Selvaag Bolig Asa · OSL:SBO
Selvaag Bolig Asa — Q1 2021 Earnings Presentation
73 slides from Selvaag Bolig Asa's earnings presentation, May 26, 2021
Slide 1: Q1 2021
Q1 2021 Oslo, 26 May 2021 Sverre Molvik, CEO Christopher Brunvoll, CFO
Slide 2: Agenda
Agenda Highlights Operational update Financial update Market Outlook and summary 2
Slide 3: Highlights Q1 2021
Highlights Q1 2021 · Record high Q1 sales value · Units under production increased · Strong operational results considering few deliveries · Revised dividend policy · Christopher Brunvoll appointed new CFO Completed, ongoing and upcoming projects 3
Slide 4: Key financials Q1 2021
Key financials Q1 2021 568 22.7 Operating revenues Adjusted EBITDA* margin NOK million Per cent 858 17.2 Operating revenues (NGAAP) EBITDA** margin (NGAAP) NOK million Per cent * EBITDA is profit before interest, taxes, depreciation and amortization. EBITDA adjusted is excluding financial expenses i
Slide 5: Agenda
Agenda Highlights Operational update Financial update Market Outlook and summary
Slide 6: Operational news
Operational news Supreme court ruling Dividend Policy Background • Revised policy DPS of minimum 60 per cent of net annual profit. No The City of Oslo imposed an infrastructure contribution in Equity ratio minimum. connection with a Selvaag Bolig project. However, the measure bore no relationship to
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 Q4 1 010 910 Q3 840 696 5.1 4.9 5.1 5.1 5.0 Q2 Q1 190 243 248 185 164 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 2017 2018 2019 2020 2021 Total sales value Average sales value Note: Sales value is adjusted for Selvaag
Slide 8: 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 3 859 894 3 457 834 816 3 410 3 151 743 760 2 997 5.1 5.0 5.1 5.1 5.0 767 673 683 605 624 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Total sales value Average sales value
Slide 9: Construction starts and completions
Construction starts and completions Construction starts and completions per quarter Units 286 254 212 196 134 104 89 95 31 15 Q1 20 Q2 20 Q3 20 Q4 20 Q1 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 6 742 6 660 6 627 6 327 6 413 348 304 1 431 1 357 1 342 1 349 208 1 310 120 86 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Sales value Number of units unde
Slide 11: Agenda
Agenda Highlights Operational update Financial update Market Outlook and summary
Slide 12: Income statement highlights Q1 2021 (IFRS)
Income statement highlights Q1 2021 (IFRS) Operating revenues (IFRS) · 124 units delivered (114) NOK million - 10 units from share of JVs (74) · Revenues NOK 568m (209) 1 347 - Other revenues NOK 15m (13) · Project costs NOK 401m (134) 706 - Of which NOK 11m is interest (7) 568 436 · Other costs NOK
Slide 13: Q1 2021 proforma figures including proportionate share of JV
Q1 2021 proforma figures including proportionate share of JV Operating revenues (IFRS) · 124 units delivered (114) NOK million · Revenues NOK 636 (584) 1 438 - Other revenues NOK 19m (17) · Project costs NOK 456m (398) 861 - Of which NOK 12m is interest (22) 670 636 584 · Other costs NOK 65m (59) ·
Slide 14: Income statement highlights Q1 2021 (NGAAP)
Income statement highlights Q1 2021 (NGAAP) Revenues and EBITDA margin (NGAAP)* 12 months rolling revenues (NGAAP)* NOK million NOK million 949 3 336 3 271 3 329 3 317 858 3 216 803 756 707 23% 22% 21% 20% 19% 21% 21% 19% 18% 17% Q1 20 Q2 20 Q3 20 Q4 20 Q1 2021 Q1 20 Q2 20 Q3 20 Q4 20 Q1 2021 Operat
Slide 15: Project margin development
Project margin development NOK million 3 637 3 480 3 194 3 239 3 204 3 277 3 215 3 271 3 264 3 179 3 165 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% 26% 25% 24% Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q
Slide 16: Cash flow development Q1 2021
Cash flow development Q1 2021 NOK million 111 88 42 47 92 885 698 Cash and cash Profit (loss) before Income taxes paid Changes in inventories Changes in trade Net change in Cash and cash equivalents at income taxes (property) receivables borrowings equivalents at 31 December 2020 31 March 2021 · Cas
Slide 17: Balance sheet highlights Q1 2021
Balance sheet highlights Q1 2021 Balance sheet composition NOK million · Book value of equity NOK 26.7 per share 7 000 - Equity ratio 41.4% 6 000 · Changes from Q4 2020: Non-current assets 5 000 Equity - Inventories increased by NOK 232m - Trade and Other receivables increased by 4 000 NOK 19m 3 000
Slide 18: Inventories (property) Q1 2021
Inventories (property) Q1 2021 Q1 21 vs Q4 20 Inventory value development NOK million 111 124 182 · Land value up NOK 99m 136 120 - Mainly due to consolidation of former JV · Work in progress up NOK 72m 2 855 3 078 3 172 2 983 2 911 - Mainly due to construction starts · Finished goods up NOK 61m - D
Slide 19: Debt structure
Debt structure Interest-bearing debt at 31.3.21 Drawn at NOK million 31.3.21 Interest rate Loan facility (NOKm) margin* Construction loan facilities from 1 1 534 1.75% - 2.60% a range of Nordic credit institutions 2 Land loans Urban Property** 661 3.75%*** NOK Land loan facilities from a range of 1
Slide 20: Return on equity (IFRS)
Return on equity (IFRS) 12 months rolling net income (NOKm) ROE (%) Q1 2020 Net income excluding Other gains of NOK 1 029m 900 50% 800 770 45% 739 700 40% 655 613 610 35% 600 567 520 530 495 30% 500 471 397 401 27% 25% 400 354 356 366 25% 335 326 20% 301 22% 21% 300 261 265 253 20% 20% 19% 18% 17% 1
Slide 21: Agenda
Agenda Highlights Operational update Financial update Market Outlook and summary
Slide 22: 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 2 000 1 800 1 650 1 550** 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021e 2022e 202
Slide 23: Estimated completions in Viken ex Buskerud & Østfold
Estimated completions in Viken ex Buskerud & Østfold Units 6 000 Forecasted housing need of ~4 900 units per year (medium growth) 5 000 Average # of completions (2006-20): 4 000 ~3 750 units 3 900 3 100 3 000 2 000 1 200** 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021e 2022e 2023e Actual
Slide 24: Newbuild market update
Newbuild market update Oslo – 1.1.21 - 30.4.21 Viken ex. Buskerud and Østfold – 1.1.21 - 30.4.21 Units Units 1 334 1 489 3 181 3 026 953 1 085 973 841 Available Supplied to Sold Available Available Supplied to Sold Available 31.12.2020 market* 30.04.2021 31.12.2020 market* 30.04.2021 Source: SA - EC
Slide 25: Newbuild market update
Newbuild market update Bergen – 1.1.21 - 30.4.21 Trondheim – 1.1.21 - 30.4.21 Stavanger & Sandnes – 1.1.21 - 30.4.21 Units Units Units 415 637 90 408 118 284 1 064 1 115 893 892 746 726 Available Supplied to Sold Available Available Supplied to Sold Available Available Supplied to Sold Available 31.
Slide 26: Oslo second-hand market update
Oslo second-hand market update Units sold 1.1 - 31.3, 2010-21 Inventory 30.4, 2010-21 Units Units 6 000 6 000 5 000 5 000 4 000 4 000 3 000 3 000 2 000 2 000 1 000 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 27: Bergen second-hand market update
Bergen second-hand market update Units sold 1.1 - 31.3, 2010-21 Inventory 30.4, 2010-21 Units Units 2 000 2 000 1 500 1 500 1 000 1 000 500 500 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. 27
Slide 28: Trondheim second-hand market update
Trondheim second-hand market update Units sold 1.1 - 31.3, 2010-21 Inventory 30.4, 2010-21 Units Units 2 000 2 000 1 500 1 500 1 000 1 000 500 500 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. 28
Slide 29: Stavanger-area second-hand market update
Stavanger-area* second-hand market update Units sold 1.1 - 31.3, 2010-21 Inventory 30.4, 2010-21 Units Units 2 000 2 000 1 500 1 500 1 000 1 000 500 500 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 30: Regional price development 1.1-30.4, 2010-21
Regional price* development 1.1-30.4, 2010-21 Oslo Bergen 9.7% 8.2% 7.8% 8.2% 8.0% 7.1% 7.3% 7.0% 7.2% 7.0% 6.5% 6.6% 6.2% 6.2% 5.6% 5.9% 4.8% 5.1% 5.0% 4.3% 4.3% 2.0% 0.7% 1.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Tr
Slide 31: 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 Share of small & single households 5% 200 000 50% 4% 150 000 40% 3% 100 000 30% 2% 20% 50 000 1% 10% 0% 0 0% OSLO STAVANGER BERGEN TRONDHEIM Stavanger Trondheim Bergen Oslo -1% 45-54 år 5
Slide 32: 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 33: Already a leading provider through Selvaag Pluss
Already a leading provider through Selvaag Pluss • A proven concept of housing with shared facilities and service • Built 2 000 Pluss units since 2004 - Oslo, Drammen, Stavanger, Kristiansand, Bergen, Trondheim Stockholm and Alfaz del Pi (Spain) 600 under development • 150 Pluss units to be sold in
Slide 34: Upcoming projects 2022 to 2024
Upcoming projects 2022 to 2024 Lørenskog stasjonsby | Skårerbyen | Greater Oslo Bjerke | Oslo Fornebu | Greater Oslo Greater Oslo · ~ 1 100 units total · ~ 1 200 units total · ~ 2 000 units total (50/50 JV) · ~ 1 500 units total · ~ 250 Pluss units · ~ 300 Pluss units · ~ 500 Pluss units · ~ 250 Plu
Slide 35: Upcoming large regional projects
Upcoming large regional projects RingvePluss | Trondheim Sandsli | Bergen Elveparken | Stavanger- Fredrikstad | Greater Oslo area · ~ 600 units total · ~ 600 units total · ~ 1 500 units · ~ 600 units total · ~ 400 Pluss units · ~ 250 Pluss units · ~ 400 Pluss units · ~ 250 Pluss units · Expected sal
Slide 36: Agenda
Agenda Highlights Operational update Financial update Market Outlook and summary
Slide 37: Outlook
Outlook · Continued positive market sentiment in Greater Oslo · Attractive projects for sale in all the markets where we operate · Targeting new areas for future growth 37
Slide 38: Summary
Summary · Record high Q1 sales value · Units under production increased · Strong operational results considering few deliveries · Revised dividend policy · Christopher Brunvoll appointed new CFO 38
Slide 39: Thank you for your attention – follow us online!
Thank you for your attention – follow us online! Next event: 2nd quarter 2021 @SelvaagAksjen 18 August 2021
Slide 40: Appendix
Appendix
Slide 41: 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 1 558 1 524 58% 53% 51% 739 770 739 45% 613 655 610 613 655 520 53
Slide 42: 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 47.47 Earnings per share Earnings per share 43.80* 7.04 Dividend per share Dividend per share 6.14 6.00 5.31 31.14 4.35 4.50 24.10 3.50 3.21 2.95 3.00 3.00 17.96 2.70 15.80 13
Slide 43: 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 44: 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. 44
Slide 45: Share information
Share information 5 000 4 000 · Total number of shares: 93.8 million # of shareholders · Number of shareholders: 4 361 (3 547)* 3 000 - 20 largest controlling 80.1% (79.9) - Selvaag AS largest shareholder - 53.5% 2 000 · Trading - 4.6 million shares during the quarter (4.2) 1 000 - Share turnover to
Slide 46: Largest shareholders at 31.3, 2021
Largest shareholders at 31.3, 2021 Shareholder # of shares % share SELVAAG AS 50 180 087 53.5% Skandinaviska Enskilda Banken AB * 6 231 726 6.6% PARETO INVEST AS 2 731 676 2.9% VERDIPAPIRFONDET ALFRED BERG GAMBA 2 717 700 2.9% Morgan Stanley & Co. Int. Plc. * 2 281 825 2.4% JPMorgan Chase Bank, N.A.
Slide 47: Addressing the long term housing need
Addressing the long term housing need · Nearly 60 000 homes over the last 70 years Trondheim 460 units · Housing for all Bergen 854 units Greater-Oslo · Focus on fast growing urban regions 8 994 units Stockholm Stavanger 310 units · Large projects with more than 150 units 752 units 47
Slide 48: 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 49: 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 50: 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 51: Land bank acquisitions
Land bank acquisitions • Land bank replacement secure long-term Land bank exposure growth Trondheim 460 units • Persistent presence in established areas in Norway Bergen 854 units Greater-Oslo • Increasing exposure in new growth area Stavanger 8 994 units Stockholm 310 units 752 units Lilleakerveien
Slide 52: Land bank in Oslo and Greater Oslo at 31.3.21
Land bank in Oslo and Greater Oslo at 31.3.21 Løren/Økern/Ensjø 421 units Lørenskog 1 976 units Bærum 2 188 units Sinsenveien 171 units Lørenskog Stasjonsby 625 units Avløs 504 units Kjelsås 315 units Lørenvangen 22 150 units Skårer bolig 746 units Ballerud 210 units Kjelsåsveien 161 315 units Potte
Slide 53: Land bank in Stavanger area at 31.3.21
Land bank in Stavanger area at 31.3.21 Stavanger 206 units Lervig brygge 206 units Sola 154 units Jaasund 154 units 154 units 206 Stavanger units Sandnes 392 units Aase gård 57 units Sola Sandnes Vågen 300 units Luratoppen 35 units Sandnes 392 units *The numbers are adjusted for Selvaag Bolig’s shar
Slide 54: Land bank in Bergen, Trondheim and Stockholm at 31.3.21
Land bank in Bergen, Trondheim and Stockholm at 31.3.21 Trondheim 460 units Heimdal 40 units Haakon VII gate 4 290 units Migosenteret 130 units Sweden 460 units Stockholm 310 units Løvholmen 40 units Bergen 854 units Årsta 120 units Sandsliåsen 57 200 units Slakthusområdet 150 units Sandsliåsen 59 8
Slide 55: Substantial portfolio for development
Substantial portfolio for development Total land bank portfolio at 31.3.2021 Units 5 870 11 370 5 500 Total land bank Options and obligations to acquire Land bank in balance sheet 55
Slide 56: Valuation of remaining land bank
Valuation of remaining land bank* NOK million 582 1 491 909 Book value 31.12.2020 Gap Valuation: 60 Grader Næringsmegling (Nov 2020) * Part of SBO land bank not included in the UP transaction. 56
Slide 57: Value of units sold - gross and net
Value of units sold - gross and net Sales value of units sold NOK million 1 393 1 431 1 314 1 320 209 1 177 1 104 1 031 914 920 849 862 861 859 788 710 696 660 487 443 1 183 394 1 242 1 106 999 1 010 840 910 751 771 756 705 696 633 690 632 693 614 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 1
Slide 58: Number of units sold - gross and net
Number of units sold - gross and net Number of units sold Units 209 270 276 274 238 216 225 207 203 201 209 187 192 196 182 186 487 169 158 443 394 243 248 210 199 190 178 185 181 182 178 165 168 159 164 148 140 142 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20
Slide 59: Income statement IFRS
Income statement IFRS (figures in NOK million) Q1 2021 Q1 2020 2020 Total operating revenues 567.9 209.1 2 698.0 Project expenses (401.2) (133.9) (1 967.6) Other operating expenses (54.7) (51.6) (256.8) Associated companies and joint ventures 6.0 86.7 135.0 EBITDA 117.865 110.250 608.481 Depreciatio
Slide 60: Balance sheet
Balance sheet (figures in NOK million) Q1 2021 Q1 2020 2020 Intangible assets 383.4 383.4 383.4 Property, plant and equipment 7.1 5.5 7.3 Investments in associated companies and joint ventures 407.9 512.2 406.9 Other non-current assets 255.9 249.7 228.1 Total non-current assets 1 054.3 1 150.8 1 025
Slide 61: Cash flow statement
Cash flow statement (figures in NOK million) Q1 2021 Q1 2020 2020 Net cash flow from operating activities (87.8) 1 182.6 1 615.7 Net cash flow from investment activities (5.6) 220.2 413.8 Net cash flow from financing activities (94.0) (1 810.1) (2 322.9) Net change in cash and cash equivalents (187.
Slide 62: Operational highlights – key operating figures
Operational highlights – key operating figures Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Units sold 164 142 178 199 248 Construction starts 15 31 196 254 134 Units completed 89 104 212 286 95 Units delivered 114 122 212 272 124 Units under construction 1 431 1 357 1 342 1 310 1 349 Proportion of sold units unde
Slide 63: EBITDA Q1 2021
EBITDA Q1 2021 Property (figures in NOK million) development Other Total Operating revenues 843.3 14.6 857.9 Project expenses (653.1) (0.1) (653.2) Other operating expenses (13.9) (43.4) (57.3) EBITDA (percentage of completion) 176.2 (28.9) 147.4 Note: Construction costs are exclusive of financial e
Slide 64: 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 65: 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% Household debt in % of net disposable income (2020) Homeownership rate (2019) Source: OECD, Stati
Slide 66: Price development Norway and selected regions (2005-21)
Price development Norway and selected regions (2005-21) Price development (rebased 1.1.2005) 350 300 250 200 150 100 50 Norway Oslo Bergen Stavanger-area* Trondheim Source: Eiendomsverdi. * Stavanger area includes: Randaberg, Sandnes, Sola, Stavanger. 66
Slide 67: 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 68: 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 69: Norway – relatively limited volatility
Norway – relatively limited volatility GDP growth 2013 - 2023e Unemployment 2013 - 2023e 10% 10% 8% 5% 6% 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021e 2022e 2023e 4% -5% 2% -10% 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021e 2022e 2023e Norway Sweden Denmark Germany UK Norway Sweden Denmark Ge
Slide 70: Norway – moving back to normal through 2021
Norway – moving back to normal in through 2021 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 71: 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 72: 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 73: SELVAAG BOLIG
SELVAAG BOLIG