Wästbygg Group’s year-end report for 2023

Wästbygg Gruppen AB (publ) presents its year-end report for 2023.

“During 2023, the entire construction sector was heavily impacted by the economic situation. This had significant consequences, not least in the area of residential construction. The Wästbygg Group was no exception. An already sluggish residential market slowed down further in Q4, necessitating further write-downs in the group’s self-developed residential projects. At the same time, the company’s equity ratio rose to 36 percent in Q4 and our order backlog going in to 2024 amounts to SEK 6.2 billion after an order intake of almost SEK 3 billion”, says Jonas Jönehall, CEO Wästbygg Group

KEY RATIOS ACCORDING TO SEGMENT REPORTING
1 January – 31 December 2023
• Revenue SEK 4,843 million (5,794)
• Operating profit SEK -505 million (88)
• Profit after tax SEK -496 million (131)
• Earnings per share SEK -15.34 (4.05)
• Cash flow from operating activities SEK -204 million (-307)
• Interest-bearing net cash (+) /net debt (-) SEK -48 million (849)
• Equity ratio 36% (45)
• Order intake SEK 5,514 million (5,006)
• Order backlog 31 December SEK 6,195 million (5,754)
• The Board of Directors propose, in accordance with the terms for the green bond, that the Annual General Meeting 2024 votes for no dividend to be paid (1.65)

1 October – 31 December 2023
• Revenue SEK 1,050 million (1,814)
• Operating profit SEK -268 million (20)
• Profit after tax SEK -277 million (26)
• Earnings per share SEK -8.56 (0.80)
• Cash flow from operating activities SEK 449 million (329)
• Equity ratio 36% (45)
• Order intake SEK 2,987 million (869)

KEY RATIOS ACCORDING TO IFRS:
1 January – 31 December 2023
• Revenue SEK 4,991 million (5,181)
• Operating profit SEK -361 million (-50)
• Profit after tax SEK -369 million (-17)
• Earnings per share SEK -11.40 (-0.53)
• Cash flow from operating activities SEK -717 million (-891)
• Interest-bearing net cash (+) /net debt (-) SEK -1,126 million (-556)
• Equity ratio 29% (36)

1 October – 31 December 2023
• Revenue SEK 1,261 million (1,728)
• Operating profit SEK -196 million (14)
• Profit after tax SEK -210 million (13)
• Earnings per share SEK -6.49 (0.39)
• Cash flow from operating activities SEK 363 million (209)
• Equity ratio 29% (36)

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 FOURTH QUARTER

• The group company Logistic Contractor signed a contract with Ahlsell Norway for the development and construction of a 62,000 sqm logistics facility in Eidsvoll north of Oslo. Ahlsell will be the tenant of the facility, and a 15-year lease was signed with an annual rent of NOK 80 million. The contract generates a contract assignment worth around NOK 800 million, equivalent to roughly SEK 830 million at the start of the contract period.
• All terms and conditions regarding the contract entered into with H2 Green Steel in spring 2023 were met in Q4, and the order value of SEK 1.7 billion was included in the order intake. The project comprises a 150,000 sqm building in H2 Green Steel’s future facility for green steel production in Boden.
• In accordance with the change in the terms of the company’s green bond earlier in the year, SEK 50 million was amortised on 15 December.

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/en/year-end-report-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, Chief Legal Officer 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. 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 2023, the group had sales of SEK 4.8 billion and 550 employees.