An intermediate quarter pending effects of a strong order backlog.
Wästbygg Gruppen AB (publ) presents its interim report for January-March 2024.
“During Q1 we saw positive signals in the form of falling inflation, which in turn suggests interest rate cuts could be imminent. At the same time, the situation remains challenging for the construction industry, although there have been signs of increased market activity during the spring. For the Wästbygg Group, Q1 was something of an intermediate quarter. We went into 2024 with a strong order backlog, but the rate of implementation in ongoing projects was slowed by delays to the start-up of our major logistics and industrial projects. However, in April we took several important steps in the right direction and started construction of H2 Green Steel’s facility in Boden, and Ahlsell’s central warehouse in Norway. We also recently signed a contract with Niam, under which Niam acquired the facility in Norway. This means that the project will start to be recognised as income as of Q2”, says Jonas Jönehall, CEO Wästbygg Group.
KEY RATIOS ACCORDING TO SEGMENT REPORTING
1 January – 31 March 2024
- Revenue SEK 942 million (1,379)
- Operating profit SEK -47 million (22)
- Profit after tax SEK -37 million (22)
- Earnings per share SEK -1,14 (0.69)
- Cash flow from operating activities SEK 5 million (-427)
- Interest-bearing net cash (+) /net debt (-) SEK -112 million (464)
- Equity ratio 34% (47)
- Order intake SEK 338 million (328)
- Order backlog 31 March SEK 5,563 million (4,764)
KEY RATIOS ACCORDING TO IFRS:
1 January – 31 March 2024
- Revenue SEK 896 million (1,207)
- Operating profit SEK -46 million (5)
- Profit after tax SEK -41 million (1)
- Earnings per share SEK -1.27 (0.03)
- Cash flow from operating activities SEK -97 million (-655)
- Interest-bearing net cash (+) /net debt (-) SEK -1,318 million (-1,134)
- Equity ratio 27% (35)
Comparative figures in parentheses refer to profit items corresponding to the period 2023 and for balance sheet items corresponding to the balance sheet date 2023.
SIGNIFICANT EVENTS IN THE FIRST QUARTER
- In accordance with the change in the terms of the company’s green bond adopted in 2023, SEK 50 million was amortised on 10 January. The condition to amortise SEK 100 million by the end of Q1 2024 has thus been met.
- In March, the Wästbygg Group’s CFO Jessica Gårdmo and Logistic Contractor’s CEO Benn Karlberg stepped down from their respective positions and left the group management team. Peter Bryng has been appointed interim CFO and joined the group management team, and CEO Jonas Jönehall will be Logistic Contractor’s acting CEO until further notice.
Today at 9:30 Jonas Jönehall, CEO and Peter Bryng, interim CFO, will present and comment on the report. The presentation will be held in Swedish.
Link to webcast: https://group.wastbygg.se/en/q1-2024/
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For more information, please contact:
Jonas Jönehall, CEO
Phone: +46 73 920 19 01, Email: jonas.jonehall@wastbygg.se
Peter Bryng, interim, CFO
Phone: +46 79 099 91 92, Email: peter.bryng@wastbygg.se
Robin Sundin, Chief Legal Officer and Head of IR
Phone: +46 72 529 30 04, Email: robin.sundin@wastbygg.se
group.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. The group comprises Wästbygg AB, Rekab Entreprenad AB and Logistic Contractor AB.
The group operates in the most rapidly expanding markets in Sweden, with Logistic Contractor also providing services in Denmark, Norway and Finland. In 2023, the group had sales of SEK 4.8 billion and 550 employees.
