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2011 Annual Report

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2011 Annual Report Kapittel 2011 1 Kapittel Norway’s leading housebuilder Selvaag Bolig builds homes which most Bergen Norwegians can afford to buy, and has Oslo several thousand units under development at any given time in and around Oslo, Stockholm Stavanger Stavanger and Bergen, Norway. the company also has projects in Stockholm, Sweden. the company experienced strong growth in 2011, with a sharp increase in turnover as well as in homes sold and under construction. Selvaag Bolig sold a total of 648 homes in 2011, and had more than 1 000 under construction at 31 December. Given the large number of housing starts in 2011, the company can expect a sharp increase in turnover for 2012. 2 aNNual repOrt SelvaaG BOliG 2011 Contents Background 4 Good year, green outlook 10 Continuing a proud tradition Organisation 6 Managers with solid experience 8 Organisation chart 9 Housebuilder from a to Z Housing market 12 Cathrine won housing competition 14 Not over-inflated 16 enough space Market position 18 rigging for growth 20 putting together profitably 22 Here comes your home 24 land bank for 8 800 homes 26 profitable to let others build 28 Green commitment Housing concepts 32 Start: Dream became reality 34 Hjem: a home for the whole family 36 pluss: Simple and comfortable Financial 38 Directors’ report 44 Consolidated financial statements Front cover illustration: lund+Slaatto arkitekter 3 BackgrOuND Good year, green outlook We have a good year behind us at Selvaag Bolig, and a very exciting time ahead. We experienced strong growth in 2011, with a sharp increase in turnover, results and homes sold. Our ambitions for 2012 are continued growth, a commitment to climate-friendly buildings and a stock market listing. Populations are growing strongly and housing homes is that they are energy-efficient. We are demand is good in our priority areas in and around now making minor adjustments to enhance Oslo, Stavanger and Bergen, and we strengthened this aspect even more. During 2012, we will considerably in all these regions. Through organic be positioning ourselves as Norway’s leading growth, mergers and acquisitions in 2011, we environment-friendly housebuilder. Our ambition have become one of the country’s leading house- is that all the modularised homes we deliver builders, with about 9 000 homes under devel- in the future will meet the “passive building” opment. The goal over the next four-five years is standard, while a large proportion of our other to continue developing the land portfolio in order homes qualify as “low energy”. Climate-friendly to be able to deliver 1 500 homes per year. We homes are the future. To a greater extent than have a good operational platform, a solid brand before, housebuyers expect their new purchase and a financial position which puts us in a good to be green and energy efficient, and the gov- position to reach this goal. ernment believes that an environment-friendly Our good results partly reflect the ability to building industry is essential for overcoming deliver homes people want at a sensible price. A environmental and climate challenges. We are large proportion of our homes are built with the working to meet these requirements as early as aid of modules we buy from external suppliers. the present year. That gives us several competitive advantages. Modularised buildings have fewer construction We are looking forward to continuing our journey. defects because they are built under cover in a factory. In addition, a large volume means that building costs are substantially reduced. We can accordingly offer our customers cheaper homes of high quality while simultaneously increasing our margins. Baard Schumann Another direct advantage of modularised CEO 4 Kapittel 5 BakgruNN SelvaaG BOliG’S exeCutive MaNaGeMeNt: Sverre Molvik, Halvard Kverne, anne Grethe Storaker, Baard Schumann, Haavard rønning and petter Cedell. 6 OrGaNiSatiON Managers with solid experience Selvaag Bolig’s management team has broad and varied knowledge of housebuilding and business development. this ensures competent decisions which lay the basis for the group’s continued growth. Baard Schumann has been the president and Anne Grethe Storaker is vice president sales CEO of Selvaag Bolig since 2008. He was previ- and marketing at Selvaag Bolig. She has the ously chief executive of NCC Bolig, marketing principal responsibility for sales and mar- vice president of Peab Bolig and regional keting of all Selvaag Bolig’s housing projects. manager of DnB Eiendom. Mr Schumann is also Ms Storaker has long and varied experience of chair or director of a number of housing devel- housing development, project management, sales opment companies. and marketing. She joined Selvaag in 2006. Haavard Rønning is the chief financial officer Halvard Kverne is responsible for following of Selvaag Bolig and has worked for Selvaag up many of Selvaag Bolig’s projects. He has since 2004. His previous posts there include long and broad experience of developing and finance manager and analyst. Before then, he executing housing projects, both as a contractor worked on auditing and corporate finance at and as the construction client. PwC. Petter Cedell is responsible for identifying Sverre Molvik is responsible for following up new project opportunities for Selvaag Bolig. He many of Selvaag Bolig’s projects. He has more assesses development openings and enters into than 10 years of experience in the development land purchase contracts. Mr Cedell has gained and execution of housing projects on behalf of long and varied experience of acquisition, project the construction client. Mr Molvik worked previ- development and project execution during many ously as business controller, project manager years with Selvaag. and chief executive of Skanska Bolig AS, and as regional vice president of Peab Bolig AS. He has an MSc in civil engineering and an MBA from Webster University in Geneva. 7 OrGaNiSATION CHart Board Baard Schumann president and CeO* Haavard Rønning CFO* Trond Stensrud Anne G Storaker Halvard Kverne Sverre Molvik General manager vice president sales vice president port- vice president port- Selvaag Bolig and marketing* folio management* folio management* Modulbygg** Jørgen Blix Petter Cedell General manager vice president Meglerhuset property investment* Selvaag** * Member of the executive management ** reports directly to the president and CeO Anders Haavik General manager pluss Service** 8 OrGaNiSatiON Housebuilder from A to Z Selvaag Bolig buys and sells new housing land, and is one of the few Norwegian developers to take responsibility for the whole value chain from acquiring sites to completing and selling homes. The company is one of Norway’s largest and also handles occupied homes, with the focus on most experienced housing developers, with some clients buying a new residence from Selvaag 9 000 homes in the pipeline and unique first- Bolig. It has dedicated and experienced estate hand knowledge of the housing market as well agents with various specialisations. The company as the development and construction process. builds on the Selvaag group’s experience from The various links in the value chain are managed developing and selling more than 50 000 homes in part through the Selvaag Bolig Modulbygg, since the 1940s. Based at Løren in Oslo, it Selvaag Pluss Service and Meglerhuset Selvaag has its own estate agency offices at Løren and subsidiaries. Tjuvholmen. Selvaag Bolig Modulbygg Selvaag Pluss Service The company develops flats and terrace houses The company is responsible for operating with the aid of modules. These are built in the Selvaag Bolig’s Pluss homes. These are lifestyle Baltic states and Poland, and shipped to Nor- residences for people of all ages and conditions. wegian building sites for assembly. Modular Their unique feature is that residents receive construction represents a modern and industrial something extra in the form of security and approach to housebuilding, and helps to secure service. All the homes have a large common area low building costs. The modules meet very high staffed by service-minded hosts. Residents have standards, and the risk of construction faults is access to a number of services, ranging from reduced because they are built indoors. cleaning to changing tyres and booking tickets. Selvaag Pluss Service develops new and existing Meglerhuset Selvaag services in close consultation with residents. This is an estate agency business which sells new homes for Selvaag Bolig. The company 9 BackgrOuND Continuing a proud tradition the revolutionary housebuilding ideas developed by engineer Olav Selvaag are just as relevant today, after 60 years and more than 50 000 homes sold. Selvaag Bolig meets the future with backing from Selvaag’s knowledge of and visions for building homes. Nobody has been a greater innovator in Nor- one which prevailed immediately after 1945. way’s housebuilding sector than Olav Selvaag. Homes are in short supply and the pace of con- He was a pioneer of terrace houses, industrial struction is too slow.” building and a number of other cheap and inno- vative technical solutions. His creative ideas and Afford ability to put them into effect made an important The founder’s goal was to build cheap homes to contribution to overcoming the housing shortage a high standard, which most Norwegians could after the Second World War, and helped to set afford. He was active in the housing debate and many of the standards which apply today. not afraid to criticise government policy in the area. This is the heritage Selvaag Bolig can now Relevant continue to build on. The company is an inno- Selvaag’s history is more relevant than ever, vative housebuilder, offers reasonably-priced maintains Olav H Selvaag, Olav’s grandson and homes to ordinary people, and is a prime mover chair of Selvaag Bolig. for a new, more active and solution-oriented “It’s one of the reasons why we’re one of housing policy.
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