Selvaag Bolig ASA: Q3 2013: Good quarter for Selvaag Bolig

Selvaag Bolig delivered homes worth a total of NOK 628.8 million in the third quarter of 2013, securing an EBITDA margin of 13.4 per cent. Since housing sales are first recognised in profit and loss on delivery to the buyer, the result reflects a high level of activity in earlier periods.

"The good result can be attributed almost entirely to growth in sales and production during 2012 and the first half of 2013," says CEO Baard Schumann.

"Satisfactory sales in the third quarter have furthermore contributed to many projects now being started up. We are also achieving substantial value creation through homes in production."

Turnover for the company during the third quarter totalled NOK 676.7 million, and EBITDA came to NOK 91 million. That compared with NOK 873.5 million and NOK 196.6 million respectively in the same period of 2012.

Both turnover and profit in the third quarter of last year were boosted by NOK 122 million in overall revenues from the sale of a land plot and a commercial building.

Selvaag Bolig sold 236 homes with a total value of NOK 625 million in the third quarter, and started the construction of 335 homes.

Of 188 homes completed, 176 were delivered to their buyers. In addition, 11 residences completed in earlier quarters were delivered. Selvaag Bolig had 22 completed but unsold homes at 30 September.

A total of 1 279 residential units were under construction at 30 September, with a combined sales value of NOK 4 657 million. During the first nine months, Selvaag Bolig delivered 569 homes and sold 679. The latter have a total sales value of NOK 2.24 billion.

The interim report for the third quarter can be downloaded from 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, 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 Løren in Oslo.

www.selvaagbolig.no/investor