Selvaag Bolig had an adjusted EBITDA of NOK 293 million for the first half and a margin of 22 per cent. Operating revenues were NOK 360 million higher than in the same period of last year. The decision has been taken to pay a dividend of NOK 2.00 per share for the first half.

“Our results are strong and value creation is high in our projects. We are thus paying a dividend of NOK 2 for the first half of 2022,” says CEO Sverre Molvik.

At 30 June, Selvaag Bolig had a net of 1 342 homes net under construction with a combined sales value of NOK 6.8 billion. Of these, 75 per cent were sold.

“Despite the challenging market conditions, house sales in the first half of the year were satisfactory. There is a great need for new homes in our core areas both now and going forward,” Molvik says.

The live webcast of the presentation can be viewed from 0830 here. An English transcript of the presentation will be made available on the company’s website.

Highlights of the second quarter 2022 (second quarter 2021)

  • Gross sales* amounted to 139 homes (180) with a sales value of NOK 751 million (NOK 927 million).
  • Net sales were 120 homes (173) with a sales value of NOK 634 million (NOK 871 million).
  • Construction starts for 190 homes net (142), completions of 210 net (120) and deliveries of 217 net (132) to buyers.
  • Construction under way on 1 342 homes net (1 371) with a combined sales value of NOK 6 807 million (NOK 6 749 million).
  • 75 per cent (82 per cent) of homes under construction sold at 30 June.
  • 13 completed homes (15) unsold at 30 June.
  • IFRS**: Operating revenues of NOK 966 million (NOK 394 million), EBITDA adjusted for financial expenses NOK 233 million (NOK 88 million), corresponding to a margin of 24.1 per cent (22.3 per cent).
  • Earnings per share: NOK 1.90 (NOK 0.60).
  • NGAAP***: Operating revenues of NOK 784 million (NOK 881 million), EBITDA of NOK 104 million (NOK 149 million), corresponding to a margin of 13.2 per cent (16.9 per cent).

Highlights of the first half 2022 (first half 2021)

  • Dividend of NOK 2.00 per share (NOK 2.00) for first half.
  • IFRS**: Operating revenues of NOK 1 322 million (NOK 962 million), EBITDA adjusted for financial expenses NOK 293 million (NOK 217 million), corresponding to a margin of 22.2 per cent (22.6 per cent).
  • Earnings per share: NOK 2.30 (NOK 1.42)
  • NGAAP***: Operating revenues of NOK 1 542 million (NOK 1 739 million), EBITDA of NOK 210 million (NOK 296 million), corresponding to a margin of 13.6 per cent (17 per cent).
  • Gross sales* amounted to 410 homes (454) with a sales value of NOK 2 152 million (NOK 2 358 million).
  • Net sales were 321 homes (420) with a sales value of NOK 1 667 million (NOK 2 113 million).
  • Construction starts for 303 homes net (276), completions of 284 net (215) and deliveries of 294 net (256) to buyers.

About Us
Selvaag Bolig ASA is a residential property developer controlling the entire value chain from acquisition of land to sale of homes. The company has several thousand homes under development at any given time, and focuses on the growth areas in and around Greater Oslo, Bergen, Stavanger, Trondheim and Stockholm. Selvaag Bolig represents a continuation of Selvaag's 70-year history and experience, and offers a broad variety of property types. The company is headquartered at Ullern in Oslo.
www.selvaagboligasa.no/en


This release was distributed by Kristoffer Gregersen, EVP communications and sustainability, Selvaag Bolig ASA.

For further information:
Sverre Molvik, CEO
Telephone: +47 40 10 05 85, e-mail: smo@selvaagbolig.no

Christopher Brunvoll, CFO
Telephone: +47 98 82 92 22, e-mail: chbr@selvaagbolig.no

Kristoffer Gregersen, EVP communications, sustainability and corporate strategy,
Telephone: +47 95 77 55 93, e-mail: kgr@selvaagbolig.no

This information is subject to disclosure under the Norwegian Securities Trading Act, §5-12. The information was submitted for publication at 2022-08-17 07:00 CEST.

Attachments
Report for 2nd quarter 2022
Webcast Q2
Presentation for 2nd quarter 2022

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