Selvaag Bolig ASA: Increased activity, good results and dividend

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Selvaag Bolig had operating revenues of NOK 3 403 million and EBITDA adjusted for financial expenses of NOK 756 million in 2021. Given the solid profitability and the positive outlook, the board proposes a dividend of NOK 3 per share for the second half of 2021. That brings the payout to a total of NOK 5 per share for the year.

“This has been an excellent year for the company with good sales, increased activity and strong results. Sales in the fourth quarter are the best in our history, and total sales for the year are the second best in the company’s history. Good sales allowed us to start construction of more than 450 homes during the fourth quarter, which is a new record. This will lead to an increase in the number of units under construction and ensures the results for the company in the future,” says CEO Sverre Molvik.

Selvaag Bolig started construction of 880 homes in 2021 of which 456 were started in the fourth quarter. The company now has 450 homes for sale and plans to start sales of approximately 600 during the first half of the year. At the end of the year, the company had 1 323 homes with a total sales value of NOK 6.7 billion under construction. 67 per cent of these were sold by the end of 2021.

“We are experiencing particularly good demand for our trademarked Pluss homes, which are lifestyle homes with shared facilities and services. We have built approximately 2 000 of them so far and have another 3 500 under development, including in Greater Oslo and in Stockholm. During the past year, we have also purchased new land in our core areas that can supply up to 1 000 homes. The company’s land bank can provide more than 10 500 homes, and we are thus in a strong position for growth,” says Molvik.

The live webcast of the presentation can be viewed from 0830 here. An English transcript of the presentation will be made available on the company’s website.

Highlights of the fourth quarter 2021 (fourth quarter 2020)

  • Gross sales* amounted to 306 homes (225) with a sales value of NOK 1 401 million (NOK 1 177 million)
  • Net sales* were 276 homes (199) with a sales value of NOK 1 265 million (NOK 1 010 million)
  • Net construction starts for 456 homes (254), net completions of 334 (286) and net deliveries of 324 to buyers (272)
  • Net construction under way on 1 323 homes (1 310) with a combined sales value of NOK 6 736 million (NOK 6 413 million)
  • 67 per cent (74 per cent) of homes under construction sold at 31 December 
  • 25 (19) completed homes unsold at 31 December
  • IFRS**: Operating revenues of NOK 1 554 million (NOK 1 347 million), EBITDA adjusted for financial expenses NOK 317 million (NOK 358 million), corresponding to a margin of 20.4 per cent (26.6 per cent)
  • Earnings per share: NOK 2.34 (NOK 2.62)
  • NGAAP***: Operating revenues of NOK 795 million (NOK 949 million), EBITDA of NOK 113 million (NOK 168 million), corresponding to a margin of 14.2 per cent (17.8 per cent)

Highlights of 2021 (2020)  

  • IFRS**: Operating revenues of NOK 3 403 million (NOK  2 698 million), EBITDA adjusted for financial expenses NOK 756 million (NOK 679 million), corresponding to a margin of 22.2 per cent (25.2 per cent)
  • Earnings per share: NOK 5.40 (NOK 5.32, excluding NOK 11.01 from the Urban Property transaction)
  • The board proposes a dividend of NOK 3.00 per share (NOK 3.00) for the second half. Total ordinary dividend for the year will be NOK 5.00 per share (NOK 6.00)
  • NGAAP***: Operating revenues of NOK 3 308 million (NOK 3 216 million), EBITDA of NOK 524 million (NOK 632 million), corresponding to a margin of 15.8 per cent (19.7 per cent)
  • Gross sales* amounted to 907 homes (816) with a sales value of NOK 4 506 million (NOK 4 235 million)
  • Net sales* were 821 homes (683) with a sales value of NOK 4 026 million (NOK 3 460 million)
  • Net construction starts for 880 homes (496), net completions of 867 (691) and net deliveries of 894 to buyers (720)


* 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.

Further information from
Sverre Molvik, CEO, Selvaag Bolig ASA
Telephone: +47 40 10 05 85, e-mail:

Christopher Brunvoll, CFO, Selvaag Bolig ASA
Telephone: +47 98 82 92 22, e-mail:

Kristoffer Gregersen, EVP communications, sustainability and corporate strategy, Selvaag Bolig ASA
Telephone: +47 95 77 55 93, e-mail:

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, Trondheim and Stockholm. 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.

This release was distributed by Kristoffer Gregersen, EVP communications and sustainability, Selvaag Bolig ASA.

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.