Annual report 2008

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Report from the Board of Directors

2008 will go down in history as a very demanding year. The rapidly escalating financial crisis resulted in bankruptcies, lending restrictions and rising unemployment. Despite this situation, BWG Homes was able to report relatively good turnover, improved margins and profitability until the financial crisis seriously kicked in during the autumn. The Group has carried out significant cost reductions, renegotiated its loan terms and strengthened its equity in order to position itself for challenging times ahead.

In 2008, BWG Homes reported revenues of NOK 3 172 million and an operating profit before depreciation and restructuring costs (EBITDA) of NOK 379 million. After a goodwill write-down of NOK 226 million, operating profit before finance costs (EBIT) was NOK 121 million. Profit before tax was negative at NOK -32 million. Earnings per share was NOK -1.25. Corrected for the goodwill write-down, EPS was positive at NOK 2.18. In 2008, BWG Homes paid a dividend of NOK 132 million for the financial year 2007, corresponding to NOK 2 per share.

annual report printed version

Complete version of the 2008 Annual report in the download center

Hard copy to be ordered from post@bwghomes.no