Slide 1: Q2 2022
Q2 2022 Oslo, 17 August 2022 Sverre Molvik, CEO Christopher Brunvoll, CFO
Slide 2: Agenda
Agenda Highlights Operational update Financial update Market Outlook and summary 2
Slide 3: Highlights
Highlights · Solid Q2 results · Satisfactory sales in Q2 despite challenging market conditions · H1 2022 operating revenues at NOK 1 322m up 37% from H1 2021 · Dividend of NOK 2.00 per share* for H1’22 Completed, ongoing and upcoming projects * Pay-out on 31 August, 2022 3
Slide 4: Key financials Q2 and H1 2022
Key financials Q2 and H1 2022 Q2 2022 First half year 2022 966 24.1 1 322 22.2 Operating revenues Operating revenues Adjusted EBITDA* margin Adjusted EBITDA* margin NOK million NOK million Per cent Per cent 784 13.2 1 542 13.6 Operating revenues (NGAAP) EBITDA** margin (NGAAP) Operating revenues (NG
Slide 5: Agenda
Agenda Highlights Operational update Financial update Market Outlook and summary
Slide 6: Business model minimizes risk
Business model minimizes risk Sales start Construction start • Construction cost development 3 – 9 months 12 – 24 months - Increase due to geopolitical unrest and shortages after COVID-19 pandemic - New projects in certain areas postponed if required Marketing Construction margins are not satisfacto
Slide 7: Sales value and units sold
Sales value and units sold Sales value Number of units sold per quarter NOK million Units 1 265 1 033 871 Q4 634 634 Q3 5.1 5.1 5.1 5.3 4.6 210 173 Q2 181 120 142 Q1 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 2018 2019 2020 2021 2022 Total sales value Average sales value # of units 365 453 306 421 321 sold YtD 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 4 034 4 012 888 907 904 3 757 3 803 863 826 3 566 5.1 5.0 4.9 4.9 4.9 798 821 775 745 722 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Total sales value Average sales value SB
Slide 9: Construction starts and completions
Construction starts and completions Construction starts and completions per quarter Units 456 334 318 210 190 142 148 120 113 74 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 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 7 034 6 807 6 749 6 736 6 200 172 160 161 142 1 371 1 323 1 361 1 342 1 201 110 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Sales value Number of units und
Slide 11: Agenda
Agenda Highlights Operational update Financial update Market Outlook and summary
Slide 12: Income statement highlights Q2 2022 (IFRS)
Income statement highlights Q2 2022 (IFRS) Operating revenues (IFRS) · 217 units delivered (132) NOK million - 69 units from share of JVs (46) 1 554 · Revenues NOK 966m (394) - Other revenues NOK 18m (13) · Project costs NOK 804m (305) 887 966 - Of which NOK 27m is interest (9) · Other costs NOK 60m
Slide 13: Q2 2022 proforma figures including proportionate share of JV
Q2 2022 proforma figures including proportionate share of JV Operating revenues (IFRS) NOK million · 217 units delivered (132) 1 681 · Revenues NOK 1 420 (645) 1 420 - Other revenues NOK 20m (17) 1 337 · Project costs NOK 1 117m (502) - Of which NOK 37m is interest (20) 645 · Other costs NOK 69m (57
Slide 14: H1 2022 proforma figures including proportionate share of JV
H1 2022 proforma figures including proportionate share of JV Operating revenues (IFRS) NOK million · 294 units delivered (256) 3 018 - 70 units from share of JVs (56) 2 299 · Revenues NOK 1 781m (1 281) 1 781 - Other revenues NOK 36m (36) 1 254 1 281 · Adjusted EBITDA** NOK 335m (241) · EBITDA* NOK
Slide 15: Income statement highlights Q2 2022 (NGAAP)
Income statement highlights Q2 2022 (NGAAP) Revenues and EBITDA margin (NGAAP)* 12 month-rolling revenues (NGAAP)* NOK million NOK million 881 3 395 3 462 3 308 3 208 774 795 784 3 111 758 18% 17% 17% 16% 15% 14% 15% 14% 14% 13% Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Operating r
Slide 16: Cash flow development Q2 2022
Cash flow development Q2 2022 NOK million (56) 256 204 (101) (280) 694 709 Cash and cash Profit (loss) before Income taxes paid Share of profits/(losses) Changes in inventories Dividends paid to Cash and cash equivalents at 31 income taxes from associated (property) equity holders of equivalents at
Slide 17: Balance sheet highlights Q2 2022
Balance sheet highlights Q2 2022 Balance sheet composition NOK million · Book value of equity NOK 25.5 per share 5 988 5 988 6 000 - Equity ratio 40.0% Non-current assets · Changes from Q1 2022: 5 000 Equity - Inventories decreased by NOK 235m 4 000 - Trade and Other receivables increased by NOK 54m
Slide 18: Inventories (property) Q2 2022
Inventories (property) Q2 2022 Q1 22 vs Q2 22 Inventory value development NOK million 102 109 150 166 119 · Land value down NOK 159m - Due to constructions starts 3 543 · Work in progress down NOK 45m 3 584 2 872 3 199 3 154 - Mainly due to completions and deliveries · Finished goods down NOK 31m -
Slide 19: Debt structure
Debt structure Interest-bearing debt at 30.6.22 Drawn at NOK million 30.6.22 Interest rate Loan facility (NOKm) margin* Construction loan facilities from 1 1 683 1.65% - 2.40% a range of Nordic credit institutions 2 Debt to Urban Property** 616 3.75%*** NOK Land loan facilities from a range of 1 683
Slide 20: Earnings and dividend per share since IPO
Earnings and dividend per share since IPO Half year dividend and earnings per share Accumulated dividend and earnings per share 55.17 52.87 Earnings per share Earnings per share 50.80 48.80 Dividend per share Dividend per share 47.47 4.96 43.80 4.54 3.98 31.14 3.00 3.00 2.50 24.10 2.39 2.30 2.30 2.0
Slide 21: 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 770 739 655 613 610 567 586 520 530 530 495 505 471 479 466 397 401 354 356 366 335 326 27% 25% 24% 26% 20% 22% 21% 20% 19% 20% 21% 19% 15% 15% 18% 17% 15% 13% 14% 13% 12% 14% Q1
Slide 22: Agenda
Agenda Highlights Operational update Financial update Market Outlook and 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 4 000 Average number of (medium growth) completions (2006-21): ~2 900 units 3 000 2 900 2 850** 2 000 2 450 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Slide 24: Estimated completions in Akershus
Estimated completions in Akershus* Units Forecasted housing need of 7 000 ~5 400 units per year (medium growth) 6 000 Average # of 5 000 completions (2006-21): 5 900 5 600** ~4 000 units 5 450 4 000 3 000 2 000 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022e 2023e 2024e Actual comple
Slide 25: Newbuild market update
Newbuild market update Oslo – 1.1 - 31.7, 2022 Akershus – 1.1 - 31.7, 2022 Units Units 2 549 2 543 1 345 1 419 3 540 3 546 1 101 1 027 Available Supplied to Sold* Available Available Supplied to Sold* Available 01.01.2022 market 31.07.2022 01.01.2022 market 31.07.2022 Source: SA – Hawii analyse. * I
Slide 26: Newbuild market update
Newbuild market update Bergen – 1.1 - 31.7, 2022 Trondheim – 1.1 - 31.7, 2022 Stavanger & Sandnes – 1.1 - 31.7, 2022 Units Units Units 808 1 033 454 598 625 646 997 854 772 710 607 586 Available Supplied to Sold* Available Available Supplied to Sold* Available Available Supplied to Sold* Available 0
Slide 27: Regional Newbuild availability on 31 July, 2020-22
Regional Newbuild availability on 31 July, 2020-22 Units 4 000 3 000 2 000 3546 1 000 1027 586 772 710 0 Oslo Akershus* Bergen Trondheim Stavanger & Sandnes 2020 2021 2022 Population** 700 000 685 000 287 000 210 000 265 000 Available units per 1.5 5.2 2.0 3.7 2.7 1 000 capita August 2022 Source: Ha
Slide 28: Regional Second-hand inventory on 4 August, 2019-22
Regional Second-hand inventory on 4 August, 2019-22 Units 2 500 2 000 1 500 1 000 1369 500 1078 498 398 383 0 Oslo Akershus* Bergen Trondheim Stavanger-area** 2019 2020 2021 2022 Population*** 700 000 685 000 287 000 210 000 265 000 Available units per 2.0 1.6 1.7 1.9 1.4 1 000 capita August 2022 So
Slide 29: Regional price development 1.1-31.7, 2012-22
Regional price* development 1.1-31.7, 2012-22 Oslo Bergen 17.1% 9.0% 9.4% 11.0% 8.8% 8.6% 8.8% 9.7% 9.8% 7.8% 8.0% 7.8% 8.2% 7.9% 7.2% 5.4% 5.4% 6.5% 6.4% 3.1% 0.5% -6.4% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Trondheim Stavanger
Slide 30: Agenda
Agenda Highlights Operational update Financial update Market Outlook and summary
Slide 31: Outlook
Outlook · Housing shortage in Oslo area provides favorable conditions for new housing · Expecting reduction in construction cost going forward · The lending restriction of 5x income determines loan capacity before the ability to repay* · Solid pipeline. Selvaag Bolig has approximately 440 units for
Slide 32: Summary
Summary · Solid Q2 results · Satisfactory sales in Q2 despite challenging market conditions · H1 2022 operating revenues at NOK 1 322m up 37% from H1 2021 · Dividend of NOK 2.00 per share* for H1’22 * Pay-out on August 31, 2021 32
Slide 33: Thank you for your attention – follow us online!
Thank you for your attention – follow us online! Next event: 3rd quarter 2022 @SelvaagAksjen 10 November 2022
Slide 34: Appendix
Appendix
Slide 35: 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 1 639 1 558 1 524 53% 51% 610 586 45% 586 530 495 530 505 530 505 471 479 466 47
Slide 36: Earnings and dividend per share since IPO
Earnings and dividend per share since IPO Half year dividend and earnings per share Accumulated dividend and earnings per share 55.17 52.87 Earnings per share Earnings per share 50.80 48.80 Dividend per share Dividend per share 47.47 4.96 43.80 4.54 3.98 31.14 3.00 3.00 2.50 24.10 2.39 2.30 2.30 2.0
Slide 37: 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 38: 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 2.00 3.00 3.00 10 0 Share price Dividend Source: Oslo Børs. 38
Slide 39: Share information
Share information Number of shareholders 6 000 5 000 · Total number of shares: 93.8 million · Number of shareholders: 5 127 (4 938)* 4 000 - 20 largest controlling 82.8% (83.2) 3 000 - Selvaag AS largest shareholder - 53.5% · Trading 2 000 - 2.2 million shares during the quarter (5.0), 2.4% of total
Slide 40: Largest shareholders at 30.6, 2022
Largest shareholders at 30.6, 2022 Shareholder # of shares % share SELVAAG AS 50 180 087 53.5% Skandinaviska Enskilda Banken AB * 6 812 642 7.3% PARETO INVEST NORGE AS 4 311 772 4.6% VERDIPAPIRFONDET ALFRED BERG GAMBA 3 117 700 3.3% The Northern Trust Comp, London Br * 2 186 000 2.3% JPMorgan Chase
Slide 41: Addressing the long term housing need
Addressing the long term housing need · Nearly 60 000 homes over the last 70 years Trondheim 278 units · Housing for all Bergen 603 units Greater-Oslo · Focus on fast growing urban regions 8 045 units Stockholm Stavanger 790 units · Large projects with more than 150 units 689 units 41
Slide 42: 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 unzoned land in suitable locations • Land acquisitions in defined core areas • High degree of site utilisation and strategi
Slide 43: 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 44: Ongoing and upcoming large projects in Greater Oslo
Ongoing and upcoming large projects in Greater Oslo 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) · ~ 2 000 units total · ~ 250 Pluss units · ~ 300 Pluss units · ~ 500 Pl
Slide 45: Ongoing and upcoming large regional projects
Ongoing and 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 ·
Slide 46: Land bank in Oslo and Greater Oslo at 30.6.22
Land bank in Oslo and Greater Oslo at 30.6.22 Bærum 2 229 units Jessheim 102 units Lørenskog 1 534 units Avløs 504 units Gardermovegen 102 units Lørenskog Stasjonsby 613 units 102 Ballerud 150 units units Skårer Bolig 483 units Løren/Økern/Ensjø 279 units Eyvind Lyches vei 123 units LSV 300 units Si
Slide 47: Land bank in Stavanger area at 30.6.22
Land bank in Stavanger area at 30.6.22 Stavanger 178 units Lervig brygge 178 units Sola 154 units 154 Jaasund 154 units units 178 Stavanger units Sandnes 357 units Aase gård 36 units Sandnes Vågen 300 units Sola Luratoppen 21 units Sandnes 357 units *The numbers are adjusted for Selvaag Bolig’s shar
Slide 48: Land bank in Bergen, Trondheim and Stockholm at 30.6.22
Land bank in Bergen, Trondheim and Stockholm at 30.6.22 Trondheim 278 units Heimdal 42 units Sweden Haakon VII gate 4 236 units 278 units Bergen 603 units Sandsliåsen 57 64 units Stockholm 790 units Sandsliåsen 59 65 units Løvholmen 50 units Finland Sandsliåsen 46 150 units Norway Årsta 140 units To
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: 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 52: 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 53: 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 3 152 3 038 3 052 2 929 2 683 2 586 2 377 28% 28% 29% 28% 26% 26% 26% 27% 26% 27% 26% 25% 24% 23% 21% 20% 20% 19% 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
Slide 54: Substantial portfolio for development
Substantial portfolio for development Total land bank portfolio at 30.6.2022 Units 5 250 10 400 5 150 Total land bank Options and obligations to acquire Land bank in balance sheet 54
Slide 55: Valuation of remaining land bank
Valuation of remaining land bank* NOK million 519 1 426 907 Book value at 31.12.2021 Gap Valuation Nov 2021 (60 Grader Næringsmegling) * SBO land bank not included in the UP transaction 55
Slide 56: 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 1 031 914 920 927 862 861 859 788 751 731 660 487 443 1 242 1 265 394 1 183 1 106 1 033 1 010 840 910 871 751 771 756 705 696 693 634 634 614 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3
Slide 57: Number of units sold - gross and net
Number of units sold - gross and net Number of units sold Units 209 306 270 276 274 271 216 225 203 201 209 192 196 186 180 169 487 158 443 147 394 139 276 243 248 210 199 201 185 181 182 178 173 148 159 164 140 142 125 120 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 2
Slide 58: Income statement IFRS
Income statement IFRS (figures in NOK million) Q2 2022 Q2 2021 1H 2022 1H 2021 2021 Total operating revenues 965.9 394.2 1 322.2 962.0 3 402.7 Project expenses (804.1) (304.8) (1 057.2) (706.0) (2 617.4) Other operating expenses (57.2) (49.9) (103.5) (104.6) (236.4) Associated companies and joint ve
Slide 59: Balance sheet
Balance sheet (figures in NOK million) Q2 2022 Q1 2022 2021 Intangible assets 383.4 383.4 383.4 Property, plant and equipment 8.1 8.2 7.4 Investments in associated companies and joint ventures 349.2 239.4 354.7 Other non-current assets 300.5 340.5 302.3 Total non-current assets 1 041.2 971.5 1 047.7
Slide 60: Cash flow statement
Cash flow statement (figures in NOK million) 1H 2022 1H 2021 2021 Net cash flow from operating activities (11.0) (503.0) 392.6 Net cash flow from investment activities 131.2 35.7 167.1 Net cash flow from financing activities 61.9 162.1 (917.6) Net change in cash and cash equivalents 182.1 (305.2) (3
Slide 61: Operational highlights – key operating figures
Operational highlights – key operating figures Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Units sold 173 125 276 201 120 Construction starts 142 148 456 113 190 Units completed 120 318 334 74 210 Units deliv ered 132 314 324 77 217 Units under construction 1 371 1 201 1 323 1 361 1 342 Proportion of sold units u
Slide 62: EBITDA Q2 2022
EBITDA Q2 2022 Property (figures in NOK million) development Other Total Operating revenues 767.8 16.6 784.3 Project expenses (620.9) (0.2) (621.1) Other operating expenses (10.7) (48.8) (59.5) EBITDA (percentage of completion) 136.2 (32.5) 103.7 Note: Construction costs are exclusive of financial e
Slide 63: 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 64: 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 65: 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 66: Price development Norway and selected regions (2005-22)
Price development Norway and selected regions (2005-22) 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: Population growth in Oslo and Akershus remains high
Population growth in Oslo and Akershus remains high 55% 55% 45% 46% 43% 42% 43% 40% 38% 35% 35% 35% 33% 25.4 % 25.5 % 25.3 % 25.1 % 24.8 % 24.9 % 24.6 % 24.5 % 24.2 % 24.3 % 24.0 % 23.7 % 23.9 % 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022e Share of total population in Oslo and A
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 2018 - 2024e Unemployment 2018 - 2024e 10% 10% 8% 5% 6% 0% 4% -5% 2% -10% 0% 2018 2019 2020 2021 2022e 2023e 2024e 2018 2019 2020 2021 2022e 2023e 2024e Norway Sweden Denmark Germany UK Norway Sweden Denmark Germany UK Population growth 2021 - 2030e
Slide 70: Norway – moving back to normal in through 2022
Norway – moving back to normal in through 2022 Real economy 2019 - 2025e Demand 2019 - 2025e 6% 10% 4% 5% 2% 0% 0% -5% -2% -4% -10% 2019 2020 2021 2022e 2023e 2024e 2025e 2019 2020 2021 2022e 2023e 2024e 2025e GDP GDP mainland Unemployment rate Mainland demand Household consumption Housing investmen
Slide 71: SELVAAG BOLIG
SELVAAG BOLIG