Selvaag Bolig ASA

Earnings Release • Feb 15, 2016

Selvaag Bolig ASA: Q4 2015: Strong results provide higher dividend

Selvaag Bolig ASA: Q4 2015: Strong results provide higher dividend

Highlights 2015

* IFRS: operating revenue of NOK 3 246 million (2014: NOK 2 945 million),

EBITDA adjusted for financial expenses NOK 538.9 million (NOK 488.6

million). Represents a margin of 16.6 per cent (unchanged from 2014)

* NGAAP: operating revenue of NOK 3 229 million (NOK 3 113 million), EBITDA

(percentage of completion method) NOK 492 million (NOK 495 million).

Represents a margin of 15.2 per cent (15.9 per cent)

* 893 homes delivered to the buyer (861), 935 sold (886), 858 started (757)

and 1 339 under construction (1 308)

* Value of homes under construction: NOK 4 740 million (NOK 4 689 million)

* Sales ratio 88 per cent for homes to be completed in 2016, and 79 per cent

for homes under construction (77 per cent)

* Land purchases in core areas

* NOK 881 million (NOK 709 million) in added value on the land bank

* Board proposes a dividend of NOK 0.80 per share for the second half of

2015. Total dividend for the year will then be NOK 1.50 per share (NOK 1.20)

Highlights Q4

* IFRS: operating revenue of NOK 882 million (NOK 1 126 million), EBITDA

adjusted for financial expenses NOK 133 million (NOK 222 million).

Represents a margin of 15.1 per cent (19.7 per cent)

* NGAAP: operating revenue of NOK 718 million (NOK 871 million), EBITDA

(percentage of completion method) NOK 105 million (NOK 131 million).

Represents a margin of 14.6 per cent (15 per cent)

* 235 homes delivered to the buyer (266), 209 sold (233), 171 started (280)

Selvaag Bolig achieved operating revenues of NOK 3.25 billion in 2015 and an

EBITDA margin adjusted for financial expenses of 16.6 per cent. Good results and

a promising outlook mean the board proposes a dividend of NOK 0.80 per share for

the second half of 2015. That will give a total dividend of NOK 1.50 per share

for the year, up by 25 per cent from 2014.

"Last year demonstrated that we're living up to our ambition of being a leading

player for quality, sales figures, profit and return to shareholders," says CEO

Baard Schumann.

"Even with the slowdown in the Stavanger market, we sold 935 homes for NOK 3.2

billion. Eighty-eight per cent of the units we're completing in 2016 have

already been sold. In other words, we'll be continuing to deliver good results

in the time to come."

Sales in 2015 provided the basis for starting to build 858 homes. By 31

December, the company had 1 339 units worth some NOK 4.7 billion under

construction. Seventy-seven of these had been sold. At 31 December, the company

had 65 completed but unsold homes.

On the basis of last year's results and the present outlook, the board of

Selvaag Bolig has proposed a dividend of NOK 0.80 per share for the second half

of 2015. That will bring total dividend for the year to NOK 1.50 per share, an

increase of 25 per cent from the NOK 1.20 paid in 2014 and close to the target

of paying up to 50 per cent of net profit as dividend.

During 2015, Selvaag Bolig further increased its land portfolio in such areas as

Oslo, Trondheim and Bergen in order to meet high demand.

"We take an optimistic view of market trends in our core areas for the coming

year. Rapid urbanisation and low mortgage interest rates create a big demand for

new homes in regions where we have a strong position. The current year has begun

well and looks set to stay good for us," says Schumann.

Live webcast of the presentation available from 0830 here

30 second film summary available here

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 property 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.

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