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JW Construction: 4Q12 results below expectations on all lines

JW Construction: 4Q12 results below expectations on all lines

21.3.2013 9:36

JW Construction’s bottom line came in at PLN 7.1m for 4Q12, versus PLN 1.2m in 4Q11, due primarily to a far higher volume of deliveries and a stronger revaluation result in the period. The result came 31.5% below the consensus estimate and 32.6% below our forecast. The deviation from our forecast related primarily to lower-than-expected revenues and higherthan- expected SG&A expenses booked in the quarter. We expect some negative market reaction to the firm’s 4Q12 results today.

Total revenues came in at PLN 144.2m for 4Q12, up 63.1% y/y, due primarily to far higher volume of deliveries in the quarter versus 4Q11. The result was close to consensus estimate and 10.1% below our forecast, as we overestimated the volume of deliveries for the period. Gross profit came in at PLN 29.0m for 4Q12, up 71.7% y/y, due to higher top line, as well as slightly stronger gross profit margin, which amounted to 20.2% in 4Q12, compared to 19.1% posted in 4Q11 and close to our forecast. An increase in the firm’s aggregated gross profit margin in 4Q12 predominantly related to lower share of revenues from lower-margin noncore activity in JWC’s top line in 4Q12. As the firm’s revenues came below our expectations for 4Q12, JWC’s gross profit came 16.2% below our forecast.

EBIT excluding revaluation came in at PLN 10.9m for 4Q12 compared to PLN 3.9m in the base quarter. Once again, an increase related to a higher top line and gross margin in 4Q12. The result was 52.4% below our expectations, as apart of the fact that we overestimated the firm’s gross profit for the quarter, the company’s SG&A expenses came in at PLN 16.2m, down 5.5% y/y but up 47.6% q/q and 43.7% above our expectations.

Revaluation gain came in at PLN 7.2m for 4Q12, versus PLN 2.5m booked in the base quarter, and our forecast of PLN 0.4m. This has resulted in the company’s EBIT including revaluation coming in at PLN 18.0m, up 180.9% y/y for 4Q12. At the same time, the result came 19.8% below the consensus forecast and 22.5% below our estimate.


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