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Selvaag Bolig ASA: Q1 2016: Record sales

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First quarter 2016:

  • Highest-ever value of homes sold, at NOK 1 056 million (NOK 1 020 million)
  • 280 homes sold (2015: 308), construction started on 230 (284) and 179 delivered to the buyer (224)
  • IFRS: operating revenues NOK 624 million (NOK 756 million), EBITDA adjusted for financial expenses NOK 91 million (NOK 121 million) representing a margin of 14.6 per cent (16 per cent)
  • NGAAP (percentage of completion method): operating revenues NOK 815 million (NOK 827 million), EBITDA NOK 132 million (NOK 140 million) representing a margin of 16.1 per cent (17 per cent)
  • Dividend of NOK 0.80 per share for the second half of 2015 approved and paid since 31 March.
  • High market share in Oslo.

"This is the best quarter for sales measured by value in our history," comments CEO Baard Schumann at Selvaag Bolig ASA.

"Since homes sold are first recognised in the accounts when they are delivered, this will give strong results in the long term. The average price of homes sold has increased, and the profitability of our projects is very good."

Selvaag Bolig started building work on 230 homes during the first quarter, and had 1 386 under construction at 31 March with a combined sales value of about NOK 5 billion.

The company had 58 completed homes which remained unsold at the same date, when 80 per cent of the units under construction had already been sold.

"All our housing starts during the first quarter were in Greater Oslo, where we have built up a very strong position," Schumann says.

"We have great confidence in this market for the time to come. Demand is very high, the supply of homes is small, and the number of sites getting planning permission for housing is too low. Our share of the roughly 1 000 new homes currently on sale in Oslo is about 30 per cent. Market prospects are also positive in Bergen and Trondheim."

 

Live webcast of the presentation available from 0830 here

30 second film summary available here (Norwegian language only)

 

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

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 and Trondheim. Selvaag Bolig represents a continuation of 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 Ullern in Oslo.

www.selvaagboligasa.no/en

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

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