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A green start to the year
The Wästbygg Group presents its interim report today for the period January-March 2021.
– The Wästbygg Group has started 2021 with a very strong first quarter. Based on the segment reporting, our operating profit amounted to SEK 66 million, making this one of our strongest first quarters ever. I am also pleased to announce that we recently were able to publish our green framework and that we, as one of the few companies in Sweden, and the only construction company of our size, can classify our shares as green. The framework is a natural step in our sustainability efforts and will serve to further increase transparency regarding our climate footprint. The framework will also be used as an internal steering tool in making sustainable business decisions, says Jörgen Andersson, CEO Wästbygg Group.
Group in summary, IFRS:
1 January– 31 March 2021
• Revenue SEK 900 million (926)
• Operating profit SEK 76 million (25)
• Profit after tax SEK 73 million (25)
• Earnings per share SEK 2.27 (1.08)
• Cash flow from operating activities SEK -7 million (-47)
• Interest-bearing net cash (+) / net debt (-) SEK 664 million (-139)
• Equity ratio 53% (31)
Group in summary, segment reporting:
1 January– 31 March 2021
• Revenue SEK 814 million (901)
• Operating profit SEK 66 million (24)
• Profit after tax SEK 65 million (24)
• Earnings per share SEK 2.01 (1.03)
• Cash flow from operating activities SEK 124 million (-47)
• Interest-bearing net cash (+) / net debt (-) SEK 1,033 million (-3)
• Equity ratio 60% (36)
• New orders SEK 767 million (633)
• Order backlog 31 March SEK 3,102 million (3,580)
Comparative figures in parentheses refer to profit items corresponding to the period 2020 and for balance sheet items corresponding to the balance sheet date 2020.
Significant events in the first quarter
• After achieving the sales target, a decision was taken to start production of our self-developed project Soluret,
in Malmö with 45 tenant-ownership association apartments.
• A decision was taken to launch sales of apartments in the self-developed project Parklyckan, in Stockholm,
which comprises 36 terraced houses.
• A decision was taken to begin renting out apartments in the self-developed sheltered housing Kv Häggen
in Halmstad.
• A contract was signed with Nordströms Bygghandel for the construction of a building supplies store in
Norrköping. The order value is 70 SEK million.
• A contract was signed with a transport and logistics company for the construction of a logistics facility in
Eskilstuna. The order value is SEK 220 million.
• A contract was signed with FB Bostad for the construction of 47 tenant-owned flats and a preschool in
Haninge. The order value is SEK 92 million.
• A project property in Borås was acquired through a company. The total rentable area is 3,600 sqm, half of which is rented to a school. There is a new local development plan for the building, which permits a 2,000 sqm extension to be built. The acquisition was self-financed. The shareholding is classified as other shareholdings and is not consolidated but recognised as a current asset.
• A land allocation contract was signed with the City of Stockholm for the development of 70 tenant-owned flats
in Årstafältet.
• The self-developed residential project Tuvebo Smedja, with 58 tenant-owned flats, has been completed and
handed over to the Smedjan owner-occupied association, and is no longer a consolidated part of the group.
• An organisational merger took place between the operations of the group companies Wästbygg AB and
Wästbygg Projektutveckling AB. In connection with this, Wästbygg AB’s CEO Susanne Liljedahl decided to leave the company and the group management team. Group CEO Jörgen Andersson will step in as CEO of the merged operations until further notice.
• Jenny Jakobson, Head of Communications and Brand, has joined the group management team.
For further information, please contact:
Jörgen Andersson, CEO
Ph +46 703 23 32 02, e-mail jorgen.andersson@wastbygg.se,
Jonas Jönehall, CFO and Deputy CEO
Ph +46 739 20 19 01, e-mail jonas.jonehall@wastbygg.se
Marie Lindebäck, Head of IR and Deputy Head of Sustainability
Ph +46 73 -67 20 12, e-mail marie.lindeback@wastbygg.se
Today at 9:30 Jörgen Andersson, CEO, Jonas Jönehall, CFO and Deputy CEO and Marie Lindebäck, Head of IR and Deputy Head of Sustainability, will present and comment on the report.
Link to webcast:
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About Wästbygg:
The Wästbygg Group is a construction and project development company with operations in the most rapidly expanding markets in Sweden. We build and develop residential, commercial buildings and community service properties, as well as logistics and industrial facilities – always with a strong focus on sustainability.
The company was founded in 1981 in Borås. Today, Wästbygg has offices in Gothenburg, Stockholm, Malmö, Jönköping, Helsingborg and Varberg, as well as through the Group company Logistic Contractor in Copenhagen, Oslo and Helsinki. The Wästbygg Group is listed on Nasdaq Stockholm. In 2020 we had a revenue of SEK 3.8 billion and 310 employees.
