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Annual Report Selvaag Bolig 2012 Kapittel

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Annual Report Selvaag Bolig 2012 Kapittel Kapittel 2012 1 annual report selvaag bolig 2012 Kapittel Norway’s leading housebuilder selvaag bolig asa is a residential property developer controlling the entire value chain from acquisition of land to sale of homes. bergen the company has several thousand homes oslo under construction at any given time, and focuses on the growth areas in and around stockholm stavanger greater oslo, bergen and stavanger. selvaag bolig represents a continuation of the selvaag group’s 60-year history and experience, and offers a broad variety of property types marketed under the brand names start, Hjem and pluss. selvaag bolig is headquartered at løren in oslo, norway. www.selvaagbolig.no/investor 2 Consolidated FinanCannualial statements report selvaag selvaag bolig Bolig 2012 asa Contents Organisation and board 4 Ceo letter 7 organisation 8 selvaag bolig – the business 12 Corporate governance Financial: group 18 Directors’ report 24 statement of comprehensive income 25 statement of financial position 26 statement of changes in equity 27 statement of cash flows 28 notes Financial: company 60 statement of comprehensive income 61 statement of financial position 63 statement of changes in equity 64 accounting principles 65 notes Auditor’s report 76 auditor’s report 3 Ceo letter Strong year and good prospects selvaag bolig strengthened its position as norway’s leading housebuilder during 2012. it secured a listing on the oslo stock exchange, and exceeded market expectations for profit, housing starts and sales. The company experienced solid and stable housing units on the outskirts of cities in areas demand for homes in its priority areas in and experiencing growth pressures. around Greater Oslo, Stavanger and Bergen, Selvaag Bolig is very well equipped to meet where housing need is the highest in Norway. the housing market’s needs, both today and Demand was driven by good macro-economic tomorrow. It has land in the right locations, conditions combined with strong population a strong brand and an industrial approach to growth and housing shortages. Margins housebuilding, all of which provide substantial nevertheless vary widely between housing competitive advantages. About 30 per cent of developers in these regions. the company’s homes were built in 2012 with Selvaag Bolig’s very good results are partly the aid of prefabricated modules supplied by the result of its well-focused housing concepts partners. That substantially reduced construction which meet different needs in different parts of costs in this part of the portfolio, and allowed the market, its ability to deliver homes people the company to reach more home buyers. In want at a price they can afford to pay, and not line with the market’s need for cheaper homes, least the experienced and able personnel it Selvaag Bolig will step up its commitment to employs in all key positions. At the beginning of modular buildings. 2013, the company is well equipped financially, The company draws on 60 years of experience, operationally and organisationally to maintain where the aim has always been to build homes and strengthen its position as market leader. for ordinary people. “Standardisation” and In coming years, high building costs and “rational housebuilding” are the most important reduced purchasing power in certain population keys to managing just that today, as they have groups will mean that many people are unable been in the past. to afford to buy a home. The Oslo/Akershus Selvaag Bolig is looking forward to the region alone will have 370 000 new residents in continuation. 2030, with most of this growth as a consequence of labour immigration and family reunification. While the purchasing power of these groups is relatively high, it is nevertheless below the Norwegian average. In order to give as many people as possible in these groups the Baard Schumann opportunity to invest in their own home, it CEO will be necessary to build cheaper and smaller 4 Kapittel selvaag bolig’s exeCutive management: sverre molvik, Halvard Kverne, anne grethe storaker, baard schumann, Haavard rønning and petter Cedell. 5 organisasjon 6 organisation Board Baard Schumann president and Ceo* Haavard Rønning CFo* Trond Stensrud Petter Cedell Anne G Storaker Halvard Kverne Sverre Molvik general manager vice president vice president sales vice president port- vice president port- selvaag bolig property investment* and marketing* folio management* folio management* modulbygg** Jørgen Blix general manager meglerhuset selvaag** Anders Haavik * member of the executive management general manager ** reports directly to the president and Ceo pluss service** 7 tHe business Selvaag Bolig – the business Business model/strategy by external sub-contractors in Estonia high standards for quality at all levels Selvaag Bolig develops and offers and Poland, with many years of internally, and applies comprehensive housing concepts tailored for specific production experience and modern quality requirements for products and customer groups in and around the factories. A strong focus on detailed operations at its sub-contractors. That growth areas of Oslo, Stavanger and planning, standardisation, duplication helps to reduce the risk of error in its Bergen. It buys and develops new of projects and strategic site devel- projects, while ensuring that techni- housing sites and, through the purchase opment helps to ensure low building cally better houses are built and that all of services from sub-contractors, takes costs and good project margins for the homes from Selvaag Bolig are energy responsibility for the whole value chain company, and sensible house prices efficient. from buying land to selling occupation- for end customers. Selvaag Bolig sets ready homes. Housing concepts tailored to the market Selvaag Bolig’s housing concepts Through its Start, Hjem (Home) and • Reasonably priced flats Pluss concepts, Selvaag Bolig offers • Low-cost sites on the periphery of the big cities homes to a broad range of customer groups in the housing market. It also • Largely module-based develops housing projects which • Aimed at young first-time buyers combine the various concepts. This pro- vides a range tailored to the market and helps to optimise the sales and income • Flats and small houses in built-up areas profile of each project. • Established housing solutions with solid quality and the emphasis on the living environment Industrial approach • Modular and site-built • Single people and couples of all ages, with and Selvaag Bolig takes an industrial without children approach to housebuilding. This has helped to position it as a cost-effective • Flats in central and attractive locations in big cities player, well equipped to meet possible • High quality and standard, with a service concept fluctuations in the housing market. • Site-built The company’s housing projects • Aimed at well-off people who value comfort and are increasingly based on modules, convenience which helps to minimise construction costs. These modules are delivered 8 tHe business 6–36 MONTHS 6–12 MONTHS 3–9 MONTHS 12–24 MONTHS t l n a e i t m n Acquire and p e o d Marketing l i refine land for Project design Construction s e v e and sale e R development d n o e i u t l a a e V Zoning Sales start Construction start Deliveries r c Value creation at Selvaag Bolig concepts have yielded positive sales and and the rise in the share price, which a favourable selling pace. Selvaag Bolig is competitive with comparable invest- See diagram above. normally seeks to sell 60 per cent of a ments. Its long-term goal is to pay a project within a six-month sales period. dividend of up to 50 per cent of its net Value drivers That pace indicates an “appropriate” profit. Nevertheless, securing positive balance between price and housing financial freedom of action for the The company’s strategy for buying and standard in the projects. company will be important, and this developing new sites is central to value As far as possible, Selvaag Bolig seeks consideration could mean a somewhat creation at Selvaag Bolig. Its existing to utilise modules in the development lower dividend payment in the short land bank is large enough to ensure and construction of its housing projects. term than would be indicated by the a high level of activity in the time to In addition to reducing the level of costs, long-term objective. come. That allows the company to be modular construction contributes to selective in choosing new sites, and optimising operations through standardi- Risk management particularly to be critical about the way sation. The latter also permits increased such land fits with the existing portfolio re-use of building designs, with a further Selvaag Bolig works actively to minimise while also meeting the market require- reduction in costs. the risk of cost overruns and delays ments prevailing at any given time for in ongoing projects. A high degree of location, size, price and development Goals standardisation in its housing concepts, potential. Land purchases are often combined with considerable detailing structured as options, where Selvaag Selvaag Bolig aims to be Norway’s in the specifications to contractors, Bolig takes responsibility for securing leading housebuilder. It sold just over helps to reduce the risk of delays in the planning permission and the trans- 1 000 homes in 2012. A total of 776 construction process. The company also action is finalised when this has been units were delivered, while building seeks to establish long-term relation- obtained. Generally speaking, land with began for 845. Based on current and ships with a limited number of large existing planning permission is avoided planned projects, the company will contractors. Repetitive production of and any exceptions must fit well with be delivering around 1 500 homes in standardised projects involves continuous the company’s strategy before being 2015. It is experiencing generally good learning at the contractors and contributes considered.
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