DOCSLIB.ORG

Q2 2019/Selvaag Bolig ASA Earnings Presentation

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Q2 2019/Selvaag Bolig ASA Earnings Presentation 14 August 2019/08.30 CET – Q2 2019/Selvaag Bolig ASA earnings presentation Translation from the original Norwegian, which remains the definitive version Corporate participants Rolf Thorsen, CEO, Selvaag Bolig ASA Sverre Molvik, CFO, Selvaag Bolig ASA Presentation Rolf Thorsen, CEO, Selvaag Bolig ASA A hearty welcome to everyone to this presentation of the figures for the second quarter and first half of 2019 for Selvaag Bolig. And a hearty welcome to those who are following us on the web transmission. This meeting is also being streamed directly to those who want to follow us on the web. My name is Rolf Thorsen, and I am the CEO of Selvaag Bolig. This is my first quarterly presentation. I was also present at the previous one, but I wasn’t allowed to do more than say my name on that occasion. This time I’m allowed to say a bit more. I hope I’ll be able to take you through at least some key figures and a little more than that as well. I will be giving this presentation together with Sverre Molvik, who is our CFO. In terms of the agenda, the plan is that I start by going through a few highlights and some sales figures. Sverre will then take over and talk more about operations and the key figures, and go into these in somewhat greater depth. I will then return to talk a little about the market and finally try to sum up. We propose that all questions are taken at the end in a form of Q&A session. It is also be possible to submit questions via the web portal. If there is anyone out there following us on the web, they will thereby also be able to put questions which we will read out and answer here. It is fun, I must say, to be able to show the kind of figures we’re going to present at my first quarterly presentation. The figures are generally good. All the key figures, after all, are strong and it is the strong sales which first and foremost characterise the quarter, as well as the first half for that matter. Based on this, and on the strong figures, the board decided yesterday afternoon to pay a dividend of NOK 2.00 per share, which will be paid later this autumn. We aren’t finding, of course, that we’re enjoying a bonanza market in any way. It’s probably more of a slog market, a “bread and milk” market. But it’s precisely in such a market that a player like us has its strength – where craftsmanship finds its just reward, where we must toil for each sale, where each sale must be worked through. That’s when a player like us really has a chance to stand out from the crowd. We’re also finding that it is Greater Oslo and our machines there which drive up our results and volumes. But it’s also important for us to be positioned in the other large cities. We are confident that Stavanger, for example, Bergen and for that matter Trondheim will also help to raise our results in the future. They are not contributing so much at the moment, but more will come. Looking at the key figures, IFRS operating revenues of NOK 1 035 million were primarily driven by deliveries in five projects – including three of our big “machines” in Oslo. The margin is fantastic, I’d say rather immodestly, at 30.5 per cent on the IFRS results for this quarter. The same also applies to the first half, with a turnover of NOK 1 144 million and a margin of 26.8 per cent. We are well satisfied with that – I’d actually say that we’re more than well satisfied. And we hope this won’t be where the expectations people have of us will rest for all time. We don’t believe we’re going to deliver margins in the 30-40 per cent range in perpetuity. We then have NGAAP operating revenues of NOK 868 million. The strong sales are actually what have pulled us up here. We talked about strong sales in the previous quarter and they continued during the second quarter. And it would be no exaggeration to say that we’re also selling well in the third quarter. An NGAAP margin of 24.4 per cent for the quarter and 23.6 per cent for the first half is very good. As I have mentioned, sales are what is driving us. We had a sales value of NOK 1.1 billion in the second quarter – almost on a par with our first-quarter performance, which was a record figure. So progress is really brisk where sales are concerned. It’s clear that the NGAAP result is a combination of sales and production in the projects, so both aspects are helping to drive results. But it’s sales which primarily stand out in this quarter and, for that matter, this half-year. If we look at numbers, we have sold 453 units net so far this year. Comparing that with earlier years, this is a very positive level and actually marks a return to the strong 2015-2016 figures. We are back to a very good volume. The same applies if we look at the rolling figures. All the curves are actually pointing upwards here. The Selvaag Bolig ship is making faster and faster progress – NOK 3.6 billion in 12-month rolling sales volume and 905 units sold. So sales are high on our agenda and the results board for this quarter. But it’s not only sales. We’ve also had fantastic IFRS results, which are the outcome of rather more than sales. So Sverre will now take you through the figures in a little greater depth, and I’ll return with both facts and opinions about the market, and we’ll then take questions at the end. The floor is yours, Sverre. Sverre Molvik, CFO, Selvaag Bolig ASA Thank you. I’ll take a rather closer look at operations and the financial figures. As Rolf said, the market has been very good so far this year. The first quarter witnessed good sales and the second was equally positive. This means that, for the second quarter in a row, we are starting construction of more units than we’re completing. That’s very positive, of course. It increases, you might say, the speed of the ship. We had four more construction starts than completions in this quarter, which means we increased the value of units in production even further from the previous quarter to NOK 1 538 million. Admittedly, the value of the completed units was a little higher in the quarter than for those starting construction, so that the total figure is down a little, by just over NOK 50 million to NOK 7 039 million. Seventy-one per cent of units under construction were sold at 30 June, which we’re well satisfied with. We have started construction of just over 800 units over the last six-nine months, and the fact that we’ve cycled out about half the number of units under construction during that period while still maintaining such a high sales ratio is good. In addition, as Rolf indicated, sales have been good during the first month and a half of this quarter, so that the sales ratio of 71 per cent is naturally higher now than it was at 30 June. The bulk of the construction volume – in other words, 82 per cent – is still in Selvaag Bolig’s core market, which is Greater Oslo. That has always been the tendency but, as Rolf mentioned, we will be expanding our activities in the other cities. We expect to get under way in Bergen soon, Trondheim is already making a good contribution and Stavanger is ticking over. Rolf will come back to this a little later on, but these are markets we expect to strengthen over time. If we look at forthcoming completions, our guidance is the same as for the previous quarter – 776 units for the full year. Of these, 83 per cent were sold at 30 June and far more by now. We have, of course, a fixed sales strategy which I can remind you of. This fundamental strategy is to sell 60 per cent of the units until the start of construction, generally at a fixed price. If the market is very good and we’re selling too quickly, we raise prices even in that period. We then raise prices and sell on a straight-line basis during the construction period until completion, and take out the market potential and optimise risk/reward in each project. That’s very important and is naturally a key factor in our ability to deliver the way we do, which we’re going to look at now – specifically a very good result with a very high margin. We delivered 246 units during the quarter, which was virtually the same as in the same period of last year – just three more. But you can note that the value of the units we’re delivered this year – the unit price – is far higher than last year, which naturally means that the volume is significantly higher. Total revenues of NOK 1 035 million compared with NOK 864 million, including some rental income and Pluss service revenues. Project costs came to NOK 705 million – I repeat, as expected. I can’t remember the last time we overran a budget.
Load more

Recommended publications
  • DIGITALT SERVICEKONSEPT PLUSSBOLIGER ® -Utvidelse Av Tjenestetilbud- Kort Historikk
    DIGITALT SERVICEKONSEPT PLUSSBOLIGER ® -utvidelse av tjenestetilbud- Kort historikk Selvaag har bygget og ferdigstilt nærmere 60 000 rekkehus og leiligheter siden 1948. Selvaag Bolig er et av Norges største boligutviklingsselskap og har over 11000 boliger under utvikling over hele landet. Selskapet fokuserer spesielt på vekstområdene Stor-Oslo, Bergen, Stavanger og Trondheim. Selskapet har også boligprosjekter under utvikling i Stockholm. I 2004 lanserte Selvaag konseptet Plussbolig® (se s.3 for nærmere beskrivelse av konsept). Plussboligene er varemerkeregistrert og det er siden oppstart ferdigstilt 12 boligprosjekter med til sammen nærmere 1500 Plussboliger. Prosjektene er geografisk spredd i Oslo, Stavanger, Bergen, Drammen, Kristiansand, Spania og Stockholm. Gjennomsnittsalder på kjøpstidspunkt er ca 53 år. 55 % av kjøperne er 50+, 15 % 40-50 og ca 30% i aldersgruppen 20-40 år. Vi ser at godt voksne spesielt nyttiggjør seg konseptet og at vi i enkelte prosjekter har høyere snittalder ved kjøp. De første prosjektene ble ferdigstilt i 2006/2007 så gjennomsnittsalderen i prosjektene har økt fra kjøpstidspunktet. Selvaag Bolig har flere Plussboligprosjekter under utvikling: ▪ Stockholm, 230 Plussboliger ferdigstilles 2019/2020 ▪ Asker, ca 200 Plussboliger med salgsstart Q1-19 ▪ Trondheim, ca 600 Plussboliger med salgsstart Q3-19 ▪ Lørenskog, ca 200 Plussboliger under utvikling ▪ Ås/Ski ca 150 Plussboliger under planlegging 2 Hva er en Plussbolig ▪ En Plussbolig er en livsstilbolig. Målgrupper er både godt voksne og yngre mennesker, enslige og par, med og uten barn. Kjøpegruppen er kjøpesterk og kvalitetsbevisste med god økonomi og en aktiv livsstil, felles er at de ønsker en enklere hverdag og har interesse for trygghet, service og opplevelser Bemannet resepsjon ▪ Plusskonseptet har følgende kjennetegn: ▪ Felles serviceområde/oppholdsrom levert ferdig innredet og møblert ▪ Lobby/lounge/resepsjon ▪ Kaffebar med dagens aviser ▪ Selskapsrom med godt utstyrt kjøkken plass til ca.
    [Show full text]
  • Erfaringer Og Utfordringer Ved Modulbygging
    Modulbygging med utenlandske leverandører Erfaringer og utfordringer Ole Petter Haugen, Daglig leder, Selvaag Bolig Modulbygg AS Oslo, 16.04.2015 Før og nå Bygger for alle Gullhaughuset 2013 50 000 boliger Pluss: Boliger med service 2012 e Modulbygging 2011 Notert på Oslo Børs 2003 2000 Definr te bol igk ons ept er 1999 Løren Terrassehuset 1988 1958 «Heller 30 000 boliger til Serieproduksjon 15 000 kroner, enn 15 000 1951 boliger til 30 000 kroner.» 1948 Veitvet Olav Selvaag Ekeberghuset Tromsø Selvaag Bolig ASA 155 boliger Tomtebank til 10 300 boliger Satser i Stor-Oslo, Rogaland, Bergen og Trondheim Trondheim 332 boliger Solgte 886 boliger i 2014 Solgte 308 boliger i Q1 2015 Ca. 1/3 av boligene er basert Bergen på moduler 156 boliger Stor Oslo 7 819 boliger Definerte boligkonsepter for Stavanger Stockholm ulike behov 1 662 boliger 103 boliger Industriell filosofi Andre 255 boliger Tomtebank per 31.12.2014 Boliger for alle . Leiligheter i utkanten av de store byene . Enkel standard, solid kvalitet . For ungdom og førstegangsetablerere . Leiligheter, rekkehus og eneboliger i og rundt de store byene . Solid kvalitet, velprøvde løsninger og et gjennomtenkt bomiljø . For familier og samboere . Leiligheter sentralt i de store byene . Høy standard, varierte fellesarealer, vertskap, opplevelser og service . Livsstilsboliger med det lille ekstra for mennesker i alle aldre Verdikjeden i Selvaag Bolig 6 – 36 MND 6 – 12 MND 3 – 9 MND 12 – 24 MND 60 MND Kjøp og klargjøring av Markedsføring Prosjektdesign Bygging Garantiperiode tomter for og salg Boligutvikling utvikling - Regulering Salgsstart Byggestart Overlevering Verdi skaping . Kjøp (i) opsjoner på . Planlegging og .
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • SEMESTEROPPGAVE Trondheim, April 2018 Spesialiseringsretning: Finansiell Styring Veileder: Hans Marius Eikseth
    Dag Blandkjenn Gaute Friestad Thomas Torset Gjerde SEMESTEROPPGAVE Trondheim, april 2018 Spesialiseringsretning: Finansiell Styring Veileder: Hans Marius Eikseth 1 Forord Denne oppgaven inngår i faget «Semesteroppgave i Finansiell Styring» ved Økonomisk Fakultet ved NTNU. Teorier knyttet til finansiell verdsettelse av et børsnotert selskap vil gi oss et grunnlag for å fremlegge en anbefaling til hva vårt valgte selskap bør verdsettes til. Selskapet vi har valgt til denne oppgaven er Selvaag Bolig ASA. Selvaag Bolig ASA bygger videre på 70 år lange boligbyggertradisjoner, og er et boligutviklingsselskap som styrer hele verdikjeden fra tomtekjøp til levering av nøkkelferdige boliger. Fra 1948 og frem til i dag har Selvaag levert 50 000 boliger. I 2008 ble Selvaag Bolig ASA etablert som et rent boligutviklingsselskap som setter ut entrepriser på anbud. Dette hevdes å gi selskapet et konkurransefortrinn gjennom lavere byggekostnader, lavere markedsrisiko og en mer fleksibel organisasjon. I dag har selskapet 87 ansatte, og har et langsiktig mål om å levere 1500 boliger årlig, og utbetale inntil 50 prosent av resultatet i årlig utbytte. Valget av selskap og vår fremgangsmåte har resultert i en omfattende oppgave som har gitt oss god innsikt i bransjen og god læring underveis. Avslutningsvis vil vi takke vår veileder Hans Marius Eikseth for god hjelp underveis i prosessen. Dag Blandkjenn Gaute Friestad Thomas T. Gjerde 2 Sammendrag I denne semesteroppgaven har vår problemstilling vært å verdsette det børsnoterte norske boligutviklerselskapet Selvaag Bolig ASA. Hensikten her har vært ved hjelp av kunnskaper og ferdigheter vi har tilegnet oss de seneste årene, å lage en vurdering av hvorvidt aksjen selges for dyrt, for billig eller til en fornuftig pris.
    [Show full text]
  • 307430 Master S Thesis Sond
    Master’s Thesis - May 15th, 2017 Thomas Fiskerstrand Sondre Riise Kjelstrup Are we currently experiencing a bubble in the Norwegian housing market? MSc. Finance & Investments Copenhagen Business School Supervisor: Jørgen Bo Andersen Number of characters: 199,018 / Number of pages: 120 Abstract The Norwegian housing market has experienced an extreme growth in prices between 1990-2017. With this growth in mind, and the great amount of attention the topic receives from both the media and the general public, the Norwegian housing market has become a favorite among experts with regards to predicting and explaining current and future developments. Our goal with this master’s thesis is to investigate whether the recent price development can be supported by fundamental factors. Simply stated, are we currently experiencing a bubble in the Norwegian housing market? For our thesis, we have chosen to use previously made housing price models to conduct a comparative empirical analysis of the housing price development. The models we have chosen to use are the Hodrick- Prescott Filter (HP filter), the Price-to-Rent ratio and Tobin’s Q. For all these models we have also compared our results with Denmark and Sweden to be able to better explain if the development in Norway is abnormal. We also re-estimated the widely-used Jacobsen & Naug model to investigate if it still explains the development in prices and how the many variables have changed in terms of how they affect housing prices. All these housing price models include specific fundamental factors both on the supply and demand side of housing. The magnitude of these fundamental factors are further analyzed to investigate the underlying factors of the housing price development.
    [Show full text]
  • Selvaag Bolig Project
    Q1 2021 Oslo, 26 May 2021 Sverre Molvik, CEO Christopher Brunvoll, CFO Agenda Highlights Operational update Financial update Market Outlook and summary 2 Highlights Q1 2021 · Record high Q1 sales value · Units under production increased · Strong operational results considering few deliveries · Revised dividend policy · Christopher Brunvoll appointed new CFO Completed, ongoing and upcoming projects 3 Key financials Q1 2021 568 22.7 Operating revenues Adjusted EBITDA* margin NOK million Per cent 858 17.2 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 included in project costs. ** EBITDA is operating profit before depreciation, gains (losses) and profit from associated companies. 4 Agenda Highlights Operational update Financial update Market Outlook and summary Operational news Supreme court ruling Dividend Policy Background • Revised policy DPS of minimum 60 per cent of net annual profit. No The City of Oslo imposed an infrastructure contribution in Equity ratio minimum. connection with a Selvaag Bolig project. However, the measure bore no relationship to the development. • Old policy Selvaag Bolig won its case in the supreme court against DPS of minimum 40 per cent of net annual profit. the government, represented by the Ministry of Local Equity ratio of minimum 30 per cent. Government and Modernisation. Land acquisitions Implications • Increased ownership at Sandsli 360 in Bergen from • Important clarification of the principles involved for all 50% to 100% (200 apartments in total). property developers in Norway. • A developer can only be required to provide Urban Property infrastructure if the need is caused by the development.
    [Show full text]
  • Q4 2019/Selvaag Bolig ASA Earnings Presentation Translation from The
    12 February 2020/08.30 CET – Q4 2019/Selvaag Bolig ASA earnings presentation Translation from the original Norwegian, which remains the definitive version Corporate partiCipants Rolf Thorsen, CEO, Selvaag Bolig ASA Sverre Molvik, CFO, Selvaag Bolig ASA Presentation RolF Thorsen, CEO, Selvaag Bolig ASA I would like to wish you heartily welcome to the fourth-quarter presentation for Selvaag Bolig. My name is Rolf Thorsen, CEO of Selvaag Bolig. Together with Sverre Molvik, our CFO, I will be presenting the results for the fourth quarter of 2019 and the full year. We’ll cut straight to the chase. There will be a Q&A session at the end, so that it would be good if you try to save up your questions until then. And those who’re following this streamed presentation on the web will also have the opportunity to send in questions, so we’ll try to collect these at the end. I’ll start by saying a few words about the overarching picture and a bit about sales. Sverre will then follow with masses of details about financial aspects and operational data. I will then return and talk a bit about the market and sum up at the end. We have had a very good 2019. We issued a stock exchange announcement this morning with the headline “record result and dividend”, and that’s quite correct, of course. Sverre will come back to the exact figures on this. But it has been a very strong year, based naturally on the fact that we have managed to sell and build a lot.
    [Show full text]
  • Årsrapport 2017 SELVAAG GRUPPEN ÅRSREGNSKAP SELVAAG
    Årsrapport 2017 SELVAAG GRUPPEN ÅRSREGNSKAP SELVAAG Omtanke og skaperkraft Selvaag Gruppen består av seks virksomhetsområder med ca. 200 ansatte. Gruppens felles visjon er å utvikle Den ulovlige trappen eiendommer og virksomheter til glede for generasjoner. Selvaag Gruppen bygger på pionérinnsatsen til ingeniør Olav Selvaag (1912-2002). Han Den utvendige vindeltrappen er noe revolusjonerte boligbyggingen i Norge ved å bygge raskere og rimeligere, slik at flere av det mest kontroversielle som Olav kunne få sin egen bolig. Selvaag konstruerte. Samtidig er den selve symbolet på hans nytenkning, Omtanke og skaperkraft er felles verdier som dyrkes i Selvaag. Hvert år hedres pionérånd og opprørskhet. Ingen medarbeidere som etterlever verdiene særlig godt. I 2017 var det Ivar Solvang og Janne tilfeldighet derfor at trappen inngår i Amdal Thomassen som ble hedret med verdiprisene. Selvaags logo. Trappen skulle benyttes på altangang­ husene som ble oppført på Bestum på begynnelsen av 1950­tallet. Men vindel trappen møtte enorm motstand hos Oslos byggemyndigheter, og ble rett og slett forbudt. Årsaken var at trappen ikke var innebygget, og dermed etter myndighetenes vurdering «kunne være meget farlig.» Etter to års behandlingstid ga bygnings­ rådet i Oslo motvillig Selvaag dispensasjon til å bygge vindeltrappen på Bestum. Betingelsen var at Selvaag måtte deponere et beløp tilsvarende hva det ville koste å bygge inn trappen etter fem år, dersom beboerne ønsket det. OMTANKEPRISEN: Janne Amdal Thomassen er SKAPERKRAFTPRISEN: Ivar Solvang er vinner av vinner av Omtankeprisen 2017. Skaperkraftprisen 2017. Nøyaktig fem år senere gikk bygnings­ I tillegg var den høyrevridd, slik at sjefen personlig fra dør til dør, men ikke brukerne naturlig gikk opp i den korte og Omtankeprisen gikk til plussvert- Skaperkraftprisen gikk til administre- en eneste av beboerne ønsket trappen bratte innersvingen, og ned i yttersvingen inne Janne Amdal Thomassen ved rende direktør Ivar Solvang i Selvaag innkledd.
    [Show full text]
  • Selvaag Bolig Asa
    PROSPECTUS NOT FOR GENERAL DISTRIBUTION IN THE UNITED STATES SELVAAG BOLIG ASA NOK 500 million to NOK 800 million initial public offering Indicative Price Range from NOK 25 to NOK 32 per Offer Share Listing of the Company’s Shares on Oslo Børs This prospectus (the “Prospectus”) has been prepared in connection with the initial public offering of new ordinary shares, each with a par value of NOK 2.00 (the “Offer Shares” and, together with any Additional Shares (as defined below) and the existing shares issued by the Company, the “Shares”), in Selvaag Bolig ASA (the “Company” or “Selvaag Bolig”) and the listing of the Shares on Oslo Børs (“Oslo Børs”). The global offering (the “Offering”) in an amount of NOK 500 million to NOK 800 million, with an over-allotment option of an additional 10%, through the issuance of up to 34,093,398 Offer Shares (including any Shares issued pursuant to the Greenshoe Option, as defined in Section 5.10) comprises (i) an institutional offering (a) to investors in Norway, (b) to investors outside Norway and the United States subject to applicable exemptions from local prospectus and other filing requirements, and (c) in the United States, to “qualified institutional buyers” “QIBs”( ) as defined in, and in reliance on, Rule 144A “Rule( 144A”) under the United States Securities Act of 1933, as amended (the “Securities Act”); subject to a lower limit per application of NOK 1,000,000 (the “Institutional Offering”), (ii) a retail offering to the public in Norway subject to a lower limit per application of NOK 10,500 and an upper limit per application of NOK 999,999 for each investor (the “Retail Offering”), and (iii) an employee offering, in which the Company’s Eligible Employees, as defined in Section 5.7.1, are offered to apply for Offer Shares subject to a lower limit per application of NOK 10,500 and an upper limit per application of NOK 100,000 for each Eligible Employee, and with a discount of 20% of the final offer price per Offer Share (the “Offer Price”) (the “Employee Offering”).
    [Show full text]
  • Årsberetning Selvaags Virksomhet
    Årsberetning Selvaags virksomhet Selvaag AS er familien Selvaags felles investeringsselskap. Selvaag Utleiebolig er fra om med januar 2019 et heleid Selskapet investerer hovedsakelig i hel- og deleide datter- datterselskap av Selvaag. Selskapet investerer i, forvalter selskaper som bærer Selvaag navnet, men også i selskaper og leier ut leiligheter i nyere boligbygg i Stor-Oslo, definert som kontrolleres og utvikles sammen med andre investorer. som aksen fra Drammen til Gardermoen, samt Bergen. Selskapet er konsernspissen i Selvaag konsern. Inntil 40% av leilighetene leies ut som tilvisningsboliger i samarbeid med boligetatene i kommunene. Investeringer i Selvaag er organisert i henhold til en holdingmodell, hvilket nyere utleieboliger med tilvisningsavtaler med kommunene innebærer at selskapets datterselskaper rapporterer til eget gir grunnlag for finansiering fra Husbanken. Behovet for til- styre og i stor grad arbeider, investerer og finansieres på visningsboliger er stort, og samarbeidet mellom Husbanken, selvstendig grunnlag, innenfor rammer gitt av morselskapet. kommunene og Selvaag Utleiebolig er en god modell for å tilføre markedet nye kvalitetsboliger for utleie. I fjerde kvar- Virksomheten i Selvaag er først og fremst knyttet til eien- tal 2019 overtok selskapet 68 nye leiligheter på Lørenskog, domsinvesteringer, bolig- og byutvikling, samt tilliggende samt 70 nye leiligheter i Bergen for utleie. Ved utgangen av aktiviteter. Investeringsvirksomhet utgjør også en andel av 2019 var porteføljen økt til 567 leiligheter, mens 272 leilig- verdiene i konsernet. heter er under oppføring med overtagelse i 2020 og første kvartal 2021. Selskapet planlegger for ytterligere vekst i Geografisk konsentrerer alle Selvaags virksomheter sin porteføljen. aktivitet om Norge, og da særlig om Oslo og nærliggende områder. Selvaag Bolig har også virksomhet i Stavanger, Snøporten er et felleskontrollert selskap, eid med 38,1 % Bergen, Trondheim og Stockholm, mens Selvaag Eiendom av Selvaag via datterselskapet Selvaag Snøporten.
    [Show full text]
  • Selvaag Bolig Is a Housing Development Company Which Focuses on the Growth Areas in and Around Greater Oslo, Bergen, Stavanger, Trondheim and Stockholm
    Company presentation November 2019 Rolf Thorsen, CEO Sverre Molvik, CFO Selvaag Bolig is a housing development company which focuses on the growth areas in and around Greater Oslo, Bergen, Stavanger, Trondheim and Stockholm 2 Long-term housing development ▪ Nearly 60 000 homes over the last 70 years ▪ Urban development, large projects in growing regions ▪ Housing for all, competitive housing offering 3 Norway’s leading homebuilder ▪ 1 510 units worth NOK 7 192 million under construction 72 per cent sold by Q3 19 ▪ 159 units sold in Q3 19 Trondheim 369 units ▪ Dividend twice a year ▪ Q3 19 adjusted IFRS EBITDA margin Bergen 516 units Greater-Oslo of 31.3 per cent 9 967 units Stavanger Stockholm ▪ Only projects with more than 150 969 units 40 units units ▪ Focus on fast growing urban regions Note: The numbers represent the size of the land portfolio as at 30 September 2019. All numbers are adjusted for Selvaag Bolig’s share in joint ventures. 1) Greater Oslo area: Oslo, Akershus, Buskerud, Vestfold and Østfold, 2) The residential property development portfolio consists of land plots that are to be paid for when planning permission is received. The portfolio has a development potential of ~5 400 residential units, whereof the company has purchasing obligations for ~4 900 and purchasing options for ~500 units. 4 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
    [Show full text]