Selvaag Bolig ASA: Q1 2020: Sold 196 homes worth NOK 1.03 billion

Selvaag Bolig sold 196 homes worth a total of NOK 1 031 million in the first quarter of 2020. Sales were particularly good in the Oslo region.

“The market was good in the first quarter, especially in the Oslo region. We’ve also achieved satisfactory sales at the end of the quarter, even though the figures have naturally been lower because of the coronavirus. However, we’re keeping the wheels turning and the level of activity in the company is high. All our construction projects are progressing as planned,” says CEO Rolf Thorsen.

Net sales in the quarter, adjusted for Selvaag Bolig’s share of joint ventures, came to 164 homes worth NOK 840 million. During the period, Selvaag Bolig began construction on 15 units, 89 were completed and 114 were delivered to the buyer. At 31 March, Selvaag Bolig had 1 431 homes under construction and 37 completed units which remained unsold.

CFO Sverre Molvik says that Selvaag Bolig is well positioned to cope with the extraordinary circumstances.

“Activity in the company remains good, with all deliveries in the quarter implemented as planned and 76 per cent of the homes currently under construction sold. Should the present crisis last for a long time or escalate, we are therefore very well positioned to cope with it. We have a strong balance sheet and good liquidity. Our risk is also substantially reduced because we have no in-house construction activities and our land bank was sold during the first quarter.”

Net sales for the first quarter of 2019 amounted to 243 homes worth a combined NOK 1 183 million, while the gross figure was 270 units worth NOK 1.32 billion.
 

Further information from
Rolf Thorsen, CEO, Selvaag Bolig ASA
Telephone: +47 901 19 373, e-mail: rt@selvaagbolig.no

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

Kristoffer Gregersen, vice president communication and marketing, Selvaag Bolig ASA
Telephone: +47 957 75 593, e-mail: kgr@selvaagbolig.no

Selvaag Bolig ASA is a residential property developer which controls the entire value chain from acquisition of land to sale of turnkey 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 70-year history and experience, and offers a broad variety of property types. The company’s head office is at Ullern in Oslo.

www.selvaagboligasa.no

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