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Selvaag Bolig ASA: Q2 2021: Good margins and high dividend

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Selvaag Bolig had an adjusted EBITDA of NOK 217 million for the first half and a margin of 23 per cent. The decision has been taken to pay a dividend of NOK 2.00 per share for the first half.

“Good results and prospects underpin the dividend decision,” reports CEO Sverre Molvik.

“We had a positive first half and expect to make good progress in the time to come.

“Sales in the first half were the best for several years, the sales ratio for homes under construction is high, and the need for new homes in our core areas will be substantial.

“We have also entered into an agreement to acquire a new site in Stockholm, where we could be starting sales for a large Pluss project as early as 2022.”

At 30 June, Selvaag Bolig had a net of 1 371 homes under construction with a combined sales value of NOK 6.75 billion. Of these, 82 per cent were sold.

The live webcast of the presentation can be viewed from 0830 here. An English transcript of the presentation will be made available on the company’s website.

 

Highlights of the second quarter 2021 (second quarter 2020)

  • Gross sales* amounted to 180 homes (186) with a sales value of NOK 927 million (NOK 920 million).

  • Net sales were 173 homes (142) with a sales value of NOK 871 million (NOK 696 million).
  • Construction starts for 142 homes net (31), completions of 120 net (104) and deliveries of 132 net (122) to buyers.
  • Construction under way on 1 371 homes net (1 357) with a combined sales value of NOK 6 749 million (NOK 6 327 million).
  • 82 per cent (78 per cent) of homes under construction sold at 30 June.
  • 15 completed homes (25) unsold at 30 June.
  • IFRS**: Operating revenues of NOK 394 million (NOK 436 million), EBITDA adjusted for financial expenses NOK 88 million (NOK 75 million), corresponding to a margin of 22.3 per cent (17.3 per cent).
  • Earnings per share: NOK 0.60 (NOK 0.52).
  • NGAAP***: Operating revenues of NOK 881 million (NOK 803 million), EBITDA of NOK 149 million (NOK 153 million), corresponding to a margin of 16.9 per cent (19.1 per cent).

Highlights of the first half 2021 (first half 2020)

  • Dividend of NOK 2.00 per share (NOK 3.00) for first half.

  • IFRS**: Operating revenues of NOK 962 million (NOK 645 million), EBITDA adjusted for financial expenses NOK 217 million (NOK 193 million), corresponding to a margin of 22.6 per cent (29.9 per cent).
  • Earnings per share: NOK 1.42 (NOK 12.60, including NOK 11.01 from the Urban Property transaction)
  • NGAAP***: Operating revenues of NOK 1 739 million (NOK 1 560 million), EBITDA of NOK 296 million (NOK 313 million), corresponding to a margin of 17 per cent (20.1 per cent).
  • Gross sales* amounted to 454 homes (382) with a sales value of NOK 2 358 million (NOK 1 951 million).
  • Net sales were 421 homes (306) with a sales value of NOK 2 113 million (NOK 1 536 million).
  • Construction starts for 276 homes net (46), completions of 215 net (193) and deliveries of 256 net (236) to buyers.

 

Further information from:
Sverre Molvik, CEO, Selvaag Bolig ASA
Telephone: +47 40 10 05 85, e-mail: smo@selvaagbolig.no

Kristoffer Gregersen, executive vice president communications and strategy, Selvaag Bolig ASA
Telephone: +47 95 77 55 93, e-mail: kgr@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 70-year history and experience. The company is headquartered at Ullern in Oslo.

www.selvaagboligasa.no/en

 

This release was distributed by Kristoffer Gregersen, executive vice president communications and strategy Selvaag Bolig ASA.

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

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