Jm Ab · OMXSTO:JM
Jm Ab — Investor Presentation (September 2003)
26 slides from Jm Ab's investor presentation, Sep 25, 2003
Slide 1: JM Group Company Presentation
JM Group 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 2003-09-25 Halvår 2003, ytf 1
Slide 3: JM Group
JM Group Norway Sweden Denmark Belgium 2003-09-25 Halvår 2003, ytf 2
Slide 4: Group summary
Group summary • Market leader – tenant-owned apartments • Major potential – more than 24,000 building rights • Cautious project development – commercial premises • Cash flow focus • Fast value added process – further trimming of balance sheet • Customer focused with strong brand – quality and enviro
Slide 5: Financial and non-financial targets
Financial and non-financial targets Target 2005 2002 2001 2000 Return on equity 5 yrs weighted (%) 15 17 19 14 Dividend share of profit after tax (%) 50 118 37 39 Equity/assets ratio (%) 35 34 30 31 Project development margin (%) 10.0 5.4 11.8 10.3 Building rights for production, number 3,000 2,700
Slide 6: Project development
Project development Acquisition Project conception Management Detail plan Occupancy Project plan Construction Financing Sale/lease 2003-09-25 Halvår 2003, ytf 5
Slide 7: Ownership structure
Ownership structure Per cent of share capital at 30 June 2003 SEB funds and foundations 18.4 RAM One 2.9 Robur funds 9.0 Alecta 2.7 AFA Insurance 6.8 Fourth Swedish National SHB funds 4.8 Pension Fund 2.7 Stefan Persson Skandia 2,3 Placering AB 4.3 Nordea funds 2.2 Eikos 3.9 Foreign shareholders 10.
Slide 8: JM – Share
JM – Share JM B SX4040 Real Estate index Stockholm stock exchange All Share index No. of shares traded, thousands 350 12000000 300 10000000 250 8000000 200 6000000 150 4000000 100 2000000 50 0 1998 1999 2000 2001 2002 2003 2003-09-25 Halvår 2003, ytf 7
Slide 9: Organisation
Organisation CEO Group staffs Johan Skoglund Legal Affairs/Development Urban Lilja Finance/Treasury Claes Magnus Åkesson Corporate Communications Caroline Burén Human Resources Göran Malmberg Operational Development Lennart Henriz Business units JM JM JM JM JM Residential Stockholm Residential Swede
Slide 10: Price trend tenant-owned apartments
Price trend tenant-owned apartments Stockholm County Price trend, advertised prices in secondhand market, for tenant-owned apartments in Stockholm county, April 1997 to June 2003 SEK/sq.m. 40 000 35 000 30 000 25 000 20 000 15 000 10 000 5 000 0 Apr- Oct- Apr- Oct- Apr- Oct- Apr- Oct- Apr- Oct- Apr-
Slide 11: Status of appeals
Status of appeals JM Residential Number Appeal filed with Project Municipality of units government since Stockholm Hotellviken Nacka 110 January -02 Storhagen Haninge 30 June -03 Sweden Torp Gothenburg 19 June -02 Vreta Uppsala 78 July -02*) *) With County administrative board 2003-09-25 Halvår 2003
Slide 12: Important events 2003
Important events 2003 • Some reduction in demand and prices in the residential market in Stockholm and Oslo • Continued priority in efficiency measures and cost reduction • Highly selective acquisition of building rights • Caution in commercial project development • Major sales of fully developed pr
Slide 13: Group summary
Group summary January – June 2003 • Profit after financial items amounted to SEK 332m (416) • Number of sold residential units 1,275 (1,251) • Earnings per share over the past 12-month period amounted to SEK 7 (23) • Return on equity 5 per cent (19) 2003-09-25 Halvår 2003, ytf 12
Slide 14: Group summary
Group summary January – June 2003 • Profit in project development amounted to SEK 159m (470) and the margin over the past 12-month period amounted to 1.9 per cent (12.1) • Net sales reduced by 17 per cent to SEK 3,856m (4,671 ) • Property sales of SEK 2,101m (921) provided capital gains of SEK 399m
Slide 15: Project development: Net sales
Project development Net sales 8847 3000 9000 7755 8000 2500 7116 2199 7000 2042 2000 1803 6000 1711 5000 1500 4000 1000 3000 2000 500 1000 0 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2001 2002 2003 By quarter (SEKm) Rolling 12-month average 2003-09-25 Halvår 2003, ytf 14
Slide 16: Project development: Profit
Project development Profit SEKm 1200 1 072 1100 16% 1000 14% 900 785 800 12% 700 12,1% 11,0% 10% 600 500 9,8% 8% 8,7% 400 300 254 6% 200 148 4% 100 102 57 0 2% 1,9% -100 -265 0% -200 -0,2% -300 -2% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2001 2002 2003 By quarter (SEKm) Rolling 12-month average (SEKm) R
Slide 17: Net sales by business unit
Net sales by business unit January-June April-June July-June Full year SEKm 2003 2002 2003 2002 2002/03 2002 JM Residential - Stockholm 1,658 1,897 884 918 3,384 3,623 JM Residential - Sweden 1,084 1,008 623 535 2,281 2,205 JM Production 333 779 168 357 720 1,166 JM Commercial 103 225 49 111 302 424
Slide 18: Operating profit by business unit
Operating profit by business unit January-June April-June July/June Full year Mkr 2003 2002 2003 2002 2002/03 2002 JM Residential - Stockholm -12 200 -15 81 -372 -160 JM Residential - Sweden 47 71 29 36 156 180 JM Production 13 -3 7 -17 -11 -27 JM Commercial 386 271 11 46 749 634 JM International 51
Slide 19: Consolidated balance sheet
Consolidated balance sheet SEKm 30 Jun 2003 30 Jun 2002 31 Dec 2002 Assets Management properties 1,989 4,150 2,774 Development properties 3,635 3,934 3,871 Other assets 3,993 3,057 3,983 Total 9,617 11,141 10,628 Shareholders’equity and liabilities, Shareholders’equity 3,343 3,712 3,570 Provisions a
Slide 20: Property sales
Property sales SEKm 4500 4000 3500 928 3000 523 2500 2000 535 399 1500 330 1000 500 135 0 1998 1999 2000 2001 2002 Jan-Jun 2003 2003-09-25 Halvår 2003, ytf 19
Slide 21: Development properties
Development properties Book value SEKm 4 500 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 0 1998 1999 2000 2001 2002 Jan-Jun 2003 2003-09-25 Halvår 2003, ytf 20
Slide 22: Building rights portfolio
Building rights portfolio No of building rights Stockholm 10,800 Gothenburg 3,000 Malmoe/Lund 2,100 Uppsala 1,600 Rest of Sweden 1,200 Oslo/Bergen 4,400 Copenhagen 900 Brussels 200 Total 24,200 2003-09-25 Halvår 2003, ytf 21
Slide 23: Customers
Customers Customer satisfaction index per region - 2002 South 4,33 West 4,26 East 4,17 JM Residential 3,98 Greater Stockholm 3,89 Stockholm City 3,72 1 1,5 2 2,5 3 3,5 4 4,5 5 1,0 1,4 1,8 2,2 2,6 3,0 3,4 3,8 4,2 4,6 5,0 Very weak Weak Average Strong Excellent 2003-09-25 Halvår 2003, ytf 22
Slide 24: Customers
Customers Simple, functional and attractive JM houses Light and space Good modern standard - no luxury Functional planning Atmosphere - details Sufficient storage capacity Supplementary WC and shower 2003-09-25 Halvår 2003, ytf 23
Slide 25: Our Future
Our Future • Leading developer of housing in northern Europe • Increased internal efficiency • Fewer platforms and components • Develop good design • Quality and environment • Dare to develop the construction process, procurement and logistics ”The future shall be met by a more simple, efficient, pr
Slide 26: Our customers experience that JM is supplying attractive living environments
Our customers experience that JM is supplying attractive living environments and meeting individual demands. We will continue doing so! 2003-09-25 Halvår 2003, ytf 25