Quarterly Report • May 6, 2021
Quarterly Report
Open in ViewerOpens in native device viewer
Wästbygg Gruppen AB (publ) January – March 2021
The Wästbygg Group has started 2021 with a very strong first quarter. Based on the segment reporting, our operating profit amounted to SEK 66 million, making this one of our strongest first quarters ever.
I am also pleased to announce that we recently were able to publish our green framework and that we, as one of the few companies in Sweden, and the only construction company of our size, can classify our shares as green. The framework is a natural step in our sustainability efforts and will serve to further increase transparency regarding our climate footprint. The framework will also be used as an internal steering tool in making sustainable business decisions.
Jörgen Andersson, CEO Wästbygg Gruppen
Elderly care home, Dals Ängar in Falkenberg
INTERIM REPORT WÄSTBYGG GRUPPEN AB (PUBL), 1 JANUARY – 31 MARCH 2021
1As of the interim report for the period January–June 2020, the Group reports revenues and results for project development of owner-occupied flats upon completion. In addition revenue recognition for these projects is reported over time in the segment report, as this is how the board and group management controls and monitors operations. See Note 1 on page 18 for further information.
| SEK million unless other otherwise specified |
Jan-Mar 2021 |
Jan-Mar 2020 |
Apr-Mar 2020-21 |
Jan–Dec 2020 |
Jan–Dec 2019 |
Jan–Dec 2018** |
Jan–Dec 2017** |
|---|---|---|---|---|---|---|---|
| Financial key ratios | |||||||
| Revenue | 900 | 926 | 3,594 | 3,620 | 3,889 | 3,543 | 2,822 |
| Operating profit | 76 | 25 | 274 | 223 | 220 | 147 | 91 |
| Operating margin, % | 8,4 | 2,7 | 7,6 | 6,2 | 5,7 | 4,1 | 3,2 |
| Profit/loss after tax | 73 | 25 | 282 | 234 | 215 | 142 | 86 |
| Balance sheet | 3,134 | 1,699 | 3,134 | 3,170 | 2,144 | 1,697 | 1,471 |
| Equity/assets ratio, % | 53 | 31 | 53 | 50 | 27 | 25 | 24 |
| Return on equity, % | 17 | 41 | 26 | 22 | 43 | 37 | 30 |
| Operating capital | 748 | 338 | 748 | 785 | 270 | -17 | -29 |
| Interest-bearing net cash (+) / net debt (-) |
664 | -139 | 664 | 477 | -7 | 173 | 114 |
| Cash flow from operating activities |
-7 | -47 | -197 | -237 | -63 | 141 | 134 |
| Equity related key ratios | |||||||
| Earnings per share , SEK*** | 2,27 | 1,08 | 10,35 | 9,39 | 9,40 | 6,16 | 3,73 |
| Equity per share, SEK | 51,49 | 22,58 | 51,49 | 49,17 | 24,81 | 18,19 | 15,50 |
| Number of shares at the end of the period (thousands)**** |
32,340 | 22,950 | 32,340 | 32,340 | 22,950 | 22,950 | 22,950 |
| Average number of shares (thousands)**** |
32,340 | 22,950 | 27,240 | 24,913 | 22,950 | 22,950 | 22,950 |
| Segment reporting | |||||||
| Financial key ratios | |||||||
| Revenue | 814 | 901 | 3 714 | 3 801 | 3 905 | 3 652 | 2 838 |
| Operating profit | 66 | 24 | 297 | 254 | 192 | 171 | 105 |
| Operating margin, % | 8,1 | 2,7 | 8,0 | 6,7 | 4,9 | 4,7 | 3,7 |
| Profit/loss after tax | 65 | 24 | 310 | 268 | 187 | 163 | 100 |
| Balance sheet | 2 857 | 1 499 | 2 857 | 2 872 | 1 893 | 1 599 | 1 454 |
| Equity/assets ratio, % | 60 | 36 | 60 | 57 | 31 | 29 | 27 |
| Return on equity, % | 18 | 31 | 27 | 24 | 35 | 38 | 33 |
| Operating capital | 535 | 240 | 535 | 575 | 208 | -110 | -43 |
| Interest-bearing net cash (+) /net debt (-) |
1 033 | -3 | 1 033 | 928 | 129 | 308 | 151 |
| Cash flow from operating activities |
124 | -47 | 76 | -95 | -73 | 240 | 179 |
| Equity related key ratios | |||||||
| Earnings per share , SEK*** | 2,01 | 1,03 | 11,34 | 10,75 | 8,15 | 7,09 | 4,37 |
| Equity per share, SEK | 52,98 | 23,43 | 52,98 | 50,92 | 25,78 | 20,27 | 16,66 |
| Number of shares at the end of the period (thousands)**** |
32,340 | 22,950 | 32,340 | 32,340 | 22,950 | 22,950 | 22,950 |
| Average number of shares (thousands)**** |
32,340 | 22,950 | 27,240 | 24,913 | 22,950 | 22,950 | 22,950 |
| New orders | 767 | 633 | 3,366 | 3,232 | 3,850 | 3,077 | 3,604 |
|---|---|---|---|---|---|---|---|
| Order backlog | 3,102 | 3,580 | 3,102 | 3,201 | 3,752 | 3,634 | 4,037 |
| No of employees at end of period | 315 | 308 | 315 | 311 | 305 | 288 | 261 |
For key ratio definitions, see page 24.
* The key ratios for the Group are shown above, both in accordance with IFRS and the segment accounting applied for internal control and monitoring, see Note 1 on page 18 for further information.
** As of 2019, IFRS 16 Leasing is applied. The years up to and including 2018 have not been recalculated, as the change has little effect on earnings.
*** The company has no options and similar agreements that give rise to a dilution effect, therefore this is not reported separately.
The Wästbygg Group has started 2021 with a very strong first quarter. Based on the segment reporting, our operating profit amounted to SEK 66 million, making this one of our strongest first quarters ever. It is particularly encouraging that this result was achieved despite a slight drop in volume compared to the previous year. The decrease in volume was due to a lower than normal order intake throughout the first half of 2020. Since then, we have had three quarters with a strong order intake, and this will affect our revenues for the rest of the year.
We benefit from operating in a sector that has been less impacted by the pandemic than many others. I see it as proof of our strength that, based on our revenues for both 2020 and the rolling 12 months until 31 March 2021, our net sales appear to be on a par with 2019. We have aimed to adhere to our established strategies throughout the pandemic, and this has produced good results.
In Residential, we have decided to commence production of several self-developed projects and are approaching an even balance between construction assignments and development projects, both in terms of the number of apartments in production and revenue.
Logistics and Industry continues to perform very strongly, and we're also increasingly seeing positive signals from the Nordic markets. In April, we signed a letter of intent with a Norwegian landowner for the development of a logistics and industrial site south-west of Oslo, which could lead to an interesting project.
Commercial has had a slightly tougher time, since offices and retail are two areas that have been hard hit by the pandemic. This trend is likely to turn in the near future, but meanwhile, we are continuing our efforts to strengthen our position in community service properties.
We have been addressing the issue of sustainability actively and methodically for several years. Economic, ecological and social responsibility are integrated in all aspects of our business. We have now received further recognistion of our successful work when we, as one of the few companies in Sweden, and the only construction company of our size, can classify our shares as green. The green framework, that we have recently published, includes green financing as well as green shares. The framework is a natural step in our sustainability efforts and will serve to further increase transparency regarding our climate footprint. The framework will also be used as an internal steering tool in making sustainable business decisions. Allocating green financing for different projects enables us to control certain aspects of our business, whereas green shares provide a control tool that covers our entire business. This tool can, in turn, be used strategically to generate sustainable business.
Wästbygg's revenues, costs, investments and activities have been evaluated by Cicero Shades of Green, an independent Norwegian research institute. Our sustainability strategy and management have also been examined, and Cicero has rated our performance in relation to the EU Taxonomy, and how we manage climate risks. In Cicero's assessment 65% of our revenue, 66% of our operating expenditures and 100% of our investments are identified as green. Their so called Second Opinion to the debt part rates the framework as medium green, a rating we are very proud of, but which we aim to surpass in the future.
The organisational restructure carried out in the Residential and Commercial business areas on 1 February has already started to produce the effects I had hoped for. There is now even closer collaboration between construction and project development. This will strengthen our business, both with clients and in our development projects.
We have recently announced that we have appointed Joakim Efraimsson Managing Director of the group company Wästbygg AB. This means that he will also head the business areas' combined operations. Joakim has been at Wästbygg since 2010 and has the expertise and personal attributes needed to raise the Residential and Commercial business areas to an even higher level. Joakim will assume his new position on 1 June. After an initial induction period, I will return to concentrating fully on my duties as CEO.
We have also taken a decision to strengthen our presence in Mälardalen. We will open a new office in Västerås on 1 June, to which two people have been recruited in the initial stage.
In light of this, we feel well-prepared to meet the increased activity we are now beginning to see in the market. We believe that the caution shown by our clients since last spring is starting to lift, and that clients will increasingly decide to launch their planned projects. At the same time, we remain humble to the fact that the third COVID-19 wave that has now hit Sweden probably has not yet peaked, and that the market situation could change quickly.
Jörgen Andersson CEO Wästbygg Gruppen AB
Overall, Sweden's GNP is estimated to have shrunk by almost 3% during 2020. The Swedish economy continued to recover throughout the second half of 2020. It was primarily the recovery in industry, particularly in export, which contributed to the positive trend. At the end of 2020, industry production value was already higher than pre-pandemic. The decline in consumption in 2020 primarily affected the service sector, although retail was also strongly impacted. However, the effect varied significantly between sectors.
An average of estimates indicates that Sweden's GNP could grow by approximately 3% this year and by just over 3.5% in 2022. The trend is difficult to predict, as it will depend on the continued development of the pandemic. Most households are fairly well prepared for the autumn thanks to low interest rates, growing accumulation of wealth and a desire to return to pre-pandemic consumption levels. However, there is a risk of a growing number of bankruptcies creating fluctuations in the economy, and of a high level of unemployment spreading to groups that have so far remained unaffected.
The combined market investments in the Wästbygg Group's three business areas are estimated to have increased by just over 8% during 2020, measured in initiated investments. The market volume for both the Residential and Commercial business areas grew by 5%, while the Logistics and Industry business area saw an explosive growth in market volume of almost 40%.
Preliminary work started on approximately 41,500 apartments in apartment buildings during the full 2020 financial year. This was an increase of 10% compared to 2019.
The pace of construction is likely to slow slightly early in 2021 as an effect of the increase in 2020, which primarily refers to the production of rental apartments. This could particularly apply to large cities such as Gothenburg and Stockholm, where the construction pace has been high and there may be some caution regarding longer-term demand. Meanwhile, rising tenant-owned flat prices, continued low interest rates and a positive economic trend are contributing to a surge in tenant-ownership projects, which for several years have accounted for a decreasing share of the new production.
The combined volume of building construction in the Commercial business area is estimated to have grown by just over 4% in 2020, to almost SEK 64 billion. Investment in community service properties accounts for 30% of this volume.
Initiated building construction investments in offices and retail premises amounted to almost SEK 25 billion in 2020. This is just over 15% lower than the previous year. Our investments in both new builds and conversions contributed to this decline, although the volume of new builds saw the strongest reduction. The investment volume will probably turn upwards again this year, and the forecast indicates a 10% increase.
The trend for community service properties was fragmented in 2020, with a marked decline in school premises construction causing the total volume in the sector to drop by 7%. An increase of 8% is expected in community service properties as a whole in 2021. Initiated building construction investments in the business
area's market are expected to increase overall by 8% this year, and then to level off and decline slightly at the end of 2023. A more stringent fiscal policy and uncertainty regarding the 2022 Swedish general election will probably have a dampening effect on community service properties, while offices and business premises will likely recover slightly as the economy rallies.
The combined volume of initiated building construction investments in the Logistics and Industry business area's market amounted to just over SEK 22 billion during the 2020 financial year. This was an increase of 38% compared to the previous year. Warehouses and logistics are in a strong expansion phase, driven by a general boom in e-commerce as well as the maturity of this segment, where more and more products are distributed through e-commerce. There is also increased interest in securing goods supplies by building up larger buffer stocks in Sweden. The vacancy level is low, and it is estimated that just over 550,000 sqm of new logistics facilities are planned in the near future, of which 90% is already rented out. The high occupancy ratio is considered likely to drive up rental prices.
Industrial property construction saw more modest growth of 10%. The growth in 2020 is expected to be followed by a recoil this year. However, the trend is expected to remain slightly positive up to and including 2023. The statistics indicate strong international demand, surging goods exports and a recovery in capacity utilisation in the manufacturing industry, which could strengthen demand for premises.
According to preliminary figures from Statistics Norway, the Norwegian GNP shrank by approximately 3% in 2020 compared with 2019, a smaller decline than previously feared. The economy showed good recovery towards the end of the year, in pace with rising oil prices and increased mainland activity.
Together with Sweden, Norway was the Nordic country in which the highest proportion of the population shopped online, according to a study by PostNord.
Preliminary statistics show that Denmark's economy performed better than expected last year. GNP is estimated to have decreased by 3.3% in 2020, a smaller decline than the EU average.
Denmark is at the forefront in digitalisation and has an infrastructure that favours e-commerce, according to PostNord's latest study of the Nordic market. Warehouse and logistics investments are largely concentrated in Zealand and near Copenhagen.
It is estimated that the decline in Finland's economy in 2020 was limited to approximately 3%. Finland succeeded in containing the virus better than many other countries, which made it possible to limit the effects on the economy.
According to PostNord's 2019 study, Finland was the country with the lowest rate of e-commerce in comparison with Denmark, Norway and Sweden. This indicates strong future potential.
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 seven 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, and our expertise ranges from land acquisition/ allocation to completed properties. The group also includes the company Inwita Fastigheter, which owns and manages self-developed community service properties.
All our ongoing and completed projects are presented on our website, wastbygg.se.
The Wästbygg Group's business concept is to develop and build sustainable, modern and efficient homes, commercial properties and logistics and industrial facilities in mutual trust with our customers. 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. The group company Wästbygg Entreprenad AB is certified according to ISO 9001, 14001 and 45001.
Wästbygg's five group strategies are set out in the group's business plan. They are designed to promote long-term development in areas defined as business-critical. The five strategies are:
A set of long-term goals is linked to each strategy.
A description of the company's business model can be found in the annual report for 2020.
Growth measured on the basis of revenue must be 10 percent over time, but always taking into account good profitability.
The long-term operating margin (EBIT) must exceed 6 percent. 31 March 2021: 8,1 procent
The equity/assets ratio shall not be less than 25 percent 31 March 2021: 60 procent.
The Wästbygg Group reported a very strong order intake in the first quarter, considering the relatively low number of completions that normally take place during this period. This can also be seen in the order intake for the rolling 12-month period, which was strong compared with the full 2020 financial year.
Despite this, the group's order backlog declined, mainly as a result of the negative impact of COVID-19 on the Commercial business area's market. The Residential business area increased its order backlog. Demand for housing has risen during the pandemic, which has resulted in the company signing several new construction contracts in the past three quarters. Parallel to this, more of the company's self-developed projects went into construction.
The order intake and order backlog for Logistics and Industry both declined slightly, although from a very high level. Because most of the projects have a very high order value, there tends to be a natural variation between quarters depending on when an individual contract was signed. The order backlog is also affected by the fact that the large Northvolt project is in its final phase.
| SEK million | Jan-Mar 2021 |
Jan-Mar 2020 |
Apr-Mar 2020-21 |
Jan-Dec 2020 |
|---|---|---|---|---|
| Residential | 296 | 113 | 1,267 | 1,084 |
| Commercial | 93 | 76 | 283 | 266 |
| Logistics and Industry | 378 | 444 | 1,816 | 1,882 |
| Total | 767 | 633 | 3,366 | 3,232 |
| SEK million | 31 Mar 2021 |
31 Mar 2020 |
31 Dec 2020 |
|---|---|---|---|
| Residential | 1,221 | 1,018 | 1,173 |
| Commercial | 263 | 774 | 265 |
| Logistics and Industry | 1,618 | 1,788 | 1,763 |
| Total | 3,102 | 3,580 | 3,201 |
39%
49%
DISTRIBUTION
Wästbygg's seasonal variations are mainly linked to new orders and revenue.
The level of new orders 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 new orders.
As a result of COVID-19, the pattern has changed slightly in 2020 when it comes to new orders. How this will develop in 2021 remains to be seen.
Wästbygg builds apartment buildings for private and municipal clients. The company also develops and builds its own residential projects. In our current production in progress, there continues to be a predominance of construction assignments for external clients. However, we are getting closer to our goal of increasing the proportion of self-developed residential projects to about 50%. Currently, 43% of the revenue is generated from production of self-developed projects, compared with 21% a year ago.
Meanwhile, the total product volume decreased due to the completion of two major residential projects in the first quarter and another at the end of 2020. This affected our revenues, which fell compared with the same period in 2020. However, there is a positive profitability development in ongoing projects.
Generally speaking, new individual residential projects on the market are smaller than they were a few years ago in terms of the number of apartments in each project. The reason is probably that clients continue to be cautious in predicting market demand.
At the end of the year, apartments were being sold in five self-developed projects. Of these projects, one was ready for occupancy in February, two are in production and two will start construction later this year. These five projects comprise a total of 286 apartments, of which 242 had been sold and 7 reserved as of the end of the quarter. In the project that was ready for occupancy in February, only one apartment remained unsold on 31 March.
The order intake during the quarter was strong and included a desired mix of contract assignments and self-developed projects.
| BUSINESS AREA RESIDENTIAL IN FIGURES | ||||
|---|---|---|---|---|
| REVENUE AND PROFIT (SEK million) |
Jan-Mar 2021 |
Jan-Mar 2020 |
Jan-Dec 2020 |
SEK million |
| Revenue | 256 | 334 | 1 122 | |
| – of which construction | 146 | 263 | 812 | 1500 |
| – of which project development | 110 | 71 | 310 | 1250 |
| Profit | 7 | -8 | 8 | 1000 |
| 750 | ||||
| PRODUCTION, NO OF FLATS | 500 | |||
| Completed during the first quarter | 466 | 250 | ||
| Ongoing March 31, construction | 688 | 0 | ||
| Ongoing March 31, project development | 484 |
The Commercial business area primarily builds retail properties, offices and community service properties. The majority of the projects are currently construction assignments. The company also develops and builds its own commercial projects with an emphasis on community service properties.
Wästbygg's commercial operations are predominantly focused on the three metropolitan regions and on the company's other office locations. In cases where commercial projects are carried out elsewhere, it is primarily for repeat customers.
Retail properties have for many years represented a significant part of Wästbygg's commercial construction projects, but as physical retail has been hit hard by the pandemic, demand for new retail development has fallen. Two major retail facilities, Härlöv in Kristianstad and Pro Stop Backa in Gothenburg, were handed over to the clients during the quarter. No new projects of the same magnitude have arisen. In addition, a decision was taken to stop work on an automotive facility in Stockholm prior to the start of construction. The contract was entered into several years ago, but due to circumstances beyond Wästbygg's control, the project has been deferred to the future. Because the conditions for the project have changed since the contract was originally entered into, an agreement has been reached with the client to terminate the project. The costs incurred will be dealt with in the ongoing project forecasts, and have no significant impact on profit.
In community service properties, an elderly care home was completed during the quarter and another is under production. The selfdeveloped sheltered housing project Kv Häggen in Halmstad, which is being built for own ownership in the group company Inwita, is
approaching the final phase. The apartments are currently being rented out in collaboration with a company in Halmstad. Because of a requirement for at least one person in the household to be at least 65 years old at the time of moving in, the target group for these flats is limited. In combination with COVID-19 and the fact that cooperative tenancy is a relatively little-known form of tenure, the renting out of the 29 flats is expected to continue for some time longer.
Local development planning work is under way for a further three self-developed community service properties with production planned to commence in the next two years. The calls to tender that are being issued also show that there is continued demand for community service properties. Increasing the company's share of this market has high priority, both with regard to construction assignments and project development.
| 844 |
|---|
| 706 |
| 138 |
| 31 |
Ongoing March 31, project development 8,600 Sheltered housing Häggen, built for own management* 2,900 Total in progress 58,285
* Not included in revenues, profit or order backlog
Operations in Wästbygg's logistics and industry segments 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 and currently shows no signs of cooling off. However, more players have been attracted by this positive trend, which has resulted in increased competition.
Logistic Contractor had its strongest year ever in terms of both revenues and profit in 2020 and has continued to perform strongly in 2021. A 38,000 sqm warehouse was completed in Borås at the start of the year, a self-developed project that is rented by the e-commerce company Nelly. The property was purchased by Catena, which took possession when the project was completed.
One new project arose in Q1. Other projects we are working on include major development projects for MatHem in Stockholm and Dollarstore in Örebro and the contract assignment for Northvolt in Skellefteå. There is a total of seven projects in progress on the Swedish market.
The cultivation of the Danish, Norwegian and Finnish markets continues. The construction of a 26,000 sqm parcel terminal at Copenhagen Airport, Kastrup has been in progress since the turn of the year, but apart from this it is clearly noticeable that our neighbouring Nordic countries have been impacted by the restrictions imposed during the COVID-19 pandemic. Many attractive projects have been identified in each country, but investment decisions are largely being postponed to the future. The local organisations continue to work intensively on establishing Logistic Contractor's brand among prospective clients.
• A contract was signed with a transport and logistics company for the construction of a 39,000 sqm logistics facility in Eskilstuna. The order value was SEK 220 million.
| REVENUE AND PROFIT (SEK million) |
Jan-Mar 2021 |
Jan-Mar 2020 |
Jan-Dec 2020 |
|---|---|---|---|
| Revenue Sweden | 390 | 248 | 1,513 |
| Revenue abroad | 66 | 126 | 322 |
| Revenue total | 456 | 374 | 1,835 |
| – of which construction | 275 | 312 | 1,233 |
| –of which project development | 181 | 62 | 601 |
| Profit | 65 | 32 | 274 |
Nelly's warehouse in Borås, completed during the first quarter.
| Completed during the first quarter |
38,000 |
|---|---|
| Ongoing March 31, construction | 216,500 |
| Ongoing March 31, project development |
100,000 |
| Total in progress | 316,500 |
| SEK million | Jan-Mar 2021 |
Jan-Mar 2020 |
Apr-Mar 2020-21 |
Jan-Dec 2020 |
|---|---|---|---|---|
| Revenue | 900 | 926 | 3 594 | 3 620 |
| Costs in production | -761 | -848 | -3 045 | -3 132 |
| Gross profit/loss | 139 | 78 | 549 | 488 |
| Sales and administration costs | -65 | -54 | -280 | -269 |
| Other operating revenue | 2 | 1 | 5 | 4 |
| Other operating costs | 0 | 0 | 0 | 0 |
| Other profit/loss | 76 | 25 | 274 | 223 |
| Profit/loss from financial items | ||||
| Profit shares from joint venture | 0 | 0 | 0 | 0 |
| Financial revenue | 0 | 1 | 8 | 9 |
| Financial costs | -2 | -3 | -6 | -7 |
| Profit after financial items | 74 | 23 | 276 | 225 |
| Change in value of real estate | 1 | 0 | 7 | 6 |
| Profit before tax | 75 | 23 | 283 | 231 |
| Taxes | -2 | 2 | -1 | 3 |
| Profit for the period | 73 | 25 | 282 | 234 |
| Profit relating to: | ||||
| - the parent company's shareholders | 73 | 25 | 282 | 234 |
| - holdings without controlling influence | 0 | 0 | 0 | 0 |
| Earnings per share, SEK* | 2,27 | 1,08 | 10,35 | 9,39 |
| Number of shares at the end of the period (thousands) | 32 340 | 22 950 | 32 340 | 32 340 |
| Average number of shares (thousands) | 32 340 | 22 950 | 27 240 | 24 913 |
* The company has no options and similar agreements that give rise to a dilution effect, therefore this is not reported separately.
| SEK million | Jan-Mar 2021 |
Jan-Mar 2020 |
Apr-Mar 2020-21 |
Jan-Dec 2020 |
|---|---|---|---|---|
| Profit for the period | 73 | 25 | 282 | 234 |
| Other comprehensive income that can be transferred to the income statement |
||||
| Currency difference when translating foreign operations | 2 | -1 | 1 | -2 |
| Comprehensive income for the period | 75 | 24 | 283 | 232 |
| Total result attributable to: - the parent company's shareholders - holdings without controlling influence |
75 0 |
24 0 |
283 0 |
232 0 |
The Wästbygg Group had a very good start to 2021. Revenues are relatively similar to the previous year at SEK 900 million (926). However, profit is considerably stronger. Operating profit amounted to SEK 76 million (25). This difference is ascribable to a larger number of major logistics projects in production, generally higher profitability in projects in progress, and the fact that one self-developed tenant-ownership project was recognised in the income statement in its entirety in the first quarter of this year after a production period of two years.
Profit after tax amounted to SEK 73 (25), which is equivalent to earnings per share of SEK 2.27 (1.08), recalculated based on the share split and new share issues carried out in 2020. The operating margin was 8.4% (2.7).
With regard to sales, the first quarter of the year is normally characterised by a relatively weak order intake. That was not the case this year. The order intake for the first quarter was SEK 767 (633) and was distributed over all three business areas. In Residential, the company is following its plan to increase the share of self-developed projects, and decided to start production of two new tenant-ownership projects after achieving the sales targets. In addition to the new contracts signed, our order intake was positively impacted by a number of supplementary orders related to projects in progress.
The order backlog was SEK 3,102 million (3,580) as of 31 March. This means that the volume is lower than at the same time last year. However, SEK three billion is a reasonably good order backlog considering the current market situation as a result of COVID-19.
Revenues for the rolling 12-month period amounted to SEK 3,594 million, compared to SEK 3,620 million for the full 2020 financial year. Operating profit amounted to SEK 274 million, compared to SEK 223 million for the full 2020 financial year. This follows the same pattern as for the quarter, with slightly weaker net sales but stronger profitability.
At the end of the period the Group had 315 employees, compared with 311 at the start of the year. Throughout the COVID-19 pandemic, the Group has worked with full staffing and no redundancies or other reductions have been required. At present, the workforce is considered to be well balanced in relation to the operations.
ORDER INTAKE AND ORDER BACKLOG, SEK million/quarter
| SEK million | 31 Mar 2021 |
31 Mar 2020 |
31 Dec 2020 |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Intangible fixed assets Goodwill |
229 | 229 | 229 |
| Other intangible fixed assets | 9 | 7 | 8 |
| Total | 238 | 236 | 237 |
| Tangible fixed assets | |||
| Investment properties | 69 | 13 | 59 |
| User rights assets | 27 | 40 | 30 |
| Inventory, tools and installations | 5 | 7 | 6 |
| Total | 101 | 60 | 95 |
| Financial fixed assets | |||
| Shares in joint ventures | 11 | 11 | 11 |
| Deferred tax receivables | 41 | 34 | 42 |
| Non-current financial assets | 0 | 0 | 0 |
| Total | 52 | 45 | 53 |
| Total fixed assets | 391 | 341 | 385 |
| Current assets | |||
| Development properties, etc. | 83 | 82 | 75 |
| Tenant-owner association flats of own development under production | 617 | 486 | 740 |
| Accounts receivable | 298 | 253 | 506 |
| Accrued but not invoiced | 291 | 224 | 272 |
| Tax receivables | 21 | 17 | 26 |
| Receivables from group companies | 12 | 12 | 12 |
| Other receivables | 476 | 172 | 277 |
| Prepaid costs and accrued income | 14 | 13 | 17 |
| Cash and cash equivalents | 931 | 99 | 860 |
| Total current assets | 2 743 | 1 358 | 2 785 |
| TOTAL ASSETS | 3 134 | 1 699 | 3 170 |
| SEK million | 31 Mar 2021 |
31 Mar 2020 |
31 Dec 2020 |
|---|---|---|---|
| TOTAL EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 4 | 3 | 4 |
| Other contributed capital | 946 | 83 | 946 |
| Retained earnings | 640 | 408 | 408 |
| This year's comprehensive income | 75 | 24 | 232 |
| Total equity attributable to the company's shareholders | 1 665 | 518 | 1 590 |
| Holdings without controlling influence | 4 | 3 | 3 |
| Total equity | 1 669 | 521 | 1 593 |
| Non-current liabilities | |||
| Non-current interest-bearing liabilities | |||
| Liabilities to group companies | - | 30 | - |
| Liabilities to credit institutions | 58 | 5 | 58 |
| Debts user rights | 14 | 26 | 16 |
| Total | 72 | 61 | 74 |
| Non-current non-interest-bearing liabilities | |||
| Deferred tax liabilities | 3 | 2 | 4 |
| Other provisions | 80 | 22 | 63 |
| Total | 83 | 24 | 67 |
| Total non-current liabilities | 155 | 85 | 141 |
| Current liabilities | |||
| Current interest-bearing liabilities | |||
| Debts user rights | 15 | 17 | 16 |
| Liabilities to credit institutions | 252 | 172 | 304 |
| Total | 267 | 189 | 320 |
| Current non-interest-bearing liabilities | |||
| Accounts payable | 274 | 255 | 247 |
| Advance from customer | 326 | 324 | 362 |
| Tax liabilities | 0 | - | 2 |
| Other liabilities | 313 | 213 | 376 |
| Accrued expenses and prepaid income | 130 | 112 | 129 |
| Total | 1 043 | 904 | 1 116 |
| Total current liabilities | 1 310 | 1 093 | 1 436 |
| TOTAL EQUITY AND LIABILITIES | 3 134 | 1 699 | 3 170 |
| SEK million | Jan-Mar 2021 |
Jan-Mar 2020 |
Apr-Mar 2020-21 |
Jan-Dec 2020 |
|---|---|---|---|---|
| Equity attributable to the parent company's owners | ||||
| Amount at the beginning of the period | 1 590 | 569 | 518 | 569 |
| New issue of shares | – | – | 901 | 901 |
| Transaction costs new issue of shares | – | – | -37 | -37 |
| Dividend | – | -75 | – | -75 |
| Acquisition of non-controlling interests | 75 | 24 | 283 | 232 |
| Amount at the end of the period | 1 665 | 518 | 1 665 | 1 590 |
| Holdings without controlling influence | ||||
| Amount at the beginning of the period | 3 | 3 | 3 | 3 |
| Amount at the beginning of the period | 0 | 0 | 0 | 0 |
| Amount at the end of the period | 4 | 3 | 4 | 3 |
| TOTAL EQUITY | 1 669 | 521 | 1 669 | 1 593 |
The two new share issues carried out in connection with the listing on Nasdaq Stockholm in October 2020 have strengthened the Wästbygg Group's cash position. The company's share capital increased by approximately SEK 1 million. The shares were issued at a premium for SEK 901 million, and the funds raised through the share issues are recognised under Share premium reserve in the parent company's balance sheet. The funds from the share issues will primarily be used for continued investment in project development operations and to build up a portfolio of self-developed community service properties in the Group. Equity per share amounted to SEK 51.49 (22.71) at the end of the period.
The Group reported interest-bearing net cash of SEK 664 million (-139) at the end of the period. The net cash amounted to SEK 477 million (-7) on 1 January.
Other receivables have increased by approximately SEK 200 million since the start of the year and include, among other things, the purchase price of a non-consolidated project property in Borås and a claim related to the previously consolidated Brf Smedjan (the self-developed project Tuvebo Smedja), which is no longer under Wästbygg's control since the building was handed over for occupancy in February. Final settlement with Brf Smedjan will take place during the second quarter.
The equity ratio at the end of the period was 53% (31). The Group's strong equity ratio is a result of the new share issue in 2020 as well as a positive earnings trend during the first quarter. On the other hand, it is held back by non-extracted gains in self-developed tenant-ownership association projects.
| SEK million | Jan-Mar 2021 |
Jan-Mar 2020 |
Apr-Mar 2020-21 |
Jan-Dec 2020 |
|---|---|---|---|---|
| Day-to-day operations | ||||
| Profit/loss before financial items | 76 | 25 | 274 | 223 |
| Adjustment for items not included in cash flow | 17 | 4 | 77 | 64 |
| Received interest | 0 | 1 | 8 | 9 |
| Paid interest | -2 | -3 | -6 | -7 |
| Paid tax | 4 | -6 | -6 | -16 |
| Cash flow from operating activities before changes in working capital |
95 | 21 | 347 | 273 |
| Cash flow from changes in working capital | ||||
| Increase (-)/decrease (+) of tenant-owner association flats of own development in production |
-86 | 48 | -340 | -206 |
| Increase (-)/decrease (+) of accounts receivable | 210 | 116 | -50 | -144 |
| Increase (-)/decrease (+) of other operating receivables | -223 | 96 | -371 | -52 |
| Increase (+)/decrease (-) of accounts payable | 27 | -261 | 20 | -268 |
| Increase (+)/decrease (-) of operating liabilities | -30 | -67 | 197 | 160 |
| Cash flow from the day-to-day operations | -7 | -47 | -197 | -237 |
| Investment activities | ||||
| Investments in businesses, including additional purchase sums | – | – | 0 | 0 |
| Acquisitions of intangible fixed assets | -1 | -1 | -3 | -3 |
| Investments in investment properties | -11 | -13 | -51 | -53 |
| Acquisitions of other tangible fixed assets | -1 | – | -5 | -4 |
| Cash flow from investing activities | -13 | -14 | -59 | -60 |
| Financing activities | ||||
| New issue of shares | – | – | 901 | 901 |
| Transaction costs new issue of shares | – | – | -37 | -37 |
| Paid dividend | – | -75 | – | -75 |
| Amortisation of loan liabilities | -3 | -134 | -73 | -204 |
| Raised loan liabilities | 89 | 71 | 299 | 281 |
| Cash flow from financing activities | 86 | -138 | 1 090 | 866 |
| CASH FLOW FOR THE PERIOD | 66 | -199 | 834 | 569 |
| Cash and cash equivalents at the start of the period | 860 | 298 | 99 | 298 |
| Exchange rate difference in cash and cash equivalents | 5 | 0 | -2 | -7 |
| Cash and cash equivalents at the end of the period | 931 | 99 | 931 | 860 |
Variations in cash flow from one period to another are a natural consequence of how many development projects are in progress and how many are sold. A negative cash flow from current operations is completely in line with the company's strategy to increase the proportion of development projects.
Total cash flow during the first quarter amounted to SEK 66 million (-199), divided into current operations SEK -7 million (-47), investment operations SEK -13 million (-14) and financing operations SEK 86 million (-138).
The strong decline in accounts receivable during the quarter is mainly ascribable to extensive invoicing in December in connection with a major logistics project.
Cash flow from current operations was affected by the acquisition of a project property in Borås. The acquisition was entirely self-funded. At the same time, the handover of a larger self developed logistics facility has had a positive effect on cash flow from operating activities.
As for the negative cash flow from investment operations, it is linked to the construction of the Kv Häggen sheltered housing in Halmstad, which is being built for own ownership in the group company Inwita Fastigheter.
| SEK million | Jan-Mar 2021 |
Jan-Mar 2020 |
Apr-Mar 2020-21 |
Jan-Dec 2020 |
|---|---|---|---|---|
| Revenue | 24 | 20 | 69 | 65 |
| Other operating revenue | 0 | 0 | 0 | 0 |
| Total operating income | 24 | 20 | 69 | 65 |
| Staff costs | -13 | -11 | -50 | -48 |
| Other external costs | -13 | -14 | -76 | -77 |
| Operating profit/loss | -2 | -5 | -57 | -60 |
| Profit/loss from financial items | ||||
| Other interest income and similar income items | 6 | 4 | 203 | 201 |
| Interest expenses and similar income items | -3 | -10 | -24 | -30 |
| Profit after financial items | 1 | -11 | 122 | 111 |
| Year-end appropriations | – | – | 83 | 83 |
| Profit before tax | 1 | -11 | 206 | 194 |
| Taxes | 0 | 2 | -3 | 0 |
| Profit for the period | 1 | -9 | 203 | 194 |
| SEK million | 31 Mar 2021 |
31 Mar 2020 |
31 Dec 2020 |
|---|---|---|---|
| ASSETS | |||
| Intangible fixed assets | 4 | 2 | 3 |
| Tangible fixed assets | 3 | 5 | 4 |
| Financial fixed assets | 115 | 320 | 320 |
| Total fixed assets | 122 | 327 | 327 |
| Current receivables | 1 356 | 801 | 1 134 |
| Cash and bank balances | 451 | 14 | 496 |
| Total current assets | 1 807 | 815 | 1 630 |
| TOTAL ASSETS | 1 929 | 1 142 | 1 957 |
| TOTAL EQUITY AND LIABILITIES | |||
| Restricted equity | 4 | 3 | 4 |
| Unrestricted equity | 1 419 | 352 | 1 418 |
| Total equity | 1 423 | 355 | 1 422 |
| Non-current liabilities | – | 35 | – |
| Current liabilities | 506 | 752 | 535 |
| TOTAL EQUITY AND LIABILITIES | 1 929 | 1 142 | 1 957 |
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 2020 on pages 81–87. Accounting principles and calculation methods for the Groupare unchanged compared with the annual report last year.
New or amended IFRS standards applied from 2021 have no or little impact on Wästbygg Gruppen's financial reporting.
Standards, amendments and interpretations concerning existing standards that have not yet entered into force and are not applied prematurely by the Group
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.
Consolidation of owner-occupier projects that the company is developing As of the interim report for the period January–June 2020, the Group therefore applies a different assessment regarding the reporting of owner-occupied projects of own development than before, and which is adapted to the assessment made by Finansinspektionen from IFRS 10 consolidated accounts. The same change has been made by the vast majority of companies working with residential development. The assessment includes both clarification of the criteria to be used to assess whether control exists and how these should be weighted against each other. This change is classified as Correction of Errors in accordance with IAS 8 Accounting Principles, changes in estimates and judgments and errors.
The change means that the owner-occupied associations for which Wästbygg has ongoing assignments within the framework of project development activities are consolidated during the production phase. The consolidated balance sheet and income statement thus include all the owner-occupied associations' assets, equity and liabilities as well as income and expenses.
Consolidating owner-occupied associations in accordance with IFRS also means that revenues and results for project development of owner-occupied flats are reported at the time when Wästbygg fulfils its performance commitment, that is when the end customer has access to the flat.
Previously, revenue recognition was applied over time, that is owner-occupied projects of own development were recognised in profit or loss in step with the progress of each project.
A complete recalculation has taken place of the years 2017–2019 according to the new accounting principle as well as the opening balance as of 1 January 2017.
The change only applies to owner-occupied flats of own development and has thus only affected the Residential business area. Revenue recognition over time is applied just as before for proprietary rental properties, commercial properties and logistics and industrial facilities.
The following pages shows the reconciliation between previously used principle (Segment) recalculated to a changed principle (IFRS) in the income statement and balance sheet for the first quarter of 2020.
| CONSOLIDATED INCOME | Jan-Mar 2020 | |||||
|---|---|---|---|---|---|---|
| STATEMENT, SEK million | Segment | IFRS | Effect | |||
| Revenue | 901 | 926 | 25 | |||
| Costs in production | -824 | -848 | -24 | |||
| Gross profit/loss | 77 | 78 | 1 | |||
| Sales and administration costs | -54 | -54 | – | |||
| Other operating revenue | 1 | 1 | – | |||
| Other operating costs | 0 | 0 | – | |||
| Other profit/loss | 24 | 25 | 1 | |||
| Profit/loss from financial items | ||||||
| Profit shares from joint venture | 0 | 0 | – | |||
| Financial revenue | 1 | 1 | – | |||
| Financial costs | -3 | -3 | – | |||
| Profit after financial items | 22 | 23 | 1 | |||
| Change in value of real estate | 0 | 0 | – | |||
| Taxes | 2 | 2 | 0 | |||
| PROFIT FOR THE PERIOD | 24 | 25 | 1 | |||
| Profit relating to: | ||||||
| - the parent company's shareholders | 24 | 25 | 1 | |||
| - holdings without controlling influence | 0 | 0 | – |
| 31 Mar 2020 | ||||||
|---|---|---|---|---|---|---|
| CONSOLIDATED GROUP BALANCE SHEET, SEK million |
Segment | IFRS | Effect | |||
| ASSETS | ||||||
| Fixed assets | ||||||
| Intangible fixed assets | ||||||
| Goodwill | 229 | 229 | – | |||
| Other intangible fixed assets | 7 | 7 | – | |||
| Total | 236 | 236 | – | |||
| Tangible fixed assets | ||||||
| Ongoing new plants | 13 | 13 | – | |||
| User rights assets | 40 | 40 | – | |||
| Inventory, tools and installations | 7 | 7 | – | |||
| Total | 60 | 60 | – | |||
| Financial fixed assets | ||||||
| Shares in joint ventures | 11 | 11 | – | |||
| Deferred tax receivables | 33 | 34 | 1 | |||
| Non-current financial assets | 0 | 0 | – | |||
| Total | 44 | 45 | 1 | |||
| Total fixed assets | 340 | 341 | 1 | |||
| Omsättningstillgångar | ||||||
| Development properties, etc. | 82 | 82 | – | |||
| Tenant-owner association flats of own development under production | – | 486 | 486 | |||
| Accounts receivable | 263 | 253 | -10 | |||
| Accrued but not invoiced | 270 | 224 | -46 | |||
| Tax receivables | 17 | 17 | – | |||
| Receivables from group companies | 12 | 12 | – | |||
| Other receivables | 419 | 172 | -247 | |||
| Prepaid costs and accrued income | 13 | 13 | – | |||
| Cash and cash equivalents | 83 | 99 | 16 | |||
| Total current assets | 1 159 | 1 358 | 199 | |||
| TOTAL ASSETS | 1 499 | 1 699 | 200 |
| CONSOLIDATED GROUP | 31 Mar 2020 | ||||
|---|---|---|---|---|---|
| BALANCE SHEET, SEK million | Segment | IFRS | Effect | ||
| TOTAL EQUITY AND LIABILITIES | |||||
| Equity | |||||
| Share capital | 3 | 3 | – | ||
| Other contributed capital | 83 | 83 | – | ||
| Retained earnings | 429 | 408 | -21 | ||
| This year's comprehensive income | 23 | 24 | 1 | ||
| Total equity attributable to the company's shareholders | 538 | 518 | -20 | ||
| Holdings without controlling influence | 3 | 3 | - | ||
| Total equity | 541 | 521 | -20 | ||
| Non-current liabilities | |||||
| Non-current interest-bearing liabilities | |||||
| Liabilities to group companies | 30 | 30 | – | ||
| Liabilities to credit institutions | 5 | 5 | – | ||
| Debts user rights | 26 | 26 | – | ||
| Total | 61 | 61 | – | ||
| Non-current non-interest-bearing liabilities | |||||
| Deferred tax liabilities | 2 | 2 | – | ||
| Other provisions | 39 | 22 | -17 | ||
| Total | 41 | 24 | -17 | ||
| Total non-current liabilities | 102 | 85 | -17 | ||
| Current liabilities | |||||
| Current interest-bearing liabilities | |||||
| Debts user rights | 17 | 17 | – | ||
| Liabilities to credit institutions | 20 | 172 | 152 | ||
| Total | 37 | 189 | 152 | ||
| Current non-interest-bearing liabilities | |||||
| Accounts payable | 282 | 255 | -27 | ||
| Advance from customer | 343 | 324 | -19 | ||
| Tax liabilities | 0 | 0 | – | ||
| Other liabilities | 82 | 213 | 131 | ||
| Accrued expenses and prepaid income | 112 | 112 | – | ||
| Total | 819 | 904 | 85 | ||
| Total current liabilities | 856 | 1 093 | 237 | ||
| TOTAL EQUITY AND LIABILITIES | 1 499 | 1 699 | 200 |
Wästbygg Gruppen'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 I IN SUMMARY, SEK million |
Jan-Mar 2021 |
Jan-Mar 2020 |
Apr-Mar 2020-21 |
Jan-Dec 2020 |
|---|---|---|---|---|
| REVENUE | ||||
| Residential | 256 | 334 | 1 044 | 1 122 |
| Of which internal sales | - | 2 | - | 2 |
| Commercial | 100 | 193 | 751 | 844 |
| Of which internal sales | - | - | - | - |
| Logistics and industry* | 456 | 374 | 1 917 | 1 835 |
| Of which internal sales | - | - | 0 | 0 |
| Other** | 24 | 20 | 69 | 65 |
| Of which internal sales | 24 | 20 | 69 | 65 |
| Group adjustments | -22 | -20 | -67 | -65 |
| Total | 814 | 901 | 3 714 | 3 801 |
| IFRS adjustment (attributable to the Residential segment) | 86 | 25 | -120 | -181 |
| Total IFRS | 900 | 926 | 3 594 | 3 620 |
| RÖRELSERESULTAT | ||||
| Residential | 7 | -8 | 23 | 8 |
| Operating margin | 2,7 % | -2,4 % | 2,2 % | 0,7 % |
| Commercial | 0 | 4 | 27 | 31 |
| Operating margin | 0,0 % | 2,1 % | 3,6 % | 3,7 % |
| Logistics and industry* | 65 | 32 | 306 | 274 |
| Operating margin | 14,3 % | 8,6 % | 16,0 % | 14,9 % |
| Other** | -2 | -4 | -57 | -60 |
| Group adjustments | -4 | 0 | -2 | 1 |
| Total | 66 | 24 | 297 | 254 |
| Operating margin | 8,1 % | 2,7 % | 8,0 % | 6,7 % |
| Financial items | -1 | -2 | 7 | 5 |
| Change in value of real estate | 1 | 0 | 6 | 6 |
| Profit before tax, segment | 66 | 22 | 310 | 265 |
| IFRS adjustment (attributable to the Residential segment) | 9 | 1 | -27 | -34 |
| Profit before tax, IFRS | 75 | 23 | 283 | 231 |
* Distribution by geographic market is reported under section Logistics and industry on page 10. Only Logistic and industry have operations abroad.
** Segment Other consists of the parent company's operations and contains only internally invoiced revenue. 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.
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 managing risks and uncertainty factors and places strong focus on vulnerability reduction measures. The group's risks are primarily 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 2020 on pages 66–69. No significant changes took place that have changed these reported risks.
The COVID-19 pandemic is still ongoing, and a serious third wave broke out in spring 2021. The third wave had not peaked at the time of reporting, and it is uncertain what its consequences will be for society at large and whether further restrictions will be imposed. Vaccination is taking place on a broad front, and has reached phase 3 in most regions. The company continues to actively strive to conduct its operations in accordance with the Public Health Agency of Sweden's guidelines and other restrictions. The company has also paid special attention to how the continued spread of the pandemic may affect future development and/or risks that may affect financial reporting in the future. The assessment is that the impact on the company continues to be limited. However, it is still very difficult to get an overview of the final consequences.
The parent company's intra-group revenues for the quarter amounted to SEK 24 million (20) and the profit after net financial items was SEK 1 million (-11).
Wästbygg'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, Klövern AB and Castellum AB, which are part of the group of related companies but are not group companies connected with Wästbygg. Rutger Arnhult is Chairman of the Board of Castellum and a Board member of Tobin Properties, a wholly-owned subsidiary of Klövern. In Q1 2021, Rutger Arnhult stepped down as CEO of Klövern.
Wästbygg carries out construction assignments in competition for Klövern, Corem Property Group and M2. Previously assignments have also been carried out for Castellum, however these were terminated before Castellum could be regarded as a related company.
Revenue accrued in current projects is shown in the adjacent table. The figure for Corem also includes project development profit. As of the balance sheet date, there were no financial liabilities to M2 compared to SEK 30 million including accrued interest as per March 31, 2020. Accounts receivable to related parties amounted to SEK 18 million (2).
| SEK million | Jan-Mar 2021 |
Jan-Mar 2020 |
Apr-Mar 2020-21 |
Jan-Dec 2020 |
|---|---|---|---|---|
| Klövern* | 6 | 1 | 13 | 8 |
| Corem Property Group | 17 | 43 | 176 | 202 |
| M2 | 0 | 36 | 33 | 70 |
| Total | 23 | 81 | 222 | 280 |
*The figures include accrued revenue for Tobin Properties, which is a wholly owned subsidiary of Klövern.
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 2020 in Note 1 Accounting Principles and Note 26 Financial Risk Management and Financial Instruments.
At the end of the period, the Group had no financial instruments.
No business acquisitions were made during the period nor after the balance sheet date until the publication of this report.
| SEK million unless other otherwise specified |
Jan-Mar 2021 |
Oct-Dec 2020 |
Jul-Sep 2020 |
Apr-Jun 2020 |
Jan-Mar 2020 |
Oct-Dec 2019 |
Jul-Sep 2019 |
Apr-Jun 2019 |
|---|---|---|---|---|---|---|---|---|
| Financial key ratios | ||||||||
| Revenue | 900 | 924 | 720 | 1 050 | 926 | 1 046 | 1 037 | 972 |
| Operating profit | 76 | 65 | 56 | 77 | 25 | 40 | 86 | 53 |
| Operating margin, % | 8,4 | 7,0 | 7,8 | 7,3 | 2,7 | 3,8 | 8,3 | 5,5 |
| Profit/loss after tax | 73 | 82 | 58 | 69 | 25 | 40 | 80 | 55 |
| Balance sheet | 3 134 | 3 170 | 2 033 | 1 806 | 1 699 | 2 144 | 1 827 | 1 811 |
| Equity/assets ratio, % | 53 | 50 | 32 | 33 | 31 | 27 | 29 | 25 |
| Return on equity, % | 17 | 21 | 31 | 41 | 41 | 39 | **e.t. | **e.t. |
| Operating capital | 748 | 785 | 514 | 455 | 338 | 270 | 176 | 231 |
| Interest-bearing net cash (+) / net debt (-) |
664 | 477 | -209 | -189 | -139 | -7 | 15 | -186 |
| Cash flow from operating activities |
-7 | -161 | 9 | -38 | -47 | -23 | 197 | 59 |
| Equity related key ratios | ||||||||
| Earnings per share , SEK*** | 2,27 | 2,66 | 2,50 | 3,01 | 1,08 | 1,77 | 3,54 | 2,27 |
| Equity per share, SEK | 51,49 | 49,17 | 28,04 | 25,52 | 22,58 | 24,81 | 23,14 | 19,65 |
| Number of shares at the end of the period (thousands) |
32 340 | 32 340 | 22 950 | 22 950 | 22 950 | 22 950 | 22 950 | 22 950 |
| Average number of shares (thousands) |
32 340 | 30 782 | 22 950 | 22 950 | 22 950 | 22 950 | 22 950 | 22 950 |
| Segment reporting | ||||||||
| Financial key ratios | ||||||||
| Revenue | 814 | 1 002 | 773 | 1 124 | 901 | 1 141 | 865 | 1 021 |
| Operating profit | 66 | 77 | 67 | 86 | 24 | 56 | 34 | 53 |
| Operating margin, % | 8,1 | 7,7 | 8,7 | 7,7 | 2,7 | 4,9 | 3,9 | 5,2 |
| Profit/loss after tax | 65 | 97 | 68 | 79 | 24 | 55 | 30 | 55 |
| Balance sheet | 2 857 | 2 872 | 1 727 | 1 596 | 1 499 | 1 893 | 1 767 | 1 695 |
| Equity/assets ratio, % | 60 | 57 | 40 | 39 | 36 | 31 | 31 | 30 |
| Return on equity, % | 18 | 23 | 35 | 33 | 31 | 33 | 41 | 48 |
| Operating capital | 535 | 575 | 361 | 328 | 240 | 177 | 139 | 134 |
| Interest-bearing net cash (+) /net debt (-) |
1 033 | 928 | 6 | -12 | -3 | 129 | 62 | -21 |
| Cash flow from operating activities |
124 | -97 | 47 | -3 | -47 | 68 | 81 | 60 |
| Equity related key ratios | ||||||||
| Earnings per share , SEK*** | 2,01 | 3,16 | 2,95 | 3,45 | 1,03 | 2,38 | 1,33 | 2,38 |
| Equity per share, SEK Number of shares at the end of |
52,98 | 50,92 | 29,87 | 26,91 | 23,43 | 25,78 | 23,49 | 22,18 |
| the period (thousands) Average number of shares |
32 340 | 32 340 | 22 950 | 22 950 | 22 950 | 22 950 | 22 950 | 22 950 |
| (thousands) | 32 340 | 30 782 | 22 950 | 22 950 | 22 950 | 22 950 | 22 950 | 22 950 |
| Operational key ratios | ||||||||
| New orders | 767 | 1 266 | 900 | 433 | 633 | 1 359 | 657 | 1 708 |
| Order backlog | 3 102 | 3 201 | 3 203 | 2 864 | 3 580 | 3 752 | 3 970 | 4 115 |
| No of employees at end of period | 315 | 311 | 315 | 308 | 308 | 305 | 310 | 301 |
For key ratio definitions, see page 24.
* The key ratios for the Group are shown above, both in accordance with IFRS and the segment accounting applied for internal control and
monitoring, see Note 1 on page 18 for further information.
** Not calculated as no key ratios have been recalculated on a quarterly bases for 2018.
*** The company has no options and similar agreements that give rise to a dilution effect, therefore this is not reported separately.
The Group: Wästbygg presents certain financial measures in the interim report that are not defined by IFRS. The key ratios on page 3 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 below are not defined in accordance with IFRS unless otherwise stated.
| Revenue growth (CAGR) | |||
|---|---|---|---|
| Definition: | Revenue for the period divided by reve-nue for the previous period, raised to one divided by the number of years between the two periods, minus one. |
||
| Purpose: | Shows the company's ability to increase revenue over time. | ||
| Reconciliation table: |
A Revenue B Comparison perid revenue C Number of years between periods (A/B)^(1/C)-1 = Revenue growth, % |
||
| Operating margin | |||
| Definition: | Operating profit/loss in relation to revenue. | ||
| Purpose: | Shows the company's earning capacity. | ||
| Reconciliation table: |
A Operating profit/loss B Revenue |
Earnings per share, IFRS | |
| A/B = Operating margin, % | |||
| Equity/assets ratio | |||
| Definition: | Equity in relation to the balance sheet total. | ||
| Purpose: | Describes the capital structure of the company. | ||
| Reconciliation table: |
A Total equity B Balance sheet total A/B = Equity/assets ratio, % |
Equity per share, IFRS | |
| Return on equity | |||
| Definition: | Profit for the period divided by average equity for | ||
| the period. | |||
| Purpose: | Shows the company's ability to generate return on equity. | ||
| Reconciliation table: |
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 |
New orders | |
| A/(B+C)/2 = Return on equity, % | |||
| Operating capital | |||
| 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. | ||
| Reconciliation | A Current assets | Order backlog | |
| table: | B Cash and cash equivalents C Current non-interest-bearing liabilities A-B-C = Operating capital |
Segment: As for the key ratios provided in Note 2 and in Appendix 1 on page 27–32, they are regarded as alternative key ratios. They have the same definition as key ratios below, but are based on segment figures.
| Definition: | Interest-bearing assets (including cash and cash equiva lents and receivables from group companies) less interest-bearing liabilities. |
|---|---|
| Purpose: | Shows the company's real indebtedness. |
| Reconciliation table: |
Receivables from group companies + Cash and cash equivalents + Other interest-bearing receivables = A Interest-bearing assets |
| Non-current interest-bearing liablilities + Current interest-bearing liablilites = B Interest-bearing liabilities |
|
| A-B = Interest bearing net debt (+)/net cash (-) | |
| Earnings per share, IFRS | |
| 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. |
| Reconciliation table: |
A Profit for the period B Average number of shares at the end of the period A/B = Earnings per share, SEK |
| Equity per share, IFRS | |
| 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. |
| Reconciliation table: |
A Equity at the end of the period B Number of shares at the end of the period A/B = Equity per share, SEK |
| New orders | |
| Definition: | The value of projects received and changes to existing projects during the current period. Tenant-owner asso ciation projects of own development are included in new orders as soon as a construction agreement has been signed for construction. |
| Purpose: | Shows the company's sales during the current period. |
| Order backlog | |
| 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 stock as soon as a construction agreement has been signed for construction. |
Purpose: Shows the company's revenues in future periods.
As amounts have been rounded to SEK million, the tables do not always sum up.
Wästbygg Gruppen AB was listed on Nasdaq Stockholm on 13 October 2020 under the ticker code WBGR. On 31 March the share price closed at SEK 103,50, equivalent to a stock market value of SEK 3,347 million calculated based on the number of outstanding shares.
As per the balance sheet date, the share capital amounted to SEK 3,593,352, divided into 620,000 Class A shares and 31,720,165 Class B shares.
At the end of the quarter Wästbygg had 5,109 shareholders. The proportion of foreign ownership was just over 6 per cent of the share capital. The table below shows the ten confirmed largest shareholders.
Wästbygg has a long-term goal for the dividend over time to amount to 40 per cent of net profit based on segment reporting. The Board of Directors proposes that the Annual General Meeting adopt a dividend of SEK 3.30 per share, which corresponds to a dividend yield of 3.2 per cent based on the share price as of 31 March 2021.
| Name | No of Class A-shares |
No of Class B-shares |
Total no of shares |
Proportion of capital |
Proportion of votes |
|---|---|---|---|---|---|
| M2 Holding AB (Rutger Arnhult) | 337,500 | 19,111,500 | 19,449,000 | 60,1% | 59,3% |
| Fino Förvaltning AB (Jörgen Andersson) | 282,500 | 1,656,000 | 1,938,500 | 6,0% | 11,8% |
| Svolder | - | 1,709,779 | 1,709,779 | 5,3% | 4,5% |
| Länsförsäkringar Fonder | - | 1,632,500 | 1,632,500 | 5,0% | 4,3% |
| AFA Försäkring | - | 1,000,000 | 1,000,000 | 3,1% | 2,6% |
| Öhman Fonder | - | 698,000 | 698,000 | 2,2% | 1,8% |
| Carnegie Fonder | - | 348,000 | 348,000 | 1,1% | 0,9% |
| Gårdarike Invest | - | 300,000 | 300,000 | 0,9% | 0,8% |
| Catella Fonder | - | 215,008 | 215,008 | 0,7% | 0,6% |
| SEB Fonder | - | 200,421 | 200,421 | 0,6% | 0,5% |
| Övriga aktieägare | - | 4,848,957 | 4,558,442 | 15,0% | 12,8% |
| Totalt | 620,000 | 31,720,165 | 32,340,165 | 100,00 % | 100,00 % |
Source: Monitor by Modular Finance AB. Compiled and processed data from various sources, including Euroclear, Morningstar and the Swedish Financial Supervisory Authority (Finansinspektionen).
The Board of Directors and the President 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 6 May 2021
Wästbygg Gruppen AB (publ)
CECILIA MARLOW JÖRGEN ANDERSSON LENNART EKELUND Chariman Board member Board member
CHRISTINA KÄLLENFORS JOACIM SJÖBERG Board member Board member
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 6 May 2021 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.
The Wästbygg Group's segment report contains alternative key ratios to describe how the business develops over time and provide an opportunity for a clearer comparison between different periods. These also follows the Group's internal reporting as this is how the board and group management controls and monitors operations. The alternative key figures are a complement to reporting in accordance
with IFRS. The difference between the two ways of reporting is described in Note 1 and concerns how tenant-owner association projects of own development are reported. Below and on the following five pages are the income statement, balance sheet, changes in equity and cash flow analysis according to segment reporting.
| CONSOLIDATED INCOME STATEMENT– segment REPORT, SEK million |
Jan-Mar 2021 |
Jan-Mar 2020 |
Apr-Mar 2020-21 |
Jan-Dec 2020 |
|---|---|---|---|---|
| Revenue | 814 | 901 | 3 714 | 3 801 |
| Costs in production | -685 | -824 | -3 142 | -3 281 |
| Gross profit/loss | 129 | 77 | 572 | 520 |
| Sales and administration costs | -65 | -54 | -280 | -269 |
| Other operating revenue | 2 | 1 | 5 | 4 |
| Other operating costs | 0 | 0 | 0 | -1 |
| Other profit/loss | 66 | 24 | 297 | 254 |
| Profit/loss from financial items | ||||
| Profit shares from joint venture | 0 | 0 | 0 | 0 |
| Financial revenue | 1 | 1 | 12 | 12 |
| Financial costs | -2 | -3 | -5 | -7 |
| Profit after financial items | 65 | 22 | 304 | 259 |
| Change in value of real estate | 1 | - | 6 | 6 |
| Profit before tax | 66 | 22 | 310 | 265 |
| Taxes | -1 | 2 | 0 | 3 |
| Profit for the period | 65 | 24 | 310 | 268 |
| Profit attributable to: | ||||
| - the parent company's shareholders | 65 | 24 | 310 | 268 |
| - holdings without controlling influence | 0 | 0 | 0 | 0 |
| Earnings per share, SEK* | 2,01 | 1,03 | 11,34 | 10,75 |
| Number of shares at the end of the period (thousands) | 32 340 | 22 950 | 32 340 | 32 340 |
| Average number of shares (thousands) | 32 340 | 22 950 | 27 240 | 24 913 |
* The company has no options and similar agreements that give rise to a dilution effect, therefore this is not reported separately.
| CONSOLIDATED REPORT ON TOTAL PROFIT – SEGMENT REPORT, SEK MILLION |
Jan-Mar 2021 |
Jan-Mar 2020 |
Apr-Mar 2020-21 |
Jan-Dec 2020 |
|---|---|---|---|---|
| Profit for the period | 65 | 24 | 310 | 268 |
| Other comprehensive income that can be transferred to the income statement |
||||
| Currency difference when translating foreign operations | 2 | -1 | 2 | -2 |
| Total profit for the period | 67 | 23 | 312 | 266 |
| Total profit attributable to: - the parent company's shareholders - holdings without controlling influence |
67 0 |
23 0 |
312 0 |
266 0 |
The Wästbygg Group had a good start to 2021. Although revenues are slightly lower due to a reduced volume in projects in progress, a significantly stronger profit was reported. Revenues amounted to SEK 814 million (901), and operating profit was SEK 66 million (24). The difference in operating profit is ascribable to a larger number of major logistics projects in production as well as generally higher profitability in projects in progress.
Profit after tax was SEK 65 (24), which is equivalent to earnings per share of SEK 2.01 (1.03), recalculated based on the share split and new share issues carried out in 2020. The operating margin was 8.1 percent (2.7).
With regard to sales, the first quarter of the year is normally characterised by a relatively weak order intake. That was not the case this year. The order intake for the first quarter was SEK 767 (633) and was distributed over all three business areas. In Residential, the company is following its plan to increase the share of self-developed projects, and decided to start production of two new tenant-ownership projects after achieving the sales targets. In addition to the new contracts signed, our order intake was positively impacted by a number of supplementary orders related to projects in progress.
The order backlog was SEK 3,102 million (3,580) as of 31 March. This means that the volume is lower than at the same time last year. However, SEK three billion is a reasonably good order backlog considering the current market situation as a result of COVID-19.
Revenues for the rolling 12-month period amounted to SEK 3,714 million, compared to SEK 3,801 million for the full 2020 financial year. Operating profit amounted to SEK 297 million, compared to SEK 254 million for the full 2020 financial year. This follows the same pattern as for the quarter, with slightly weaker net sales but stronger profitability.
At the end of the period the Group had 315 employees, compared with 311 at the start of the year. Throughout the COVID-19 pandemic, the Group has worked with full staffing and no redundancies or other reductions have been required. At present, the workforce is considered to be well balanced in relation to the operations.
| CONSOLIDATED BALANCE SHEET – SEGMENT REPORT, SEK MILLION |
31 Mar 2021 |
31 Mar 2020 |
31 Dec 2020 |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Intangible fixed assets Goodwill |
229 | 229 | 229 |
| Other intangible fixed assets | 9 | 7 | 8 |
| Total | 238 | 236 | 237 |
| Tangible fixed assets | |||
| Investment properties | 69 | 13 | 59 |
| User rights assets | 27 | 40 | 30 |
| Inventory, tools and installations | 5 | 7 | 6 |
| Total | 101 | 60 | 95 |
| Financial fixed assets | |||
| Shares in joint ventures | 11 | 11 | 11 |
| Deferred tax receivables | 38 | 33 | 38 |
| Non-current financial assets | 0 | 0 | 0 |
| Total | 49 | 44 | 49 |
| Total fixed assets | 388 | 340 | 381 |
| Current assets | |||
| Development properties, etc. | 83 | 82 | 75 |
| Accounts receivable | 298 | 263 | 506 |
| Accrued but not invoiced | 295 | 270 | 282 |
| Tax receivables | 21 | 17 | 26 |
| Receivables from group companies | 12 | 12 | 12 |
| Other receivables | 857 | 419 | 797 |
| Prepaid costs and accrued income | 14 | 13 | 17 |
| Cash and cash equivalents | 889 | 83 | 776 |
| Total current assets | 2 469 | 1 159 | 2 491 |
| TOTAL ASSETS | 2 857 | 1 499 | 2 872 |
| CONSOLIDATED BALANCE SHEET – SEGMENT REPORT, SEK MILLION |
31 Mar 2021 |
31 Mar 2020 |
31 Dec 2020 |
|---|---|---|---|
| TOTAL EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 4 | 3 | 4 |
| Other contributed capital | 946 | 83 | 946 |
| Retained earnings | 697 | 429 | 431 |
| This year's profit or loss | 67 | 23 | 266 |
| Total equity attributable to the company's shareholders | 1 714 | 538 | 1 647 |
| Holdings without controlling influence | 4 | 3 | 3 |
| Total equity | 1 718 | 541 | 1 650 |
| Non-current liabilities | |||
| Non-current interest-bearing liabilities | |||
| Liabilities to group companies | - | 30 | - |
| Liabilities to credit institutions | - | 5 | 0 |
| Debts user rights | 14 | 26 | 16 |
| Total | 14 | 61 | 16 |
| Non-current non-interest-bearing liabilities | |||
| Deferred tax liabilities | 4 | 2 | 3 |
| Other provisions | 82 | 39 | 71 |
| Total | 86 | 41 | 74 |
| Total non-current liabilities | 100 | 102 | 90 |
| Current liabilities | |||
| Current interest-bearing liabilities | |||
| Debts user rights | 15 | 17 | 16 |
| Liabilities to credit institutions | 0 | 20 | 0 |
| Total | 15 | 37 | 16 |
| Current non-interest-bearing liabilities | |||
| Accounts payable | 274 | 282 | 244 |
| Advance from customer | 333 | 343 | 379 |
| Tax liabilities | 0 | 0 | 2 |
| Other liabilities | 287 | 82 | 362 |
| Accrued expenses and prepaid income | 130 | 112 | 129 |
| Total | 1 024 | 819 | 1 116 |
| Total current liabilities | 1 039 | 856 | 1 132 |
| TOTAL EQUITY AND LIABILITIES | 2 857 | 1 499 | 2 872 |
| CHANGES IN THE GROUP'S EQUITY IN SUMMARY – SEGMENT REPORT, SEK MILLION |
Jan-Mar 2021 |
Jan-Mar 2020 |
Apr-Mar 2020-21 |
Jan-Dec 2020 |
|---|---|---|---|---|
| Equity attributable to the parent company's owners | ||||
| Amount at the beginning of the period | 1 647 | 590 | 538 | 592 |
| New issue of shares | – | – | 901 | 901 |
| Transaction costs new issue of shares | -37 | -37 | ||
| Dividend | – | -75 | – | -75 |
| Total profit/loss for the period | 67 | 23 | 312 | 266 |
| Total profit/loss for the period | 1 714 | 538 | 1 714 | 1 647 |
| Holdings without controlling influence | ||||
| Amount at the beginning of the period | 3 | 3 | 3 | 3 |
| Total profit/loss for the period | 0 | 0 | 0 | 0 |
| Amount at the end of the period | 4 | 3 | 4 | 3 |
| TOTAL EQUITY | 1 718 | 541 | 1 718 | 1 650 |
The two new share issues carried out in connection with the listing on Nasdaq Stockholm in October 2020 have strengthened the Wästbygg Group's cash position. The company's share capital increased by approximately SEK 1 million. The shares were issued at a premium for SEK 901 million, and the funds raised through the share issues are recognised under Share premium reserve in the parent company's balance sheet. The funds from the share issues will primarily be used for continued investment in project development operations and to build up a portfolio of self-developed community service properties in the Group. Equity per share amounted to SEK 52.98 (23.43) at the end of the period.
The Group reported interest-bearing net cash of SEK 1,033 million (-3) at the end of the period. The net cash amounted to SEK 928 million (129) on 1 January.
Other receivables have increased by SEK 60 million since the start of the year, and primarily relate to the acquisition of a non-consolidated project property in Borås.
The equity ratio at the end of the period was 60% (36). The Group's strong equity ratio is a result of the new share issue in 2020 as well as a positive earnings trend during the first quarter.
| GROUP CASH FLOW STATEMENT – SEGMENT REPORT, SEK MILLION |
Jan-Mar 2021 |
Jan-Mar 2020 |
Apr-Mar 2020-21 |
Jan-Dec 2020 |
|---|---|---|---|---|
| Day-to-day operations | ||||
| Profit/loss before financial items | 66 | 24 | 296 | 254 |
| Adjustment for items not included in cash flow | 17 | 3 | 70 | 56 |
| Received interest | 1 | 1 | 12 | 12 |
| Paid interest | -2 | -3 | -6 | -7 |
| Paid tax | 4 | -6 | -6 | -16 |
| Cash flow from operating activities before changes in working capital | 86 | 19 | 366 | 299 |
| Cash flow from changes in working capital | ||||
| Increase (-)/decrease (+) of accounts receivable | 210 | 104 | -38 | -144 |
| Increase (-)/decrease (+) of other operating receivables | -77 | 100 | -463 | -286 |
| Increase (+)/decrease (-) of accounts payable | 29 | -210 | -6 | -245 |
| Increase (+)/decrease (-) of operating liabilities | -124 | -60 | 217 | 281 |
| Cash flow from the day-to-day operations | 124 | -47 | 76 | -95 |
| Investment activities | ||||
| Investments in businesses, including additional purchase sums | – | 0 | 0 | 0 |
| Acquisitions of intangible fixed assets | -1 | -1 | -3 | -3 |
| Investments in investment properties | -11 | -12 | -52 | -53 |
| Acquisitions of other tangible fixed assets | -1 | 0 | -5 | -4 |
| Cash flow from investing activities | -13 | -13 | -60 | -60 |
| Financing activities | ||||
| New issue of shares | – | – | 901 | 901 |
| Transaction costs new issue of shares | – | – | -37 | -37 |
| Paid dividend | – | -75 | – | -75 |
| Amortisation of loan liabilities | -3 | -65 | -73 | -135 |
| Cash flow from financing activities | -3 | -140 | 791 | 654 |
| CASH FLOW FOR THE PERIOD | 108 | -200 | 807 | 499 |
| Cash and cash equivalents at the start of the period | 776 | 285 | 83 | 285 |
| Exchange rate difference in cash and cash equivalents | 5 | -2 | -1 | -8 |
| Cash and cash equivalents at the end of the period | 889 | 83 | 889 | 776 |
Variations in cash flow from one period to another are a natural consequence of how many development projects are in progress and how many are sold.
Total cash flow during the first quarter amounted to SEK 108 million (-200), divided into current operations SEK 124 million (-47), investment operations SEK -13 million (-13) and financing operations SEK -3 million (-140).
The strong decline in accounts receivable during the quarter is mainly ascribable to extensive invoicing in December in connection with a major logistics project.
Cash flow from current operations was affected by the acquisition of a project property in Borås. The acquisition was entirely self-funded. At the same time, the handover of a larger self developed logistics facility has had a positive effect on cash flow from operating activities.
As for the negative cash flow from investment operations, it is linked to the construction of the Kv Häggen sheltered housing in Halmstad, which is being built for own ownership in the group company Inwita Fastigheter.
| Interim report January – June26 August 2021 | |
|---|---|
| Interim report January – September9 November 2021 | |
| Year-end report 2021 11 February 2022 |
For further information, please contact:
Jörgen Andersson, CEO Phone +46 703 23 32 02, email [email protected]
Jonas Jönehall, CFO and Vice President Phone +46 739 20 19 01, email [email protected]
Marie Lindebäck, Head of IR and Deputy Head of Sustainablity Phone +46 734 67 20 12, email [email protected]
Wästbygg Gruppen AB (publ) • Sofierogatan 3B • 412 51 Göteborg • Sweden Company registration number 556878-5538 Phone +46 31 733 23 00 www.wastbygg.se • [email protected] Registered Office: Gothenburg
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.