Selvaag Bolig Asa · OSL:SBO
Selvaag Bolig Asa — Q3 2020 Earnings Presentation
70 slides from Selvaag Bolig Asa's earnings presentation, Nov 11, 2020
Slide 1: Q3 2020
Q3 2020 Oslo, 11 November 2020 Sverre Molvik, CEO
Slide 2: Agenda
Agenda Highlights Operational and financial update Market Outlook and summary 2
Slide 3: Highlights Q3 2020
Highlights Q3 2020 · Strong sales in turbulent market · Sales value of units under construction up NOK 330 million · Continued strong project margins · Sverre Molvik new CEO Completed, ongoing and upcoming projects 3
Slide 4: Key financials Q3 2020
Key financials Q3 2020 706 18.1 Operating revenues Adjusted EBITDA* margin NOK million Per cent 707 21.3 Operating revenues (NGAAP) EBITDA** margin (NGAAP) NOK million Per cent * EBITDA is profit before interest, taxes, depreciation and amortization. ** EBITDA is operating profit before depreciation
Slide 5: Agenda
Agenda Highlights Operational and financial update Market Outlook and summary
Slide 6: Sales value and units sold
Sales value and units sold Sales value Number of units sold per quarter NOK million Units Q4 910 840 756 Q3 277 705 696 4.8 5.0 5.1 4.9 5.1 159 Q2 178 182 178 Q1 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 2016 2017 2018 2019 2020 Total sales value Average sales value Annual sales 1 044 701 696 752 9M sales 883 5
Slide 7: 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 3 662 3 753 896 908 3 410 834 3 151 2 997 743 760 4.8 5.0 5.1 5.0 5.1 760 752 673 624 605 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Total sales value Average sales value
Slide 8: Construction starts and completions
Construction starts and completions Construction starts and completions per quarter Units 248 254 212 203 196 174 104 89 31 15 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Number of construction starts Number of units completed Note: Number of units are adjusted for Selvaag Bolig’s share in joint ventures 8
Slide 9: Units under construction and completions
Units under construction and completions Sales value units under construction Expected completions per quarter NOK million Units 7 192 7 155 6 742 6 660 6 327 380 1 510 1 504 286 272 1 431 1 357 1 342 120 95 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Sales value Number of units unde
Slide 10: Income statement highlights Q3 2020 (IFRS)
Income statement highlights Q3 2020 (IFRS) Revenues and adjusted EBITDA margin* (IFRS) · 212 units delivered (243) NOK million - 18 units from share of JVs (46) · Revenues NOK 706m (810) 1 414 - Other revenues NOK 16m (21) · Project costs NOK 562m (568) 56%* 810 - Of which NOK 26m is interest (22) 7
Slide 11: Income statement highlights Q3 2020 (NGAAP)
Income statement highlights Q3 2020 (NGAAP) Revenues and EBITDA margin (NGAAP)* 12 months rolling revenues (NGAAP)* NOK million NOK million 1 062 3 260 3 336 3 271 3 329 3 230 803 756 707 650 23% 24% 23% 22% 21% 27% 22% 21% 21% 19% Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Operatin
Slide 12: Cash flow development Q3 2020
Cash flow development Q3 2020 NOK million -60 + 111 -300 + 215 -280 679 361 Cash and cash Profit (loss) before Income taxes paid Other changes in Net change in Dividends paid to Cash and cash equivalents at 30 June income taxes working capital borrowings equity holders of equivalents at 30 2020 Selv
Slide 13: Balance sheet highlights Q3 2020
Balance sheet highlights Q3 2020 Balance sheet composition NOK million · Book value of equity NOK 23.2 per share 7 000 - Equity ratio down to 35.4% due to dividend 6 000 Non-current assets · Changes from Q2 2020: 5 000 Equity - Inventories decreased by NOK 2m 4 000 - Trade and Other receivables incr
Slide 14: Inventories (property) Q3 2020
Inventories (property) Q3 2020 Q3 20 vs Q2 20 Inventory value development NOK million 170 111 124 136 · Land value down NOK 109m 183 2 560 - Mainly due to construction starts 3 078 · Work in progress up NOK 94m 2 433 2 855 3 172 - Mainly due to construction starts · Finished goods up NOK 13m 1 924 1
Slide 15: Debt structure
Debt structure Interest-bearing debt at 30.09.20 NOK million Drawn at 30.09.20 Interest rate Loan facility (NOKm) margin* Construction loan facilities from 1 1 833 1.75% - 2.60% a range of Nordic credit institutions 308 (Q2: 294) 2 Land loans Urban Property** 731 3.75%*** NOK 1 833 2 872 (Q2: 1 623)
Slide 16: 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 58% 53% 51% 739 770 739 613 655 610 613 655 567 530 567 520
Slide 17: 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 18: Project margin development
Project margin development NOK million 3 637 3 479 3 480 3 254 3 194 3 239 3 204 3 277 3 215 3 271 3 179 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% 24% 22% Q3 16 Q4 16 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 Q
Slide 19: Agenda
Agenda Highlights Operational and financial update Market Outlook and summary
Slide 20: Estimated completions in Oslo well below forecasted need
Estimated completions in Oslo well below forecasted need 5 000 4 000 Average number of Forecasted housing need of completions (2006-19): 3 400 units per year (medium growth) ~3 000 units 3 000 2 400 2 000 1 800 1 350 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020e 2021e 2022e Actual completion
Slide 21: Newbuild market update
Newbuild market update Oslo – 1.1.20 - 31.10.20 Viken ex. Buskerud and Østfold – 1.1.20 - 31.10.20 Units Units 1 744 2 387 840 1 687 3 450 2 807 1 736 889 Available Supplied to Sold Available Available Supplied to Sold Available 31.12.2019 market* 31.10.2020 31.12.2019 market* 31.10.2020 Source: SA
Slide 22: Newbuild market update
Newbuild market update Bergen – 1.1.20 - 31.10.20 Trondheim – 1.1.20 - 31.10.20 Stavanger & Sandnes – 1.1.20 - 31.10.20 Units Units Units 1 125 1 115 828 904 486 547 1 114 1 038 1 036 1 046 858 797 Available Supplied to Sold Available Available Supplied to Sold Available Available Supplied to Sold A
Slide 23: Oslo second-hand market update
Oslo second-hand market update Units sold 1.1 - 30.9, 2008-20 Inventory 10.10, 2008-20 Units Units 18 000 6 000 16 000 5 000 14 000 12 000 4 000 10 000 3 000 8 000 6 000 2 000 4 000 1 000 2 000 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2008 2009 2010 2011 2012 2013 2014 20
Slide 24: Bergen second-hand market update
Bergen second-hand market update Units sold 1.1 - 30.9, 2008-20 Inventory 10.10, 2008-20 Units Units 6 000 2 000 5 000 1 500 4 000 3 000 1 000 2 000 500 1 000 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source:
Slide 25: Trondheim second-hand market update
Trondheim second-hand market update Units sold 1.1 - 30.9, 2008-20 Inventory 10.10, 2008-20 Units Units 6 000 2 000 5 000 1 500 4 000 3 000 1 000 2 000 500 1 000 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Sour
Slide 26: Stavanger-area second-hand market update
Stavanger-area* second-hand market update Units sold 1.1 - 30.9, 2008-20 Inventory 10.10, 2008-20 Units Units 6 000 2 000 5 000 1 500 4 000 3 000 1 000 2 000 500 1 000 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 202
Slide 27: Price development Oslo 1.1-31.10, 2007-20
Price* development Oslo 1.1-31.10, 2007-20 20.1% 15.9% 11.1% 10.2% 9.0% 8.4% 7.8% 7.3% 7.3% 4.7% 0.3% -4.0% -5.8% -8.9% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: Eiendom Norge * Nominal price change 27
Slide 28: Solid H2 2020 pipeline
Solid H2 2020 pipeline Skårerbyen Plus | Greater Oslo Lørenskog stasjonsby | Greater Oslo Langhus 1405 | Greater Oslo · Serviced lifestyle apartments · Urban project next to indoor skiing resort · Attractive project in urban growth area · New product in competitive market · 1 500 units total, 500 bu
Slide 29: Selvaag Bolig Pluss - Housing with services and experiences
Selvaag Bolig Pluss - Housing with services and experiences · Expanded offering within existing large projects · Broadens the customer base · Speeds up development · Helps optimise the sales and income profile of each project · Creates more attractive neighborhoods · Skårerbyen Pluss well received ·
Slide 30: Upcoming projects 2021 to 2023
Upcoming projects 2021 to 2023 Sinsenveien | Oslo Lørenvangen | Oslo Fornebu | Greater-Oslo Bjerke | Oslo · ~350 units (50/50 JV) · ~160 units · ~1 800 units (50/50 JV) · ~1 200 units · Expected sales start: 2021 · Expected sales start: 2021/2022 · Expected sales start: 2024 · Expected sales start:
Slide 31: Agenda
Agenda Highlights Operational and financial update Market Outlook and summary
Slide 32: Outlook
Outlook · Continued positive market sentiment in Q4, especially in Greater Oslo · Attractive projects for sale in all the markets where we operate · Positioned with competitive housing offering, substantial capacity and a large land bank 32
Slide 33: Summary
Summary · Strong sales in turbulent market · Sales value of units under construction up NOK 330 million · Continued strong project margins · Well positioned with competitive housing offerings 33
Slide 34: Thank you for your attention – follow us online!
Thank you for your attention – follow us online! Next event: 4th quarter 2020 @SelvaagAksjen 17 February 2021
Slide 35: Appendix
Appendix Sow Ja am, ae re he oa
Slide 36: 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 36
Slide 37: Dividend policy
Dividend policy Selvaag Bolig’s ambition is to pay high and stable dividends to its owners. The company aims to pay dividends of minimum 40 per cent of net annual profit, paid in two instalments over the year. However, the size of the dividend will be weighed against the company’s liquidity forecast
Slide 38: Earnings and dividend per share since IPO
Earnings and dividend per share since IPO Accumulated dividend and earnings per share Earnings per share 43.74 • FY 2019 EPS of NOK 7.04 (6.14) Dividend per share 40.80* • FY 2019 DPS of NOK 3.50 (4.50) 31.14 24.10 • H1 2020 EPS of NOK 12.60 (2.08) 17.96 • H1 2020 DPS of NOK 3.00 (2.00) 15.80 13.61
Slide 39: Share information
Share information 4 000 3 500 3 000 · Total number of shares: 93.8 million # of shareholders 2 500 · Number of shareholders : 3 508 (3 571)* - 20 largest controlling 79.2% (78.7) 2 000 - Selvaag AS largest shareholder - 53.5% · Trading 1 500 - 5.0 million shares during the quarter (6.7) 1 000 - Shar
Slide 40: Largest shareholders at 30.9, 2020
Largest shareholders at 30.9, 2020 Shareholder # of shares % share SELVAAG AS 50 180 087 53.5% Skandinaviska Enskilda Banken AB * 6 966 632 7.4% Morgan Stanley & Co. Int. Plc. * 2 492 699 2.7% PARETO INVEST AS 2 065 624 2.2% VERDIPAPIRFONDET ALFRED BERG GAMBA 1 684 929 1.8% State Street Bank and Tru
Slide 41: Price development Norway and selected regions (2005-20)
Price development Norway and selected regions (2005-20) Price development (rebased 1.1.2005) 300 250 200 150 100 50 Norway Oslo Bergen Stavanger-area* Trondheim Source: Eiendomsverdi * Stavanger area includes: Randaberg, Sandnes, Sola, Stavanger 41
Slide 42: Regional price development 1.1-31.10, 2007-20
Regional price* development 1.1-31.10, 2007-20 Oslo Bergen 20.1% 15.9% 16.1% 10.2% 9.0% 11.1% 7.3% 7.8% 7.3% 8.4% 9.0% 9.3% 8.9% 9.3% 7.2% 7.8% 7.3% 7.0% 4.7% 6.3% 7.1% 5.7% 4.1% 0.3% -4.0% -2.9% -5.8% -8.9% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2007 2008 2009 2010 20
Slide 43: Increasing share of population growth in Oslo and Akershus
Increasing share of population growth in Oslo and Akershus 54% 55% 44% 42% 41% 39% 38% 24.7 % 34% 35% 34% 24.5 % 32% 24.3 % 24.2 % 24.0 % 23.9 % 23.6 % 23.7 % 23.5 % 23.3 % 23.1 % 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Share of total population in Oslo and Akershus Share of total pop
Slide 44: Addressing the long term housing need
Addressing the long term housing need · Nearly 60 000 homes over the last 70 years Trondheim · Housing for all 321 units · Focus on fast growing urban regions Bergen 751 units · Large projects with more than 150 units Greater-Oslo 9 168 units Stockholm Stavanger 125 units 993 units 44
Slide 45: Positioned to realize large projects in Norway's four largest growing urban areas
Positioned to realize large projects in Norway’s four largest growing urban areas Land-bank strategy Land bank exposure Geographical spread • Acquire the right mix of zoned and un-zoned land in suitable locations • Land acquisitions in defined core areas in co-operation with Urban Property • High de
Slide 46: Land bank in Oslo and Greater Oslo at 30.9.20
Land bank in Oslo and Greater Oslo at 30.9.20 Løren/Økern/Ensjø 451 units Lørenskog 2 182 units Bærum 2 218 units Sinsenveien 175 units Lørenskog Stasjonsby 724 units Avløs 504 units Lørenvangen 22 140 units Skårer bolig 870 units Ballerud 210 units Kjelsås 315 units Pottemakerveien 136 units LSV 30
Slide 47: Land bank in Stavanger area at 30.9.20
Land bank in Stavanger area at 30.9.20 Stavanger 292 units Lervig brygge 292 units Sola 232 units Jaasund 232 units 232 units 292 Stavanger units Sandnes 469 units Aase gård 74 units Sola Sandnes Vågen 360 units Luratoppen 35 units Sandnes 469 units 47 *The numbers are adjusted for Selvaag Bolig’s s
Slide 48: Land bank in Bergen, Trondheim and Stockholm at 30.9.20
Land bank in Bergen, Trondheim and Stockholm at 30.9.20 Trondheim 321 units Heimdal 29 units Haakon VII gate 4 292 units Sweden 321 units Stockholm 125 units Løvholmen 40 units Bergen 751 units Årsta 85 units Sandsliåsen 57 100 units Sandsliåsen 59 112 units Finland Sandsliåsen 46 150 units Norway T
Slide 49: Substantial portfolio for development
Substantial portfolio for development Total land bank portfolio at 30.9 2020 Units 6 445 11 350 4 905 Total land bank Options and obligations to acquire Land bank in balance sheet 49
Slide 50: Land bank book value vs. external valuation year end
Land bank book value vs. external valuation year end Q4 2017 Q4 2018 Q4 2019 NOK million NOK million 1 773 1 610 1 501 3 711 3 210 3 114 1 938 1 600 1 613 Book value Gap Valuation: 60 Book value Gap Valuation: 60 31.12.2018 Grader Book valaue Gap Valuation: 31.12.2017 Grader Næringsmegling 31.12.201
Slide 51: Q3 2020 proforma figures including proportionate share of JV
Q3 2020 proforma figures including proportionate share of JV Revenues and adjusted EBITDA margin* (IFRS) · 212 units delivered (243) NOK million - 18 units from share of JVs (46) · Revenues NOK 861 (1 045) 1 528 - Other revenues NOK 20m (26) · Project costs NOK 688m (713) 1 045 27% 861 - Of which NO
Slide 52: Income statement IFRS
Income statement IFRS (figures in NOK million) Q3 2020 Q3 2019 9M 2020 9M 2019 2019 Total operating revenues 706.1 810.0 1 350.7 1 954.4 3 368.8 Project expenses (562.0) (568.1) (1 032.7) (1 342.8) (2 279.5) Other operating expenses (61.7) (68.4) (176.0) (185.3) (274.1) Associated companies and join
Slide 53: Balance sheet
Balance sheet (figures in NOK million) Q3 2020 Q2 2020 Q3 2019 2019 Intangible assets 383.4 383.4 383.4 383.4 Property, plant and equipment 5.3 5.4 6.1 5.6 Investments in associated companies and joint ventures 398.6 378.8 418.7 430.3 Other non-current assets 236.2 254.3 496.6 280.4 Total non-curren
Slide 54: Cash flow statement
Cash flow statement (figures in NOK million) Q3 2020 Q3 2019 9M 2020 9M 2019 2019 Net cash flow from operating activities (266.8) 528.4 692.8 42.2 985.9 Net cash flow from investment activities 31.7 24.5 409.1 73.8 64.1 Net cash flow from financing activities (82.3) (664.5) (1 919.3) (284.8) (528.4)
Slide 55: Operational highlights – key operating figures
Operational highlights – key operating figures Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Units sold 159 140 164 142 178 Construction starts 174 248 15 31 196 Units completed 203 254 89 104 212 Units delivered 243 214 114 122 212 Units under construction 1 510 1 504 1 431 1 357 1 342 Proportion of sold units und
Slide 56: EBITDA Q3 2020
EBITDA Q3 2020 Property (figures in NOK million) development Other Total Operating revenues 692.1 14.9 707.0 Project expenses (492.2) (0.1) (492.2) Other operating expenses (10.2) (54.0) (64.2) EBITDA (percentage of completion) 189.7 (39.2) 150.6 Note: Construction costs are exclusive of financial e
Slide 57: EBITDA 9M 2020
EBITDA 9M 2020 Property (figures in NOK million) development Other Total Operating revenues 2 227.4 39.2 2 266.5 Project expenses (1 619.2) (0.5) (1 619.7) Other operating expenses (32.9) (150.5) (183.5) EBITDA (percentage of completion) 575.2 (111.8) 463.4 Note: Construction costs are exclusive of
Slide 58: Value of units sold - gross and net
Value of units sold - gross and net Sales value of units sold NOK million 1 393 1 314 1 320 1 234 209 1 104 1 031 914 920 870 849 862 861 859 788 710 696 660 487 443 1 130 1 183 1 106 394 999 840 910 764 693 751 771 756 705 696 633 690 632 614 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4
Slide 59: Number of units sold - gross and net
Number of units sold - gross and net Number of units sold Units 209 298 270 276 238 207 216 209 203 201 196 182 187 182 192 186 169 158 487 443 277 394 243 190 210 165 178 168 185 181 182 178 161 148 159 164 140 142 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19
Slide 60: 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 61: Total household debt and homeownership
Total household debt and homeownership 282% 239% 239% 223% 189% 145% 141% 140% 127% 121% 115% 107% 106% 95% 90% 87% 79% 79% 70% 90% 70% 72% 70% 75% 72% 72% 75% 75% 65% 63% 68% 60% 50% 50% 50% 50% 43% 35% Household debt in % of net disposable income (2019) Homeownership rate (2018) 61 Source: OECD, P
Slide 62: 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 63: Norway – relatively limited volatility
Norway – relatively limited volatility GDP growth 2013 - 2022e Unemployment 2013 - 2022e 10% 10% 8% 5% 6% 0% 2013 2014 2015 2016 2017 2018 2019 2020e 2021e 2022e 4% -5% 2% -10% 0% 2013 2014 2015 2016 2017 2018 2019 2020e 2021e 2022e Norway Sweden Denmark Germany UK Norway Sweden Denmark Germany UK P
Slide 64: Norway – moving back to normal through 2021
Norway – moving back to normal in through 2021 Real economy 2019 - 2023e Demand 2019 - 2023e 6% 10% 4% 5% 2% 0% 0% -2% -5% -4% -6% -10% 2019 2020e 2021e 2022e 2023e 2019 2020e 2021e 2022e 2023e GDP GDP mainland Unemployment rate Mainland demand Household consumption Housing investment Wages & dispos
Slide 65: 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 66: Historic general margin development through project stages
Historic general 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 1
Slide 67: Example project calculations before and after
Example project calculations before and after LAND OWNED BY URBAN 1 BOOK VALUE OF LAND 2 MARKET VALUE OF LAND 3 PROPERTY Figures for illustration purposes only MNOK % MNOK % MNOK % Sales revenue 348.5 100.0 % 348.5 100.0% 348.5 100.0% Construction cost 195.8 56.2 % 195.8 56.2% 195.8 56.2% Land cost
Slide 68: Project margin will somewhat deflate but higher IRR and less equity bound in land
Project margin will somewhat deflate* but higher IRR and less/no equity bound in land 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 marg
Slide 69: Balance sheet implications and effects of dividend
Balance sheet implications and effects of dividend Statements of financial position Reported Transaction Pro forma (figures in MNOK) Q4 2019 Sale Dividend Q4 2019 ASSETS Investments in associated companies and joint ventures 430 0 0 430 Loans to associated companies and joint ventures 130 -59 0 71 O
Slide 70: SELVAAG BOLIG
SELVAAG BOLIG