Selvaag Bolig ASA: Q4 2018: Good sales and record deliveries

Selvaag Bolig sold 158 homes worth NOK 660 million in the fourth quarter, bringing total sales for the year to 777 units with a combined value of NOK 3 169 million.

“The market has developed in line with our expectations. Sales have been good and steady throughout the year. As usual, they were a little slower in the fourth quarter, although December was a good month,” says CEO Olav Selvaag.

“We’re finding that the level of interest in the homes we are selling at present is good, and expect market conditions to remain positive in 2019. During the coming year, we’ll be launching several new projects – including two large Pluss developments in Asker and Trondheim where many people have already expressed interest.”

Net sales for the year, adjusted for Selvaag Bolig’s share of joint ventures, came to 695 homes worth NOK 2 829 million. Construction began on 840 homes in 2018, 854 were completed and 848 were delivered to the buyer.

Where the fourth quarter alone is concerned, net sales were 148 homes with a combined value of NOK 614 million. Construction started on 402 homes, 441 were completed and 421 delivered. At 31 December, the company had 1 449 homes under construction and 26 completed but unsold units.

“We had record numbers of construction starts and deliveries during the fourth quarter. The deliveries were largely related to major projects in Oslo. Since house sales are first recognised on delivery to the buyer, the high level of homes delivered will give the company high four-quarter revenues,” says Selvaag.

Net sales in 2017 amounted to 701 homes worth NOK 2 945 million, while the corresponding figures for the fourth quarter of 2017 were 168 and NOK 632 million. Gross sales for 2017 came to 814 homes and NOK 3 569 million, while the fourth-quarter figures in that year were 182 and NOK 696 million.

Further information from

Olav H Selvaag, CEO, Selvaag Bolig ASA
Telephone: +47 901 67 388, e-mail: ohs@selvaagbolig.no

Sverre Molvik, CFO, Selvaag Bolig ASA
Telephone: +47 401 00 585, e-mail: smo@selvaagbolig.no

Kristoffer Gregersen, vice president communications and market, Selvaag Bolig ASA
Telephone: +47 957 75 593, 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, and offers a broad variety of property types. 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.