Selvaag Bolig ASA: Q4 2014: Very good results lead to higher dividend
Full year 2014
- Revenues of NOK 2.95 billion (2013: NOK 2.2 billion), EBITDA adjusted for financial items NOK 488.6 million (NOK 347.8 million), representing a margin of 16.6 per cent (15.8 per cent)
- EBITDA (percentage of completion method) of NOK 495.4 million (NOK 422.7 million), representing a margin of 15.9 per cent (16.3 per cent)
- 861 (687) homes delivered to the buyer, 886 (740) sold, 757 (1 083) started and 1 308 (1 474) under construction
- 77 per cent (76 per cent) sales ratio for homes under construction
- Value of homes under construction NOK 4.7 billion (NOK 5.4 billion)
- NOK 709 million in added value for the land bank
- Site acquisitions in core areas
- Board proposes a dividend of NOK 1.20 (NOK 0.50) per share for 2014
Fourth quarter of 2014
- Revenues of NOK 1 126 billion (NOK 376 million), EBITDA adjusted for financial items NOK 222 million (NOK 8 million), representing a margin of 19.7 per cent (2.1 per cent)
- EBITDA (percentage of completion method) of NOK 130.7 million (NOK 83.2 million), representing a margin of 15 per cent (11 per cent)
- 266 (118) homes delivered to the buyer, 233 (62) sold and 280 (296) started
- Site acquisitions in Oslo and Stockholm
Selvaag Bolig achieved operating revenues of NOK 2.95 billion in 2014, up from NOK 2.2 billion the year before. EBITDA adjusted for financial items was NOK 488.6 million, compared with NOK 347.8 million in 2013 - representing a margin of 16.6 per cent. The 2014 EBITDA margin based on the percentage of completion method was 15.9 per cent. The company's board has recommended a dividend of NOK 1.20 per share, up by 140 per cent from 2013.
"Viewed overall, this proved a very good year for us. The housing market was quiet to begin with, but improved continuously during the final nine months of the year. Good results over time mean that the board has recommended a dividend of NOK 1.20 per share for 2014. This is significantly higher than has been communicated earlier," says CEO Baard Schumann.
Good sales mean that construction started on 757 homes, giving the company 1 308 residential units under construction with a combined sales value of about NOK 4.7 billion at 31 December. Selvaag Bolig had 39 completed homes still unsold at the same date.
An external assessment has valued Selvaag Bolig's undeveloped landholdings at NOK 2 225 million, NOK 709 million above their carrying amount. The company further strengthened its land portfolio during 2014 in Oslo and Stockholm.
"We're very optimistic for 2015. The housing market has been very good at the beginning of the year and, with strong urbanisation and low mortgage rates, the positive trend is expected to continue. Demand for new housing is particularly high in Norway's biggest cities, and we have good projects in the right places," says Schumann.
Download the interim report for the fourth quarter of 2014 here: www.selvaagboligasa.no/en
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