Q2 2024 Bonava AB (publ) Earnings Call Transcript
Key Points
- Bonava AB (FRA:66B) saw improvement in demand across the board, particularly in the Swedish and German markets.
- The company started 66 homes in the Seminariet project in Uppsala, attracting significant interest.
- Net debt was significantly reduced from SEK6.6 billion last year to SEK3.8 billion this year.
- The company has a strong pipeline of projects lined up for the second half of 2024.
- Operating cash flow improved significantly, amounting to SEK720 million compared to minus SEK34 million last year.
- Net sales decreased to SEK2.3 billion from SEK3.6 billion last year, impacted by lower business volumes.
- The operating EBIT margin was 4.5%, which is below the desired level.
- The gross margin was negatively impacted by selective price adjustments and indirect production costs.
- The Swedish and Finnish markets remain challenging, with lower margins and negative operating EBIT in Sweden.
- Financial expenses increased significantly from minus SEK116 million in Q1 to minus SEK184 million in Q2, partly due to negative currency impacts.
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Good morning, everyone, and welcome to the presentation of Bonava's second quarter 2024. My name is Anna Falck Fyhrlund, and I'm Head of Investor Relations here at Bonava, and sitting here in a Stockholm, together with our CEO, Peter Wallin; and our CFO, Lars Ingman, who will take you through the highlights of this report. (Operator Instructions)
So with that short introduction, I leave the word over to you, Peter.
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Thank you very much, Anaa. And good morning to everyone. In front of you, you have a fantastic picture of our product in Uppsala, [Seminariet project] where we have started 66 homes during the second quarter. This will be a fantastic new port of Uppsala where we have attracted a lot of interest.
So just let me start with some comments on the market. As we have stated before, we are continuing to see improvement in demand across the
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