Restoring profitability is in focus for 2023.
Wästbygg Gruppen AB (publ) presents its interim report for January-March 2023.
“In 2022, the Wästbygg Group succeeded in achieving positive growth despite challenges in the market. However, profit did not reach the desired level. In response to clear signs that the weak economy will continue for a long time yet, we have launched a package of measures to restore the company’s profitability. One of these measures includes redundancies. This is not an easy decision to make, but to ensure that the Wästbygg Group remains strong and profitable in the long term, we need to adapt our operations”, says Jonas Jönehall, CEO Wästbygg Group
KEY RATIOS ACCORDING TO SEGMENT REPORTING
1 January – 31 March 2023
- Revenue SEK 1,379 million (1,183)
- Operating profit SEK 22 million (30)
- Profit after tax SEK 22 million (41)
- Earnings per share SEK 0.69 (1.26)
- Cash flow from operating activities SEK -427 million (-57)
- Interest-bearing net cash (+) /net debt (-) SEK 464 million (741)
- Equity ratio 47% (43)
- Order intake SEK 328 million (1,345)
- Order backlog 31 March SEK 4,764 million (6,657)
KEY RATIOS ACCORDING TO IFRS:
1 January – 31 March 2023
- Revenue SEK 1,207 million (1,046)
- Operating profit SEK 5 million (-10)
- Profit after tax SEK 1 million (0)
- Earnings per share SEK 0.03 (0.01)
- Cash flow from operating activities SEK -655 million (-245)
- Interest-bearing net cash (+) /net debt (-) SEK -1,134million (-14)
- Equity ratio 35% (40)
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 FIRST QUARTER
- A centrally located property in Malmö with a rentable area of 3,000 sqm was acquired and a lease was signed with Praktiska Sverige AB, a company in AcadeMedia. After being converted, the premises will be used for upper secondary school activities. The investment cost for acquisition and conversion is approximately SEK 100 million.
- In the autumn of 2022, the Wästbygg Group and Varberg Energi signed a letter of intent for a joint venture company regarding the construction and operation of two wind power plants and construction of a new solar park in Varberg. In early March the parties agreed on the terms and conditions of the project and the running of operations in the joint venture company, Bäckasol AB. The Wästbygg Group will be the majority shareholder with 75 percent of the shares. Bäckasol AB has also signed an agreement with Varberg Energi for the operation of the wind power plant and the sale of the electricity on the joint venture company’s behalf. Once these facilities are fully operational, approximately 12 GWh/year is expected to be produced, of which the Wästbygg Group plans to purchase around 7 GWh.
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/q1-2023/
For more information, please contact:
Jonas Jönehall, CEO
Phone: +46 73 920 19 01
Jessica Gårdmo, CFO
Phone: +46 73 467 26 15
Robin Sundin, Group Legal Counsel and Head of Investor Relations
Phone: +46 72 529 30 04
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 2022, the group had sales of SEK 5.8 billion and 600 employees.