BWG Homes ASA : Turnover and results in Q3 2011 in line with previous year

BWG Homes ASA operating revenues for Q3 2011 amounted to NOK 718 million, which is in line with Q3 2010. Operational EBITDA for the quarter was NOK 81 million, a decrease of 1.8 per cent. Operational EBITDA margin was 11.3 per cent, and operational EBIT margin was 10.7 per cent. The order backlog at the end of the quarter was NOK 1 864 million, a decline of 2.0 per cent when compared to the same period in 2010. Cash flow from operations for Q3 was negative at NOK 21 million. Net interest- bearing debt has increased by NOK 21 million compared with Q2 2011, and increased by NOK 166 million when compared to Q3 2010. "The Group has maintained good profitability in the quarter and over the first nine months of the year, despite the challenging market situation in Sweden. The Norwegian operation has shown positive development in sales, growth in order backlog and strong margins. The Swedish operation reported considerably lower sales which also affects order backlog growth. Profitability growth was weak in the quarter. Myresjöhus was particularly affected by pressure on margins, while SmålandsVillan continued to deliver good margins. As a consequence of reduced volumes and sales, the workforce in the Swedish operation is reduced by approx. 75 full-time equivalents. In addition, several efficiency programs are on-going to improve efficiency and performance and reduce costs. This will yield effect in 2012", comments CEO Lars Nilsen in BWG Homes ASA. "The underlying need for new homes is still high in Norway and Sweden. We are continuously working on costs, efficiency improvement and profitability", Lars Nilsen comments further. Key operational figures Q3 2011*: * Operating revenues: NOK 718 million (NOK 718 million) * Operational EBITDA: NOK 81 million (NOK 83 million) * Operational EBITDA margin: 11.3 % (11.5 %) * Operational EBIT: NOK 77 million (NOK 78 million) * Operational EBIT margin: 10.7 % (10.9 %) * Cash flow from operations after interest and tax: NOK -21 million (NOK 32 million) * Order intake: NOK 708 million (NOK 811 million) * Order backlog: NOK 1 864 million (NOK 1 903 million) Key operational figures at 30.09 2011*: * Operating revenues: NOK 2 548 million (NOK 2 246 million) * Operational EBITDA: NOK 282 million (NOK 258 million **) * Operational EBITDA margin: 11.1 % (11.5 % **) * Operational EBIT: NOK 267 million (NOK 245 million**) * Operational EBIT margin: 10.5 % (10.9 % **) * Cash flow from operations after interest and tax: NOK -119 million (NOK 110 million) * Order intake: NOK 2 565 million (NOK 2 704 million) * The operational figures are based on the internal management reports which differ somewhat from the consolidated accounts; see note 1 in the interim report. ** Includes reversal of NOK 8.2 million in Q1 2010 related to pension liabilities in Block Watne AS. For the consolidated income statement (IFRS), reference is made to page 9 in the interim report. For more details, see the attached interim report. Further information from: Lars Nilsen, CEO, BWG Homes ASA, tel: +47 23 24 60 00, Arnt Eriksen, CFO, BWG Homes ASA, tel: +47 23 24 60 37, +47 922 14 625. This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act) Prresentation Q3 2011: Report Q3 2011: This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: BWG Homes ASA via Thomson Reuters ONE [HUG#1560430]