Selvaag Bolig ASA - Sold homes worth NOK 839 million
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Selvaag Bolig sold 244 homes with a collective value of NOK 830 million in the first quarter of 2012, and had 1 128 units under construction at 31 March. That gave the company a total order backlog of just under NOK 3.6 billion.
The company's reported operating revenues (IFRS) came to NOK 192 million in the first quarter, compared with NOK 41 million for the same period of last year. Operating profit was NOK 16.4 million, as against a loss of NOK 5.8 million in the first quarter of 2011.
Excluding IFRS adjustments, Selvaag Bolig's operating revenues were NOK 710.2 million and its operating profit before depreciation and impairment (EBITDA) came to NOK 134.2 million. The difference reflects the IFRS requirement that sold homes are first recognised as income on delivery.
"We are experiencing strong and steady demand for new homes in all the projects in our priority areas. This is the first quarter in which we're also making a full commitment in Stavanger, and we're very pleased with sales there. We're on schedule to reach our sales target of 1 000 homes in 2012. We're starting sales during the second quarter for several major projects, including Nydalen in Oslo and Nyhavn in Bergen" says Baard Schumann, chief executive of Selvaag Bolig.
The company began sales for a total of 235 homes during the quarter, and started construction of 188. A total of 74 units were completed, and all were delivered. Sales in the first quarter primarily concerned homes in Nydalen, Lørenskog, Tønsberg, Stavanger and Stockholm.
Selvaag Bolig is experiencing strong demand for homes in all its priority areas and, with macro-economic conditions favourable, expects this trend to continue.
Further information from
Baard Schumann, CEO, Selvaag Bolig ASA
Mobile: +47 94 08 00 00, e-mail: bas@selvaagbolig.no
Haavard Rønning, CFO, Selvaag Bolig ASA
Mobile: +47 40 02 00 19, e-mail: hroe@selvaagbolig.no
Selvaag Bolig in brief
Selvaag Bolig AS is a residential property developer rooted in 60 years of Selvaag history and experience. At any given time, the company has several thousand homes under construction throughout the country. Selvaag Bolig focuses particularly on the Greater Oslo area, Bergen and Stavanger, but also has two projects under development in Stockholm. The company manages the entire process, from the purchase of land to the sale of finished homes. Selvaag Bolig offers a wide variety of property types, which it markets under the brand names Selvaag Start, Selvaag Hjem and Selvaag Pluss. The company is led by CEO Baard Schumann, while Olav Hindahl Selvaag chairs the board of directors. The company is headquartered at Løren in Oslo.