Slide 1: Year-end Report January–December 2023
Year-end Report January–December 2023 J A N U A RY 3 0 , 2 0 2 4
Slide 2: JM Group
1) JM Group Revenue: SEK 13.9 billion Total assets: SEK 16.8 billion No. of building rights: 39,100 No. of employees: 2,193 11 % Market Cap: SEK 10.6 billion 2) 19 % 70 % Norway Sweden Finland 1) According to segment reporting over a 12-month period 2) SEK 164 per share, January 29, 2024 2 Investor
Slide 3: Group Summary
Group Summary 1) J A N U A RY – D E C E M B E R 2 0 2 3 • Revenue amounted to SEK 13,851m (16,385). SEK m % 2 500 20 • Operating profit decreased to SEK 732m (2,064) and was burdened by impairment in development 2 000 16 and project properties of SEK -258m (-). • Operating margin decreased to 5.3 pe
Slide 4: Group Summary
Group Summary 1) J A N U A RY – D E C E M B E R 2 0 2 3 • Cash flow from operations amounted to SEK -48m (-261). • According to IFRS, revenue amounted to SEK 15,969m (14,577) and earnings per share to SEK 16.00 (22.20). • Market value of development properties amounts to SEK 14.1bn (15.2) with a sur
Slide 5: Group Summary
Group Summary J A N U A RY – D E C E M B E R 2 0 2 3 • Number of residential units sold decreased to 1,901 (2,659). • Number of housing starts decreased to 1,609 (3,113). • During the fourth quarter, the number of residential units sold increased to 773 (462) and the number of housing starts amounte
Slide 6: Good liquidity and significant surplus values
Good liquidity and significant surplus values • Continued low demand and activity level in all our markets during the year. Despite this sales increased in the fourth quarter. • During the year, the housing market in the Group's markets has been negatively affected by high inflation, high interest r
Slide 7: Operating profit and operating margin
Operating profit and operating margin January – December According to 2023 2022 segment reporting SEK m % SEK m % JM Residential Stockholm 112 2.6 720 14.5 JM Residential Sweden 139 4.0 682 15.2 JM Norway 149 5.7 238 7.0 JM Finland 140 8.8 158 9.2 JM Property Development 248 17.0 306 25.0 JM Constru
Slide 8: Prices on the existing home market
Prices on the existing home market Tenant-owned apartment prices in cities in Sweden and SEK, NOK/sq.m. freehold units in Oslo Municipality and Helsinki capital region EUR/sq.m 120 000 6 000 100 000 5 000 80 000 4 000 60 000 3 000 40 000 2 000 20 000 1 000 0 0 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 2014 2015
Slide 9: Very low level of sold residential units
Very low level of sold residential units J A N U A RY – D E C E M B E R Number of units 4 500 4,248 4 000 320 3 500 827 3 000 2,659 674 70 2 500 459 2 000 1,901 1 121 527 218 1 500 346 1 000 946 488 1 306 534 500 657 315 0 2021 2022 2023 JM Residential Stockholm JM Residential Riks JM Norway JM Finl
Slide 10: Very low level of housing starts
Very low level of housing starts J A N U A RY – D E C E M B E R Number of units 3,972 4 000 341 3 500 665 3,113 3 000 166 636 599 2 500 2 000 605 1 177 1,609 1 500 155 1 022 375 1 000 405 500 1 153 721 443 0 231 2021 2022 2023 JM Residential Stockholm JM Residential Riks JM Norway JM Finland JM Prop
Slide 11: Tegelbruket
Tegelbruket E K E RÖ Number of housing starts Q4 2023 98 Completed in 2025 11 Investor presentation 01/30/2024 © JM AB
Slide 12: Safjället, freehold apartments
Safjället, freehold apartments M Ö L N DA L Number of housing starts Q4 2023 72 Completed in 2025 12 Investor presentation 01/30/2024 © JM AB
Slide 13: Granitten, rental housing
Granitten, rental housing O S L O , N O R W AY Number of housing starts Q4 2023 156 Completed in 2026 13 Investor presentation 01/30/2024 © JM AB
Slide 14: Aurinkotuuli ja Kuunhohde
Aurinkotuuli ja Kuunhohde E S P O O, F I N L A N D Number of housing starts Q4 2023 109 Completed in 2025 14 Investor presentation 01/30/2024 © JM AB
Slide 15: Number of residential units in production 6,033
Number of residential units in production 6,033 1) P E R C E N TA G E S O L D / R E S E R V E D I M P L I C AT E S N O R M A L R I S K I N C U R R E N T P R O D U C T I O N I N Q 4 2 0 2 3 Number 10 000 100% 9 000 8 000 80% 7 000 6 000 60% 5 000 4 000 40% 3 000 2 000 20% 1 000 0 0% Q4 Q1 Q2 Q3 Q4 Q1
Slide 16: Percentage of sold and reserved residential units in current production
Percentage of sold and reserved residential units in current production G RO U P 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Reserved residential units Sold residential units Sold/reserved residential units 16 Investor presentation 01/30/2024 © JM AB
Slide 17: Residential units in production
Residential units in production J M G RO U P Dec 31 Dec 31 2023 2022 Number of residential units 1) 6,033 8,078 Number of residential units sold 2) 1,901 2,659 Number of residential units reserved 135 250 Sold residential units, % 52 59 Reserved residential units, % 2 3 Sold/reserved residential uni
Slide 18: JM Residential Stockholm
JM Residential Stockholm January – December October – December SEK m 2023 2022 2023 2022 Revenue 4,248 4,966 1,022 1,344 Operating profit 1) 112 720 -118 188 Operating margin, % 2.6 14.5 -11.5 14.0 Number of available building rights 12,300 12,400 Number of residential units sold 315 657 124 61 Numb
Slide 19: JM Residential Sweden
JM Residential Sweden January – December October – December SEK m 2023 2022 2023 2022 Revenue 3,476 4,500 726 1,156 Operating profit 1) 139 682 -71 171 Operating margin, % 4.0 15.2 -9.7 14.8 Number of available building rights 11,900 11,500 Number of residential units sold 534 946 142 92 Number of h
Slide 20: JM Norway
JM Norway January – December October – December SEK m 2023 2022 2023 2022 Revenue 2,589 3,392 751 960 Operating profit 1) 149 238 34 51 Operating margin, % 5.7 7.0 4.5 5.3 Number of available building rights 6,400 7,100 Number of residential units sold 488 527 196 100 Number of housing starts 405 60
Slide 21: JM Finland
JM Finland January – December October – December SEK m 2023 2022 2023 2022 Revenue 1,591 1,729 437 505 Operating profit 1) 140 158 46 47 Operating margin, % 8.8 9.2 10.5 9.4 Number of available building rights 6,900 6,800 Number of residential units sold 346 459 311 139 Number of housing starts 375
Slide 22: JM Property Development
JM Property Development January – December October – December SEK m 2023 2022 2023 2022 Revenue 1,458 1,224 336 1,064 Operating profit 1) 248 306 46 326 Operating margin, % 17.0 25.0 13.7 30.6 Number of available building rights 1,600 1,700 Number of residential units sold 218 70 - 70 Number of hous
Slide 23: JM Construction
JM Construction January–december October–december Mkr 2023 2022 2023 2022 Revenue 1) 781 1,077 150 252 Operating profit 8 12 1 - Operating margin, % 1.0 1.1 0.5 - 1) Of which intra-Group 294 505 14 130 • Demand was stable, with competition for the assignments, but somewhat more cautious market. • Th
Slide 24: Available building rights portfolio
Available building rights portfolio No. of building rights 1) Region 12/31/2023 12/31/2022 2) 2) Stockholm 13,900 14,100 Malmö/Lund 3) 3,800 3,600 Gothenburg 3) 3,600 3,600 Uppsala 3) 4,500 4,300 Norway 6,400 7,100 Finland 6,900 6,800 Total 39,100 39,500 1) Rounded to the nearest hundred 2) Of which
Slide 25: Slightly increased level of development properties
Slightly increased level of development properties BUILDING RIGHTS IN BALANCE SHEET SEK m 2020 2021 2022 2023 Opening balance 8,938 7,831 8,205 8,465 New purchases 1,022 1,754 1,700 1,628 Transferred to production -1,888 -1,388 -1,538 -829 Sold -21 - - -313 Impairment - - - -181 Reclassification and
Slide 26: Approx. 14 years production in Balance Sheet
Approx. 14 years production in Balance Sheet No. of residential building rights In Balance Housing Average 1) 2) 12/31/2023 Sheet starts period, years JM Residential Stockholm 6,700 231 29.0 JM Residential Sweden 8,000 443 18.1 JM Norge 3,900 405 9.6 JM Finland 3,500 375 9.3 JM Property Development
Slide 27: Continued large surplus value in development properties
Continued large surplus value in development properties V A L U AT I O N D E V E L O P M E N T P R O P E RT I E S 12/31/2023 12/31/2022 Market Carrying Surplus Market Carrying Surplus SEK billion value amount value value amount value JM Residential Stockholm 7.8 4.1 3.7 8.2 4.0 4.1 JM Residential Sw
Slide 28: 235 unsold residential units in Balance Sheet
235 unsold residential units in Balance Sheet, for an amount of SEK 803m SEK m 900 803 800 751 700 600 503 500 400 363 308 300 200 100 0 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 According to segment reporting. 28 Investor presentation 01/30/2024 © JM AB
Slide 29: Unsold residential units in Balance Sheet
Unsold residential units in Balance Sheet 900 800 700 600 500 400 300 200 100 0 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 2009 2010 2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 2020 2020 2021 2021 2022 202
Slide 30: Cash flow
Cash flow Cash flow statement, SEK m Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 From operating activities before change in working capital and taxes 1) 533 170 138 -205 214 Paid tax -116 -153 -96 -65 -30 Net investment development properties 219 162 -470 -107 168 Net investment project properties -178
Slide 31: Strong financial position
Strong financial position 1) Net interest-bearing liability(+)/receivable(−) SEK m Times • Equity/Assets ratio 50 percent (53). 2 500 0,5 2 000 1,877 0,4 • Available liquidity SEK 4,382m (4,640) of which cash and cash equivalents SEK 1,582m (1,840). 1 500 0,3 1 000 0,2 • Unutilized overdraft facilit
Slide 32: Components of profit/loss – housing business
Components of profit/loss – housing business P E R C E N TA G E O F C O M P L E T I O N M E T H O D ( G R O S S ) Q 4 2 0 2 3 ( Q 3 2 0 2 3 ) Cost-based effect SEK 219m (201) + Revaluation effect SEK -22m (80) + Sales effect SEK 65m (8) Always positive Usually positive Positive / negative Recognized
Slide 33: Revaluation effects – housing business
Revaluation effects – housing business SEK m Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Group -22 80 168 231 434 Business segment Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 JM Residential Stockholm -60 10 27 53 134 JM Residential Sweden 12 15 70 118 188 JM Norway 35 29 49 39 73 JM Finland -9 26 22 21 38 T
Slide 34: Sustainability
Sustainability S U S TA I N A B I L I T Y W O R K C O N T I N U E S E V E N D U R I N G E C O N O M I C D O W N T U R N S • Tests of climate-improved concrete with 15-30% lower carbon dioxide emissions are carried out in Finland. • The climate impact of each of the Group’s new projects is calculated
Slide 35: JM today
JM today • Customer focused – strong brand • 39,100 building rights in attractive locations • Good long-term conditions • Sustainable urban planning • Cautious housing market • Cost inflation • Strong balance sheet offers freedom of action • Well-balanced risk profile • Adaptation to prevailing mark
Slide 36: Thank you
Thank you