Selvaag Bolig Asa · OSL:SBO
Selvaag Bolig Asa — Q4 2021 Earnings Presentation
79 slides from Selvaag Bolig Asa's earnings presentation, Feb 15, 2022
Slide 1: Q4 2021
Q4 2021 Oslo, 15 February 2022 Sverre Molvik, CEO Christopher Brunvoll, CFO
Slide 2: Agenda
Agenda Highlights Operational update Financial update Market Outlook and summary 2
Slide 3: Highlights Q4 and FY 2021
Highlights Q4 and FY 2021 · Record high Q4 sales volume and value · Record high construction starts · Solid revenues and good results · Proposed H2 21 dividend of NOK 3.00 per share, NOK 5.00 per share for the full year · External valuation of remaining land bank of NOK 1.4bn vs. book value of NOK 0
Slide 4: Key financials Q4 and FY 2021
Key financials Q4 and FY 2021 Q4 2021 Full year 2021 1 554 20.4 3 403 22.2 Operating revenues Operating revenues Adjusted EBITDA* margin Adjusted EBITDA* margin NOK million NOK million Per cent Per cent 795 14.2 3 308 15.8 Operating revenues (NGAAP) EBITDA** margin (NGAAP) Operating revenues (NGAAP)
Slide 5: Agenda
Agenda Highlights Operational update Financial update Market Outlook and summary
Slide 6: Operational news
Operational news • Land bank for ~ 800 units acquired last 18 months. • First sales start in 2022 Sweden • Awarded land for project in Nacka, Stockholm - “NatureUrban” - Focus on sustainability and lifestyle living with shared area and services - ~ 200 units with expected sales start in 2024 • Start
Slide 7: Sales value and units sold
Sales value and units sold Sales value Number of units sold per quarter NOK million Units 1 242 1 265 1 010 871 140 276 Q4 168 148 634 199 Q3 5,1 5,0 5,1 5,1 4,6 Q2 Q1 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 2017 2018 2019 2020 2021 Total sales value Average sales value Annual sales 701 696 752 683 821 Note:
Slide 8: Rolling sales value and units sold
Rolling sales value and units sold Sales value 12-month rolling Units sold 12-month rolling NOK million Units 4 034 894 888 907 4 012 816 826 3 859 3 757 5,1 5,0 5,1 5,0 4,9 798 821 3 457 767 745 683 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Total sales value Average sales value SB
Slide 9: Construction starts and completions
Construction starts and completions Construction starts and completions per quarter Units 456 334 318 286 254 142 148 134 120 95 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Number of construction starts Number of units completed Note: Number of units are adjusted for Selvaag Bolig’s share in joint ventures. 9
Slide 10: Units under construction and completions
Units under construction and completions Sales value units under construction Expected completions per quarter NOK million Units 6 627 6 749 6 736 210 6 413 6 200 172 169 1 349 1 371 122 1 310 1 323 1 201 74 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Sales value Number of units unde
Slide 11: Agenda
Agenda Highlights Operational update Financial update Market Outlook and summary
Slide 12: Income statement highlights Q4 2021 (IFRS)
Income statement highlights Q4 2021 (IFRS) Operating revenues (IFRS) · 324 units delivered (272) NOK million - 33 units from share of JVs (8) 1 554 · Revenues NOK 1 554m (1 347) 1 347 - Other revenues NOK 14m (12) · Project costs NOK 1 213m (935) 887 - Of which NOK 45m is interest (24) 568 394 · Oth
Slide 13: Q4 2021 proforma figures including proportionate share of JV
Q4 2021 proforma figures including proportionate share of JV Operating revenues (IFRS) NOK million · 324 units delivered (272) 1 681 · Revenues NOK 1 681 (1 438) 1 438 - Other revenues NOK 17m (16) 1 337 · Project costs NOK 1 317m (1 016) - Of which NOK 47m is interest (25) 636 645 · Other costs NOK
Slide 14: FY 2021 proforma figures including proportionate share of JV
FY 2021 proforma figures including proportionate share of JV Operating revenues (IFRS) NOK million · 894 units delivered (720) 4 299 · Revenues NOK 4 299m (3 553) 3 883 3 553 - Other revenues NOK 74m (70) · Project costs NOK 3 342m (2 635) - Of which NOK 128m is interest (98) · Adjusted EBITDA NOK 8
Slide 15: Income statement highlights Q4 2021 (NGAAP)
Income statement highlights Q4 2021 (NGAAP) Revenues and EBITDA margin (NGAAP)* 12 month-rolling revenues (NGAAP)* NOK million NOK million 949 858 881 3 395 3 462 3 216 3 317 3 308 774 795 20% 19% 18% 17% 18% 17% 17% 16% 15% 14% Q4 20 Q1 21 Q2 21 Q3 21 Q4 2021 Q4 20 Q1 21 Q2 21 Q3 21 Q4 2021 Operati
Slide 16: Cash flow development Q4 2021
Cash flow development Q4 2021 NOK million -180 589 -801 274 610 527 Cash and cash equivalents at Profit (loss) before income Changes in inventories Other changes in working Net change in borrowings Cash and cash equivalents at 30 September 2021 taxes (property) capital 31 Desember 2021 · Cash flow f
Slide 17: Balance sheet highlights Q4 2021
Balance sheet highlights Q4 2021 Balance sheet composition NOK million · Book value of equity NOK 26.2 per share 6 000 - Equity ratio 42.7% Non-current assets 5 000 · Changes from Q3 2021: Equity 4 000 - Decreased inventories, down NOK 575m - Trade and other receivables reduced by NOK 27m 3 000 Curr
Slide 18: Valuation of remaining land bank
Valuation of remaining land bank* NOK million 519 1 426 907 Book value at 31.12.2021 Gap Valuation at 31.12.2021 (60 Grader Næringsmegling) * SBO land bank not included in the UP transaction 18
Slide 19: Inventories (property) Q4 2021
Inventories (property) Q4 2021 Q4 21 vs Q3 21 Inventory value development NOK million 102 109 182 166 120 · Land value up NOK 79m - Mainly due to buy back of land from UP 3 543 3 584 · Work in progress down NOK 712m 2 911 2 983 2 872 - Mainly due to completions and deliveries · Finished projects up
Slide 20: Debt structure
Debt structure Interest-bearing debt at 31.12.21 Drawn at NOK million 31.12.21 Interest rate Loan facility (NOKm) margin* Construction loan facilities from 1 1 187 1.65% - 2.40% a range of Nordic credit institutions 2 Land loans Urban Property** 682 3.75%*** 682 NOK Land loan facilities from a range
Slide 21: Earnings and dividend per share since IPO
Earnings and dividend per share since IPO Annual dividend and earnings per share Accumulated dividend and earnings per share 52,87 Earnings per share Earnings per share 48,80 7,04 47,47 Dividend per share Dividend per share 43,80 6,14 6,00 5,31 5,40 5,00 4,50 31,14 4,35 3,50 24,10 3,21 2,95 3,00 3,0
Slide 22: Return on equity (IFRS)
Return on equity (IFRS) 12-month rolling net income (NOKm) ROE (%) Q1 2020 Net income excluding Other gains of NOK 1 029m 770 739 655 613 610 567 520 530 530 495 505 471 479 397 401 27% 354 356 366 25% 335 326 24% 301 22% 21% 21% 20% 20% 19% 20% 18% 17% 15% 15% 15% 13% 14% 13% 14% 12% 12% Q4 16 Q1 1
Slide 23: Agenda
Agenda Highlights Operational update Financial update Market Outlook and summary
Slide 24: Estimated completions in Oslo well below forecasted need
Estimated completions in Oslo well below forecasted need Units 6 000 5 000 Forecasted housing need of ~4 000 units per year (medium growth) Average number of 4 000 completions (2006-20): ~3 000 units 3 000 2 350 2 000 1 800 1 600 1 000 430** 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021e 2022e
Slide 25: Estimated completions in Akershus
Estimated completions in Akershus* Units 6 000 Forecasted housing need of ~4 900 units per year (medium growth) 5 000 Average # of completions (2006-20): 4 100 4 200 4 000 ~3 750 units 3 300 3 000 2 000 1 650*** 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021e 2022e 2023e 2024e Actual comp
Slide 26: Newbuild market update
Newbuild market update Oslo – 1.1 - 31.12, 2021 Akershus – 1.1 - 31.12, 2021 Units Units 5 327 5 103 2 135 2 143 3 247 3 471 1 001 993 Available Supplied to Sold Available Available Supplied to Sold Available 31.12.2020 market* 31.12.2021 31.12.2020 market* 31.12.2021 Source: SA - ECON Nye Boliger.
Slide 27: Newbuild market update
Newbuild market update Bergen – 1.1 - 31.12, 2021 Trondheim – 1.1 - 31.12, 2021 Stavanger & Sandnes – 1.1 - 31.12, 2021 Units Units Units 2 159 2 215 530 841 911 953 1 066 1 110 1 054 863 793 643 Available Supplied to Sold Available Available Supplied to Sold Available Available Supplied to Sold Ava
Slide 28: Regional Newbuild availability YE 2018-2021
Regional Newbuild availability YE 2018-2021 Units 4 000 3 000 2 000 3 471 1 000 993 1 054 643 793 0 Oslo Akershus* Bergen Trondheim Stavanger & Sandnes 2018 2019 2020 2021 Population 697 000 674 000 285 000 207 000 225 000 Available units per 1.4 5.1 2.3 5.1 3.5 1 000 capita YE 2021 Source: SA - ECO
Slide 29: Regional Second-hand inventory on 1 February 2019-22
Regional Second-hand inventory on 1 February 2019-22 Units 2 000 1 500 1 000 500 966 828 333 283 353 0 Oslo Akershus* Bergen Trondheim Stavanger-area** 2019 2020 2021 2022 Population 697 000 674 000 285 000 207 000 264 000 Available units per 1.4 1.2 1.2 1.4 1.3 1 000 capita Feb 1 2022 Source: Eiend
Slide 30: Regional price development January 2010-2022
Regional price* development January 2010-2022 Oslo Bergen 6,4% 5,7% 5,3% 5,3% 5,0% 4,7% 4,5% 4,4% 4,3% 3,9% 3,7% 3,9% 3,6% 2,9% 2,8% 2,7% 2,8% 2,4% 2,6% 2,5% 2,3% 2,2% 1,6% 1,7% 1,7% 1,4% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2010 2011 2012 2013 2014 2015 2016 2017 2018 20
Slide 31: Strong pipeline
Strong pipeline RingvePluss | Trondheim Skårerbyen | Greater Oslo Lørenskog stasjonsby | Lille Løren Park | Oslo Greater Oslo · ~ 650 units total · ~ 1 100 units total · ~ 348 units total (50/50 JV) · ~ 2 000 units total · ~ 550 units remaining for sale · ~ 550 units remaining for sale · Sales start
Slide 32: Significant upcoming projects
Significant upcoming projects Source: www.barkarby.se Barkarby | Stockholm Fredrikstad | Greater Oslo Bjerke | Oslo Fornebu | Greater Oslo · ~ 250 units total · ~ 2 000 units (50/50 JV) · ~ 1 200 units total · ~ 2 000 units total (50/50 JV) · ~ 250 Pluss units · ~ 400 Pluss units · ~ 300 Pluss units
Slide 33: Agenda
Agenda Highlights Operational update Financial update Market Outlook and summary
Slide 34: Outlook
Outlook · Positive market sentiment and sound macro conditions · Attractive projects for sale in all the markets where we operate · Growth in Stockholm · Solid pipeline – planning sales start of 627 units in H1 2022 34
Slide 35: Summary
Summary · Record high Q4 sales volume and value · Record high construction starts · Solid revenues and good results · Proposed H2 21 dividend of NOK 3.00 per share, NOK 5.00 per share for the full year · External valuation of remaining land bank of NOK 1.4bn vs. book value of NOK 0.9bn 35
Slide 36: Thank you for your attention – follow us online!
Thank you for your attention – follow us online! Next event: 1st quarter 2022 @SelvaagAksjen 25 May 2022
Slide 37: Appendix
Appendix
Slide 38: FY 2021 Income statement highlights (IFRS)
FY 2021 Income statement highlights (IFRS) Operating revenues (IFRS) NOK million · 894 units delivered (720) - 178 units from share of JVs (136) 3 342 3 369 3 403 3 229 · Revenues NOK 3 403m (2 698) 2 698 - Other revenues NOK 61m (54) · Project costs NOK 2 617m (1 968) - Of which NOK 97m is interest
Slide 39: Return on equity (IFRS)
Return on equity (IFRS) 12-month rolling net income (NOKm) ROE (%) 12-month 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 1 558 1 524 58% 53% 51% 770 45% 655 610 655 530 495 479 530 505 479
Slide 40: Dividend policy
Dividend policy Revised dividend policy: Selvaag Bolig’s ambition is to pay high and stable dividends to its owners. The company aims to pay dividends of minimum 60 per cent of net annual profit, paid in two instalments over the year. However, the size of the dividend will be weighed against the com
Slide 41: Share performance since IPO in June 2012
Share performance since IPO in June 2012 NOK 70 60 50 40 30 20 0.5 1.2 0.7 0.8 0.6 0.9 1.2 1.8 2.0 2.5 2.0 3.0 2.0 3.0 22.00 0 0 0 0 5 5 0 0 0 0 0 0 0 0 10 0 2 2 2 3 3 3 3 4 4 4 4 5 5 5 5 6 6 6 6 6 7 7 7 7 8 8 8 8 9 9 9 9 0 0 0 0 1 1 1 1 2 .2 01 .201 .201 .201 .201 .201 .201 .201 .201 .201 .201 .201
Slide 42: Share information
Share information Number of shareholders 5 000 4 000 · Total number of shares: 93.8 million · Number of shareholders: 4 746 (4 619)* 3 000 - 20 largest controlling 81.8% (81.0) - Selvaag AS largest shareholder - 53.5% 2 000 · Trading - 4.4 million shares during the quarter (3.5) 1 000 - Share turnov
Slide 43: Largest shareholders at 31.12, 2021
Largest shareholders at 31.12, 2021 Shareholder # of shares % share SELVAAG AS 50 180 087 53.5% Skandinav iska Enskilda Banken AB * 7 504 973 8.0% PARETO INVEST AS 4 281 098 4.6% VERDIPAPIRFONDET ALFRED BERG GAMBA 3 117 700 3.3% JPMorgan Chase Bank, N.A., London * 1 923 658 2.1% Skandinav iska Enski
Slide 44: Addressing the long term housing need
Addressing the long term housing need · Nearly 60 000 homes over the last 70 years Trondheim 294 units · Housing for all Bergen 603 units Greater-Oslo · Focus on fast growing urban regions 7 930 units Stockholm Stavanger 790 units · Large projects with more than 150 units 694 units 44
Slide 45: 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 46: Change in needs calls for new concepts
Change in needs calls for new concepts Selvaag Pluss • Lifestyle concept • Attractive common areas • Professional hosting services • Service offerings and good neighbourliness, make every day living easier • Guestrooms for family and friends • Work-out- and fitness centre Selvaag City • Urban lifest
Slide 47: Oslo second-hand market update
Oslo second-hand market update Units sold 1.1 - 31.12, 2010-21 Supplied to market 1.1 - 31.12, 2010-21 Units Units 22 500 22 500 20 000 20 000 17 500 17 500 15 000 15 000 12 500 12 500 10 000 10 000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2
Slide 48: Akershus second-hand market update
Akershus* second-hand market update Units sold 1.1 - 31.12, 2010-21 Supplied to market 1.1 - 31.12, 2010-21 Units Units 14 000 14 000 12 000 12 000 10 000 10 000 8 000 8 000 6 000 6 000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Slide 49: Bergen second-hand market update
Bergen second-hand market update Units sold 1.1 - 31.12, 2010-21 Inventory 31.12, 2010-21 Units Units 8 000 1 000 7 000 6 000 750 5 000 4 000 500 3 000 2 000 250 1 000 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source:
Slide 50: Trondheim second-hand market update
Trondheim second-hand market update Units sold 1.1 - 31.12, 2010-21 Inventory 31.12, 2010-21 Units Units 6 000 1 000 5 000 750 4 000 3 000 500 2 000 250 1 000 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: Eiendomsv
Slide 51: Stavanger-area second-hand market update
Stavanger-area* second-hand market update Units sold 1.1 - 31.12, 2010-21 Inventory 31.12, 2010-21 Units Units 4 000 1 000 3 000 750 2 000 500 1 000 250 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: Eiendomsverdi.
Slide 52: Regional price development 1.1-31.12, 2012-21
Regional price* development 1.1-31.12, 2012-21 Oslo Bergen 23,4% 11,5% 13,0% 11,4% 10,6% 6,4% 10,7% 5,5% 2,3% 7,8% 8,3% 6,7% 2,2% 2,9% -6,1% 0,9% 1,3% 1,2% 0,3% -11,1% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 • FY 2021 increase of 6.7% = NOK
Slide 53: Land bank acquisitions
Land bank acquisitions • Land bank replacement secure long-term Land bank exposure growth Trondheim 294 units • Persistent presence in established areas in Norway Bergen 603 units Greater-Oslo • Increasing exposure in new growth area Stavanger 7 930 units Stockholm 790 units 694 units Lilleakerveien
Slide 54: Land bank in Oslo and Greater Oslo at 31.12.21
Land bank in Oslo and Greater Oslo at 31.12.21 Lørenskog 1 724 units Bærum 2 129 units Lørenskog Stasjonsby 613 units Avløs 504 units Skårer bolig 673 units Ballerud 150 units LSV 300 units Eyvind Lyches vei 123 units Løren/Økern/Ensjø 324 units Pallplassen 138 units Fornebu 848 units Sinsenveien 17
Slide 55: Land bank in Stavanger area at 31.12.21
Land bank in Stavanger area at 31.12.21 Stavanger 178 units Lervig brygge 178 units Sola 154 units Jaasund 154 units 154 units 178 Stavanger units Sandnes 362 units Aase gård 41 units Sola Sandnes Vågen 300 units Luratoppen 21 units Sandnes 362 units *The numbers are adjusted for Selvaag Bolig’s sha
Slide 56: Land bank in Bergen, Trondheim and Stockholm at 31.12.21
Land bank in Bergen, Trondheim and Stockholm at 31.12.21 Trondheim 294 units Heimdal 42 units Haakon VII gate 4 252 units Sweden 294 units Stockholm 790 units Løvholmen 50 units Bergen 603 units Årsta 140 units Sandsliåsen 57 64 units Slakthusområdet 170 units Sandsliåsen 59 65 units Finland Barkarb
Slide 57: Cooperation with Urban Property from 1.1.2021
Cooperation with Urban Property from 1.1.2021 Selvaag Bolig sold most of its land bank to Urban Property in January 2020, entering a long-term and strategic partnership. Urban Property is a financially sound, well capitalized and predictable partner. • How it works: • Benefits for Selvaag Bolig: - U
Slide 58: Reduced capital binding in practice, in effect no equity needed 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 59: Example project calculations before and after
Example project calculations before and after PROJECT CALCULATIONS PROJECT CALCULATIONS 1 BEFORE URBAN PROPERTY 2 AFTER URBAN PROPERTY Figures for illustration purposes only MNOK % MNOK % Sales revenue 348.5 100.0% 348.5 100.0% Construction cost 195.8 56.2% 195.8 56.2% Land cost 69.7 20.0% 85.2 24.4
Slide 60: 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% 18% 5% 0% · L
Slide 61: Project margin development
Project margin development NOK million 3 342 3 406 3 239 3 204 3 277 3 215 3 271 3 264 3 251 3 179 3 165 3 038 2 931 2 929 2 683 2 586 2 377 28% 28% 28% 29% 28% 27% 26% 26% 26% 27% 26% 26% 25% 24% 23% 21% 20% Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q
Slide 62: Substantial portfolio for development
Substantial portfolio for development Total land bank portfolio at 31.12.2021 Units 4 850 10 300 5 130 Total land bank Options and obligations to acquire Land bank in balance sheet 62
Slide 63: Value of units sold - gross and net
Value of units sold - gross and net Sales value of units sold NOK million 1 399 1 431 1 401 1 320 209 1 177 1 104 1 031 914 920 927 849 862 861 859 788 710 696 731 660 487 443 1 242 394 1 265 1 183 1 106 1 010 840 910 871 751 771 756 705 696 633 690 632 693 634 614 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 1
Slide 64: Number of units sold - gross and net
Number of units sold - gross and net Number of units sold Units 209 306 270 276 274 216 225 207 203 201 209 187 192 196 182 186 180 169 487 158 443 394 147 276 243 248 210 199 165 178 168 185 181 182 178 173 148 159 164 140 142 125 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1
Slide 65: Income statement IFRS
Income statement IFRS (figures in NOK million) Q4 2021 Q4 2020 2021 2020 Total operating revenues 1 553.8 1 347.2 3 402.7 2 698.0 Project expenses (1 212.9) (934.9) (2 617.4) (1 967.6) Other operating expenses (78.0) (80.9) (236.4) (256.8) Associated companies and joint ventures 9.0 2.8 109.7 135.0
Slide 66: Balance sheet
Balance sheet (figures in NOK million) Q4 2021 Q3 2021 2020 Intangible assets 383.4 383.4 383.4 Property, plant and equipment 7.4 6.6 7.3 Investments in associated companies and joint ventures 354.7 342.6 406.9 Other non-current assets 302.3 271.7 228.1 Total non-current assets 1 047.7 1 004.3 1 025
Slide 67: Cash flow statement
Cash flow statement (figures in NOK million) Q4 2021 Q4 2020 2021 2020 Net cash flow from operating activities 721.1 922.9 392.6 1 615.7 Net cash flow from investment activities (2.0) 4.7 167.1 413.8 Net cash flow from financing activities (801.4) (403.6) (917.6) (2 322.9) Net change in cash and cas
Slide 68: Operational highlights – key operating figures
Operational highlights – key operating figures Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Units sold 164 142 178 199 248 173 125 276 Construction starts 15 31 196 254 134 142 148 456 Units completed 89 104 212 286 95 120 318 334 Units delivered 114 122 212 272 124 132 314 324 Units under constr
Slide 69: EBITDA Q4 2021
EBITDA Q4 2021 Property (figures in NOK million) development Other Total Operating revenues 782.2 13.0 795.2 Project expenses (600.2) (1.1) (601.4) Other operating expenses (18.3) (62.2) (80.6) EBITDA (percentage of completion) 163.6 (50.4) 113.3 Note: Construction costs are exclusive of financial e
Slide 70: EBITDA FY 2021
EBITDA FY 2021 Property (figures in NOK million) development Other Total Operating revenues 3 250.6 57.6 3 308.1 Project expenses (2 536.5) (1.5) (2 538.0) Other operating expenses (55.0) (191.6) (246.6) EBITDA (percentage of completion) 659.1 (135.6) 523.5 Note: Construction costs are exclusive of
Slide 71: 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 72: Total household debt and homeownership
Total household debt and homeownership 257% 247% 236% 223% 91% 80% 200% 82% 79% 74% 76% 75% 71% 71% 72% 69% 69% 64% 65% 64% 61% 149% 55% 142% 51% 131% 123% 122% 117% 42% 105% 98% 96% 90% 88% 83% 76% 76% y s n m e ic l lic a nd UK rk e y nd a ly nd en ga nd an a ai ec nc tri ni Ita a bl iu ub rw ed a
Slide 73: Shift in demographics trigger new housing needs
Shift in demographics trigger new housing needs Annual population growth* by age Number of people by age in 2020 6% 200 000 150 000 4% 100 000 2% 50 000 0% 0 -2% OSLO STAVANGER BERGEN TRONDHEIM OSLO STAVANGER BERGEN TRONDHEIM 19-23 24-34 35-44 45-54 55-64 65-74 75+ 16-23 24-34 34-44 45-54 55-64 65-7
Slide 74: Price development Norway and selected regions (2005-22)
74 Ja 50 100 150 200 250 300 350 n- 05 Ju l- 0 Ja 5 n- 06 Ju l- 0 Source: Eiendomsverdi. Ja 6 n- 07 Ju l- 0 Ja 7 n- 08 Ju l- 0 Ja 8 n- 09 Ju l- 0 Ja 9 n- * Stavanger area includes: Randaberg, Sandnes, Sola, Stavanger. 10 Ju l- 1 Ja 0 Norway n- 11 Price development (rebased 1.1.2005) Ju l- 1 Ja 1 Osl
Slide 75: Increasing share of population growth in Oslo and Akershus
Increasing share of population growth in Oslo and Akershus 55% 55% 45% 43% 42% 40% 25,3 % 38% 35% 35% 25,1 % 35% 24,9 % 33% 24,8 % 24,6 % 24,5 % 24,3 % 24,0 % 24,2 % 23,9 % 23,7 % 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Share of total population in Oslo and Akershus Share of total pop
Slide 76: 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 77: Norway – relatively limited volatility
Norway – relatively limited volatility GDP growth 2013 - 2023e Unemployment 2013 - 2023e 10% 10% 8% 5% 6% 0% 4% -5% 2% -10% 0% 2018 2019 2020 2021e 2022e 2023e 2018 2019 2020 2021e 2022e 2023e Norway Sweden Denmark Germany UK Norway Sweden Denmark Germany UK Population growth 2020 - 2030e and 2040e
Slide 78: Norway – moving back to normal through 2022
Norway – moving back to normal in through 2022 Real economy 2019 - 2024e Demand 2019 - 2024e 6% 10% 4% 5% 2% 0% 0% -5% -2% -4% -10% 2019 2020 2021e 2022e 2023e 2024E 2019 2020 2021e 2022e 2023e 2024e GDP GDP mainland Unemployment rate Mainland demand Household consumption Housing investment Wages &
Slide 79: SELVAAG BOLIG
SELVAAG BOLIG