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“We had a good year in 2020, with strong profits and an exceptional return to
our shareholders,” comments CEO Sverre Molvik.
"A large part of the profit and the dividend paid derived from the sale of our
land bank to Urban Property, but the underlying results were also good.
“The collaboration with Urban Property reduces our need for equity, strengthens
our competitiveness and makes it possible for us to pay out a larger share of
our profit as dividend now and in the future.”
Selvaag Bolig sold 816 homes in 2020, including 510 in the second half. The
company currently has 500 homes on sale and is planning to put a further 300 on
offer in the first half of 2021.
At 31 December, it had 1 310 homes with a combined sales value of NOK 6.4
billion under construction. Seventy-four per cent of these were sold at that
time.
“Sales in the second half were the best in our history by value, and we thereby
made up much of the downturn experienced in the wake of the coronavirus shutdown
in March,” says Molvik.
“Good sales mean we have started construction of more homes than previously
forecast. Profitability in the projects is good, and this will generate good
results for us.”
He says Selvaag Bolig is experiencing great interest in the homes it has on
offer, particularly in the Oslo area. "But Stavanger and Bergen have also been
better than for a long time.
"To meet demand, we’re bringing forward sales and construction starts wherever
possible. Among our expectations is faster progress than previously planned with
major projects in Lørenskog and Follo.
“We’re also working on several major planning processes in Trondheim and Oslo
which will increase our volumes in these local authorities in both the short and
the long terms.”
Highlights of the fourth quarter 2020 (fourth quarter 2019)
· Gross sales* amounted to 225 homes (169) with a sales value of NOK 1
177 million (NOK 859 million)
· Net sales* were 199 homes (140) with a sales value of NOK 1 010 million (NOK
705 million)
· Net construction starts for 254 homes (248), net completions of 286 (254)
and net deliveries of 272 to buyers (214)
· Net construction under way on 1 310 homes (1 504) with a combined sales
value of NOK 6 413 million (NOK 7 155 million)
· 74 per cent (70 per cent) of homes under construction sold at 31 December
· 19 (56) completed homes unsold at 31 December
· IFRS**: Operating revenues of NOK 1 347 million (NOK 1 414 million), EBITDA
adjusted for financial expenses NOK 358 million (NOK 398million), corresponding
to a margin of 26.6 per cent (28.2 per cent)
· Earnings per share: NOK 2.62 (NOK 3.00)
· NGAAP***: Operating revenues of NOK 949 million (NOK 1 062 million), EBITDA
of NOK 168 million (NOK 233 million), corresponding to a margin of 17.8 per cent
(21.9 per cent)
Highlights of 2020 (2019)
· IFRS**: Operating revenues of NOK 2 698 million (NOK 3 369 million), EBITDA
adjusted for financial expenses NOK 679 million (NOK 959million), corresponding
to a margin of 25.2 per cent (28.5 per cent)
· Earnings per share: NOK 16.33 (NOK 7.04), including NOK 11.02 from the Urban
Property transaction.
· NGAAP***: Operating revenues of NOK 3 216 million (NOK 3 260 million),
EBITDA of NOK 632 million (NOK 771 million), corresponding to a margin
of 19.7 per cent (23.6 per cent)
· The board proposes a dividend of NOK 3.00 per share (NOK 1.50) for the
second half. Total ordinary dividend for the year will be NOK 6.00 per share
(NOK 3.50). A supplementary dividend of NOK 22 per share was paid in the first
quarter of 2020 following the transaction with Urban Property
· Gross sales* amounted to 816 homes (908) with a sales value of NOK 4
235 million (NOK 4 492 million)
· Net sales* were 683 homes (752) with a sales value of NOK 3 460 million (NOK
3 753 million)
· Net construction starts for 496 homes (830), net completions of 691 (776)
and net deliveries of 720 to buyers (732)
- Units sold are sales contracts entered into with customers pursuant to the
Norwegian Housing Construction Act. 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.
The live webcast of the presentation can be viewed from 0830
here (https://channel.royalcast.com/landingpage/hegnarmedia/20210217_5/). An
English transcript of the presentation will be made available on the company’s
website by 18 February.
Further information from:
Sverre Molvik, CEO, Selvaag Bolig ASA
Telephone: +47 40 10 05 85, e-mail: smo@selvaagbolig.no
Kristoffer Gregersen, vice president communications and market, Selvaag Bolig
ASA
Telephone: +47 95 77 55 93, e-mail: kgr@selvaagbolig.no
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 and Trondheim. Selvaag Bolig
represents a continuation of Selvaag’s 70-year history and experience. The
company is headquartered at Ullern in Oslo.
www.selvaagboligasa.no/en
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.
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