trollhättan, Uppsala, Varberg and Växjö. The Company’s Class B shares (SRNKE) have been listed on the Nasdaq Stockholm exchange since November 2016.
Further information about Serneke Group AB is available at www.serneke.com
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