Solon Eiendom ASA – Record high revenues for the first nine months
Oslo, 17 November 2021 – Solon Eiendom (OSE:SOLON) reported operating revenues of NOK 1 690 million and a EBITDA of NOK 193 millon for the first nine months of 2021. In terms of revenue, this represents an increase of 105 percent compared to the same period last year, and an all time high for the company. Solon Eiendom entered into sales contracts for 114 units with a total sales value of NOK 712 million in the quarter, compared to 124 units and NOK 717 million in the third quarter of 2020. This means that 12 month rolling sales remain steady at NOK 4.6 billion. Sales contracts for the first nine months of 2021 has surpassed total sales of 2020 by more than NOK 200 million. As a result of high sales activity in previous quarters, the company expects production volume to increase going forward. With over NOK 500 million in cash deposits as of 30 September 2021, Solon is financially solid and well positioned for further investments in the land bank. Production activity has been high for the first nine months of 2021. Solon expects to complete production of 268 units in the fourth quarter of 2021. 142 units are expected to be completed from wholly owned projects, of which 98 percent are already sold. Reference is made to announcement of 9 November 2021 informing that Samhällsbyggnadsbolaget i Norden AB (SBB) have entered into agreement to acquire 63 percent of the shares in Solon Eiendom ASA, and will subsequently own 83 percent of the shares. The acquisition that will take place on 24 November 2021, triggers a mandatory offer to acquire all shares not held by SBB. As a consequence, the secondary listing process at Nasdaq in Stockholm has been cancelled. «We are enthusiastic that SBB has further increased their ownership in Solon. SBB has grown their real estate business in an almost unparalleled way in the Nordic countries, and we believe this will benefit Solon in many ways. We are looking forward to growing our business together with SBB and we are convinced that Solon, with SBB as a long-term owner, will be an even bigger player in the Nordic residential real estate market going forward,» says CEO Andreas Martinussen. Highlights of the first nine months of 2021 (first nine months of 2020): – Operating revenues (IFRS) of NOK 1 690 million (823) – EBITDA (IFRS) of NOK 193 million (3) – Project margin of 16 % (12 %) – Operating revenues from segment reporting of NOK 1 905 million (1 312) – EBITDA from segment reporting of NOK 260 million (147) Highlights of Q3 2021 (Q3 2020): – Operating revenue (IFRS) of NOK 476 million (292) – EBITDA (IFRS) of NOK 32 million (-28) – Project margin of 12 % (11 %) – Operating revenues from segment reporting of NOK 595 million (453) – EBITDA from segment reporting of NOK 71 million (31) – Solon Eiendom entered into sales contracts for 114 (124) units with a total sales value of NOK 712 million (717)* – 92 (112) units were completed and 108 (118) units were delivered* *Units and sales value are not adjusted for Solon Eiendom’s ownership in joint ventures. CEO of Solon Eiendom ASA will present the report at 08.00 CET on Teams Live. A link to the presentation will be available at www.soloneiendom.no. The quarterly report and presentation are attached and available at www.soloneiendom.no and www.newsweb.no. For further information: Andreas Martinussen, Chief Executive Officer, Solon Eiendom ASA Tel: +47 400 00 405, e-mail: firstname.lastname@example.org Finn Øistein Nordam, Chief Financial Officer, Solon Eiendom ASA Tel: +47 982 89 382, e-mail: email@example.com This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. About the company Solon is a residential real estate development company with a focus on the Greater Oslo Region, other larger cities in Norway, and Sweden.