Selvaag Bolig - Sold homes worth NOK 3.45 billion in 2012
Selvaag Bolig ASA sold 1,011 units with a combined value of NOK 3.45 billion in 2012. The company had a total of 1,067 units under construction at 31 December.
During the fourth quarter, Selvaag Bolig sold 221 units with a combined value of NOK 820 million. The company had a total of 383 building starts during the quarter. It completed 309 units, of which 302 were delivered to the buyer. Two of the seven completed units not delivered to buyers were sold and will be delivered in the first quarter of 2013.
In addition, seven units completed in earlier quarters were delivered during October-December. A total of 22 homes remained unsold in the company at 31 December.
"Sales also remained strong during the final months of the year, and we're proud to have reached our ambitious goal of selling at least 1 000 units in 2012," says CEO Baard Schumann. "This is an increase of 56 per cent compared with 2011."
The strong sales will also provide the basis for solid earnings in forthcoming quarters, he says.
"We're excited about the outlook. Our industrial approach to housebuilding means we manage to reduce construction costs, and we offer various housing concepts tailored to different target groups.
"We have a significant land bank in the Greater Oslo area and the Stavanger region, where demand for homes is the highest in Norway. We'll be starting sales of several large projects in these regions during 2013."
Revenues from units sold are booked at delivery. Results for the fourth quarter will be published on 26 February 2013. For further information, see www.selvaagbolig.no/investor
For further information, please contact:
Baard Schumann, CEO Selvaag Bolig ASA
Telephone: +47 940 80 000, e-mail: bas@selvaagbolig.no
Haavard Rønning, CFO Selvaag Bolig ASA
Telephone: +47 400 20 019, e-mail: hroe@selvaagbolig.no
About Selvaag Bolig
Selvaag Bolig ASA is a residential property developer controlling the entire value chain from acquisition of land plots to sale of homes. The company has several thousand homes under construction and focuses on the growth areas Greater Oslo, Bergen and Stavanger. Selvaag Bolig continues the Selvaag Group's 60 years history, and offers a variety of property types marketed under the brand names Selvaag Start, Selvaag Hjem and Selvaag Pluss. The company is headquartered at Løren in Oslo.