Strong order intake and increased revenues despite challenges in the market
Wästbygg Gruppen AB (publ) presents its interim report for the first quarter 2022.
“The construction sector faced a number of challenges in the first quarter of the year. In addition to the residual effects of the COVID-19 pandemic, Russia’s invasion of Ukraine has given rise to uncertainty in the supply chain. The Wästbygg Group’s revenues in Q1 amounted to almost SEK 1.2 billion based on the segment reporting. That is a 45 percent increase on the previous year, which I am very pleased with. We reported an operating profit of SEK 30 million. Given our revenues, this profit level is lower than desired, but meanwhile, we have conducted a thorough analysis of projects in progress, and during Q1 we included all the foreseeable cost increases related to rises in material costs. Moreover, we had an order intake of over SEK 1.3 billion in Q1. This means we have further strengthened the order backlog, which amounted to nearly SEK 6.7 billion at the end of the quarter. This record high order backlog provides strong security for the whole group,” says Jörgen Andersson, CEO Wästbygg Group.
GROUP IN SUMMARY, IFRS
1 January – 31 March 2022
• Revenue SEK 1,046 million (900)
• Operating profit SEK -10 million (76)
• Profit after tax SEK 0 million (73)
• Earnings per share SEK 0.01 (2.27)
• Cash flow from operating activities SEK -245 million (-7)
• Interest-bearing net cash (+) / net debt (-) SEK -14 million (523)
• Equity ratio 40% (53)
SUMMARY ACCORDING TO SEGMENT REPORT
1 January – 31 March 2022
• Revenue SEK 1,183 million (814)
• Operating profit SEK 30 million (66)
• Profit after tax SEK 41 million (65)
• Earnings per share SEK 1.26 kr (2.01)
• Cash flow from operating activities SEK -57 million (124)
• Interest-bearing net cash (+) / net debt (-) SEK 741 million (1,031)
• Equity ratio 43% (60)
• New orders SEK 1,345 million (767)
• Order backlog 31 March SEK 6,657 million (3,102)
SIGNIFICANT EVENTS IN THE FIRST QUARTER
- A contract was signed with Umeå Municipality for the construction of a new upper secondary school in the area of Carlslund in Umeå. The order value is SEK 274 million.
- The Wästbygg Group’s Board of Directors has appointed Jonas Jönehall, currently CFO and Deputy CEO, as the Group’s new CEO. He replaces Jörgen Andersson, who will remain in the company as a board member and chair of the tender and investment committee. In his new role, Jörgen Andersson will focus on investment and growth. Jonas Jönehall will assume his position on 6 May, the day after the Wästbygg Group’s annual general meeting. In connection with this, Jörgen Andersson will step down from the group management team.
Today at 9:30 Jörgen Andersson, CEO, Jonas Jönehall, CFO and Deputy CEO and Marie Lindebäck, Head of IR and Deputy Head of Sustainability, will present and comment on the report.
Link to webcast: https://group.wastbygg.se/en/q1-2022/
For more information, please contact:
Jörgen Andersson, CEO
Ph +46 703-23 32 02
Jonas Jönehall, CFO and deputy CEO
Ph +46 739-20 19 01
Marie Lindebäck, head of IR and deputy head of sustainability
Ph +46 734-67 20 12
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.