2012-02-14 08:20:13 -

BWG Homes ASA operating revenues for Q4 2011 amounted to NOK 913 million, which
is in line with Q4 2010. Operational EBITDA for the quarter was NOK 126 million,
an increase of 13.2 per cent. Operational EBITDA margin was 13.8 per cent, and
operational EBIT margin was 13.1 per cent.

The order backlog at the end of the quarter was NOK 1 613 million, a decline of
10.8 per cent when compared to the same period in 2010.

Cash flow from operations for Q4 was negative at NOK 43, mainly due to payment
related to purchase of land. Net interest-bearing debt increased by NOK 62
million from Q3 2011 and by NOK 262 million from year-end 2010.

"We are pleased to state that the Group shows good profitability in Q4   with
historically strong revenues and margins, especially when considering the market
situation in Sweden. The Norwegian operation continues the trend from the 3rd
quarter with operational efficiency and good sales resulting in a solid
performance and very strong margins for the 4th quarter and the full year 2011.
The Swedish operation still experiences a demanding market situation and reports
low sales, reduced delivery rate and weak profitability. Myresjöhus is
particularly affected by pressure on margins, while SmålandsVillan continues to
deliver acceptable margins. A major staff reduction programme has been carried
through in the Swedish operation in 2011. A number of improvement programmes
were started in 2011 to yield better efficiency, quality and performance through
2012", comments Lars Nilsen, CEO in BWG Homes ASA.

"The underlying need for new homes is still high in Norway and Sweden. The
Norwegian market continues to be strong. The market situation in Sweden will
still be challenging, but seems to have stabilized with customers gradually
returning", Lars Nilsen comments further.

Dividend for the financial year 2011
The Board will prioritize the strengthening of the Group's financial position
and self-financing ability. On this basis a dividend for 2011 is not proposed.

Key operational figures Q4 2011*:
  * Operating revenues: NOK 913 million (NOK 926 million)
  * Operational EBITDA: NOK 126 million (NOK 111 million)
  * Operational EBITDA margin: 13.8 % (12.0 %)
  * Operational EBIT: NOK 119 million (NOK 107 million)
  * Operational EBIT margin: 13.1 % (11.6 %)
  * Cash flow from operations after interest and tax: NOK -43 million (NOK 33
    million)
  * Order intake: NOK 634 million (NOK 775 million)
  * Order backlog: NOK 1 613 million (NOK 1 809 million)


Key operational figures for 2011*:
  * Operating revenues: NOK 3 461 million (NOK 3 171 million)
  * Operational EBITDA: NOK 408 million (NOK 369 million **)
  * Operational EBITDA margin: 11.8 % (11.6 % **)
  * Operational EBIT: NOK 386 million (NOK 352 million **)
  * Operational EBIT margin: 11.2 % (11.1 %)
  * Cash flow from operations after interest and tax: NOK -162 million (NOK 144
    million)
  * Order intake: NOK 3 199 million (NOK 3 478 million)


* The operational figures are based on the internal management reports which
differ somewhat from the consolidated accounts; see note 1 in the interim
report.
** Includes reversal of NOK 8.2 million in Q1 2010 related to pension
liabilities in Block Watne AS.

For the consolidated income statement (IFRS), reference is made to page 9 in the
interim report.

For more details, see the attached interim report.

Further information from:
Lars Nilsen, CEO, BWG Homes ASA, tel: +47 23 24 60 00,
Arnt Eriksen, CFO, BWG Homes ASA, tel: +47 23 24 60 37, +47 922 14 625.


This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)



Report Q4 2011: 
 hugin.info/136346/R/1585308/496305.pdf

Presentation Q4 2011: 
 hugin.info/136346/R/1585308/496306.pdf




This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: BWG Homes ASA via Thomson Reuters ONE

[HUG#1585308]