Selvaag Bolig Asa · OSL:SBO
Selvaag Bolig Asa — Q4 2023 Earnings Presentation
87 slides from Selvaag Bolig Asa's earnings presentation, Feb 13, 2024
Slide 1: Q4 2023
Q4 2023 Oslo, 13 February 2024 Sverre Molvik, CEO Christopher Brunvoll, CFO
Slide 2: Agenda
Agenda Highlights Operational update Financial update Market Summary 2
Slide 3: Highlights Q4 and FY 2023
Highlights Q4 and FY 2023 · Satisfactory sales and result considering challenging market conditions · Construction cost level allows for more sales starts moving forward · External valuation of remaining land bank of NOK 1 138 million vs book value of NOK 667 million · Proposed H2 23 dividend of NOK
Slide 4: Key financials Q4 and FY 2023
Key financials Q4 and FY 2023 Q4 2023 Full year 2023 1 247 16.3 3 255 13.9 Operating revenues Adjusted EBITDA* margin Operating revenues Adjusted EBITDA* margin NOK million Per cent NOK million Per cent 565 7.0 2 153 9.4 Operating revenues (NGAAP) EBITDA** margin (NGAAP) Operating revenues (NGAAP) E
Slide 5: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 6: Operational news
Operational news • Risk-minimizing sales model - Minimum presale of 60% before construction start Operating - Fixed construction cost secured for all units under construction model • Temporary adjustment to operating model, adapting to market uncertainty - Additional contractual reservation: Constru
Slide 7: Sales value and units sold
Sales value and units sold Sales value Number of units sold per quarter NOK million Units 658 531 Q4 140 276 479 440 199 Q3 44 220 Q2 88 6,2 6,0 5,7 5,6 5,0 Q1 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 2019 2020 2021 2022 2023 Sales value of sold units Average price per unit Annual sales 752 683 822 448 360 Uni
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 2 328 2 108 1 953 1 757 1 796 561 442 435 402 385 5,7 5,9 5,2 5,4 5,5 448 363 322 316 360 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Total sales value Sales value per unit s
Slide 9: Construction starts and completions
Construction starts and completions Construction starts and completions per quarter Units 331 160 161 162 146 130 83 90 57 5 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Construction starts 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 6 408 5 641 5 458 5 292 4 496 236 1 253 169 1 097 1 018 985 784 105 5 0 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Sales value of units under constructio
Slide 11: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 12: Income statement highlights Q4 2023 (IFRS)
Income statement highlights Q4 2023 (IFRS) Operating revenues (IFRS) · 276 units delivered (147) NOK million - 28 units from share of JVs (1) 1 247 · Revenues NOK 1 247m (669) - Other revenues NOK 17m (19) 837 734 · Project costs NOK 1 043m (514) 669 - Of which NOK 72m is interest (20) 437 · Other c
Slide 13: FY 2023 proforma figures including proportionate share of JV
FY 2023 proforma figures including proportionate share of JV Operating revenues (IFRS) NOK million · 655 units delivered (585) 4 299 · Revenues NOK 3 460m (3 370) - Other revenues NOK 78m (75) 3 370 3 460 · Project costs NOK 2 856m (2 643) - Of which NOK 149m is interest (95) · Adjusted EBITDA** NOK
Slide 14: Income statement highlights Q4 2023 (NGAAP)
Income statement highlights Q4 2023 (NGAAP) Revenues and EBITDA margin (NGAAP)* 12 month-rolling revenues (NGAAP)* NOK million NOK million 2 856 2 693 595 565 2 451 526 542 2 114 2 153 451 13% 13% 13% 12% 12% 11% 10% 9% 8% 7% Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4
Slide 15: Cash flow development Q4 2023
Cash flow development Q4 2023 NOK million 60 -127 773 -775 137 267 193 Cash and cash Profit (loss) before Changes in inventories Changes in trade Other changes in Net change in Cash and cash equivalents at 30 income taxes (property) receivables working capital borrowings equivalents at 31 September
Slide 16: Balance sheet highlights Q4 2023
Balance sheet highlights Q4 2023 Balance sheet composition NOK million · Book value of equity NOK 24.5 per share 5 000 4 754 4 754 - Equity ratio 48.5% Non-current assets · Changes from Q3 2023: 4 000 Equity - Inventories decreased by NOK 750m 3 000 - Trade and other receivables decreased by NOK 47m
Slide 17: Inventories (property) Q4 2023
Inventories (property) Q4 2023 Q3 2023 vs Q4 2023 Inventory value development NOK million · Land value down NOK 26m 170 130 148 309 · Work in progress down NOK 933m - Due to high number of completions 518 3 189 3 384 3 288 · Finished goods up NOK 209m 2 947 2 014 - 95 unsold completed units - 30 sol
Slide 18: Valuation of remaining land bank
Valuation of remaining land bank* NOK million 471 1 138 667 Book value at 31.12.2023 Gap Valuation Nov 2023 (60 Grader Næringsmegling) * SBO land bank not included in the UP transaction 18
Slide 19: Debt structure
Debt structure Interest-bearing debt at 31.12.23 Drawn at NOK million 31.12.23 Interest rate Loan facility (NOKm) margin* Construction loan facilities from 1 910 1.65% - 2.40% a range of Nordic credit institutions 2 Debt to Urban Property** 405 3.75%*** NOK Land loan facilities from a range of 3 95
Slide 20: Earnings and dividend per share since IPO
Earnings and dividend per share since IPO Accumulated dividend and earnings per share* Aiming to maximize shareholder return Selvaag Bolig’s ambition is to pay high and 59,1 Earnings per share 56,5 stable dividends to its owners 54,80 Dividend per share 52,9 52,80 48,80 · The company aims to pay div
Slide 21: Return on equity (IFRS)
Return on equity (IFRS) 12-month rolling net income (NOKm) ROE (%) 800 115% 700 586 95% 600 530 512 495 505 500 471 479 466 75% 400 366 55% 339 300 35% 241 245 200 24% 26% 182 15% 19% 20% 21% 23% 15% 19% 15% 14% 10% 10% 8% 100 -5% 0 -25% Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2
Slide 22: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 23: Estimated completions in Oslo well below forecasted need
Estimated completions in Oslo well below forecasted need Units 7 000 6 000 5 000 Forecasted housing need of ~3 300 units per year Average number of (medium growth) 4 000 completions (2012-22): ~2 900 units 3 000 3 199 2 000 2 432 1 875 1 820** 1 950** 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019
Slide 24: Estimated completions in Akershus
Estimated completions in Akershus Units Forecasted housing need of ~5 700 units per year 7 000 (medium growth) 6 000 Average # of completions (2012-22): 5 923 5 998 ~4 600 units 5 577 5 000 4 786** 4 509** 4 000 3 000 2 000 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023e 2024e 2
Slide 25: Newbuild market update 01.01–31.12, 2023
Newbuild market update 01.01–31.12, 2023 Oslo Akershus Units Units 0 2 248 2 273 0 798 953 3 461 3 436 1 192 1 037 Available Supplied to Sold* Available Available Supplied to Sold* Available 01.01.2023 market 31.12.2023 01.01.2023 market 31.12.2023 Source: Hawii analyse. * Including withdrawls 25
Slide 26: Newbuild market update 01.01–31.12, 2023
Newbuild market update 01.01–31.12, 2023 Bergen Trondheim Stavanger area** Units Units Units 1 149 1 509 1 029 990 0 241 458 1 227 656 867 702 741 439 Available Supplied to Sold* Available Available Supplied to Sold* Available Available Supplied to Sold* Available 01.01.2023 market 31.12.2023 01.01.
Slide 27: Regional Newbuild availability on 1 February, 2022-24
Regional Newbuild availability on 1 February, 2022-24 Units 4 000 3 000 2 000 3 360 1 000 1 254 1 010 725 450 0 Oslo Akershus* Bergen Trondheim Stavanger-area** 2022 2023 2024 Population** 709 000 699 700 289 300 212 700 268 500 Available units per 1.4 4.8 1.6 5.9 2.7 1 000 capita 1.11.2023 Source:
Slide 28: Regional Second-hand availability on February, 2019-24
Regional Second-hand availability on 07 February, 2019-24 Units 2 500 2 169 2 000 1 828 1 500 1 000 713 500 511 385 0 Oslo Akershus Bergen Trondheim Stavanger* 2019 2020 2021 2022 2023 2024 Population** 709 000 699 700 289 300 212 700 268 500 Available units per 2.6 3.1 1.8 3.4 1.4 1 000 capita Sour
Slide 29: Regional price development January, 2013-24
Regional price* development January, 2013-24 Oslo Bergen Average price January 2024: NOK 91 966/sqm Average price January 2024: NOK 52 428/sqm 6,4% 5,7% 5,3% 5,3% 5,0% 4,7% 4,3% 4,4% 3,7% 3,9% 3,6% 3,0% 3,2% 2,8% 2,7% 2,6% 2,8% 2,8% 2,4% 2,2% 1,6% 1,7% 1,7% 1,4% 2013 2014 2015 2016 2017 2018 2019 20
Slide 30: Selected ongoing projects
Selected ongoing projects Lørenskog stasjonsby | Greater Oslo Ringve Pluss | Trondheim ~ 2 000 units total ~ 600 units total (JV) ~ 200 Pluss units ~ 400 Pluss units ~ 750 units remaining ~ 500 units remaining Skårerbyen | Greater Oslo Sandsli | Bergen ~ 1 100 units total ~ 1 150 units total ~ 250 P
Slide 31: Selected upcoming projects
Selected upcoming projects Robust project pipeline to meet long term demand Bjerke | Oslo Hornsberg| Stockholm Solheimsvatnet Pluss (JV) | Bergen ~ 1 500 units ~ 175 CITY units ~ 300 Pluss units ~ 300 Pluss units (2025) Bjerke | Oslo ~ 1 500 units Nacka | Stockholm Lørenvangen | Oslo Lilleaker | Osl
Slide 32: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 33: Outlook
Outlook · Housing shortage in several regions gives favorable conditions for new housing · Interest rates have peaked, expected to fall from H2 2024 · Well positioned for market recovery · ~400 units for sale on 1 February 2024 · Potential for sales start of ~600 additional units in H1 2024 dependen
Slide 34: Summary
Summary · Satisfactory sales and result considering challenging market conditions · Construction cost level allows for more sales starts moving forward · External valuation of remaining land bank of NOK 1 138 million vs book value of NOK 667 million · Proposed H2 23 dividend of NOK 1.00 per share, N
Slide 35: Thank you for your attention – follow us online!
Thank you for your attention – follow us online! Next event: 1st quarter 2024 @SelvaagAksjen 22 May 2024
Slide 36: Appendix
Appendix
Slide 37: Selvaag Bolig is a housing development company
Selvaag Bolig is a housing development company which focuses on the growth areas in and around Greater Oslo, Bergen, Stavanger, Trondheim and Stockholm
Slide 38: This is Selvaag Bolig
This is Selvaag Bolig VISION Making cities of the future better MISSION Making it easier for more people to live better AMBITION Contributing to inclusive local communities and facilitating sustainable lifestyles Being a safe, solid and competent partner, always delivering on promises. PROMISES Selv
Slide 39: Led by experienced management team
Led by experienced management team Sverre Molvik Christopher Brunvoll Øystein Klungland Kristoffer Gregersen Line Lian Mjell Chief Executive Officer Chief Financial Officer Chief Operating Officer EVP Communications and EVP Marketing Sustainability 39
Slide 40: Selvaag Bolig is a story about development
Selvaag Bolig is a story about development The Ekeberg The Gullhaug Modular Listed at Oslo House House construction Stock Exchange Terraced Pluss: Housing buildings with extra services Housing for all 1948 1951 1958 1988 1999 2000 2003 2011 2012 2015 2017 2019 FUTURE Urban Property transaction Defin
Slide 41: Efficient and flexible value chain
Efficient and flexible value chain Contracting, Acquire and refine Construction and Project design marketing Delivery to customers land for development sales and pre-sales 6 – 36 MONTHS 6 – 12 MONTHS 3 – 9 MONTHS 12 – 24 MONTHS 0 MONTHS ZONING SALES START CONSTRUCTION START DELIVERIES · Buy (i) opti
Slide 42: Costs and majority of sales value fixed pre-construction
Costs and majority of sales value fixed pre-construction Illustrative risk profile at construction start of a NOK 100 million project with a 12% margin NOK million Limited equity risk 100 A price reduction of 30% on the remaining 40% of the units covers cost base and recovers equity given a 12% marg
Slide 43: Costs and majority of sales value fixed pre-construction
Costs and majority of sales value fixed pre-construction Illustrative risk profile at construction start of a NOK 100 million project with a 20% margin NOK million Limited equity risk 100 A price reduction of 50% on the remaining 40% of the units covers cost base and recovers equity given a 20% marg
Slide 44: Strategic positioning driving healthy profits
Strategic positioning driving healthy profits Strategic priorities Value drivers • Presence in fast-growing urban regions with high demand and large market depth Competitive housing offering, • Competitive prices and defined housing concepts, aimed at wide range of consumers targeting growth regions
Slide 45: ~8 800 homes completed since IPO…
~8 800 homes completed since IPO… Units completed 9 191 8 447 7 861 6 994 6 303 5 527 4 673 3 983 3 147 2 319 1 396 718 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Note: Completed ~50 000 units from 1948 to 2011. 45
Slide 46: …for a total value of NOK ~36 billion
…for a total value of NOK ~36 billion NOK billion 36,4 33,1 30,2 26,8 24,1 20,8 17,4 14,2 11,2 8,0 5,0 2,8 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 46
Slide 47: Project margin development
Project margin development NOK million 3 342 3 406 3 251 3 239 3 179 3 204 3 277 3 215 3 271 3 165 3 264 3 152 3 038 3 052 3 070 2 929 2 794 2 629 2 386 2 047 2 088 28,6 % 28,0 % 27,0 % 26,3 % 26,6 % 26,3 % 27,5 % 26,3 % 25,3 % 24,0 % 23,0 % 21,2 % 20,3 % 19,6 % 19,0 % 18,5 % 18,8 % 18,8 % 18,6 % 18
Slide 48: 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 49: Estimated completions in Oslo and Akershus
Estimated completions in Oslo and Akershus Units 11 000 Forecasted housing need of ~8 700 units per year 10 000 (medium growth) 9 000 8 776 Average # of completions (2012-22): 8 436 ~7 500 units 5 923 8 000 7 000 6 321** 6 736** 6 000 5 000 4 000 3 000 2 000 1 000 0 2012 2013 2014 2015 2016 2017 201
Slide 50: 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 22.0 3.0 2.0 3.0 2.0 2.0 2.0 1.0 1.0 0 0 0 0 5 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10 0 y -12 g-12 v-12 b-13 y -13 g-13 v-13 b-14 y -14 g-14 v-14 b-15 y -15 g-15 v-15 b-16 y -16 g-16 v-16 b-17 y -17
Slide 51: Share information
Share information* Number of shareholders 7 000 6 000 · Total number of shares: 93.8 million · Number of shareholders: 6 466 (6 404) 5 000 - 20 largest controlling 80.8% (79.3%) 4 000 - Selvaag AS largest shareholder - 53.5% · Trading 3 000 - 3.5 million shares during the quarter (3.7), 3.7% 2 000 o
Slide 52: Largest shareholders at 31.12.2023
Largest shareholders at 31.12.2023 Shareholder # of shares % share SELVAAG AS 50 180 087 53.5% PARETO INVEST NORGE AS 4 680 572 5.0% VERDIPAPIRFONDET ALFRED BERG GAMBA 3 266 051 3.5% The Northern Trust Comp, London Br * 2 186 000 2.3% JPMorgan Chase Bank, N.A., London * 1 912 218 2.0% EGD CAPITAL AS
Slide 53: Addressing the long term housing need
Addressing the long term housing need Trondheim · Nearly 60 000 homes over the last 70 years 332 units · Housing for all Bergen 1 125 units Greater-Oslo 7 970 units · Focus on fast growing urban regions Stavanger Stockholm 947 units 566 units · Large projects with more than 150 units 53
Slide 54: Substantial land bank in Norway’s four largest growing urban areas
Substantial land bank in Norway’s four largest growing urban areas Land-bank strategy Land bank exposure Geographical spread • Acquire the right mix of zoned and unzoned land in suitable locations • Land acquisitions in defined core areas • High degree of site utilisation and strategic land developm
Slide 55: 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 56: Regional price development 01.01–31.12, 2013-23
Regional price development 01.01–31.12, 2013-23 Oslo Bergen 26,0% 11,1% 13,5% 12,0% 11,1% 6,3% 8,5% 5,5% 2,2% 1,8% 1,8% 6,6% 2,7% 1,9% -6,0% 0,7% 1,2% 1,0% 0,5% 0,7% -10,5% 0,0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Trondheim St
Slide 57: Oslo second-hand market update
Oslo second-hand market update Units sold 01.01 – 31.12, 2013-23 Inventory at 31.12, 2013-23 Units Units 6 000 22 000 5 000 21 000 4 000 20 000 3 000 19 000 2 000 18 000 17 000 1 000 16 000 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 202
Slide 58: Akershus second-hand market update
Akershus second-hand market update Units sold 01.01 – 31.12, 2013-23 Inventory at 31.12, 2013-23 Units Units 14 000 6 000 12 000 5 000 10 000 4 000 8 000 3 000 6 000 2 000 4 000 1 000 2 000 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2
Slide 59: Bergen second-hand market update
Bergen second-hand market update Units sold 01.01 – 31.12, 2013-23 Inventory at 31.12, 2013-23 Units Units 8 000 2 000 1 800 7 000 1 600 6 000 1 400 5 000 1 200 4 000 1 000 800 3 000 600 2 000 400 1 000 200 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2013 2014 2015 2016 2017 2018 2019
Slide 60: Trondheim second-hand market update
Trondheim second-hand market update Units sold 01.01 – 31.12, 2013-23 Inventory at 31.12, 2013-23 Units Units 7 000 2 000 1 800 6 000 1 600 5 000 1 400 1 200 4 000 1 000 3 000 800 2 000 600 400 1 000 200 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2013 2014 2015 2016 2017 2018 2019 20
Slide 61: Stavanger-area second-hand market update
Stavanger-area* second-hand market update Units sold 01.01 – 31.12, 2013-23 Inventory at 31.12, 2013-23 Units Units 6 000 2 000 1 800 5 000 1 600 1 400 4 000 1 200 3 000 1 000 800 2 000 600 400 1 000 200 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2013 2014 2015 2016 2017 2018 2019 20
Slide 62: Regional price development – January 2024
Regional price* development – January 2024 % chg. -1M Average Average price Area % chg -1M seasonal % chg YtD % chg -12m % chg -5Y % chg -10Y price/sqm (NOK) (NOK) adj. Oslo 3.0% 0.9% 3.0% 3.0% 26.3% 90.8% 91 966 6 593 594 Bergen 5.0% 1.5% 5.0% 3.5% 22.3% 41.3% 52 428 4 135 310 Trondheim 2.6% 0.1% 2
Slide 63: Land bank in Oslo and Greater Oslo at 31.12.23
Land bank in Oslo and Greater Oslo at 31.12.23 Jessheim 102 units Lørenskog 1 597 units Bærum 1 683 units Gardermovegen 102 units Lørenskog Stasjonsby 632 units 102 Avløs 400 units units Skårer Bolig 345 units Ballerud 160 units LSV 500 units Løren 165 units Eyvind Lyches vei 123 units Pallplassen 1
Slide 64: Land bank in Stavanger area at 31.12.23
Land bank in Stavanger area at 31.12.23 Stavanger 97 units Lervig brygge 97 units Sola 133 units 133 Jaasund 133 units units 97 Stavanger units Sandnes 336 units Aase gård 36 units Sandnes Vågen 300 units Sola Sandnes 336 units *The numbers are adjusted for Selvaag Bolig’s share in joint ventures 64
Slide 65: Land bank in Bergen, Trondheim and Stockholm at 31.12.23
Land bank in Bergen, Trondheim and Stockholm at 31.12.23 Trondheim 332 units Heimdal 42 units Sweden Haakon VII gate 4 290 units 332 units Bergen 1 125 units Sandsliåsen 59 64 units Stockholm 947 units Sandsliåsen 46 140 units Løvholmen 50 units Finland Sandslihaugen 30 600 units Norway Årsta 140 un
Slide 66: Cooperation with Urban Property
Cooperation with Urban Property Selvaag Bolig sold most of its land bank to Urban Property, 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: - Urban Property has a right of f
Slide 67: No equity investment in early phase through land bank cooperation
No equity investment in early phase through land bank cooperation with Urban Property Cooperation between Selvaag Bolig and Urban Property Acquisition of land Zoning Sales start Construction start Delivery Refine land for Marketing Project design Construction Delivery to customer development and sal
Slide 68: Business model securing healthy project margins
Business model securing healthy project margins Margin development through project stages1 Acquire and refine Contracting, marketing Project design Construction and sales Delivery to customers land for development and pre-sales · Buy (i) options on unzoned · Optimize project design · Pre-marketing ·
Slide 69: 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 70: Substantial portfolio for development
Substantial portfolio for development Total land bank portfolio at 31.12.2023 Units 5 250 10 950 5 700 Total land bank Options and obligations to acquire Land bank in balance sheet 70
Slide 71: 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 1 401 1 401 1 320 209 1 177 1 104 1 031 914 920 927 859 874 731 753 660 487 443 602 1 242 1 265 554 394 564 543 1 183 1 106 1 033 1 010 840 910 871 756 705 696 614 634 636 255 658 479 531 439 440 220 Q4 18 Q1 19 Q2
Slide 72: Number of units sold - gross and net
Number of units sold - gross and net Number of units sold Units 209 306 270 276 274 271 225 209 192 196 186 180 169 487 158 443 152 147 139 394 276 243 248 102 99 99 210 199 201 85 159 164 178 173 148 140 142 49 125 120 116 83 79 77 88 44 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q
Slide 73: Income statement IFRS
Income statement IFRS (figures in NOK million) Q4 2023 Q4 2022 2023 2022 Total operating revenues 1 246.7 668.8 3 254.7 2 896.4 Project expenses (1 042.8) (514.4) (2 677.2) (2 313.7) Other operating expenses (81.2) (79.8) (254.0) (236.3) Associated companies and joint ventures 7.5 (8.2) (13.4) 85.7
Slide 74: Balance sheet
Balance sheet (figures in NOK million) Q4 2023 Q3 2023 2022 Intangible assets 383.4 383.4 383.4 Property, plant and equipment 9.8 10.0 8.2 Investments in associated companies and joint ventures 230.0 217.2 234.7 Other non-current assets 580.1 551.4 345.3 Total non-current assets 1 203.3 1 162.0 971.
Slide 75: Cash flow statement
Cash flow statement (figures in NOK million) Q4 2023 Q4 2022 2023 2022 Net cash flow from operating activities 814.9 (51.6) 1 196.6 63.4 Net cash flow from investment activities 22.3 (10.6) (45.3) 239.8 Net cash flow from financing activities (763.6) (99.9) (1 497.5) (218.0) Net change in cash and c
Slide 76: Operational highlights – key operating figures
Operational highlights – key operating figures Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Units sold 44 116 79 77 88 Construction starts 146 5 83 57 130 Units completed 160 161 162 90 331 Completed unsold units 31 37 43 60 95 Completed sold units pending delivery 5 10 11 10 30 Units delivered 147 150 155 74 276
Slide 77: EBITDA Q4 2023
EBITDA Q4 2023 Property (figures in NOK million) development Other Total Operating revenues 548.4 16.3 564.7 Project expenses (450.5) 8.6 (441.9) Other operating expenses (15.8) (67.6) (83.4) EBITDA (percentage of completion) 82.1 (42.6) 39.4 Note: Construction costs are exclusive of financial expen
Slide 78: Q4 2023 proforma figures including proportionate share of JV
Q4 2023 proforma figures including proportionate share of JV Operating revenues (IFRS) NOK million · 276 units delivered (147) · Revenues NOK 1 392 (674) 1 392 - Other revenues NOK 20m (22) · Project costs NOK 1 164m (525) 841 785 - Of which NOK 78m is interest (20) 674 441 · Other costs NOK 91m (85
Slide 79: EBITDA 12M 2023
EBITDA 12M 2023 Property (figures in NOK million) development Other Total Operating revenues 2 088.3 64.8 2 153.1 Project expenses (1 695.4) 7.3 (1 688.2) Other operating expenses (48.1) (214.4) (262.5) EBITDA (percentage of completion) 344.7 (142.3) 202.4 Note: Construction costs are exclusive of f
Slide 80: 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 81: Total household debt and homeownership
Total household debt and homeownership 246% 244% 228% 222% 92% 81% 201% 81% 79% 77% 75% 75% 71% 71% 72% 69% 69% 65% 65% 64% 59% 154% 148% 55% 50% 127% 125% 124% 42% 118% 107% 99% 98% 93% 91% 82% 81% 77% y * s n m e * ic l lic a nd * rk e y a en * ga nd ly UK nd nd an a ai ec nc tri ni a bl iu ub Ita
Slide 82: Price development Norway and selected regions (2005-23)
Price development Norway and selected regions (2005-23) Price development (rebased 1.1.2005) 350 300 250 200 150 100 50 0 Ja 5 Ja 6 Ja 7 Ja 8 Ja 9 Ja 0 Ja 1 Ja 2 Ja 3 Ja 4 Ja 5 Ja 6 Ja 7 Ja 8 Ja 9 Ja 0 Ja 1 Ja 2 3 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 l0 l0 l0 l0 l0 l1 l1 l1 l1 l1
Slide 83: Population growth in Oslo and Akershus remains high
Population growth in Oslo and Akershus remains high 58% 55% 55% 45% 46% 43% 42% 40% 25,6 % 38% 25,4 % 35% 35% 25,3 % 25,3 % 35% 25,1 % 33% 24,9 % 24,6 % 24,8 % 24,5 % 24,2 % 24,3 % 24,0 % 23,7 % 23,9 % 18% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Share of total populatio
Slide 84: 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 85: Norway – relatively limited volatility
Norway – relatively limited volatility GDP growth 2019 - 2025e Unemployment 2019 - 2025e 15% 10% 10% 8% 5% 6% 0% 4% -5% -10% 2% -15% 0% 2019 2020 2021 2022 2023e 2024e 2025e 2019 2020 2021 2022 2023e 2024e 2025e Norway Sweden Denmark Germany UK Norway Sweden Denmark Germany UK Population growth 2022
Slide 86: Healthy macroeconomics
Healthy macroeconomics Real economy 2019 - 2026e Demand 2019 - 2026e 6% 10% 4% 5% 0% 2% -5% 0% -10% -2% -15% -4% -20% 2019 2020 2021 2022 2023e 2024e 2025e 2026e 2019 2020 2021 2022 2023e 2024e 2025e 2026e GDP GDP mainland Unemployment rate Mainland demand Household consumption Housing investment Wa
Slide 87: SELVAAG BOLIG
SELVAAG BOLIG