Interim report January-September 2023

Wästbygg Gruppen AB (publ) presents its interim report for January-September 2023.

“The Wästbygg Group reported an order intake of over SEK 1 billion for the second consecutive quarter, and this year’s order intake to date totals SEK 2.5 billion. A continued stable order intake demonstrates our ability to offer our customers the right products. The challenging market situation persisted during Q3, with demand especially weak in the Residential business area. However, we saw a continued appetite for investment in Commercial and Logistics and Industry. Thanks to the profitability measures conducted during the year, along with well-founded calculations and strong project implementation, we report a positive operating profit”, says Jonas Jönehall, CEO Wästbygg Group

KEY RATIOS ACCORDING TO SEGMENT REPORTING
1 January – 30 September 2023
• Revenue SEK 3,793 million (3,981)
• Operating profit SEK -236 million (68)
• Profit after tax SEK -219 million (105)
• Earnings per share SEK -6.78 (3.25)
• Cash flow from operating activities SEK -652 million (-637)
• Interest-bearing net cash (+) /net debt (-) SEK 158 million (402)
• Equity ratio 33% (41)
• Order intake SEK 2,527 million (4,137)
• Order backlog 30 September SEK 4,490 million (6,679)

1 July – 30 September 2023
• Revenue SEK 1,057 million (1,299)
• Operating profit SEK 3 million (-27)
• Profit after tax SEK -3 million (-9)
• Earnings per share SEK -0.10 (-0.28)
• Cash flow from operating activities SEK -219 million (-171)
• Equity ratio 33% (41)
• Order intake SEK 1,019 million (1,201)

KEY RATIOS ACCORDING TO IFRS:
1 January – 30 September 2023
• Revenue SEK 3,729 million (3,452)
• Operating profit SEK -166 million (-64)
• Profit after tax SEK -159 million (-30)
• Earnings per share SEK -4.91 (-0.92)
• Cash flow from operating activities SEK -1,079 million (-1,100)
• Interest-bearing net cash (+) /net debt (-) SEK -1,113 million (-836)
• Equity ratio 27% (34)

1 July – 30 September 2023
• Revenue SEK 1,038 million (1,101)
• Operating profit SEK 33 million (-74)
• Profit after tax SEK 26 million (-56)
• Earnings per share SEK 0.79 (-1.73)
• Cash flow from operating activities SEK -280 million (-309)
• Equity ratio 27% (34)

Comparative figures in parentheses refer to profit items corresponding to the period 2022 and for balance sheet items corresponding to the balance sheet date 2022.

SIGNIFICANT EVENTS IN THE THIRD QUARTER

• Due to the negative profit for Q2, and to the company’s forecast that the KPI interest coverage ratio would not be achieved, the Wästbygg Group initiated a written procedure with the company’s green bondholders to renegotiate the terms of the bond. The written procedure was completed on 31 August 2023 after the amended terms were approved. The new terms include the removal of the financial covenant interest coverage ratio and an adjustment upwards of the level of the financial covenant equity ratio. Furthermore, the company shall amortise in total SEK 100 million no later than at the end of the first quarter 2024, whereof at least SEK 50 million no later than at the end of the financial year 2023. In addition, the company’s option to make share dividends for the remaining term of the Bonds shall be omitted.
• The group company Logistic Contractor entered into a forward commitment contract with fund manager Genesta Property Nordic for the development and construction of a 20,600 sqm logistics facility in Denmark. The order value is DKK 220 million, equivalent to approx. SEK 340 million on the day when the agreement was entered into.

Today at 9:30 Jonas Jönehall, CEO and Jessica Gårdmo, CFO, will present and comment on the report. The presentation will be held in Swedish.

Link to webcast: https://wbgr.se/sv/q3-2023/

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For more information, please contact:

Jonas Jönehall, CEO
Phone: +46 73 920 19 01
Email: jonas.jonehall@wastbygg.se

Jessica Gårdmo, CFO
Phone: +46 73 467 26 15
Email: jessica.gardmo@wastbygg.se

Robin Sundin, Group Legal Counsel and Head of IR
Phone: +46 72 529 30 04
Email: robin.sundin@wastbygg.se

wbgr.se
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About Wästbygg Group:

The Wästbygg Group is a listed construction and project development company that builds and develops residential, commercial buildings and community service properties, as well as logistics and industrial facilities – always with a major focus on sustainability. The group comprises Wästbygg AB, Rekab Entreprenad AB and Logistic Contractor AB.

The group operates in the most rapidly expanding markets in Sweden, with Logistic Contractor also providing services in Denmark, Norway and Finland. In 2022, the group had sales of SEK 5.8 billion and 600 employees.