Establishing operations in northern Sweden

“The Wästbygg Group is expanding. In September, we signed an agreement to acquire Rekab Entreprenad with offices in Umeå, Sundsvall, Örnsköldsvik, Skellefteå and Luleå. As our 175 new colleagues join Wästbygg, we continue to deliver strong results. Based on the segment reporting, our operating profit amounted to SEK 74 million for the third quarter and SEK 207 million for the first nine months of the year. Looking at the rolling 12-month period, we had an operating profit of SEK 285 million. In terms of volumes, we are noticing a break with the trend. Q3 was the first quarter of this year in which revenues were higher than the corresponding quarter of the previous year. The order intake of SEK 4.2 billion that we have had since 1 October 2020 has now started to show up strongly in our figures, as the new projects increasingly enter full production,” says Jörgen Andersson, CEO Wästbygg Group.

GROUP IN SUMMARY, IFRS:

1 July – 30 September 2021

• Revenue SEK 767 million (720)
• Operating profit SEK 58 million (56)
• Profit after tax SEK 56 million (58)
• Earnings per share SEK 1.74 (2.50)
• Cash flow from operating activities SEK -191 million (9)

1 January – 30 September 2021

• Revenue SEK 2,718 million (2,696)
• Operating profit SEK 224 million (158)
• Profit after tax SEK 228 million (152)
• Earnings per share SEK 7.06 (6.62)
• Cash flow from operating activities SEK -126 million (-78)
• Interest-bearing net cash (+) / net debt (-) SEK 428 million (-209)
• Equity ratio 52% (32)

GROUP IN SUMMARY, SEGMENT REPORTING:

1 July – 30 September 2021

• Revenue SEK 822 million (773)
• Operating profit SEK 74 million (67)
• Profit after tax SEK 75 million (68)
• Earnings per share SEK 2.31 (2.95)
• Cash flow from operating activities SEK -141 million (47)
• New orders SEK 703 million (900)

1 January – 30 September 2021

• Revenue SEK 2,547 million (2,798)
• Operating profit SEK 207 million (177)
• Profit after tax SEK 216 million (171)
• Earnings per share SEK 6.68 (7.43)
• Cash flow from operating activities SEK 77 million (1)
• Interest-bearing net cash (+) / net debt (-) SEK 856 million (6)
• Equity ratio 56% (40)
• New orders SEK 2,943 million (1,966)
• Order backlog 30 September SEK 3,634 million (3,203)

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 THIRD QUARTER

• A contract was signed with Fastighets AB Trianon regarding sales of Kv Trädgårn in Svedala, a self-developed project with 53 rental apartments. The transaction takes the form of a forward commitment. The agreed property value is SEK 112 million, and state investment aid of SEK 27 million will also be paid.
• A contract was signed with Niam for the acquisition of building rights in Täby pertaining to two tenant-owner associations with 89 apartments. The agreed property value is approximately SEK 310 million, and Wästbygg assumed the building rights on 16 August.
• A contract was signed with Lansa Fastigheter regarding sales of self-developed residential project Journalen 1 in Sege Park, Malmö through a forward funding arrangement. Journalen 1 comprises 177 rental apartments and the agreed property value is approximately SEK 400 million. The deal is subject to a decision on state investment aid, as well as approval of building permit and title deeds.
• On 24 September the Wästbygg Group concluded an agreement to acquire all shares in Rekab Entreprenad AB, a company with 175 employees, from its holding company Trekcyd AB. The purchase price totalled SEK 230 million.
• The Wästbygg Group’s COO Mikael Hillsten has resigned after 11 years in various roles, and will leave the group later this year. He has stepped down from the group management team.

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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:
https://wbgr.se/en/q3-2021/
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About Wästbygg:

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 strong focus on sustainability. With 500 employees, it comprises Wästbygg AB, Rekab Entreprenad AB, Logistic Contractor AB and Inwita Fastigheter AB.

The group operates in the most rapidly expanding markets in Sweden, with Logistic Contractor also providing services in Denmark, Norway and Finland. 

www.wastbygg.se