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.