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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. • Cooperation matured and according to plan. • Will provide greater predictability for existing properties in the portfolio and reduce risk related to land purchases. 6 Sales value and units sold Sales value Number of units sold per quarter NOK million Units 1 242 Q4 1 010 910 Q3 840 696 5.1 4.9 5.1 5.1 5.0 Q2 Q1 243 248 190 185 164 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 2017 2018 2019 2020 2021 Total sales value Average sales value Note: Sales value is adjusted for Selvaag Bolig’s share in joint ventures. Units sold are sales contracts entered into with customers pursuant to the Norwegian Housing Construction Act. In accordance with the IFRS, they are recognised as income on delivery. 7 Rolling sales value and units sold Sales value 12 months rolling Units sold 12 months rolling NOK million Units 3 859 894 834 3 410 3 457 816 3 151 743 760 2 997 5.1 5.0 5.1 5.1 5.0 767 673 683 605 624 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Total sales value Average sales value *Total columns show Selvaag Bolig’s gross sales. **Columns excluding dotted areas show Selvaag Bolig’s net sales. Note: Sales value is adjusted for Selvaag Bolig’s share in joint ventures. Units sold are sales contracts entered into with customers pursuant to the Norwegian Housing Construction Act. In accordance with the IFRS, they are recognised as income on delivery. 8 Construction starts and completions Construction starts and completions per quarter Units 286 254 212 196 134 104 89 95 31 15 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Number of construction starts Number of units completed Note: Number of units are adjusted for Selvaag Bolig’s share in joint ventures. 9 Units under construction and completions Sales value units under construction Expected completions per quarter NOK million Units 6 742 6 660 6 627 6 327 6 413 348 304 1 431 1 357 1 342 1 349 208 1 310 120 86 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Sales value Number of units under construction Wholly owned units Partly owned units · Q1 2021: 82% of units under construction sold by Q1 2021 · Expected completions for the full year 2021: 867 units · Q1 2021: 92% of construction volume in Greater Oslo Area* · 93% of 2021 completions sold by Q1 2021 Note: Sales value and number of units are adjusted for Selvaag Bolig’s share in joint ventures. * Includes: Oslo, Lørenskog, Follo, Tønsberg, Asker. 10 Agenda Highlights Operational update Financial update Market Outlook and summary Income statement highlights Q1 2021 (IFRS) Operating revenues (IFRS) · 124 units delivered (114) NOK million - 10 units from share of JVs (74) · Revenues NOK 568m (209) 1 347 - Other revenues NOK 15m (13) · Project costs NOK 401m (134) 706 - Of which NOK 11m is interest (7) 568 436 · Other costs NOK 57m (54) 209 · Adjusted EBITDA* NOK 129m (117) · EBITDA* NOK 118m (110) Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Adjusted · EPS in the quarter NOK 0.82 (1.07**) 56%* 17% 18% 27% 23% EBITDA margin * EBITDA is profit before interest, taxes, depreciation and amortization. EBITDA adjusted is excluding *Q1 2020 adjusted EBITDA margins of 56.1% excluding other gains of NOK 1 029m. financial expenses included in project costs. ** EPS adjusted for other gains of NOK 11.01. 12 Q1 2021 proforma figures including proportionate share of JV Operating revenues (IFRS) · 124 units delivered (114) NOK million · Revenues NOK 636 (584) 1 438 - Other revenues NOK 19m (17) · Project costs NOK 456m (398) 861 - Of which NOK 12m is interest (22) 670 636 584 · Other costs NOK 65m (59) · Adjusted EBITDA* NOK 131m (152) · EBITDA* NOK 119m (130) Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 · EPS in the quarter NOK 0.82 (1.07**) Adjusted 26%* 13% 15% 25% 21% EBITDA margin * EBITDA is profit before interest, taxes, depreciation and amortization. EBITDA adjusted is *Q1 2020 adjusted EBITDA margin of 26.0% excluding other gains of NOK 1 029m. excluding financial expenses included in project costs. The difference compared to reported EBITDA is due to interest, taxes, depreciation and amortization in JVs. 13** EPS adjusted for other gains of NOK 11.01. Income statement highlights Q1 2021 (NGAAP) Revenues and EBITDA margin (NGAAP)* 12 months rolling revenues (NGAAP)* NOK million NOK million 949 3 336 3 329 3 317 858 3 271 3 216 803 756 707 23% 22% 21% 20% 19% 21% 21% 19% 18% 17% Q1 20 Q2 20 Q3 20 Q4 20 Q1 2021 Q1 20 Q2 20 Q3 20 Q4 20 Q1 2021 Operating revenues EBITDA margin Operating revenues EBITDA margin * Construction costs are exclusive of financial expenses in the segment reporting (NGAAP). Note: EBITDA is operating profit before depreciation, gains (losses) and profit from associated companies. 14 Project margin development NOK million 3 637 3 480 3 277 3 271 3 264 3 194 3 239 3 179 3 204 3 215 3 165 3 038 2 931 2 929 2 683 2 586 2 377 30% 29% 28% 28% 28% 29% 28% 26% 26% 26% 26% 27% 26% 27% 26% 25% 24% Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 12 months rolling revenues (NGAAP)* 12 months rolling project margin** * Construction costs are exclusive of financial expenses in the segment reporting (NGAAP). ** Project margins are exclusive of overhead costs. 15 Cash flow development Q1 2021 NOK million 111 88 42 47 92 885 698 Cash and cash Profit (loss) before Income taxes paid Changes in inventories Changes in trade Net change in Cash and cash equivalents at income taxes (property) receivables borrowings equivalents at 31 December 2020 31 March 2021 · Cash flow from operations negative at NOK 88m mainly due to paid taxes and increased working capital · Cash flow from investing activities negative at NOK 6m · Cash flow from financing activities negative at NOK 94m mainly due to net repayments of construction loans Note: Amounts < NOK -20m < NOK 20m are excluded from the cash flow overview. 16 Balance sheet highlights Q1 2021 Balance sheet composition NOK million · Book value of equity NOK 26.7 per share 7 000 - Equity ratio 41.4% 6 000 · Changes from Q4 2020: Non-current assets 5 000 - Inventories increased by NOK 232m Equity - Trade and Other receivables increased by 4 000 NOK 19m 3 000 Current assets Non-current - Cash decreased by NOK 187m liabilities · Prepayments from customers represents 2 000 NOK 276m of other current non-interest- 1 000 Current liabilities bearing liabilities Cash 0 Assets Equity and Liabilities 17 Inventories (property) Q1 2021 Q1 21 vs Q4 20 Inventory value development NOK million 111 124 136 182 · Land value up NOK 99m 120 - Mainly due to consolidation of former JV · Work in progress up NOK 72m 3 078 2 855 3 172 2 983 2 911 - Mainly due to construction starts · Finished goods up NOK 61m - Due to completions not delivered 1 062 1 088 979 909 1 008 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Land (undeveloped) Work in progress Finished projects Note: UP transaction completed in Q12020. Land bank reduction of NOK 657 million booked Q4 2019 following reclassifications from land to assets held for sale. 18 Debt structure Interest-bearing debt at 31.3.21 Drawn at NOK million 31.3.21 Interest rate Loan facility (NOKm) margin* Construction loan facilities from 1 1 534 1.75% - 2.60% a range of Nordic credit institutions 2 Land loans Urban Property** 661 3.75%*** NOK Land loan facilities from a range of 3 249 2.00% - 2.50% 1 534 Nordic credit institutions 661 (Q4: 1 526) (Q4: 694) 2 444 NOK 150 million revolving credit 4 0 2.90% - 3.40% million facility from DNB maturing in 2023 (Q4: 2 468) NOK 150 million working capital 5 0 2.10% 249 facility from DNB with annual renewal (Q4: 248) NOK 300 million infrastructure facility 6 0 2.70% maturing in 2024 Total Q1 2021 net interest-bearing debt NOK 1 746 million Land loans Urban Property* Land loan Construction loan Total Q4 2020 net interest-bearing debt NOK 1 583 million * Repurchase agreements portfolio B.
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