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Selvaag Bolig ASA: Q1 2014: Good margins and improved sales

* Sales up because of a better market
* Building activity still high, and stable number of construction starts
* 139 homes sold, 77 started and 80 delivered
* Operating revenues (NGAAP) of NOK 688.2 million, EBITDA of NOK 123.7
* Land purchased in Oslo and Trondheim

Selvaag Bolig achieved operating revenues (Norwegian generally accepted
accounting principles) of NOK 688.2 million in the first quarter of 2014, and
an EBITDA of NOK 123.7 million - corresponding to a margin of 18 per cent.

"We're delivering good margins on projects under construction, and find that new-build sales are starting to climb again," says CEO Baard Schumann.
"More people are coming to view homes, and we're securing sufficient advance sales to be able to start building. We were ahead of our sales budget at 31 March, and the positive trend has continued into the second quarter."
Selvaag Bolig started construction of 77 homes during the quarter. At 31 March, the company had 1 474 houses under construction with a combined sales value of about NOK 5.4 billion. Eight completed homes remained unsold.
At 31 March, 75 per cent of the housing under construction had been sold. Since sold homes are first recognised as income on delivery to the buyer, the inventory of such buildings represents substantial value for Selvaag Bolig in the time ahead. As expected, the IFRS result for the first quarter of 2014 was low because relatively few homes were delivered.
Revenues for homes delivered pursuant to the IFRS in the quarter came to NOK 244.6 million and EBITDA to NOK 9 million, which corresponds to a margin of 3.7 per cent.
Corresponding IFRS figures for the first quarter of 2013 were operating revenues of NOK 523.8 million and EBITDA of NOK 102.2 million, corresponding to a margin of 16.4 per cent.
Operating revenues in accordance with NGAAP for the first quarter of last year came to NOK 637.6 million and EBITDA to NOK 144.3 million - corresponding to a margin of 22.6 per cent.
The interim report for the first quarter of 2014 can be downloaded here: www.selvaagbolig.no/investor/en
Results for the second quarter of 2014 will be published on 22 August.
Further information from

Baard Schumann, CEO, Selvaag Bolig ASA

Telephone: +47 940 80 000, e-mail: bs@selvaagbolig.no
Haavard Rønning, CFO, Selvaag Bolig ASA

Telephone: +47 400 20 019, e-mail: hroe@selvaagbolig.no
Selvaag Bolig ASA is a 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 and Trondheim. Selvaag Bolig represents a continuation of Selvaag's 60-year history and experience, and offers a broad variety of property types marketed under the brand names Start, Hjem and Pluss. The company is headquartered at Løren in Oslo.


This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Presentation for 1st quarter 2014
Report for 1st quarter 2014


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Selvaag Bolig ASA via Globenewswire


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