“We continue active marketing, resulting in stable figures for orders received and a profitable third quarter. We are continuing to strengthen our organisation to meet future assignments and to build the Stockholm region.” Mick Salonen Högberg, Managing Director and CEO
• Net turnover amounted to MSEK 373.1 (605.9).
• EBITDA totalled MSEK 22.5 (27.9), corresponding to an EBITDA margin of 6.0% (4.6).
• Earnings before tax amounted to MSEK 6.9 (12.9).
• Operating cash flow was MSEK 76.0 (outflow: 45.4)
• Orders received totalled MSEK 554 (158).
• The order book amounted to MSEK 2,852 (1,302).
• Net turnover amounted to MSEK 1,155.1 (2,013.3).
• EBITDA totalled MSEK 55.1 (92.3), corresponding to an EBITDA margin of 4.8% (4.6).
• Earnings before tax amounted to MSEK 7.0 (47.6).
• Operating cash flow was MSEK 75.1 (114.8)
• Orders received totalled MSEK 2,937 (1,015).
STATEMENT BY THE CEO
It’s now been twelve years since Zengun was founded. From the beginning, our mantra has always been to go our own way and to never stand still, which was more notable in the most recent quarter than for quite some time. The business and operating plan has been analysed and updated. Strategic goals have been established and announced within the organisation and we’re working hard to become one of the construction industry’s leading influences when it comes to know-how, collaboration and sustainability.
The goals have already resulted in several new projects. We are broadening operations geographically and have been entrusted with several excellent projects in the region around lake Mälaren. Round Hill Capital has engaged Zengun to build Alstom’s new head office in Västerås. The office will be the home of their new global technology and innovation centre, with a focus on next-generation energy-efficient electric propulsion systems.
We have also signed an agreement with a company within Magnolia Bostad that includes investigations, and program and system documentation for a new school Österåker municipality. The aim is to, in the next stage, sign construction contracts to help meet the increased need for schools in the area.
Sustainability is a central component of Zengun’s business model for taking responsibility for building sustainably for coming generations – economically, environmentally and socially. The above projects are fully aligned with our business plan. In addition to these, we continue to be trusted with construction in the capital. We’ll launch our sustainability goals soon, which will lead operations toward a green future.
Our subsidiary (previously Roland Anderssons Bygg Aktiebolag), which has been part of the Zengun Group since 2018 and primarily offers rental adaptations, remodelling and extensions as well as property maintenance and construction services, changed its name to Zengun Redo AB and has been further integrated into the Group. We thus have a broad offering for our customers, from minor remodelling to larger construction projects.
We are strengthening our organisation – our know-how – with several new employees. In the third quarter, we recruited a Head of People, Helena Swahn Lepre, who will start work in November, as well as several new project engineers, purchasers and production managers. Additionally, we’ve started several internal and external training sessions to ensure a high level of reliable deliveries within the Group.
Uncertainty remains surrounding Cementa’s limestone quarry in Slite on Gotland. This makes it difficult for our industry organisation to prepare a regular economic forecast for 2022 and forward. The limestone quarry on Gotland is a complex issue, where several experts are demanding a holistic approach and sustainable measures to ensure a stable cement supply chain over the long term.
Zengun’s order book is at an all-time high and we have identified more projects within our market segment. We continue active marketing, resulting in stable figures for orders received and a profitable third quarter. We are continuing to strengthen our organisation to meet future assignments and to build the Stockholm region.
Mick Salonen Högberg
Managing Director and CEO
For further information, please contact:
Mick Salonen Högberg, Managing Director and CEO, +46 (0) 70 569 66 73
Stefan Lindh, CFO, +46 (0) 70 383 16 07
Prior to publication, this information constituted insider information. This information is of such a kind that Zengun Group AB (publ) is legally required to disclose pursuant to the EU’s Market Abuse Regulation. This information was submitted through the agency of the above contacts for publication on 18 November 2021 at 8:00 a.m. (CET).
Driving projects drives Zengun. We operate in the Stockholm region, in close collaboration with customers and always with the project and people in focus. We help property owners improve their property portfolios in each project by offering know-how and skills as a collaboration and sustainability partner throughout the entire lifespan of the project. We build commercial properties, with a mix of select public-sector properties and residential projects. We take the long term into consideration for our employees, customers and surroundings, and are constantly developing to make each project a reference project. In 2020, Zengun had sales of approximately SEK 2.5 billion and 180 employees. #zengunbyggerstockholm