Selvaag Bolig ASA: Q1 2013: Strong first quarter for Selvaag Bolig
Selvaag Bolig ASA achieved an EBITDA margin of 19.5 per cent for the first three months of 2013.
Turnover for the company totalled NOK 523.8 million, and EBITDA came to NOK 102.2 million. This represented a significant rise from the corresponding period of 2012, when turnover was NOK192 million and EBITDA amounted to NOK 21.5 million.
"This is a good result, which reflects a substantial growth in sales and production during 2012," says chief executive Baard Schumann.
"A continued high level of activity and a good order backlog at the end of the first three months will contribute to creating substantial value for the company in coming quarters as well."
Selvaag Bolig sold 243 homes with a total value of NOK 897 million during the first quarter, and started the construction of 168 homes. Of 178 homes completed, 162 were delivered to their buyers. In addition, eight residences completed in earlier quarters were delivered.
A total of 1 058 residential units were under construction at 31 March, with a combined sales value of NOK 3 747 million. Sales are first recognised in profit and loss when the completed home is delivered to its buyer.
Based on segment reporting, the EBITDA margin came to 22.1 per cent for the first quarter, compared with 18.9 per cent for the corresponding period of 2012.
The interim report for the first quarter can be downloaded from www.selvaagbolig.no/investor.
Further information from
Baard Schumann, CEO, Selvaag Bolig ASA Telephone: +47 940 80 000, e-mail: bs@selvaagbolig.no
Haavard Rønning, CFO, Selvaag Bolig ASA
Telephone: +47 400 20 019, e-mail: hroe@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 construction at any given time, and focuses on the growth areas in and around Greater Oslo, Bergen and Stavanger. Selvaag Bolig represents a continuation of the Selvaag's 60-year history and experience, and offers a broad variety of property types marketed under the brand names Start, Hjem and Pluss. The company is headquartered at Løren in Oslo.
www.selvaagbolig.no/investor