Restructuring and analysis of the business creates opportunities for profitability going forward.
Wästbygg Gruppen AB (publ) presents its interim report for January-June 2023.
“In the second quarter, we took difficult but necessary decisions to adapt the Wästbygg Group’s business to a persistently challenging market. We conducted an analysis of ongoing projects and of the group’s assets, which resulted in write-downs. Furthermore, restructuring carried out in the second quarter led to staff cutbacks. However, we remain confident that the three business areas that comprise our core business, in which we have long experience, will be the key to generating good profitability and healthy growth over time. The restructuring and analysis of our business that we have recently carried out open up opportunities to improve our profitability in the long term”, says Jonas Jönehall, CEO Wästbygg Group
KEY RATIOS ACCORDING TO SEGMENT REPORTING
1 January – 30 June 2023
• Revenue SEK 2,737 million (2,682)
• Operating profit SEK -239 million (95)
• Profit after tax SEK -216 million (114)
• Earnings per share SEK -6.68 (3.52)
• Cash flow from operating activities SEK -432 million (-467)
• Interest-bearing net cash (+) /net debt (-) SEK 150 million (314)
• Equity ratio 35% (42)
• Order intake SEK 1,508 million (2,936)
• Order backlog 30 June SEK 4,566 million (6,818)
1 April – 30 June 2023
• Revenue SEK 1,358 million (1,499)
• Operating profit SEK -262 million (65)
• Profit after tax SEK -239 million (73)
• Earnings per share SEK -7.37 (2.27)
• Cash flow from operating activities SEK -5 million (-409)
• Equity ratio 35% (42)
• Order intake SEK 1,180 million (1,591)
KEY RATIOS ACCORDING TO IFRS:
1 January – 30 June 2023
• Revenue SEK 2,692 million (2,351)
• Operating profit SEK -199 million (10)
• Profit after tax SEK -185 million (26)
• Earnings per share SEK -5.71 (0.81)
• Cash flow from operating activities SEK -799 million (-792)
• Interest-bearing net cash (+) /net debt (-) SEK -1,176 million (-603)
• Equity ratio 28% (37)
1 April – 30 June 2023
• Revenue SEK 1,485 million (1,304)
• Operating profit SEK -204 million (20)
• Profit after tax SEK -185 million (26)
• Earnings per share SEK-5.74 (0.80)
• Cash flow from operating activities SEK -144 million (-546)
• Equity ratio 28% (37)
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 SECOND QUARTER
• As part of a programme of initiatives to restore profitability to the Wästbygg Group, which was published on 4 May, the number of employees in the group has been reduced by approximately 70 people. A decision was also taken to discontinue the group company Inwita Fastigheter. Costs related to the restructuring were charged to Q2 2023.
• The Wästbygg Group’s group company Logistic Contractor has signed an agreement with H2 Green Steel for a facility for the production of green steel in Boden, Sweden. The contract regards a building with an area of approximately 150,000 sqm, and the order value for the project is approximately SEK 1.7 billion. The deal is conditional upon H2 Green Steel being granted financing for the project. The order value will only be included in the Wästbygg Group’s order intake after the client’s financing has been granted.
• Logistic Contractor has also signed a contract with Ahlsell for a 57,000 sqm extension to their logistics centre in Hallsberg, Sweden. The order value is approximately SEK 600 million.
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://group.wastbygg.se/en/q2-2023/
……………………….
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, Group Legal Counsel and Head of IR
Phone: +46 72 529 30 04
Email: robin.sundin@wastbygg.se
group.wastbygg.se
……………………….
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 and Logistic Contractor.
The group operates in the most rapidly expanding markets in Sweden, with Logistic Contractor also providing services in Denmark, Norway and Finland. In 2022, the group had sales of SEK 5.8 billion and 600 employees.
