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Selvaag Bolig ASA: Q2 2016: New sales record and dividend proposed

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Second quarter 2016:

  • Highest-ever value of homes sold, at NOK 1 367 million (2015: NOK 693 million)
  • 326 homes sold (210), construction started on 253 (199) and 307 delivered to the buyer (232)
  • Average sales price of NOK 4.2 million (NOK 3.3 million)
  • IFRS: operating revenues NOK 1 104 million (NOK 830 million), EBITDA adjusted for financial expenses NOK 161 million (NOK 151 million) representing a margin of 14.6 per cent (18.2 per cent)
  • Earnings per share: NOK 0.90 (NOK 0.86)
  • NGAAP (percentage of completion method): operating revenues NOK 808 million (NOK 858 million), EBITDA NOK 135 million (NOK 125 million) representing a margin of 16.8 per cent (14.6 per cent)

First half 2016:

  • Highest-ever value of homes sold at NOK 2 423 million (NOK 1 714 million)
  • 606 homes sold (518), construction started on 483 (483) and 486 delivered to the buyer (456)
  • IFRS: operating revenues NOK 1 728 million (NOK 1 586 million), EBITDA adjusted for financial expenses NOK 252 million (NOK 272 million) representing a margin of 14.6 per cent (17.1 per cent)
  • NGAAP: operating revenues NOK 1.62 billion (NOK 1.69 billion), EBITDA (percentage of completion method) NOK 267 million (NOK 266 million) representing a margin of 16.4 per cent (15.8 per cent)
  • Earnings per share: NOK 1.35 (NOK 1.52)
  • The board proposes a dividend of NOK 0.65 per share for the first half (NOK 0.70)

Selvaag Bolig delivered 486 homes worth NOK 1.7 billion in the first half. The board proposes a dividend of NOK 0.65 per share for this period.

 "We delivered many homes during the half year and, as expected, the margin remained high," comments CEO Baard Schumann at Selvaag Bolig ASA.

"Ongoing financial developments for the projects were also very good. The average price per home increased and sales were the best in our history. Since our costs are fixed and sold homes are first recognised as income on delivery, this could yield very strong results in the longer term."

Selvaag Bolig had 1 344 homes under construction at 30 June, with a combined sales value of about NOK 5 billion. Eighty-three per cent were sold. The company had 54 completed homes which remained unsold at the same date.

"We are confident of making good progress in the future. Demand is very high in the Oslo area, where we have the bulk of our projects. Market prospects are also positive in Bergen and Trondheim, and we see cautious signs of an improvement in the Stavanger area," Schumann says.

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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