Slide 1: Q2 2023
Q2 2023 Oslo, 10 August 2023 Sverre Molvik, CEO Christopher Brunvoll, CFO
Slide 2: Agenda
Agenda Highlights Operational update Financial update Market Summary 2
Slide 3: Highlights
Highlights · Stronger sales than second half of last year · Satisfactory result considering challenging market conditions · Acquired new land in Stockholm for 175 units in Q2, land bank increased by 1 000+ units year to date · Introducing first CITY*-project in Stockholm · Dividend of NOK 1.00 per s
Slide 4: Key financials Q2 and H1 2023
Key financials Q2 and H1 2023 Q2 2023 First half 2023 837 11.4 1 571 13.1 Operating revenues Operating revenues Adjusted EBITDA* margin Adjusted EBITDA* margin NOK million NOK million Per cent Per cent 542 10.0 1 137 11.1 Operating revenues (NGAAP) EBITDA** margin (NGAAP) Operating revenues (NGAAP)
Slide 5: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 6: Operational news
Operational news • Risk-minimizing sales model - Minimum presale of 60% before construction start Operating - Fixed construction cost secured for all units under construction model • Temporary adjustment to operating model, adapting to market uncertainty - Additional contractual reservation: Constru
Slide 7: New land plot in Stockholm for new urban living concept
New land plot in Stockholm for new urban living concept ~175 units with attractive location at Hornsberg on Kungsholmen CITY – A Selvaag Pluss Concept • Urban compact living for all ages • Improved economics for individuals and society - Lower BOA reduce entry-cost – Less for more - Shared facilitie
Slide 8: Sales value and units sold
Sales value and units sold Sales value Number of units sold per quarter NOK million Units 658 636 Q4 439 Q3 210 173 220 Q2 440 120 142 79 Q1 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 2019 2020 2021 2022 2023 Sales value of sold units Units completed Annual sales 752 683 822 448 196 Note: Sales value is adjusted
Slide 9: 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 3 568 3 373 863 818 2 328 561 1 953 1 757 442 402 5,7 5,6 5,3 5,3 5,0 722 680 448 363 322 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Total sales value Sales value per unit s
Slide 10: Construction starts and completions
Construction starts and completions Construction starts and completions per quarter Units 210 190 160 161 162 142 146 83 68 5 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Construction starts Units completed Note: Number of units are adjusted for Selvaag Bolig’s share in joint ventures. 10
Slide 11: Units under construction and completions
Units under construction and completions Sales value units under construction Expected completions per quarter NOK million Units 6 807 331 6 225 6 408 5 641 5 458 214 1 342 1 268 1 253 1 097 1 018 127 90 5 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Sales value of units under constru
Slide 12: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 13: Income statement highlights Q2 2023 (IFRS)
Income statement highlights Q2 2023 (IFRS) Operating revenues (IFRS) · 155 units delivered (217) NOK million - 1 unit from share of JVs (69) · Revenues NOK 837m (966) 966 905 837 - Other revenues NOK 17m (18) 734 669 · Project costs NOK 709m (804) - Of which NOK 29m is interest (27) · Other costs NO
Slide 14: Q2 2023 proforma figures including proportionate share of JV
Q2 2023 proforma figures including proportionate share of JV Operating revenues (IFRS) NOK million · 155 units delivered (217) · Revenues NOK 841 (1 420) 1 420 - Other revenues NOK 19m (20) · Project costs NOK 710m (1 117) 914 841 785 - Of which NOK 29m is interest (37) 674 · Other costs NOK 65m (69
Slide 15: Income statement highlights H1 2023 (IFRS)
Income statement highlights H1 2023 (IFRS) Operating revenues (IFRS) NOK million · 305 units delivered (294) 2 441 - 14 units from share of JVs (70) · Revenues NOK 1 571m (1 322) 1 574 1 571 - Other revenues NOK 34m (32) 1 322 962 · Adjusted EBITDA* NOK 205m (293) · EBITDA* NOK 154m (258) · EPS in H
Slide 16: H1 2023 proforma figures including proportionate share of JV
H1 2023 proforma figures including proportionate share of JV Operating revenues (IFRS) NOK million · 305 units delivered (294) 3 018 - 14 units from share of JVs (70) · Revenues NOK 1 626m (1 781) 1 781 1 589 1 626 - Other revenues NOK 38m (36) 1 281 · Adjusted EBITDA** NOK 210m (235) · EBITDA* NOK
Slide 17: Income statement highlights Q2 2023 (NGAAP)
Income statement highlights Q2 2023 (NGAAP) Revenues and EBITDA margin (NGAAP)* 12 month-rolling revenues (NGAAP)* NOK million NOK million 788 3 111 3 126 784 2 856 2 693 2 451 595 526 542 13% 13% 14% 13% 13% 12% 12% 13% 12% 10% Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q2 2022 Q3 2022 Q4 2022 Q1 2023
Slide 18: Cash flow development Q2 2023
Cash flow development Q2 2023 NOK million - 218 315 -77 67 -187 70 411 392 Cash and cash Profit (loss) before Changes in Changes in trade Other changes in Net change in Dividends paid to Cash and cash equivalents at income taxes inventories receivables working capital borrowings equity holders of eq
Slide 19: Balance sheet highlights Q2 2023
Balance sheet highlights Q2 2023 Balance sheet composition NOK million · Book value of equity NOK 24.2 per share 6 000 5 721 5 721 - Equity ratio 39.9% 5 000 Non-current assets · Changes from Q1 2023: Equity - Inventories decreased by NOK 283m 4 000 - Trade and other receivables increased by 3 000 N
Slide 20: Inventories (property) Q2 2023
Inventories (property) Q2 2023 Q1 2023 vs Q2 2023 Inventory value development NOK million 170 148 119 130 · Land value down NOK 38m 231 · Work in progress down NOK 328m 3 154 3 189 3 384 - Mainly due to high number of units 3 288 2 960 completed and fewer construction starts · Finished goods up NOK
Slide 21: Debt structure
Debt structure Interest-bearing debt at 30.6.23 Drawn at NOK million 30.6.23 Interest rate Loan facility (NOKm) margin* Construction loan facilities from 1 1 750 1.65% - 2.40% a range of Nordic credit institutions 2 Debt to Urban Property** 487 3.75%*** NOK 1 750 Land loan facilities from a range of
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 57,8 56,5 Earnings per share Dividend per share 52,9 52,80 53,80 Selvaag Bolig’s ambition is to pay high and 47.5 48,80 stable dividends to its owners 43.80 · The company aims
Slide 23: 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 770 739 655 613 610 567 586 520 530 530 512 495 505 471 479 466 366 366 339 27% 25% 24% 26% 20% 22% 21% 20% 20% 21% 23% 241 18% 17% 19% 19% 14% 15% 14% 15% 10% Q3 18 Q4 18 Q1 19
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 ~3 300 units per year Average number of (medium growth) 4 000 completions (2012-22): ~2 900 units 3 000 3 000 2 725** 2 000 1 875 2 000 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 202
Slide 26: 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 5 923 5 950** completions (2012-22): 5 775 5 000 ~4 600 units 4 725** 4 000 3 000 2 000 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023e 2024e 2025e
Slide 27: Newbuild market update
Newbuild market update Oslo – 1.1–1.8, 2023 Akershus – 1.1–1.8, 2023 Units Units 1 388 1 595 495 653 3 461 3 254 1 192 1 034 Available Supplied to Sold* Available Available Supplied to Sold* Available 01.01.2023 market 01.08.2023 01.01.2023 market 01.08.2023 Source: Hawii analyse. * Including withdr
Slide 28: Newbuild market update
Newbuild market update Bergen – 1.1–1.8, 2023 Trondheim – 1.1–1.8, 2023 Stavanger area** – 1.1–1.8, 2023 Units Units Units 637 824 521 607 160 372 1 054 867 702 656 563 444 Available Supplied to Sold* Available Available Supplied to Sold* Available Available Supplied to Sold* Available 01.01.2023 ma
Slide 29: Regional Newbuild availability on 1 August, 2021-23
Regional Newbuild availability on 1 August, 2021-23 Units 4 000 3 000 2 000 3 254 1 000 1 034 1 054 616 444 0 Oslo Akershus* Bergen Trondheim Stavanger-area** 2021 2022 2023 Population*** 709 000 699 700 289 300 212 700 268 500 Available units per 1.5 4.7 1.5 5.0 2.3 1 000 capita 1.8.2023 Source: Ha
Slide 30: Regional Second-hand availability on 1 August, 2021-23
Regional Second-hand availability on 1 August, 2021-23 Units 2 500 2 000 2 053 2 001 1 500 1 000 798 699 500 383 0 Oslo Akershus* Bergen Trondheim Stavanger-area** 2018 2019 2020 2021 2022 2023 Population*** 709 000 699 700 289 300 212 700 268 500 Available units per 2.8 2.9 2.8 3.3 1.4 1 000 capita
Slide 31: Regional price development 1.1-31.7, 2013-23
Regional price development 1.1-31.7, 2013-23 Oslo Bergen Average price July 2023: NOK 93 803/sqm Average price July 2023: NOK 54 955/sqm 17,1% 11,0% 9,7% 9,8% 8,1% 6,8% 5,4% 5,4% 8,0% 3,1% 7,2% 6,5% 0,5% 4,2% 2,7% 1,9% 2,3% 1,1% 1,4% -6,4% -1,4% -2,0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 202
Slide 32: Regional price development July, 2013-23
Regional price* development July, 2013-23 Oslo Bergen 6,1% 4,0% 2,2% 1,9% 2,4% 1,3% 1,2% 1,0% 1,3% 1,1% 0,7% 0,5% 0,6% 0,7% 0,5% 0,8% 0,8% 0,0% -0,2% -0,1% -1,4% -3,1% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Trondheim Stavanger-ar
Slide 33: Market outlook
Market outlook · Housing shortage in Oslo area provides favorable conditions for new housing · Increased viewing activity and positive sales development so far in H1 2023 · Expecting reduction in construction cost going forward · Well positioned for market recovery · 350 units for sale at 1 August 2
Slide 34: Selected ongoing projects
Selected ongoing projects Lørenskog stasjonsby ~ 2 000 units total ~ 200 Pluss units ~ 800 units remaining for sale Skårerbyen ~ 1 100 units total ~ 250 Pluss units ~ 400 units remaining for sale Trondheim Landås ~ 650 units total ~ 400 Pluss units ~ 450 units remaining for sale Bergen Greater-Oslo
Slide 35: Selected ongoing projects
Selected ongoing projects Ringve Pluss ~ 600 units total (JV) ~ 400 Pluss units ~ 500 units remaining for sale Sandsli ~ 1 150 units total ~ 500 Pluss units ~ 1000 units remaining for sale Trondheim Lervig Brygge ~ 800 units total ~ 200 Pluss units ~ 150 units remaining for sale Bergen Greater-Oslo
Slide 36: Selected upcoming projects
Selected upcoming projects Robust project pipeline to meet long term demand Ballerud Lørenvangen Hornsberg Bjerke Greater Oslo Oslo Stockholm Oslo ~ 160 units ~ 200 units ~175 CITY units ~ 1 500 units ~300 Pluss units Solheimsvatnet Pluss (JV) Fredrikstad (JV) Jessheim (JV) Nacka Bergen Greater Oslo
Slide 37: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 38: Summary
Summary · Stronger sales than second half of last year · Satisfactory result considering challenging market conditions · Acquired new land in Stockholm for 175 units in Q2, land bank increased by 1 000+ units year to date · Introducing first CITY*-project in Stockholm · Dividend of NOK 1.00 per shar
Slide 39: Thank you for your attention – follow us online!
Thank you for your attention – follow us online! Next event: 3rd quarter 2023 @SelvaagAksjen 9 November 2023
Slide 40: Appendix
Appendix
Slide 41: Estimated completions in Oslo and Akershus
Estimated completions in Oslo and Akershus* Units 11 000 Forecasted housing need of ~8 700 units per year 10 000 (medium growth) 9 000 8 780 8 680 Average # of completions (2012-21): ~7 500 units 5 923 8 000 6 750*** 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019
Slide 42: 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 43: Share performance since IPO in June 2012
Share performance since IPO in June 2012 NOK 70 60 50 40 30 20 0.5 1.2 0.7 0.8 0.6 0.9 1.2 1.8 2.0 2.5 2.0 22.0 3.0 2.0 3.0 2.0 2.0 2.0 0 0 0 0 5 5 0 0 0 0 0 0 0 0 0 0 0 0 10 0 y -12 g-12 v-12 b-13 y -13 g-13 v-13 b-14 y -14 g-14 v-14 b-15 y -15 g-15 v-15 b-16 y -16 g-16 v-16 b-17 y -17 g-17 v-17 b-
Slide 44: Share information
Share information Number of shareholders 7 000 6 000 · Total number of shares: 93.8 million · Number of shareholders: 6 370 (6 049)* 5 000 - 20 largest controlling 79.0% (81.3) 4 000 - Selvaag AS largest shareholder - 53.5% · Trading 3 000 - 2.9 million shares during the quarter (9.3), 2.9% 2 000 of
Slide 45: Largest shareholders at 30.6.2023
Largest shareholders at 30.6.2023 Shareholder # of shares % share SELVAAG AS 50 180 087 53.5% PARETO INVEST NORGE AS 4 671 772 5.0% VERDIPAPIRFONDET ALFRED BERG GAMBA 3 266 051 3.5% The Northern Trust Comp, London Br * 2 186 000 2.3% JPMorgan Chase Bank, N.A., London * 1 911 395 2.0% SANDEN EQUITY A
Slide 46: 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 47: 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 48: Oslo second-hand market update
Oslo second-hand market update Units sold 1.1 - 30.6, 2013-23 Inventory at 30.6, 2013-23 Units Units 12 000 6 000 10 000 5 000 8 000 4 000 6 000 3 000 4 000 2 000 2 000 1 000 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: Eie
Slide 49: Akershus second-hand market update
Akershus* second-hand market update Units sold 1.1 - 30.6, 2013-23 Inventory at 30.6, 2013-23 Units Units 8 000 4 000 6 000 3 000 4 000 2 000 2 000 1 000 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: Eiendomsverdi. * Akershu
Slide 50: Bergen second-hand market update
Bergen second-hand market update Units sold 1.1 - 30.6, 2013-23 Inventory at 30.6, 2013-23 Units Units 4 000 2 000 3 000 1 500 2 000 1 000 1 000 500 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: Eiendomsverdi. 50
Slide 51: Trondheim second-hand market update
Trondheim second-hand market update Units sold 1.1 - 30.6, 2013-23 Inventory at 30.6, 2013-23 Units Units 4 000 2 000 3 000 1 500 2 000 1 000 1 000 500 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: Eiendomsverdi. 51
Slide 52: Stavanger-area second-hand market update
Stavanger-area* second-hand market update Units sold 1.1 - 30.6, 2013-23 Inventory at 30.6, 2013-23 Units Units 4 000 2 000 3 000 1 500 2 000 1 000 1 000 500 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: Eiendomsverdi. * Inc
Slide 53: Regional price development – July 2023
Regional price* development – July 2023 % chg. -1M Average Average price Area % chg -1M seasonal % chg YtD % chg -12m % chg -5Y % chg -10Y price/sqm (NOK) (NOK) adj. Oslo 0.7% 0.5% 6.8% 0.5% 27.0% 85.6% 93 803 5 752 332 Bergen -3.1% -2.9% 4.2% -3.7% 16.9% 36.0% 54 955 3 611 980 Trondheim -2.3% -0.4%
Slide 54: Land bank in Oslo and Greater Oslo at 30.6.23
Land bank in Oslo and Greater Oslo at 30.6.23 Jessheim 102 units Lørenskog 1 576 units Bærum 1 783 units Gardermovegen 102 units Lørenskog Stasjonsby 613 units 102 Avløs 400 units units Skårer Bolig 325 units Ballerud 160 units LSV 500 units Løren 150 units Eyvind Lyches vei 123 units Pallplassen 13
Slide 55: Land bank in Stavanger area at 30.6.23
Land bank in Stavanger area at 30.6.23 Stavanger 174 units Lervig brygge 174 units Sola 154 units 154 Jaasund 154 units units 174 Stavanger units Sandnes 336 units Aase gård 36 units Sandnes Vågen 300 units Sola Sandnes 336 units *The numbers are adjusted for Selvaag Bolig’s share in joint ventures
Slide 56: Land bank in Bergen, Trondheim and Stockholm at 30.6.23
Land bank in Bergen, Trondheim and Stockholm at 30.6.23 Trondheim 267 units Heimdal 42 units Sweden Haakon VII gate 4 225 units 267 units Bergen 1 158 units Sandsliåsen 59 64 units Stockholm 918 units Sandsliåsen 46 150 units Løvholmen 50 units Finland Sandslihaugen 30 600 units Norway Årsta 150 uni
Slide 57: 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 58: 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 59: 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 60: 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 61: 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 3 070 2 929 2 794 2 586 2 629 2 386 28% 29% 28% 27% 26% 26% 27% 26% 26% 25% 24% 23% 21% 20% 20% 19% 19% 19% 19% 19% Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q
Slide 62: Substantial portfolio for development
Substantial portfolio for development Total land bank portfolio at 30.6.2023 Units 5 250 11 250 6 000 Total land bank Options and obligations to acquire Land bank in balance sheet 62
Slide 63: Valuation of remaining land bank
Valuation of remaining land bank* NOK million 502 1 218 716 Book value at 30.11.2022 Gap Valuation Nov 2022 (60 Grader Næringsmegling) * SBO land bank not included in the UP transaction 63
Slide 64: 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 1 031 914 920 927 861 859 874 731 753 660 487 443 1 242 1 265 554394 564 1 183 1 106 1 033 1 010 840 910 871 771 756 705 696 614 634 636 255 658 439 440 220 Q3 18 Q4 18 Q1 19 Q2 19
Slide 65: Number of units sold - gross and net
Number of units sold - gross and net Number of units sold Units 209 306 270 276 274 271 225 201 209 192 196 186 180 169 487 158 443 152 147 139 394 276 243 248 102 99 210 199 201 182 164 178 173 148 159 140 142 125 120 49 116 83 79 44 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21
Slide 66: Income statement IFRS
Income statement IFRS (figures in NOK million) Q2 2023 Q2 2022 1H 2023 1H 2022 2022 Total operating revenues 836.9 965.9 1,571.1 1,322.2 2,896.4 Project expenses (708.6) (804.1) (1,288.5) (1,057.2) (2,313.7) Other operating expenses (55.2) (57.2) (113.1) (103.5) (236.3) Associated companies and join
Slide 67: Balance sheet
Balance sheet (figures in NOK million) Q2 2023 Q1 2023 2022 Intangible assets 383.4 383.4 383.4 Property, plant and equipment 9.9 9.6 8.2 Investments in associated companies and joint ventures 219.0 231.5 234.7 Other non-current assets 500.1 435.1 345.3 Total non-current assets 1,112.4 1,059.5 971.6
Slide 68: Cash flow statement
Cash flow statement (figures in NOK million) 1H 2023 1H 2022 2022 Net cash flow from operating activities 137.9 (11.0) 63.4 Net cash flow from investment activities (57.4) 131.2 239.8 Net cash flow from financing activities (301.3) 61.9 (218.0) Net change in cash and cash equivalents (220.9) 182.1 8
Slide 69: Operational highlights – key operating figures
Operational highlights – key operating figures Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Units sold 120 83 44 116 79 Construction starts 190 68 146 5 83 Units completed 210 142 160 161 162 Units delivered 217 144 147 150 155 Units under construction 1,342 1,268 1,253 1,097 1,018 Proportion of sold units under c
Slide 70: EBITDA Q2 2023
EBITDA Q2 2023 Property (figures in NOK million) development Other Total Operating revenues 525.2 16.4 541.6 Project expenses (429.9) (0.4) (430.3) Other operating expenses (10.2) (47.1) (57.3) EBITDA (percentage of completion) 85.2 (31.1) 54.0 Note: Construction costs are exclusive of financial exp
Slide 71: 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 72: Total household debt and homeownership
Total household debt and homeownership 246% 244% 228% 222% 92% 81% 201% 81% 79% 77% 75% 75% 71% 71% 72% 69% 69% 65% 65% 64% 59% 154% 148% 55% 50% 127% 125% 124% 42% 118% 107% 99% 98% 93% 91% 82% 81% 77% y * s n m e * ic l lic a nd * rk e y a en * ga nd ly UK nd nd an a ai ec nc tri ni a bl iu ub Ita
Slide 73: Price development Norway and selected regions (2005-23)
73 Ja 50 100 150 200 250 300 350 n- 05 Ju l- 0 Ja 5 n- 06 Ju l- 0 Source: Eiendomsverdi. Ja 6 n- 07 Ju l- 0 Ja 7 n- 08 Ju l- 0 Ja 8 n- 09 Ju l- 0 Ja 9 n- 10 Ju * Stavanger area includes: Randaberg, Sandnes, Sola, Stavanger. l- 1 Ja 0 n- 11 Norway Ju l- 1 Ja 1 Price development (rebased 1.1.2005) n-
Slide 74: Population growth in Oslo and Akershus remains high
Population growth in Oslo and Akershus remains high 171% 25,7 % 25,3 % 25,4 % 25,3 % 25,1 % 24,8 % 24,9 % 24,6 % 24,5 % 24,2 % 24,3 % 24,0 % 23,7 % 23,9 % 55% 55% 43% 42% 45% 46% 38% 40% 35% 35% 33% 35% 18% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Share of total populati
Slide 75: 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 76: 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% 2019 2020 2021 2022 2023e 2024e 2019 2020 2021 2022 2023e 2024e Norway Sweden Denmark Germany UK Norway Sweden Denmark Germany UK Population growth 2022 - 2030e and 2040e In
Slide 77: Healthy macroeconomics
Healthy macroeconomics Real economy 2020 - 2026e Demand 2020 - 2026e 6% 10% 4% 5% 2% 0% 0% -5% -2% -10% -4% -15% 2020 2021 2022 2023e 2024e 2025e 2026e 2020 2021 2022 2023e 2024e 2025e 2025e GDP GDP mainland Unemployment rate Mainland demand Household consumption Housing investment Wages & disposabl
Slide 78: SELVAAG BOLIG
SELVAAG BOLIG