JM — Interim / Quarterly Report 2012

Feb 12, 2013

Year-end Report 2012

JM GROUP JANUARY – DECEMBER 2012

STABLE END OF YEAR IN HOUSING BUSINESS

• According to segment reporting revenue increased to SEK 13,134m (12,217) and operating profit decreased to SEK 1,398m (1,544). The operating margin decreased to 10.6 percent (12.6).
• Restated in accordance with IFRIC 15, revenue increased to SEK 12,480m (12,001) and operating profit decreased to SEK 1,374m (1,513)
• Profit was burdened by an impairment loss on project property of SEK 95m (-)
• Profit before tax decreased to SEK 1,318m (1,463). Profit after tax decreased to SEK 961m (1,042)
• Return on equity for the past twelve months amounted to 20.7 percent (24.5). Earnings per share during the year amounted to SEK 11.70 (12.50)
• Consolidated cash flow including net investment in properties increased to SEK 979m (733)
• The number of sold residential units was 2,952 (3,112) and housing starts decreased to 3,163 (3,629). Large share of sold residential units and housing starts during the fourth quarter
• Surplus value of development properties SEK 2.6bn (2.4)
• The Board of Directors proposes a dividend of SEK 6.75 (6.50) for 2012, as well as renewed buyback authorization.

SEK m	2012	January–December 2011	2012	October–December 2011
Revenue (segment reporting)	13,134	12,217	3,800	3,670
Operating profit (segment reporting) 1)	1,398	1,544	379	497
Operating margin (segment reporting) (%)	10.6	12.6	10.0	13.5
Revenue 2)	12,480	12,001	3,439	3,702
Operating profit 1) 2)	1,374	1,513	364	500
Profit before tax 2)	1,318	1,463	350	489
Operating margin 2) (%)	11.0	12.6	10.6	13.5
Cash flow from operating activities	979	733	675	560
Return on equity 2) (%)	20.7	24.5
Equity/assets ratio 2) (%)	40	41	40	41
Earnings per share 2) (SEK)	11.70	12.50	3.20	4.20
Number of residential units sold	2,952	3,112	1,060	746
Number of housing starts	3,163	3,629	998	773
1) Of which impairment loss on project property	–95	-	–95	-

2) According to IFRIC 15

The Group applies IFRIC 15 Agreements for the Construction of Real Estate to its income statement and balance sheet. This means that revenue and profit and loss for JM's operations outside of Sweden, JM International, are reported according to the completed contract method. Segment reporting and project management are reported according to IAS 11, percentage of completion method. The description of operations is based on segment reporting.

GROUP

"Thanks to a gradual improvement in demand primarily in Stockholm during the year, as a whole it has been a stable year despite an uncertain environment and cautious demand. More good news is that we were able to end 2012 on a good level in terms of sales and housing starts for residential projects, which means that we are entering into 2013 with a continued high level of current production.

In the next year our business will be dependent on how the debt situation in Europe is stabilized, and the development of the business cycle, and our ability to adapt will continue to be an important factor of success.

Structurally, conditions for our business are favorable, including large population increases in the markets where we are active. We are dynamically positioned with financial strength and a very good project portfolio that continues to be improved and renewed at the same time as our strong balance sheet offers us freedom of action."

Johan Skoglund, President and CEO.

MARKET, SALES AND HOUSING STARTS

Demand for newly built homes in Sweden was cautious during the year. However, demand improved slightly during the second half of the year. Customers are showing strong interest in JM's projects at the same time as the sales process in Sweden is taking longer in the uncertain economic situation. Demand was good in Norway. The weak demand in Denmark persists.

The slower sales process has resulted in a slightly lower number of signed contracts during the year. However, population growth in our main markets, coupled with continued low interest rates, supports demand for housing.

The number of sold residential units in the form of signed contracts was 2,952 (3,112) with a high level in the fourth quarter. The percentage of sold or reserved homes in relation to current production amounts to 66 percent (68), with an interval of 60-65 percent considered normal. JM Residential Stockholm sold 1,307 residential units (1,401), JM Residential Sweden sold 902 (1,056) and JM International 743 (655).

The number of housing starts decreased to 3,163 (3,629) with a large number of housing starts during the fourth quarter. In the Stockholm area housing starts totaled 1,507 (1,684) and in the rest of Sweden 779 (1,157). Housing starts in international operations totaled 877 (788).

The total number of housing starts during the year exceeds the number of signed contracts, which reflects demand for our projects. The number of residential units in current production amounts to 5,988 (6,401).

	January–December				October–December
Operating profit (SEK m)	2012	2011	2012	2011
JM Residential Stockholm	1,041	1,028	309	341
JM Residential Sweden	231	301	66	76
JM International	181	159	74	67
JM Property Development 1) 2)	–83	15	–90	–1
JM Production	71	84	28	28
Group-wide expenses	–43	–43	–8	–14
Total as stated in segment reporting	1,398	1,544	379	497
Restatement JM International 3)	–24	–31	–15	3
Total	1,374	1,513	364	500
1) Of which property sales	0	27	-	2
2) Of which impairment loss on project property	–95	-	–95	-

3) Effect of restatement on revenue and profit and loss according to IFRIC 15 in relation to segment reporting.

1) According to segment reporting

REVENUE, OPERATING PROFIT AND OPERATING MARGIN

Consolidated revenue in accordance with segment reporting for the year increased to SEK 13,134m (12,217). Revenue restated according to IFRIC 15 increased to SEK 12,480m (12,001).

Operating profit according to segment reporting decreased to SEK 1,398m (1,544) and the operating margin decreased to 10.6 percent (12.6). Operating profit restated according to IFRIC 15 decreased to SEK 1,374m (1,513). Profit was burdened by an impairment loss on project property totaling SEK 95m (-).

During the year, gains on the sale of properties were SEK 0m (27). Rental income from JM's project properties totaled SEK 77m (73), with residential units accounting for SEK 7m (4). Net rental income was SEK 33m (17).

	January–December			October–December
Operating margin (%)	2012	2011	2012	2011
JM Residential Stockholm	18.6	20.0	21.1	21.6
JM Residential Sweden	7.7	9.0	8.1	8.8
JM International	5.7	6.8	6.4	8.4
JM Production	3.5	4.2	4.8	4.2
Residential units in current production			2012-12-31	2011-12-31
Number of residential units in current production 1)			5,988	6,401
Percentage sold residential units in current production (%) 2)			55	60
Percentage reserved residential units in current production (%)		11	8
Percentage sold and reserved residential units in current production (%)		66	68

1) Beginning with production startup through final occupancy according to plan.

2) Percentage sold residential units expressed as binding contract with end customer.

Completed production, unsold units	2012-12-31	2011-12-31
Completed production, number of unsold units 1)	176	94
– Of which the balance sheet item reported as "Participations in tenant-owners associations, etc."	70	59

1) After final occupancy according to plan.

BUILDING RIGHTS

The number of available building rights amounts to 26,600 (27,200), of which 17,400 (17,600) are recognized in the balance sheet. Capital tied up in building rights (development properties on the balance sheet) for residential units decreased to SEK 5,691m (5,756) at year-end.

Valuation of JM's total development properties with a carrying amount of SEK 5.8bn (5.8) shows a surplus value of SEK 2.6bn (2.4). This valuation was carried out in cooperation with an independent appraisal company.

During 2012, JM purchased development properties for residential units for SEK 1,259m (1,585), of which SEK 487m relates to JM Residential Stockholm, SEK 200m to JM Residential Sweden and SEK 572m to JM International.

PROJECT PROPERTIES

An external appraiser calculated the market value of JM's project properties to be SEK 959m (854) with a carrying amount of SEK 933m (859).

Development properties (residential units), SEK billion	Market value	2012-12-31 Carrying amount	Market value	2011-12-31 Carrying amount
JM Residential Stockholm	4.4	2.9	4.3	2.9
JM Residential Sweden	1.8	1.3	2.0	1.4
JM International	2.1	1.5	1.9	1.5
Total	8.3	5.7	8.2	5.8

FINANCIAL ITEMS

Net financial items were down by SEK 6m compared to last year.

The total interest-bearing loan was SEK 1,525m (1,467), of which the provision for pensions comprised SEK 648m (608). At year-end, the average interest rate for the total loan stock including pension liabilities was 3.4 percent (3.8). The average term for fixed-rate loans excluding pension liabilities was 0.3 years (0.2).

Consolidated available liquidity was SEK 5,275m (5,237). Aside from cash and cash equivalents of SEK 2,475m (2,437), this includes unutilized overdraft facilities and credit lines totaling SEK 2,800m (2,800), where credit agreements for SEK 2,400m had an average maturity of 2.2 years.

Interest-bearing receivables at year-end totaled SEK 950m (970). At year-end, non-interest-bearing liabilities for implemented property acquisitions amounted to SEK 602m (395). SEK 503m (223) of these liabilities are shortterm.

	January–December		October–December
SEK m	2012	2011	2012	2011
Financial income 1)	38	45	9	13
Financial expenses 2)	–94	–95	–23	–24
Financial income and expenses	–56	–50	–14	–11
1) Of which revaluation and currency hedging	4	8	1	0
2) Of which revaluation and currency hedging	–4	–8	–1	0

	January–December		October–December
SEK m	2012	2011	2012	2011
Interest-bearing net liabilities (+)/receivables (–) at beginning of period	–970	–730	–404	–388
Change in interest-bearing net liabilities/receivables	20	–240	–546	–582
Interest-bearing net liabilities (+)/receivables (–) at end of period	–950	–970	–950	–970

CASH FLOW

Cash flow from operating activities was SEK 979m (733) during the year. Net investments in development properties resulted in a cash flow of SEK 278m (–384). Increased holdings of unsold residential units burdened cash flow by SEK –204m (–52). Consolidated cash flow from project properties (sales minus investment) during the year was SEK –175m (–173).

RISKS AND UNCERTAINTIES

JM's risk and risk management policies are presented in Annual Report 2011 on pages 26-29. No significant changes have occurred to alter these reported risks.

BUY-BACK AND HOLDINGS OF OWN SHARES

During the fourth quarter of 2012 and at the start of January 2013, 1,078,752 shares were bought back for a total of SEK 125m. Holdings of own shares subsequently total 3,311,808. After the 2012 Annual General Meeting, a total of 3,160,844 shares were bought back for SEK 375m.

The number of outstanding shares, excluding holdings of own shares, at December 31, 2012, totals 80,494,186.

The Board of Directors will propose to the Annual General Meeting that the holdings of own shares be eliminated through a decrease in the share capital. The Board of Directors' complete proposal for the decision to eliminate shares will be available at the end of March 2013.

The strong balance sheet and cash flow continue to enable capital transfer to shareholders in addition to regular dividends.

In light of this, the Board of Directors will propose that the Annual General Meeting resolve to authorize the Board of Directors, during the period up to the next Annual General Meeting and on one or more occasions, to make a resolution on buying back shares so that the Company's holdings do not at any point in time exceed 10 percent of all the Company's shares. Acquisition should take place on NASDAQ OMX Stockholm.

Considering the continued uncertainty in the international financial system, the strategy is to spread out the buy-backs on NASDAQ OMX Stockholm until the 2014 Annual General Meeting. The objective of empowering the Board of Directors is to give it the possibility to adjust the Company's capital structure on a continuous basis.

The Board of Directors' complete proposal for a resolution regarding authorization will be available in conjunction with the notice of Annual General Meeting that will be made public on March 26, 2013.

PERSONNEL

The number of employees at the end of the year was 2,290 (2,370). The number of wage-earners was 1,051 (1,143) and the number of salaried employees was 1,239 (1,227). Current staffing is considered well balanced for the current project volume and some adjustments are made on a regular basis.

DIVIDEND

For 2012 the Board of Directors proposes a dividend of SEK 6.75 (6.50) per share, for a total of SEK 542m (542). The dividend rate is justified by good earnings combined with a strong balance sheet. The proposed record date for the dividend is Tuesday, April 30, 2013. If the Annual General Meeting resolves to adopt the recommendation, the estimated date that the dividend will be sent is Monday, May 6, 2013.

BUSINESS SEGMENT

JM RESIDENTIAL STOCKHOLM

The JM Residential Stockholm business segment develops residential projects in Greater Stockholm. Operations include acquisitions of development properties, planning, pre-construction, production and sales of residential units.

	January–December				October–December
SEK m	2012	2011	2012	2011
Revenue	5,591	5,141	1,465	1,579
Operating profit	1,041	1,028	309	341
Operating margin (%)	18.6	20.0	21.1	21.6
Average operating capital	2,406	2,286
Return on operating capital (%)	43.3	45.0
Operating cash flow	1,051	641	378	356
Carrying amount, development properties	2,904	2,888
Number of available building rights	10,900	11,800
Number of residential units sold 1)	1,307	1,401	474	329
Number of housing starts 1)	1,507	1,684	344	349
Number of residential units in current production	3,071	3,290
Number of employees	798	807
1) Of which rental units	-	77	-	-

Demand in the existing home market continues to be cautious. Prices increased in all submarkets of the business segment during the year. The supply of residential units on the existing home market is lower than last year. The supply of new homes continues to be low in relation to long-term demand in the Stockholm area.

Interest in JM's projects is strong. The customers' tendency to sign a contract early in the process also continued to increase. Reservations in projects continued to improve after the third quarter.

The business segment's revenue increased to SEK 5,591m (5,141) and operating profit increased to SEK 1,041m (1,028). The operating margin was 18.6 percent (20.0). The high revenue is a result of the continued large number of residential units in current production with a high level of activity.

Cash flow is in balance.

In total, production was started in the fourth quarter on 344 residential units in apartment buildings in Nacka, Solna and Stockholm.

During the fourth quarter JM purchased building rights corresponding to about 560 homes in Stockholm and Täby.

JM RESIDENTIAL SWEDEN

The JM Residential Sweden business segment develops residential projects in growth areas in Sweden, excluding Greater Stockholm. Operations include acquisitions of development properties, planning, pre-construction, production and sales of residential units. Contracting operations are also conducted to a limited extent.

	January–December		October–December
SEK m	2012	2011	2012	2011
Revenue	3,003	3,355	818	862
Operating profit 1)	231	301	66	76
Operating margin (%)	7.7	9.0	8.1	8.8
Average operating capital	1,490	1,478
Return on operating capital (%)	15.5	20.4
Operating cash flow	243	317	–19	–8
Carrying amount, development properties	1,333	1,406
Number of available building rights	9,200	8,800
Number of residential units sold	902	1,056	292	204
Number of housing starts	779	1,157	250	201
Number of residential units in current production	1,492	1,973
Number of employees	538	602
1) Of which property sales	-	4	-	1

The supply of residential units on the existing home market is somewhat lower than it was at the same time last year on all submarkets within the business segment.

Closing prices on the existing home market increased during the last year, except in Malmö and Västerås where prices fell slightly. Demand continues to be cautious, particularly in the Malmö area.

There is strong interest in JM's projects but the customers' decision process is still long.

The business segment's revenue decreased to SEK 3,003m (3,355) and operating profit decreased to SEK 231m (301). The operating margin decreased to 7.7 percent (9.0). The lower revenue is a result of the lower number of houses in current production, which also meant that the number of employees was reduced.

Cash flow is in balance.

JM started production during the fourth quarter on 250 residential units in apartment buildings in Svedala, Malmö, Västerås and Uppsala.

During the fourth quarter JM purchased building rights corresponding to 29 residential units in Gothenburg.

JM INTERNATIONAL

The JM International business segment develops residential projects in Norway, Denmark, Finland and Belgium. Contracting operations are also conducted to a limited extent in Norway. Revenue and profit and loss for the business segment is reported according to IAS 11, percentage of completion method.

	January–December		October–December
SEK m	2012	2011	2012	2011
Revenue	3,152	2,349	1,151	799
Operating profit	181	159	74	67
Operating margin (%)	5.7	6.8	6.4	8.4
Average operating capital	2,202	1,822
Return on operating capital (%)	8.2	8.7
Operating cash flow	74	–197	193	76
Carrying amount, development properties	1,454	1,462
Carrying amount, project properties	69	51
Number of available building rights	6,500	6,600
Number of residential units sold	743	655	294	213
Number of housing starts	877	788	404	223
Number of residential units in current production	1,425	1,138
Number of employees	364	348

The business segment's revenue increased to SEK 3,152m (2,349). Operating profit increased to SEK 181m (159). The operating margin decreased to 5.7 percent (6.8). The improved revenue is a result of the larger number of residential units in current production and the contracting operation acquired in Norway in 2011. The operating margin decreased primarily due to a lower margin in the acquired contracting operation.

Cash flow in the fourth quarter improved primarily due to a decrease in development properties attributable to a larger number of housing starts for residential projects in Norway.

NORWAY

Demand for residential units, both newly built and in the existing home market, continued to be strong, particularly in JM's markets: Oslo, Stavanger and Bergen. Demand is strengthened by a continued increase in population and high demand for manpower. The price level on the existing home market increased during the year.

During the year 649 residential units (577) were sold and production began on 815 units (640).

Housing starts during the fourth quarter consist of 404 residential units, of which 372 in apartment buildings in

Oslo, Vestfold, Bergen, Telemark and Rogaland and 32 single-family homes in Oslo, Vestfold and Bergen. The number of residential units in current production amounts to 1,246 (878).

During the fourth quarter JM purchased building rights corresponding to about 150 homes in Oslo, Vestfold and Bergen.

Available building rights correspond to 4,700 residential units (5,300).

DENMARK

The level of activity on the housing market in Copenhagen continued to be low. Banks continued their restrictive lending practices to mortgage customers, which offsets the positive effect of lower interest rates. The price level on the existing home market was stable at a low level during the year.

During the year 13 residential units (28) were sold and production began on 2 units (18).

The number of residential units in current production amounts to 20 (82). No acquisitions or housing starts were made during the fourth quarter. Available building rights correspond to 700 residential units (700).

FINLAND

Activity on the housing market in Helsinki remains at a stable level. However, customers are cautious and time to closing has increased. The price level in the capital region was stable during the year.

During the year 26 residential units (14) were sold and production began on 34 units (59).

The number of residential units in current production amounts to 62 (59). There were no housing starts during the fourth quarter. During the fourth quarter JM purchased building rights corresponding to about 40 residential units in Esbo. Available building rights correspond to 600 residential units (100).

BELGIUM

Activity in the housing market and the price level in the Brussels region continue to be stable.

During the year 55 residential units (36) were sold and production began on 26 units (71). The number of residential units in current production amounts to 97 (119). No acquisitions or housing starts were made during the fourth quarter.

Available building rights correspond to 500 residential units (500).

JM PROPERTY DEVELOPMENT

The JM Property Development business segment primarily develops rental housing, residential care facilities and commercial properties in Greater Stockholm. The business segment's entire portfolio comprises project development properties.

	January–December		October–December
SEK m	2012	2011	2012	2011
Revenue	77	73	21	21
Operating profit 1)	–83	15	–90	–1
Average operating capital	939	822
Return on operating capital (%)	–8.8	1.8
Operating cash flow	–161	–134	–50	–18
Carrying amount, development properties	61	60
Carrying amount, project properties	864	808
Number of employees	16	18
1) Of which -property sales	0	23	-	1
-impairment loss on properties	–95	-	–95	-

The business segment's revenue totaled SEK 77m (73), including rental income of SEK 73m (71) and contracting revenue of SEK 4m (2). Operating profit decreased to SEK –83m (15).

Net rental income for project properties was SEK 30m (16). Gains from property sales amounted to SEK 0m (23).

An impairment loss of SEK 95m was made for the commercial premises in Dalénum, Lidingö. The impairment is primarily explained by a higher return requirement in the market. Cash flow was burdened by investments in project properties totaling SEK 161m (272).

Within the Dalénum area, the occupancy rate in the buildings that will not be demolished is 86 percent. Special housing for the elderly consisting of 54 residential units was completed and occupancy took place in September. In December an agreement was signed with John Mattson Fastighets AB for the construction and sale of 146 rental apartments with a planned occupancy target date in the fall of 2015. The transaction totals SEK 350m and revenue and profit will be recognized continuously during the period 2013-2015. At a later stage, JM has plans to build approximately an additional 75 rental apartments in the area.

Within the Bolinder area in Kallhäll, Järfälla, the occupancy rate is 89 percent in the buildings that will not be demolished.

Production of a senior housing project with 108 apartments in Stora Sköndal, Stockholm, is underway. A 15-year lease was signed with Stiftelsen Stora Sköndal with two move-in stages, fall of 2013 and spring of 2014.

JM PRODUCTION

The JM Production business segment carries out construction work for external and internal customers in the Greater Stockholm area.

		January–December	October–December
SEK m	2012	2011	2012	2011
Revenue 1)	2,006	1,986	578	669
Operating profit	71	84	28	28
Operating margin (%)	3.5	4.2	4.8	4.2
Operating cash flow	38	–18	39	28
Number of employees	459	478
1) Of which internal	695	687	233	260

Demand in the contracting market in Stockholm is at a good level with customers displaying a good willingness to invest. Both the building and civil engineering markets are stable, although there are many actors competing for the assignments.

Orders are good in the business segment, with a large number of projects in current production.

The business segment's revenue increased to SEK 2,006m (1,986) and operating profit decreased to SEK 71m (84). The operating margin decreased to 3.5 percent (4.2).

Projects with lower margins have a negative impact on the outcome for the year. These projects were obtained during a period of high competition. However, during the fourth quarter a number of projects ended with a positive revaluation.

Cash flow improved during the quarter.

During the quarter the business segment received a number of assignments, of which the largest are the construction of apartment buildings for Stockholmshem in the Hjorthagen area of Stockholm, renovation of and additions to baggage handling at Arlanda for Swedavia and preparatory work for the renovation of Slussen for the City of Stockholm.

The largest projects currently underway are two phases of the new E18 motorway between Hjulsta and Kista (Swedish Transport Administration), new production of an office building in Frösunda, Solna (Vasakronan), a collaborative contract for rebuilding a school in Stockholm (SISAB), streets and conduits (Tyresö and Nacka Municipalities), a renovation project in central Stockholm (Praktikertjänst) and site and track work for expansion of railway tracks in Bromma (Storstockholms Lokaltrafik). In addition, the renovation of an office building in Kista (Microsoft) is underway.

Current projects for JM Residential Stockholm include construction of apartment buildings in Bromma and at Telefonplan, as well as site work within the Dalénum area on Lidingö. In addition, the quays in the Liljeholmen area are being extended and completed for use. Senior housing at Stora Sköndal is being built for JM Property Development.

CONDENSED CONSOLIDATED INCOME STATEMENT

		January–December		October–December
SEK m	2012	2011	2012	2011
Revenue	12,480	12,001	3,439	3,702
Production and operating costs	–10,273	–9,798	–2,800	–3,025
Gross profit	2,207	2,203	639	677
Selling and administrative expenses	–738	–717	–180	–179
Gains on the sale of properties	0	27	-	2
Impairment loss on properties	–95	-	–95	-
Operating profit	1,374	1,513	364	500
Financial income and expenses	–56	–50	–14	–11
Profit before tax	1,318	1,463	350	489
Taxes	–357 1)	–421	–91	–142
Net profit for the period	961	1,042	259	347
Other comprehensive income
Translation differences	–2	–3	20	–25
Comprehensive income for the period	959	1,039	279	322
Net profit for the period is attributable to shareholders of the Parent Company	961	1,042	259	347
Comprehensive income for the period is attributable to shareholders of the Parent Company	959	1,039	279	322
Earnings per share 2), basic, attributable to shareholders of the Parent Company (SEK)	11.70	12.50	3.20	4.20
Earnings per share 2), diluted, attributable to shareholders of the Parent Company (SEK)	11.60	12.40	3.20	4.10
Number of outstanding shares at end of period	80,494,186	83,379,407	80,494,186	83,379,407
Average number of shares, basic	82,414,682	83,305,326	81,058,864	83,375,237
Average number of shares, diluted	83,298,832	84,560,636	81,851,418	84,512,477

1) Tax expense for the year was affected positively by a revaluation of deferred tax attributable to lower income tax in 2013 totaling SEK 42m. It was also affected negatively by a revaluation of deferred tax for a loss carry-forward within JM International totaling SEK –46m.

2) Net profit for the period.

CONDENSED CONSOLIDATED BALANCE SHEET

SEK m	2012-12-31	2011-12-31
ASSETS
Non-current assets	254	315
Project properties	933	859
Development properties	5,769	5,816
Participations in tenant-owners associations,etc.	214	150
Current receivables 1)	1,911	1,719
Cash and cash equivalents	2,475	2,437
Total current assets	11,302	10,981
Total assets	11,556	11,296
EQUITY AND LIABILITIES 2)
Shareholders' equity	4,667	4,598
Long-term interest-bearing liabilities	296	293
Other long-term liabilities	100	172
Long-term provisions	2,026	2,123
Total long-term liabilities	2,422	2,588
Current interest-bearing liabilities	581	566
Other current liabilities	3,778	3,440
Current provisions	108	104
Total current liabilities	4,467	4,110
Total equity and liabilities	11,556	11,296
Pledged assets	486	422
Contingent liabilities	6,011	5,915
1) Of which receivables from property sales	0	0
2) Of which liabilities for property acquisition	748	470

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

		January–December
SEK m	2012	2011
Opening balance at beginning of the year	4,598	3,923
Total comprehensive income for the period	959	1,039
Dividend	–542	–375
Conversion of convertible loan	10	11
Equity component of convertible debentures	1	2
Share-based payments regulated with equity instruments	0	–2
Buy-back of shares	–359	-
Closing balance at year-end	4,667	4,598

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

	January–December		October–December
SEK m	2012	2011	2012	2011
Cash flow from operating activities before change
in working capital	1,125	1,190	391	434
Investment in development properties,etc. 1)	–1,762	–1,872	–530	–467
Payment on account for development properties,etc. 2)	1,836	1,436	721	398
Investment in project properties	–175	–291	–37	–63
Sale of project properties	0	118	-	0
Change in current liabilities/receivables	–45	152	130	258
Cash flow from operating activities	979	733	675	560
Acquisition subsidiary	-	–136	-	-
Other investing activities	–2	43	0	12
Cash flow from investing activities	–2	–93	0	12
Loans raised	232	447	9	10
Amortization of debt	–270	–362	–125	–60
Buy-back of shares	–359	-	–109	-
Dividend	–542	–375	-	-
Cash flow from financing activities	–939	–290	–225	–50
Cash flow for the period	38	350	450	522
Cash and cash equivalents at end of the period	2,475	2,437	2,475	2,437
1) Of which investment in participations in tenant-owners associations and freehold residential units	–740	–316	–322	–138
2) Of which sale of participations in tenant-owners associations and freehold residential units	536	264	219	81

KEY RATIOS

	January–December					October–December
%	2012	2011	2012	2011
Operating margin	11.0	12.6	10.6	13.5
Pre-tax return on capital employed	23.0	27.5
Return on equity	20.7	24.5
Debt/equity ratio (x)	-	-	-	-
Equity/assets ratio	40	41	40	41

ACCOUNTING PRINCIPLES

This year-end report and interim report for the fourth quarter was prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The consolidated accounts were prepared in accordance with the International Financial Reporting Standards (IFRS). Since the Parent Company is an enterprise within the EU, only EU-approved IFRS will be applied.

The accounting policies applied in this interim report

are described in Annual Report 2011, pages 64-67. The accounting principles and methods of calculation for the Group are the same as those applied in the annual report for the previous year.

New and changed accounting standards and interpretations that apply to 2012 are extremely limited in scope and are not assessed to have any impact on JM's financial statements.

REVENUE BY COUNTRY

	January–December		October–December
SEK m	2012	2011	2012	2011
Sweden	9,982	9,868	2,648	2,871
Norway	2,744	1,974	1,044	692
Denmark	119	179	29	55
Finland	147	91	37	19
Belgium	142	105	48	33
Restatement JM International 1)	–654	–216	–367	32
Total	12,480	12,001	3,439	3,702

REVENUE BY BUSINESS SEGMENT

	January–December			October–December
SEK m	2012	2011	2012	2011
JM Residential Stockholm	5,591	5,141	1,465	1,579
JM Residential Sweden	3,003	3,355	818	862
JM International	3,152	2,349	1,151	799
JM Property Development	77	73	21	21
JM Production	2,006	1,986	578	669
Elimination	–695	–687	–233	–260
Total as stated in segment reporting	13,134	12,217	3,800	3,670
Restatement JM International 1)	–654	–216	–361	32
Total	12,480	12,001	3,439	3,702

OPERATING PROFIT BY BUSINESS SEGMENT

	January–December			October–December
SEK m	2012	2011	2012	2011
JM Residential Stockholm	1,041	1,028	309	341
JM Residential Sweden	231	301	66	76
JM International	181	159	74	67
JM Property Development	–83	15	–90	–1
JM Production	71	84	28	28
Group-wide expenses	–43	–43	–8	–14
Total as stated in segment reporting	1,398	1,544	379	497
Restatement JM International 1)	–24	–31	–15	3
Total	1,374	1,513	364	500

OPERATING MARGIN BY BUSINESS SEGMENT

		January–December		October–December
%	2012	2011	2012	2011
JM Residential Stockholm	18.6	20.0	21.1	21.6
JM Residential Sweden	7.7	9.0	8.1	8.8
JM International	5.7	6.8	6.4	8.4
JM Production	3.5	4.2	4.8	4.2

AVERAGE OPERATING CAPITAL BY BUSINESS SEGMENT

SEK m	2012	2011
JM Residential Stockholm	2,406	2,286
JM Residential Sweden	1,490	1,478
JM International	2,202	1,822
JM Property Development	939	822

RETURN ON OPERATING CAPITAL BY BUSINESS SEGMENT

%	2012	2011
JM Residential Stockholm	43.3	45.0
JM Residential Sweden	15.5	20.4
JM International	8.2	8.7
JM Property Development	–8.8	1.8

1)Effect of restatement on revenue and profit and loss according to IFRIC 15 in relation to segment reporting.

OPERATING CASH FLOW BY BUSINESS SEGMENT

		January–December		October–December
SEK m	2012	2011	2012	2011
JM Residential Stockholm	1,051	641	378	356
JM Residential Sweden	243	317	–19	–8
JM International	74	–197	193	76
JM Property Development	–161	–134	–50	–18
JM Production	38	–18	39	28

DEVELOPMENT PROPERTIES BY BUSINESS SEGMENT

Carrying amount, SEK m	2012-12-31	2011-12-31
JM Residential Stockholm	2,904	2,888
JM Residential Sweden	1,333	1,406
JM International	1,454	1,462
JM Property Development	61	60
JM Production	17	-
Total	5,769	5,816

AVAILABLE RESIDENTIAL BUILDING RIGHTS BY BUSINESS SEGMENT

Number	2012-12-31	2011-12-31
JM Residential Stockholm	10,900	11,800
JM Residential Sweden	9,200	8,800
JM International	6,500	6,600
Total	26,600	27, 200
Of which, recognized on the balance sheet (development properties)
JM Residential Stockholm	7,400	7,500
JM Residential Sweden	5,700	5,600
JM International	4,300	4,500
Total	17,400	17,600

RESIDENTIAL UNITS SOLD BY BUSINESS SEGMENT

		January–December		October–December
Number	2012	2011	2012	2011
JM Residential Stockholm	1,307	1,401	474	329
JM Residential Sweden	902	1,056	292	204
JM International	743	655	294	213
Total	2,952	3,112	1,060	746

HOUSING STARTS BY BUSINESS SEGMENT

	January–December		October–December
Number	2012	2011	2012	2011
JM Residential Stockholm	1,507	1,684	344	349
JM Residential Sweden	779	1,157	250	201
JM International	877	788	404	223
Total	3,163	3,629	998	773

RESIDENTIAL UNITS IN CURRENT PRODUCTION

Number	2012-12-31	2011-12-31
JM Residential Stockholm	3,071	3,290
JM Residential Sweden	1,492	1,973
JM International	1,425	1,138
Total	5,988	6,401

PROJECT PROPERTIES, GROUP

2012-12-31	Market value, SEK m	Carrying amount, SEK m	Area (000) m²	Occupancy rate annual rent, %	Carrying amount, SEK m 2011-12-31
Residential units (rental units)	126	123	7,110	100	130
Properties under development	599	587	70,292	82	672
Fully developed commercial properties	234	223	9,681	85	57
Total	959	933	87,083	84	859

DEVELOPMENT PROPERTIES, GROUP

		January–December	October–December
Carrying amount, SEK m	2012	2011	2012	2011
Opening balance at beginning of period	5,816	5,374	5,722	5,814
New purchases	1,259	1,585	521	324
Transferred to production	–1,300	–1,113	–503	–280
Other	–6	–30	29	–42
Closing balance at end of period	5,769	5,816	5,769	5,816

PARENT COMPANY

CONDENSED INCOME STATEMENT, PARENT COMPANY

		January–December
SEK m	2012	2011
Net sales	8,695	8,436
Production and operating costs	–7,059	–6,934
Gross profit	1,636	1,502
Selling and administrative expenses	–456	–499
Gains on the sale of properties	0	1
Impairment loss on properties	–95	-
Operating profit	1,085	1,004
Financial income and expenses 1)	23	756
Profit before appropriations and tax	1,108	1,760
Appropriations 1)	–152	–188
Profit before tax	956	1,572
Taxes	–297	–200
Net profit for the year	659	1,372

1) As of 2012 received and submitted Group contributions are recognized as appropriations instead of financial income and financial expenses. Comparative figures for 2011 have been adjusted.

CONDENSED BALANCE SHEET, PARENT COMPANY

SEK m	2012-12-31	2011-12-31
Assets
Non-current assets	1,217	1,215
Current assets	9,226	9,082
Total assets	10,443	10,297
Equity and liabilities
Shareholders' equity	3,134	3,365
Untaxed reserves	1,313	1,092
Provisions	842	912
Long-term liabilities	200	280
Current liabilities	4,954	4,648
Total equity and liabilities	10,443	10,297
Pledged assets	169	169
Contingent liabilities	6,729	6,806

Investments in properties totaled SEK 464m (664).

Stockholm, February 12, 2013 JM AB (publ)

Board of Directors

GROUP

FIVE-YEAR OVERVIEW 1)

SEK m	2012	2011	2010	2009	2008
Revenue	12,480	12,001	9,136	9,620	12,229
Operating profit	1,374	1,513	907	646	1,083
Profit before tax	1,318	1,463	840	529	1,052
Total assets	11,556	11,296	9,893	9,887	10,055
Cash flow from operating activities	979	733	42	1,124	101
Interest-bearing net liabilities (+)/receivables (–)	–950	–970	–730	–189	842
Operating margin (%)	11.0	12.6	9.9	6.7	8.9
Return on equity (%)	20.7	24.5	15.7	10.6	22.9
Equity/assets ratio (%)	40	41	40	37	32
Earnings per share (SEK)	11.70	12.50	7.10	4.40	9.50
Dividend per share (SEK)	6.75 2)	6.502)	4.50	2.50	0
Number of available building rights	26,600	27,200	27,500	27,900	31,000
Number of residential units sold	2,952	3,112	3,276	3,291	1,871
Number of housing starts	3,163	3,629	3,404	2,150	1,829
Number of residential units in current production	5,988	6,401	5,431	3,744	5,118

1) Financial year 2008 and earlier years are not restated according to IFRIC 15.

2) Board proposal.

GROUP

QUARTERLY OVERVIEW

SEK m		2012				2011
INCOME STATEMENT	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Revenue Production and operating costs	3,439 –2,800	3,108 –2,598	2,946 –2,403	2,987 –2,472	3,702 –3,025	3,071 –2,521	2,681 –2,162	2,547 –2,090
Gross profit	639	510	543	515	677	550	519	457
Selling and administrative expenses	–180	–151	–221	–186	–179	–155	–203	–180
Gains on the sale of properties	-	-	-	0	2	0	23	2
Impairment loss on properties	–95	-	-	-	-	-	-	-
Operating profit	364	359	322	329	500	395	339	279
Financial income and expenses	–14	–17	–12	–13	–11	–15	–10	–14
Profit before tax	350	342	310	316	489	380	329	265
Taxes	–91	–94	–83	–89	–142	–107	–94	–78
Net profit for the period	259	248	227	227	347	273	235	187
BALANCE SHEET	12-31	09-30	06-30	03-31	12-31	09-30	06-30	03-31
ASSETS
Non-current assets	254	296	311	312	315	334	173	176
Project properties	933	1,000	984	925	859	796	783	854
Development properties	5,769	5,722	5,939	5,798	5,816	5,814	5,570	5,593
Participations in tenant-owners associations,etc.	214	193	147	168	150	115	99	115
Current receivables	1,911	1,889	2,154	1,860	1,719	1,731	1,687	1,404
Cash and cash equivalents	2,475	2,022	1,767	2,469	2,437	1,917	1,790	2,024
Total current assets	11,302	10,826	10,991	11,220	10,981	10,373	9,929	9,990
Total assets	11,556	11,122	11,302	11,532	11,296	10,707	10,102	10,166
EQUITY AND LIABILITIES
Shareholders' equity	4,667	4,494	4,391	4,827	4,598	4,276	3,990	4,099
Long-term interest-bearing liabilities	296	293	332	340	293	287	247	305
Other long-term liabilities Long-term provisions	100 2,026	109 2,189	163 2,169	173 2,149	172 2,123	205 1,918	198 1,867	198 1,852
Total long-term liabilities	2,422	2,591	2,664	2,662	2,588	2,410	2,312	2,355
Current interest-bearing liabilities	581	688	742	635	566	640	752	445
Other current liabilities	3,778	3,244	3,404	3,303	3,440	3,272	2,942	3,159
Current provisions	108	105	101	105	104	109	106	108
Total current liabilities	4,467	4,037	4,247	4,043	4,110	4,021	3,800	3,712
Total equity and liabilities	11,556	11,122	11,302	11,532	11,296	10,707	10,102	10,166
CASH FLOW STATEMENT	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Cash flow from operating activities	675	442	–140	2	560	316	–78	–65
Cash flow from investing activities	0	0	–2	0	12	–145	–1	41
Cash flow from financing activities	–225	–184	–560	30	–50	–44	–158	–38
Total cash flow for the period	450	258	–702	32	522	127	–237	–62
Cash and cash equivalents at end of the period	2,475	2,022	1,767	2,469	2,437	1,917	1,790	2,024
INTEREST-BEARING NET LIABILITIES/ RECEIVABLES	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Interest-bearing net liabilities (+)/receivables
(–) at beginning of period	–404	–65	–876	–970	–388	–191	–683	–730
Change in interest-bearing net liabilities/receivables	–546	–339	811	94	–582	–197	492	47
Interest-bearing net liabilities (+)/receivables
(–) at end of period	–950	–404	–65	–876	–970	–388	–191	–683
DEVELOPMENT PROPERTIES	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Opening balance at beginning of period	5,722	5,939	5,798	5,816	5,814	5,570	5,593	5,374
New purchases	521	153	307	278	324	599	247	415
Transferred to production Other	–503 29	–336 –34	–162 –4	–299 3	–280 –42	–341 –14	–325 55	–167 –29
Carrying value at end of period	5,769	5,722	5,939	5,798	5,816	5,814	5,570	5,593
KEY RATIOS	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Operating margin (%) Debt/equity ratio (x)	10.6 -	11.6 -	10.9 -	11.0 -	13.5 -	12.9 -	12.6 -	11.0 -
Equity/assets ratio (%)	40	40	39	42	41	40	39	40
Earnings per share (SEK)	3.20	3.00	2.70	2.70	4.20	3.30	2.80	2.20
Number of available building rights	26,600	27,600	27,700	27,200	27,200	28,000	26,500	26,300
Number of residential units sold	1,060	611	654	627	746	705	821	840
Number of housing starts	998	759	775	631	773	1 005	943	908
Number of residential units in current production	5,988	5,986	5,769	5,786	6,401	6,439	6,027	5,957

BUSINESS SEGMENT

QUARTERLY OVERVIEW

SEK m	2012 2011
JM RESIDENTIAL STOCKHOLM	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Revenue	1,465	1,336	1,376	1,414	1,579	1,197	1,320	1,045
Operating profit	309	249	239	244	341	258	246	183
Operating margin (%)	21.1	18.6	17.4	17.3	21.6	21.6	18.6	17.5
Average operating capital	2,406	2,366	2,394	2,349	2,286	2,153	1,985	1,843
Return on operating capital (%) 2)	43.3	45.3	45.2	46.4	45.0	44.3	41.2	38.3
Operating cash flow	378	194	211	268	356	395	–211	101
Carrying amount, development properties	2,904	2,544	2,741	2,753	2,888	2,813	2,691	2,679
Number of available building rights Number of residential units sold 1)	10,900 474	11,100 273	11,500 252	11,500 308	11,800 329	12,100 308	10,900 369	10,700 395
Number of housing starts 1)	344	451	367	345	349	468	439	428
Number of residential units in current production	3,071	3,167	3,032	3,059	3,290	3,353	3,116	2,931
1) Of which rental units	-	-	-	-	-	77	-	-
JM RESIDENTIAL SWEDEN	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Revenue	818	612	790	783	862	725	976	792
Operating profit 1)	66	46	60	59	76	69	88	68
Operating margin (%)	8.1	7.5	7.6	7.5	8.8	9.5	9.0	8.6
Average operating capital	1,490	1,467	1,487	1,485	1,478	1,443	1,462	1,469
Return on operating capital (%) 2)	15.5	16.4	17.7	19.7	20.4	20.7	19.4	17.2
Operating cash flow	–19	213	4	45	–8	196	83	46
Carrying amount, development properties	1,333	1,421	1,465	1,499	1,406	1,460	1,512	1,539
Number of available building rights	9,200	9,400	9,500	9,000	8,800	8,800	9,000	8,900
Number of residential units sold	292	203	231	176	204	229	303	320
Number of housing starts	250	166	210	153	201	297	332	327
Number of residential units in current production	1,492	1,668	1,533	1,571	1,973	2,009	1,955	1,953
1) Of which property sales	-	-	-	-	1	0	3	-
JM INTERNATIONAL	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Revenue	1,151	645	696	660	799	669	464	417
Operating profit	74	41	34	32	67	38	30	24
Operating margin (%) Average operating capital	6.4 2,202	6.4 2,188	4.9 2,072	4.8 1,924	8.4 1,822	5.7 1,764	6.5 1,718	5.8 1,774
Return on operating capital (%) 2)	8.2	8.0	8.3	8.7	8.7	6.8	5.4	4.0
Operating cash flow	193	98	–211	–6	76	–288	–10	25
Carrying amount, development properties	1,454	1,678	1,654	1,485	1,462	1,481	1,306	1,315
Carrying amount, project properties	69	73	74	51	51	33	35	33
Number of available building rights	6,500	7,100	6,700	6,700	6,600	7,100	6,600	6,700
Number of residential units sold	294	135	171	143	213	168	149	125
Number of housing starts	404	142	198	133	223	240	172	153
Number of residential units in current production	1,425	1,151	1,204	1,156	1,138	1,077	956	1,073
JM PROPERTY DEVELOPMENT	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Revenue	21	17	18	21	21	19	17	16
Operating profit 1)	–90	4	2	1	–1	2	13	1
Average operating capital	939	922	893	864	822	797	770	739
Return on operating capital (%) 2) Operating cash flow	–8.8 –50	0.7 –12	0.4 –37	1.7 –62	1.8 –18	2.3 –131	2.5 86	1.6 –71
Carrying amount, development properties	61	61	61	61	60	60	61	60
Carrying amount, project properties	864	927	910	874	808	763	748	821
1) Of which -property sales	-	-	-	0	1	-	20	2
-impairment loss on properties	–95	-	-	-	-	-	-	-
JM PRODUCTION	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Revenue	578	463	510	455	669	490	480	347
Operating profit	28	14	15	14	28	24	19	13
Operating margin (%)	4.8	3.0	2.9	3.1	4.2	4.9	4.0	3.7
Operating cash flow	39	5	–23	17	28	10	–49	–7
JM OTHER	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Revenue (elimination)	–233	–135	–182	–145	–260	–141	–160	–126
Operating profit (group-wide expenses)	–8	–9	–13	–13	–14	–9	–9	–11
RESTATEMENT JM INTERNATIONAL	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Revenue	–361	170	–262	–201	32	112	–416	56
Operating profit	–15	14	–15	–8	3	13	–48	1

2) Calculated on 12-month rolling profits and average capital.

GROUP

EFFECTS OF THE TRANSITION IN 2012 INCOME STATEMENT AND BALANCE SHEET ACCORDING TO IAS 19

As of January 1, 2013, changes to the accounting of defined-benefit pension plans in accordance with IAS 19 are applied. The estimated value of JM's pension obligations will be entirely recognized as liabilities in the consolidated balance sheet and the transition will have a negative effect on consolidated equity. See the restatement of full-year 2012 and each quarter in the tables below.

SEK m
			Restated
	Jan–Dec	Re	Jan–Dec
INCOME STATEMENT	2012	statement	2012
Net profit for the year	961	-	961
Other comprehensive income
Actuarial gains/losses including special employer's
contribution and deferred tax	-	–61	–61
Translation differences	–2	-	–2
Comprehensive income for the year	959	–61	898

		Re	Restated		Re	Restated
BALANCE SHEET	2012-12-31	statement	2012-12-31	2011-12-31	statement	2012-01-01
ASSETS
Non-current assets	254	-	254	315	-	315
Current assets	11,302	-	11,302	10,981	-	10,981
Total assets	11,556	-	11,556	11,296	-	11,296
EQUITY AND LIABILITIES
Shareholders' equity	4,667	–274	4,393	4,598	–213	4,385
Long-term interest-bearing liabilities	296	-	296	293	-	293
Other long-term liabilities	100	-	100	172	-	172
Long-term provisions 1)	2,026	206	2,232	2,123	157	2,280
Total long-term liabilities	2,422	206	2,628	2,588	157	2,745
Current interest-bearing liabilities	581	-	581	566	-	566
Other current liabilities 2)	3,778	68	3,846	3,440	56	3,496
Current provisions	108	-	108	104	-	104
Total current liabilities	4,467	68	4,535	4,110	56	4,166
Total equity and liabilities	11,556	-	11,556	11,296	-	11,296
1) Of which provisions for pensions		283			233
1) Of which deferred tax liability		–77			–76
1) Long-term provisions		206			157

2) Refers to special employer's contribution, 24.26% of the change in provisions for pensions.

			Restated
CONSOLIDATED STATEMENT OF	Jan–Dec	Re	Jan–Dec
CHANGES IN EQUITY	2012	statement	2012
Opening balance at beginning of the year	4,598	-	4,598
Effect of change in accounting principle, IAS 19	-	–213	–213
Total comprehensive income for the year	959	–61	898
Dividend	–542	-	–542
Conversion convertible loan	10	-	10
Equity component of convertible debentures	1	-	1
Share-based payments regulated by equity instruments	0	-	0
Buy-back of shares	–359	-	–359
Closing balance at year-end	4,667	–274	4,393
			Restated
INTEREST-BEARING NET LIABILITIES/	Jan–Dec	Re	Jan–Dec
RECEIVABLES	2012	statement	2012
Interest-bearing net liabilities (+)/receivables (–)
at beginning of period Change in interest-bearing net liabilities/receivables	–970 20	233 50	–737 70
Interest-bearing net liabilities (+)/receivables (–)
at year-end	–950	283	–667
KEY RATIOS	2012-12-31		Restated 2012-12-31	2011-12-31	Restated 2012-01-01

2012-01-01

Restated

GROUP

EFFECTS OF THE TRANSITION IN 2012 INCOME STATEMENT AND BALANCE SHEET ACCORDING TO IAS 19

As of January 1, 2013, changes to the accounting of defined-benefit pension plans in accordance with IAS 19 are applied. The estimated value of JM's pension obligations will be entirely recognized as liabilities in the consolidated balance sheet and the transition will have a negative effect on consolidated equity. See the restatement of full-year 2012 and each quarter in the tables below.

QUARTERLY OVERVIEW

Re Re Re Re Q4 Restate stated Q3 Restate stated Q2 Restate stated Q1 Restate stated INCOME STATEMENT 2012 ment Q4 2012 ment Q3 2012 ment Q2 2012 ment Q1 Net profit for the period 259 - 259 248 - 248 227 - 227 227 - 227 Other comprehensive income Actuarial gains/losses including special employer's contribution and deferred tax - –61 –61 - - - - - - - - - Translation differences 20 - 20 –23 - –23 –1 - –1 2 - 2 Comprehensive income for
	the period	279	–61	218	225	-	225	226	-	226	229	-	229

			Re			Re			Re			Re
	2012-	Restate	stated	2012-	Restate	stated	2012-	Restate	stated	2012-	Restate	stated
BALANCE SHEET	12-31	ment	12-31	09-30	ment	09-30	06-30	ment	06-30	03-31	ment	03-31
ASSETS
Non-current assets	254	-	254	296	-	296	311	-	311	312	-	312
Current assets	11,302	-	11,302	10,826	-	10,826	10,991	-	10,991	11,220	-	11,220
Total assets	11,556	-	11,556	11,122	-	11,122	11,302	-	11,302	11,532	-	11,532
EQUITY AND LIABILITIES
Shareholders' equity	4,667	–274	4,393	4,494	–213	4,281	4,391	–213	4,178	4,827	–213	4,614
Long-term interest-bearing
liabilities	296	-	296	293	-	293	332	-	332	340	-	340
Other long-term liabilities	100	-	100	109	-	109	163	-	163	173	-	173
Long-term provisions 1)	2,026	206	2,232	2,189	157	2,346	2,169	157	2,326	2,149	157	2,306
Total long-term liabilities	2,422	206	2,628	2,591	157	2,748	2,664	157	2,821	2,662	157	2,819
Current interest-bearing liabilities	581	-	581	688	-	688	742	-	742	635	-	635
Other current liabilities 2)	3,778	68	3,846	3,244	56	3,300	3,404	56	3,460	3,303	56	3,359
Current provisions	108	-	108	105	-	105	101	-	101	105	-	105
Total current liabilities	4,467	68	4,535	4,037	56	4,093	4,247	56	4,303	4,043	56	4,099
Total equity and liabilities	11,556	-	11,556	11,122	-	11,122	11,302	-	11,302	11,532	-	11,532
1) Of which provisions for pensions		283			233			233			233
1) Of which deferred tax liability		–77			–76			–76			–76
1) Long-term provisions		206			157			157			157

2) Refers to special employer's contribution, 24.26% of the change in provisions for pensions.

INTEREST-BEARING NET LIABILITIES/RECEIVABLES	Q4 2012	Restate ment	Re stated Q4	Q3 2012	Restate ment	Re stated Q3	Q2 2012	Restate ment	Re stated Q2	Q1 2012	Restate ment	Re stated Q1
Interest-bearing net liabilities(+) /receivables (–) at beginning of period Change in interest-bearing net liabilities/receivables	–404 –546	233 50	–171 –496	–65 –339	233 -	168 –339	–876 811	233 -	–643 811	–970 94	233 -	–737 94
Interest-bearing net liabilities(+)/receivables (–) at end of period	–950	283	–667	–404	233	–171	–65	233	168	–876	233	–643

		Re		Re		Re		Re
	Q4	stated	Q3	stated	Q2	stated	Q1	stated
KEY RATIOS	2012	Q4	2012	Q3	2012	Q2	2012	Q1
Equity/assets ratio (%)	40	38	40	39	39	37	42	40

JM IN BRIEF

BUSINESS CONCEPT

To create attractive living and working environments that satisfy individual needs both today and in the future.

VISION

JM creates houses where people feel at home.

BUSINESS

JM is one of the leading developers of housing and residential areas in the Nordic region.

Operations focus on new production of homes in attractive locations, with the main focus on expanding metropolitan areas and university towns in Sweden, Norway, Denmark, Finland and Belgium. We are also involved in the project development of commercial premises and contract work, primarily in the Greater Stockholm area.

JM should promote long-term quality and environmental management in all its operations.

Annual sales total approximately SEK 13 billion and the company has around 2,300 employees.

JM AB is a public limited company listed on NASDAQ OMX Stockholm, Mid Cap segment.

FINANCIAL TARGETS AND DIVIDENDS POLICY

The operating margin should amount to 10 percent, of which gains from property sales are 1-2 percent. The visible equity ratio should amount to 35 percent over a business cycle.

Over time, the dividend should reflect the earnings trend in total operating activities and over a business cycle on average correspond to 50 percent of consolidated profit after tax. Capital gains from property sales are a natural part of JM's project development operations and therefore are included in the calculation of dividends.

DISCLOSURES

JM discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 8:00 AM on February 12, 2013.

FOR MORE INFORMATION PLEASE CONTACT:

Claes Magnus Åkesson, CFO, Head of IR Tel. +46 8 782 89 71

Johan Skoglund, President and CEO Tel. +46 8 782 87 00

ADDITIONAL INFORMATION

FINANCIAL CALENDAR

April 25, 2013 Interim report January-March 2013 and Annual General Meeting 2013

July 17, 2013 Interim report January-June 2013

October 24, 2013 Interim report January-September 2013

PRESS RELEASES, Q4

2012-12-28 JM building 300 new residential units in Täby

2012-12-28

Conversion of Convertible debentures and warrants into shares in JM AB (publ)

2012-12-21

JM developing and selling rental unit project in Dalénum, Lidingö, Stockholm

2012-11-30

Conversion of Convertible debentures into shares in JM AB (publ)

2012-10-31 Conversion of Convertible debentures and warrants into shares in JM AB (publ)

2012-10-26 Interim report January-September 2012

2012-10-08 JM acquiring property in Älvsjö, Stockholm

2012-10-04 JM receives international award for its sustainability initiatives

2012-10-03 Strategic land acquisition for JM Finland

JM's annual reports are available at www.jm.se/investors

JM AB (publ)

Telephone +46 8 782 87 00 Fax +46 8 782 86 00 Comp.Reg. No. 556045-2103 Internet www.jm.se

Mailing address SE-169 82 Stockholm Street address Gustav III:s boulevard 64, Solna