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for the second half of 2023. That brings the total payout for the year to NOK
2 per share.
“We delivered good results in 2023 and taking the market situation into
account the profitability of the projects and the company was good. Due to a
higher number of deliveries, the fourth quarter alone was significantly better
than the same period of 2022 with a doubling of operating revenues and a
significant improvement in results. This is reflected in the proposed
dividend,” says CEO Sverre Molvik.
In the fourth quarter, Selvaag Bolig had operating revenues of NOK 1 247
million and EBITDA adjusted for finance costs of NOK 203 million. The result
was NOK 116 million higher than in the fourth quarter of 2022.
At the end of the year, the company had 784 homes with a total sales value of
NOK 4.5 billion under construction. 62 per cent of these had been sold by the
end of the year.
"The housing market was challenging throughout 2023, but we still succeeded in
selling 435 homes. The level of activity in the company is high and the order
backlog is still at a solid level, although it has fallen due to fewer
construction starts than completions. We believe that the market conditions
will improve, and we plan for more sales and construction starts.
“We have around 400 homes for sale and if market conditions allow we can start
selling a further 600 during the first half of the year. Our total land bank
can provide approximately 11 000 homes. We are thus well positioned for
increased demand and growth in both the short and long term,” Molvik says.
The live webcast of the presentation can be viewed from 0830 here.
(https://channel.royalcast.com/landingpage/hegnarmedia/20240213_3/) An English
transcript of the presentation will be made available on the company’s
website.
Highlights of the fourth quarter 2023 (fourth quarter 2022)
- Gross sales* amounted to 99 homes (49) with a sales value of NOK 602 million
(NOK 255 million)
- Net sales* were 88 homes (44) with a sales value of NOK 531 million (NOK 220
million)
- Net construction starts for130 homes (146), net completions of 331 (160) and
net deliveries of 276 to buyers (147)
- Net construction under way on 784 homes (1,253) with a combined sales value
of NOK 4,496 million (NOK 6,408 million)
- 62 per cent (67 per cent) of homes under construction sold at 31 December
- 95 (31) completed homes unsold at 31 December
- IFRS**: Operating revenues of NOK 1,247 million (NOK 669 million), EBITDA
adjusted for financial expenses NOK 203 million (NOK 87 million),
corresponding to a margin of 16.3 per cent (13 per cent)
- Earnings per share: NOK 1.16 (NOK 0.48)
- NGAAP***: Operating revenues of NOK 565 million (NOK 526 million), EBITDA of
NOK 39 million (NOK 71 million), corresponding to a margin of 7 per cent
(13.5 per cent)
Highlights of 2023 (2022)
-
IFRS**: Operating revenues of NOK 3,255 million (NOK 2,896 million), EBITDA
adjusted for financial expenses NOK 452 million (NOK 517 million),
corresponding to a margin of 13.9 per cent (17.9 per cent)
-
Earnings per share: NOK 2.62 (NOK 3.63)
-
The board proposes a dividend of NOK 1.00 per share (NOK 2.00) for the
second half. Total ordinary dividend for the year will be NOK 2.00 per share
(NOK 4.00)
-
NGAAP***: Operating revenues of NOK 2,153 million (NOK 2,856 million),
EBITDA of NOK 202 million (NOK 377 million), corresponding to a margin of
9.4 per cent (13.2 per cent)
-
Gross sales* amounted to 435 homes (561) with a sales value of NOK 2,585
million (NOK 2,963 million)
-
Net sales* were 360 homes (448) with a sales value of NOK 2,108 million (NOK
2,328 million)
-
Net construction starts for 275 homes (517), net completions of 744 (586)
and net deliveries of 655 to buyers (585)
-
Units sold are sales contracts entered into with customers pursuant to the
Norwegian Housing Construction Act and the Tenancy Act in Sweden. In
accordance with the IFRS, they are recognised as income on delivery. Net sales
include Selvaag Bolig’s share of joint venture projects. Gross sales include
all homes in joint venture projects.
** Pursuant to the IFRS, all profit is recognised when the homes are delivered
to the buyer. Profit pursuant to the IFRS accordingly derives primarily from
homes which began to be built roughly two years ago.
*** The accounts pursuant to Norwegian generally accepted accounting
principles (NGAAP) utilise the percentage of completion method. This means
that profits are recognised on the basis of construction progress and sales in
the projects. That presents ongoing value creation in the company.
About Us
Selvaag Bolig ASA is a residential property developer controlling the entire
value chain from acquisition of land to sale of homes. The company has several
thousand homes under development at any given time, and focuses on the growth
areas in and around Greater Oslo, Bergen, Stavanger, Trondheim and Stockholm.
Selvaag Bolig represents a continuation of Selvaag’s 75-year history and
experience, and offers a broad variety of property types. The company is
headquartered at Ullern in Oslo.
www.selvaagboligasa.no/en
This release was distributed by Kristoffer Gregersen, EVP communications and
sustainability, Selvaag Bolig ASA.
For further information:
Sverre Molvik, CEO
Telephone: +47 40 10 05 85, e-mail: smo@selvaagbolig.no
Christopher Brunvoll, CFO
Telephone: +47 98 82 92 22, e-mail: chbr@selvaagbolig.no
(mailto:chrb@selvaagbolig.no)
Kristoffer Gregersen, EVP communications, sustainability and corporate
strategy,
Telephone: +47 95 77 55 93, e-mail: kgr@selvaagbolig.no
This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2024-02-13 07:00 CET.
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