Selvaag Bolig Asa · OSL:SBO
Selvaag Bolig Asa — Q3 2024 Earnings Presentation
83 slides from Selvaag Bolig Asa's earnings presentation, Nov 7, 2024
Slide 1: Q3 2024
Q3 2024 Oslo, 7 November 2024 Sverre Molvik, CEO Christopher Brunvoll, CFO
Slide 2: Agenda
Agenda Highlights Operational update Financial update Market Summary 2
Slide 3: Highlights Q3 2024
Highlights Q3 2024 • Sold 100 homes valued at NOK 679m in Q3 · Sold 446 homes worth NOK 2.8bn in first 9 months • Earnings impacted by few deliveries • Increased number of units under construction, and expect further increase going forward 3
Slide 4: Key financials Q3 2024
Key financials Q3 2024 225 1.6 Operating revenues Adjusted EBITDA* margin NOK million Per cent 516 6.0 Operating revenues (NGAAP) EBITDA** margin (NGAAP) NOK million Per cent * EBITDA is profit before interest, taxes, depreciation and amortization. EBITDA adjusted is excluding financial expenses inc
Slide 5: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 6: Operational news
Operational news Construction • Construction costs stabilized, allowing for more sales starts moving forward costs - Several new contracts signed and more under negotiation • Fixed price contracts Land bank • Land plots in Stockholm. Allocations with low capital requirements: • Kolkajen: Potential f
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 Q4 125 760 679 178 100 Q3 83 531 479 6.7 6.8 Q2 77 6.2 6.0 5.5 Q1 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 2020 2021 2022 2023 9M 2024 Sales value of sold units Average price per unit Annual sales 683 822 448 360 44
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 3 355 3 154 604 2 210 573 2 108 1 796 435 437 385 511 534 5.9 5.8 6.2 6.3 360 383 5.7 316 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Total sales value Average price per unit
Slide 9: Construction starts and completions
Construction starts and completions Construction starts and completions per quarter Units 331 236 130 123 105 90 95 57 43 5 Q3 23 Q4 23 Q1 24 Q2 24 Q3 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 5 292 308 4 496 4 495 4 211 3 948 169 985 784 700 671 661 48 18 0 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Sales value of units under construction (NO
Slide 11: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 12: Income statement highlights Q3 2024 (IFRS)
Income statement highlights Q3 2024 (IFRS) Operating revenues (IFRS) · 54 units delivered (74) NOK million - 16 units from share of JVs (1) 1 247 · Revenues NOK 225m (437) - Other revenues NOK 18m (17) · Project costs NOK 169m (346) 628 620 - Of which NOK 14m is interest (18) 437 · Other costs NOK 6
Slide 13: Q3 2024 proforma figures including proportionate share of JV
Q3 2024 proforma figures including proportionate share of JV Operating revenues (IFRS) NOK million · 54 units delivered (74) · Revenues NOK 332 (441) 1 392 - Other revenues NOK 21m (20) 979 · Project costs NOK 276m (348) 868 - Of which NOK 23m is interest (18) 441 · Other costs NOK 64m (67) 332 · Ad
Slide 14: Income statement highlights Q3 2024 (NGAAP)
Income statement highlights Q3 2024 (NGAAP) Revenues and EBITDA margin (NGAAP)* 12 month-rolling revenues (NGAAP)* NOK million NOK million 2 231 603 2 114 2 153 2 105 2 166 565 547 516 451 11% 9% 8% 8% 8% 8% 8% 7% 7% 6% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024
Slide 15: Q3 2024 proforma figures including proportionate share of JV
Q3 2024 proforma figures including proportionate share of JV Revenues and EBITDA margin (NGAAP)* 12 month-rolling (NGAAP)* NOK million NOK million 825 2,949 2,846 2,692 2,744 2,740 728 707 689 586 12% 10% 10% 9% 10% 10% 10% 9% 9% 7% Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q3 2023 Q4 2024 Q1 2024 Q2
Slide 16: Cash flow development Q3 2024
Cash flow development Q3 2024 NOK million 9 150 118 199 189 25 25 21 Cash and cash Profit (loss) before Changes in Changes in trade Other changes in CF from investment Net change in Cash and cash equivalents at 30 income taxes inventories receivables working capital activities borrowings equivalents
Slide 17: Balance sheet highlights Q3 2024
Balance sheet highlights Q3 2024 Balance sheet composition NOK million · Book value of equity NOK 24.9 per share 5 000 4 751 4 751 - Equity ratio 49.4% 4 000 Non-current assets · Changes from Q2 2024: Equity - Inventories increased by NOK 173m 3 000 - Other current receivables reduced by NOK 3m - Ca
Slide 18: Inventories (property) Q3 2024
Inventories (property) Q3 2024 Q3 2024 vs Q2 2024 Inventory value development NOK million · Land value up NOK 4m 309 · Work in progress up NOK 386m 573 430 844 648 · Finished goods down NOK 218m 2 947 - Unsold completed units reduced by 32 to 87 1 959 2 038 1 462 1 652 - 23 sold and completed units,
Slide 19: Debt structure
Debt structure Interest-bearing debt at 30.9.24 Drawn at NOK million 30.09.24 Interest rate Loan facility (NOKm) margin* Construction loan facilities from 1 924 1.65% - 2.40% a range of Nordic credit institutions 2 Debt to Urban Property** 397 3.75%*** NOK Land loan facilities from a range of 3 34 1
Slide 20: Return on equity (IFRS)
Return on equity (IFRS) 12-month rolling net income (NOKm) ROE (%) 800 115% 700 586 95% 600 530 512 505 500 479 466 75% 400 366 55% 339 300 263 35% 241 245 235 239 200 24% 26% 182 15% 20% 21% 23% 19% 15% 14% 10% 10% 12 % 11% 8% 10% 100 -5% 0 -25% Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23
Slide 21: 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 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 4 000 Average number of completions (2012-23): (medium growth) ~2 900 units 3 000 3 183 2 000 2 094 1 925 ** 1 649 ** 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020
Slide 24: Estimated completions in Akershus
Estimated completions in Akershus Units 7 000 Forecasted housing need of ~5 700 units per year 6 000 (medium growth) Average # of completions (2012-23): 5 000 ~4 600 units 5 252 4 813 4 751** 4 585** 4 000 3 000 2 000 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024e 2025e 20
Slide 25: Estimated completions in Oslo and Akershus
Estimated completions in Oslo and Akershus Units Forecasted housing need of 10 000 ~9 000 units per year (medium growth) Average # of completions (2012-23): 8 000 ~7 600 units 6,907 6,400 6,510 6 000 4 000 2 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024e 2025e 2026e Actual c
Slide 26: Newbuild market update
Newbuild market update Oslo – 1.1–1.11, 2024 Akershus – 1.1–1.11, 2024 Units Units 2,840 2,669 1,055 1,131 3 436 3 607 1 037 961 Available Supplied to Sold* Available Available Supplied to Sold* Available 01.01.2024 market 01.11.2024 01.01.2024 market 01.11.2024 Source: Plot.ai * Including withdrawa
Slide 27: Newbuild market update
Newbuild market update Bergen – 1.1–1.11, 2024 Trondheim – 1.1–1.11, 2024 Stavanger area** – 1.1–1.11, 2024 Units Units Units 900 979 1,105 1,161 632 547 1 409 946 1 227 741 439 524 Available Supplied to Sold* Available Available Supplied to Sold* Available Available Supplied to Sold* Available 01.0
Slide 28: Regional Newbuild availability on 1 November, 2022-24
Regional Newbuild availability on 1 November, 2022-24 Units 4,000 3,000 2,000 3,607 1,409 1,000 961 946 524 0 Oslo Akershus* Bergen Trondheim Stavanger-area** 2022 2023 2024 Population*** 718 000 729 000 292 000 215 000 273 000 Available units per 1.3 4.9 1.8 6.6 3.5 1 000 capita 1.11.2024 Source: P
Slide 29: Regional Second-hand availability on 1 November, 2020-24
Regional Second-hand availability on 1 November, 2020-24 Units 3,500 3,000 2 850 2,500 2 330 2,000 1,500 1,000 968 500 655 416 0 Oslo Akershus Bergen Trondheim Stavanger* 2020 2021 2022 2023 2024 Population** 718 000 729 000 292 000 215 000 273 000 Available units per 3.2 3.9 2.2 4.5 1.5 1 000 capit
Slide 30: Regional YTD price development per 31 October, 2014-24
Regional YTD price* development per 31 October, 2014-24 Oslo Bergen 20.1% 12.5% 11.1% 9.6% 7.8% 8.4% 9.1% 8.6% 7.3% 4.7% 5.9% 2.4% 2.9% 2.9% 6.4% 4.6% 4.7% 4.9% 3.8% 3.2% 2.8% -8.9% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Trondhei
Slide 31: Regional price development October 2014-24
Regional price* development October 2014-24 Oslo Bergen Average price October 2024: NOK 94 308/sqm Average price October 2024: NOK 55 155/sqm 2.4% 1.0% 1.0% 1.2% 1.2% 0.8% 0.6% 0.1% 0.1% -0.2% -0.2% -0.3% -0.7% -0.8% -0.8% -0.6% -1.1% -1.3% -1.3% -1.4% -1.7% -2.4% 2014 2015 2016 2017 2018 2019 2020
Slide 32: 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 ~ 730 units
Slide 33: Selected upcoming projects
Selected upcoming projects Robust project pipeline to meet long term demand Fornebu (JV) | Greater Oslo Nacka | Stockholm Lilleaker | Oslo ~ 2 000 units ~150 Pluss units ~ 150 units ~500 Pluss units (2027) (2025) (2025) Lørenvangen | Oslo Mindemyren Torg (JV)| Bergen Hornsberg| Stockholm ~ 200 units
Slide 34: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 35: Outlook
Outlook • Housing shortage in Oslo, Akershus and Bergen gives favorable conditions for new housing • Selvaag Bolig is well-positioned with a robust land portfolio to capitalize on a recovering market, with interest rates trending downward • Expect to increase the number of homes under construction g
Slide 36: Summary
Summary • Sold 100 homes valued at NOK 679m in Q3 · Sold 446 homes worth NOK 2.8bn in first 9 months • Earnings impacted by few deliveries • Increased number of units under construction, and expect further increase going forward 36
Slide 37: Thank you for your attention – follow us online!
Thank you for your attention – follow us online! Next event: 4th quarter 2024 @SelvaagAksjen 12 February 2025
Slide 38: Appendix
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Slide 39: 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 40: 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 41: 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 41
Slide 42: 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 43: 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 44: 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 45: 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 46: 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 47: ~9 500 homes completed since IPO…
~9 500 homes completed since IPO… Units completed 9 537 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 9M 2024 Note: Completed ~50 000 units from 1948 to 2011. 47
Slide 48: …for a total value of NOK ~38 billion
…for a total value of NOK ~38 billion NOK billion 37.9 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 9M 2024 48
Slide 49: Project margin development
Project margin development NOK million 3 342 3 406 3 239 3 179 3 204 3 277 3 215 3 271 3 165 3 264 3 251 3 152 3 038 3 052 3 070 2 794 2 629 2 386 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
Slide 50: 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 276 684 655 656 636 179 526 127 0.37 0.40 0.38 74 0.63 0.35 0.34 0.26 0.39 0.31 54 -0.09 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q3 2023 Q4 2023 Q1 2024 Q2 20
Slide 51: 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 1 187 units Greater-Oslo 7 173 units · Focus on fast growing urban regions Stavanger Stockholm 1 047 units 537 units · Large projects with more than 150 units 51
Slide 52: 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 53: Oslo second-hand market update
Oslo second-hand market update Units sold 1.1 – 30.9, 2019-24 Inventory at 30.9, 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 53
Slide 54: Akershus second-hand market update
Akershus second-hand market update Units sold 1.1 – 30.9, 2019-24 Inventory at 30.9, 2019-24 Units Units 8 000 6 000 7 000 5 000 6 000 4 000 5 000 4 000 3 000 3 000 2 000 2 000 1 000 1 000 0 0 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Source: Eiendomsverdi. 54
Slide 55: Bergen second-hand market update
Bergen second-hand market update Units sold 1.1 – 30.9, 2019-24 Inventory at 30.9, 2019-24 Units Units 4 000 2 000 1 800 3 500 1 600 3 000 1 400 2 500 1 200 2 000 1 000 1 500 800 600 1 000 400 500 200 0 0 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Source: Eiendomsverdi. 55
Slide 56: Trondheim second-hand market update
Trondheim second-hand market update Units sold 1.1 – 30.9, 2019-24 Inventory at 30.9, 2019-24 Units Units 4 000 2 000 1 800 3 500 1 600 3 000 1 400 2 500 1 200 2 000 1 000 1 500 800 600 1 000 400 500 200 0 0 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Source: Eiendomsverdi. 56
Slide 57: Stavanger-area second-hand market update
Stavanger-area* second-hand market update Units sold 1.1 – 30.9, 2019-24 Inventory at 30.9, 2019-24 Units Units 4 000 2 000 1 800 3 500 1 600 3 000 1 400 2 500 1 200 2 000 1 000 1 500 800 600 1 000 400 500 200 0 0 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 Source: Eiendomsverdi. * I
Slide 58: Regional price development – October 2024
Regional price* development – October 2024 % chg. -1M Average Average price Area2 % chg -1M seasonal % chg YtD % chg -12m % chg -5Y % chg -10Y price/sqm (NOK) (NOK) adj. Oslo -0.2% 0.5% 5.9% 5.6% 27.1% 79.7% 94 308 5 887 849 Bergen 1.2% 1.8% 12.5% 10.7% 30.9% 42.5% 55 155 3 900 767 Trondheim -0.2% 0
Slide 59: Land bank in Oslo and Greater Oslo at 30.9.24
Land bank in Oslo and Greater Oslo at 30.9.24 Jessheim 102 units Lørenskog 1 358 units Bærum 1 208 units Gardermovegen 102 units Lørenskog Stasjonsby 632 units 102 Avløs 100 units units Skårer Bolig 206 units Ballerud 108 units LSV 400 units Løren 165 units Fornebu 900 units Pallplassen 120 units Lø
Slide 60: Land bank in Stavanger area at 30.9.24
Land bank in Stavanger area at 30.9.24 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 61: Land bank in Bergen, Trondheim and Stockholm at 30.9.24
Land bank in Bergen, Trondheim and Stockholm at 30.9.24 Trondheim 102 units Heimdal 42 units Sweden Haakon VII gate 4 60 units 102 units Bergen 1 187 units Sandsliåsen 59 58 units Stockholm 1 047 units Sandsliåsen 46 140 units Løvholmen 50 units Finland Sandsliåsen 55 70 units Norway Årsta 140 units
Slide 62: 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 63: 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 64: 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 65: 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 66: 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 60.5 59.1 Earnings per share 56.5 Dividend per share 52.9 52.80 54.80 54.80 Selvaag Bolig’s ambition is to pay high and 48.80 stable dividends to its owners 47.5 43.80 · The c
Slide 67: Substantial portfolio for development
Substantial portfolio for development Total land bank portfolio at 30.9.2024 Units 5 250 10 100 4 850 Total land bank Options and obligations to acquire Land bank in balance sheet 67
Slide 68: Value of units sold - gross and net
Value of units sold - gross and net Sales value of units sold NOK million 1,574 1,431 1,401 1,401 1,393 1,320 209 1,177 1,104 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 1 010 840 910 871 756 705 696 760 634 636 255 658 679 479 531 439 44
Slide 69: Number of units sold - gross and net
Number of units sold - gross and net Number of units sold Units 209 306 270 276 274 271 235 225 209 192 196 186 180 169 487 147 443 152 154 139 394 276 116 243 248 102 99 99 210 199 201 85 207 159 164 178 173 140 142 125 49 139 120 116 83 88 100 79 77 44 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4
Slide 70: Operational highlights – key operating figures
Operational highlights – key operating figures Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Antall solgte enheter 77 88 139 207 100 Antall igangsatte enheter 57 130 123 95 43 Antall ferdigstilte enheter 90 331 236 105 5 Antall ferdigstilte ikke solgte enheter 60 95 126 119 87 Antall ferdigstilte solgte ikke overle
Slide 71: Income statement IFRS
Income statement IFRS (figures in NOK million) Q3 2024 Q3 2023 9M 2024 9M 2023 2023 Total operating revenues 225.0 436.8 1 472.9 2 008.0 3 254.7 Project expenses (169.0) (345.9) (1 174.8) (1 634.3) (2 677.2) Other operating expenses (57.4) (59.7) (177.0) (172.8) (254.0) Associated companies and join
Slide 72: Balance sheet
Balance sheet (figures in NOK million) Q3 2024 Q2 2024 Q3 2023 2023 Intangible assets 383.4 383.4 383.4 383.4 Property, plant and equipment 8.7 12.2 10.0 9.8 Investments in associated companies and joint ventures 241.3 244.0 217.2 230.0 Other non-current assets 725.2 650.3 551.4 580.1 Total non-curr
Slide 73: Cash flow statement
Cash flow statement (figures in NOK million) 9M 2024 9M 2023 2023 Net cash flow from operating activities 133.9 381.7 1 196.6 Net cash flow from investment activities 1.2 (67.5) (45.3) Net cash flow from financing activities (212.4) (733.9) (1 497.5) Net change in cash and cash equivalents (77.4) (4
Slide 74: EBITDA Q3 2024
EBITDA Q3 2024 Property (figures in NOK million) development Other Total Operating revenues 498.3 17.6 515.9 Project expenses (425.4) 0.4 (425.0) Other operating expenses (9.7) (50.2) (59.9) EBITDA (percentage of completion) 63.2 (32.2) 31.0 Note: Construction costs are exclusive of financial expens
Slide 75: Share information as at 30.9
Share information as at 30.9 Number of shareholders 20 largest shareholders Shareholder # of shares % share SELVAAG AS 50 180 087 53,5% 8 000 Skandinav iska Enskilda Banken AB * 4 680 572 5,0% PERESTROI KA AS 3 443 837 3,7% VERDI PAPI RFONDET ALFRED BERG GAMBA 3 266 051 3,5% · Total number of shares
Slide 76: 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 77: 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 78: Price development Norway and selected regions (2005-23)
Price development Norway and selected regions (2005-23) Price development (rebased 1.1.2005) 350 300 50 00 50 00 50 0 005 00 00 008 009 0 0 0 0 0 3 0 0 5 0 0 0 8 0 9 0 0 0 0 0 3 0 Bergen Norge Oslo Stavanger m omegn Trondheim Source: Eiendomsverdi. * Stavanger area includes: Randaberg, Sandnes, Sola
Slide 79: 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 80: 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 81: 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 82: Healthy macroeconomics
Healthy macroeconomics Real economy 2020 - 2027e Demand 2020 - 2027e 6% 15% 10% 4% 5% 2% 0% 0% -5% -10% -2% -15% -4% -20% 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 investmen
Slide 83: SELVAAG BOLIG
SELVAAG BOLIG