Interim / Quarterly Report • May 4, 2023
Interim / Quarterly Report
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Wästbygg Gruppen AB (publ) January – March 2023
New logistics facility for Hemtex, 26 000 sqm.
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. We are now preparing to meet the continuing market challenges by carrying out more extensive rationalisation measures than those already conducted in 2022. 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.
In the construction sector, it is residential construction that has been hardest hit by inflation and high interest rates. The number of residential projects arriving on the market has fallen significantly, and we see no possibilities to launch sales of further self-developed tenant-ownership projects in the current climate. That is why the measures we are implementing primarily relate to the Residential business area. We will restructure and adapt our project development business and make the changes necessary to dimension our construction operations to our existing order backlog and estimated future order intake. At the same time, we must make sure to safeguard our extensive expertise in developing and building residential properties. The cautious attitude in the residential property market will further exacerbate the shortage of housing. This means we will probably see demand rise again, although not in the near future.
Another decision we have taken is to streamline our offering by discontinuing our investment in building up a portfolio of self-developed community service properties in the group company Inwita. Since Inwita was started, market conditions as well as political attitudes to private investment in health care and education have changed. We are, and will continue to be, a major operator in the construction of community service properties. However, going forward, we will not own and manage these properties ourselves after completion.
Work is in progress on implementing the planned programme to raise profitability. Parallel to this, we will continue closely monitoring the market to ensure that we take any further measures needed.
A combined analysis of the figures for Q1 confirms the importance of focusing on raising profitability. We reported a continued strong equity ratio and an increase in revenues compared with the same period in 2022. However, profit fell far short of our target. Profit
continues to be hampered, above all, by cost increases and interest rate hikes. The order intake coincides fairly well with our perception of the market at present. Although Q1 and Q3 have historically had lower order intakes, we see that the cautious approach to investment in new construction projects continued during Q1. Tender processes are under way in all our business areas, but decisions generally take longer now than previously.
However, activity remains high among public sector clients and we have won several new contracts, although not at the same rate at which ongoing projects have been completed.
The are also many positive developments in the company. In April we handed over 53 Nordic Ecolabel-certified apartments in Svedala to Fastighets AB Trianon, as well as a 26,000 sqm parcel terminal to DHL in Denmark. In early May we signed a conditional contract with H2 Green Steel for construction of a facility for the production of green steel in Boden. This deal is completely in line with the approach we have been pursuing for several years in the Logistics and Industry business area.
Our decision to discontinue Inwita and focus exclusively on being a hybrid of a project developer and a construction company, which has always been our core business, will clarify our position in the market. Consolidating our resources will make us stronger in the long term.
Jonas Jönehall CEO, Wästbygg Gruppen AB
| 2023 1,379 22 1.6 22 |
2022 1,183 30 |
2022-23 5,990 |
2022 5,794 |
2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|
| 3,801 | 3,905 | |||||
| 80 | 88 | 3,818 277 |
254 | 192 | ||
| 2.5 | 1.3 | 1.5 | 7.3 | 6.7 | 4.9 | |
| 187 | ||||||
| 1,893 | ||||||
| 31 | ||||||
| 35 | ||||||
| 177 | ||||||
| -427 | -57 | -677 | -307 | -137 | -95 | 129 -73 |
| 0.69 | 1.26 | 3.48 | 4.05 | 8.94 | 10.75 | 8.15 |
| 57.81 | 58.15 | 57.81 | 57.11 | 56.87 | 50.92 | 25.78 |
| 32,341 | 32,591 | 32,341 | 32,341 | 32,591 | 32,340 | 22,950 |
| 32,341 | 32,591 | 32,341 | 32,402 | 32,474 | 24,913 | 22,950 |
| 1,207 | 1,046 | 5,342 | 5,181 | 3,949 | 3,620 | 3,889 |
| 5 | -10 | -35 | -50 | 235 | 223 | 220 |
| 0.4 | -1.0 | -0.7 | -1.0 | 6.0 | 6.2 | 5.7 |
| 1 | 0 | -16 | -17 | 241 | 234 | 215 |
| 4,580 | 4,405 | 4,580 | 4,467 | 4,101 | 3,170 | 2,144 |
| 35 | 40 | 35 | 36 | 43 | 50 | 27 |
| -1 | 10 | -1 | -1 | 14 | 22 | 43 |
| 2,599 | 1,579 | 2,599 | 1,956 | 1,336 | 2,1,010 | 270 |
| -7 | ||||||
| -655 | -245 | -1,301 | -891 | -319 | -237 | -63 |
| 0.03 | 0.01 | -0.51 | -0.53 | 7.42 | 9.39 | 9.40 |
| 49.28 | 53.66 | 49.28 | 49.25 | 53.62 | 49.17 | 24.81 |
| 32,341 | 32,591 | 32,341 | 32,341 | 32,591 | 32,340 | 22,950 |
| 32,341 | 32,591 | 32,341 | 32,402 | 32,474 | 24,913 | 22,950 |
| 3,850 | ||||||
| 3,752 | ||||||
| 305 | ||||||
| 4,001 47 6 1,839 464 -1,134 328 4,764 595 |
41 4,373 43 14 1,324 741 -14 1,345 6,657 535 |
112 4,001 47 6 1,839 464 -1,134 4,439 4,764 595 |
131 4,149 45 7 1,400 849 -556 5,006 5,754 597 |
290 4,226 44 17 1,225 794 151 5,456 6,572 524 |
268 2,872 57 24 2 800 2 877 2 252 3,232 3,201 311 |
The economic situation in Sweden is dominated by continued high inflation. In January 2023 inflation was 9.3 percent (CPIF). Although inflation has fallen slightly since December due to a drop in energy prices, it continues to be far above the Riksbank's two percent target.
The Riksbank raised its policy interest rate to 3.0 percent in February and than again to 3.5 percent in April to curb inflation. However, now we are seeing the first positive signs that price increases are slowing. The prices of both inputs and transport have fallen, which should lead to lower costs for businesses. However, prices are not expected to return to the levels seen before the sharp inflation, but to remain at the same level. In 2023, the Swedish GNP is expected to fall by 1.2 percent, which will cause the economy to shrink due to reduced consumption and falling investment.
Residential construction is expected to fall sharply, and other sectors of the construction market may also dampen their investment volume. The economic downturn is expected to continue throughout the year before turning upwards in 2024. At that point the Riksbank will likely reduce its policy interest rate, and once the most acute risk of persistent high inflation has subsided, the government may stimulate the economy through investment.
Total initiated building construction investments in the Wästbygg Group's three business areas fell 12 percent in 2022, which was entirely in line with forecasts. However, the trend was inconsistent between business areas. The greatest decline was seen in Residential, which plummeted 20 percent. The Commercial business area rose slightly by 2 percent while the volume in Logistics and Industry plunged 11 percent, which was slightly better than forecast. In 2023 there is a risk of the combined volume of building construction in the three business areas shrinking by 25 percent. This is significantly down on the previous forecast, and is linked to an expected sharp decline in residential construction. While the forecast is very uncertain, the investment climate looks gloomy in the short term. The longterm investment trend remains, in principle, unchanged. Obstacles may be encountered along the way, with projects likely to be postponed due to a high cost situation.
Information compiled by NAVET Analytics.
The Wästbygg Group is a construction and project development company with a clear presence in the most rapidly expanding markets in Sweden. The company was founded in Borås in 1981. Wästbygg has offices in twelve cities in Sweden and via the group company Logistic Contractor in our neighbouring Nordic countries of Norway, Denmark and Finland.
We operate in three business areas: Residential, Commercial – which includes community service properties – and Logistics and Industry, areas in which we have strong expertise and long experience. We also work with project development in each business area, that is from land acquisition/allocation to completed properties.
Ongoing and completed projects are presented on our website, wastbygg.se.
The Wästbygg Group drives the development of sustainable living environments, where people want to work and live. We take our mission as community builders very seriously. Within our area of activity, we want to contribute to a more sustainable society – ecologically, socially and economically – and thereby improve people's living environments.
Environmentally certified buildings are a way to safeguard the future. We have extensive experience of building according to the most common certification systems in the Swedish market: Miljöbyggnad, Svanen, Breeam and Green Building. We are also certified according to the Nordic Ecolabel Svanen, which means that we have the right to label our self-developed properties with the Nordic Ecolabel Svanen.
Since the mid-1990s, we have focused on developing our quality and environmental management procedures. Today, we use a selfdeveloped management system with detailed procedures and schedules in the areas of quality, environmental care and occupational health and safety.
Wästbygg Entreprenad, Rekab Entreprenad and Logistic Contractor are certified according to ISO 9001 and 14001. Wästbygg Entreprenad is also certified according to ISO 45001.
A description of the company's business model can be found in the annual report for 2022.
For key ratio definitions, see page 30.
The Wästbygg Group's Annual Report and Sustainability Report were published in Q1, and can be downloaded from wastbygg.se. The Sustainability Report gives further details on the company's performance with regard to achieving its overarching goal of creating sustainable business.
The Wästbygg Group's green framework qualifies the company for green labelling of its share and debt instruments. Reporting on the greenness of our revenues, operating expenditures, investments and order backlog improves transparency regarding the company's climate commitments. The framework also serves as an internal control tool that helps us make more sustainable business decisions. The diagram at the side of the page shows the development since we began quantifying the proportions.
Cicero Shades of Green has begun its audit for 2023 and the report will be ready in Q2.
The total proportion of women in the Group, the proportion of female senior executives and female board members is reported quarterly. In addition, the proportion of employees with foreign backgrounds is reported every six months.
Sick leave is reported quarterly on a rolling 12-month basis and was 3.91 percent for the most recent period.
Member of management team on at least company level as well as "arbetschef" and higher positions.
1 Cicero Shades of Green, Company
2 Cicero Shades of Green, Company Assessment, March 2022 3 Estimated by definition in Wästbygg Group's Green Finance Framework.
Assessment, June 2021.
The Wästbygg Group's order intake for Q1 was SEK 328 million. The negative economic trend has significantly impacted the construction market, primarily in residential construction. A relatively large number of requests for tender documents are being issued in both Commercial and Logistics and Industry, but the high cost situation is causing some projects to be postponed. Competition is also higher than usual as many operators in the industry need to increase their order intake.
The order backlog as of 31 March amounted to SEK 4.8 billion, a decrease of SEK 1 billion since the turn of the year. The order intake was not sufficient to balance out the high level of implementation in ongoing projects. There is currently no significant shortage of either materials or capacity, and revenues for Q1 increased by 17 percent year-on-year.
The order backlog is distributed over the group's three business areas but is slightly weighted towards Commercial, primarily community service properties. The clients here are largely in the public sector, which creates security in terms of solvency.
| ORDER INTAKE | Jan-Mar 2023 |
Jan-Mar 2022 |
Apr-Mar 2022-23 |
Jan-Dec 2022 |
|---|---|---|---|---|
| Total | 328 | 1,345 | 3,989 | 5,006 |
| ORDER BACKLOG | 31 Mar 2023 |
31 Mar 2022 |
31 Dec 2022 |
|
| Total | 4,764 | 6,657 | 5,754 | |
SEK million, segment reporting
Wästbygg Group's seasonal variations are mainly linked to order intake and revenue.
The level of order intake is usually higher during Q2 and Q4. This is explained by the fact that many customers want to conclude negotiations on new projects before the holiday period begins or before the end of the year.
The number of production days is lower during the third quarter of the year, when the holiday period occurs, which is reflected in both revenue and order intake.
COLOUR CODING: Residential Commercial Logistics and industry
All amounts related to our business areas are given in SEK million unless otherwise stated.
The Wästbygg Group builds apartment buildings for private and municipal clients. The company also develops and constructs rental apartments and tenant-owned apartments.
In construction assignments, there is currently a strong preponderance of rental apartments, with municipal housing companies as the main clients. This category accounts for half of the number of apartments in production, and includes two major projects with small apartments for students and young people.
Our goal is for the proportion of self-developed residential projects to reach about 50 percent over time, measured on the basis of revenue. This goal was achieved in Q1, with several major self-developed residential projects in full production. Most of these projects will be completed in 2023, and the conditions are currently not right for starting additional self-developed residential projects. As a result, the proportion
of these projects will gradually decrease during the year. As soon as there are signs from the market of an increased demand for housing, the company has projects in its portfolio that are ready for launch, with legally binding local development plans. However, it will probably be some time before this happens.
We had 2,045 apartments in production as per 31 March, compared with 2,097 at the same time last year. Revenues amounted to SEK 440 million for Q1, up 24 percent on 2022. Despite this, negative profit was reported. Interest rate hikes impacted financing costs for self-developed projects in production and sales of apartments slowed down. Moreover, the company's residential organisation is dimensioned for a larger production volume than it has at present, which affects the cost picture for this business area. Measures will be taken to adapt more effectively to the current situation.
| REVENUE AND PROFIT | Jan-Mar | Jan-Mar | Apr-Mar | Jan-Dec |
|---|---|---|---|---|
| 2023 | 2022 | 2022-23 | 2022 | |
| Revenue | 440 | 356 | 1,862 | 1,778 |
| - of which construction | 216 | 155 | 779 | 718 |
| - of which project development | 224 | 201 | 1,084 | 1,061 |
| Profit | -5 | 24 | 21 | 50 |
| Jan-Mar 2023 |
Jan-Mar 2022 |
Apr-Mar 2022-23 |
Jan-Dec 2022 |
|
|---|---|---|---|---|
| Order intake | 68 | 415 | 1,015 | 1,362 |
| Share of the group's total as a percentage |
21 | 31 | 25 | 27 |
| 31 Mar 2023 |
31 Mar 2022 |
31 Dec 2022 |
|
|---|---|---|---|
| Order backlog | 1,502 | 2,353 | 1,863 |
| Share of the group's total as a percentage |
31 | 35 | 32 |
| Completed during the first quarter | 61 |
|---|---|
| Ongoing 31 March | 2,045 |
| - of which construction | 1,346 |
| - of which project development | 699 |
| Project | Status | No of apts |
Of which sold/ booked |
Of which reserved |
Comp letion |
|---|---|---|---|---|---|
| Soluret, Malmö | Production | 45 | 45 | 2023 | |
| Älgoxen, Umeå | Production | 30 | 27 | 2023 | |
| Hökälla Ängar, phase 2, Göteborg | Production | 36 | 36 | 2023 | |
| Slottshusen, Täby | Production | 89 | 68 | 2023 | |
| Tuvebo Glashytta, Göteborg | Production | 45 | 25 | 1 | 2023 |
| Cityterrassen, Malmö | Production | 174 | 86 | 2024 | |
| Tjärleken phase 1 (brf Tjäran), Norrtälje | Production | 50 | 25 | 2024 | |
| Total | 469 | 312 | 1 |
| Project | Status | No of apts |
Comp letion |
|---|---|---|---|
| Kv Trädgårn, Svedala | Production | 53 | 2023 |
| Journalen 1, Malmö | Production | 177 | 2024 |
| Total | 230 |
The Commercial business area primarily builds retail properties, offices and community service properties. Most of the projects are currently contract assignments, but the company's project portfolio also includes commercial development projects.
The Commercial business area covers a broad spectrum of project types, for which demand varies. Demand for community service properties remains high,and there are many potential projects in the market, primarily for public sector clients. On the other hand, demand for new retail and office buildings remains low.
Due to a strong order intake throughout 2022, revenues for Q1 increased by 18 percent year-on-year, amounting to SEK 492 million. The profit of SEK 15 million is significantly better than the same period in the previous year. A contributing factor to the negative profit in 2022 was a write-down of profits due to price increases in the market. The high cost situation will also continue to have impacts during 2023. In Q1, Skellefteå Municipality interrupted the construction of a new preschool in Boliden after Phase 1 had been completed, because the budgeted cost could not be met. The estimated order value of SEK 50 million has been removed from the company's order backlog.
In the area of project development, extensive work has been under way for a long time to identify new business opportunities and achieve a greater balance between residential and commercial projects in the project portfolio. Three new commercial development projects arose during 2022. At the same time, existing development projects have been delayed due to a general cautious attitude in the market and difficulties in finding funding.
As part of a package of measures now being launched, the group company Inwita Fastigheter will be discontinued and plans to build up a portfolio of self-developed community service properties will no longer go ahead. This means that going forward, the primary focus in the Commercial business area will be on contract assignments. Work is also continuing on driving forward the commercial development projects in the company's portfolio, but with a focus on divesting them after completion. Also here, the organisation will be dimensioned in accordance with the current production volume.
| REVENUE AND PROFIT | Jan-Mar | Jan-Mar | Apr-Mar | Jan-Dec |
|---|---|---|---|---|
| 2023 | 2022 | 2022-23 | 2022 | |
| Revenue | 492 | 416 | 2,004 | 1,928 |
| - of which construction | 492 | 413 | 2,005 | 1,926 |
| - of which project development | 0 | 3 | -1 | 2 |
| Profit | 15 | -7 | 28 | 6 |
| Jan-Mar 2023 |
Jan-Mar 2022 |
Apr-Mar 2022-23 |
Jan-Dec 2022 |
|
|---|---|---|---|---|
| Order intake | 171 | 848 | 993 | 1,670 |
| Share of the group's total as a percentage |
52 | 63 | 25 | 33 |
| 31 Mar 2023 |
31 Mar 2022 |
31 Dec 2022 |
|
|---|---|---|---|
| Order backlog | 2,076 | 2,934 | 2,383 |
| Share of the group's total as a percentage |
44 | 44 | 41 |
Order intake Order backlog
| Completed during the first quarter |
0 |
|---|---|
| Ongoing 31 March | 157,240 |
| - of which construction | 154,440 |
| - of which project development | 2,800 |
Operations in the Wästbygg Group's logistics and industry business area are conducted in the group company Logistic Contractor, with operations in Sweden, Norway, Denmark and Finland. The company specialises in developing and building large logistics and industrial facilities designed for rational handling and large-scale operations in logistics and light manufacturing.
The Swedish logistics market has been strong for several years, but at the end of the year a certain decline from a high level was noted due to reduced investment appetite in the market and cost rises brought about by soaring material prices. A similar situation prevails in the neighbouring Nordic countries. The business opportunities are there, but contracts are taking longer to conclude.
The goal is for 50 percent of revenue in this business area to come from self-developed projects over time. During Q1 2023, 40 percent of revenues were generated from project development. Most of the projects in Logistics and Industry have a relatively high order value. This means that individual projects have a strong impact on the way the figures are distributed and on how well targets are met, both between quarters and from one year to another.
Revenues amounted to SEK 444 million, up 8 percent year-onyear. Profit for the business area was SEK 16 million for the quarter, which is on a par with 2022. Contracts were signed for three new projects in Q4 2022, including our first contract in Finland. These projects have been in the start-up phase since the start of this year. Two projects, including one self-developed project, were completed and handed over.
The industry award Årets Bygge (Building of the Year) was conferred on 28 March. The Mathem facility in Stockholm, developed and constructed by Logistic Contractor, won the category Industry/Logistics/Retail.
• No new contracts were signed during the period. The order intake during the period consisted of supplementary orders relating to ongoing projects.
• A contract was signed with H2 Green Steel for construction of a facility for the production of fossil-free steel in Boden i northern Sweden. The agreement regards a building with an area of 150,000 sqm, and the project is valued at 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 H2 Green Steel has been granted financing.
| REVENUE AND PROFIT | Jan-Mar 2023 |
Jan-Mar 2022 |
Apr-Mar 2022-23 |
Jan-Dec 2022 |
|---|---|---|---|---|
| Revenue Sweden | 407 | 345 | 1,967 | 1 905 |
| Revenue abroad | 37 | 66 | 154 | 183 |
| Revenue | 444 | 411 | 2,121 | 2,088 |
| - of which construction | 268 | 296 | 1,351 | 1,379 |
| - of which project development | 176 | 115 | 770 | 709 |
| Profit | 16 | 17 | 55 | 56 |
| Jan-Mar 2023 |
Jan-Mar 2022 |
Apr-Mar 2022-23 |
Jan-Dec 2022 |
|
|---|---|---|---|---|
| Order intake | 89 | 82 | 1 981 | 1 974 |
| Share of the group's total as a percentage |
27 | 6 | 50 | 39 |
| 31 Mar 2023 |
31 Mar 2022 |
31 Dec 2022 |
||
| Order backlog | 1,186 | 1,370 | 1,508 | |
| Share of the group's total as a percentage |
25 | 21 | 26 |
| Completed during the first quarter | 46,000 |
|---|---|
| Ongoing 31 March | 375,500 |
| - of which construction | 286,500 |
| - of which project development | 89,000 |
| Location | Type | Area sqm |
|---|---|---|
| Gardermoen Nord Næringspark, Ormlia, Norge | Acquisition | 266,000 |
| Holmestrand Næringspark, Holmestrand, Norge | LOI for joint venture | 40,000 |
| Bastukärr industrial area, Sipoo, Finland | Acquisition | 19,500 |
| Total | 325,500 |
AS OF 31 MARCH 2023
| Project, municipality | Type | No of apts |
Total area (sqm) |
Phase | Est. start of production |
Estimated completion |
|
|---|---|---|---|---|---|---|---|
| Alliero, Sundsvall* | Self owned/Commercial | 80 | 6,512 | ZP in effect | 2025 | 2027 | |
| Almen, Umeå | Self owned | 200 | 13,569 | Ongoing work ZP | 2024 | 2030 | |
| Bollen preschool, Trelleborg* | CSP | 0 | 900 | ZP in effect | 2023 | 2024 | |
| Borstahusen town houses kv Salt, Landskrona* | Self owned | 12 | 1,440 | ZP in effect | 2024 | 2025 | |
| Borstahusen, Landskrona* | Self owned | 46 | 3,851 | ZP in effect | 2024 | 2026 | |
| Citadellsfogen, Malmö* | Rental | 70 | 4,850 | ZP in effect | 2027 | 2028 | |
| Citadellsfogen, Malmö* | Self owned | 70 | 4,850 | ZP in effect | 2027 | 2029 | |
| Guldskrinet, Umeå* | Self owned/Rental | 100 | 7,500 | Ongoing work ZP | 2024 | 2027 | |
| Hökälla Höjd, Göteborg | Self owned | 42 | 3,276 | ZP in effect | 2024 | 2026 | |
| Kv Kust, Ängelholm | Self owned | 78 | 6,433 | ZP in effect | 2024 | 2026 | |
| Lilla Essingen Parkhuset, Stockholm | Self owned | 24 | 1,849 | ZP in effect | 2025 | 2027 | |
| Lilla Essingen Strandhusen, Stockholm* | Self owned | 74 | 6,032 | ZP in effect | 2025 | 2027 | |
| Nämnden (Sorgenfri multihus), Malmö | Rental/Commercial | 60 | 4,645 | ZP in effect | 2024 | 2026 | |
| Play, Malmö* | Commercial | 0 | 13,505 | ZP in effect | 2025 | 2027 | |
| Skarpnäck preschool, Stockholm | CSP | 0 | 860 | ZP in effect | 2027 | 2028 | |
| Skarpnäck, Stockholm | Rental | 124 | 5,659 | ZP in effect | 2026 | 2028 | |
| Solberga, Stockholm* | Self owned | 35 | 4,025 | No ZP | 2028 | 2029 | |
| Solvalla hotel, Stockholm* | Hotel | 0 | 6,900 | No ZP | 2028 | 2030 | |
| Solvalla youth housing, Stockholm* | Rental | 120 | 4,115 | No ZP | 2028 | 2030 | |
| Sparreallén, Borås | Commercial | 0 | 3,820 | ZP in effect | 2024 | 2025 | |
| Strandängen 2, town houses Falkenberg* | Self owned | 40 | 3,500 | Ongoing work ZP | 2025 | 2026 | |
| Svandammsplan, Stockholm* | Self owned | 53 | 3,010 | No ZP | 2027 | 2028 | |
| Syrenen, Umeå | Self owned/Commercial | 80 | 7,270 | Ongoing work ZP | 2025 | 2028 | |
| Tjärleken phase 2, brf Leken, Norrtälje | Self owned | 61 | 5,590 | ZP in effect | 2025 | 2026 | |
| Tröinge rest area, Falkenberg* | Commercial | 0 | 10,400 | ZP in effect | 2024 | 2025 | |
| Vallastråket, Stockholm* | Self owned | 78 | 5,595 | ZP in effect | 2026 | 2028 | |
| Vårbergsvägen, Stockholm* | Self owned | 76 | 5,370 | ZP in effect | 2026 | 2028 | |
| Västerport, Varberg* | Hotel | 0 | 18,250 | DP stoppad | 2026 | 2029 | |
| Västra Roslags-Näsby, Täby* | Self owned | 40 | 2,951 | ZP in effect | 2025 | 2027 | |
| Årsta phase 2n, Stockholm* | Self owned | 237 | 14,503 | ZP in effect | 2032 | 2034 | |
| Årsta phase 4a, Stockholm* | Self owned | 68 | 5,661 | Ongoing work ZP | 2029 | 2031 | |
| Årsta phase 4b, Stockholm* | Rental | 231 | 11,786 | Ongoing work ZP | 2029 | 2031 | |
| Åseberget, Kungälv* | Self owned | 150 | 10,000 | Ongoing work ZP | 2028 | 2030 | * Options, acquisitions |
| Östra Station, Kävlinge | Self owned | 96 | 6,418 | ZP in effect | 2026 | 2027 | have not yet been made. |
| Överby Hälsa* | Commercial | 0 | 2,630 | ZP in effect | 2023 | 2024 | ZP = Zoning plan |
| Total | 2,345 | 217,525 |
SEGMENT REPORTING
| Jan-Mar 2023 |
Jan-Mar 2022 |
Apr-Mar 2022-23 |
Jan-Dec 2022 |
|
|---|---|---|---|---|
| Revenue | 1,379 | 1,183 | 5,990 | 5,794 |
| Costs in production | -1,268 | -1,064 | -5,559 | -5,355 |
| Gross profit/loss | 111 | 119 | 431 | 439 |
| Sales and administration costs | -90 | -91 | -358 | -359 |
| Other operating revenue | 2 | 2 | 9 | 9 |
| Other operating costs | -1 | 0 | -3 | -2 |
| Operating profit | 22 | 30 | 80 | 88 |
| Profit/loss from financial items | ||||
| Profit shares from joint ventures and associated companies | 0 | 0 | -1 | -1 |
| Financial revenue | 9 | 9 | 40 | 40 |
| Financial costs | -11 | -12 | -48 | -49 |
| Profit after financial items | 20 | 27 | 71 | 78 |
| Change in value of real estate | 0 | 0 | 0 | 0 |
| Profit before tax | 20 | 27 | 71 | 78 |
| Taxes | 2 | 14 | 42 | 54 |
| Profit for the period | 22 | 41 | 112 | 131 |
| Profit relating to: | ||||
| - the parent company's shareholders | 22 | 41 | 112 | 131 |
| - holdings without controlling influence | 0 | 0 | 0 | 0 |
| Earnings per share, SEK* | 0.69 | 1.26 | 3.48 | 4.05 |
| Number of shares at the end of the period (thousands) | 32,341 | 32,591 | 32,341 | 32,341 |
| Average number of shares (thousands) | 32,341 | 32,591 | 32,341 | 32,402 |
| THE GROUP'S REPORT ON COMPREHENSIVE INCOME | Jan-Mar 2023 |
Jan-Mar 2022 |
Apr-Mar 2022-23 |
Jan-Dec 2022 |
|---|---|---|---|---|
| Profit for the period | 22 | 41 | 112 | 131 |
| Other comprehensive income that can be transferred to the income statement |
||||
| Currency difference when translating foreign operations | 0 | 1 | -3 | -2 |
| Comprehensive income for the period | 22 | 42 | 109 | 129 |
| Total result attributable to: | ||||
| - the parent company's shareholders | 22 | 42 | 109 | 129 |
| - holdings without controlling influence | 0 | 0 | 0 | 0 |
All amounts in financial reports and notes are given in SEK million unless otherwise stated.
Segment reporting relates to financial reports based on accounting principles for segments. See note 2 for further information.
As the amounts are rounded to the nearest SEK million, the tables do not always sum up.
* The company has no options and similar agreements that give rise to a dilution effect, therefore this is not reported separately. The change in the number of shares during the period is attributable to the structure of the acquisition of Rekab Entreprenad AB. No decisions have been taken regarding a new issue or issue of new shares. When all buybacks and transfers of consideration shares have taken place, the number of shares will again correspond to the number of registered shares. See page 31 for further information about the number of shares.
Revenues in Q1 amounted to SEK 1,379 million (1,183). This is an increase of 17 percent on the previous year. There is currently no significant shortage of either materials or human resources in the market, so the level of implementation in ongoing projects was high in Q1.
However, earnings continue to follow the same trend as in 2022, where profitability is hampered by general cost trends. Operating profit stood at SEK 22 million (30). Profit after tax amounted to SEK 22 million (41), equivalent to earnings per share of SEK 0.69 (1.26). The operating margin was 1.6 percent (2.5).
The order intake in Q1 amounted to SEK 328 million (1,345). A clear slowdown in the market, not least in residential construction, poses challenges in sales activities. Moreover we see no possibilities to launch construction of further self-developed residential projects in the current climate.
The order backlog was SEK 4,764 million (6,657) as of 31 March. This is a decrease of approximately SEK 1 billion since the start of the year. The order intake during Q1 was not sufficient to match the rate of implementation in ongoing projects.
Positive tax was reported for Q1 due to non-taxable revenues. The item also includes deferred tax.
The Wästbygg Group had 595 employees as per 31 March, compared to 597 at the start of the year. A year ago, the Wästbygg Group had 535 employees.
Due to the severely weakened economy, which has negatively impacted both project profitability and the company's order intake, approximtely 70 employees will be given notice of redundancy. Discussions with trade unions represented in the Wästbygg Group will commence immediately.
SEGMENT REPORTING
| ASSETS | 31 Mar 2023 |
31 Mar 2022 |
31 Dec 2022 |
|---|---|---|---|
| Fixed assets | |||
| Intangible fixed assets | |||
| Goodwill | 428 | 428 | 428 |
| Other intangible fixed assets | 34 | 35 | 34 |
| Total | 462 | 463 | 462 |
| Tangible fixed assets | |||
| Investment properties | 108 | 75 | 75 |
| User rights assets | 33 | 36 | 35 |
| Inventory, tools and installations | 4 | 4 | 4 |
| Total | 145 | 115 | 114 |
| Financial fixed assets | |||
| Shares in joint ventures and associated companies | 1 | 2 | 1 |
| Deferred tax receivables | 110 | 69 | 108 |
| Non-current financial assets | 42 | 14 | 41 |
| Total | 153 | 85 | 150 |
| Total fixed assets | 760 | 663 | 726 |
| Current assets | |||
| Development properties, etc. | 303 | 407 | 293 |
| Accounts receivable | 476 | 407 | 464 |
| Accrued but not invoiced | 460 | 572 | 327 |
| Tax receivables | 9 | 27 | 4 |
| Receivables from group companies | - | 13 | - |
| Other receivables | 1,904 | 1,464 | 1,863 |
| Prepaid costs and accrued income | 16 | 23 | 22 |
| Cash and cash equivalents | 73 | 797 | 450 |
| Total current assets | 3,241 | 3,710 | 3,423 |
| TOTAL ASSETS | 4,001 | 4,373 | 4,149 |
| TOTAL EQUITY AND LIABILITIES Equity |
2023 4 946 897 22 |
2022 4 946 |
2022 4 |
|---|---|---|---|
| Share capital Other contributed capital Retained earnings This period's comprehensive income Total equity attributable to the company's shareholders |
|||
| 946 | |||
| 904 | 768 | ||
| 42 | 129 | ||
| 1,869 | 1,896 | 1,847 | |
| Holdings without controlling influence | 4 | 4 | 4 |
| Total equity | 1,873 | 1,900 | 1,851 |
| Non-current liabilities | |||
| Non-current interest-bearing liabilities | |||
| Bond loans | 494 | 493 | 494 |
| Liabilities to credit institutions | 69 | 69 | 69 |
| Debts user rights | 12 | 19 | 15 |
| Other liabilities | 44 | - | 39 |
| Total | 619 | 581 | 617 |
| Non-current non-interest-bearing liabilities | |||
| Deferred tax liabilities | 10 | 10 | 10 |
| Other provisions | 69 | 68 | 72 |
| Total | 79 | 78 | 82 |
| Total non-current liabilities | 698 | 659 | 699 |
| Current liabilities | |||
| Current interest-bearing liabilities | |||
| Liabilities to credit institutions | 1 | 1 | 1 |
| Bank overdraft facility | 87 | - | - |
| Debts user rights | 21 | 19 | 20 |
| Other liabilities | - | 230 | 6 |
| Total | 109 | 250 | 27 |
| Current non-interest-bearing liabilities | |||
| Accounts payable | 598 | 471 | 690 |
| Advance from customer | 174 | 499 | 304 |
| Tax liabilities | 1 | 2 | 3 |
| Other liabilities | 112 | 103 | 128 |
| Accrued expenses and prepaid income | 436 | 489 | 447 |
| Total | 1,321 | 1,564 | 1,572 |
| Total current liabilities | 1,430 | 1,814 | 1,599 |
| TOTAL EQUITY AND LIABILITIES | 4,001 | 4,373 | 4,149 |
| INTEREST-BEARING NET CASH/NET DEB | |||
| Interest-bearing assets | 1,192 | 1,572 | 1,494 |
| Interest-bearing liabilities | 728 | 831 | 645 |
| Interest-bearing net cash/net debt | 464 | 741 | 849 |
IN SUMMARY, SEGMENT REPORTING
| Jan-Mar 2023 |
Jan-Mar 2022 |
Apr-Mar 2022-23 |
Jan-Dec 2022 |
|
|---|---|---|---|---|
| Equity attributable to the parent company's owners Amount at the beginning of the period |
1,847 | 1,854 | 1,895 | 1,854 |
| Committment consideration shares (business acquisition) | – | – | -41 | -41 |
| Transfer of own shares | – | – | 43 | 43 |
| Buyback of shares | – | – | -24 | -24 |
| Effect of settlement of commitments | – | – | -2 | -2 |
| Dividend | – | – | -112 | -112 |
| Comprehensive income for the period | 22 | 42 | 110 | 129 |
| Amount at the end of the period | 1,869 | 1,896 | 1,869 | 1,847 |
| Holdings without controlling influence | ||||
| Amount at the beginning of the period | 4 | 4 | 4 | 4 |
| Comprehensive income for the period | 0 | 0 | 0 | 0 |
| Amount at the end of the period | 4 | 4 | 4 | 4 |
| Total equity | 1,873 | 1,900 | 1,873 | 1,851 |
A property in Malmö was acquired in 2023. An agreement has been signed with the tenant and conversion of the property will commence in 2023. The property is classified as an investment property.
All the Wästbygg Group's unconsolidated development companies are recognised under Other receivables. This item includes receivables related to projects under construction as well as the cost of the participations. Twelve development projects are currently ongoing, distributed between the three business areas. These projects are partially financed through construction credit in each company.
Equity per share amounted to SEK 57.81 (58.15) at the end of the period and equity ratio was 48 percent (43).
When Rekab Entreprenad was acquired in 2021, the purchase consideration was paid, in part, through consideration shares. Half of the consideration was paid in 2022 and the next payment will be made in 2024 in accordance with the contract. In 2022, Wästbygg bought back a sufficient number of its own shares to cover most of the outstanding settlement to Rekab Entreprenad's former holding company.
SEGMENT REPORTING
| Jan-Mar 2023 |
Jan-Mar 2022 |
Apr-Mar 2022-23 |
Jan-Dec 2022 |
|
|---|---|---|---|---|
| Day-to-day operations | ||||
| Profit/loss before financial items | 22 | 30 | 80 | 88 |
| Adjustment for items not included in cash flow | 1 | 3 | 9 | 11 |
| Received interest | 9 | 9 | 40 | 40 |
| Paid interest | -11 | -12 | -48 | -49 |
| Paid tax | -7 | -10 | 18 | 15 |
| Cash flow from operating activities before | ||||
| changes in working capital | 14 | 20 | 99 | 105 |
| Cash flow from changes in working capital | ||||
| Increase (-)/decrease (+) of accounts receivable | -11 | 38 | -65 | -16 |
| Increase (-)/decrease (+) of other operating receivables | -178 | -185 | -232 | -239 |
| Increase (+)/decrease (-) of accounts payable | -92 | 1 | 125 | 218 |
| Increase (+)/decrease (-) of operating liabilities | -159 | 69 | -603 | -375 |
| Cash flow from the day-to-day operations | -427 | -57 | -677 | -307 |
| Investment activities | ||||
| Dividend from joint ventures and associated companies | – | 8 | 0 | 8 |
| Acquisitions of intangible fixed assets | -3 | -1 | -8 | -6 |
| Investments in investment properties | -33 | – | -33 | – |
| Acquisitions of other tangible fixed assets | 0 | -8 | 6 | -2 |
| Investment in other financial fixed assets | -1 | – | -1 | – |
| Cash flow from investing activities | -37 | -1 | -36 | 0 |
| Financing activities | ||||
| Buyback of shares | – | – | -24 | -24 |
| Paid dividend | – | – | -112 | -112 |
| Amortisation of loan liabilities | 0 | -6 | 4 | -2 |
| Raised loan liabilities | 0 | 8 | 32 | 40 |
| Utilised bank overdraft facilities | 87 | – | 87 | – |
| Cash flow from financing activities | 87 | 2 | -13 | -98 |
| CASH FLOW FOR THE PERIOD | -377 | -56 | -726 | -405 |
| Cash and cash equivalents at the start of the period | 450 | 851 | 797 | 851 |
| Exchange rate difference in cash and cash equivalents | 0 | 2 | 2 | 4 |
| Cash and cash equivalents at the end of the period | 73 | 797 | 73 | 450 |
Variations in cash flow from one period to another are a natural consequence of the number of development projects in progress and the number of projects sold.
Total cash flow for Q1 amounted to SEK -377million (-56), divided into current operations of SEK -427 million (-57), investment operations of SEK -37 million (-1) and financing operations of SEK 87 million (2).
Ongoing self-developed projects were self-funded to a relatively large extent in Q1. However, three self-developed residential projects will be completed in Q2, which will have a positive effect on the company's cash position.
The company is now entering a phase where investment in new self-developed projects will decrease. Additional self-developed projects will be completed later in the year, and the investments made in recent years will gradually be brought back into the company along with the returns generated.
As per 31 March, the group's available liquidity amounted to SEK 236 million, of which SEK 163 comprised of unutilised bank overdraft facilities.
IFRS
Total result attributable to:
| Jan-Mar 2023 |
Jan-Mar 2022 |
Apr-Mar 2022-23 |
Jan-Dec 2022 |
|
|---|---|---|---|---|
| Revenue | 1,207 | 1,046 | 5,342 | 5,181 |
| Costs in production | -1,112 | -967 | -5,023 | -4,878 |
| Gross profit/loss | 95 | 79 | 319 | 303 |
| Sales and administration costs | -91 | -91 | -360 | -360 |
| Other operating revenue | 2 | 2 | 9 | 9 |
| Other operating costs | -1 | 0 | -3 | -2 |
| Operating profit | 5 | -10 | -35 | -50 |
| Profit/loss from financial items | ||||
| Profit shares from joint ventures and associated companies | 0 | 0 | -1 | -1 |
| Financial revenue | 4 | 6 | 24 | 26 |
| Financial costs | -11 | -12 | -49 | -50 |
| Profit after financial items | -2 | -16 | -61 | -75 |
| Change in value of real estate | 0 | 0 | 0 | 0 |
| Profit before tax | -2 | -16 | -61 | -75 |
| Taxes | 3 | 16 | 45 | 58 |
| Profit for the period | 1 | 0 | -16 | -17 |
| Profit relating to: | ||||
| - the parent company's shareholders | 1 | 0 | -16 | -17 |
| - holdings without controlling influence | 0 | 0 | 0 | 0 |
| Earnings per share, SEK* | 0.03 | 0.01 | -0.51 | -0.53 |
| Number of shares at the end of the period (thousands) | 32,341 | 32,591 | 32,341 | 32,341 |
| Average number of shares (thousands) | 32,341 | 32,591 | 32,341 | 32,402 |
| Jan-Mar | Jan-Mar | Apr-Mar | Jan-Dec | |
| THE GROUP'S REPORT ON COMPREHENSIVE INCOME | 2023 | 2022 | 2022-23 | 2022 |
| Profit for the period | 1 | 0 | -16 | -17 |
| Other comprehensive income that can be transferred to the income statement |
||||
| Currency difference when translating foreign operations | 0 | 1 | -3 | -2 |
| Comprehensive income for the period | 1 | 1 | -19 | -19 |
* The company has no options and similar agreements that give rise to a dilution effect, therefore this is not reported separately. The change in the number of shares during the period is attributable to the structure of the acquisition of Rekab Entreprenad AB. No decisions have been taken regarding a new issue or issue of new shares. When all buybacks and transfers of consideration shares have taken place, the number of shares will again correspond to the number of registered shares. See page 31 for further information about the number of shares.
Revenues for Q1 amounted to SEK 1,207 million (1,046), equivalent to an increase of 15 percent. Operating profit stood at SEK 5 million (-10). Significant write-down of profits took place in Q1 2022, but this year as well, soaring costs of materials and energy resulted in reduced margins in several projects. No self-developed tenant-ownership projects were handed over and settled in Q1, either this year or in 2022. On the other hand, many self-developed projects are in production, which means that both revenue and profit will be held back until these projects are completed.
Profit after tax amounted to SEK 1 million (0), equivalent to earnings per share of SEK 0.03 (0.01). The operating margin was 0.4 percent (-1.0).
The order intake in Q1 amounted to SEK 328 million (1,345). A clear slowdown in the market, not least in residential construction, poses challenges in sales activities. Moreover we see no possibilities to launch construction of further self-developed residential projects in the current climate.
The order backlog was SEK 4,764 million (6,657) as of 31 March. This is a decrease of approximately SEK 1 billion since the start of the year. The order intake during Q1 was not sufficient to match the rate of implementation in ongoing projects.
Positive tax was reported for Q1 due to non-taxable revenues. The item also includes deferred tax.
The Wästbygg Group had 595 employees as per 31 March, compared to 597 at the start of the year. A year ago, the Wästbygg Group had 535 employees.
Due to the severely weakened economy, which has negatively impacted both project profitability and the company's order intake, approximtely 70 employees will be given notice of redundancy. Discussions with trade unions represented in the Wästbygg Group will commence immediately.
IFRS
| ASSETS | 31 Mar 2023 |
31 Mar 2022 |
31 Dec 2022 |
|---|---|---|---|
| Fixed assets | |||
| Intangible fixed assets | |||
| Goodwill | 428 | 428 | 428 |
| Other intangible fixed assets | 34 | 35 | 34 |
| Total | 462 | 463 | 462 |
| Tangible fixed assets | |||
| Investment properties | 108 | 75 | 75 |
| User rights assets | 33 | 36 | 35 |
| Inventory, tools and installations | 4 | 4 | 4 |
| Total | 145 | 115 | 114 |
| Financial fixed assets | |||
| Shares in joint ventures and associated companies | 1 | 2 | 1 |
| Deferred tax receivables | 120 | 72 | 117 |
| Non-current financial assets | 0 | 0 | 0 |
| Total | 121 | 74 | 118 |
| Total fixed assets | 728 | 652 | 693 |
| Current assets | |||
| Development properties, etc. | 272 | 377 | 263 |
| Tenant-owner association flats of own development under production |
1,775 | 1,004 | 1,565 |
| Accounts receivable | 476 | 407 | 464 |
| Accrued but not invoiced | 369 | 521 | 248 |
| Tax receivables | 9 | 28 | 4 |
| Receivables from group companies | – | 13 | – |
| Other receivables | 784 | 499 | 674 |
| Prepaid costs and accrued income | 16 | 23 | 22 |
| Cash and cash equivalents | 151 | 881 | 534 |
| Total current assets | 3,852 | 3,753 | 3,774 |
| TOTAL ASSETS | 4,580 | 4,405 | 4,467 |
| TOTAL EQUITY AND LIABILITIES | 31 Mar 2023 |
31 Mar 2022 |
31 Dec 2022 |
|---|---|---|---|
| Equity | |||
| Share capital | 4 | 4 | 4 |
| Other contributed capital | 946 | 946 | 946 |
| Retained earnings | 643 | 798 | 662 |
| This period's comprehensive income | 1 | 1 | -19 |
| Total equity attributable to the company's shareholders | 1,594 | 1,749 | 1,593 |
| Holdings without controlling influence | 4 | 4 | 4 |
| Total equity | 1,598 | 1,753 | 1,597 |
| Non-current liabilities | |||
| Non-current interest-bearing liabilities | |||
| Bond loans | 494 | 493 | 494 |
| Liabilities to credit institutions | 173 | 173 | 173 |
| Debts user rights | 12 | 19 | 16 |
| Other liabilities | 37 | – | 39 |
| Total | 716 | 685 | 722 |
| Non-current non-interest-bearing liabilities | |||
| Deferred tax liabilities | 20 | 17 | 20 |
| Other provisions | 69 | 68 | 71 |
| Total | 89 | 85 | 91 |
| Total non-current liabilities | 805 | 770 | 813 |
| Current liabilities | |||
| Current interest-bearing liabilities | |||
| Liabilities to credit institutions | 974 | 370 | 752 |
| Bank overdraft facility | 87 | – | – |
| Debts user rights | 21 | 19 | 20 |
| Other liabilities | – | 225 | – |
| Total | 1,082 | 614 | 772 |
| Current non-interest-bearing liabilities | |||
| Accounts payable | 602 | 472 | 690 |
| Advance from customer | 165 | 473 | 266 |
| Tax liabilities | 2 | 3 | 5 |
| Other liabilities | 174 | 129 | 157 |
| Accrued expenses and prepaid income | 152 | 191 | 167 |
| Total | 1,095 | 1,268 | 1,285 |
| Total current liabilities | 2,177 | 1,882 | 2,057 |
| TOTAL EQUITY AND LIABILITIES | 4,580 | 4,405 | 4,467 |
| INTEREST-BEARING NET CASH/NET DEB | |||
| Interest-bearing assets | 664 | 1,285 | 938 |
| Interest-bearing liabilities | 1,798 | 1,299 | 1,494 |
| Interest-bearing net cash/net debt | -1,134 | -14 | -556 |
IN SUMMARY, IFRS
| Jan-Mar | Jan-Mar | Apr-Mar | Jan-Dec | |
|---|---|---|---|---|
| 2023 | 2022 | 2022-23 | 2022 | |
| Equity attributable to the parent company's owners Amount at the beginning of the period |
1,593 | 1,747 | 1,749 | 1,747 |
| Committment consideration shares (business acquisition) | – | – | -41 | -41 |
| Transfer of own shares | – | – | 43 | 43 |
| Buyback of shares | – | – | -24 | -24 |
| Effect of settlement of commitments | – | – | -2 | -2 |
| Dividend | – | – | -112 | -112 |
| Comprehensive income for the period | 1 | 1 | -20 | -19 |
| Amount at the end of the period | 1,594 | 1,749 | 1,594 | 1,593 |
| Holdings without controlling influence | ||||
| Amount at the beginning of the period | 4 | 4 | 4 | 4 |
| Comprehensive income for the period | 0 | 0 | 0 | 0 |
| Amount at the end of the period | 4 | 4 | 4 | 4 |
| Total equity | 1,598 | 1,753 | 1,598 | 1,597 |
A property in Malmö was acquired in 2023. An agreement has been signed with the tenant and conversion of the property will commence in 2023. The property is classified as an investment property
The volume in the company's production of self-developed tenant-ownership projects continues to be high; see the item Self-developed tenant-ownership projects under production in the balance sheet. These projects are partially financed through construction credit and relate to short-term financing during the production phase. Other receivables also increased, primarily receivables from unconsolidated development companies and mainly related to the Logistics and Industry business area.
The increased financing of self-developed projects also affected interestbearing net cash, which amounted to SEK -1,134 million (-14) at year end. Equity per share was SEK 49.28 (53.66) at the end of Q1.
The equity ratio at the end of the period was 36 percent (40). The decrease is due to persistent weak profits and a rise in the balance sheet total. The equity ratio was also affected by non-extracted gains in self-developed tenant-ownership projects currently in progress, since in accordance with the accounting principles, these projects will only be recognised in the income statement on completion.
When Rekab Entreprenad was acquired in 2021, the purchase consideration was paid, in part, through consideration shares. Half of the consideration was paid in 2022 and the next payment will be made in 2024 in accordance with the contract. In 2022, Wästbygg bought back a sufficient number of its own shares to cover most of the outstanding settlement to Rekab Entreprenad's former holding company.
IFRS
| Jan-Mar 2023 |
Jan-Mar 2022 |
Apr-Mar 2022-23 |
Jan-Dec 2022 |
|
|---|---|---|---|---|
| Day-to-day operations | ||||
| Profit/loss before financial items | 5 | -10 | -35 | -50 |
| Adjustment for items not included in cash flow | 1 | 3 | 6 | 8 |
| Received interest | 4 | 6 | 24 | 26 |
| Paid interest | -11 | -12 | -48 | -49 |
| Paid tax | -8 | -11 | 18 | 15 |
| Cash flow from operating activities before changes in working capital |
-9 | -24 | -35 | -50 |
| Cash flow from changes in working capital | ||||
| Increase (-)/decrease (+) of tenant-owner association | -210 | -125 | -891 | -806 |
| flats of own development in production | ||||
| Increase (-)/decrease (+) of accounts receivable | -11 | 38 | -65 | -16 |
| Increase (-)/decrease (+) of other operating receivables | -237 | -176 | -11 | 50 |
| Increase (+)/decrease (-) of accounts payable | -88 | -8 | 127 | 207 |
| Increase (+)/decrease (-) of operating liabilities | -100 | 50 | -426 | -276 |
| Cash flow from the day-to-day operations | -655 | -245 | -1 301 | -891 |
| Investment activities | ||||
| Dividend from joint ventures and associated companies | – | 8 | 0 | 8 |
| Acquisitions of intangible fixed assets | -3 -33 |
-1 – |
-8 -33 |
-6 |
| Investments in investment properties Acquisitions of other tangible fixed assets |
0 | -8 | 6 | – -2 |
| Cash flow from investing activities | -36 | -1 | -35 | 0 |
| Financing activities | ||||
| Buyback of shares | – | – | -24 | -24 |
| Paid dividend | – | – | -112 | -112 |
| Amortisation of loan liabilities | 0 | -6 | 4 | -2 |
| Raised loan liabilities | 221 | 233 | 650 | 662 |
| Utilised bank overdraft facilities | 87 | – | 87 | – |
| Cash flow from financing activities | 308 | 228 | 604 | 524 |
| CASH FLOW FOR THE PERIOD | -383 | -18 | -732 | -367 |
| Cash and cash equivalents at the start of the period | 534 | 897 | 881 | 897 |
| Exchange rate difference in cash and cash equivalents | 0 | 2 | 2 | 4 |
| Cash and cash equivalents at the end of the period | 151 | 881 | 151 | 534 |
Variations in cash flow from one period to another are a natural consequence of the number of development projects in progress and the number of projects sold. Raised loans also vary as self-developed tenant-ownership projects start construction or are completed, which affects cash flow from financing operations.
Total cash flow for Q1 amounted to SEK -383 million (-18), divided into current operations of SEK -655 million (-245), investment operations of SEK -36 million (-1) and financing operations of SEK 308 million (228).
Ongoing self-developed projects were self-funded to a relatively large extent in Q1. However, three self-developed residential projects will be completed in Q2, which will have a positive effect on the company's cash position.
The company is now entering a phase where investment in new self-developed projects will decrease. Additional self-developed projects will be completed later in the year, and the investments made in recent years will gradually be brought back into the company along with the returns generated.
As per 31 March, the group's available liquidity amounted to SEK 314 million, of which SEK 163 comprised of unutilised bank overdraft facilities.
IN SUMMARY
| Jan-Mar | Jan-Mar | Apr-Mar | Jan-Dec | |
|---|---|---|---|---|
| 2023 | 2022 | 2022-23 | 2022 | |
| Revenue | 29 | 27 | 113 | 111 |
| Other operating revenue | 0 | 0 | 0 | 0 |
| Total operating income | 29 | 27 | 113 | 111 |
| Staff costs | -18 | -17 | -64 | -63 |
| Other external costs | -13 | -14 | -66 | -67 |
| Operting profit/loss | -2 | -4 | -17 | -19 |
| Profit/loss from financial items | ||||
| Dividend (anticipated) from subsidiaries | – | – | 290 | 290 |
| Other interest income and similar income items | 17 | 11 | 53 | 47 |
| Interest expenses and similar income items | -10 | -9 | -40 | -39 |
| Profit after financial items | 5 | -2 | 286 | 279 |
| Year-end appropriations | ||||
| Year-end appropriations | – | – | -15 | -15 |
| Profit before tax | 5 | -2 | 271 | 264 |
| Taxes | -1 | 0 | 6 | 7 |
| Profit/loss for the period | 4 | -2 | 276 | 270 |
IN SUMMARY
| 31 Mar | 31 Mar | 31 Dec | |
|---|---|---|---|
| 2023 | 2022 | 2022 | |
| ASSETS | |||
| Intangible fixed assets | 11 | 6 | 9 |
| Tangible fixed assets | 2 | 2 | 2 |
| Financial fixed assets | 467 | 449 | 468 |
| Total fixed assets | 480 | 457 | 479 |
| Current receivables | 2,131 | 1,517 | 1,955 |
| Cash and bank balances | 0 | 475 | 264 |
| Total current assets | 2,131 | 1,992 | 2,219 |
| TOTAL ASSETS | 2,611 | 2,449 | 2,698 |
| TOTAL EQUITY AND LIABILITIES | |||
| Restricted equity | 4 | 4 | 4 |
| Unrestricted equity | 1,689 | 1,549 | 1,685 |
| Total equity | 1,693 | 1,553 | 1,689 |
| Non-current liabilities | 494 | 493 | 494 |
| Current liabilities | 424 | 403 | 515 |
| TOTAL EQUITY AND LIABILITIES | 2,611 | 2,449 | 2,698 |
The interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting. The interim report for the Parent Company has been prepared in accordance with the Annual Accounts Act.
Consolidated financial statements are prepared in accordance with IFRS from the 2015 financial year. The accounting principles applied in the interim report are described in the annual report for 2022 on pages 78–84. Accounting principles and calculation methods for the Group are unchanged compared with the annual report last year.
New or amended IFRS standards applied from 2023 have no or little impact on Wästbygg Group's financial reporting.
As of the date of approval of this financial report, certain new standards, amendments and interpretations of existing standards that have not yet entered into force have been published by IASB. These have not been applied prematurely by the Group and the changes are not expected to have a significant impact on the financial statements during the financial year in which they are to be applied for the first time and therefore no information has been provided.
Wästbygg Group's segment reporting follows the group's internal reporting to company management and the board, as this is how the board and group management controls and monitors operations. The segment reporting reports revenue recognition for project development of owner-occupied flats over time.
| SEGMENT REPORT IN SUMMARY, SEK MILLTION |
Jan-Mar 2023 |
Jan-Mar 2022 |
Apr-Mar 2022-23 |
Jan-Dec 2022 |
|---|---|---|---|---|
| REVENUE | ||||
| Residential Of which internal sales |
440 1 |
356 – |
1,862 4 |
1,778 3 |
| Commercial Of which internal sales |
492 5 |
416 – |
2,004 5 |
1,928 – |
| Logistics and industry 1 Of which internal sales |
444 – |
411 – |
2,121 – |
2,088 – |
| Other 2 Of which internal sales |
29 29 |
27 27 |
113 113 |
111 111 |
| Group adjustments | -26 | -27 | -110 | -111 |
| Total | 1,379 | 1,183 | 5,990 | 5,794 |
| IFRS adjustment (attributable to the Residential segment) | -172 | -136 | -650 | -614 |
| Total IFRS 3 | 1,207 | 1,046 | 5,342 | 5,181 |
| OPERATING PROFIT | ||||
| Residential Operating margin |
-5 -1.1 % |
24 6.7 % |
21 1.1 % |
50 2.8 % |
| Commercial Operating margin |
15 3.0 % |
-7 -1.7 % |
28 1.4 % |
6 0.3 % |
| Logistics and industry 1 Operating margin |
16 3.6 % |
17 4.1 % |
55 2.6 % |
56 2.7 % |
| Other 2 Group adjustments |
-2 -2 |
-4 0 |
-17 -7 |
-19 -5 |
| Total | 22 | 30 | 80 | 88 |
| Operating margin | 1.6 % | 2.5 % | 1.3 % | 1.5 % |
| Financial items | -2 | -3 | -9 | -10 |
| Change in value of real estate | 0 | 0 | 0 | 0 |
| Profit before tax, segment | 20 | 27 | 71 | 78 |
| IFRS adjustment (attributable to the Residential segment) | -22 | -43 | -131 | -152 |
| Profit before tax IFRS | -2 | -16 | -61 | -75 |
Distribution by geographic market is reported under section Logistics and industry on page 14. Only Logistics and industry have operations abroad.
2 Segment Other consists of the parent company's operations and contains only internally invoiced revenue. As a result, the operating margin for Other is not reported. The parent company's operations consist of support functions for the segments in the form of departments for finance, HR, QEW, sustainability, IT and communications as well as group management.
3 Revenue reported at one point in time amounts to SEK 0 million (0).
The transfer pricing between the operating segments takes place on market terms. Financial items and taxes are not distributed by segment, nor are they followed up by the highest executive decision-makers, which is why they have been excluded from the table above. The equivalent also applies to assets and liabilities. There is also no items affecting cash flow or separate reporting of depreciation per segment as those amounts are small.
The group has discussions or disputes with customers or partners from time to time about commercial terms. In exceptional cases, this takes place in an arbitration or other legal instance. In some cases, they are evaluated by external legal representatives in consultation with internal resources. The report reflects at all times the best overall assessment that has been made, but actual outcomes may deviate as in some cases these are complex assessments.
The group is continuously working on assessing and managing risks and uncertainty factors, and places strong focus on various vulnerability reduction measures. The group's risks may primarily be related to three areas: external environment risks, operational project and contract risks including sustainability risks, and financial risks. A more comprehensive risk analysis can be found in the company's annual report for 2022 on pages 61–67. No significant changes took place that have changed these reported risks.
There are several uncertainty factors in the external environment that affect the group's business and the construction industry as a whole. Russia's invasion of Ukraine has, besides causing enormous suffering for the population, affected the general economy. Energy costs, material costs and interest rates have risen and inflation has now spread through society at large. The current uncertainty in the financial market and inflation reduction measures are generally resulting in reduced access to capital in the market and increased credit costs, as well as causing our clients to take a more cautious approach. We are closely monitoring the macroeconomic situation to minimise negative impact to the Wästbygg Group.
The parent company's intra-group revenues for the first quarter amounted to SEK 29 million (27) and the profit/loss after net financial items was SEK 5 million (-2).
The Wästbygg Group's largest shareholder is M2 Holding AB. M2 is owned and controlled by Rutger Arnhult, who is also a Board member of M2. The M2 Group has significant direct and indirect ownership interests in Corem Property Group AB, which is part of the group of related companies but is not a group company connected with the Wästbygg Group.
The Wästbygg Group's board member Joacim Sjöberg has also been CEO of Castellum since 2023.
The Wästbygg Group carries out contract assignments in competition for Corem Property Group and M2. Wästbygg has previously also carried out assignments for Castellum, but all these assignments were completed before Castellum could be regarded as a related company.
Revenue accrued in current projects is shown in the table below. As of 31 March 2023, other transactions with related parties comprised rental costs of SEK 1 million (1), accounts receivable of SEK 7 million (10) and other receivables of SEK 13 million (13).
| SEK MILLION | Jan-Mar 2023 |
Jan-Mar 2022 |
Apr-Mar 2022-23 |
Jan-Dec 2022 |
|---|---|---|---|---|
| Corem | 36 | 13 | 91 | 68 |
| M2 | 2 | 10 | 87 | 95 |
| Total | 39 | 23 | 179 | 163 |
The Group's financial instruments essentially consist of financial assets and financial liabilities that are valued at accrued acquisition value. Financial instruments that are valued at fair value consist of currency futures and contingent purchase consideration, which amount to insignificant amounts. Further information can be found in the group's annual report for 2022 in Note 1 Accounting Principles and Note 29 Financial Risk Management and Financial Instruments.
| SEGMENT REPORTING 1 | Jan-Mar 2023 |
Oct-Dec 2022 |
Jul-Sep 2022 |
Apr-Jun 2022 |
Jan-Mar 2022 |
Oct-Dec 2021 |
Jul-Sep 2021 |
Apr-Jun 2021 |
|---|---|---|---|---|---|---|---|---|
| Financial key ratios | ||||||||
| Revenue | 1,379 | 1,814 | 1,299 | 1,499 | 1,183 | 1,271 | 822 | 911 |
| Operating profit | 22 | 20 | -27 | 65 | 30 | 69 | 74 | 68 |
| Operating margin, % | 1.6 | 1.1 | -2.1 | 4.3 | 2.5 | 5.4 | 9.0 | 7.5 |
| Profit/loss after tax | 22 | 26 | -9 | 73 | 41 | 74 | 75 | 77 |
| Balance sheet | 4,001 | 4,149 | 4,416 | 4,401 | 4,373 | 4,226 | 3,136 | 3,087 |
| Equity/assets ratio, % | 47 | 45 | 41 | 42 | 43 | 44 | 56 | 55 |
| Return on equity, % | 6 | 7 | 10 | 14 | 14 | 16 | 18 | 18 |
| Operating capital | 1,839 | 1,400 | 1,916 | 1,774 | 1,324 | 1,225 | 947 | 2 731 |
| Interest-bearing net cash (+) / net debt (-) | 464 | 849 | 402 | 314 | 741 | 794 | 856 | 2 996 |
| Cash flow from operating activities | -427 | 329 | -171 | -409 | -57 | -212 | -141 | 92 |
| Equity related key ratios 3 | ||||||||
| Earnings per share , SEK Equity per share, SEK |
0.69 57.81 |
0.80 57.11 |
-0.28 56.36 |
2.27 56.66 |
1.26 58.15 |
2.26 56.87 |
2.31 54.33 |
2.37 52.02 |
| Number of shares at the end of the period (thousands) | 32,341 | 32,341 | 32,341 | 32,341 | 32,591 | 32,591 | 32,340 | 32,340 |
| Average number of shares (thousands) | 32,341 | 32,341 | 32,341 | 32,341 | 32,591 | 32,869 | 32,340 | 32,340 |
| IFRS 1 | ||||||||
| Financial key ratios | ||||||||
| Revenue Operating profit |
1,207 5 |
1,728 | 1,101 | 1,304 | 1,046 | 1,231 | 767 | 1 051 |
| Operating margin, % | 0.4 | 14 0.8 |
-74 -6.7 |
20 1.5 |
-10 -1.0 |
10 0.8 |
58 7.6 |
91 8.7 |
| Profit/loss after tax | 1 | 13 | -56 | 26 | 0 | 13 | 56 | 99 |
| Balance sheet | 4,580 | 4,467 | 4,657 | 4,457 | 4,405 | 4,101 | 3,297 | 3,208 |
| Equity/assets ratio, % | 35 | 36 | 34 | 37 | 40 | 43 | 52 | 52 |
| Return on equity, % | -1 | -1 | -1 | 6 | 10 | 14 | 18 | 19 |
| Operating capital | 2,599 | 1,956 | 2,373 | 2,142 | 1,579 | 1,336 | 1,102 | 2 855 |
| Interest-bearing net cash (+) / net debt (-) | -1 134 | -556 | -836 | -603 | -14 | 151 | 428 | 2 646 |
| Cash flow from operating activities | -655 | 209 | -309 | -546 | -245 | -192 | -191 | 72 |
| Equity related key ratios 3 | ||||||||
| Earnings per share , SEK | 0.03 | 0.39 | -1.73 | 0.80 | 0.01 | 0.39 | 1.74 | 3.05 |
| Equity per share, SEK | 49.28 | 49.25 | 48.91 | 50.66 | 53.66 | 53.62 | 52.96 | 51.21 |
| Number of shares at the end of the period (thousands) | 32,341 | 32,341 | 32,341 | 32,341 | 32,591 | 32,591 | 32,340 | 32,340 |
| Average number of shares (thousands) | 32,341 | 32,341 | 32,341 | 32,341 | 32,591 | 32,869 | 32,340 | 32,340 |
| OPERATIONAL KEY RATIOS | ||||||||
| Order intake | 328 | 869 | 1,201 | 1,591 | 1,345 | 2,514 | 703 | 1,473 |
| Order backlog | 4,764 | 5,754 | 6,679 | 6,818 | 6,657 | 6,572 | 3,634 | 3,666 |
For KPI definitions, see page 30.
THE GROUP: Wästbygg presents certain financial measures in the interim report that are not defined by IFRS. The key ratios on page 4 and 29 are chosen on the basis that they are considered to give a fair view of the Company's operations and development. They are also commonly used among other companies, which facilitates comparisons. The key figures listed to the right are not defined in accordance with IFRS unless otherwise stated. Growth (CAGR) is defined in accordance with segment reporting.
SEGMENT: As for the key ratios provided on page 16–20 and in Note 2, they are regarded as alternative key ratios. They have the same definition as key ratios to the right, but are based on segment figures.
Definition: The value of projects received and changes to existing projects during the current period. Tenant-owner association projects of own development are included in order intake as soon as a construction agreement has been signed for construction.
Purpose: Shows the company's sales during the current period.
Definition: The value at the end of the period of the remaining unprocessed project revenue in pending assignments. Tenant-owner association projects of own development are included in the order backlog as soon as a construction agreement has been signed for construction.
Purpose: Shows the company's revenues in future periods.
1From segment reporting
2See information about Wästbygg Gruppen's share on page 31 for further information about the number of shares.
| FINANCIAL KEY RATIOS | Jan-Mar 2023 |
Jan-Mar 2022 |
Apr-Mar 2022-23 |
Jan-Dec 2022 |
|
|---|---|---|---|---|---|
| Balance sheet total A Total assets |
4,580 | 4,405 | 4,580 | 4,467 | |
| A = Balance sheet total | 4,580 | 4,405 | 4,580 | 4,467 | |
| Revenue growth (CAGR) 1 A Revenue (rolling 12 months) B Comparison period revenue C Number of years between periods |
5,990 3,801 2.25 |
4,187 3,905 2.25 |
5,990 3,801 2.25 |
5,794 3,905 3 |
Definition: Revenue for rolling 12 months divided by revenue for the previous period, raised to one divided by the number of years between the two periods, minus one. Wästbygg Gruppen measures CAGR over three years based on the end of the year immediately before the current three-year period. |
| (A/B)^(1/C)-1 = Revenue growth, % | 22.4% | 3.1% | 22.4% | 14.1% | Purpose: Shows the company's ability to increase revenue over time. |
| Operating margin A Operating profit/loss B Revenue A/B = Operating margin, % |
5 1,207 0.4% |
-10 1,046 -1.0% |
-35 5,342 -0.7% |
-50 5,181 -1.0% |
Definition: Operating profit/loss in relation to revenue. Purpose: Shows the company's earning capacity. |
| Equity ratio A Total equity B Balance sheet total A/B = Equity ratio, % |
1,598 4,580 35% |
1,753 4,405 40% |
1,598 4,580 35% |
1,597 4,467 36% |
Definition: Equity in relation to the balance sheet total. Purpose: Describes the capital structure of the company. |
| Return on equity A Profit/loss for the period (rolling 12 months) B Equity at the beginning of the period C Equity at the end of the period A/((B+C)/2) = Return on equity, % |
-16 1,597 1,598 -1% |
168 1,751 1,753 10% |
-16 1,753 1,598 -1% |
-17 1,751 1,597 -1% |
Definition: Profit for the period (rolling 12 months) divided by average equity for the period. Purpose: Shows the company's ability to generate return on equity. |
| Operating capital A Current assets B Cash and cash equivalents C Current non-interest-bearing liabilities A-B-C = Operating capital |
3,843 151 1,093 2,599 |
3,725 881 1,265 1,579 |
3,843 151 1,093 2,599 |
3,770 534 1,280 1,956 |
Definition: Current assets (excluding cash and cash equivalents and tax receivables) less current non-interest-bearing liabilities (excluding tax liabilities). Purpose: Shows the company's tied up capital. |
| Interest-bearing net debt/net cash Receivables from group companies Cash and cash equivalents Other interest-bearing receivables A Interest-bearing assets at end of period Non-current interest-bearing liablilities Current interest-bearing liablilites B Interest-bearing liabilities A-B = Interest bearing net cash (+)/net debt (-) |
0 151 513 664 716 1,082 1,798 -1,134 |
13 881 391 1,285 685 614 1,299 -14 |
0 151 513 664 716 1,082 1,798 -1,134 |
0 534 404 938 722 772 1,494 -556 |
Definition: Interest-bearing receivables including cash and cash equivalents less interest-bearing liabilities. Purpose: Shows the company's real indebtedness. |
| Earnings per share, IFRS A Profit for the period B Average number of outstanding shares (thousands) 2 A/B = Earnings per share, SEK |
1 32,341 0.03 |
0 32,591 0.01 |
-16 32,341 -0.51 |
-17 32,402 -0.53 |
Definition: Profit/loss attributable to the company's shareholders in relation to the number of outstanding shares. Purpose: Illustrates each share's share of the period's earnings. |
| Equity per share, IFRS A Equity at the end of the period B Number of outstanding shares at the end of the period ('thousands) 2 A/B = Equity per share, SEK |
1,594 32,341 49.28 |
1,749 32,591 53.66 |
1,594 32,341 49.28 |
1,593 32,341 49.25 |
Definition: Equity attributable to the company's shareholders in relation to the number of outstanding shares at the end of the period. Purpose: Illustrates each share's share of the equity. |
The class B shares of the Wästbygg Group are listed on Nasdaq Stockholm under the ticker code WBGR B. On the last trading day of the first quarter of 2023, the share price closed at SEK 31.95. This was equivalent to a stock market value of SEK 1,033 million, calculated on the basis of the number of outstanding shares. As per 31 March, the share capital amounted to SEK 3,593,352, divided into 620,000 Class A shares and 31,720,165 Class B shares. The Wästbygg Group had 4,372 shareholders at the end of Q1. The proportion of foreign ownership was approximately 9.2 percent of the share capital. The ten largest shareholders controlled approximately 84 percent of the capital and 86 percent of the votes. The table at the side of the page shows the ten confirmed largest shareholders as per 31 March 2023.
The Board of Directors was authorised at the Annual General Meeting on 5 May 2022 to make decisions regarding buy-back and transfer of the company's shares. No buy-back of the company's shares took place based on the existing authorisation. However, the Wästbygg Group already holds 424,687 of the company's shares which were bought back on an earlier date to cover the outstanding payment to Trekcyd AB for the acquisition of Rekab Entreprenad AB, which took place in 2021.
One of the Wästbygg Group's long-term goals is for the dividend to amount to 40 percent of net profit over time, based on the segment reporting. The Board of Directors proposes that the Annual General Meeting 2023 approve a dividend of SEK 52,660,538, equivalent to SEK 1.65 per dividend-entitled share (31,915,478 shares in total, as 424,687 shares are held by the company). The number of dividendentitled shares may be affected by further repurchases and/or disposals carried out before the record date for dividends. The dividend corresponds to a direct return of 3.66 percent, based on the share price at year end.
The Wästbygg Group has become one of the first companies in Sweden to apply for and be awarded the Nasdaq Green Equity Designation.
| Name | No of class A-shares |
No of class B-shares |
Total no of shares |
Proportion of capital |
Proportion of votes |
|---|---|---|---|---|---|
| M2 Holding AB | 117,500 | 16,853,586 | 16,971,086 | 52.5% | 47.5% |
| Svolder AB (publ) | 110,000 | 3,471,754 | 3,581,754 | 11.1% | 12.1% |
| Gårdarike Invest AB | 110,000 | 2,800,000 | 2,910,000 | 9.0% | 10.3% |
| Fino Förvaltning AB | 282,500 | 1,718,000 | 2,000,500 | 6.2% | 12.0% |
| Carnegie Fonder | - | 383,387 | 383,387 | 1.2% | 1.0% |
| Drumbo Oy | - | 250,000 | 250,000 | 0.8% | 0.7% |
| Avanza Pension | - | 249,386 | 249,386 | 0.8% | 0.7% |
| Skandrenting AB | - | 175,000 | 175,000 | 0.5% | 0.5% |
| Handelsbanken Fonder | - | 160,000 | 160,000 | 0.5% | 0.4% |
| Övriga aktieägare | - | 5,234,365 | 5,234,365 | 16.2% | 14.9% |
| Wästbygg Gruppen AB (publ) 1 | - | 424,687 | 424,687 | 1.3% | - |
| Number of registrered shares | 620,000 | 31,720,165 | 32,340,165 | 100.0% | 100.0% |
| Committment consideration shares 2 | ,- | ,425,313 | 425,313 | ||
| Bought back shares 1 | ,- | -424,687 | -424,687 | ||
| Total number of shares outstanding 3 | 620,000 | 31,720,791 | 32,340,791 |
1 Bought back shares do not carry voting rights and therefore do not entitle holders to dividends. Se note 3 in the annual report for 2022.
2 The Wästbygg Group agreed to pay 425,313 WBGR Class B shares (consideration shares) as part of the purchase consideration for Rekab Entreprenad AB. The final settlement will take place in 2024.
3 The number of outstanding shares is used to calculate equity per share and includes commitments for consideration shares and bought back shares. The same applies to the calculation of earnings per share, which is based on the average number of shares outstanding.
2020-10-13 2023-03-31
704,373 shares
2,289,645 shares
SEK/ share
0
25
50
75
100
125
150
SHARE HOLDER DISTRIBUTION (%)
| Other legal entities | 71.2% | |
|---|---|---|
| Investment and asset management |
11.1% | |
| Anonymous ownership | 7.6% | |
| Private individuals | 5.7% | |
| Fund/Asset management | 2.7% | |
| Bought back shares | 1.3% | Source: Monitor by Modular Finance AB. Compiled and |
| Pension and insurance | 0.3% | processed data from various sources, including Euroclear, |
| State, municipalities and regions | < 0.1% | Morningstar and the Swedish Financial Supervisory Authority |
| Foundations | < 0.1% | (Finansinspektionen). |
| Market: | Nasdaq Stockholm, Mid Cap |
|---|---|
| Ticker code: | WBGR B |
| Stock market value : | SEK 1,0 billion |
| No of shares: | 32,340,165, of which 31,720,165 class B-shares and 620,000 class A-shares. |
| ISIN: | SE0014453874 |
0
60 000
120 000
180 000
The CEO declares that the interim report provides a fair overview of the parent company's and the Group's operations, position and results and describes significant risks and uncertainties that the parent company and the companies included in the Group face. The report has not been reviewed by the company's auditors.
Gothenburg 4 Maj 2023
WÄSTBYGG GRUPPEN AB (PUBL)
JONAS JÖNEHALL CEO
The information is such that the Wästbygg Group (publ) must publish in accordance with the EU Market Abuse Regulation. The information was submitted for publication on 4 May 2023 at 08:00.
This interim report has been published in Swedish and English. In the event of a discrepancy between the language versions, the Swedish version shall prevail.
| Annual General Meeting | 4 May 2023 |
|---|---|
| Interim report January – June | 22 August 2023 |
| Interim report January – September | 9 November 2023 |
| Year-end report 2023 | 8 February 2024 |
Jonas Jönehall, CEO phone +46 739-20 19 01, email [email protected]
Jessica Gårdmo, CFO phone +46 734-67 26 15, email [email protected]
Robin Sundin, Group Legal Counsel and Head of IR phone +46 725-29 30 04, email [email protected]
Wästbygg Gruppen AB (publ) • Sofierogatan 3B • 412 51 Göteborg • Sweden +46 31 733 23 00 • [email protected] • www.wastbygg.se Company registration number: 556878-5538 • Registrered office: Gothenburg
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