Interim report January-June 2021

“Thanks to strong recovery in the construction market and our determined efforts to strengthen our project development operations, we can report a very strong first six months. Based on the segment reporting, our operating profit amounted to SEK 68 million for the second quarter and SEK 133 million for the six-month period. Moreover, our order intake was SEK 1.5 billion in the second quarter and SEK 2.2 billion since the start of the year. Looking at the rolling 12-month period, we had an operating profit of SEK 277 million based on the segment reporting and an order intake of SEK 4.4 billion. These figures are better than in any of the Wästbygg Group’s previous financial years,” says Jörgen Andersson, CEO Wästbygg Group.

GROUP IN SUMMARY, IFRS:

1 April – 30 June 2021

• Revenue SEK 1,051 million (1,050)
• Operating profit SEK 91 million (77)
• Profit after tax SEK 99 million (69)
• Earnings per share SEK 3.05 (3.01)
• Cash flow from operating activities SEK 72 million (-38)

1 January – 30 June 2021

• Revenue SEK 1,951 million (1,976)
• Operating profit SEK 166 million (102)
• Profit after tax SEK 172 million (94)
• Earnings per share SEK 5.32 (4.12)
• Cash flow from operating activities SEK 66 million (-86)
• Interest-bearing net cash (+) / net debt (-) SEK 684 million (-189)
• Equity ratio 52% (33)

GROUP IN SUMMARY, SEGMENT REPORTING:

1 April – 30 June 2021

• Revenue SEK 911 million (1,124)
• Operating profit SEK 68 million (86)
• Profit after tax SEK 77 million (79)
• Earnings per share SEK 2.37 (3.45)
• Cash flow from operating activities SEK 92 million (-3)
• New orders SEK 1,473 million (433)

1 January – 30 June 2021

• Revenue SEK 1,725 million (2,025)
• Operating profit SEK 133 million (110)
• Profit after tax SEK 141 million (103)
• Earnings per share SEK 4.37 (4.48)
• Cash flow from operating activities SEK 216 million (-46)
• Interest-bearing net cash (+) / net debt (-) SEK 905 million (-12)
• Equity ratio 55% (39)
• New orders SEK 2,240 million (1,066)
• Order backlog 30 June SEK 3,666 million (2,864)

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 SECOND QUARTER

• A contract was signed with Nobia for the construction of a production facility outside Jönköping. The order value is approximately SEK 400 million.
• A contract was signed with Svenska Bostäder for the construction of Kv Mangon in Stockholm, comprising 169 rental apartments. The order value is SEK 350 million.
• Three contracts were signed comprising a total of almost 600,000 sqm of logistics and industrial land in Sweden and Norway, through acquisitions and collaboration agreements. Acquisition costs amounting to SEK 165 million were paid during the second quarter.
• A green framework including green financing and green shares was published. Wästbygg also successfully applied for the Nasdaq Green Equity Designation for its shares.
• Joakim Efraimsson was appointed Managing Director of the group company Wästbygg AB. He assumed his new position on 1 June, when he also joined Wästbygg’s group management.
• The Wästbygg Group’s Head of HR, Anders Jansson, handed in his resignation and will leave the group later this year. This means he will also leave the group management team. Malin Bjurström was recruited as his successor, and commences the position on 1 October.

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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:
Interim report January-June 2021 – Wästbygg Group (wastbygg.se)

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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. The company, which is listed on Nasdaq Stockholm, builds and develops residential, commercial buildings and community service properties, as well as logistics and industrial facilities – always with a strong focus on sustainability. 

Wästbygg was founded in 1981 in Borås. Today, the company has offices in Gothenburg, Stockholm, Malmö, Jönköping, Helsingborg, Varberg and Västerås, as well as through the Group company Logistic Contractor in Copenhagen, Oslo and Helsinki. In 2020, the company had a revenue of about SEK 3,8 billion and 310 employees.