Solid operational cash flow for the quarter and a strengthened balance sheet in a continued cautious market
BEWI, a leading provider of packaging, components, and insulation solutions, today reports its results for the second quarter and first half of 2024. The company recorded net sales of 277 million euro for the quarter, down from 290 million euro for the same quarter of 2023. The adjusted EBITDA came in at 29 million euro, including a compensation of close to 8 million euro, compared to 32 million euro for the second quarter of 2023.
"The building and construction markets picked up from the previous quarter, in line with the season, but remain cautious. However, we are very relieved to see clear signs of improvement," says Christian Bekken CEO of BEWI ASA.
For the first half of 2024, BEWI had net sales of 521 million euro, compared to 586 million euro for the corresponding period of 2023, with an adjusted EBITDA of 48 million, down from 60 million the previous year.
During the second quarter of 2024, BEWI finalised the divestment of its industrial real estate portfolio and made significant progress in optimising its working capital levels.
"Following dedicated efforts to reduce the working capital, divestment of real estate, and other initiatives, we could close off this quarter with more than 100 million in available liquidity. Now, we increase that target to 150 million euro, fuelled by ongoing operational measures, including further reductions in inventory and a low CAPEX, in addition to the announced strategic review," Bekken continues.
Looking ahead, BEWI remains confident in its strategy and the long-term potential for its solutions. The group has initiated a strategic review of its Automotive business and expect to reduce its exposure to this industry - on behalf of increased commitment to insulation, as previously communicated. Furthermore, BEWI continues to adjust costs and capacity to the current market conditions, as well as to strengthen the balance sheet.
BEWI is well positioned to create value for its shareholders by capturing attractive and profitable growth opportunities going forward.
Please find attached the full report for the second quarter and first half of 2024, the presentation of the results and the financials spreadsheet.
CEO Christian Bekken and CFO Marie Danielsson will present the results from 10:00 am today through a live webcast. The link to the webcast is available from BEWI's homepage www.bewi.com, and a recording of the webcast will be made available. It is possible to post questions through the webcast.
For further information, please contact:
Charlotte Knudsen, Chief Communications and IR Officer BEWi ASA, tel: +47 9756 1959
Marie Danielsson, CFO BEWI ASA, tel: +46 70 661 0047
About BEWI ASA
BEWI is an international provider of packaging, components, and insulation solutions. The company's commitment to sustainability is integrated throughout the value chain, from production of raw materials and end goods, to recycling of used products. With a vision to protect people and goods for a better every day, BEWI is leading the change towards a circular economy.
BEWI ASA is listed at the Oslo Børs under ticker BEWI.
The information is such that BEWI ASA is required to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:00 CEST on 21 August 2024
