Selvaag Bolig ASA

Quarterly Report • May 15, 2019

Q1 2019

Oslo 15 May 2019 Olav H. Selvaag, acting CEO Sverre Molvik, CFO

Agenda

Highlights

• Operational update
• Financial update
• Market
• Summary and outlook

Highlights Q1 2019 HIGHLIGHTS

• Strong operational performance with EBITDA-margin (NGAAP) of 23%
• High sales in Q1
• All time high value of units under construction
• Fundamentals support strong long-term demand in core markets

Key financials Q1 2019

HIGHLIGHTS

Operating revenues 109

NOK million

Operating revenues (NGAAP)

680

NOK million EBITDA** margin (NGAAP)

22.7 per cent

Adjusted EBITDA* margin

* EBITDA is profit before interest, taxes, depreciation and amortization. EBITDA adjusted is excluding financial expenses included in project costs

** EBITDA is operating profit before depreciation, gains (losses) and profit from associated companies

Agenda

• Highlights
• Operational update
• Financial update
• Market
• Summary and outlook

Sales value and units sold

OPERATIONAL UPDATE

Note: All numbers are adjusted for Selvaag Bolig's share in joint ventures ## Rolling sales value and units sold

OPERATIONAL UPDATE

Note: Sales value is adjusted for Selvaag Bolig's share in joint ventures gross sales Bolig's net sales

Sales value: 12 months rolling Units sold: 12 months rolling

Construction starts and completions

OPERATIONAL UPDATE

Units

Construction starts and completions per quarter

441

Units under construction and completions

OPERATIONAL UPDATE

• Q1 2019: 70% of units under construction sold by Q1 2019
• Q1 2019: 78% of construction volume in Oslo Metropolitan Area
• 77% of 2019 completions sold by Q1 2019

Expected completions for the full year 2019: 782 units

Flexibility to optimize value creation

• Pre-sale condition: 60 % sold within 6-9 moths
• Sales price adjustments at construction start
• Sales price adjustment during construction period according to market development
• Target: Last unit sold at project completion

OPERATIONAL UPDATE

Agenda

• Highlights
• Operational update
• Financial update
• Market
• Summary and outlook

Income statement highlights Q1 2019 (IFRS)

• 29 units delivered (59)
• Revenues NOK 109m (381)
  • Units delivered NOK 93m (323)
  • Other revenues NOK 16m (15)
• Project costs NOK 70m (276)
  • Of which NOK 3m is interest (5)
• Other costs NOK 60m (58)
  • Salaries, sales and marketing
• Adjusted EBITDA NOK -9m (51)
  • Adjusted for financial expenses included in project costs
• EBITDA NOK -12m (45)
• EPS in the quarter NOK -0.16 (0.34)

FINANCIAL UPDATE

NOK million

Revenues and adjusted EBITDA margin (IFRS)

Operating revenues

Adjusted EBITDA margin

Note: EBITDA is profit before interest, taxes, depreciation and amortization. EBITDA adjusted is excluding financial expenses included in project costs

Income statement highlights Q1 2019 (NGAAP)

FINANCIAL UPDATE

* Construction costs are exclusive of financial expenses in the segment reporting (NGAAP) Note: EBITDA is operating profit before depreciation, gains (losses) and profit from associated companies

Cash flow development Q1 2019

• Cash flow from operations negative at NOK 358m mainly explained increased inventory (property)
• Cash flow from investment activities positive at NOK 40m mainly due to dividends from associated companies and proceeds from repayments of loans and trade credits.
• Cash flow from financing activities positive at NOK 226m mainly due to net increase in loans

Note: Amounts below NOK 15m are excluded from the cash flow overview

CF from investment activities

Net change in borrowings

Cash and cash equivalents at 31 March 2019

FINANCIAL UPDATE

Balance sheet highlights Q1 2019

FINANCIAL UPDATE

Balance sheet composition

NOK million Book value of equity slightly down to NOK 33.00 per share Equity ratio 47.1% Changes from Q4 2018: Inventories increased by NOK 309m Trade receivables decreased by NOK 153m Cash decreased by NOK 92m Prepayments from customer's accounts for NOK 269m of other current noninterest-bearing liabilities 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 AssetsCash Non-current assetsCurrent assets

Equity and Liabilities

Current liabilities

Non-current liabilities

Inventories (property) Q1 2019

FINANCIAL UPDATE

Q1 19 vs Q4 18

Inventory value development

• Land value down NOK 10m
  • Due to construction starts
• Work in progress up NOK 383m
  • Due to high volume of units under construction relative to units completed.
• Finished goods down NOK 65m
  • Mainly due to delivery of units completed last year

Interest-bearing debt as at 31 March 2019

Loan facility 1 NOK 500 million revolving credit facility from DNB maturing in 20222 NOK 150 million working capital facility from DNB maturing in 20193 Land loan facilities from a range of Nordic credit institutions 4 Construction loan facilities from a range of Nordic credit institutions

D t r a w n a ( ) 3 1 M N O K a r. m	I t t t n e r e s r a e i m a r g n
0	% 3. 4 0
0	% 2. 0 0
3 1 5 7	2. 0 0 % 2. 0 % 5 -
1 2 0 4	% % 1. 7 5 2. 6 0 -

Total Q1 2019 net interest-bearing debt NOK 1 996

million

Total Q4 2018 net interest-bearing debt NOK 1 659 million

Debt structure FINANCIAL UPDATE

NOK million

Return on equity (IFRS)FINANCIAL UPDATE

12 months rolling net income (IFRS)* and return on equity**

NOK million

* Net income attributable to shareholders in Selvaag Bolig ASA

** Based on equity at the start of the period (attributed to shareholders in Selvaag Bolig ASA)

Agenda

• Highlights
• Operational update
• Financial update
• Market
• Summary and outlook

Population growth in Oslo and Akershus

MARKET

Note: In 2017 Greater Oslo had 23% of housing completions in Norway

Source: Statistics Norway

Increasing share of population growth in Oslo and Akershus

Source: Statistics Norway (medium alternative)

MARKET

Source: Statistics Norway (Actual completions), Prognosesenteret (Forecasted housing need based on Statistics Norway low immigration alternative), Ny Analyse (Forecasted completions) Note: Housing demand calculated on parameters such as number of persons per household, lag on housing development, housing demolition Note: Completions exclusive of student- and senior housing

* Only 800 units zoned in Oslo in 2018

Number of units completed in Oslo and Akershus, 2006-2018

Expected completions lower than forecasted housing demand in Oslo and Akershus

Second-hand market update Oslo

MARKET

Oslo, April 2019

Price change Oslo, YTD (Jan-Apr) 2014-19

Sources: Eiendomsverdi, Eiendom Norge and finn.no

(Price increase last 12 months of 5%)

• New homes available for sale as of 13 May 2019: 1 760 units
  • 48% of total inventory

Second-hand market update other core markets

MARKET

Trondheim, April 2019

Sources: Eiendomsverdi, Eiendom Norge and finn.no

* Stavanger-area include: Stavanger, Sola, Randaberg and Sandnes

S * i l A 2 0 1 9 t a a n g e r- a r e a p r v ,
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1 0 0 0
7 5 0
5 0 0
2 0 5
0
	Ap Ap Ap Ap Ap Ap Ap Ap Ap Ap r. r. r. r. r. r. r. r. r. r.
	2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9
	d- ha d i l d s d- ha d Inv tor Un ts s en y sec on n o ec on n

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Ap Ap Ap Ap Ap Ap Ap Ap Ap Ap r. r. r. r. r. r. r. r. r. r.
2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9
Inv d- ha d Un i l d s d- ha d tor ts s en sec on n o ec on n y
	g

• Price increase of 4.1% year to date (3,2%)

• New homes available for sale as of 13 May 2019: 1 125 units

  • 45% of total inventory

• Price increase of 6.2% year to date (7.0%)

• New homes available for sale as of 13 May 2019: 1 030 units
  • 56% of total inventory

Price increase of 5.8% year to date (5.6%)

New homes available for sale as of 13 May 2019: 990 units

56% of total inventory

Margin development through project stages*

Delivery in accordance with expectations

0 MONTHS

Delivery to customers

MARKET

MARKET Project margin development

2 975

3 083

2 423 2 631 28% 26% 26% 26% Q2 2018Q3 2018Q4 2018Q1 2019

* Construction costs are exclusive of financial expenses in the segment reporting (NGAAP)

** Project margins are exclusive of overhead costs

LØRENSKOG STASJONSBY – 2013

Total 2 000 units

~ 1 500 units remaining

First sales start: 2013

• Sales price 2013: NOK 35 000 m/2
• Sales price 2019: NOK 75 000 m/2

LØRENSKOG STASJONSBY – TODAY

Agenda

• Highlights
• Operational update
• Financial update
• Market
• Summary and outlook

Outlook

• Stable and moderate interest rates
• High employment
• Balanced supply and demand
• Urbanization and population growth
• Possible supply deficit in Oslo in 2021

SUMMARY AND OUTLOOK

• Strong operational performance with EBITDA-margin (NGAAP) of 23%
• High sales in Q1
• All time high value of units under construction
• Fundamentals support strong long-term demand in core markets

Summary SUMMARY AND OUTLOOK

Thank you for your attention – follow us online!

Next event: 2n^d quarter 2019 14 August 2019

Appendix

Peers

Housing types Selvaag Bolig: flats, semi-detached and terraced homes Source: Eiendomsverdi, Eiendom Norge and Selvaag Bolig

APPENDIX

Selvaag Bolig's ambition is to pay high and stable dividends to its owners.

The company aims to pay dividends of minimum 40 per cent of net annual profit, paid in two instalments over the year. However, the size of the dividend will be weighed against the company's liquidity forecasts and capital adequacy.

The company will maintain an equity ratio of minimum 30 per cent

Dividend policy APPENDIX

Earnings and dividend per share since IPO

2.50 per share

• NOK 2018 EPS of NOK 6.14 H2'18 EPS of NOK 4.54 2018 DPS of NOK 4.50 H2'18 dividend of NOK 7,40
  • 2,95 4,70 0,00 0,50 1,70 3,20 H2 2012 2013 2014 2015

APPENDIX

10,40

EPS DPS

Accumulated dividend per share since IPO in June 2012

Share performance since IPO in June 2012 APPENDIX

Source: Oslo Børs

Largest shareholders at 31 March 2019

APPENDIX

* Further information regarding shareholders is presented at: http://sboasa.no/en

** The shares were purchased for the company's share programmes for employees

S h h l d a r e o e r	f h # o s a r e s	% h s a r e
S E L V A A G G R U P P E N A S	5 0 1 8 0 0 8 7	5 3. 5 %
S O S G S G S O L A N D F R A K R I N A R F A T I H E T F N D	5 6 5 3 7 8 8	% 6. 0
*) S l C l M t I t. P & o r g a n a n e y o. n c.	2 7 4 6 2 2 1	% 2. 9
P A R E T O I N V E S T A S	2 0 2 6 5 6 4	2. 2 %
V E R D I P A P I R F O N D E T P A R E T O I N V E S T M E N T	1 5 9 6 3 6 6	1. 7 %
S S O O S S S S C O E B P R I M E L U T I N I E N E R A N P	1 4 0 0 0 0 0	% 1. 5
V E R D I P A P I R F O N D E T A L F R E D B E R G G A M B A	9 1 0 5 5 6 7	% 1. 1
*) J P M C h B k, N. A. L d o r g a n a s e a n o n o n ,	9 6 6 7 6 1	1. 0 %
S S k d C B T t t t t t a e r e e a n a n ru s o m p	9 5 9 0 7 1	% 1. 0
F L P S - G L S- M S U B	9 4 0 1 0 0	% 1. 0
H O L B E R G N O R G E	8 8 0 0 0 0	0. 9 %
H O L T A I N V E S T A S	8 4 1 6 1 9	0. 9 %
**) S G O G S E L V A A B L I A A	8 3 7 0 6 8	% 0. 9
B A N A N I I A S	6 0 0 0 0 0	% 0. 6
S T O R E B R A N D N O R G E I V E R D I P A P I R F O N D	8 0 9 5 1 6	0. % 6
B d S hu a a r c m a n n	5 6 5 1 2 7	0. 6 %
S S S M U T A D I N D U T R I E R A	5 5 9 3 2 4	% 0. 6
M S l C I i l t & t t o r g a n a n e y o. n e r n a o n a	9 9 4 5 7 7	% 0. 5
S P A R H A N S A S	4 7 6 2 2 1	0. 5 %
*) S S k d C B T t t t t t a e r e e a n a n ru s o m p	4 7 0 4 0 1	% 0. 5
T l l h h l d t 2 0 t o a a r g e s s a r e o e r s	7 3 8 7 4 3 9 1	% 7 8. 8
O h h h l d t e r s a r e o e r s	9 8 9 2 9 1 1 7	2 2 % 1.
T l b f h t o a nu m e r o s a r e s	9 3 7 6 5 6 8 8	1 0 0. 0 %

Substantial land bank in Norway's four largest growing urban areas

APPENDIX

• Acquire the right mix of zoned and unzoned land in suitable locations
• Land acquisitions in defined core areas
• High degree of site utilization and strategic land development
• Substantial land bank to accommodate targets/growth in core areas
• Good infrastructure and public transport
• Joint ventures (JVs)

Land bank exposure

Geographical spread

Stockholm 40 units

Land-bank strategy

Note: The numbers represent the size of the land portfolio as at 31 March 2019. All numbers are adjusted for Selvaag Bolig's share in joint ventures. 1) Greater Oslo area: Oslo, Akershus, Buskerud, Vestfold and Østfold, 2) The residential property development portfolio consists of land plots that are to be paid for when planning permission is received. The portfolio has a development potential of ~5 400 residential units, whereof the company has purchasing obligations for ~4 900 and purchasing options for ~500 units.

Land bank in Oslo and Greater Oslo

APPENDIX

Land bank in Stavanger area APPENDIX

Land bank in Bergen, Trondheim and Stockholm APPENDIX

Substantial portfolio for development

APPENDIX

Land bank in balance sheet

Total land bank portfolio at 31 March 2019

Units

Land bank book value vs. external valuation

APPENDIX

Note: Joint ventures and land options not included in the valuation

Efficient and flexible value chain

Target 100% sale at delivery

DELIVERIES

0 MONTHS

Delivery to customers

APPENDIX

Margin development through project stages* APPENDIX

Delivery in accordance with expectations

0 MONTHS

Delivery to customers

Norwegian housing market

• Low risk for housebuilders
  • Advance sales: banks require that 50-70% of homes are sold before construction starts
  • Binding offers: offer to purchase is a binding sales contract, and requires a minimum 10% cash deposit
• High level of home ownership
  • 85% (one of the world's highest)
• Economic benefits for home owners
  • 23% of mortgage loan interest payments are tax deductible
  • Transfer stamp duty for new houses is lower than for second-hand homes
• Strong population growth
  • Norway's urban areas are among the fastest growing in Europe
  • Good demand for new homes

APPENDIX

Low-risk business model

Risk profile at start of a MNOK 550 project De-risking in key stages of projects

• Selvaag's equity investment in a project and project margin bring the remaining project cost down to 74%-78%
• With minimum 60% pre-sale there is limited remaining project risk. For the the remaining 40% a price reduction of 35% would recover equity
• 70% of units in production are sold at end Q1'19

Purchase and payment of land takes place after zoning plan approval. If this is not obtained, the purchase is cancelled

SBO is in charge of the zoning process

Purchase price is decided by a land appraisal made by three external consultants at the time of zoning approval

The median valuation is used as purchase price

Pre-sales of minimum 60% secures the majority of revenue before construction

10% of purchase price paid by the buyer at point of sale, and proof of financing for the remaining amount is required

Construction contracts with solid counterparties are made with fixed price

Project costs are secured before construction starts

APPENDIX

Low-risk business model creates healthy profits

APPENDIX

Competitive housing offering, targeting growth regions

Efficient and flexible cost structure

Capital-efficient business model backed by strong balance sheet

Large, actively-managed land bank

- Presence in fast-growing urban regions with high demand and large market depth Competitive prices, addressing large customer base

• Defined housing concepts, aimed at wide range of consumers
• Value appreciation through refinement of land for housing development
• Flexibility to develop thousands of homes in growing urban regions
• Active asset management
• No in-house construction arm; improves flexibility and cost optimisation
• Project-based business model improves flexibility and reduces risk
• Economies of scale through large projects
• Lean organisation reduces overhead
• 60% pre-sale before construction start lowers project financing need and inventory risk
• Sound debt structure and financial flexibility

Strategy

Value drivers

Income statement IFRS

APPENDIX

( ) f i i N O K i l l i g u r e s n m o n	Q 2 9 1 0 1	Q 2 8 1 0 1	2 8 0 1
l i T t t o a o p e r a n g r e e n e s v u	1 0 9. 2	3 8 0. 6	3 3 4 2. 1
P j t r o e c e p e n s e s x	( ) 9. 6 5	( ) 2 9 7 5.	( ) 2 2 4 1. 6
O h i t t e r o p e r a n g e x p e n s e s	( ) 5 6. 7	( ) 5 7. 4	( ) 2 8. 6 1
( ) O h i l t e r g a n s o s s	-	-	-
A i d i d j i t t t s s o c a e c o m p a n e s a n o n e n r e s v u	5. 6	( ) 9 1.	0 8 1 1.
E B I T D A	( ) 1 1. 5	4 5. 4	7 5 4. 2
i i d i i D t t t e p r e c a o n a n a m o r s a o n	( ) 3. 3	( ) 0. 9	( ) 3. 7
E B I T	( ) 8 1 4.	4 4. 5	0. 7 5 5
f i i l N t e n a n c a e x p e n s e s	( ) 5. 8	( ) 3. 6	( ) 1 8. 0
( ) f i / l b f P t t r o o s s e o r e a e s x	( ) 2 0. 6	4 0. 9	7 3 2. 5
I t n c o m e a x e s	3 5.	( ) 9. 6	( ) 1 6 5. 6
i N t e n c o m e	( ) 1 5. 2	3 1. 3	5 6 6. 8

Net income for the period attributable to:

N l l i i t t t o n- c o n r o n g n e r e s s	( ) 0. 0
S h h l d i S l B l i A S A a r e o e r s n e v a a g o g

-		( ) 0. 1
( ) 1 5. 2	3 1. 3	5 6 6. 9

Cash flow statement APPENDIX

( ) f i i O i l l i N K g r e s n m o n u	Q 1 2 0 1 9	Q 1 2 0 1 8	2 0 1 8
N h f l f i i i i t t t t e c a s o w r o m o p e r a n g a c v e s	( ) 3 5 8. 1	( ) 3 1 1. 7	4 2 7. 0
N h f l f i i i i t t t t t e c a s o r o m n e s m e n a c e s w v v	3 9. 7	3 4. 0	2 0. 6
h f l f f i i i i i N t t t e c a s o r o m n a n c n g a c e s w v	2 2 6. 4	1 3 1. 6	( ) 2 7 6. 1
N h i h d h i l t t e c a n g e n c a s a n c a s e q u v a e n s	( ) 9 2. 0	( ) 1 4 6. 1	1 7 1. 5
C h d h i l f i d t t t t a s a n c a s e q u v a e n s a s a r o p e r o	0 6 5 7.	8 4 5. 6	8 4 5. 6
C h d h i l d f i d t t a s a n c a s e q a e n s a e n o p e r o u v	5 6 5. 0	3 3 9. 5	6 5 7. 0

Balance sheet

* Corresponding to a book value of NOK 33.0 per share

APPENDIX

( ) f i i O i l l i N K g r e s n m o n u	Q 1 2 0 1 9	Q 1 2 0 1 8	2 0 1
I i b l t t n a n g e a s s e s	3 8 3. 4	3 8 3. 4	3 8 3. 4
l d i P t t t r o p e r p a n a n e q p m e n y, u	7. 6	1 0. 5	8. 6
i i d i d j i I t t t t t n e s m e n s n a s s o c a e c o m p a n e s a n o n e n r e s v v u	3 9 8. 9	3 0 0. 3	4 1 5. 3
O h t t t e r n o n- c u r r e n a s s e s	4 8 2. 2	3 1 8. 0	4 4 5. 4
T l t t t o a n o n- c u r r e n a s s e s	1 2 7 2. 0	1 0 1 2. 2	1 2 5 2. 6
( ) I i t t n v e n o r e s p r o p e r y	4 6 1 4. 9	4 9 1 2. 8	4 3 0 6. 3
L d a n -	1 5 9 0. 7	1 8 9 2. 4	1 6 0 0. 3
k i W o r n p r o g r e s s -	2 9 2 2. 8	2 8 4 3. 1	2 5 3 9. 8
i i h d d F n s e g o o s -	1 0 1. 4	1 7 7. 3	1 6 6. 2
O h i b l t t e r c u r r e n r e c e v a e s	1 3 1. 5	1 6 3. 7	2 7 5. 2
C h d h i l t a s a n c a s e q u v a e n s	0 5 6 5.	3 3 9. 5	0 6 5 7.
l T t t t o a c r r e n a s s e s u	5 3 1 1. 4	5 4 1 5. 9	5 2 3 8. 5
O S S S T T A L A E T	6 5 8 3. 5	6 4 2 8. 1	6 4 9 1. 1
i i b d h h l d i S l l i S * E B A A t t t t t q a r e o s a r e o e r s n e a a g o g u y u v	3 0 9 1. 5	2 9 0 2. 7	3 1 0 6. 8
N l l i i t t t o n- c o n r o n g n e r e s s	9 7.	9. 4	9. 4
T l i t t o a e q u y	3 0 9 9. 4	2 9 1 2. 2	3 1 1 6. 1
N i b i l i b i l i i t t t- t o n- c u r r e n n e r e s e a r n g a e s	1 9 4 2. 8	1 9 9 8. 8	1 7 9 5. 8
O h i b i l i b i l i i t t t t- t e r n o n- c u r r e n n o n n e r e s e a r n g a e s	1 9 7. 7	1 4 7. 3	1 5 6. 9
T l l i b i l i i t t t o a n o n- c u r r e n a e s	2 1 4 0. 5	2 1 4 6. 1	9 2. 1 5 7
C i b i l i b i l i i t t t- t r r e n n e r e s e a r n g a e s u	6 1 8. 1	3 5 9. 7	5 2 0. 5
O h i b i l i b i l i i t t t t- t e r c u r r e n n o n n e r e s e a r n g a e s	7 2 5. 5	1 0 1 0. 1	8 9 0 1.
T l l i b i l i i t t t o a c u r r e n a e s	1 3 4 3. 6	1 3 6 9. 8	1 4 2 2. 3
O Q S T T A L E U I T Y A N D L I A B I L I T I E	6 5 8 3. 5	6 4 2 8. 1	6 4 9 1. 1

2018 2 912.2 3 116.1

Operational highlights – key operating figures

APPENDIX

	Q 1 1 8	Q 2 1 8	Q 3 1 8	Q 4 1 8	Q 1 1 9
N b f i l d t u m e r o u n s s o	1 8 5	1 8 1	1 8 2	1 4 8	2 4 3
b f i N t t t t u m e r o c o n s r u c o n s a r s	1 0 2	2 3 4	1 0 2	4 0 2	9 7
N b f i l d t t m e r o n s c o m p e e u u	5 4	2 4 2	1 1 7	4 4 1	1 2
N b f i d l i d t m e r o n s e e r e u u v	9 5	2 3 4	2 1 6	2 4 1	2 9
N b f i d i t t t u m e r o u n s u n e r c o n s r u c o n	1 5 1 1	1 5 0 3	1 4 8 8	1 4 4 9	1 5 3 4
i f l d i d i P t t t t r o p o r o n o s o u n s u n e r c o n s r u c o n	% 7 3	% 7 2	% 7 4	% 6 6	% 7 0
N b f l d l d i t t m e r o c o m p e e n s o n s u u u	1 9	1 8	1 2	2 6	1 3
( ) S l l f i d i N O K i l l i t t t a e s a e o n s n e r c o n s r c o n m o n v u u u u	3 2 7 0	7 0 7 6	9 8 6 0	2 6 7 1	9 7 0 7
b f l N u m e r o e m p o y e e s	1 0 0	9 5	9 1	9 1	9 1

EBITDA Q1 2019 APPENDIX

Note: EBITDA is operating profit before depreciation, gains (losses) and profit from associated companies

Other Total

	P t r o p e r y
( ) f i i N O K i l l i g u r e s n m o n	d l t e v e o p m e n
O i t p e r a n g r e e n e s v u	6 7 1. 0	9. 5
P j t r o e c e x p e n s e s	( ) 4 6 6. 7	( 0. 1
O h i t t e r o p e r a n g e p e n s e s x	( ) 1 5. 8	( 4 3. 6
( ) f l i E B I T D A t t p e r c e n a g e o c o m p e o n	1 8 8. 5	( 3 4. 2
C i l i f f i i l i h N t t t t t o e o n s r u c o n c o s s a r e e x c u s v e o n a n c a e x p e n s e s n e :	i t t s e g m e n r e p o r n g.
I F R S E B I T D A f h t t t o r e q u a r e r, p e r s e g m e n
O i t p e r a n g r e v e n u e s	9 9. 7	9. 5
P j t r o e c e x p e n s e s	( ) 6 9. 4	( 0. 1
O h i t t e r o p e r a n g e x p e n s e s	( ) 1 3. 2	( 4 3. 6
( ) S h f i l f i d i t a r e o n c o m e o s s e s r o m a s s o c a e c o m p a n e s
d j i t t a n o n e n r e s v u		-
( ), O h i l t t e r g a n o s s n e	-	-
E B I T D A	2 2. 7	( 3 4. 2

9.5 680.5 (0.1) (466.8) (43.6) (59.4) (34.2) 154.3 9.5 109.2 (0.1) (69.5) (43.6) (56.7) 5.6 5.6 - (34.2)(11.5)

Share of sales from joint ventures

APPENDIX

Sales value of units sold

Share of sales from joint ventures

APPENDIX

Number of units sold

Untis sold net Units sold gross

Immigration increases demand over time APPENDIX

of years in Norway

Homeownership rate among immigrants in Norway (per year living in Norway)

50

Norway – robust economic conditions

GDP growth 2010 - 2020e

Population growth 2015 - 2030e and 2040e

APPENDIX

Low share of income spent on housing in Norway

APPENDIX

2015 2016 2017

Total household debt and homeownership APPENDIX