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Strong results and new orders
The Wästbygg Group presents its interim report today for the period January-September.
– The figures for the third quarter of the year are now ready and it is a pleasure to once again present a strong report. Based on segment reporting, i.e. taking account of revenue recognition applied over time in self-developed tenant-owner projects, we report an operating profit of SEK 67 million for the quarter. This is almost twice as much as the same period last year. New orders during the quarter have been good and have partially compensated for the weaker than normal level of new orders that we experienced during the second quarter, 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 19 for further information.
| Summary according to IFRS: | Summary according to segment reporting: |
| 1 July – 30 September 2020 Revenue SEK 720 million (1,037) Operating profit SEK 56 million (86) Profit after tax SEK 58 million (81) Profit per share SEK 2.50 (3.54) Cash flow from day-to-day operations SEK 9 million (197) New orders SEK 900 million (657) |
1 July – 30 September 2020 Revenue SEK 773 million (865) Operating profit SEK 67 million (34) Profit after tax SEK 68 million (30) Profit per share SEK 2.95 (1.33) Cash flow from day-to-day operations SEK 47 million (81) New orders SEK 900 million (657) |
| 1 January – 30 September 2020 Revenue SEK 2,696 million (2,843) Operating profit SEK 158 million (180) Profit after tax SEK 152 million (175) Profit per share SEK 6.62 (7.63) Cash flow from day-to-day operations SEK -78 million (-41) Interest-bearing net cash (+)/ net debt (-) SEK -209 million (15) Equity ratio 32 % (29) New orders SEK 1,966 million (2,491) Order backlog 30 September SEK 3,203 million (3,970) |
1 January – 30 September 2020 Revenue SEK 2,798 million (2,764) Operating profit SEK 177 million (136) Profit after tax SEK 171 million (132) Profit per share SEK 7.43 (5.77) Cash flow from day-to-day operations SEK 1 million (-141) Interest-bearing net cash (+)/ net debt (-) SEK 6 million (62) Equity ratio 40% (31) New orders SEK 1,966 million (2,491) Order backlog 30 September SEK 3,203 million (3,970) |
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 during the third quarter
- Two self-developed logistics facilities and a self-developed housing project were sold during the quarter. The total value amounted to SEK 974 million. The logistics facilities are under production and have a partial impact on earnings during the third quarter. The residential project will go into production during the fourth quarter and does not yet affect the result.
- The quarter’s new orders amounted to SEK 900 million and consist for the most part of four major construction contracts within Housing and a logistics project.
- On 30 September, the Wästbygg Group announced the prospectus for the listing on Nasdaq Stockholm. The prospectus is available for download at wastbygg.se.
- At an Extraordinary General Meeting on 28 September, Elisabeth Falk was dismissed as a auditor appointed in a personal capacity due to health reasons. It was noted that Grant Thornton Sweden AB is still the chosen auditing company and that Lars Kjellgren is still the principal auditor. Furthermore, Grant Thornton has announced that Camilla Nilsson has been appointed as co-signatory auditor, to sign together with the principal auditor.
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 and 11:00, 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.
Webcast at 9:30 (Swedish) https://financialhearings.com/event/13244
Teleconference at 11:00 (English) https://financialhearings.com/event/13254
