We enter the autumn with continued growth and a strong order backlog.
Wästbygg Gruppen AB (publ) presents its interim report for the period January – June 2022.
“In the midst of this uncertainty, it is reassuring to see that the Wästbygg Group is continuing to grow in line with our strategy. During the spring, the group has focused strongly on strengthening our purchasing activities and securing deliveries to our projects, and these efforts have been successful. Project implementation has, overall, continued according to plan and revenues increased by 55 percent to SEK 2,682 million for the first six months. Moreover, our order backlog, already at a record high, has grown still further thanks to an order intake of nearly SEK 3 billion so far this year. In combination with, strong finances and a wide range of projects and operations, the Wästbygg Group can be confident of bearing up well despite the challenging economic climate. In addition, the great flexibility we have in both business model and organisation gives us the room for manoeuvre required to respond quickly in a changing market.,” says Jonas Jönehall, CEO Wästbygg Group.
GROUP IN SUMMARY, IFRS
1 January – 30 June 2022
• Revenue SEK 2,351 million (1,951)
• Operating profit SEK 10 million (166)
• Profit after tax SEK 26 million (172)
• Earnings per share SEK 0.81 (5.32)
• Cash flow from operating activities SEK -792 million (66)
• Interest-bearing net cash (+) / net debt (-) SEK -603 million (646)
• Equity ratio 37% (52)
1 April – 30 June 2022
• Revenue SEK 1,304 million (1,051)
• Operating profit SEK 20 million (91)
• Profit after tax SEK 26 million (99)
• Earnings per share SEK 0.80 kr (3.05)
• Cash flow from operating activities SEK -546 million (72)
SUMMARY ACCORDING TO SEGMENT REPORT
1 January – 30 June 2022
• Revenue SEK 2,682 million (1,725)
• Operating profit SEK 95 million (133)
• Profit after tax SEK 114 million (141)
• Earnings per share SEK 3.52 kr (4.37)
• Cash flow from operating activities SEK -467 million (216)
• Interest-bearing net cash (+) / net debt (-) SEK 314 million (996)
• Equity ratio 42% (55)
• New orders SEK 2,936 million (2,240)
• Order backlog 30 June SEK 6,818 million (3,666)
1 April – 30 June 2022
• Revenue SEK 1,499 million (911)
• Operating profit SEK 65 million (68)
• Profit after tax SEK 73 million (77)
• Earnings per share SEK 2.27 kr (2.37)
• Cash flow from operating activities SEK -409 million (92)
• New orders SEK 1,591 million (1,473)
SIGNIFICANT EVENTS IN THE SECOND QUARTER
- On April 1, 2022, the first settlement of two was made for the commitment to Trekcyd AB, which arose in connection with the acquisition of Rekab, through the transfer of 425,313 B shares in Wästbygg Gruppen AB (publ). The value of the shares corresponded to a value of SEK 43,212,992 at the time of settlement. In order to secure shares for the second payment to Trekcyd, which falls due in 2024, 250,000 of the Company’s own B shares were bought back on 1 April according to the authorisation granted at an extraordinary general meeting of the Wästbygg Group on 21 October 2021.
- A contract was signed with Genesta Property Nordic AB for the acquisition of the project company Sneden AB. The purchase consideration was SEK 945 million. Sneden AB includes the 133,000 sqm of land outside Enköping that the group company Logistic Contractor acquired in spring 2021. Sneden AB has also signed a contract with Logistic Contractor for the construction of a logistics facility with an area of approximately 80,000 sqm on the site. The value of the construction contract is approximately SEK 605 million and is included in the purchase consideration.
- Wästbygg received a land allocation from the City of Malmö for a 14,500 sqm office building in Hyllie. The building is to be certified according to Breeam, Well and NollCO2. Construction will start in 2024 at the earliest.
- Wästbygg acquired 55 percent of a project company that is planning the development of a large rest and service area in Falkenberg. The planned buildings have a total gross area of 10,000 sqm and the estimated sales value of the fully developed area is SEK 340 million.
- Jonas Jönehall took over as CEO of Wästbygg Gruppen on 6 May.
- Jessica Gårdmo took over as CFO of Wästbygg Gruppen on 6 May. She succeeded Jonas Jönehall.
- John Nyberg was recruited as the Wästbygg Group’s new Head of Sustainability. He will assume his new role on 9 September, and will be a member of the group management team.
Today at 9:30 Jonas Jönehall, CEO and Jessica Gårdmo, CFO, will present and comment on the report.
Link to webcast: https://group.wastbygg.se/en/q2-2022/
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For more information, please contact:
Jonas Jönehall, CEO
Ph +46 739-20 19 01
e-mail jonas.jonehall@wastbygg.se
Jessica Gårdmo, CFO
Ph +46 73 467 26 15
e-mail jessica.gardmo@wastbygg.se
wastbygg.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 facilities – always with a major focus on sustainability. The group comprises Wästbygg AB, Rekab Entreprenad AB, Logistic Contractor AB and Inwita Fastigheter AB.
The group operates in the most rapidly expanding markets in Sweden, with Logistic Contractor also providing services in Denmark, Norway and Finland. In 2021, the group had sales of SEK 3.8 billion and 525 employees.
