BYGGMA ASA - INTERIM REPORT Q3 2024

07 Nov 2024 14:35 CET

The Group’s sales revenues in Q3 2024 amounted to NOK ​503.1​ million which is a
NOK ​33.0​ million (​7.0 %​) increase from Q3 2023. Sales revenue for YTD ​Q3​
​2024​ amounted to NOK ​1,593.0​ million which is NOK ​58.6​ million (​3.5 %​)
lower than for the same period in ​2023​.



The Group achieved an EBITDA*) YTD ​Q3​ ​2024​ of NOK ​ 163.6 ​million compared
to NOK ​ 237.5 ​million in the same period last year.



The adjusted operating profit in ​Q3​ ​2024​ was NOK ​ 38.2 ​ million compared
to NOK ​ 25.4 ​million in the same period last year. For YTD 2024, the adjusted
operating profit was NOK ​ 98.9 ​million, compared to NOK​ 171.4 ​ million last
year. The operating profit contains non-recurring items, please see
reconciliation of adjusted operating profit in Alternative Performance Measures
after the notes to the interim report.

"It is gratifying to see that the promotional and cost-reducing measures we have
implemented are resulting in better sales and earnings in the third quarter
compared to last year. This reflects that the employees at Byggma have really
rolled up their sleeves, and this results in that we are clearly outperforming
our competitors. It is a sign of resilience that we are delivering a profit in a
historically weak market. We also see small signs that the bottom has been
reached, but how quickly the market will normalize is difficult to predict,"
says CEO Conrad Lehne Drangsland.



From 9 March 2023 the investment in Norske Skog ASA is classified as an
investment in associate and is accounted for using the equity method in
accordance with IAS 28. See note 12 for more information. Share of profit from
associate was NOK ​-48.7​ million YTD ​Q3​ ​2024​.



The Group achieved an adjusted profit before tax in ​Q3​ ​2024​ of NOK ​ 10.1
​million, compared to NOK ​ 2.3 ​ million last year. Adjusted profit before tax
YTD ​Q3​ was NOK ​ 28.4 ​ million compared to NOK ​ 110.5 ​ million in the same
period in ​2023​.



YTD ​Q3​ ​2024​, net financials amounted to an expense of NOK ​70.5​ million
which is NOK ​9.5​ million increase in cost compared to the same period in
​2023​. The main reasons for the increase in net financial expenses are
increased interest rates and debt, and that there was a finance income on
increased value of interest rate swaps in ​2023​. Please see note 3 for
specification of net financials.



The liquidity reserve as of 30 September ​2024​ amounted to NOK 150.1 million, a
reduction of NOK 117.4 million from 1 January ​2024​. The Board of Directors
will maintain its focus on capital and cost-efficiency.



Net interest-bearing debt is increased from NOK ​1,375.7​ million as of 1
January ​2024​ to NOK ​1,399.9​ million as of 30 September ​2024​. As of the
third quarter of 2024, there were acquired loans of NOK 0.6 million. 



Investments in tangible fixed assets and intangible assets YTD ​Q3​ ​2024​
totaled NOK ​27.3​ million which is NOK 29.7 million lower than in ​2023​.



Total assets decreased from NOK ​3,240.6​ million as at 1 January ​2024​ to NOK
​3,100.4​ million as at 30 September ​2024​.



Booked equity as of 30 September ​2024​ was NOK ​1,101.0​ million (​35.5 %​),
which is a decrease of NOK 28.1 million compared to 1 January ​2024​ (​34.8 %​).
The reasons for the change in equity are due to the profit of the year of NOK
​-75.2​ million, a currency translation difference of NOK 5.2 million and share
of other comprehensive income from associate of NOK ​42.7​ million.

*) Definition of EBITDA, adjusted operating profit, liquidity reserve, profit
margin and net interest-bearing debt are added after the notes.

More information:
Access the news on Oslo Bors NewsWeb site

631628_Byggma Interim Q3 2024.pdf
631628_Byggma ASA - Q3 2024 presentation.pdf