Solon Eiendom : Q4 2016 - Quarterly report

March 03, 2017 at 06:43 am EST

Quarterly report

2016

Highlights

Strong development in residential real estate market
Total revenue increased 36% in Q4 2016 compared to Q4 2015
259 units under construction (140) at year end
35 units sold (75) in Q4
 146 units sold (125) in 2016
113 units completed and delivered (109/111) in 2016
The board will propose a dividend of NOK 50 000 000 (NOK 0,00514 per share) for 2016 subject to approval by the extraordinary shareholders meeting of the share capital reduction

(Numbers in parentheses are for the equivalent period last year) Units - Units refers to the number of apartments or houses

Units sold

2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4

Units delivered

2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4

Amounts in NOK thousand unless otherwise stated Q4 2016 Q4 2015 2016 2015

Revenue	72 985	53 697	691 497	727 200
EBITDA	6 349	10 172	74 093	127 558
Profit/(loss) before tax	(13 303)	2 086	37 118	100 636
Equity ratio	28 %	12 %	28 %	12 %
Segment reporting	28 %	12 %	28 %	12 %
Operating revenues	230 641	199 953	787 167	804 847
EBITDA	27 218	20 950	129 609	117 010
EBITDA margin	11,80 %	10,48 %	16,47 %	14,54 %
Key figures	11,80 %	10,48 %	16,47 %	14,54 %
Number of units sold	35	75	146	125
Number of units delivered	8	2	113	111
Number of units completed	7	0	113	109

Operational and Market update

Double digit growth in total revenue

Solon delivered total revenue of NOK 72 985 thousand representing an increase of 36% compared to the same quarter last year. The growth was driven by the Real Estate Development segment due to an increase in the number of delivered units in 2016.

EBITDA was NOK 6 349 thousand in Q4 2016 compared to NOK 10 172 in the same quarter last year. The decrease in EBITDA is mainly due to one off acquisition cost from the reverse acquisition of Bionor Pharma ASA of NOK 9 493.

For the full year 2016 EBITDA was NOK 76 181 thousand compared to NOK 127 558 thousand in 2015.

Strengthened position to capture further market growth

Investments in the Land Bank in 2016 amounted to NOK 274 853 thousand, compared to NOK 194 274 thousand invested last year.

The Group also raised gross proceeds of NOK 150 000 thousand in a share issue during the year.

In summary, Solon delivered continued strong performance in Q4 2016. The company has also during the year secured additional funding and is consequently in a strong position to capture further market growth/share going into 2017 and beyond.

Outlook

The housing market remained strong and the Company does not see any signs that sales are slowing down.

Sales in 2017 have started positively.

There has been a significant amount of discussion regarding the new real estate regulations which restrict second home buyers through a minimum 40% equity requirement and maximum gearing not to exceed five times household income. The Company believes that the latter restriction will potentially have the largest impact. However, the Company's target customers are primarily well established with a high proportion of equity in existing homes that can be used when acquiring a new homes. These buyers will also be less likely to be impacted by the five times household income restriction as borrowing requirement is lower than for first time home buyers.

The deal flow of properties has increased throughout 2016 and the Company continues to see attractive opportunities to acquire new properties. Property prices have increased due to the overall housing price increase however this has been compensated by higher sales prices. Solon has invested strategically and will continue to maintain strict capital discipline going forward.

Financial review Q4 2016

The Solon acquisition on December 14, 2016, has been accounted for as a reverse acquisition and therefore a purchase price allocation has been performed by the accounting acquirer (Solon Eiendom AS) of the acquired asset and liabilities of Solon Eiendom ASA (formerly known as Bionor Pharma ASA). The purchase price allocation has been determined to be preliminary pending upon final assessment of the fair value of intangible assets at the date of the transaction.

Estimated fair value of identifiable net assets is equal to the total consideration of NOK 210 million. As such the results of Bionor Pharma have been included in the consolidated income statement from December 15, 2016 to December 31, 2016. Solon Group consists of Solon Eiendom ASA, as parent company and subsidiaries. Subsidiaries are consolidated from acquisition date and when control is obtained.

Revenue

Revenue was NOK 72 985 thousand in Q4 2016. This represents an increase of 36% compared to NOK 53 697 thousand in Q4 2015. The increase in Revenue was driven by the Real Estate Development segment as the number of delivered units was 8 in Q4 2016 vs 2 units in Q4 2015.

Revenue for the full year 2016 was NOK 691 497 thousand, representing an decrease of 5% compared to 2015. The decrease is mainly due to gains in connection with the realization of shares in Holmen Eiendomsutvikling AS in 2015.

Operating profit

The reported operating profit amounted to NOK 6 191 thousand in Q4 2016 compared to NOK 10 064 thousand in Q4 2015. The decrease in operating profit compared to Q4 2015 is due mainly to the gains discussed above.

The reported operating profit for the full year 2016 was NOK 75 552 thousand compared to NOK 127 128 thousand in the same period last year. The decrease in operating profit is mainly due to an unrealized loss on the investment property, acquisition costs in 2016 and to the gain in 2015 on realization of shares in Holmen Eiendomsutvikling AS.

Operating expenses

Total operating expenses amounted to NOK 66 691 thousand in Q4 2016, up from NOK 42 655 thousand in Q4 2015. Increase in operating expenses relates mainly to increased activity and acquisitions costs related to the reverse acquisition.

Total operating expenses for the full year 2016 were NOK 603 482 thousand, up from NOK 598 206 thousand from last year mainly due to transaction costs in 2016 and partly offset by a reduction in employee benefit expenses.

Cost of goods sold

Costs of goods sold consist of project expenses/ building costs and costs of sold properties. The costs of goods sold increased by NOK 5 084 thousand, or 1 % from NOK 553 586 thousand for the year ended 31 December 2015 to NOK 558 670 thousand for the year ended December 31, 2016. The costs of goods sold for Q4 2015 was NOK 21 952 thousand compared to NOK 45 819 thousand for Q4 2016. The level of expenses

fluctuates closely with the number of units delivered to the end customer.

Employee benefit expenses

Employee benefit expenses amounted to NOK 6 244 thousand in the Q4 2016 compared to NOK 13 723 thousand in the same period last year. The decrease is due to higher bonus expense in 2015 compared to 2016.

For the full year 2016 employee benefit expenses decreased by NOK 6 546 thousand, or 34% from NOK 19 284 thousand for the year ended December 31, 2015 to NOK 12 738 thousand for the year ended December 31, 2016. The decrease in employee benefit expenses in the period is due to bonus payments for 2015.

Other operating expenses

Other operating expenses amounted to NOK 19 132 thousand in the Q4 2016 compared to NOK 6 873 thousand in the same period last year. The increase is mainly due to transaction costs of NOK 9 493 thousand and a loss on receivables of NOK 3 488 thousand.

For the year ended 31 December 2016 other operating expenses increased with NOK 5 473 thousand, or 22%

from NOK 24 905 thousand in 2015 to NOK 30 378 for the corresponding period in 2016. The increase in other operating expense is mainly due to transaction costs as discussed above.

Financial items

Financial income in Q4 2016 amounted to NOK 987 thousand compared to NOK 897 thousand for the same period in 2015.

Financial income decreased by NOK 2 468 thousand, or 59% from NOK 4 198 thousand for the year ended December 31, 2015 to NOK 1 730 thousand for the

year ended December 31, 2016.

Financial expenses are capitalized on properties from the date where a detailed zoning plan is in place. In addition interest is capitalized as inventory during construction. Financial expenses increased by NOK 9 474 thousand, or 31% from NOK 30 690 thousand for

the year ended 31 December 2015 to NOK 40 164 thousand for the year ended 31 December 2016. The main reason for the increase is due to an increase in interest bearing liabilities related to unregulated properties.

Likewise in Q4 2015 financial expense was NOK 8 875 thousand compared to NOK 20 482 thousand for the same period in 2015.

Cash flow

Cash flow used in operating activities was negative NOK 145 227 thousand in Q4 2016 compared to cash flow from operating activities of NOK 75 699 thousand in Q4 2015. The decrease in cash flow is mainly attributable to an increase in inventory.

For 2016 cash flow from operating activities was NOK 48 830 thousand compared to cash flow used in operating activities of negative NOK 249 577 thousand in the same period last year, mainly caused by change in inventory and other receivables.

Tax

The income tax expense for the quarter was NOK 127 thousand compared to income tax income of NOK 15 054 thousand in Q4 2015. The income tax expense for

2016 was NOK 9 935 thousand compared to NOK 11

291 thousand in 2015.

Funding

The Group had land loans totaling NOK 446 547 thousand at December 31, 2016 compared to NOK 399

862 at December 31, 2015. These are normally converted to construction loans in connection with the start of construction.

The Group had construction loans totaling NOK 382 378 thousand at December 31, 2016 compared to NOK

379 017 at December 31, 2015.

The average interest rate on the notes is 3,41%.

At 31 December 2016 the Net Interest Bearing Debt (NIBD) was NOK 795 377 thousand. See Definitions and Abbreviations for calculation of NIBD.

In December 2016, Solon raised gross proceeds of NOK 150 000 thousand in a share issue.

Operating segments

Real estate development

Revenue in Q4 2016 from the real estate segment amounted to NOK 230 641 thousand, compared to NOK 199 953 thousand in Q4 2015. This represents an increase of 15%, mainly related to an increase in the number of units under construction.

The Segment EBITDA increased from NOK 20 950 thousand in Q4 2015 to NOK 27 218 thousand in Q4 2016. The increase was mainly related to an increase in number of units under construction. Real estate

development segment accounted for 100% of Group revenue and 100% of Group EBITDA in Q4 2016.

Revenue decreased from NOK 804 847 thousand in 2015 to NOK 787 167 thousand in 2016. Segment

EBITDA increased from NOK 117 010 thousand in 2015

to NOK 129 609 thousand in 2016.

In 2016 the investment in the Land bank amounted to NOK 274 853 thousand compared to NOK 194 274

thousand in 2015.

Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016
Units sold	75	41	32	38	35
Sales value units sold (000)	493 570	245 405	177 080	230 000	323 470
Units started	0	77	155	0	0
Units completed	0	11	38	57	7
Units delivered	2	11	38	56	8
Units in production	140	206	323	266	259
Units in production sold	128	123	214	194	212
Units in production % sold	91 %	60 %	66 %	73 %	82 %
Units in production not sold	12	83	109	72	47
Average sales price sold units (000)	6 581	5 985	5 534	6 053	9 242

*The figures above are 100% and are not adjusted for Solon ownership

Biopharmaceutical

The biopharmaceutical division has engaged a group of highly experienced international HIV scientific, clinical and commercial experts to propose updated development plans going forward. This process is currently ongoing and is done in close collaboration with the Company. The same expert group is engaged in strategic partnership assessment. If and when a strategic partnership is formed the strategy will be updated in cooperation with such strategic partner, hence this process cannot be concluded before such partnership is concluded (if the company is able to conclude a partnership). A full-out licensing or divestment of the Group's biopharmaceutical division

is also a potential option. The Company is expecting to be able to report on the progress of this process by the end of May 2017. In the meantime all preparatory activities of the planned clinical development program continue to be on hold.

The segment results for the biopharmaceutical division are included from December 15, 2016. Revenue in Q4 2016 amounted to NOK 0.

The Segment EBITDA was negative NOK 8 825 thousand for the period. This includes acquisition costs of NOK 7 605 thousand.

Oslo, February 27, 2017

The Board of Directors of Solon Eiendom ASA

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

Amounts in NOK thousand Notes Q4 2016 Q4 2015 2016 2015

Revenue Gain from sale of subsidiary	2	72 985 -	28 118 25 579	691 497 -	699 978 27 222
Total revenue	72 985	53 697	691 497	727 200
Cost of goods sold	2	45 819	21 952	558 670	553 586
Employee benefit expense	6 244	13 723	12 738	19 284
Depreciation and amortisation expense	157	108	629	430
Other operating expense	4	19 132	6 873	30 378	24 905
Other (gains) & losses	(4 660)	-	3 156	-
Total operating expenses	66 691	42 655	605 570	598 206
Unrealized loss investment property	5	102	978	12 463	1 866
Operating profit/(loss)			6 191	10 064	73 464	127 128
Financial income			987	897	1 730	4 198
Financial expense			(20 482)	(8 875)	(38 076)	(30 690)
Net financial items			(19 495)	(7 978)	(36 346)	(26 492)
Profit/(loss) before tax			(13 303)	2 086	37 118	100 636
Income tax expense			(127)	15 054	(9 935)	(11 291)
Profit/(loss) for the period			(13 430)	17 140	27 183	89 345
Other comprehensive income			-	-	-	-
Total comprehensive income for the period			(13 430)	17 140	27 183	89 345
Profit for the period is attributable to:	(17 631)	14 847	22 327	75 189
- Owners of the parent	(17 631)	14 847	22 327	75 189
- Non-controlling interests	4 200	2 293	4 856	14 156
Earnings (loss) per share (NOK) basic:	10		(0,003)	0,002	0,004	0,011
Earnings (loss) per share (NOK) diluted:	10		(0,003)	0,002	0,004	0,011

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Amounts in NOK thousand Notes 2016 2015

Non -current assets	120 263	-
Intangible assets	120 263	-	9
Deferred tax assets	55	-
Investment properties	5	200 000	197 955
Property, plant and equipment	3 844	2 341
Investments in associated companies and joint ventures	2 006	2 657
Other non-current receivables	21 259	4 304
Total non-current assets	347 426	207 257
Current assets
Inventories	3	1 168 425	1 077 341
Trade and other receivables	78 874	100 602
Cash and cash equivalents	238 642	122 128
Total current assets		1 485 941	1 300 072
Total assets		1 833 367	1 507 329
Equity and liabilities		905 234	100
Share capital		905 234	100
Retained earnings		(408 187)	177 512
Equity attributable to the owners of the Company		497 047	177 612
Non-controlling interests		14 031	9 175
Total equity	511 078	186 787
Deferred tax	36 106	50 655
Interest bearing liabilities to financial institutions	6	637 475	763 225
Other long term interest bearing debt	6	28 250	70 561
Total non-current liabilities	701 831	884 441
Interest bearing liabilities to financial institutions	6	368 294	248 928
Trade payables	83 998	63 685
Tax payable	28 238	130
Public duties payable	9 837	2 044
Derivatives	2 012	3 060
Prepayments from customers	110 246	62 440
Other short-term liabilities	17 834	55 814
Total current liabilities		620 458	436 100
Total liabilities		1 322 289	1 320 541
Total equity and liabilities		1 833 367	1 507 329

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2016

2016

Attributable to owners of Solon Eiendom ASA:

Amounts in NOK thousand

Retained

Non-

Notes

capital

premium Other equity earningsTotal

controlling

interests

Total equity

Bionor Pharma ASA balance January 1, 2016	9	62 328	266 350	5 539	(268 009)	66 208	-	66 208
Adjustment of equity in reverse acquisition	9	(62 228)	(266 350)	(5 539)	445 522	111 405	9 175	120 579
Balance at January 1, 2016		100	-	-	177 513	177 613	9 175	186 787
Profit for the period		-	-	-	22 327	22 327	4 856	27 183
Other comprehensive income		-	-	-	-	-	-	-
Total Comprehensive income for the period		-	-	-	22 327	22 327	4 856	27 183
Dividend	-	-	-	(50 000)	(50 000)	-	(50 000)
Business combination reverse acquisition	9	805 134	333 333	-	(928 467)	210 000	-	210 000
Private placements	100 000	50 000	-	-	150 000	-	150 000
Transaction costs issue of share capital	-	(12 892)	-	-	(12 892)	-	(12 892)
Equity transactions for the period		905 134	370 442	-	(978 467)	297 109	-	297 109

Balance at December 31, 2016		905 234	370 442	-	(778 628)	497 048	14 031	511 078

Q4 2016

Attributable to owners of Solon Eiendom ASA:

Amounts in NOK thousand

Retained

Non-

Notes

capital

premium Other equity earningsTotal

controlling

interests

Total equity

Bionor Pharma ASA balance September 30, 2016	9	86 067	342 635	6 274	(338 915)	96 061	-	96 061
Adjustment of equity in reverse acquisition	9	(85 967)	(342 635)	(6 274)	506 385	71 509	9 830	81 339
Balance at October 1, 2016		100	-	-	167 470	167 570	9 830	177 400
Profit for the period		-	-	-	(17 631)	(17 631)	4 200	(13 430)
Other comprehensive income		-	-	-	-	-	-	-
Total Comprehensive income for the period		-	-	-	(17 631)	(17 631)	4 200	(13 430)
Dividend	-	-	-	-
Business combination reverse acquisition	9	805 134	333 333	-	(928 467)	210 000	-	210 000
Private placements	100 000	50 000	-	-	150 000	-	150 000
Transaction costs issue of share capital	-	(12 892)	-	-	(12 892)	-	(12 892)
Equity transactions for the period		905 134	370 442	-	(928 467)	347 109	-	347 109

Balance at December 31, 2016		905 234	370 442	-	(778 628)	497 047	14 031	511 078

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2015

2015

Attributable to owners of Solon Eiendom ASA:

Amounts in NOK thousand

Retained

Non-

Notes

capital

premium Other equity earningsTotal

controlling

interests

Total equity

Bionor Pharma ASA balance January 1, 2015	62 082	265 183	4 408	(171 233)	160 441	-	160 441
Adjustment of equity in reverse acquisition	9	(61 982)	(265 183)	(4 408)	293 557	(38 017)	5 047	(32 971)
Balance at January 1, 2015	100	-	-	122 324	122 424	5 047	127 470
Profit for the period	-	-	-	75 189	75 189	14 156	89 345
Othe comprehensive income	-	-	-	-	-	-	-
Total Comprehensive income for the period	-	-	-	75 189	75 189	14 156	89 345
Dividend	-	-	-	(20 000)	(20 000)	(16 800)	(36 800)
Increase in non-controlling interests in period	-	-	-	-	-	6 772	6 772
Equity transactions for the period	-	-	-	(20 000)	(20 000)	(10 028)	(30 028)

Balance at December 31, 2015	100	-	-	177 513	177 613	9 175	186 787

Q4 2015

Attributable to owners of Solon Eiendom ASA:

Amounts in NOK thousand

Retained

Non-

Notes

capital

premium Other equity earningsTotal

controlling

Change in share capital
Amounts in NOK thousand	Q4 2016	Q4 2015	2016	2015

Change in shares
Amounts in NOK thousand	Q4 2016	Q4 2015	2016	2015

interests

Total equity

Bionor Pharma ASA balance September 30, 2015	62 328	266 350	4 889	(236 557)	97 011	-	97 011
Adjustment of equity in reverse acquisition	9	(62 228)	(266 350)	(4 889)	419 222	85 754	23 682	109 436
Balance at October 1, 2015	100	-	-	182 665	182 765	23 682	206 447
Profit for the period	-	-	-	14 847	14 847	2 293	17 140
Othe comprehensive income	-	-	-	-	-	-	-
Total Comprehensive income for the period	-	-	-	14 847	14 847	2 293	17 140
Dividend	-	-	-	(20 000)	(20 000)	(16 800)	(36 800)
Equity transactions for the period	-	-	-	(20 000)	(20 000)	(16 800)	(36 800)

Balance at December 31, 2015	100	-	-	177 512	177 612	9 175	186 787

Share capital at period start	86 067	62 328	62 328	62 082
Change of par value	-	-	(50 350)	-
Share capital increase pricate pacements	152 500	-	220 845	79
Share capital increase exercise of options	-	-	-	167
Share capital increase subsequent offering	-	-	5 745	-
Reverse acquisition	666 667	-	666 667	-
Share capital at end of quarter Bionor Pharma ASA	905 234	62 328	905 234	62 328
Adjustment of share capital in reverse acquisition	-	(62 228)	-	(62 228)
Share capital at end of quarter Solone Eiendom ASA	905 234	100	905 234	100

Outstanding number of shares at period start	860 669	249 310	249 310	248 326
Share issuance private placement	1 525 000	-	2 113 380	317
Share capital increase aquisition	6 666 666	-	6 666 666	-
Share capital increase exercise of warrants	9	-	9	-
Share capital increase exercise of options	-	-	-	667
Share issuance Subsequent Offering	-	-	22 979	-
Outstanding number of shares at period end	9 052 344	249 310	9 052 344	249 310

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

Amounts in NOK thousand Notes	Q4 2016	Q4 2015	2016	2015
Cash flow from operating activities Profit before tax Paid taxes Depreciation and impairment Profit (-)/loss (+) sale of shares Unrealized gain (-)/loss (+) on derivatives Unrealized gain (-)/loss (+) on investment property Change in inventory Change in receivable Change in trade payables Change in other accruals	(13 303) - 157 1 656 (608) 102 (181 523) 29 033 20 931 (1 673)	2 086 - 108 - 235 978 (46 668) 75 403 16 360 27 197	37 118 (130) 629 1 656 1 049 12 463 (91 084) 84 671 26 665 (24 207)	100 636 (570) 430 -7 855 3 060 1 866 (298 881) (123 938) 35 136 40 537
Net cash flow from operations	(145 227)	75 699	48 830	(249 577)
Cash flow from investments
Purchase of fixed assets	-	-	(15 113)	(9 173)
Proceeds from sale of shares	12 545	12 853	12 545	12 853
Purchase of business (net)	60 157	-	60 157	-
Purchases of shares	-	-	(16 262)	-4 998
Repayment loans to third parties	152	6 294	152	6 294
Loans to third parties	-	-	(12 207)	(13 251)
Net cash flow from investments	72 854	19 147	29 271	(8 276)
Cash flow from financing
Repayments borrowings	(107 121)	(70 900)	(564 381)	(289 585)
Proceeds borrowings	173 444	84 862	515 686	662 058
Capital increase	137 108	-	137 108	-
Dividends to minority interests	-	-	-	(16 800)
Dividends to owners	-	(36 800)	(50 000)	(20 000)
Net cash flow from financing	203 431	(22 838)	38 413	335 673
Net Change in Cash and Cash Equivalents	131 058	72 008	116 514	77 820
Cash and cash equivalents at the beginning of the period	107 584	50 121	122 128	44 309
Cash and cash equivalents at the end of period	238 642	122 128	238 642	122 128

Solon Eiendom ASA published this content on 28 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 03 March 2017 11:43:10 UTC.

Original documenthttp://soloneiendom.no/wp-content/uploads/SolonQ4-2016report.pdf

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Solon Eiendom ASA

Equities

SOLON

NO0003106700

Real Estate Development & Operations

Solon Eiendom : Q4 2016 - Quarterly report

Latest news about Solon Eiendom ASA

Chart Solon Eiendom ASA

Company Profile

Sector Residential Real Estate Development