Jm Ab · OMXSTO:JM
Jm Ab — Investor Presentation (March 2002)
34 slides from Jm Ab's investor presentation, Mar 1, 2002
Slide 1: The JM Group Company Presentation
The JM Group 2001 Company Presentation
Slide 2: Business concept
Business concept To create attractive living and working environments that satisfy individual needs both today and in the future 2002-03-01 1
Slide 3: Group summary
Group summary • Market-leader – tenant-owned apartments • Major potential – building rights for 27,000 units – greater selectivity in acquisitions • Caution in commercial project development • A focus on cash flow – rapid balance sheet turnover • Customer-driven with a strong brand – quality and env
Slide 4: Financial and non-financial targets
Financial and non-financial targets Target 2001 2000 1999 Return on equity 5 yrs weighted (%) 15 19 14 13 Dividend share of profit after tax (%) 50 37 39 50 Equity/assets ratio (%) 30 30 31 28 Project development margin (%) 12,0 11,8 10,3 6,5 Building rights for production, number 4 500 2 900 3 000
Slide 5: Ownership structure
Ownership structure Share of capital per 31 of January 2002 SEB funds and Second Swedish National foundations 20.4 Pension Fund 3.5 Robur funds 6.1 Alecta (former SPP) 3.2 Nordea funds 5.3 AFA Insurance 2.7 AMF Pension 5.2 Third Swedish National Stefan Persson Pension Fund 2.1 Placering AB 4.0 Swedi
Slide 6: JM – Share
JM – Share JM B Afv Building and No. of shares traded, Afv general index Construction-related index thousands 350 20000000 18000000 300 16000000 14000000 250 12000000 10000000 200 8000000 6000000 150 4000000 2000000 100 0 1997 1998 1999 2000 2001 2002 2002-03-01 5
Slide 7: Project development
Project development Acquisition Concept Management Planning Occupancy Pre-construction Construction Financing Sale/rental 2002-03-01 6
Slide 8: Quarterly prices – tenant-owned apartments
Quarterly prices – tenant-owned apartments Stockholm City SEK/sq.m. Source: Mäklarsamfundet 2002-03-01 7
Slide 9: Price development for housing in preferred locations in Stockholm
Price development for housing in preferred locations in Stockholm SEK/sq.m. 35 000 30 000 25 000 20 000 15 000 10 000 5 000 0 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 Tenant-owned apartment Residential properties Source: NewSec 2002-03-01 8
Slide 10: Number of residential units at various planning stages
Number of residential units at various planning stages Stockholm region Number of units 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 General plan Detail plan Building permit Source: NewSec 1999 2000 2001 2002-03-01 9
Slide 11: Number of residential units at various planning stages
Number of residential units at various planning stages Sweden excluding Stockholm Number of units 5 000 4 500 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 0 General plan Detail plan Building permit 1999 2000 2001 Source: NewSec 2002-03-01 10
Slide 12: Commercial rents – Stockholm city
Commercial rents – Stockholm city SEK/sq.m. Development commercial rents in 7000 Stockholm 2000-2001 6000 Peak rent -15% (2001) 5000 Market rent -0-2% (2001) 4000 Average rent in property portfolio 3000 +10-12% (2001) 2000 1000 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Source: Ne
Slide 13: Value growth of commercial space in prime locations
Value growth of commercial space in prime locations SEK/sq.m. 80 000 60 000 40 000 20 000 0 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 Stockholm Göteborg Malmö Source: NewSec 2002-03-01 12
Slide 14: Highlights of 2001
Highlights of 2001 • Continued successful project development – net sales, profit and margin • Large increase in number of sold apartments. Stable demand and prices for newly produced housing • Selectivity in acquisition of building rights • Positive development in the international operations • Ext
Slide 15: Group summary
Group summary • Profit after financial items was MSEK 1 629 (1 209) • Earnings per share amounted to SEK 36 (25) • Return on equity of 30 (24) per cent • Buy-back of company’s own shares – MSEK 841 • Proposed dividend of SEK 14 (10) 2002-03-01 14
Slide 16: Increasing shareholder return
Increasing shareholder return SEK % 14 7 12 6 10 5 8 4 6 3 4 2 2 1 0 0 1997 1998 1999 2000 2001 proposal Dividend per share Dividend yield 2002-03-01 15
Slide 17: Group summary
Group summary • Profit in project development increased by 50 per cent to MSEK 957 (637) and the margin improved to 11.8 (10.3) per cent • Net sales increased by 26 per cent to MSEK 8 642 (6 849) • Property sales of MSEK 4 074(2 213) provided capital gains of MSEK 928 (535) 2002-03-01 16
Slide 18: Project development
Project development Net sales 3 000 8 126 8 000 2441 2 500 7 000 6 195 1971 1961 6 000 2 000 5 085 1 753 5 000 1 500 4 000 1 000 3 000 2 000 500 1 000 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1999 2000 2001 By quarter (MSEK) Rolling 12-month average 2002-03-01 17
Slide 19: Project development
Project development Profit 957 900 15% 800 13% 700 637 600 11,8% 11% 500 10,3% 9% 400 332 350 300 252 7% 196 200 6,5% 159 5% 100 0 3% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1999 2000 2001 By quarter (MSEK) Rolling 12-month average (MSEK) Rolling 12-month margin (%) 2002-03-01 18
Slide 20: The Group’s net sales by business unit
The Group’s net sales by business unit MSEK 2001 2000 Stockholm Residential 3 471 2 421 Stockholm Commercial 1 973 1 626 Sweden 1 943 1 803 Business Development/Real Estate 340 550 International 1 485 761 Elimination's -570 -312 Total Group 8 642 6 849 2002-03-01 19
Slide 21: The Group’s profit by business unit
The Group’s profit by business unit MSEK 2001 2000 Stockholm Residential 544 378 Stockholm Commercial 229 146 Sweden 227 138 Business Development/Real Estate 917 762 International 111 72 Group-wide costs -64 -56 SPP – surplus – 78 Operating profit 1 964 1 518 2002-03-01 20
Slide 22: Consolidated balance sheets
Consolidated balance sheets MSEK 31 Dec 2001 31 Dec 2000 Assets Management properties 4 717 6 445 Development properties 4 048 3 105 Other assets 4 123 2 547 Total 12 888 12 097 Equity and liabilities Equity 3 823 3 770 Provisions and liabilities 9 065 8 327 Total 12 888 12 097 Debt/equity ratio 1.4
Slide 23: Towards more efficient balance sheet
Towards more efficient balance sheet 0,75 6 0,7 5 0,65 4 0,6 3 0,55 2 0,5 0,45 1 0,4 0 1998 1999 2000 2001 Asset turnover, times Interest coverage ratio, times 2002-03-01 22
Slide 24: Property sales
Property sales MSEK 4 500 4 000 3 500 928 3 000 2 500 2 000 535 1 500 380 330 1 000 135 500 0 1997 1998 1999 2000 2001 Capital gains 2002-03-01 23
Slide 25: Age structure of JM´s real estate portfolio
Age structure of JM´s real estate portfolio % 45 40 35 30 25 20 15 10 5 0 <70-tal 70-tal 80-tal 90-tal 00-tal 2000 2001 2002-03-01 24
Slide 26: Market value – management properties
Market value – management properties MSEK Target Book Market Surplus value value value Fully developed 2 000*) 3 666 5 152 1 486 Under construction 405 446 41 For further developm. 646 773 127 Total 4 717 6 371 1 654 *) Book value 2002-03-01 25
Slide 27: Development properties
Development properties Book value MSEK 4 500 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 0 1996 1997 1998 1999 2000 2001 2002-03-01 26
Slide 28: Building rights portfolio
Building rights portfolio No of Building rights Stockholm 12 600 Göteborg 3 000 Malmö/Lund 2 800 Uppsala 1 900 Övriga Sverige 1 500 Oslo/Bergen 4 100 Köpenhamn 900 Bryssel 200 Total 27 000 2002-03-01 27
Slide 29: Lilla Essingen
Lilla Essingen Stockholm • No. of units: approx. 800 • Production period: 2000-2006 • Anticipated average price level: SEK 37,000/sq.m. (incl. VAT) • Acquisition price: MSEK 300 (SEK 4,000/sq.m.) 2002-03-01 28
Slide 30: Vallgossen
Vallgossen Stockholm • No. of units: 126 • Production period: 2000-2002 • Anticipated average price level: approx. SEK 43,000/ sq.m. (incl. VAT) • Acquisition price: MSEK 42 (SEK 4,200/sq.m.) 2002-03-01 29
Slide 31: Liljeholmskajen
Liljeholmskajen Stockholm • No. of units: approx.. 2,500 • Production period: 2001-2007 • Groundbreaking: Aug 30, opening of InfoCenter • Anticipated average price level: approx. SEK 33,000/ sq.m. (incl. VAT) • Acquisition price: MSEK 520 (SEK 2,500/sq.m.) 2002-03-01 30
Slide 32: Frösunda Torg
Frösunda Torg Stockholm Commercial space • Approx. 41,000 sq.m. of rentable space • Partly open-plan design • Office rents of around SEK 2,500-2,800/sq.m. • Sold 2002 2002-03-01 31
Slide 33: Kjørbokollen
Kjørbokollen Oslo • No of units: 330 • Production period: 2001 - 2005 • Anticipated average price: SEK 37,000/sq.m. (incl. VAT) • Acquisition price:MSEK 88 (SEK 4,200 sq.m.) • Partnership 50/50 2002-03-01 32
Slide 34: Island Brygge
Island Brygge Copenhagen • No of units: 500 • Production period: 2001- 2006 • Anticipated average price: approx. SEK 31,000 sq.m. (incl. VAT) • Acquisition price: MSEK 155 (SEK 2,600 sq.m.) 2002-03-01 33