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Revenues and Adjusted EBITDA Margin (IFRS)

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Revenues and Adjusted EBITDA Margin (IFRS) Q4 2017 Oslo 13 February 2018 Baard Schumann, CEO Sverre Molvik, CFO Agenda . Highlights . Operational update . Financial update . Market . Summary 2 HIGHLIGHTS Highlights Q4 2017 Earnings per share 4.35 . NOK Best annual IFRS result in SBO’s history Dividend per share . Strong sales in a volatile market 3.00 . All time high dividend . NOK 1.80 per share for H2’17 . NOK 3.00 per share for FY’17 . External land bank valuation of NOK 3.7bn vs. book value of NOK 1.9bn 2013 2014 2015 2016 2017 3 HIGHLIGHTS Key financials Q4 and FY 2017 Q4 2017 Full year 2017 Operating revenues Adjusted EBITDA margin Operating revenues Adjusted EBITDA margin 1 259 19.3 3 229 19.4 NOK million per cent NOK million per cent Operating revenues (NGAAP) EBITDA margin (NGAAP) Operating revenues (NGAAP) EBITDA margin (NGAAP) 689 15.1 2 971 22.9 per cent per cent per cent per cent 4 Agenda . Highlights . Operational update . Financial update . Market . Summary 5 OPERATIONAL UPDATE Sales value and units sold Total and average sales value Sales value and units sold NOK million NOK million Units 4,317 999 209 3,215 3,049 764 2,954 690 633 632 2,490 935 1,044 487 886 5.3 443 4.8 740 394 701 3.8 3.9 3.8 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 2013 2014 2015 2016 2017 Sales value of units sold Units sold Note: All numbers are adjusted for Selvaag Bolig’s share in joint ventures 6 OPERATIONAL UPDATE Rolling sales value and units sold Sales value: 12 months rolling Units sold: 12 months rolling NOK million Units 4,317 4,260 1,179 1,123 3,526 905 3,086 2,954 814 814 4.5 4.4 4.4 4.1 4.2 1,044 954 793 694 701 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Total sales value Average sales value *Total columns show Selvaag Bolig’s gross sales Note: Sales value is adjusted for Selvaag Bolig’s share in joint ventures **Columns excluding dotted areas show Selvaag Bolig’s net sales 7 OPERATIONAL UPDATE Construction starts Construction starts per quarter Units 318 217 196 186 Hovinenga, Oslo 77 . 55 units in Greater Oslo . 97 units in Trondheim Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 . 65 units in Stockholm 8 OPERATIONAL UPDATE Units under construction and completions Sales value: Units under construction Expected completions per quarter NOK million Units 7,074 7,047 6,994 518 6,340 5,709 1,586 1,582 1,479 1,463 1,356 242 81 54 40 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Sales value (NOK million) Number of units under construction . High value of units under construction . Expected completions for 2018 as of Q4 17: 854 units . Q4 2017: 73% of units under construction sold by Q4 2017 . 87% of 2018 completions sold by Q4 2017 . Q4 2017: 85% of construction volume in Greater Oslo . Of which 91% in Oslo. Remaining in Bærum, Lørenskog, Moss and Tønsberg 9 Agenda . Highlights . Operational update . Financial update . Market . Summary 10 FINANCIAL UPDATE Income statement highlights Q4 2017 (IFRS) . 355 units delivered (254) Revenues and adjusted EBITDA margin (IFRS) . Revenues NOK 1 259m (886) NOK million . Units delivered NOK 1 239m (808) 1,259 . Other revenues NOK 20m (22), mainly lease income 1,135 . Project costs NOK 983m (677) 886 . Of which NOK 28m is interest (36) . Other costs NOK 66m (71) . Salaries, sales and marketing key components 456 379 . Adjusted EBITDA NOK 243m (170) 19% 21% 22% 19% 12% . Adjusted for financial expenses included in project costs . EBITDA NOK 215m (134) Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 . EPS in the quarter NOK 1.78 (1.24) Operating revenues Adjusted EBITDA margin 11 FINANCIAL UPDATE Income statement highlights FY 2017 (IFRS) Revenues and adjusted EBITDA margin (IFRS) NOK million 3,246 3,229 . Delivery of 737 units (869) 2,945 3,000 . Revenues NOK 3 229m (3 000) 2,197 . EBITDA adjusted 626m (514) . Adjusted for financial expenses included in project 19% 17% cost 16% 17% 17% . EBITDA NOK 548m (414) . Earnings per share full year NOK 4.35 (3.21) 2013 2014 2015 2016 2017 Operating revenues Adjusted EBITDA margin 12 FINANCIAL UPDATE Income statement highlights Q4 2017 (NGAAP) Revenues and EBITDA margin (NGAAP)* 12 months rolling revenues (NGAAP)* NOK million NOK million 967 3,672 947 3,511 3,514 3,229 818 2,971 689 498 24% 25% 23% 28% 21% 25% 19% 23% 21% 15% Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Operating revenues EBITDA margin Operating revenues EBITDA margin * Construction costs are exclusive of financial expenses in the segment reporting (NGAAP) 13 FINANCIAL UPDATE Cash flow development Q4 2017 NOK million 30 169 147 8 486 211 (292) (25) 239 Cash and cash Profit (loss) before Income taxes Changes in Changes in trade Other changes in CF from Net change in Cash and cash equivalents at 30 income taxes paid inventories receivables working capital investment borrowings equivalents at 31 September 2017 (property) activities December 2017 . Cash flow from operations positive at NOK 506m mainly explained by high number of units delivered . Cash flow from investment activities positive at NOK 30m mainly explained by repayment of loan from associated companies . Cash flow from financing activities negative at NOK 290m mainly due to net repayment of loans Note: Amounts below NOK 5m are excluded from the cash flow overview 14 FINANCIAL UPDATE Balance sheet highlights Q4 2017 Balance sheet composition . Book value increased by NOK 1.8 NOK million to NOK 30.4 per share 7,000 . Equity ratio 45.0% 6,000 Non-current assets . Changes from Q3 2017: 5,000 Equity . Inventories decreased by NOK 135m 4,000 . Trade receivables decreased by NOK 8m . Cash increased by NOK 246m 3,000 Current assets Non-current liabilities . Prepayments from customer’s accounts 2,000 for NOK 385m of other current non- 1,000 interest-bearing liabilities Current liabilities Cash 0 Assets Equity and Liabilities 15 FINANCIAL UPDATE Inventories (property) Q4 2017 Q4 17 vs Q3 17 Inventory value development NOK million . Land value up NOK 256m 5,000 250 230 204 . Mainly due to land acquisitions 185 4,000 267 . Work in progress down NOK 365m 2,502 3,000 2,816 2,761 2,867 . Due to completions 2,580 . Finished goods down NOK 26m 2,000 . Due to units delivered 1,000 1,938 1,686 1,437 1,672 1,682 0 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Land (undeveloped) Work in progress Finished projects 16 FINANCIAL UPDATE Land bank book value vs. external valuation Q4 2015 Q4 2016 Q4 2017 NOK million NOK million NOK million 1,773 881 1,268 3 711 2 747 2 705 1 866 1 938 1 437 Book value at time Gap Valuation: Book value at time Gap Valuation: Book value at time Gap Valuation: 60 of valuation (Nov Akershus Eiendom of valuation (Nov Akershus Eiendom of valuation (Nov Grader 2015) 2016) 2017) Næringsmegling Note: Joint ventures and land options not included in the valuation 17 FINANCIAL UPDATE Sound debt structure Interest-bearing debt as at 31 December 2017 NOK million Drawn at 31 Dec. Interest rate Loan facility (NOKm) margin NOK 400 million revolving credit 1 facility from DNB maturing in 0 2.90% 2021 NOK NOK 150 million working capital 2 facility from DNB maturing in 0 2.00% 1,248 2 217 969 2017 (Q3: 1 193) million (Q3: 1 287) Land loan facilities from a range 3 1 248 2.00% - 2.50% (Q3: 2 497) of Nordic credit institutions Construction loan facilities 4 from a range of Nordic credit 969 1.75% - 2.60% institutions Total Q4 2017 net interest-bearing debt NOK 1 732 million Land loan Construction loan Total Q3 2017 net interest-bearing debt NOK 2 258 million 18 FINANCIAL UPDATE Earnings and dividend per share NOK 4.50 4.35 EPS DPS 4.00 . FY’17 EPS NOK 4.35 (3.21) 3.50 3.21 3.00 3.00 3.00 2.70 (H2) . FY’17 dividend of NOK 1.96 2.50 3.00 (H2) 2.00 1.75 1.80 . H1’17 dividend of NOK 1.20 1.50 1.60 per share 1.50 1.20 (H1) . Proposed H2’17 dividend of 1.00 2.39 NOK 1.80 per share 0.50 (H1) 0.50 1.20 0.00 2013 2014 2015 2016 2017 19 FINANCIAL UPDATE Return on equity (IFRS) 12 months rolling net income (IFRS)* and return on equity** NOK million 397 401 354 335 301 15% 15% 14% 13% 12% Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Net income Return on equity * Net income attributable to shareholders in Selvaag Bolig ASA ** Based on equity attributed to shareholders in Selvaag Bolig ASA 20 Agenda . Highlights . Operational update . Financial update . Market . Summary 21 MARKET Norwegian residential market in January 2018 +2.0% -0.4% -2.2% Nominal price increase, January 2018 Price change adjusted for seasonal variations Price decrease last 12 months +8.4% versus January 2017 -0.9% versus January 2017 44 days in January 2017 6 762 6 430 58 days Number of sold units Number of units supplied to the market Average turnover time 22 MARKET Oslo second-hand market update Oslo, January* 2013-2018 Price change Oslo, January 2013-2018 Units 2,000 2.8% 2.7% 1,800 2.4% 1,600 2.2% 1,400 1,200 1.6% 1,000 1.4% 800 600 400 200 0 Jan.
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