Selvaag Bolig Asa · OSL:SBO
Selvaag Bolig Asa — Q2 2020 Earnings Presentation
70 slides from Selvaag Bolig Asa's earnings presentation, Aug 18, 2020
Slide 1: Q2 2020
Q2 2020 Oslo, 18 August 2020 Rolf Thorsen, CEO Sverre Molvik, CFO
Slide 2: Agenda
Agenda Highlights and sales Operational and financial update Market Outlook and summary
Slide 3: Highlights Q2 2020
Highlights Q2 2020 · Strong results considering few deliveries · Good sales but impacted by Covid-19 · Dividend of NOK 3.00 per share H1’20 Completed, ongoing and upcoming projects 3
Slide 4: Key financials Q2 and H1 2020 - excluding effects from UP transaction
Key financials Q2 and H1 2020 - excluding effects from UP transaction Q2 2020 First half year 2020 436 17.3 645 29.9 Operating revenues Operating revenues Adjusted EBITDA* margin Adjusted EBITDA* margin NOK million NOK million Per cent Per cent 803 19.1 1 560 20.1 Operating revenues (NGAAP) EBITDA**
Slide 5: Sales value and units sold
Sales value and units sold Total and average sales value Number of units sold per quarter NOK million Units 1 044 1,109 Q4 840 Q3 752 756 701 696 705 696 5.3 Q2 326 5.0 5.1 4.9 4.8 306 210 165 181 142 Q1 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 2016 2017 2018 2019 2020 Total sales value Average price per unit
Slide 6: Rolling sales value and units sold
Rolling sales value and units sold Sales value 12 months rolling Units sold 12 months rolling NOK million Units 3 678 3 662 3 753 905 896 908 3 410 834 2 997 743 4.8 5.0 5.1 5.0 4.7 783 760 752 673 605 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Total sales value Average sales value
Slide 7: Agenda
Agenda Highlights and sales Operational and financial update Market Outlook and summary
Slide 8: Construction starts and completions
Construction starts and completions Construction starts and completions per quarter Units 311 307 248 254 203 174 104 89 31 15 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Number of construction starts Number of units completed Note: Number of units are adjusted for Selvaag Bolig’s share in joint ventures 8
Slide 9: Units under construction and completions
Units under construction and completions Sales value units under construction Expected completions per quarter NOK million Units 7 039 7 192 7 155 6 742 6 327 327 1 538 1 510 1 504 286 1 431 1 357 212 162 95 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Sales value Number of units unde
Slide 10: Income statement highlights Q2 2020 (IFRS)
Income statement highlights Q2 2020 (IFRS) Revenues and adjusted EBITDA margin* (IFRS) · 122 units delivered (246) NOK million - 36 units from share of JVs (17) · Revenues NOK 436m (1 035) 1 414 - Other revenues NOK 13m (23) 1 035 · Project costs NOK 337m (705) 56% 810 - Of which NOK 14m is interest
Slide 11: Q2 2020 proforma figures including proportionate share of JV
Q2 2020 proforma figures including proportionate share of JV Revenues and adjusted EBITDA margin* (IFRS) · 122 units delivered (246) NOK million - 36 units from share of JVs (17) · Revenues NOK 670 (1 119) 1 528 - Other revenues NOK 17m (23) 1 120 · Project costs NOK 534m (760) 1 045 27% 27% 26%* -
Slide 12: H1 2020 proforma figures including proportionate share of JV
H1 2020 proforma figures including proportionate share of JV Revenues and adjusted EBITDA margin* (IFRS) NOK million · 236 units delivered (275) - 110 units from share of JVs (29) 2 573 · Revenues NOK 1 254m (1 310) - Other revenues NOK 34m (51) · Adjusted EBITDA* NOK 240m (332) 1 310 1 254 27% · EB
Slide 13: Income statement highlights Q2 2020 (NGAAP)
Income statement highlights Q2 2020 (NGAAP) Revenues and EBITDA margin (NGAAP)* 12 months rolling revenues (NGAAP)* NOK million NOK million 1 062 3 286 3 260 3 336 3 271 3 230 868 803 756 650 23% 24% 23% 22% 22% 27% 24% 22% 21% 19% Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Operatin
Slide 14: Cash flow development Q2 2020
Cash flow development Q2 2020 NOK million + 59 + 115 - 140 - 206 + 157 - 70 771 679 Cash and cash Profit (loss) before Changes in Other changes in CF from investment Net change in Dividends paid to Cash and cash equivalents at 31 income taxes inventories working capital activities borrowings equity
Slide 15: Balance sheet highlights Q2 2020
Balance sheet highlights Q2 2020 Balance sheet composition NOK million · Book value of equity NOK 25.2 per share 7 000 - Equity ratio of 39.0% 6 000 Non-current assets · Changes from Q1 2020: 5 000 Equity - Inventories increased by NOK 223m 4 000 - Cash decreased by NOK 93m 3 000 Current assets Non-
Slide 16: Inventories (property) Q2 2020
Inventories (property) Q2 2020 Q2 20 vs Q1 20 Inventory value development NOK million 288 170 111 136 · Land value up NOK 26m 183 2 560 - Mainly due to option premiums UP 2 856 3 078 · Work in progress up NOK 223m 2 433 2 855 - Due to few completions · Finished goods down NOK 26m 1 924 1 656 1 021 1
Slide 17: Debt structure
Debt structure Interest-bearing debt at 30.06.20 NOK million Drawn at 30.6.20 Interest rate Loan facility (NOKm) margin* Construction loan facilities from 1 1 623 1.75% - 2.60% a range of Nordic credit institutions 294 (Q1: 294) 2 Land loans Urban Property** 729 3.75%*** NOK 2 646 1 623 Land loan fa
Slide 18: Return on equity (IFRS)
Return on equity (IFRS) 12 months rolling net income (NOKm) ROE (%) 12 months rolling net income (NOKm) ROE (%) Q1 2020 Net income excluding Other gains of NOK 1 029m Q1 2020 Net income including Other gains of NOK 1 029m 1 799 1 639 58% 53% 739 770 739 613 655 610 613 655 567 567 520 520 366 27% 36
Slide 19: Margin development through project stages
Margin development through project stages* 6 – 36 MONTHS 6 – 12 MONTHS 3 – 9 MONTHS 12 – 24 MONTHS 0 MONTHS Acquire and refine Contracting, marketing Project design Construction and sales Delivery to customers land for development and pre-sales Project margin 20% 15% Project margin 10% 20% 18% 5% 0%
Slide 20: Project margin development
Project margin development NOK million 3 637 3 479 3 480 3 254 3 194 3 239 3 204 3 277 3 215 3 142 3 179 3 038 2 931 2 929 2 683 2 586 2 377 29% 30% 28% 29% 28% 27% 28% 28% 27% 26% 26% 26% 26% 26% 24% 22% 20% Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q
Slide 21: Earnings and dividend per share
Earnings and dividend per share Bi-annual dividend and earnings per share EPS DPS 4.96 4.54 · H1 2020 EPS of NOK 1.59 (2.08) - Reported EPS NOK 12.60. Includes gains 3.00 of NOK 1 029m from UP transaction 2.50 2.39 · H1 2020 DPS of NOK 3.00 (2.00) 1.96 2.00 2.08 2.00 1.85 1.80 - Additional dividend
Slide 22: Agenda
Agenda Highlights and sales Operational and financial update Market Outlook and summary
Slide 23: Estimated completions in Oslo well below forecasted need
Estimated completions in Oslo well below forecasted need 5 000 Forecasted housing need of 4 500 units per year until 2023 4 000 Average number of (medium alternative) completions (2006-19): ~3 000 units 3 000 2 000 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020e 2021e 2022e Actual completions
Slide 24: Newbuild market update
Newbuild market update Oslo – 1.1.20 - 30.6.20 Viken ex. Buskerud and Østfold – 1.1.20 - 30.6.20 Units Units 1 046 1 284 399 868 3 450 3 212 1 736 1 267 Available Supplied to Sold Available Available Supplied to Sold Available 31.12.2019 market* 30.06.2020 31.12.2019 market* 30.06.2020 Source: SA -
Slide 25: Newbuild market update
Newbuild market update Bergen – 1.1.20 - 30.6.20 Trondheim – 1.1.20 - 30.6.20 Stavanger & Sandnes – 1.1.20 - 30.6.20 Units Units Units 569 503 209 276 255 371 1 114 1 047 1 036 1 102 974 858 Available Supplied to Sold Available Available Supplied to Sold Available Available Supplied to Sold Availabl
Slide 26: Oslo second-hand market update
Oslo second-hand market update Units sold 1.1 - 30.6, 2008-20 Inventory 1.8, 2008-20 Units Units 14 000 8 000 7 000 12 000 6 000 10 000 5 000 8 000 4 000 6 000 3 000 4 000 2 000 2 000 1 000 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2008 2009 2010 2011 2012 2013 2014 2015 2
Slide 27: Bergen second-hand market update
Bergen second-hand market update Units sold 1.1 - 30.6, 2008-20 Inventory 1.8, 2008-20 Units Units 4 000 2 250 3 500 2 000 1 750 3 000 1 500 2 500 1 250 2 000 1 000 1 500 750 1 000 500 500 250 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2008 2009 2010 2011 2012 2013 2014 201
Slide 28: Trondheim second-hand market update
Trondheim second-hand market update Units sold 1.1 - 30.6, 2008-20 Inventory 1.8, 2008-20 Units Units 4 000 2 250 3 500 2 000 1 750 3 000 1 500 2 500 1 250 2 000 1 000 1 500 750 1 000 500 500 250 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2008 2009 2010 2011 2012 2013 2014
Slide 29: Stavanger-area second-hand market update
Stavanger-area* second-hand market update Units sold 1.1 - 30.6, 2008-20 Inventory 1.8, 2008-20 Units Units 4 000 2 250 3 500 2 000 1 750 3 000 1 500 2 500 1 250 2 000 1 000 1 500 750 1 000 500 500 250 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2008 2009 2010 2011 2012 2013
Slide 30: Regional price development 1.1 – 31.07, 2007-20
Regional price* development 1.1 – 31.07, 2007-20 Oslo Bergen 17% 14% 13% 11% 10% 10% 9% 9% 9% 8% 8% 8% 7% 8% 8% 8% 7% 5% 5% 7% 7% 6% 3% 3% 1% -2% -6% -3% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Trondh
Slide 31: Regional price development July, 2007-20
Regional price* development July, 2007-20 Oslo Bergen 6% 3% 2% 2% 2% 1% 1% 1% 1% 4% 1% 1% 1% 1% 1% 2% 2% 2% 1% 1% 1% 1% 1% 0% -1% -2% -1% -3% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Trondheim Stavange
Slide 32: Solid pipeline for H2 2020
Solid pipeline for H2 2020 · Skårerbyen Plus , Greater Oslo area Sandsli 360 Skårerbyen Plus · Serviced lifestyle apartments - New product in competitive market - 242 units total. Sales start of first 40 units September 2020 · Sandsli 360, Bergen - Project with significant customer interest in advan
Slide 33: Agenda
Agenda Highlights and sales Operational and financial update Market Summary and outlook
Slide 34: Outlook
Outlook Year to date Short term Longer term 2.00% 2.2% 2.0% 1.8% 1.50% 1.7% 1.7% 1.3% 1.3% 1.00% 1.2% 1.2% 1.2% 1.1% 1.1% 1.0% 0.9% 0.7% 0.7% 0.7% 0.7% 0.50% 0.00% Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul 19 19 19 19 19 19 19 20 20 20 20 20 20 20 2008 2010 2012 2014 2016 2018 2020F 20
Slide 35: Addressing the long term housing need
Addressing the long term housing need · Nearly 60 000 homes over the last 70 years Trondheim · Housing for all 321 units · Focus on fast growing urban regions Bergen 751 units Greater-Oslo · Large projects with more than 150 units 9 353 units Stockholm Stavanger 125 units 1 004 units 35
Slide 36: Summary
Summary · Strong results on few deliveries · Good sales but impacted by Covid-19 · Dividend of NOK 3.00 per share H1’20 36
Slide 37: Thank you for your attention – follow us online!
Thank you for your attention – follow us online! Next event: 3rd quarter 2020 @SelvaagAksjen 11 November 2020
Slide 38: Appendix
Appendix
Slide 39: Price development Norway and selected regions (2005-20)
Price development Norway and selected regions (2005-20) Price development (rebased 01/01/05) 280 260 240 220 200 180 160 140 120 100 80 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 Norway Oslo Bergen Stavanger area* Trondheim Source:
Slide 40: Increasing share of population growth in Oslo and Akershus
Increasing share of population growth in Oslo and Akershus 54% 55% 44% 42% 41% 39% 38% 24.7 % 34% 35% 34% 24.5 % 32% 24.3 % 24.2 % 24.0 % 23.9 % 23.6 % 23.7 % 23.5 % 23.3 % 23.1 % 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Share of total population in Oslo and Akershus Share of total pop
Slide 41: Dividend policy
Dividend policy Selvaag Bolig’s ambition is to pay high and stable dividends to its owners. The company aims to pay dividends of minimum 40 per cent of net annual profit, paid in two instalments over the year. However, the size of the dividend will be weighed against the company’s liquidity forecast
Slide 42: Earnings and dividend per share since IPO
Earnings and dividend per share since IPO Accumulated dividend and earnings per share Earnings per share 43.74 • FY 2019 EPS of NOK 7.04 (6.14) Dividend per share 40.80* • FY 2019 DPS of NOK 3.50 (4.50) 31.14 24.10 • H1 2020 EPS of NOK 12.60 (2.08) 17.96 • H1 2020 DPS of NOK 3.00 (2.00) 15.80 13.61
Slide 43: Share performance since IPO in June 2012
Share performance since IPO in June 2012 NOK 70 60 50 40 30 20 0.50 1.20 0.70 0.80 0.65 0.95 1.20 1.80 2.00 2.50 2.00 22.00 3.00 10 0 Share price Dividend Source: Oslo Børs 43
Slide 44: Share information
Share information 4 000 3 500 3 000 · Number of shares outstanding: 93.8 million # of shareholders 2 500 · Number of shareholders : 3 571 (2 491) - 20 largest controlling 78.7% (79.4) 2 000 - Selvaag AS largest shareholder - 53.5% 1 500 · Trading - 6.7 million shares during the quarter (3.5) 1 000 -
Slide 45: Return on equity (IFRS)
Return on equity (IFRS) 12 months rolling net income (IFRS)* and return on equity** NOK million 1799*** 1639 58% 53% 739 613 655 567 520 397 354 401 356 366 27% 301 335 326 261 265 253 20% 22% 21% 18% 13% 15% 14% 15% 13% 14% 10% 11% 10% 12% 12% Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q
Slide 46: Largest shareholders at 30.6 2020
Largest shareholders at 30.6 2020 Shareholder # of shares % share SELVAAG AS 50 180 087 53,5% LANDSFORSAKRINGAR FASTIGHETSFOND 6 966 632 7,4% M organ Stanley & Co. Int. Plc. 2 483 619 2,6% PARETO INVEST AS 2 030 578 2,2% State Street Bank and Trust Comp 1 660 183 1,8% VERDIPAPIRFONDET ALFRED BERG GA
Slide 47: Positioned to realize large projects in Norway’s four largest growing urban areas
Positioned to realize large projects in Norway’s four largest growing urban areas Land-bank strategy Land bank exposure Geographical spread • Acquire the right mix of zoned and un-zoned land in suitable locations • Land acquisitions in defined core areas in co-operation with Urban Property • High de
Slide 48: Land bank in Oslo and Greater Oslo at 30.6.20
Land bank in Oslo and Greater Oslo at 30.6.20 48 *The numbers are adjusted for Selvaag Bolig’s share in joint ventures
Slide 49: Land bank in Stavanger area at 30.6.20
Land bank in Stavanger area at 30.6.20 49 *The numbers are adjusted for Selvaag Bolig’s share in joint ventures
Slide 50: Land bank in Bergen, Trondheim and Stockholm at 30.6.20
Land bank in Bergen, Trondheim and Stockholm at 30.6.20 50 *The numbers are adjusted for Selvaag Bolig’s share in joint ventures
Slide 51: Substantial portfolio for development
Substantial portfolio for development Total land bank portfolio at 30.6 2020 Units 6,450 11 550 5 100 Total land bank Options and obligations to acquire Land bank in balance sheet 51
Slide 52: Land bank book value vs. external valuation year end
Land bank book value vs. external valuation year end Q4 2017 Q4 2018 Q4 2019 NOK million NOK million 1 773 1 610 1 501 3 711 3 210 3 114 1 938 1 600 1 613 Book value Gap Valuation: 60 Book value Gap Valuation: 60 31.12.2018 Grader Book valaue Gap Valuation: 31.12.2017 Grader Næringsmegling 31.12.201
Slide 53: Income statement IFRS
Income statement IFRS (figures in NOK million) Q2 2020 Q2 2019 1H 2020 1H 2019 2019 Total operating revenues 435,5 1 035,2 644,6 1 144,3 3 368,8 Project expenses (336,8) (705,2) (470,7) (774,7) (2 279,5) Other operating expenses (62,6) (60,1) (114,3) (116,9) (274,1) Associated companies and joint ve
Slide 54: Balance sheet
Balance sheet (figures in NOK million) Q2 2020 Q1 2020 Q2 2019 2019 Intangible assets 383,4 383,4 383,4 383,4 Property, plant and equipment 5,4 5,5 6,7 5,6 Investments in associated companies and joint ventures 378,8 512,2 393,5 430,3 Other non-current assets 254,3 249,7 489,1 280,4 Total non-curren
Slide 55: Cash flow statement
Cash flow statement (figures in NOK million) Q2 2020 Q2 2019 1H 2020 1H 2019 2019 Net cash flow from operating activities (223,0) (128,1) 959,6 (486,2) 985,9 Net cash flow from investment activities 157,3 9,6 377,5 49,3 64,1 Net cash flow from financing activities (26,9) 153,3 (1 837,0) 379,7 (528,4
Slide 56: Operational highlights – key operating figures
Operational highlights – key operating figures Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Units sold 243 210 159 140 164 142 Construction starts 97 311 174 248 15 31 Units completed 12 307 203 254 89 104 Units delivered 29 246 243 214 114 122 Units under construction 1 534 1 538 1 510 1 504 1 431 1 357 Pro
Slide 57: EBITDA Q2 2020
EBITDA Q2 2020 Property (figures in NOK million) development Other Total Operating revenues 791,1 12,1 803,2 Project expenses (584,7) (0,1) (584,8) Other operating expenses (15,7) (49,5) (65,1) EBITDA (percentage of completion) 190,8 (37,5) 153,3 Note: Construction costs are exclusive of financial e
Slide 58: EBITDA H1 2020
EBITDA H1 2020 Property (figures in NOK million) development Other Total Operating revenues 1 535,3 24,3 1 559,5 Project expenses (1 127,1) (0,4) (1 127,5) Other operating expenses (22,7) (96,5) (119,2) EBITDA (percentage of completion) 385,5 (72,7) 312,8 Note: Construction costs are exclusive of fi
Slide 59: Value of units sold - gross and net
Value of units sold - gross and net Sales value of units sold NOK million 1 642 1 393 1 314 1 320 1 234 209 1 031 914 920 870 849 862 861 859 788 710 696 660 487 1 367 443 1 130 1 183 1 106 394 999 764 771 840 690 693 751 756 705 696 633 632 614 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18
Slide 60: Number of units sold - gross and net
Number of units sold - gross and net Number of units sold Units 405 209 298 270 276 238 207 216 203 201 196 182 187 182 192 186 169 158 487 326 443 277 394 243 190 210 165 178 168 185 181 182 161 148 159 164 140 142 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19
Slide 61: Norwegian housing market
Norwegian housing market · Low risk for housebuilders · Advance sales: banks require that 50-70% of homes are sold before construction starts · Binding offers: offer to purchase is a binding sales contract, and requires a minimum 10% cash deposit · High level of home ownership · 85% (one of the worl
Slide 62: Total household debt and homeownership
Total household debt and homeownership 282% 239% 239% 223% 189% 145% 141% 140% 127% 121% 115% 107% 106% 95% 90% 87% 79% 79% 70% 90% 70% 72% 70% 75% 72% 72% 75% 75% 65% 63% 68% 60% 50% 50% 50% 50% 43% 35% Household debt in % of net disposable income (2019) Homeownership rate (2018) 62 Source: OECD, P
Slide 63: Immigration increases demand over time
Immigration increases demand over time Homeownership rate among immigrants in Norway (per year living in Norway) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50
Slide 64: Norway – robust economic conditions
Norway – robust economic conditions GDP growth 2012 - 2022e Unemployment 2012 - 2022e 10% 10% 8% 5% 6% 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020e 2021e 2022e 4% -5% 2% -10% 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020e 2021e 2022e Norway Sweden Germany UK Norway Sweden Germany UK Population
Slide 65: Reduced capital binding in practice, in effect no equity needed in Selvaag Bolig for land
Reduced capital binding in practice, in effect no equity needed in Selvaag Bolig for land Residential development value chain: cooperation between Selvaag Bolig and Urban Property Acquisition of land Zoning Sales start Construction start Delivery 6 – 36 months 6 – 12 months 3 – 9 months 12 – 24 mont
Slide 66: Historic general margin development through project stages
Historic general margin development through project stages 6 – 36 MONTHS 6 – 12 MONTHS 3 – 9 MONTHS 12 – 24 MONTHS 0 MONTHS Acquire and refine Contracting, marketing Project design Construction and sales Delivery to customers land for development and pre-sales Project margin 20% 15% Project margin 1
Slide 67: Example project calculations before and after
Example project calculations before and after LAND OWNED BY URBAN 1 BOOK VALUE OF LAND 2 MARKET VALUE OF LAND 3 PROPERTY Figures for illustration purposes only MNOK % MNOK % MNOK % Sales revenue 348.5 100.0 % 348.5 100.0% 348.5 100.0% Construction cost 195.8 56.2 % 195.8 56.2% 195.8 56.2% Land cost
Slide 68: Project margin will somewhat deflate but higher IRR and less/no equity bound in land
Project margin will somewhat deflate* but higher IRR and less/no equity bound in land 6 – 36 MONTHS 6 – 12 MONTHS 3 – 9 MONTHS 12 – 24 MONTHS 0 MONTHS Acquire and refine Contracting, marketing Project design Construction and sales Delivery to customers land for development and pre-sales Project marg
Slide 69: Balance sheet implications and effects of dividend
Balance sheet implications and effects of dividend Statements of financial position Reported Transaction Pro forma (figures in MNOK) Q4 2019 Sale Dividend Q4 2019 ASSETS Investments in associated companies and joint ventures 430 0 0 430 Loans to associated companies and joint ventures 130 -59 0 71 O
Slide 70: Selvaag Bolig
SELVAAG BOLIG