JM — Interim / Quarterly Report 2014

Jul 15, 2014

Interim report 2/ 2014

JM GROUP JANUARY–JUNE 2014

DEVELOPMENT FOR THE HOUSING OPERATIONS CONTINUES TO BE FAVORABLE

• According to segment reporting, revenue increased to SEK 6,521m (6,244) and operating profit increased to SEK 785m (709). The operating margin increased to 12.0 percent (11.4)
• Restated according to IFRIC 15, revenue increased to SEK 6,495m (6,094) and the operating profit increased to SEK 820m (638). The restatement is attributable to JM International; profit increased by SEK 35m (–71)
• Profit before tax increased to SEK 790m (609). Profit after tax increased to SEK 599m (457)
• Return on equity for the past twelve months increased to 29.9 percent (23.5). Earnings per share for the first six months of the year increased to SEK 7.80 (5.70)
• Consolidated cash flow including net investment in properties was SEK 290m (–187)
• Number of sold residential units was 1,485 (1,652) and housing starts increased to 1,410 (1,382). Conditions for increased housing starts in Norway during the second half of the year.

SEK m	2014	January–June 2013	2014	April–June 2013	July–June 2013/2014	Full-year 2013
Revenue (segment reporting)	6,521	6,244	3,484	3,369	12,929	12,652
Operating profit (segment reporting)	785	709	406	374	1,652	1,576
Operating margin (segment reporting), %	12.0	11.4	11.7	11.1	12.8	12.5
Revenue 1)	6,495	6,094	3,526	3,396	13,004	12,603
Operating profit 1)	820	638	429	350	1,705	1,523
Profit before tax 1)	790	609	416	336	1,645	1,464
Operating margin, %1)	12.6	10.5	12.2	10.3	13.1	12.1
Cash flow from operating activities	290	–187	531	122	1,375	898
Return on equity, % 1)					29.9	25.0
Equity/assets ratio, % 1)	39	34	39	34		40
Earnings per share, SEK 1)	7.80	5.70	4.10	3.20	16.00	14.10
Number of residential units sold	1,485	1,652	788	943	3,098	3,265
Number of housing starts	1,410	1,382	716	808	2,981	2,953
Number of residential units in current production	5,853	5,633				5,609

1) 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

"Demand for JM's residential units developed favorably during the first six months of the year with continued strong demand and sales in Stockholm, which strengthens the Group's operating margin. Demand also developed favorably in the rest of Sweden during the first six months of the year.

Demand in our markets in Norway continued to recover and there is increased interest in the JM projects that entered into the sales phase during the second quarter. This creates conditions for increased housing starts in Norway during second half of the year.

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 residential units in Stockholm continued to improve during the first six months while demand in the rest of Sweden developed favorably. Interest in JM's projects is strong. Demand in Norway recovered during the first six months of the year. 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 amounted to 1,485 (1,652), including 54 rental units and residential care units (146). The percentage of sold or reserved homes in relation to current production amounts to 75 percent (71), with an interval of 60–65 percent considered normal. JM Residential Stockholm sold 785 residential units (694), JM Residential Sweden sold 452 (505), JM International sold 194 (307) and JM Property Development sold 54 (146).

The number of housing starts increased to 1,410 (1,382). In the Stockholm area housing starts totaled 761 (794) and in the rest of Sweden 444 (395). During the first six months of the year, 0 rental units or residential care units (146) were started in Stockholm. Housing starts in international operations totaled 205 (193).

Planning process continue to be an important criterion for the rate of housing starts.

The number of residential units in current production increased to 5,853 (5,633), of which 200 are rental units and residential care units (254).

	January–June		April–June		July–June	Full-year
Operating profit (SEK m)	2014	2013	2014	2013	2013/2014	2013
JM Residential Stockholm	602	531	299	284	1,238	1,167
JM Residential Sweden	104	113	53	59	212	221
JM International	43	52	25	28	117	126
JM Property Development	31	12	23	1	56	37
JM Production	32	30	19	18	75	73
Group-wide expenses	–27	–29	–13	–16	–46	–48
Total (segment reporting)	785	709	406	374	1,652	1,576
Restatement JM International 1)	35	–71	23	–24	53	–53
Total	820	638	429	350	1,705	1,523
Of which property sales	23	21	20	-	26	24

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

REVENUE, OPERATING PROFIT AND OPERATING MARGIN

Consolidated revenue in accordance with segment reporting for the first six months increased to SEK 6,521m (6,244). Revenue restated according to IFRIC 15 increased to SEK 6,495m (6,094).

Operating profit according to segment reporting increased to SEK 785m (709) and the operating margin increased to 12.0 percent (11.4). Operating profit restated according to IFRIC 15 increased to SEK 820m (638). The restatement is attributable to JM International; profit

increased by SEK 35m (–71). The positive restatement effect is due to the low number of housing starts in relation to completed projects.

During the first six months of the year properties were sold for SEK 95m (85) with gains of SEK 23m (21).

Rental income from JM's project properties totaled SEK 15m (37), including SEK 1m (9) for residential properties. Net rental income was SEK 4m (14).

	January–June		April–June		July–June	Full-year
Operating margin, %	2014	2013	2014	2013	2013/2014	2013
JM Residential Stockholm	22.8	19.7	21.9	20.4	23.8	22.2
JM Residential Sweden	7.4	7.5	7.7	7.4	7.7	7.7
JM International	3.2	3.9	3.4	3.7	4.2	4.6
JM Production	3.1	3.4	3.3	3.5	3.5	3.6

Residential units in current production	6/30/2014	6/30/2013	12/31/2013
Number of residential units in current production 1) 2)	5,853	5,633	5,609
Percentage of sold residential units in current production, % 3)	56	56	54
Percentage reserved residential units in current production, %	19	15	17
Percentage sold and reserved residential units in current production, %	75	71	71
1) Of which rental units and residential care units in current production in JM Property Development – not included in the percentage of sold and reserved residential units in current production	200	254	308
Includes residential units in projects where costs incurred are only reported as project properties under construction	-	162	54

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

3) Percentage of sold residential units expressed as binding contract with the end customer.

Completed production, unsold units	6/30/2014	6/30/2013	12/31/2013
Completed production, number of unsold units 1)	133	215	177
– Of which the balance sheet item reported as "Participations in tenant-owners associations, etc."	89	131	98

1) After final occupancy according to plan.

RESIDENTIAL BUILDING RIGHTS 1)

The number of available building rights amounts to 28,200 (28,200), of which 17,200 (18,400) are recognized in the balance sheet. Capital tied up in building rights (development properties on the balance sheet) for residential units amounts to SEK 5,877m (6,218) at the end of the first six months of the year.

During the first six months, JM purchased development properties for residential units for SEK 453m (1,000), of which SEK 294m relates to JM Residential Stockholm, SEK 73m to JM Residential Sweden and SEK 86m to JM International.

1) As of Q1 2013, available building rights for rental units and residential care units in JM Property Development are recognized in the accounts of the Group's total available building rights.

Percentage sold/reserved, Group (%) Normal level sold/reserved (60-65%) 1) Including rental units and residential care units in JM Property Development – not included in percentage of sold/reserved

FINANCIAL ITEMS

Net financial items decreased by SEK 1m compared to the same period the previous year due to lower interest income.

The total interest-bearing loan stock was SEK 1,892m (1,928), of which the provision for pensions comprised SEK 937m (948). At the end of the first six months of the year, the average interest rate for the total interest-bearing loan stock, including pension liabilities, was 3.5 percent (3.5). The average term for fixed-rate loans excluding the pension liability was 0.2 years (0.2).

Consolidated available liquidity was SEK 4,762m (4,407). Aside from cash and cash equivalents of SEK 1,962m (1,607), 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 1.3 years (1.8).

Interest-bearing net receivables at the end of the first six months totaled SEK 70m (–320). At the end of the first six months, non-interest-bearing liabilities for implemented property acquisitions amounted to SEK 287m (797). SEK 147m (627) of these liabilities were short-term.

The valuation of financial assets and liabilities shows that there is no material difference between the carrying amount and the fair value.

	January–June		April–June		July–June	Full-year
SEK m	2014	2013	2014	2013	2013/2014	2013
Financial income 1)	18	21	11	10	39	42
Financial expenses 2)	–48	–50	–24	–24	–99	–101
Financial income and expenses	–30	–29	–13	–14	–60	–59
1) Of which revaluation and currency hedging	4	4	2	0	8	8
2) Of which revaluation and currency hedging	–4	–4	–2	0	–8	–8

SEK m	2014	January–June 2013	2014	April–June 2013	July–June 2013/2014	Full-year 2013
Interest-bearing net liabilities (+)/receivables (–) at beginning of period Change in interest-bearing net liabilities/receivables	–642 572	–667 987	–255 185	–225 545	320 –390	–667 25
Interest-bearing net liabilities (+)/receivables (–) at end of period	–70	320	–70	320	–70	–642

CASH FLOW

Cash flow from operating activities was SEK 290m (–187) during the first half of the year. Net investments in development properties resulted in a cash flow of SEK –47m (–335). Holdings of unsold residential units results in a negative cash flow by SEK –48m (–227) although cash flow in the second quarter was positive, SEK 116m (–109). Consolidated cash flow from project properties (sales minus investment) during the first six months was SEK 150m (–4).

RISKS AND UNCERTAINTIES

JM's risk and risk management policies are presented in the 2013 annual report on pages 28-31. No significant changes have occurred to change these reported risks.

CONVERTIBLE PROGRAM

The Annual General Meeting 2014 resolved that JM should raise a debenture loan with a maximum value of SEK 120m by issuing a maximum of 460,000 convertible debentures aimed at all employees in Sweden with a maturity of four years.

Upon expiry of the subscription period the loan amounts to about SEK 14.5m through the issue of approximately 52,000 convertible debentures.

In accordance with IAS 32, the liability and equity components of the convertible debenture loan are reported separately, which means that the debenture loan is reported in the balance sheet as a liability initially with the nominal amount excluding the equity component.

The subscribed convertible bonds may be converted to one share at a price of SEK 280 between June 1, 2017 and May 18, 2018.

Through conversion JM's share capital could increase

by a maximum of SEK 52,000, which corresponds to a dilution of 0.1 percent of the shares and votes in the company. The convertible debenture loan was settled against cash in July 2014.

BUY-BACK AND HOLDINGS OF OWN SHARES

During the second quarter of 2014, 526,734 shares were bought back for a total of SEK 125m. Holdings of own shares subsequently total 3,399,791.

The number of outstanding shares, excluding holdings of own shares, at June 30, 2014, totals 76,532,751.

PERSONNEL

The number of employees at the end of the first six months was 2,190 (2,162). The number of wage-earners was 935 (926) and the number of salaried employees was 1,255 (1,236). Current staffing is considered well balanced for the current project volume and some adjustments are made on a regular basis.

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–June		April–June July–June		Full-year
SEK m	2014	2013	2014	2013	2013/2014	2013
Revenue	2,644	2,701	1,365	1,390	5,197	5,254
Operating profit 1)	602	531	299	284	1,238	1,167
Operating margin, %	22.8	19.7	21.9	20.4	23.8	22.2
Average operating capital					2,924	2,881
Return on operating capital, %					42.3	40.5
Operating cash flow	402	301	238	300	772	671
Carrying amount, development properties	3,132	3,267				3,051
Number of available building rights	11,100	11,100				11,200
Number of residential units sold	785	694	390	354	1,604	1,513
Number of housing starts	761	648	365	334	1,517	1,404
Number of residential units in current production	2,938	2,492				2,516
Number of employees	769	733				750
1) Of which property sales	10	-	10	-	10	-

The average price on the existing home market continued to increase in the second quarter, although at a lower rate than in the first quarter. The supply of residential units is lower compared to the same period last year. The supply of new homes continues to be low in relation to longterm demand in the Stockholm area. Competition for land appropriate for housing in good locations continues to be intense.

Interest in JM's projects is strong. The customers' tendency to sign a contract early in the process is above a normal level.

The business segment's revenue amounted to SEK 2,644m (2,701) and operating profit increased to SEK 602m (531). The operating margin increased to 22.8 percent (19.7). Profit includes SEK 10m (–) from property sales. The margin is strengthened by a large revaluation effect in completed projects.

Cash flow is burdened by a temporary increase in working capital.

In total, production was started in the second quarter on 365 residential units in apartment buildings in Järfälla, Stockholm, Täby and Värmdö.

During the second quarter JM purchased building rights corresponding to about 270 residential units in Sollentuna, Stockholm and Österåker.

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–June April–June		July–June	Full-year
SEK m	2014	2013	2014	2013	2013/2014	2013
Revenue	1,396	1,500	689	796	2,756	2,860
Operating profit 1)	104	113	53	59	212	221
Operating margin, %	7.4	7.5	7.7	7.4	7.7	7.7
Average operating capital					1,509	1,515
Return on operating capital, %					14.0	14.6
Operating cash flow	56	–17	202	–58	367	294
Carrying amount, development properties	1,191	1,421				1,358
Number of available building rights	9,000	9,300				8,700
Number of residential units sold 2)	452	505	235	268	898	951
Number of housing starts 2)	444	395	232	208	910	861
Number of residential units in current production 2)	1,627	1,596				1,460
Number of employees	470	496				477
1) Of which property sales	0	9	0	-	0	9
2) Of which rental units	-	64	-	-	-	64

Average prices on the existing home market continued to increase during the second quarter in all of the business segment's markets, although at a slightly lower rate than in the first quarter. The supply of residential units is lower than it was at the same time last year.

There is strong interest in JM's projects but the customers' decision-making process is still long in Skåne in southern Sweden.

The business segment's revenue decreased to SEK 1,396m (1,500) and operating profit was SEK 104m (113). Gains from property sales amounted to SEK 0m (9). The operating margin was 7.4 percent (7.5).

Cash flow in the second quarter is increasing primarily as a result of a decrease in holdings of development properties and unsold residential units.

JM started production during the second quarter on 232 residential units in apartment buildings in Lomma, Malmö and Uppsala.

During the second quarter, JM purchased building rights in Västerås corresponding to about 50 residential units.

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 recognition for the business segment is reported according to IAS 11, percentage of completion method.

		January–June		April–June July–June		Full-year
SEK m	2014	2013	2014	2013	2013/2014	2013
Revenue	1,344	1,326	727	750	2,763	2,745
Operating profit 1)	43	52	25	28	117	126
Operating margin, %	3.2	3.9	3.4	3.7	4.2	4.6
Average operating capital					2,204	2,131
Return on operating capital, %					5.3	5.9
Operating cash flow	–89	21	65	54	–49	61
Carrying amount, development properties	1,546	1,530				1,485
Carrying amount, project properties	32	32				30
Number of available building rights	7,300	7,100				7,100
Number of residential units sold	194	307	109	175	434	547
Number of housing starts	205	193	119	120	500	488
Number of residential units in current production	1,088	1,291				1,325
Number of employees	393	367				392
1) Of which property sales	3	2	-	-	3	2

Business segment revenue amounted to SEK 1,344m (1,326). Operating profit decreased to SEK 43m (52). The operating margin decreased to 3.2 percent (3.9).

Operating profit and the operating margin were burdened by negative results in Denmark and Finland, where sales and the number of residential units in current production continued to be low.

A temporary increase in working capital had a negative impact on cash flow during the first six months of the year.

NORWAY

Demand for both newly built residential units and homes on the existing home market recovered during the first six months of the year. Prices on the existing home market during the first six months of the year stabilized at the same level as last year. Drawn-out planning processes in Oslo limit the number of housing starts during the first six months of the year. There is increased interest in JM's projects that entered the sales phase, which creates conditions for increased housing starts during the second half of the year.

During the first six months, 149 residential units (245) were sold and production began on 113 units (134).

Housing starts during the second quarter consisted of 37 residential units in apartment buildings and 38 single-family homes. The number of residential units in current production amounts to 861 (1,101).

No acquisitions of building rights were made during the second quarter.

Available building rights correspond to 5,500 residential units (5,300).

OTHER INTERNATIONAL MARKETS

DENMARK

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

During the first six months, 7 residential units (5) were sold and production began on 9 units (0).

The number of residential units in current production amounts to 21 (0). No acquisitions of building rights were made during the first six months of the year.

Available building rights correspond to 700 residential units (700).

FINLAND

Activity on the housing market in Helsinki remains at a stable level. The price level in the capital region decreased during the first six months. Customers are still cautious and time to closing is long.

During the first six months, 23 residential units (30) were sold and production began on 83 units (22).

The number of residential units in current production amounts to 107 (56). No acquisitions of building rights were made during the first six months of the year.

Available building rights correspond to 700 residential units (700).

BELGIUM

The level of activity and prices on the housing market in the Brussels region continue to be stable.

During the first six months, 15 residential units (27) were sold and production began on 0 units (37).

The number of residential units in current production amounts to 99 (134). No acquisitions of building rights were made during the first six months of the year.

Available building rights correspond to 400 residential units (400).

JM PROPERTY DEVELOPMENT

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

	January–June April–June		July–June	Full-year
SEK m	2014	2013	2014	2013	2013/2014	2013
Revenue	249	79	196	56	484	314
Operating profit 1)	31	12	23	1	56	37
Average operating capital					523	812
Return on operating capital, %					10.7	4.6
Operating cash flow	193	18	70	39	742	567
Carrying amount, development properties	31	39				39
Carrying amount, project properties	171	857				214
Number of available building rights 2)	800	700				700
Number of residential units sold 2)	54	146	54	146	162	254
Number of housing starts 2)	-	146	-	146	54	200
Number of residential units in current production 2)	200	254				308
Number of employees	27	17				18
1) Of which property sales	10	10	10	-	13	13

2) Refers to rental units and residential care units.

Business segment revenue increased to SEK 249m (79), including contracting revenue of SEK 235m (43) and rental revenue of SEK 14m (36). Operating profit was SEK 31m (12).

Net rental income for project properties was SEK 3m (14). Revenue from construction contracts was SEK 32m (0) and gains from property sales were SEK 10m (10).

Cash flow in the first six months was strengthened by cash totaling SEK 114m from the previous sale of the Gästabudet 2 rental property in Nälsta, Stockholm, and by project funding in conjunction with the sale of senior housing.

Within the Dalénum area on Lidingö, the occupancy rate in the buildings that will not be demolished is 74 percent. Within the Bolinder area in Kallhäll, Järfälla, the occupancy rate is 86 percent in the buildings that will not be demolished.

The production of a rental project with an external orderer in the Dalénum area consisting of 146 residential units is underway. Occupancy is planned for Fall 2015.

Production is underway on a senior housing project consisting of 54 residential units in Täby. A 15-year lease was signed with Attendo Care and occupancy is in November 2014. The project was sold to HEBA in the second quarter, which will take possession on December 1, 2014. Revenue and profit are reported on an ongoing basis during 2014.

An option agreement was signed with Nacka Municipality to construct around 100 student apartments in Alphyddan, Nacka. The goal is for the project to be completed in time for the student housing fair in Stockholm in 2017.

RBS Nordisk Renting acquired the Karlberga 2 property in Södertälje from JM in 1999, and is now selling the property to Rikshem. JM is entitled to profit shares when the property is sold. The earnings and payment to JM amount to SEK 20m and is recognized as equal shares in the JM Property Development and JM Residential Stockholm business segments in Q2 2014.

JM PRODUCTION

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

	January–June		April–June		July–June	Full-year
SEK m	2014	2013	2014	2013	2013/2014	2013
Revenue 1)	1,031	889	584	518	2,153	2,011
Operating profit	32	30	19	18	75	73
Operating margin, %	3.1	3.4	3.3	3.5	3.5	3.6
Operating cash flow	–1	43	21	49	–83	–39
Carrying amount, development properties	63	57				55
Number of employees	411	432				419
1) Of which internal	143	251	77	141	424	532

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 high level of activity in current projects resulted in high volume during the second quarter.

Business segment revenue increased to SEK 1,031m (889) and the operating profit was SEK 32m (30). The operating margin was 3.1 percent (3.4).

Cash flow is burdened by a temporary increase in working capital.

During the quarter the business segment received a number of assignments, of which the largest are an engineering project for the continued expansion of Norra Djurgårdsstaden for the City of Stockholm and land and foundation work in Årsta for JM Residential Stockholm.

The largest projects currently underway include the new production of a biofuel cogeneration plant in Stockholm (Fortum Värme), new production of an office building in Frösunda, Solna (Vasakronan), new construction of an apartment building in Norra Djurgårdsstaden (AB Stockholmhem), new construction of an apartment building in Upplands Väsby (Väsbyhem), renovation of and additions to offices in Södertälje (Söderenergi AB), additions to baggage handling at Arlanda airport (Swedavia) and renovation of the University Library at Campus Frescati (Akademiska Hus).

In addition, preparatory work for the renovation of Slussen and engineering projects in Norra Djurgårdsstaden for the City of Stockholm are underway.

The business segment conducts development work within the Dalénum area of Lidingö for JM Residential Stockholm and a senior housing project in Täby for JM Property Development.

CONDENSED CONSOLIDATED INCOME STATEMENT

		January–June		April–June	July–June	Full-year
SEK m	2014	2013	2014	2013	2013/2014	2013
Revenue	6,495	6,094	3,526	3,396	13,004	12,603
Production and operating costs	–5,287	–5,078	–2,900	–2,830	–10,574	–10,365
Gross profit	1,208	1,016	626	566	2,430	2,238
Selling and administrative expenses	–411	–399	–217	–216	–751	–739
Gains/losses on the sale of property	23	21	20	-	26	24
Operating profit	820	638	429	350	1,705	1,523
Financial income and expenses	–30	–29	–13	–14	–60	–59
Profit before tax	790	609	416	336	1,645	1,464
Taxes	–191	–152	–100	–87	–399	–360
Profit for the period	599	457	316	249	1,246	1,104
Other comprehensive income
Items that will be reclassified as income
Translation differences from the translation of foreign
operations	34	–30	19	14	4	–60
Items that will not be reclassified as income
Restatement of defined-benefit pensions	-	-	-	-	55	55
Tax attributable to other comprehensive income	-	-	-	-	–12	–12
Comprehensive income for the period	633	427	335	263	1,293	1,087
Net profit for the period is attributable to shareholders of the Parent Company	599	457	316	249	1,246	1,104
Comprehensive income for the period is attributable to
shareholders of the Parent Company	633	427	335	263	1,293	1,087
Earnings per share 1), basic, attributable to shareholders of
the Parent Company, SEK	7.80	5.70	4.10	3.20	16.00	14.10
Earnings per share 1), diluted, attributable to shareholders of the Parent Company, SEK	7.80	5.70	4.10	3.10	16.00	14.00
Number of outstanding shares at end of period	76,532,751	78,839,103	76,532,751	78,839,103	76,532,751	77,550,383
Average number of shares, basic	77,056,021	79,696,592	76,734,390	79,253,784	77,652,573	78,445,765
Average number of shares, diluted	77,431,578	80,328,497	77,097,730	79,862,691	78,063,267	78,983,735

1) Net profit for the period.

CONDENSED CONSOLIDATED BALANCE SHEET

SEK m	6/30/2014	6/30/2013	12/31/2013
ASSETS
Non-current assets	244	241	236
Project properties	203	889	244
Development properties	5,963	6,314	5,988
Participations in tenant-owner associations, etc.	338	439	325
Current receivables 1)	2,280	2,211	1,972
Cash and cash equivalents	1,962	1,607	2,385
Total current assets	10,746	11,460	10,914
Total assets	10,990	11,701	11,150
EQUITY AND LIABILITIES 2)
Shareholders' equity	4,297	4,030	4,455
Long-term interest-bearing liabilities	315	288	319
Other long-term liabilities	140	171	144
Long-term provisions	2,154	2,166	2,112
Total long-term liabilities	2,609	2,625	2,575
Current interest-bearing liabilities	640	692	504
Other current liabilities	3,358	4,248	3,526
Current provisions	86	106	90
Total current liabilities	4,084	5,046	4,120
Total equity and liabilities	10,990	11,701	11,150
Pledged assets	930	588	633
Contingent liabilities	5,647	5,839	5,882
1) Of which receivables from property sales	76	-	113
2) Of which liabilities for property acquisition	367	933	423

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	January–June
SEK m	2014	2013	2013
Opening balance at beginning of period	4,455	4,393	4,393
Total comprehensive income for the period	633	427	1,087
Dividend	–558	–537	–537
Conversion of convertible loan	16	12	28
Equity component of convertible debentures	1	1	1
Buy-back of shares	–250	–266	–517
Closing balance at the end of the period	4,297	4,030	4,455

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

	January–June			April–June	July–June	Full-year
SEK m	2014	2013	2014	2013	2013/2014	2013
Cash flow from operating activities before change in
working capital	526	106	295	38	1,183	763
Investment in development properties, etc.1)	–934	–1,794	–256	–805	–2,053	–2,913
Payment on account for development properties, etc.2)	839	1,232	466	712	1,978	2,371
Investment in project properties	–44	–41	–20	–32	–119	–116
Sale of project properties	194	37	76	0	759	602
Change in current liabilities/receivables	–291	273	–30	209	–373	191
Cash flow from operating activities	290	–187	531	122	1,375	898
Cash flow from investing activities	–13	2	–6	2	–14	1
Loans raised	141	146	9	16	188	193
Amortization of debt	–36	–25	–34	–25	–137	–126
Buy-back of shares	–250	–266	–125	–125	–501	–517
Dividend	–558	–537	–558	–537	–558	–537
Cash flow from financing activities	–703	–682	–708	–671	–1,008	–987
Cash flow for the period	–426	–867	–183	–547	353	–88
Cash and cash equivalents at end of the period	1,962	1,607	1,962	1,607	1,962	2,385
1) Of which investment in participations in tenant-owners associations and freehold residential units	–409	–908	–73	–517	–801	–1,300
2) Of which sale of participations in tenant-owners associations and freehold residential units	361	681	189	408	986	1,306

KEY FIGURES

	January–June		April–June		July–June	Full-year
%	2014	2013	2014	2013	2013/2014	2013
Operating margin	12.6	10.5	12.2	10.3	13.1	12.1
Pre-tax return on capital employed					28.7	25.2
Return on equity					29.9	25.0
Debt/equity ratio (times)	-	0.1	-	0.1		-
Equity/assets ratio	39	34	39	34		40

ACCOUNTING PRINCIPLES

This interim report for the first six months of 2014 has been 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 are applied.

The accounting policies applied in the interim report are

described in Annual Report 2013, pages 66-69. As of January 1, 2014, JM applies the new standards , IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities. Neither IFRS 10 nor IFRS 11 have an effect on JM's accounts. The accounting principles and methods of calculation for the Group are the same as those applied in the annual report for the previous year.

REVENUE BY COUNTRY

	January–June		April–June		July–June	Full-year
SEK m	2014	2013	2014	2013	2013/2014	2013
Sweden	5,177	4,918	2,757	2,619	10,166	9,907
Norway	1,170	1,194	633	678	2,444	2,468
Denmark	27	11	13	5	43	27
Finland	102	58	57	31	166	122
Belgium	45	63	24	36	110	128
Restatement JM International 1)	–26	–150	42	27	75	–49
Total	6,495	6,094	3,526	3,396	13,004	12,603

REVENUE BY BUSINESS SEGMENT

	January–June		April–June		July–June	Full-year
SEK m	2014	2013	2014	2013	2013/2014	2013
JM Residential Stockholm	2,644	2,701	1,365	1,390	5,197	5,254
JM Residential Sweden	1,396	1,500	689	796	2,756	2,860
JM International	1,344	1,326	727	750	2,763	2,745
JM Property Development	249	79	196	56	484	314
JM Production	1,031	889	584	518	2,153	2,011
Elimination	–143	–251	–77	–141	–424	–532
Total (segment reporting)	6,521	6,244	3,484	3,369	12,929	12,652
Restatement JM International 1)	–26	–150	42	27	75	–49
Total	6,495	6,094	3,526	3,396	13,004	12,603

OPERATING PROFIT BY BUSINESS SEGMENT

	January–June		April–June		July–June	Full-year
SEK m	2014	2013	2014	2013	2013/2014	2013
JM Residential Stockholm	602	531	299	284	1,238	1,167
JM Residential Sweden	104	113	53	59	212	221
JM International	43	52	25	28	117	126
JM Property Development	31	12	23	1	56	37
JM Production	32	30	19	18	75	73
Group-wide expenses	–27	–29	–13	–16	–46	–48
Total (segment reporting)	785	709	406	374	1,652	1,576
Restatement JM International 1)	35	–71	23	–24	53	–53
Total	820	638	429	350	1,705	1,523

OPERATING MARGIN BY BUSINESS SEGMENT

	January–June		April–June		July–June	Full-year
%	2014	2013	2014	2013	2013/2014	2013
JM Residential Stockholm	22.8	19.7	21.9	20.4	23.8	22.2
JM Residential Sweden	7.4	7.5	7.7	7.4	7.7	7.7
JM International	3.2	3.9	3.4	3.7	4.2	4.6
JM Production	3.1	3.4	3.3	3.5	3.5	3.6

AVERAGE OPERATING CAPITAL BY BUSINESS SEGMENT

	July–June	Full-year
SEK m	2013/2014	2013
JM Residential Stockholm	2,924	2,881
JM Residential Sweden	1,509	1,515
JM International	2,204	2,131
JM Property Development	523	812

RETURN ON OPERATING CAPITAL BY BUSINESS SEGMENT

%	July–June 2013/2014	Full-year 2013
JM Residential Stockholm	42.3	40.5
JM Residential Sweden	14.0	14.6
JM International	5.3	5.9
JM Property Development	10.7	4.6

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–June		April–June		July–June	Full-year
SEK m	2014	2013	2014	2013	2013/2014	2013
JM Residential Stockholm	402	301	238	300	772	671
JM Residential Sweden	56	–17	202	–58	367	294
JM International	–89	21	65	54	–49	61
JM Property Development	193	18	70	39	742	567
JM Production	–1	43	21	49	–83	–39

DEVELOPMENT PROPERTIES BY BUSINESS SEGMENT

Carrying amount, SEK m	6/30/2014	6/30/2013	12/31/2013
JM Residential Stockholm	3,132	3,267	3,051
JM Residential Sweden	1,191	1,421	1,358
JM International	1,546	1,530	1,485
JM Property Development	31	39	39
JM Production	63	57	55
Total	5,963	6,314	5,988

AVAILABLE RESIDENTIAL BUILDING RIGHTS BY BUSINESS SEGMENT

Number	6/30/2014	6/30/2013	12/31/2013
JM Residential Stockholm	11,100	11,100	11,200
JM Residential Sweden	9,000	9,300	8,700
JM International	7,300	7,100	7,100
JM Property Development (rental units and residential care units)	800	700	700
Total	28,200	28,200	27,700
Of which, recognized on the balance sheet (development properties)
JM Residential Stockholm	7,500	8,100	7,700
JM Residential Sweden	5,100	5,800	5,400
JM International	4,500	4,400	4,600
JM Property Development (rental units and residential care units)	100	100	100
Total	17,200	18,400	17,800

RESIDENTIAL UNITS SOLD BY BUSINESS SEGMENT

	January–June		April–June		July–June	Full-year
Number	2014	2013	2014	2013	2013/2014	2013
JM Residential Stockholm	785	694	390	354	1,604	1,513
JM Residential Sweden	452	505	235	268	898	951
JM International	194	307	109	175	434	547
JM Property Development (rental units and residential care
units)	54	146	54	146	162	254
Total	1,485	1,652	788	943	3,098	3,265

HOUSING STARTS BY BUSINESS SEGMENT

	January–June		April–June		July–June	Full-year
Number	2014	2013	2014	2013	2013/2014	2013
JM Residential Stockholm	761	648	365	334	1,517	1,404
JM Residential Sweden	444	395	232	208	910	861
JM International	205	193	119	120	500	488
JM Property Development (rental units and residential care
units)	-	146	-	146	54	200
Total	1,410	1,382	716	808	2,981	2,953

RESIDENTIAL UNITS IN CURRENT PRODUCTION

Number	6/30/2014	6/30/2013	12/31/2013
JM Residential Stockholm	2,938	2,492	2,516
JM Residential Sweden	1,627	1,596	1,460
JM International	1,088	1,291	1,325
JM Property Development (rental units and residential care units)	200	254	308
Total	5,853	5,633	5,609

PROJECT PROPERTIES, GROUP

Carrying amount, SEK m	6/30/2014	6/30/2013	12/31/2013
Properties under development	166	582	208
Completed rental units and residential care units	-	270	-
Completed commercial properties	37	37	36
Total	203	889	244

DEVELOPMENT PROPERTIES, GROUP

		January–June	April–June		July–June	Full-year
Carrying amount, SEK m	2014	2013	2014	2013	2013/2014	2013
Opening balance at beginning of period	5,988	5,769	6,083	6,224	6,314	5,769
New purchases	465	1,052	184	266	687	1,274
Transferred to production	–462	–504	–261	–263	–975	–1,017
Other	–28	–3	–43	87	–63	–38
Closing balance at the end of the period	5,963	6,314	5,963	6,314	5,963	5,988

PARENT COMPANY

CONDENSED INCOME STATEMENT, PARENT COMPANY

	January–June	Full-year
SEK m	2014	2013	2013
Net sales	4,054	4,229	8,218
Production and operating costs	–3,140	–3,377	–6,439
Gross profit	914	852	1,779
Selling and administrative expenses	–270	–265	–465
Gains/losses on the sale of property	20	-	–51
Operating profit	664	587	1,263
Financial income and expenses	–23	39	–91
Profit before appropriations and tax	641	626	1,172
Appropriations	-	-	–85
Profit before tax	641	626	1,087
Taxes	–143	–3121)	–4391)
Profit for the period	498	314	648

1) Of which SEK 167m refers to paid tax attributable to a ruling by the Administrative Court of Appeals in May for the years 2005 and 2006. The proceedings referred to impairment losses on shares in Group companies, which the Administrative Court of Appeals ruled to be non-deductible. JM had made full provisions in the consolidated accounts for a negative outcome.

CONDENSED BALANCE SHEET, PARENT COMPANY

SEK m	6/30/2014	6/30/2013	12/31/2013
Assets
Non-current assets	1,537	1,342	1,543
Current assets	6,294	7,598	6,892
Total assets	7,831	8,940	8,435
Equity and liabilities
Shareholders' equity	2,475	2,668	2,767
Untaxed reserves	1,474	1,313	1,474
Provisions	824	855	810
Long-term liabilities	187	197	197
Current liabilities	2,871	3,907	3,187
Total equity and liabilities	7,831	8,940	8,435
Pledged assets	169	169	169
Contingent liabilities	6,538	6,495	6,716

Investments in properties totaled SEK 360m (196).

Stockholm, July 15, 2014 JM AB (publ)

The Board of Directors and the CEO certify that the semi-annual report gives a true and fair view of the Parent Company's and the Group's operations, position and results and describes the substantial risks and uncertainties faced by the Parent Company and the companies included in the Group.

Lars Lundquist Chairman of the Board Kaj-Gustaf Bergh Johan Bergman Anders Narvinger Member Member Member Eva Nygren Kia Orback Pettersson Åsa Söderström Jerring Member Member Member Peter Skogert Johan Skoglund Johan Wegin Employee-appointed Member Member Employee-appointed Member President The company's auditors did not review this interim report. GROUP FIVE-YEAR OVERVIEW

SEK m	2013	2012	2011	2010	2009
Revenue	12,603	12,480	12,001	9,136	9,620
Operating profit	1,523	1,374	1,513	907	646
Profit before tax	1,464	1,318	1,463	840	529
Total assets	11,150	11,556	11,296	9,893	9,887
Cash flow from operating activities	898	979	733	42	1,124
Interest-bearing net liabilities (+)/receivables (–)	–642	–667	–970	–730	–189
Operating margin, %	12.1	11.0	12.6	9.9	6.7
Return on equity, %	25.0	21.9	24.5	15.7	10.6
Equity/assets ratio, %	40	38	41	40	37
Earnings per share, SEK	14.10	11.70	12.50	7.10	4.40
Dividend per share, SEK	7.25	6.75	6.50	4.50	2.50
Number of available building rights	27,700	26,600	27,200	27,500	27,900
Number of residential units sold	3,265	2,952	3,112	3,276	3,291
Number of housing starts	2,953	3,163	3,629	3,404	2,150
Number of residential units in current production	5,609	5,988	6,401	5,431	3,744

GROUP

QUARTERLY OVERVIEW

SEK m	2014		2013
INCOME STATEMENT	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue Production and operating costs	3,526 –2,900	2,969 –2,387	3,891 –3,165	2,618 –2,122	3,396 –2,830	2,698 –2,248
Gross profit	626	582	726	496	566	450
Selling and administrative expenses	–217	–194	–187	–153	–216	–183
Gains/losses on the sale of property	20	3	2	1	-	21
Operating profit Financial income and expenses	429 –13	391 –17	541 –12	344 –18	350 –14	288 –15
Profit before tax	416	374	529	326	336	273
Taxes	–100	–91	–120	–88	–87	–65
Profit for the period	316	283	409	238	249	208
BALANCE SHEET	6/30	3/31	12/31	9/30	6/30	3/31
ASSETS
Non-current assets	244	237	236	234	241	243
Project properties	203	263	244	771	889	906
Development properties	5,963	6,083	5,988	6,142	6,314	6,224
Participations in tenant-owner associations, etc.	338	425	325	401	439	327
Current receivables	2,280	2,053	1,972	2,239	2,211	1,906
Cash and cash equivalents	1,962	2,142	2,385	1,600	1,607	2,153
Total current assets	10,746	10,966	10,914	11,153	11,460	11,516
Total assets	10,990	11,203	11,150	11,387	11,701	11,759
EQUITY AND LIABILITIES
Shareholders' equity	4,297	4,629	4,455	4,122	4,030	4,416
Long-term interest-bearing liabilities	315	324	319	290	288	305
Other long-term liabilities	140	140	144	170	171	131
Long-term provisions	2,154	2,138	2,112	2,207	2,166	2,328
Total long-term liabilities Current interest-bearing liabilities	2,609 640	2,602 635	2,575 504	2,667 618	2,625 692	2,764 684
Other current liabilities	3,358	3,247	3,526	3,862	4,248	3,787
Current provisions	86	90	90	118	106	108
Total current liabilities	4,084	3,972	4,120	4,598	5,046	4,579
Total equity and liabilities	10,990	11,203	11,150	11,387	11,701	11,759
CASH FLOW STATEMENT	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
From operating activities	531	–241	974	111	122	–309
From investing activities	–6	–7	0	–1	2	0
From financing activities	–708	5	–189	–116	–671	–11
Total cash flow for the period	–183	–243	785	–6	–547	–320
Cash and cash equivalents at end of the period	1,962	2,142	2,385	1,600	1,607	2,153
INTEREST-BEARING NET LIABILITIES/ RECEIVABLES	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Interest-bearing net liabilities (+)/receivables (–) at beginning of period	–255	–642	265	320	–225	–667
Change in interest-bearing net liabilities/
receivables	185	387	–907	–55	545	442
Interest-bearing net liabilities (+)/receivables (–) at end of period	–70	–255	–642	265	320	–225
DEVELOPMENT PROPERTIES	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Opening balance at beginning of period	6,083	5,988	6,142	6,314	6,224	5,769
New purchases	184	281	179	43	266	786
Transferred to production	–261	–201	–338	–175	–263	–241
Other	–43	15	5	–40	87	–90
Carrying value at end of period	5,963	6,083	5,988	6,142	6,314	6,224
KEY FIGURES	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Operating margin, %	12.2	13.2	13.9	13.1	10.3	10.7
Debt/equity ratio, times	-	-	-	0.1	0.1	-
Equity/assets ratio, %	39	41	40	36	34	38
Earnings per share, SEK	4.10	3.70	5.20	3.00	3.20	2.60
Number of available building rights	28,200	27,700	27,700	27,700	28,200	27,800
Number of residential units sold	788	697	803	810	943	709
Number of housing starts	716	694	881	690	808	574
Number of residential units in current production	5,853	5,549	5,609	5,689	5,633	5,840

BUSINESS SEGMENT

QUARTERLY OVERVIEW

SEK m	2014			2013
JM RESIDENTIAL STOCKHOLM	Q2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue	1,365	1,279	1,475	1,078	1,390	1,311
Operating profit 1)	299	303	379	257	284	247
Operating margin, %	21.9	23.7	25.7	23.8	20.4	18.8
Average operating capital	2,924	2,941	2,881	2,793	2,672	2,541
Return on operating capital, % 2)	42.3	41.6	40.5	39.3	40.7	41.1
Operating cash flow	238	164	317	53	300	1
Carrying amount, development properties	3,132	3,139	3,051	3,161	3,267	3,300
Number of available building rights	11,100	11,000	11,200	11,000	11,100	11,200
Number of residential units sold	390	395	453	366	354	340
Number of housing starts	365	396	426	330	334	314
Number of residential units in current production	2,938	2,741	2,516	2,475	2,492	2,777
1) Of which property sales	10	-	-	-	-	-
JM RESIDENTIAL SWEDEN	Q2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue	689	707	780	580	796	704
Operating profit 1)	53	51	63	45	59	54
Operating margin, %	7.7	7.2	8.1	7.8	7.4	7.7
Average operating capital	1,509	1,529	1,515	1,512	1,516	1,505
Return on operating capital, % 2)	14.0	14.3	14.6	14.8	14.8	15.0
Operating cash flow	202	–146	258	53	–58	41
Carrying amount, development properties	1,191	1,313	1,358	1,420	1,421	1,351
Number of available building rights	9,000	8,700	8,700	9,000	9,300	9,400
Number of residential units sold 3)	235	217	216	230	268	237
Number of housing starts 3)	232	212	243	223	208	187
Number of residential units in current production 3)	1,627	1,317	1,460	1,619	1,596	1,553
1) Of which property sales	0	-	-	-	-	9
3) Of which rental units	-	-	-	-	-	64
JM INTERNATIONAL	Q2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue	727	617	801	618	750	576
Operating profit 1)	25	18	44	30	28	24
Operating margin, %	3.4	2.9	5.5	4.9	3.7	4.2
Average operating capital	2,204	2,162	2,131	2,165	2,208	2,205
Return on operating capital, % 2)	5.3	5.6	5.9	7.2	7.6	7.8
Operating cash flow	65	–154	64	–24	54	–33
Carrying amount, development properties	1,546	1,549	1,485	1,465	1,530	1,455
Carrying amount, project properties	32	31	30	30	32	32
Number of available building rights	7,300	7,200	7,100	7,100	7,100	6,500
Number of residential units sold	109	85	134	106	175	132
Number of housing starts	119	86	212	83	120	73
Number of residential units in current production	1,088	1,291	1,325	1,287	1,291	1,402
1) Of which property sales	-	3	-	-	-	2
JM PROPERTY DEVELOPMENT	Q2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue	196	53	64	171	56	23
Operating profit 1)	23	8	16	9	1	11
Average operating capital	523	676	812	933	960	960
Return on operating capital, % 2)	10.7	5.0	4.6	–7.4	–7.7	–7.6
Operating cash flow	70	123	442	107	39	–21
Carrying amount, development properties	31	31	39	39	39	61
Carrying amount, project properties	171	232	214	741	857	874
Number of available building rights 3)	800	800	700	600	700	700
Number of residential units sold 3)	54	-	-	108	146	-
Number of housing starts 3)	-	-	-	54	146	-
Number of residential units in current production 3)	200	200	308	308	254	108
1) Of which property sales	10	0	2	1	-	10
3) Refers to rental units and residential care units.
JM PRODUCTION	Q2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue	584	447	654	468	518	371
Operating profit	19	13	26	17	18	12
Operating margin, %	3.3	2.9	4.0	3.6	3.5	3.2
Operating cash flow	21	–22	–94	12	49	–6
JM OTHER	Q2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue (elimination)	–77	–66	–176	–105	–141	–110
Operating profit (Group-wide expenses)	–13	–14	–14	–5	–16	–13
RESTATEMENT JM INTERNATIONAL	Q2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue	42	–68	293	–192	27	–177
Operating profit	23	12	27	–9	–24	–47
2) Calculated on 12-month rolling profits and average capital.

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 13bn and the company has around 2,200 employees.

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

FINANCIAL TARGETS AND DIVIDENDS POLICY

The operating margin should amount to 10 percent, including gains/losses from property sales. 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 July 15, 2014.

FOR MORE INFORMATION PLEASE CONTACT:

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

ADDITIONAL INFORMATION

FINANCIAL CALENDAR

October 24, 2014 Interim report January-September 2014

February 11, 2015 Year-end Report 2014

PRESS RELEASES, Q2

6/30/2014

Conversion of convertible debentures and warrants into shares in JM

6/23/2014

JM receiving SEK 20 million in profit sharing from property sale

6/13/2014 JM acquiring property in Krokslätt, Gothenburg

5/22/2014 Change in JM's Executive Management

5/12/2014 JM acquiring property in Älvsjö, Stockholm

4/25/2014 JM's Board of Directors resolves to buy back shares

4/25/2014 Annual General Meeting - JM AB

4/24/2014 Interim Report January-March 2014

4/15/2014 JM sells senior housing in Täby, Stockholm

4/9/2014 Change in JM's Executive Management

4/2/2014 Change in JM's Executive Management

JM's annual reports, interim reports and other financial information is 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 Website www.jm.se/en

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