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Annual Report 2019 TRONDHEIM

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Annual Report 2019 TRONDHEIM Annual report 2019 TRONDHEIM BERGEN OSLO A LEADING HOUSEBUILDER STOCKHOLM Selvaag Bolig ASA is a STAVANGER residential property developer controlling the entire value chain from acquisition of land to sale of homes. The company has several thousand homes under development at any given time, and focuses on the growth areas in and around Greater Oslo, Bergen, Stavanger, Trondheim and Stockholm. Selvaag Bolig represents a continuation of Selvaag’s 70-year history and experience, and offers a broad variety of property types. The company’s head office is at Ullern in Oslo. www.selvaagboligasa.no CONTENTS ORGANISATION AND BOARD CEO letter 4 Executive management Selvaag Bolig ASA 7 Description of the business 8 Corporate governance in Selvaag Bolig 12 Corporate social responsibility (CSR) 22 The environment 28 The Fornebu neighbourhood town 36 FINANCIAL: GROUP Director’s report 38 Board of directors 46 Statement of comprehensive income 48 Statement of financial position 49 Statement of changes in equity 50 Statement of cash flows 51 Notes to the consolidated financial statements 52 FINANCIAL: PARENT COMPANY Statement of profit and loss 92 Financial position 93 Statement of cash flows 95 Accounting policies 96 Notes to the financial statements 98 Declaration by the board of directors and CEO 107 Auditor’s report 110 ANNUAL REPORT | 3 CEO LETTER AN IMPORTANT YEAR FOR SELVAAG BOLIG The year 2019 proved important for Selvaag Bolig, with good financial results, substantial value creation and commercial dispositions which will increase our competitiveness. I took over as CEO in May 2019, and have found a per share) was paid as a supplementary dividend in early company with a clear and focused strategy, a unique 2020. commercial grasp and leading-edge development expertise. The business model and main direction remain unchanged. The Urban Property transaction was implemented to refine Our most important consideration is our customers and the our core business, enhance the attention paid to operations, products and experience we offer them. Profitability is and manifest the value in our day-to-day business. It will also created through good project development and attractive increase our opportunities for growth. This transaction will products in the most important growth areas. We have substantially reduce tied-up capital and establish a access to a substantial portfolio of land in and around long-term, strategic and efficient financing collaboration Greater Oslo, Bergen, Stavanger and Trondheim, and are which strengthens our competitiveness. now working to become established in Stockholm. A dividend of NOK 4.50 per share was also paid during Selvaag has built more than 55 000 homes since the the year. Since 2013, we have now distributed NOK business began in 1948. Its long history as the people’s 36.30 per share to shareholders. The board has also housebuilder imposes a responsibility on us. It will be more recommended a dividend of NOK 1.50 per share for the important in the future to offer products which stand out and second half of 2019, which will be paid in May 2020. meet the expectations of the big proportion of single people Looking ahead, our ordinary capacity to pay dividend in and the increasing group of senior citizens. New residential relation to net profit could also potentially improve. We can concepts with an increased element of sharing are a key expect to have a higher return on equity, and will no longer part of the solutions, as are homes providing services and need to use earned equity to purchase land. The goal of activities. In many ways, this provides a unique opportunity paying high and stable dividends remains unchanged. for us because of our long experience with the Pluss lifestyle product. In a short space of time, devoting attention to the environment and sustainability has become a crucial factor We have already built more than 1 500 Pluss homes, with for all commercial enterprises. Historically a big contributor concierges, activities, services and common parts which to the problem, the property sector is now becoming part of provide people of all ages with a simpler daily life as well the solution. We at Selvaag Bolig have an important social as the opportunity for unique social cohesion. Unlike most duty as one of Norway’s biggest housing developers, and other companies offering serviced homes, we operate the the environment is now an essential part of that responsibility. Pluss projects ourselves. One of my key priorities has been to clarify the significance which social changes have for our We sell homes – the biggest and most important investment products and to take account of these in the further which the great majority of us makes in our lifetime. It development and expansion of the concept, as well as the therefore goes without saying that we and our products value of the Pluss concept for differentiating us from the rest help to fulfil society’s sustainability goals and to create good of the market. frameworks and conditions to improve the quality of life for our customers. Our new environmental policy therefore At the beginning of the new decade, we implemented our provides guidelines which ensure that the environment and largest and most important transaction since the stock market sustainability are an integrated part of product development, listing in 2012. Large parts of our land bank were sold to construction and operation. A key element in our strategy Urban Property, a new company structure established to is that we will only pursue large projects in central urban own these assets. The intention is that Urban Property will areas with population growth. This is our most important enter into purchase agreements for new land in the market contribution to a more sustainable society. which we want to acquire, and we will have an option to buy back these sites from it. This transaction was worth Olav Selvaag, our founder, said: “A city is there for the NOK 3.4 billion, and about NOK 2 billion (NOK 22 people, not vice versa”. That idea has been retained in our 4 | ANNUAL REPORT vision that “we make tomorrow’s cities better”. This means that, Key figures 2019 when creating the cities of the future, our job is to see to it that Operating revenues: NOK 3 369 million people’s homes and neighbourhoods provide secure Operating profit: NOK 865 million frameworks for a good life. We ensure the construction of durable and sensible projects in areas where they are needed. Pre-tax profit: NOK 854 million That is sustainability in practice. No job is too large or too Units sold: 752 complex for us. At Løren, we converted an abandoned army Net sales value: NOK 3 753 million camp into a completely new urban district. Kaldnes in Construction starts: 830 Tønsberg was turned from a dead industrial site into a new Units delivered: 732 and vibrant residential area. And a new town is set to arise at Units completed: 776 Fornebu, where an airport once stood. Units under construction: 1504 We will continue to build homes which are required at a price most can afford. We will be a leading provider of a better quality of life for ordinary people. Rolf Thorsen CEO ANNUAL REPORT | 5 ORGANISATION 2019 EXECUTIVE MANAGEMENT SELVAAG BOLIG ASA Rolf Thorsen Group CEO Kristoffer Gregersen Sverre Molvik Vice president communications CFO and market Øystein Klungland Halvard Kverne Petter Cedell Vice president Vice president regions Vice president Greater Oslo property investments ANNUAL REPORT | 7 SELVAAG BOLIG ANNUAL REPORT 2019 DESCRIPTION OF THE BUSINESS BUSINESS MODEL/STRATEGY Fewer employees: about 70 employees in the core business. Selvaag Bolig is a housing development company which offers A small organisation improves cost efficiency. homes tailored for specific customer groups in the growth areas in and around Greater Oslo, Bergen, Stavanger, Trondheim and Predictable construction costs: tenders from several Stockholm. By offering good housing at competitive prices, the contractors always ensure that the right market price is obtained company will give as many people as possible, in all phases of and construction takes place at fixed prices. their lives, the opportunity to own a home. The company does not have an in-house construction arm, and concentrates primarily on Less capital tied up and lower execution risk: using developing large housing projects with more than 150 homes – turnkey contracts reduces tied-up capital and execution risk in the mostly in the NOK 3-6 million price category. By subjecting all construction phase. construction to competitive tendering, the company reduces risk and achieves better prices. Lower market risk: having no construction personnel in-house means big staffing adjustments are not required in the event of HOUSING RANGE TAILORED TO THE MARKET market fluctuations. Selvaag Bolig has house types and concepts tailored to different target groups with varying needs and preferences. Thanks to the Right expertise: collaboration with contractors who can size of its projects, the various types of homes can be combined overcome the respective challenges in the best possible way. in each of them. That enhances residential quality by creating Contractors have leading-edge expertise in different fields. neighbourhoods where homes are matched to all conditions of life and age groups. It also provides a range tailored to the market Improved capacity: required capacity at any given time, no and helps to optimise the sales and income profile of each project. capacity problems when several projects are to be built simultaneously. COMPETITIVE TENDERING FOR ALL CONTRACTS LAND PURCHASING AND FINANCING Selvaag Bolig is solely a developer without its own construction From January 2020, large parts of Selvaag Bolig’s available land organisation, and manages the whole value chain from the purchase portfolio have been acquired by Urban Property.
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