Jm Ab · OMXSTO:JM
Jm Ab — Q3 2004 Earnings Presentation
17 slides from Jm Ab's earnings presentation, November 2004
Slide 1: JM Group Interim Report January - September 2004
JM Group Interim Report January - September 2004
Slide 2: Group summary
Group summary January – September 2004 • Net sales increased by 5% to SEK 5,842m (5,563) • Profit after financial items amounted to SEK 287m (300) • Property sales of SEK 722m (2,116) provided capital gains of SEK 96m (400) 2004-12-14 Nov_ytf 1
Slide 3: Group summary
Group summary January – September 2004 • Number of sold residential units increased to 3,349 (2,007) • Housing starts increased to 2,616 (1,479) • Earnings per share for the period amounted to SEK 7 (7) • Return on equity for the past 12-month period amounted to 5% (0) 2004-12-14 Nov_ytf 2
Slide 4: Significant events 2004
Significant events 2004 Good market – improvement of margins • Good demand in all JM’s housing markets • Very good sales trend for residential units in the form of signed contracts • Gradual improvement of margins in the Swedish project development 2004-12-14 Nov_ytf 3
Slide 5: Key measures 2004
Key measures 2004 Continued streamlining and new business • Continued priority for efficiency enhancement and reduced costs. Structured pre-construction and purchasing control • Stable cash flows increase equity-to-assets ratio to 42% (33) • Sales to tenant-owner co- operatives and continued interes
Slide 6: Ownership structure
Ownership structure Per cent of share capital at 30 September 2004 Robur funds 11.4 SEB funds and foundations 8.0 AFA Insurance 5.0 Stefan Persson Placering AB 4.3 Alecta 2.9 Fourth Swedish National Pension Fund 2.7 SHB funds 2.3 Enter 2.2 Länsförsäkringar 2.1 Eikos 1.6 Foreign shareholders 34.4 Oth
Slide 7: Price trend
Price trend Tenant-owned apartments, County of Stockholm Price trend, advertised prices second-hand market, for Tenant-owned apartments Stockholm County, April 1997 to Sept 2004 SEK/sq.m. 40 000 34,319 35 000 31,189 30 000 28,989 25 000 28,444 20 000 15 000 10 000 5 000 0 apr- okt- apr- okt- apr- ok
Slide 8: Record for sold homes
Record for sold homes Group Number 4 000 3 500 3 189 3 000 2 511 2 500 2 255 2 000 3 349 1 500 1 000 1 825 2 007 1 716 500 0 2001 2002 2003 Jan-Sept 2004 Q3 2004-12-14 Nov_ytf 7
Slide 9: Increased level of production starts
Increased level of production starts Group Number 3 500 2 900 3 000 2 711 2 714 2 500 2 000 1 500 2 616 2 200 2 100 1 000 1 479 500 0 2001 2002 2003 Jan-Sept 2004 Q3 2004-12-14 Nov_ytf 8
Slide 10: Continued improvement for residential business
Continued improvement for residential business January-Sept July-Sept Oct-Sept Full Year SEKm 2004 2003 2004 2003 2003/04 2003 JM Residential Stockholm 90 -35 40 -23 103 -22 JM Residential Sweden 114 65 44 18 147 98 JM International 64 57 21 6 79 72 JM Property Development 138 403 33 17 93 358 JM Pr
Slide 11: Less capital tied up in building rights portfolio
Less capital tied up in building rights portfolio Development properties Jan-Sept SEKm 2001 2002 2003 2004 Opening balance 3,105 4,048 3,871 3,631 Plus 1,823 629 664 102 Minus -880 -806 *) -904 - 609 Closing balance 4,048 3,871 3,631 3,124 *) of which write-down SEK 211m 2004-12-14 Nov_ytf 10
Slide 12: Fewer unsold residential units in the balance sheet
Fewer unsold residential units in the balance sheet SEKm 800 700 600 500 400 300 200 100 0 Q3 2003 Q4 2003 Q1 2004 Q2 2004 Q3 2004 2004-12-14 Nov_ytf 11
Slide 13: Stable cash flows Q3 2004
Stable cash flows Q3 2004 Group Q2 Q3 Q4 Q1 Q2 Q3 Cash flow statement, SEKm 2003 2003 2003 2004 2004 2004 From operating activities*) 223 -1 068 1 530 -191 1 062 293 From investing activities -13 8 -24 -1 -5 -2 From financing activities 128 654 -1 316 -27 -694 -343 Total cash flow for the period 338
Slide 14: Consolidated balance sheet
Consolidated balance sheet SEKm 30/09/2004 30/09/2003 31/12/2003 Assets Project properties 2,425 2,926 2,833 Development properties 3,124 3,773 3,631 Other assets 2,415 3,430 2,681 Total 7,964 10,129 9,145 Shareholders’ equity and liabilities Shareholders’ equity 3,346 3,308 3,285 Other liabilities
Slide 15: Interest-bearing net debt and debt/equity ratio decreasing
Interest-bearing net debt and debt/equity ratio decreasing SEKm times 6000 6 5000 5 4000 4 3000 3 2000 2 1000 1 0 0 1999 2000 2001 2002 2003 Sept 2004 Interest-bearing net debt Debt/equity ratio 2004-12-14 Nov_ytf 14
Slide 16: Project properties for project development
Project properties for project development Book value Space Occupancy rate 30/09/2004 SEKm sq.m. annual rent, % Residential (tenancy rights) 1,225 143,934 99 Commercial properties under development 660 53,339 47 Fully developed commercial properties 540 55,037 86 Total project properties 2,425 252,3
Slide 17: JM ahead
JM ahead • Customer focused – strong brand • Market leader – tenant-owned units • 22,000 residential building rights in attractive locations • Limited commercial project development • Focus on cash flow – from project to Group • Industrialised process and attractive housing • Housing starts in respo