Selvaag Bolig ASA

Earnings Release • May 21, 2015

Selvaag Bolig ASA: Q1 2015: record sales and high profitability

Selvaag Bolig ASA: Q1 2015: record sales and high profitability

First quarter of 2015:

* IFRS: revenues NOK 755.6 million (2014: NOK 244.6 million), EBITDA adjusted

for financial expenses NOK 120.7 million (NOK 16.7 million), representing a

margin of 16 per cent (6.8 per cent)

* NGAAP: operating revenues NOK 827.1 million (NOK 688.2 million), EBITDA

(percentage of completion method) NOK 140.3 million (NOK 123.8 million),

representing a margin of 17 per cent (18 per cent)

* Best sales in the company's history, high construction activity, high number

of construction starts

* 224 homes delivered to buyers (80), 308 sold (139), 284 started (77)

* Sales ratio of 81 per cent (76 per cent) for homes under construction

* Value of homes under construction NOK 5 billion (NOK 5.5 billion)

* Land purchases in Oslo and Bærum

Selvaag Bolig had operating revenues according to Norwegian generally accepted

accounting principles (NGAAP) of NOK 827.1 million. EBITDA came to NOK 140.3

million, representing a margin of 17 per cent.

"We're delivering good margins, and sales of new homes were extremely good

during the quarter," says CEO Baard Schumann.

"Demand for newbuilds is high and what gets put on offer is quickly sold. The

positive trend has continued in the second quarter, and we take an optimistic

view of coming periods."

The company started construction on 284 homes during the first quarter, and had

1 384 under construction at 31 March with a collective sales value of roughly

NOK 5 billion. It held 40 completed homes which had not been sold.

Eighty-one per cent of the units under construction at 31 March 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.

When calculated in accordance with the IFRS, revenues from homes delivered came

to NOK 755.6 million and EBITDA was NOK 98.6 million ­- representing a margin of

13.1 per cent.

In the first quarter of 2014, IFRS operating revenues amounted to NOK 244.6

million and EBITDA was NOK 9 million - giving a margin of 3.7 per cent.

Operating revenues for the same period calculated in accordance with NGAAP were

NOK 688.2 million and EBITDA was NOK 123.8 million. That represented a margin of

18 per cent.

The interim report for the first quarter 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 property types marketed under the brand names Start,

Hjem and Pluss. The company is headquartered at Ullern in Oslo.

http://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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