Selvaag Bolig Asa · OSL:SBO
Selvaag Bolig Asa — Q1 2024 Earnings Presentation
83 slides from Selvaag Bolig Asa's earnings presentation, May 22, 2024
Slide 1: Q1 2024
Q1 2024 Oslo, 22 May 2024 Sverre Molvik, CEO Christopher Brunvoll, CFO
Slide 2: Agenda
Agenda Highlights Operational update Financial update Market Summary 2
Slide 3: Highlights Q1 2024
Highlights Q1 2024 · Q1 sales highest since Q1 2022 · Strong secondhand market and inventory dropping · Solid results at NOK 0.60 per share, considering challenging market conditions and continued high construction costs · Construction cost level allows for more sales starts moving forward 3
Slide 4: Key financials Q1 2024
Key financials Q1 2024 628 16.9 Operating revenues Adjusted EBITDA* margin NOK million Per cent 547 8.2 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 in
Slide 5: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 6: Operational news
Operational news • Construction costs stabilized, allowing more sales starts moving forward Construction - New contracts signed at Kanaltunet (Stavanger), Mathildetunet (Lørenskog) and Ballerud (Bærum) costs - More contracts are being negotiated - Regional variations • Sales started projects with a
Slide 7: Sales value and units sold
Sales value and units sold Sales value Number of units sold per quarter NOK million Units 760 658 Q4 531 479 440 Q3 Q2 6.2 6.0 5.7 5.6 5.5 248 Q1 164 201 116 139 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 2020 2021 2022 2023 2024 Sales value of sold units Average price per unit Annual sales 683 822 448 360 Note:
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 2 210 2 108 1 953 1 757 1 796 442 435 437 402 385 5.7 5.9 5.8 5.4 5.5 363 360 383 322 316 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Total sales value Sales value per unit s
Slide 9: Construction starts and completions
Construction starts and completions Construction starts and completions per quarter Units 331 236 161 162 130 123 83 90 57 5 Q1 23 Q2 23 Q3 23 Q4 23 Q1 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 5 641 5 458 5 292 4 496 3 948 169 1 097 1 018 985 784 105 671 18 5 0 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Sales value of units under construction
Slide 11: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 12: Income statement highlights Q1 2024 (IFRS)
Income statement highlights Q1 2024 (IFRS) Operating revenues (IFRS) · 179 units delivered (150) NOK million - 52 units from share of JVs (13) 1 247 · Revenues NOK 628m (734) - Other revenues NOK 16m (17) 837 734 · Project costs NOK 516m (580) 628 - Of which NOK 38m interest (22) 437 · Other costs N
Slide 13: Q1 2024 proforma figures including proportionate share of JV
Q1 2024 proforma figures including proportionate share of JV Operating revenues (IFRS) NOK million · 179 units delivered (150) · Revenues NOK 868 (785) 1 392 - Other revenues NOK 18m (19) · Project costs NOK 725m (634) 841 868 785 - Of which NOK 56m is interest (24) 441 · Other costs NOK 68m (66) ·
Slide 14: Income statement highlights Q1 2024 (NGAAP)
Income statement highlights Q1 2024 (NGAAP) Revenues and EBITDA margin (NGAAP)* 12 month-rolling revenues (NGAAP)* NOK million NOK million 2 693 595 565 2 451 542 547 2 114 2 153 2 105 451 12% 13% 12% 11% 10% 9% 8% 8% 8% 7% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2
Slide 15: Cash flow development Q1 2024
Cash flow development Q1 2024 NOK million -112 251 -233 67 267 208 Cash and cash Profit (loss) before income Changes in inventories Other changes in working Net change in borrowings Cash and cash equivalents at 31 taxes (property) capital equivalents at 31 March December 2023 · Cash flow from operat
Slide 16: Balance sheet highlights Q1 2024
Balance sheet highlights Q1 2024 Balance sheet composition NOK million · Book value of equity NOK 25.1 per share 5 000 - Equity ratio 52.6% 4 495 4 495 Non-current assets · Changes from Q4 2023: 4 000 Equity - Inventories decreased by NOK 232m 3 000 - Other current receivables increased by NOK 20m 2
Slide 17: Inventories (property) Q1 2024
Inventories (property) Q1 2024 Q1 2024 vs Q4 2023 Inventory value development NOK million · Land value down NOK 5m 170 148 148 · Work in progress down NOK 497m - Due to high number of completions 573 3 384 844 · Finished goods up NOK 270m 3 288 3 288 1 959 - Up from 95 to 126 unsold completed units
Slide 18: Debt structure
Debt structure Interest-bearing debt at 31.03.24 Drawn at NOK million 31.03.24 Interest rate Loan facility (NOKm) margin* Construction loan facilities from 1 667 1.65% - 2.40% a range of Nordic credit institutions 2 Debt to Urban Property** 435 3.75%*** 435 NOK Land loan facilities from a range of 3
Slide 19: Return on equity (IFRS)
Return on equity (IFRS) 12-month rolling net income (NOKm) ROE (%) 600 586 530 115% 505 512 500 471 479 466 95% 400 366 75% 339 300 55% 241 245 235 35% 200 182 24% 26% 23% 15% 19% 20% 21% 19% 100 14% 15% 10% 8% 10% 10% -5% 0 -25% Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 2
Slide 20: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 21: 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 (2012-23): ~2 900 units 3 000 3 183 2 000 2 314 1 916** 1 680** 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2
Slide 22: Estimated completions in Akershus
Estimated completions in Akershus Units Forecasted housing need of ~5 700 units per year 7 000 (medium growth) 6 000 Average # of completions (2012-23): 5 810 ~4 700 units 5 000 5 252 4 576** 4 000 4 399** 3 000 2 000 1 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024e 2025e 20
Slide 23: Estimated completions in Oslo and Akershus
Estimated completions in Oslo and Akershus Units Forecasted housing need of 10 000 ~8 700 units per year (medium growth) 8 435 Average # of completions (2012-23): 8 124 8 000 ~7 500 units 6 492** 6 079 6 000 4 000 2 000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024e 2025e 2026e
Slide 24: Newbuild market update
Newbuild market update Oslo – 1.1–1.5, 2024 Akershus – 1.1–1.5, 2024 Units Units 0 1,012 1 463 3 436 2 985 464 508 1 037 993 Available Supplied to Sold* Available Available Supplied to Sold* Available 01.01.2024 market 01.05.2024 01.01.2024 market 01.05.2024 Source: Hawii analyse. * Including withdr
Slide 25: Newbuild market update
Newbuild market update Bergen – 1.1–1.5, 2024 Trondheim – 1.1–1.5, 2024 Stavanger area** – 1.1–1.5, 2024 Units Units Units 442 625 407 476 1 410 1 227 242 218 741 672 439 463 Available Supplied to Sold* Available Available Supplied to Sold* Available Available Supplied to Sold* Available 01.01.2024
Slide 26: Regional Newbuild availability on 1 May, 2022-24
Regional Newbuild availability on 1 May, 2022-24 Units 4,000 3,000 2 985 2,000 1 410 1,000 993 672 463 0 Oslo Akershus* Bergen Trondheim Stavanger-area** 2022 2023 2024 Population** 718 000 729 000 292 000 215 000 273 000 Available units per 1.4 4.1 1.6 6.6 2.4 1 000 capita Source: Hawii analyse. *
Slide 27: Regional Second-hand availability on 16 May, 2019-24
Regional Second-hand availability on 16 May, 2019-24 Units 2,500 2,000 2 048 1 862 1,500 1,000 883 500 643 478 0 Oslo Akershus Bergen Trondheim Stavanger* 2019 2020 2021 2022 2023 2024 Population** 718 000 729 000 292 000 215 000 273 000 Available units per 2.6 2.8 2.2 4.1 1.8 1 000 capita Source: E
Slide 28: Regional price development April, 2020-24
Regional price* development April, 2020-24 Oslo Bergen Average price April 2024: NOK 95 761/sqm Average price April 2024: NOK 54 712/sqm YTD: 6.7% YTD: 9.0% 1.3% 1.4% 1.5% 1.2% 0.7% 0.6% 0.2% -0.1% -0.7% -0.6% 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Trondheim Stavanger-area** Average price
Slide 29: Selected ongoing projects
Selected ongoing projects Snøbyen| Greater Oslo Ringve | Trondheim ~ 2 000 units total ~ 600 units total (JV) ~ 200 Pluss units ~ 400 Pluss units ~ 750 units remaining ~ 500 units remaining Skårerbyen | Greater Oslo Sandsli | Bergen ~ 1 100 units total ~ 1 150 units total ~ 250 Pluss units ~ 500 Plu
Slide 30: Selected upcoming projects
Selected upcoming projects Robust project pipeline to meet long term demand Solheimsvatnet Pluss (JV) | Bjerke | Oslo Hornsberg | Stockholm Bergen ~ 1 500 units ~ 175 CITY units ~ 300 Pluss units ~ 300 Pluss units (2025) Bjerke | Oslo ~ 1 500 units Nacka | Stockholm Lørenvangen | Oslo Lilleaker | Os
Slide 31: Agenda
Agenda Highlights Operational update Financial update Market Summary
Slide 32: Outlook
Outlook · Housing shortage in the Oslo area provides favorable conditions for new housing · Norwegian interest rates have peaked, expected to fall from H2 2024 · Swedish interest rates were reduced in May, further reductions expected · Overall, we see market conditions improving and expect increase
Slide 33: Summary
Summary · Q1 sales highest since Q1 2022 · Strong secondhand market, and inventory dropping · Solid results at NOK 0.60 per share, considering challenging market conditions and continued high construction costs · Construction cost level allows for more sales starts moving forward 33
Slide 34: Thank you for your attention – follow us online!
Thank you for your attention – follow us online! Next event: 2nd quarter 2024 @SelvaagAksjen 8 August 2024
Slide 35: Appendix
Appendix
Slide 36: 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 37: 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 38: 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 Marketing Sustainability 38
Slide 39: 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 FUTURE Urban Property transaction Defin
Slide 40: 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 41: 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 42: 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 43: 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, • Competitive prices and defined housing concepts, aimed at wide range of consumers targeting growth regions
Slide 44: ~9 000 homes completed since IPO…
~9 000 homes completed since IPO… Units completed 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 Note: Completed ~50 000 units from 1948 to 2011. 44
Slide 45: …for a total value of NOK ~36 billion
…for a total value of NOK ~36 billion NOK billion 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 45
Slide 46: 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 2 929 2 794 2 629 2 386 2 047 2 088 2 040 28.6 % 28.0 % 26.3 % 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.
Slide 47: Earnings and dividend per share since IPO
Earnings and dividend per share since IPO Accumulated dividend and earnings per share* Aiming to maximize shareholder return Selvaag Bolig’s ambition is to pay high and 59.1 59.7 Earnings per share 56.5 stable dividends to its owners 54.80 54.80 Dividend per share 52.9 52.80 48.80 · The company aims
Slide 48: 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 49: 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 2.00 2.00 2.00 1.00 1.00 1.00 10 0 Share price Dividend paid Source: Oslo Børs 49
Slide 50: Share information
Share information* Number of shareholders 8 000 7 000 · Total number of shares: 93.8 million 6 000 · Number of shareholders: 6 699 (6 466) - 20 largest controlling 81.2% (80.8%) 5 000 - Selvaag AS largest shareholder - 53.5% 4 000 · Trading 3 000 - 4.7 million shares during the quarter (3.5), 5.0% o
Slide 51: Largest shareholders at 31.3.2024
Largest shareholders at 31.3.2024 Shareholder # of shares % share SELVAAG AS 50,180,087 53.5% PARETO INVEST NORGE AS 4,680,572 5.0% PERESTROIKA AS 3,443,837 3.7% VERDIPAPIRFONDET ALFRED BERG GAMBA 3,266,051 3.5% The Northern Trust Comp, London Br 2,186,000 2.3% EGD CAPITAL AS 1,704,752 1.8% SANDEN E
Slide 52: Addressing the long-term housing need
Addressing the long-term housing need Trondheim 332 units · Nearly 60 000 homes over the last 70 years · Housing for all Bergen Greater-Oslo 1 125 units 7 434 units · Focus on fast growing urban regions Stockholm Stavanger 947 units 539 units · Large projects with more than 150 units 52
Slide 53: 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 54: 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 55: Oslo second-hand market update
Oslo second-hand market update Units sold 1.1 – 31.3, 2013-24 Inventory at 31.3, 2013-24 Units Units 6 000 6 000 5 000 5 000 4 000 4 000 3 000 3 000 2 000 2 000 1 000 1 000 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Sou
Slide 56: Akershus second-hand market update
Akershus second-hand market update Units sold 1.1 – 31.3, 2013-24 Inventory at 31.3, 2013-24 Units Units 3 500 3 500 3 000 3 000 2 500 2 500 2 000 2 000 1 500 1 500 1 000 1 000 500 500 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2
Slide 57: Bergen second-hand market update
Bergen second-hand market update Units sold 1.1 – 31.3, 2013-24 Inventory at 31.3, 2013-24 Units Units 2 000 2 000 1 800 1 800 1 600 1 600 1 400 1 400 1 200 1 200 1 000 1 000 800 800 600 600 400 400 200 200 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2013 2014 2015 2016 2017 2018
Slide 58: Trondheim second-hand market update
Trondheim second-hand market update Units sold 1.1 – 31.3, 2013-24 Inventory at 31.3, 2013-24 Units Units 2 000 2 000 1 800 1 800 1 600 1 600 1 400 1 400 1 200 1 200 1 000 1 000 800 800 600 600 400 400 200 200 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2013 2014 2015 2016 2017 2
Slide 59: Stavanger-area second-hand market update
Stavanger-area* second-hand market update Units sold 1.1 – 31.3, 2013-24 Inventory at 31.3, 2013-24 Units Units 2 000 2 000 1 800 1 800 1 600 1 600 1 400 1 400 1 200 1 200 1 000 1 000 800 800 600 600 400 400 200 200 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2013 2014 2015 2016
Slide 60: Regional price development – April 2024
Regional price* development – April 2024 % chg. -1M Average Average price Area % chg -1M seasonal % chg YtD % chg -12m % chg -5Y % chg -10Y price/sqm (NOK) (NOK) adj. Oslo 1.3% 0.8% 6.7% 2.4% 27.8% 88.0% 95 761 6 780 293 Bergen 1.5% 0.8% 9.4% 3.3% 25.4% 43.7% 54 712 4 459 053 Trondheim 0.7% 0.2% 5.5
Slide 61: Land bank in Oslo and Greater Oslo at 31.3.24
Land bank in Oslo and Greater Oslo at 31.3.24 Jessheim 102 units Lørenskog 1 401 units Bærum 1 383 units Gardermovegen 102 units Lørenskog Stasjonsby 632 units 102 Avløs 100 units units Skårer Bolig 249 units Ballerud 160 units LSV 400 units Løren 165 units Eyvind Lyches vei 123 units Pallplassen 12
Slide 62: Land bank in Stavanger area at 31.3.24
Land bank in Stavanger area at 31.3.24 Stavanger 70 units Lervig brygge 70 units Sola 133 units 133 Jaasund 133 units units 70 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 63: Land bank in Bergen, Trondheim and Stockholm at 31.3.24
Land bank in Bergen, Trondheim and Stockholm at 31.3.24 Trondheim 332 units Heimdal 42 units Sweden Haakon VII gate 4 290 units 332 units Bergen 1 125 units Sandsliåsen 59 64 units Stockholm 947 units Sandsliåsen 46 140 units Løvholmen 50 units Finland Sandslihaugen 30 600 units Norway Årsta 140 uni
Slide 64: Cooperation with Urban Property
Cooperation with Urban Property Selvaag Bolig sold most of its land bank to Urban Property, entering a long-term and strategic partnership. Urban Property is a financially sound, well capitalized and predictable partner. • How it works: • Benefits for Selvaag Bolig: - Urban Property has a right of f
Slide 65: No equity investment in early phase through land bank cooperation
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 66: 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 67: 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 68: Substantial portfolio for development
Substantial portfolio for development Total land bank portfolio at 31.3.2024 Units 5 250 10 400 5 150 Total land bank Options and obligations to acquire Land bank in balance sheet 68
Slide 69: 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 1,031 914 920 927 859 874 868 731 753 487 443 602 1 242 1 265 554 564 394 543 1 183 1 106 1 033 1 010 840 910 871 756 705 696 760 634 636 255 658 479 531 439 440 220 Q1 19 Q2 19 Q3
Slide 70: Number of units sold - gross and net
Number of units sold - gross and net Number of units sold Units 209 306 270 276 274 271 225 209 192 196 186 180 169 487 147 443 152 154 139 394 276 243 248 102 99 99 210 199 201 85 159 164 178 173 140 142 125 49 139 120 116 83 79 77 88 44 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q
Slide 71: Net profit per delivered unit
Net profit per delivered unit Quarterly net profit per unit delivered Annual net profit per unit delivered* NOK million NOK million 276 894 732 720 0.89 655 179 585 150 155 0.69 0.56 0.58 0.43 0.39 0.37 0.33 0.31 74 0.26 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 2019 2020* 2021 2022 2023 Units deliver
Slide 72: Income statement IFRS
Income statement IFRS (figures in NOK million) Q1 2024 Q1 2023 2023 Total operating revenues 627.7 734.2 3 254.7 Project expenses (515.9) (579.9) (2 677.2) Other operating expenses (60.8) (57.9) (254.0) Associated companies and joint ventures 16.9 (8.7) (13.4) EBITDA 67.9 87.7 310.1 Depreciation and
Slide 73: Balance sheet
Balance sheet (figures in NOK million) Q1 2024 Q1 2023 2023 Intangible assets 383.4 383.4 383.4 Property, plant and equipment 12.6 9.6 9.8 Investments in associated companies and joint ventures 228.6 231.5 230.0 Other non-current assets 589.6 435.1 580.1 Total non-current assets 1 214.2 1 059.5 1 20
Slide 74: Cash flow statement
Cash flow statement (figures in NOK million) Q1 2024 Q1 2023 2023 Net cash flow from operating activities 147.3 39.5 1 196.6 Net cash flow from investment activities 29.2 (62.7) (45.3) Net cash flow from financing activities (234.6) (178.6) (1 497.5) Net change in cash and cash equivalents (58.2) (2
Slide 75: Operational highlights – key operating figures
Operational highlights – key operating figures Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Antall solgte enheter 116 79 77 88 139 Antall igangsatte enheter 5 83 57 130 123 Antall ferdigstilte enheter 161 162 90 331 236 Antall ferdigstilte ikke solgte enheter 37 43 60 95 126 Antall ferdigstilte solgte ikke overlev
Slide 76: EBITDA Q1 2024
EBITDA Q1 2024 Property (figures in NOK million) development Other Total Operating revenues 531.6 15.8 547.4 Project expenses (438.4) (1.0) (439.4) Other operating expenses (12.7) (50.3) (63.0) EBITDA (percentage of completion) 80.4 (35.5) 45.0 Note: Construction costs are exclusive of financial exp
Slide 77: 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 cash deposit · High level of home ownership · 82% (one of the world’s highest) ·
Slide 78: Price development Norway and selected regions (2005-24)
Price development Norway and selected regions (2005-24) Price development (rebased 1.1.2005) 350 300 250 200 150 100 50 0 Bergen Norge Oslo Stavanger m/omegn Trondheim Source: Eiendomsverdi. * Stavanger area includes: Randaberg, Sandnes, Sola, Stavanger. 78
Slide 79: Population growth in Oslo and Akershus remains high
Population growth in Oslo and Akershus remains high 55% 55% 53% 45% 46% 43% 42% 43% 40% 38% 35% 35% 35% 25.9 % 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 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 - 2026e Unemployment 2019 - 2026e 15% 10% 10% 8% 5% 6% 0% 4% -5% -10% 2% -15% 0% 2019 2020 2021 2022 2023 2024e 2025e 2026e 2019 2020 2021 2022 2023e 2024e 2025e 2026e Norway Sweden Denmark Germany UK Norway Sweden Denmark Germany UK Population
Slide 82: Healthy macroeconomics
Healthy macroeconomics Real economy 2021 - 2027e Demand 2021 - 2027e 5% 15% 10% 4% 5% 3% 0% 2% -5% -10% 1% -15% 0% -20% 2021 2022 2023 2024e 2025e 2026e 2027e 2021 2022 2023 2024e 2025e 2026e 2027e GDP GDP mainland Unemployment rate Mainland demand Household consumption Housing investment Wages & di
Slide 83: SELVAAG BOLIG
SELVAAG BOLIG