Interim Report January September 2012

Transcription

1 Interim Report January September 2012

2 JM Group Revenues: SEK 12.7 billion Total assets: SEK 11.1 billion No. of building rights: 27,600 No. of employees: 2, % 1 % Market cap: SEK 9.4 billion 2) 79 % Norway Sweden Finland 1 % Denmark Belgium 1 % 12-month period 2) SEK 115 per share

3 3 Group Summary January September 2012 According to segment reporting Revenues increased to SEK 9,334m (8,547) Operating profit was to SEK 1,019m (1,047) Operating margin decreased to 10.9 percent (12.2). SEK m % Q Operating profit Operating margin 12-month period

4 4 According to IFRIC 15 Group Summary January September 2012 Revenues increased to SEK 9,041m (8,299) Operating profit was SEK 1,010m (1,013) Profit before tax was SEK 968m (974) Earnings per share increased to SEK 8.50 (8.30) Return on equity was 23.9 percent (24.2).

5 5 Group Summary January September 2012 Number of residential units sold 1,892 (2,366) Number of housing starts 2,165 (2,856) Cash flow from operations increased to SEK 304m (173) Building rights portfolio 27,600 (28,000).

6 6 Operating profit according to IFRIC 15 January - September Operating profit, SEK m JM Residential Stockholm JM Residential Sweden JM International JM Property Development 7 16 JM Production Group-wide expenses Total as stated in segment reporting 1,019 1,047 Restatement JM International Total 1,010 1,013 Effect of restatement on income and profit and loss according to IFRIC 15 in relation to segment reporting

7 7 Cautious demand continued improvement in Stockholm Continued cautious demand in Sweden but continued improvement in Stockholm during the start of the fall. Continued good demand in Norway The sales process is taking longer than usual. The interest in JM projects continues Positive effect on reservations of new homes from our sales initiatives The percentage of sold/reserved residential units in relation to ongoing production 66 % (74) normal level.

8 8 Prices on the existing home market SEK/sq.m Tenant-owned apartment prices in cities, existing home market Q3 Q Q3 Q Q3 Q Q3 Q Q3 Q Q3 Q Q3 Q Q3 Sthlm, Inner city Sthlm, Nearby suburbs Gothenburg Malmö Source: Mäklarstatistik and WSP.

9 9 Lower sales rate residential units No. of units , ,401 1,072 1,207 1, JM Residential Stockholm JM Residential Sweden JM International Q1-Q3 Q4

10 10 No. of units Lower level of housing starts ,684 1,604 1,230 1,157 1,335 1,190 1, JM Residential Stockholm JM Residential Sweden JM International Q1-Q3 Q4

11 11 Kista Torn Stockholm No. of residential units 360 Production starts Q Completed 2015

12 12 Kajutan, Lomma Malmö No. of residential units 1,000 Production starts Q Completed 2014

13 13 Grefsen Oslo No. of residential units 500 Production starts Q Completed 2014

14 14 Number Average number of housing starts per phase Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Stockholm Sweden International Average value

15 15 5,986 residential units in current production Number Percentage sold/reserved implicates normal risk in current production in Q % 80% 60% 40% 20% 0 0% mar-08 sep-08 mar-09 sep-09 mar-10 sep-10 mar-11 sep-11 mar-12 sep-12 JM Residential Stockholm JM Residential Sweden JM International Total Normal level sold/reserved Percentage of sold/reserved in ongoing production, Group (%)

16 Residential units in current production JM Group 30 Sept Sept Dec 2011 Number of residential units 5,986 6,439 6,401 Number of residential units sold 3,199 3,993 3,820 Number of residential units reserved Sold residential units (%) Reserved residential units (%) Sold/reserved residential units (%) Completed production, number of unsold units including on the balance sheet After final occupancy according to plan

17 17 JM Residential Stockholm January - September Full year SEK m Revenue 4,126 3,562 5,141 Operating profit ,028 Operating margin (%) Number of available building rights 11,100 12,100 11,800 Number of residential units in current production 3,167 3,353 3,290 Cautious demand and slower sales process. Improved booking level since Q2 partly attributable to the Kista Torn project Increased revenue Stable margin The cash flow is burdened by a temporary increase in working capital.

18 18 JM Residential Sweden January - September Full Year SEK m Revenue 2,185 2,493 3,355 Operating profit Operating margin (%) Number of available building rights 9,400 8,800 8,800 Number of residential units in current production 1,668 2,009 1,973 Cautious demand and slower sales process Somewhat lower revenue Somewhat lower margin Decrease in working capital had positive effect on cash flow.

19 19 JM International January - September Full Year SEK m Revenue 2,001 1,550 2,349 Operating profit Operating margin (%) Number of available building rights 7,100 7,100 6,600 Number of residential units in current production 1,151 1,077 1,138 Good demand and sales in Norway Low activity on the housing market in Copenhagen Contracting operation in Norway reduces the margin Decrease in working capital had positive effect on cash flow.

20 20 JM Property Development January - September Full Year SEK m Revenue Operating profit Project development of commercial properties ongoing in the Dalénum area on Lidingö 86 % occupancy rate Production of senior housing project consisting of 108 apartments in Stora Sköndal, Stockholm Special housing for the elderly with 54 residential units in Dalénum was completed

21 21 JM Production January - September Full Year SEK m Revenue 1,428 1,317 1,986 Operating profit Operating margin (%) Of which internal Good demand Solid orders Increased revenue Decreased margin due to projects obtained during a period of high competition.

22 Available building rights portfolio No. of building rights Region Stockholm 11,100 12,100 Malmö/Lund 4,300 3,900 Gothenburg 2,100 1,900 Uppsala 2) 3,000 3,000 Norway 5,300 5,400 Copenhagen Helsinki Belgium Total approximately 27,600 28,000 West region 2) East region

23 23 Unchanged level of development properties Building rights in Balance Sheet SEK m Q Opening balance 5,620 4,990 5,374 5,816 Plus 428 1,655 1, Minus -1,058-1,271-1, Closing balance 4,990 5,374 5,816 5,722 Including impairment losses of SEK 87m

24 24 Approx. 6 years production in Balance Sheet No. building rights In Balance Production Average 3) Sheet starts period, years JM Residential Stockholm 7,200 1, JM Residential Sweden 5, JM International 4, Group 17,400 2, ) Residential building rights 2) Guideline value approx. 4 years 3) 12-month period

25 25 69 unsold residential units in the Balance Sheet SEK 193m SEK m Q Q Q Q Q3 2012

26 26 Strong cash flow Q Cash flow statement, SEK m Q Q Q Q Q Cash flow from operating activities 2) Cash flow from investment activities Cash flow from financing activities Total cash flow for the quarter Cash and cash equivalents end of period 1,917 2, ,767 2,022 Of which payment flow from sale of project properties ) Of which net investment development properties

27 27 Strong financial position and liquidity Net interest-bearing liability(+)/receivable(-) SEK m times Equity/Assets ratio 40 percent (40) Available liquidity was SEK 4,822m (4,717) of which cash and cash equivalents SEK 2,022m (1,917) 0 0 Unutilized overdraft facilities and credit lines SEK 2,800m (2,800) Credit lines of SEK 2,400m have an average maturity of 1.9 years sept Buy back of own shares for a total of SEK 125m during the third quarter. Net interest-bearing liability(+)/receivable(-) Debt/equity ratio Non interest-bearing deferred payments for property acquisitions amounted to SEK 283m (397)

28 28 Net financial items January September 2012, SEK m Financial income 29 Financial income 26 Revaluation/currency hedging 3 Financial expenses -71 Financial expenses -42 Revaluation/currency hedging -3 Interest expense pensions -26 Net financial items -42 Refers to claims on JM International

29 29 Components of profit/loss housing business Percentage of completion method (gross) Q (Q2 2012) Cost-based effect SEK 252m (263) Revaluation effect SEK 221m (256) + + Sales effect SEK -36m (-9) Always positive Usually positive Positive/negative Recognized expenses x contribution margin (for the current period). = Changed assessment about forecast total contribution margin and/or total cost of a project that involves revaluation of recognized profit/loss from earlier periods. Profit/loss for the period SEK 437m (510) Change in the relationship between stage of completion and sales rate in a period (incoming outgoing) (Adjustment of accumulated profit for unsold homes).

30 Revaluation effects housing business SEK m Q Q Q Q Q Group Business segment Stockholm Sweden International Total Q Q The net of positive and negative revaluation effects in residential projects during Q totaled SEK 221m, which indicates a stable assessment of market conditions for the actual forecast period

31 31 JM today Customer-focused strong brand 27,600 residential building rights in attractive locations high quality and good distribution Some uncertainty regarding the economic development, but fundamentally favorable prospects Industrialized process and attractive homes Strong balance sheet and proactive capacity focus on cash flow Well balanced risk profile Competent and engaged co-workers.