Selvaag Bolig ASA: Q2 2013: Strong first half year for Selvaag Bolig
Selvaag Bolig ASA achieved a turnover of NOK 1.2 billion and an EBITDA margin of 17.2 per cent for the first half of 2013. Improved profits and a high level of activity in the second quarter contributed to this good result.
Turnover for the company totalled NOK 620.9 million in the second quarter, and EBITDA came to NOK 94.3 million. This represented a substantial improvement from the corresponding period of 2012, when turnover was NOK 494.4 million and EBITDA amounted to NOK 64.2 million.
"The growth in profits during the quarter can largely be attributed to the high level of activity in the fourth quarter of 2012 and the first half of this year," says CEO Baard Schumann.
"Despite a normalisation of the market, however, we are continuing to experience a high level of activity and have strengthened our market position."
The company also reinforced its financial position during the quarter by issuing a NOK 500 million bond loan. This will be partly used to refinance bank debt while helping to strengthen the group's financial flexibility.
Selvaag Bolig sold 200 homes with a total value of NOK 722 million in the second quarter, and started the construction of 284 homes. Of 211 homes completed, 202 were delivered to their buyers. In addition, 10 residences completed in earlier quarters were delivered.
Selvaag Bolig had a turnover of NOK 1 144.6 million in the first half, compared with NOK 686.4 million in the same period of 2012. EBITDA for the first half year was NOK 196.5 million, corresponding to a profit margin of 17.2 per cent. That compared with NOK 85.7 million and 12.5 per cent for the same period of 2012.
A total of 1 131 residential units were under construction at 30 June, with a combined sales value of NOK 4 163 million. Sales are first recognised in profit and loss when the completed home is delivered to its buyer.
The interim report for the second 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 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