Selvaag Bolig Asa · OSL:SBO
Selvaag Bolig Asa — Q4 2024 Earnings Presentation
85 slides from Selvaag Bolig Asa's earnings presentation, Feb 12, 2025
Slide 1: Q4 2024
Q4 2024 Oslo, 12 February 2025 Sverre Molvik, CEO Christopher Brunvoll, CFO
Slide 2: Agenda
Agenda Highlights Operational update Financial update Market Summary 2
Slide 3: Highlights Q4 and FY 2024
Highlights Q4 and FY 2024 • Solid results considering market conditions • Strong sales increase driven by improving markets and attractive projects - FY 2024 gross sales up NOK 1.78bn to NOK 4.36bn • Highest quarterly construction starts in three years - 298 construction starts in Q4 - 829 units und
Slide 4: Key financials Q4 and FY 2024
Key financials Q4 and FY 2024 Q4 2024 Full year 2024 498 17.4 1 971 16.2 Operating revenues Adjusted EBITDA* margin Operating revenues Adjusted EBITDA* margin NOK million Per cent NOK million Per cent 877 10.9 2 544 8.7 Operating revenues (NGAAP) EBITDA** margin (NGAAP) Operating revenues (NGAAP) EB
Slide 5: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 6: Operational news
Operational news Operating • Risk-minimizing sales model model - Minimum presale of 60% before construction start - Fixed price contracts - Contractual reservation with buyers: Construction start subject to construction cost Sales & • Sales picking up driven by increased purchasing power and attract
Slide 7: Sales value and units sold
Sales value and units sold Sales value Number of units sold per quarter NOK million Units 1 385 276 Q4 199 849 122 760 679 44 Q3 531 88 6.7 6.8 7.0 Q2 6.0 5.5 Q1 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 2020 2021 2022 2023 2024 Sales value of sold units Average price per unit Annual sales 683 822 448 360 568 N
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 3 673 3 355 3 154 665 604 573 2 108 2 210 435 437 534 568 7.0 511 6.7 6.8 6.0 360 383 5.5 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 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 331 298 236 168 130 123 105 95 43 5 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 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 6 134 308 4 496 4 495 4 211 3 948 784 829 671 661 700 48 18 19 0 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Sales value of units under construction (NOK
Slide 11: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 12: Income statement highlights Q4 2024 (IFRS)
Income statement highlights Q4 2024 (IFRS) Operating revenues (IFRS) · 172 units delivered (276) NOK million - 63 units from share of JVs (28) 1 247 · Revenues NOK 498m (1 247) - Other revenues NOK 20m (17) · Project costs NOK 406m (1 043) 628 620 - Of which NOK 36m is interest (72) 498 · Other cost
Slide 13: Q4 2024 proforma figures including proportionate share of JV
Q4 2024 proforma figures including proportionate share of JV Operating revenues (IFRS) NOK million · 172 units delivered (276) · Revenues NOK 918 (1 392) 1 392 - Other revenues NOK 23m (20) 979 · Project costs NOK 753m (1 164) 868 918 - Of which NOK 79m is interest (78) · Other costs NOK 89m (91) 33
Slide 14: FY 2024 proforma figures including proportionate share of JV
FY 2024 proforma figures including proportionate share of JV Operating revenues (IFRS) NOK million · 532 units delivered (655) 4 299 · Revenues NOK 3 098m (3 460) - Other revenues NOK 84m (78) 3 370 3 460 3 098 · Project costs NOK 2 551m (2 856) - Of which NOK 215m is interest (149) · Adjusted EBITD
Slide 15: Income statement highlights Q4 2024 (NGAAP)
Income statement highlights Q4 2024 (NGAAP) Revenues and EBITDA margin (NGAAP)* 12 month-rolling revenues (NGAAP)* NOK million NOK million 877 2 544 2 153 2 166 2 231 2 105 603 565 547 516 11% 9% 9% 8% 8% 8% 8% 7% 7% 6% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Slide 16: Q4 2024 proforma figures including proportionate share of JV
Q4 2024 proforma figures including proportionate share of JV Revenues and EBITDA margin (NGAAP)* 12 month-rolling (NGAAP)* NOK million NOK million 3 284 1 063 2 949 2 846 2 744 2 740 825 728 707 689 13% 10% 9% 10% 10% 10% 10% 9% 9% 7% Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2024 Q1 2024 Q2 2024 Q
Slide 17: Cash flow development Q4 2024
Cash flow development Q4 2024 NOK million 227 21 59 36 384 86 22 20 189 Cash and cash Profit (loss) before Income taxes Share of Changes in Changes in trade CF from Net change in Cash and cash equivalents at 30 income taxes paid profits/(losses) inventories receivables investment borrowings equivale
Slide 18: Balance sheet highlights Q4 2024
Balance sheet highlights Q4 2024 Balance sheet composition NOK million · Book value of equity NOK 25.4 per share 6 000 5 159 5 159 - Equity ratio 46.4% 5 000 · Changes from Q3 2024: Non-current assets 4 000 - Inventories increased by NOK 151m Equity - Current receivables reduced by NOK 20m 3 000 - C
Slide 19: Inventories (property) Q4 2024
Inventories (property) Q4 2024 Q3 2024 vs Q4 2024 Inventory value development NOK million · Land value up NOK 3m 518 467 430 · Work in progress up NOK 112m 844 648 · Finished goods up NOK 36m 2 014 2 038 2 150 - 81 unsold completed units by year end 1 462 1 652 - 63 unsold at 6 February, 2025 - 26 s
Slide 20: Valuation of remaining land bank
Valuation of remaining land bank* NOK million 263 904 641 Book value at 31.12.2024 Gap Valuation Nov 2024 (60 Grader Næringsmegling) * SBO land bank not included in the UP transaction 20
Slide 21: Debt structure
Debt structure Interest-bearing debt at 31.12.24 Drawn at NOK million 31.12.24 Interest rate Loan facility (NOKm) margin* Construction loan facilities from 1 1 075 1.65% - 2.40% a range of Nordic credit institutions 2 Debt to Urban Property** 504 3.75%*** NOK 504 1 613 1 075 3 Land loan facilities f
Slide 22: 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 61.0 Earnings per share 59.1 stable dividends to its owners 56.5 56.1 Dividend per share 54.8 52.9 52.8 · The company aims to pay d
Slide 23: Return on equity (IFRS)
Return on equity (IFRS) 12-month rolling net income (NOKm) ROE (%) 800 700 586 600 530 512 495 505 500 471 479 466 400 366 339 300 245 263 241 235 239 200 24% 26% 182 177 19% 20% 21% 23% 15% 19% 15% 14% 10% 12 % 10% 12% 11% 100 8% 8% 0 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 2
Slide 24: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 25: 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 ~3 800 units per year Average number of (medium growth) 4 000 completions (2012-24): ~2 850 units 3 000 2 798** 2 000 2 462 2 051** 1 000 1 333 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2
Slide 26: Estimated completions in Akershus
Estimated completions in Akershus Units 7 000 Forecasted housing need of ~5 500 units per year 6 000 (medium growth) Average # of completions (2012-24): 5 000 ~4 700 units 5 083** 4 784 4 894** 4 000 4 082 3 000 2 000 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 202
Slide 27: Estimated completions in Oslo and Akershus
Estimated completions in Oslo and Akershus Units Forecasted housing need of 10 000 ~ 9 300 units per year (medium growth) Average # of completions (2012-23): ~ 7 600 units 7881** 8 000 7246 6945** 6 000 5415 4 000 2 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 2
Slide 28: Newbuild market update
Newbuild market update Oslo – 1.1–31.12, 2024 Akershus – 1.1–31.12, 2024 Units Units 3 099 3 096 1 191 1 353 3 436 3 439 1 037 875 Available Supplied to Sold* Available Available Supplied to Sold* Available 01.01.2024 market 31.12.2024 01.01.2024 market 31.12.2024 Source: Plot.ai * Including withdra
Slide 29: Newbuild market update
Newbuild market update Bergen – 1.1–31.12, 2024 Trondheim – 1.1–31.12, 2024 Stavanger area** – 1.1–31.12, 2024 Units Units Units 1 260 1 136 1 062 1 220 710 842 1 227 1 351 899 571 741 439 Available Supplied to Sold* Available Available Supplied to Sold* Available Available Supplied to Sold* Availab
Slide 30: Regional Newbuild availability on 31 December, 2022-24
Regional Newbuild availability on 31 December, 2022-24 Units 4 000 3 439 3 000 2 000 1 351 1 000 875 899 571 0 Oslo Akershus* Bergen Trondheim Stavanger-area** 2022 2023 2024 Population*** 723 200 738 000 293 300 215 900 263 700 Available units per 1.2 4.7 1.9 6.3 3.4 1 000 capita Source: Plot.ai *
Slide 31: Regional Second-hand availability February, 2021-25
Regional Second-hand availability* February, 2021-25 Units 2 500 2 000 1 942 1 500 1 467 1 000 500 583 370 254 0 Oslo Akershus* Bergen Trondheim Stavanger-area** 2021 2022 2023 2024 2025 Population*** 723 200 738 000 293 300 215 900 263 700 Available units per 2.0 2.6 1.3 2.7 1.0 1 000 capita Source
Slide 32: Regional full year price development 2014-24
Regional full year price* development 2014-24 Oslo Bergen 26.0% 11.1% 11.3% 8.5% 13.5% 12.0% 11.1% 6.6% 6.3% 5.5% 6.8% 2.2% 1.8% 1.8% 2.7% 1.9% 1.2% 1.0% 0.7% 0.5% 0.0% -10.5% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Trondheim Stav
Slide 33: Regional price development January 2015-25
Regional price* development January 2015-25 Oslo Bergen Average price January 2025: NOK 100 128/sqm Average price January 2025 : NOK 59 465/sqm 6.4% 6.1% 5.3% 5.3% 5.0% 5.0% 4.5% 4.4% 3.7% 3.9% 3.2% 3.1% 3.5% 2.8% 2.7% 3.0% 3.0% 2.2% 2.1% 1.4% 1.7% 1.7% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2
Slide 34: Selected ongoing projects
Selected ongoing projects Snøbyen, Lørenskog Kaldnes Brygge| Greater Oslo Solbergskogen | Greater Oslo stasjonsby | Greater Oslo ~ 1 500 units total (JV) ~ 350 units total ~ 2 000 units total ~500 Pluss units ~ 230 Pluss units ~ 200 Pluss units ~ 500 units remaining ~ 250 units remaining ~ 700 units
Slide 35: Selected upcoming projects
Selected upcoming projects Robust project pipeline to meet long term demand Fornebu (JV) | Greater Oslo Bjerke | Oslo Lørenvangen | Oslo ~ 2 000 units ~ 1 500 units ~ 200 units ~ 300 Pluss units ~500 Pluss units (2025) (2026) (2025/2026) Fredrikstad (JV) | Greater Oslo Mindemyren Torg (JV)| Bergen H
Slide 36: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 37: Outlook
Outlook • Housing shortage in Oslo, Akershus and Bergen gives favorable conditions for new housing • Expect increased purchasing power to enhance sales with interest rates trending down • Selvaag Bolig is well-positioned with a robust land portfolio to capitalize on a recovering market • Expect to i
Slide 38: Summary
Summary • Solid results considering market conditions • Strong sales increase driven by improving markets and attractive projects - FY 2024 gross sales up NOK 1.78bn to NOK 4.36bn • Highest quarterly construction starts in three years - 298 construction starts in Q4 - 829 units under construction by
Slide 39: Thank you for your attention – follow us online!
Thank you for your attention – follow us online! Next event: 1st quarter 2025 @SelvaagAksjen 21 May 2025
Slide 40: Appendix
Appendix
Slide 41: 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 42: 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 43: 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 Market Sustainability 43
Slide 44: 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 Urban Property transaction Defined hous
Slide 45: 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 46: 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 47: 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 48: 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, targeting growth regions · Competitive prices and defined housing concepts, aimed at wide range of consumers
Slide 49: ~9 700 homes completed since IPO…
~9 700 homes completed since IPO… Units completed 9 705 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 2024 Note: Completed ~50 000 units from 1948 to 2011. 49
Slide 50: …for a total value of NOK ~38 billion
…for a total value of NOK ~38 billion NOK billion 38.4 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 2024 50
Slide 51: 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 2 794 2 629 2 386 2 471 2 162 2 047 2 088 2 040 2 099 28.6 %28.0 % 26.6 %26.3 %27.5 % 27.0 %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 52: Net profit per unit delivered
Net profit per unit delivered Quarterly net profit per unit delivered 12 months rolling net profit per unit delivered NOK million NOK million 276 684 655 656 636 532 179 172 127 0.37 0.40 0.38 0.34 0.33 0.63 0.39 0.31 54 0.27 -0.09 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q4 2023 Q1 2024 Q2 2024 Q3 2
Slide 53: Addressing the long-term housing need
Addressing the long-term housing need · Nearly 60 000 homes over the last 70 years Trondheim 102 units · Housing for all Bergen 1 249 units Greater-Oslo 7 084 units · Focus on fast growing urban regions Stavanger Stockholm 1 197 units 537 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: Oslo second-hand market update
Oslo second-hand market update Units sold 1.1 – 31.12, 2019-24 Inventory at 31.12, 2019-24 Units Units 25 000 6 000 5 000 20 000 4 000 15 000 3 000 10 000 2 000 5 000 1 000 0 0 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Source: Eiendomsverdi 55
Slide 56: Akershus second-hand market update
Akershus second-hand market update Units sold 1.1 – 31.12, 2019-24 Inventory at 31.12, 2019-24 Units Units 14 000 6 000 12 000 5 000 10 000 4 000 8 000 3 000 6 000 2 000 4 000 2 000 1 000 0 0 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Source: Eiendomsverdi. 56
Slide 57: Bergen second-hand market update
Bergen second-hand market update Units sold 1.1 – 31.12, 2019-24 Inventory at 31.12, 2019-24 Units Units 7 400 2 000 1 800 7 200 1 600 7 000 1 400 6 800 1 200 6 600 1 000 6 400 800 600 6 200 400 6 000 200 5 800 0 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Source: Eiendomsverdi. 57
Slide 58: Trondheim second-hand market update
Trondheim second-hand market update Units sold 1.1 – 31.12, 2019-24 Inventory at 31.12, 2019-24 Units Units 6 000 2 000 5 900 1 800 5 800 1 600 1 400 5 700 1 200 5 600 1 000 5 500 800 5 400 600 5 300 400 5 200 200 5 100 0 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Source: Eiendomsve
Slide 59: Stavanger-area second-hand market update
Stavanger-area* second-hand market update Units sold 1.1 – 31.12, 2019-24 Inventory at 31.12, 2019-24 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 1 000 400 200 0 0 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Source: Eiendomsverdi. * Includes
Slide 60: Regional price development – January 2025
Regional price* development – January 2025 % chg. -1M Average Average price Area2 % chg -1M seasonal % chg YtD % chg -12m % chg -5Y % chg -10Y price/sqm (NOK) (NOK) adj. Oslo 4.5% 1.9% 4.5% 8.4% 30.9% 81.1% 100 128 6 679 682 Bergen 5.0% 1.4% 5.0% 13.1% 33.5% 44.1% 59 465 4 675 216 Trondheim 3.0% 0.5
Slide 61: Land bank in Oslo and Greater Oslo at 31.12.24
Land bank in Oslo and Greater Oslo at 31.12.24 Jessheim 102 units Lørenskog 1 288 units Bærum 1 129 units Gardermovegen 102 units Lørenskog Stasjonsby 562 units 102 Avløs 100 units units Skårer Bolig 206 units Ballerud 29 units LSV 400 units Løren 165 units Fornebu 900 units Pallplassen 120 units Lø
Slide 62: Land bank in Stavanger area at 31.12.24
Land bank in Stavanger area at 31.12.24 Stavanger 70 units Lervig brygge 70 units Sola 133 units 133 Jaasund 133 units units 70 Stavanger units Sandnes 334 units Aase gård 34 units Sandnes Vågen 300 units Sola Sandnes 334 units *The numbers are adjusted for Selvaag Bolig’s share in joint ventures
Slide 63: Land bank in Bergen, Trondheim and Stockholm at 31.12.24
Land bank in Bergen, Trondheim and Stockholm at 31.12.24 Trondheim 102 units Heimdal 42 units Sweden Haakon VII gate 4 60 units 102 units Bergen 1 249 units Sandsliåsen 40 120 units Stockholm 1 197 units Sandsliåsen 46 140 units Terrasskvarteren 200 units Finland Sandsliåsen 55 70 units Norway Årsta
Slide 64: 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 65: Re-negotiated covenants with Urban Property
Re-negotiated covenants with Urban Property Before 1.1.2025 From 1.1.2025* 1. Equity > NOK 1.5bn 1. Equity > NOK 1.8bn 2. Debt ratio < 50% 2. Debt ratio < 40% 3. Net debt / 12 months rolling EBITDA according to IFRS < 3 3. Net debt / 12 months rolling earnings before depreciation and tax according t
Slide 66: No equity investment in early phase through land bank cooperation with Urban Property
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 67: 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 68: Example project calculations before and after Urban Property
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 69: Substantial portfolio for development
Substantial portfolio for development Total land bank portfolio at 31.12.2024 Units 5 250 10 200 4 950 Total land bank Options and obligations to acquire Land bank in balance sheet 69
Slide 70: Value of units sold - gross and net
Value of units sold - gross and net Sales value of units sold NOK million 1 574 1 393 1 431 1 401 1 401 1 320 209 1 177 1 104 1 121 1 031 914 920 927 859 874 868 801 731 753 487 443 602 1 385 1 242 1 265 554 564 543 394 1 183 1 106 1 033 1 010 840 910 871 849 756 705 696 760 634 636 255 658 679 479
Slide 71: Number of units sold - gross and net
Number of units sold - gross and net Number of units sold Units 209 306 270 276 274 271 235 225 209 192 196 186 180 169 487 152 443 154 160 147 139 394 276 116 243 248 102 99 99 210 199 201 85 207 159 164 178 173 140 142 125 49 139 120 116 122 83 88 100 79 77 44 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q
Slide 72: Operational highlights – key operating figures
Operational highlights – key operating figures Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Units sold 88 139 207 100 122 Construction starts 130 123 95 43 298 Units completed 331 236 105 5 168 Completed unsold units 95 126 119 87 81 Completed sold units pending delivery 30 56 41 23 26 Units delivered 276 179 127
Slide 73: Income statement IFRS
Income statement IFRS (figures in NOK million) Q4 2024 Q4 2023 2024 2023 Total operating revenues 498.1 1 246.7 1 971.0 3 254.7 Project expenses (405.5) (1 042.8) (1 580.3) (2 677.2) Other operating expenses (78.0) (81.2) (255.0) (254.0) Associated companies and joint ventures 36.5 7.5 72.3 (13.4) E
Slide 74: Balance sheet
Balance sheet (figures in NOK million) Q4 2024 Q3 2024 2023 Intangible assets 383.4 383.4 383.4 Property, plant and equipment 7.9 8.7 9.8 Investments in associated companies and joint ventures 276.6 241.3 230.0 Other non-current assets 766.8 725.2 580.1 Total non-current assets 1 434.6 1 358.6 1 203
Slide 75: Cash flow statement
Cash flow statement (figures in NOK million) Q4 2024 Q4 2023 2024 2023 Net cash flow from operating activities (46.8) 814.9 87.1 1 196.6 Net cash flow from investment activities 22.1 22.3 23.2 (45.3) Net cash flow from financing activities 219.3 (763.6) 6.8 (1 497.5) Net change in cash and cash equi
Slide 76: EBITDA Q4 2024
EBITDA Q4 2024 Property (figures in NOK million) development Other Total Operating revenues 858.0 19.4 877.4 Project expenses (701.2) (0.0) (701.2) Other operating expenses (10.8) (69.3) (80.2) EBITDA (percentage of completion) 146.0 (50.0) 96.0 Note: Construction costs are exclusive of financial ex
Slide 77: Share information as at 31.12.24
Share information as at 31.12.24 Number of shareholders 20 largest shareholders · Total number of shares: 93.8 million Shareholder SELVAAG AS # of shares % share 50 180 087 53.5% Skandinaviska Enskilda Banken AB * 4 680 572 5.0% · Number of shareholders: 6 879 (6 766) 8 000 PERESTROIKA AS 3 443 837
Slide 78: 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 homeowners offer to purchase is a binding sales contract, and requires a minimum 10% cash deposit · High level of home ownership · Approximately 80%
Slide 79: 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% Household debt in % of net disposable income (2021) Homeownership rate (2020) Source: OECD, Stati
Slide 80: Price development Norway and selected regions (2005-24)
Price development Norway and selected regions (2005-24) Price development (rebased 1.1.2005) 3 0 300 0 00 0 00 0 0 an ul an ul an ul an ul an ul an ul an ul an ul an ul an ul an ul an ul an ul an ul an ul an ul an ul an ul an ul an ul 00 00 007 008 009 0 0 0 0 0 3 0 0 0 0 7 0 8 0 9 0 0 0 0 0 3 0 Ber
Slide 81: Population growth in Oslo and Akershus remains high
Population growth in Oslo and Akershus remains high 60% 55% 55% 30% 50% 45% 46% 43% 42% 44% 42% 40% 28% 39% 40% 37% 36% 36% 35% 33% 26% 30% 26.0 % 26.1 % 26.2 % 25.6 % 25.7 % 25.8 % 25.2 % 25.4 % 24.9 % 25.1 % 24.6 % 24.8 % 24.4 % 24.5 % 24% 20% 24.2 % 10% 22% 0% 20% 2010 2011 2012 2013 2014 2015 20
Slide 82: 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 83: Norway – relatively limited volatility
Norway – relatively limited volatility GDP growth 2019 - 2025e Unemployment 2019 - 2025e 15% 10% 8% 5% 6% 4% -5% 2% -15% 0% 2019 2020 2021 2022 2023e 2024e 2025e 2026e 2019 2020 2021 2022 2023e 2024e 2025e 2026e Norway Sweden Denmark Germany UK Norway Sweden Denmark Germany UK Population growth 2022
Slide 84: Healthy macroeconomics
Healthy macroeconomics Real economy 2020 - 2027e Demand 2020 - 2027e 6% 15% 10% 4% 5% 2% 0% -5% 0% -10% -15% -2% -20% -4% -25% 2020 2021 2022 2023 2024e 2025e 2026e 2027e 2020 2021 2022 2023 2024e 2025e 2026e 2027e GDP GDP mainland Unemployment rate Mainland demand Household consumption Housing inve
Slide 85: Selvaag Bolig
SELVAAG BOLIC