Interim report January-September 2022

27/10/2022

SLOWDOWN IN THE MARKET

July-September 2022

  • Order bookings amounted to SEK 2,684 million (1,195)
  • Income amounted to SEK 2,055 million (1,968)
  • The operating loss amounted to SEK 39 million (profit 25)
  • Cash flow from operating activities amounted to an outflow of SEK 261 million (inflow 207)
  • Cash flow for the period amounted to an outflow of SEK 133 million (inflow 268)
  • The loss for the period amounted to SEK 92 million (profit 37)
  • The equity/assets ratio was 37.6 percent (36.7)
  • In August, Serneke signed a contracting agreement for the Kalmarsundsverket water treatment plant. The order value amounted to SEK 1.4 billion.

January-September 2022

  • Order bookings amounted to SEK 6,119 million (4,595) and the order backlog was
    SEK 11,994 million (12,642)
  • Income amounted to SEK 6,765 million (6,192)
  • Operating profit amounted to SEK 58 million (164)
  • Cash flow from operating activities amounted to an outflow of SEK 493 million (inflow 255)
  • At the end of the period, available cash and cash equivalents totaled SEK 638 million (803)
  • Profit for the period amounted to SEK 35 million (262)
  • The equity/assets ratio was 37.6 percent (36.7)

Michael Berglin, CEO Serneke Group, comments:

“Our result for the quarter was clearly affected by the market situation, in which a decline in transactions is one example. Our overall business is dependent on sales from our project development operations, to generate earnings and free up capital. We need to increase the activities that build conditions for continuous transactions. We also seeing effects in the contracting operations associated with the global situation: material prices have been exerting pressure on everyone for a long time, causing a generally difficult situation in the industry. The earnings of our contracting operations were impacted negatively in the amount of SEK 25 million for the quarter by the bankruptcy of a subcontractor in our northern region.”

“The changed situation in which we find ourselves requires us to act and demonstrate our resolve. During the autumn, we have begun to implement a program in which we are implementing strong measures on a number of points: we are reorganizing and reducing our costs while streamlining our mission and facilitating governance. We are also limiting our investments in projects developed in-house, where we currently judge our market share as weak, particularly with regard to housing projects.”
 

Presentation of the Interim Report for January-September 2022

On October 27, 2022 at 10:00 a.m. (CET), Serneke Group will comment on this Interim Report in an online presentation for investors, analysts and the media. The presentation will be in Swedish and can be followed live via webcast at https://youtu.be/CGBfzVW5lLQ. Presentation materials for the presentation will be available on the website one hour before the webcast begins.
 

Anders Düring

  • CFO, Group
  • Kvarnbergsgatan 2, 411 05 Göteborg
  • 0708-88 77 33

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