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Press Release

Solon Eiendom ASA : All time high results and dividend

Posted on: 28 Feb 18

Solon Eiendom achieved all time high NGAAP results with revenue of NOK 1 128 million and EBITDA of NOK 207 million. IFRS operating revenues were also record high with NOK 883 million and an EBITDA of NOK 108 million in 2017.

In light of the strong financial results and positive outlook the company's board has proposed a dividend of NOK 1,15 per share for 2017.

"We had an outstanding year in 2017 with our best-ever sales, IFRS profit and dividend. Q1 has started strong with three successful sales launches. NGAAP revenues and EBITDA increased more than 40 percent and 60 percent respectively compared to last year," says CEO Andreas Martinussen.

Highlights 2017 (2016 figures in brackets)

- NGAAP: Operating revenues of NOK 1 128 million (NOK 787 million), EBITDA of NOK 207 million (NOK 130 million)

- IFRS: Operating revenues of NOK 883 million (NOK 691 million), EBITDA of NOK 108 million (NOK 75 million) 

- Earnings per share from continuing operations: NOK 1,442 (NOK 0,702)

- External land bank valuation of NOK 560 million above book value

- 125 homes were delivered to the buyers (113)

- 160 homes sold (146)

Highlights of the fourth quarter 2017 (fourth quarter 2016 in brackets)

- NGAAP: Operating revenues of NOK 353 million (NOK 231 million), EBITDA of NOK 59 million (NOK 27 million)

- IFRS: Operating revenues of NOK 294 million (NOK 73 million), EBITDA of NOK 29 million (NOK 6 million)

- 260 homes under construction with a combined sales value of NOK 2 062 million

- 87 per cent of homes under construction sold at December 31

- Sold 91 percent of homes expected to be completed in 2018

- The board has proposed a dividend of NOK 1.15 per share for 2017

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

Further information
Andreas Martinussen
Chief Executive Officer, Solon Eiendom ASA
E-mail: Cell Phone: +47 400 00 405

Scott Danielsen
Chief Financial Officer, Solon Eiendom ASA
E-mail: Cell Phone: +47 952 55 620

About Solon Eiendom
Solon Eiendom is a Norwegian residential real estate development company focusing on the Oslo and Akershus region.



Last updated on: 28/02/2018

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