The Group's sales revenues in Q4 2022 amounted toNOK 559.5 million , which isNOK 72.4 million lower than for the same period in 2021. The trend in sales revenue in Q4 2022 is positive in the Windows segment, but lower for other segments compared to the same period in 2021. Year to date, the sales revenues wereNOK 2,508.2 million compared toNOK 2,344.3 million in 2021. The Group achieved and EBITDA in Q4 2022 ofNOK 59.6 million , compared toNOK 98.4 million in Q4 2021. The operating profit for Q4 2022 wasNOK 39.3 million , compared toNOK 70.1 million in Q4 2021. Year to date, the operating profit wasNOK 326.0 million in 2022 compared toNOK 233.1 million in 2021. The operating profit in Q4 2022 is higher for the Windows and Beams segment, but lower for the Boards and Lighting segment compared to the same period in 2021. The Group achieved a profit before tax in Q4 2022 ofNOK 13.4 million , compared toNOK 65.9 million for the same period in 2021. Year to date, profit before tax amounted toNOK 300.6 million in 2022, compared toNOK 224.1 million in 2021. Year to date, net financials amounted to an expense ofNOK 25.4 million in 2022, which isNOK 16.4 million higher compared to the same period in 2021. The main reason for the increase in net financial expenses is increased interest rates and debt. The gain on the market value of the interest rate swap in year-to-date 2022 wasNOK 15.1 million , compared with the gain ofNOK 12.3 million in the same period in 2021. Year to date, net interest expenses (incl. payment for interest rate swaps) amounted toNOK 31.4 million in 2022, which isNOK 15.1 million higher than in the same period in 2021. Interest on lease obligations amounted toNOK 6.6 million , which isNOK 2.6 million higher than for the same period in 2021. The liquidity reserve*) as at31 December 2022 amounted toNOK 308.6 million , a reduction ofNOK 7.5 million from1 January 2022 . The Board of Directors will maintain its focus on capital and cost-efficiency. Interest-bearing debt*) increased fromNOK 611.4 million as of1 January 2022 toNOK 1,462.5 million as at31 December 2022 . Year to date 2022, long-term borrowings ofNOK 867.7 million was carried out, of whichNOK 221.2 million are due to new lease agreements. The main reason for the increase in interest bearing debt is the investment inNorske Skog ASA ofNOK 1.016,3 million .. Investments in tangible fixed assets and intangible assets year to date 2022 totalledNOK 131.4 million , which isNOK 41.0 million higher than in 2021. Of the investments made, capitalised lease agreements amounted toNOK 5.8 million . The financial statements for 2021 have been restated following a change in financial statement principle for Byggma Eiendom Lyngdal to investment property in accordance with IAS 40. See note 13. Total assets increased fromNOK 1,917.8 million as of1 January 2022 toNOK 2,919.6 million as of31 December 2022 . Booked equity as of31 December 2022 wasNOK 833.8 million (28.6%), which is an increase ofNOK 165.7 million compared to1 January 2022 (34.8%). The reasons for the change in equity are due to the profit of the year ofNOK 251.3 million , a currency translation difference ofNOK 1.0 million , loss on financial investment booked in OCI ofNOK 14.8 million and payment of dividend ofNOK 69.8 million . OutlookByggma monitors the housing market continuously, as this is an important arena for the company. We see somewhat lower activity in some areas of the market but are experiencing increased sale of new product launches introduced to the market. Total number of housing units sold in 2022 was 19,371 which is 26% below 2021. The variation in the sale in the market in Q4 may cause lower activity in H1 2023. The largest reduction in units related to apartments which is not the main market forByggma . Total commissioned units in 2022 was 23,199 units which is 9% below 2021. Small houses is down ca. 17%. The need for housing units have been increased to 29 000 which can lead to serious consequences for the housing supply if the trend continues leading to pent up demand. Meanwhile, we are still experiencing high activity in commercial buildings and public buildings. The renovation and extension market is expected to be stable and on the same level as 2021. Vast increase in raw materials is the most important explanation for lower sales and commissioning of new housing units in 2023. Additionally, the interest rate development may affect the activity in the newbuild and the renovation and extension market. The conflict inUkraine may also affect markets and factors as access to raw materials, energy and increased prices on imported goods. However, we see a price decrease on timber going forward, which may increase sales and commissioning of new housing units increasing the demand for building materials. This is supported by the upward adjustment of the official number of housing units needed inNorway to 29.000 per year. This may increase the demand for Byggma ASAs products in the medium and long term. We experience the same market development forByggma's products outsideNorway . The market development has meant that the input factors for several of the segments are considerably more expensive.Byggma has implemented price increases with effect from1 October 2022 in order to maintain a reasonable margin. Group management is continuously monitoring the situation in order to be able to implement cost reductions resulting from lower activity levels. In order to ensure further growth, investment in the sale of the Group's products outsideNorway is an important part ofByggma's strategy. Innovation and technological development are vital components of the Group's growth strategy, driven by a forceful determination to invest in essential equipment and expertise to maintain its position as a leading player in the Nordic building materials market in the future.Byggma Group is firmly focused on achieving efficiency, dominance, and profitability.Byggma is well positioned for implementing its enhancement processes for maintaining its position as a leading, efficient producer of building products. Several major investments have been made to streamline our processes. New investments in equipment have also been decided and this will enable greater efficiency. In principle,Byggma will be directing its investments toward digitisation and automation of the production processes, including the environment and sustainability. As per22 February 2022 Byggma ASA owns ca. 18,0 % of the share capital inNorske Skog ASA . Together with related party Drangsland Kapital AS,Byggma ASA controls ca. 23.6% of the shares inNorske Skog ASA . It is an important part ofByggma's strategy to strengthen its position as a leading original brand manufacturer of environmentally friendly and sustainable products in the Nordic building materials market.Byggma Group aims to be an attractive employer. We will continue to focus on ensuring that all employees in the Group can realise their human potential through their employment atByggma . Vennesla22 February 2022 The Board of Directors ofBYGGMA ASA
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