Interim report January-September 2018
PROFIT IMPACTED BY PROJECT IMPAIRMENTS
- Income amounted to SEK 1,359 million (1,271), an increase of 7 percent
- The operating loss amounted to SEK 40 million (profit 67)
- The loss for the period amounted to SEK 55 million (profit 51)
- Earnings per share after dilution amounted to a negative SEK 2.42 (2.18)
- Cash flow from operating activities amounted to a negative SEK 9 million (84)
- Order bookings amounted to SEK 1,236 million (691)
- During the quarter, Construction was impacted negatively by project impairments of SEK 70 million
- Income amounted to SEK 4,525 million (3,873), an increase of 17 percent
- Operating profit amounted to SEK 86 million (209) and the operating margin was 1.9 percent (5.4)
- Profit for the period amounted to SEK 32 million (171)
- Earnings per share after dilution amounted to SEK 1.38 (7.31)
- The equity/assets ratio was 36.4 percent (42.1)
- Cash flow from operating activities amounted to SEK 1 million (185)
- Order bookings amounted to SEK 3,692 million (4,502)
- The order backlog amounted to SEK 7,303 million (7,765)
Ola Serneke, CEO Serneke Group, comments:
– The third quarter of 2018 was pervaded by lower sales growth due to a certain slackness in the market, impairments in construction projects caused by bankruptcies among subcontractors and continued investments in our organization to achieve our goals for the future.
– We face our challenges with humility, we are responsive to the market and we are well-prepared to cope with economic fluctuations. However, our objective of reaching annual sales of SEK 10 billion in 2020 stands firm and the outcome for one individual quarter will not divert us from that long-term target.
Presentation of the Interim Report for January-September 2018
On 24 October, 2018 at 9:15 a.m. (CET), Serneke Group will comment on this Interim Report in a conference call with an online presentation for investors, analysts and the media. The presentation will be in Swedish and can be followed live via webcast at https://tv.streamfabriken.com/serneke-q2-2018. Presentation materials for the presentation will be available on the website one hour before the webcast begins.
To participate, please dial: +46 8 56 64 2665
For more information, please contact:
Anders Düring, CFO
Tel: +46 70 888 7733
This information is such that Serneke is required to disclose under the EU Market Abuse Regulation. The information was submitted under the auspices of the contact person stated above, for publication on 24 October 2018 at 08.00 a.m. CET.
Serneke is a rapidly growing corporate group active in construction, civil engineering, project development and property management. The Group was founded in 2002 and has today an income of around SEK 6 billion and approximately 1,100 employees. Through novel thinking, the Company drives development and creates more effective and more innovative solutions for responsible construction. The Company builds and develops housing, commercial buildings, industrial facilities, public buildings, roads and civil engineering projects, and other infrastructure. The Company’s customers are public and commercial clients, and operations are focused on the three metropolitan regions in Sweden, Gothenburg (Region West), Stockholm (Region East) and Malmö (Region South). Serneke’s headquarters are located in Gothenburg and the Company also has offices in Stockholm, Malmö, Alingsås, Borås, Eskilstuna, Halmstad, Helsingborg, Skövde, Strömstad, Trollhättan, Uppsala, Varberg and Växjö.. The Company’s Series B shares (SRNKE) have been listed on the Nasdaq Stockholm exchange since November 2016.
More information about Serneke Group AB can be found at www.serneke.se
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STABLE IN A SHRINKING MARKET