Selvaag Bolig ASA (0Q92) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and welcome to the first quarter's results presentation for Selvåg Bolig. My name is Sverre Malvik, and I am the managing director. Together with Kristoffer Brunvold, we will go through today's agenda. We will start by looking at the highlights, then we will look at the operational aspects, then Kristoffer will take us through the financial aspects, and then we will look at the market, and some future prospects and the Q&A at the end. We had a very strong sale in the first quarter, the best Q1 or start of the year since 2022, which is very positive. We have sold both on new projects, but also sold out a lot of goods, so we are down to 500 million less than we were at the same time last year in unsold finished goods. We start building 183 units and finish at 0 in the quarter, so we increase our order reserve quite a lot. Up to over 1000 units in production, or to a value of 7.2 billion. So good speed in the company. While the results after IFRS are very much influenced by the fact that we have zero failures and very few deliveries in the quarter. If we look at the key numbers, these are pro forma numbers, that is to say, including our share of cooperating companies, or TSs. That is, we include our share in the result, and not on the TS line. If we look at NGAP, or starting with IFRS, we have 194 million in turnover, very few over-delivered units, as I mentioned, and get a negative margin of 4.2% in the quarter, in isolation, due to fixed costs at the bottom with a few failures, it becomes thin. After NGAP, which is the ongoing calculation method, where you take out the proportion of sales and turnover in the projects, which much better reflects the company's value creation, we have a turnover of 729 million, with a margin of just under 10%. It is very go...