Selvaag Bolig ASA: FY 2017 and Q4 2017: Record profits and dividend

Record profits and dividend for Selvaag Bolig in 2017

Selvaag Bolig achieved operating revenues of NOK 3.23 billion and an EBITDA margin adjusted for financial expenses of 19.4 per cent in 2017.

Strong financial results and positive prospects mean that the company's board has proposed a dividend of NOK 1.80 per share for the second half of 2017. That brings the overall dividend for the year to NOK 3.00 per share.

"We had a very good year in 2017, with our best-ever IFRS profit and a record dividend. Our prospects are also good. At 31 December, we had 1 463 homes under construction with a combined sales value of NOK 6 994 million. Seventy-three per cent of these are already sold, and we see clear signs of improvement in the market," says CEO Baard Schumann.

"We're optimistic about market developments in our core areas over coming years. Interest rates are low, while population growth and centralisation create a big demand for new homes in areas where we have a strong position."

Highlights of 2017 (2016 figures in brackets)

• IFRS: Operating revenues of NOK 3 229 million (NOK 3 000 million), EBITDA adjusted for financial expenses of NOK 626 million (NOK 514 million), corresponding to a margin of 19.4 per cent (17.1 per cent)
• Earnings per share: NOK 4.35 (NOK 3.21)
• NGAAP: Operating revenues of NOK 2 971 million (NOK 3 511 million), EBITDA of NOK 680 million (NOK 683 million), corresponding to a margin of 22.9 per cent (19.5 per cent)
• External land bank valuation of NOK 1 773 million above book value 
• Construction started for 799 homes net (902), while 737 net were delivered to the buyer (869)
• 701 homes sold net (1 044)
  
  

Highlights of the fourth quarter 2017

• 1 463 homes net under construction (1 356) with a combined sales value of NOK 6 994 million (NOK 5 709 million)
• 73 per cent of homes under construction (85 per cent) sold at 31 December
• 87 per cent of homes due for completion in 2018
• IFRS: Operating revenues of NOK 1 259 million (NOK 856 million), EBITDA adjusted for financial expenses of NOK 242 million (NOK 170 million), corresponding to a margin of 19.3 per cent (19.2 per cent)
• Earnings per share: NOK 1.78 (NOK 1.24)
• NGAAP: Operating revenues of NOK 689 million (NOK 947 million), EBITDA of NOK 104 million (NOK 213 million), corresponding to a margin of 15.1 per cent (22.5 per cent)
• Agreement on purchase of land at Bjerke to provide 1 500 homes
• Construction started for 217 homes net (196), while 355 net were delivered to the buyer (254)
• 168 homes sold net (161)
• The board has proposed a dividend of NOK 1.80 per share for the second half of 2017. Total dividend for the year will then be NOK 3.00 per share (NOK 1.60)

Further information from
Baard Schumann, CEO, Selvaag Bolig ASA
Telephone: +47 940 80 000, e-mail: bs@selvaagbolig.no

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