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Strong results after an unusual year!
The Wästbygg Group presents its year-end report for 2020.
– The financial statements for 2020 have now been prepared, and I am satisfied with the results given the current circumstances. We conduct our operations in three strong business areas. There are projects on the market, but as a result of the pandemic, competition has increased and many clients have opted to postpone their investment decisions. Despite this, based on the segment reporting, our revenues have only fallen by a few percentage points compared to the previous year. We have clearly indicated in our communications that we intend to prioritise profitability over volume and have set long-term growth targets. I see it as an important measure of our strength that we achieved an operating profit of SEK 254 million, which is an improvement of 32 per cent compared with 2019, say Jörgen Andersson, CEO of Wästbygg Gruppen AB.
As of the interim report for the period January-June 2020, the Group reports revenues and results for project development of owner-occupied flats upon completion. In addition revenue recognition for these projects is reported over time in the segment report, as this provides a clearer picture of the Group´s financial position at each individual reporting occasion. See Note 2 on page 20 in the report for further information.
| Summary according to IFRS: | Summary according to segment reporting: |
| 1 October – 31 December 2020 Revenue SEK 924 million (1,046) Operating profit SEK 65 million (40) Profit after tax SEK 82 million (40) Earnings per share SEK 2.66 (1.77) Cash flow from operating activities SEK -161 million (-23) |
1 October – 31 December 2020 Revenue SEK 1,002 million (1,141) Operating profit SEK 77 million (56) Profit after tax SEK 97 million (55) Earnings per share SEK 3.16 (2.38) Cash flow from operating activities SEK -97 million (68) New orders SEK 1,266 million (1,359) |
| 1 January – 31 December 2020 Revenue SEK 3,620 million (3,889) Operating profit SEK 223 million (220) Profit after tax SEK 234 million (215) Earnings per share SEK 9.39 (9.40) Cash flow from operating activities SEK -237 million (-63) Interest-bearing net cash (+) / net debt (-) SEK 477 million (-7) Equity ratio 50% (27) The Board of Directors proposes that the Annual General Meeting adopt a dividend of SEK 3.30 per share (3.27) |
1 January – 31 December 2020 Revenue SEK 3,801 million (3,905) Operating profit SEK 254 million (192) Profit after tax SEK 268 million (187) Earnings per share SEK 10.75 (8.15) Cash flow from operating activities SEK -95 million (-73) Interest-bearing net cash (+) / net debt (-) SEK 928 million (129) Equity ratio 57% (31) New orders SEK 3,232 million (3,850) Order backlog 31 December SEK 3,201 million (3,752) |
Comparative figures in parentheses refer to profit items corresponding to the period 2019 and for balance sheet items corresponding to the balance sheet date 2019.
Significant events in the fourth quarter
- A self-developed logistics facility in Stockholm with MatHem as a tenant has been sold to Niam AB. The purchase price amounts to approx. SEK 900 million. The facility is under construction and will be taken over by Niam AB upon completion during the first quarter of 2022.
- A contract has been signed with DHL for the construction of a parcel terminal at Copenhagen Airport, Kastrup. The order value is approximately SEK 500 million.
- Wästbygg Gruppen AB was listed on Nasdaq Stockholm on 13 October. At that time the offer was oversubscribed.
- Marie Lindebäck, formerly the company’s Deputy Head of Sustainability, has been appointed Head of IR.
- The number of shares and votes in the company changed as a result of two new share issues in which a total of 9,390,165 new Class B shares were issued in connection with the stock exchange listing. Authorisation to carry out the share issue was granted by the Annual General Meeting to Wästbygg’s Board of Directors on 23 March 2020.
For more information regarding the share issues, see page 31. - A shareholder loan from the M2 Group of SEK 30 million was repaid in connection with the new share issue.
- A conditional shareholders’ contribution of SEK 48 million has been converted into an unconditional one.
For further information, please contact:
Jörgen Andersson, CEO
Tel. 0703-23 32 02, e-mail jorgen.andersson@wastbygg.se,
Jonas Jönehall, CFO and deputy CEO
Tel. 0739-20 19 01, e-mail jonas.jonehall@wastbygg.se
Marie Lindebäck, head of IR and deputy head of sustainability
Tel. 0734-67 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/q4-2020/
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.
