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2015-08-19

Selvaag Bolig ASA: Q2 2015: strong results and dividend

Second quarter of 2015:

* IFRS: operating revenues NOK 830 million (2014: NOK 810 million), EBITDA
adjusted for financial expenses NOK 151 million (NOK 125 million),
representing a margin of 18.2 per cent (15.5 per cent)
* NGAAP: operating revenues NOK 858 million (NOK 830 million), EBITDA
(percentage of completion method) NOK 125 million (NOK 121 million),
representing a margin of 14.6 per cent (14.6 per cent)
* 232 homes delivered to buyers (236), 210 sold (255), 199 started (197)
* Land purchase for 400 homes in Oslo

First half of 2015

* IFRS: operating revenues NOK 1.59 billion (NOK 1.05 billion), EBITDA
adjusted for financial expenses NOK 271.6 million (NOK 142.1 million),
representing a margin of 17.1 per cent (13.5 per cent)
* NGAAP: operating revenues NOK 1.69 billion (NOK 1.52 billion), EBITDA
(percentage of completion method) NOK 265.6 million (NOK 244.7 million),
representing a margin of 15.8 per cent (16.1 per cent)
* 456 homes delivered to buyers (316), 518 sold (394), 483 started (274)
* Board proposes a dividend of NOK 0.70 per share for the first half

Selvaag Bolig's operating revenues according to the IFRS increased by 50 per
cent from the first half of 2014. EBITDA adjusted for financial expenses rose
by 91 per cent. The company's board proposes a dividend of NOK 0.70 per share
for the period.

"We delivered many homes during the first half, and achieved very good
results. That reflects both good sales in earlier periods and very good
targeting with the projects delivered now," says CEO Baard Schumann.

The good results mean that the board has recommended paying 46 per cent of the
net profit in dividend for the first half of 2015. That amounts to NOK 0.70
per share.

"Our dividend policy says that our long-term goal is to pay out up to 50 per
cent of our profits. From 2015, we'll also be paying dividend twice a year to
improve liquidity for our shareholders," says Schumann.

Selvaag Bolig started construction on 199 homes during the second quarter, and
had 1 394 under construction at 30 June. These had a collective sales value
of roughly NOK 4.9 billion. The company held 31 completed homes which had not
been sold.

Eighty per cent of the units under construction at 30 June had been sold.
Since sold homes are first recognised as income on delivery, this stock
represents substantial assets for Selvaag Bolig in the time to come.

"We're optimistic about coming quarters. Demand for new homes is high, and
properties put on sale sell fast. We're well positioned with large and
attractive projects in urban areas of Norway experiencing growth pressures,"
says Schumann.

When calculated in accordance with the IFRS, Selvaag Bolig's operating
revenues from homes delivered during the second quarter (IFRS) came to NOK
830 million and the EBITDA margin adjusted for financial expenses came to
18.2 per cent.

Operating revenues for homes under construction, calculated in accordance with
Norwegian generally accepted accounting principles (NGAAP), for the period
were NOK 858 million and EBITDA came to NOK 125 million - representing a
margin of 14.6 per cent.

Comparable figures for the second quarter of 2014 were IFRS operating revenues
of NOK 810 million and the EBITDA margin adjusted for financial expenses came
to 15.5 per cent. NGAAP operating revenues were NOK 830 million, EBITDA came
to NOK 121 million - representing a margin of 14.6 per cent.
The interim report for the second quarter and first half of 2015 can be downloaded here: www.selvaagboligasa.no/en

Further information from
Baard Schumann, CEO, Selvaag Bolig ASA

Telephone: +47 940 80 000, e-mail: bs@selvaagbolig.no

Sverre Molvik, CFO, Selvaag Bolig ASA
Telephone: +47 401 00 585, e-mail: smo@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 prop
erty types marketed under the brand names Start, Hjem and Pluss. The company
is headquartered at Ullern in Oslo.

www.selvaagboligasa.no/en

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Presentation for 2nd quarter 2015
http://hugin.info/148038/R/1946271/706178.pdf
Report for 2nd quarter 2015
http://hugin.info/148038/R/1946271/706179.PDF

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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

HUG#1946271

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