JM — Interim / Quarterly Report 2013

Feb 12, 2014

JM-GROUP JANUARY–DECEMBER 2013

STABLE END TO THE YEAR – STRONG CASH FLOW

• According to segment reporting revenue decreased to SEK 12,652m (13,134) but operating profit increased to SEK 1,576m (1,398). The operating margin increased to 12.5 percent (10.6)
• Restated in accordance with IFRIC 15, revenue amounted to SEK 12,603m (12,480) and operating profit increased to SEK 1,523m (1,374)
• Profit before tax increased to SEK 1,464m (1,318). Profit after tax increased to SEK 1,104m (961)
• Return on equity for the past twelve months increased to 25.0 percent (21.9). Earnings per share during the year increased to SEK 14.10 (11.70)
• Consolidated cash flow including net investment in properties decreased to SEK 898m (979)
• The number of sold residential units increased to 3,265 (2,952) and housing starts decreased to 2,953 (3,163). Limited number of housing starts in JM International
• Surplus value of development properties SEK 2.4bn (2.6)
• The Board of Directors proposes a dividend of SEK 7.25 (6.75) for 2013, as well as renewed buyback authorization.

		January–December		October–December
SEK m	2013	2012	2013	2012
Revenue (segment reporting)	12,652	13,134	3,598	3,800
Operating profit (segment reporting) 1)	1,576	1,398	514	379
Operating margin (segment reporting), %	12.5	10.6	14.3	10.0
Revenue 2)	12,603	12,480	3,891	3,439
Operating profit 1) 2)	1,523	1,374	541	364
Profit before tax 2)	1,464	1,318	529	350
Operating margin, % 2)	12.1	11.0	13.9	10.6
Cash flow from operating activities	898	979	974	675
Return on equity, % 2)	25.0	21.9
Equity/assets ratio, % 2)	40	38	40	38
Earnings per share, SEK 2)	14.10	11.70	5.20	3.20
Number of residential units sold	3,265	2,952	803	1,060
Number of housing starts	2,953	3,163	881	998
Number of residential units in current production	5,609	5,988
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

"Demand for JM's residential units developed favorably during the year with continued good sales in Stockholm, although the planning processes limited housing starts. The strong sales in Stockholm further strengthen the Group's operating margin.

Demand also improved in the rest of Sweden during the year. Demand in our markets in Norway weakened during the 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 year. Demand in the rest of Sweden also continues to improve. Customers are showing strong interest in JM's projects. Demand decreased in Norway during the second half 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 3,265 (2,952), including 254 rental units and residential care units. The percentage of sold or reserved homes in relation to current production amounts to 71 percent (66), with an interval of 60-65 percent considered normal. JM Residential Stockholm sold 1,513 residential units (1,307), JM Residential Sweden sold 951 (902) and JM International 547 (743).

The number of housing starts decreased to 2,953 (3,163) with a large share of housing starts during the fourth quarter. In the Stockholm area housing starts totaled 1,404 (1,507) and in the rest of Sweden 861 (779). The housing starts include 200 rental units and residential care units in Stockholm. Housing starts in international operations totaled 488 (877).

The number of residential units in current production amounts to 5,609 (5,988), of which 308 are rental units and residential care units.

		January–December		October–December
Operating profit, SEK m	2013	2012	2013	2012
JM Residential Stockholm	1,167	1,041	379	309
JM Residential Sweden	221	231	63	66
JM International	126	181	44	74
JM Property Development	37	–83	16	–90
JM Production	73	71	26	28
Group-wide expenses	–48	–43	–14	–8
Total as stated in segment reporting	1,576	1,398	514	379
Restatement JM International 1)	–53	–24	27	–15
Total	1,523	1,374	541	364
Of which -property sales	24	0	2	-
-impairment loss on project property	-	–95	-	–95

1) 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 decreased to SEK 12,652m (13,134). Revenue restated according to IFRIC 15 amounted to SEK 12,603m (12,480).

Operating profit according to segment reporting increased to SEK 1,576m (1,398) and the operating margin increased to 12.5 percent (10.6). Operating profit restated according to IFRIC 15 increased to SEK 1,523m (1,374). Profit for the previous year was burdened by an impairment loss on project property totaling SEK 95m.

During the year, properties were sold for SEK 623m (0), with gains of SEK 24m (0), of which SEK 18m refers to the gains from the sale of a senior housing project in Malmö.

Rental income from JM's project properties totaled SEK 71m (77), with residential units accounting for SEK 17m (7). Net rental income was SEK 29m (33).

		January–December		October–December
Operating margin, %	2013	2012	2013	2012
JM Residential Stockholm	22.2	18.6	25.7	21.1
JM Residential Sweden	7.7	7.7	8.1	8.1
JM International	4.6	5.7	5.5	6.4
JM Production	3.6	3.5	4.0	4.8

12/31/2013	12/31/2012
5,609	5,988
54	55
17	11
71	66

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

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

3) Including 308 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.

Completed production, unsold units	12/31/2013	12/31/2012
Completed production, number of unsold units 1)	177	176
- Of which the balance sheet item reported as "Participations in tenant-owners associations, etc."	98	70

1) After final occupancy according to plan.

RESIDENTIAL BUILDING RIGHTS 1)

The number of available building rights amounts to 27,700 (26,600), of which 17,800 (17,400) are recognized in the balance sheet. Capital tied up in building rights (development properties on the balance sheet) for residential units increased to SEK 5,902m (5,691) at year-end.

Valuation of JM's total development properties with a carrying amount of SEK 6.0bn (5.8) shows a surplus value of SEK 2.4bn (2.6). This valuation was carried out in cooperation with an independent appraisal company.

During 2013, JM purchased development properties for

residential units for SEK 1,222m (1,259), of which SEK 672m relates to JM Residential Stockholm, SEK 249m to JM Residential Sweden and SEK 301m to JM International.

PROJECT PROPERTIES

An external appraiser calculated the market value of JM's project properties to be SEK 294m (959) with a carrying amount of SEK 244m (933).

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. Comparable figures have not been restated.

1) Including 308 rental units and residential care units in JM Property Development – not included in percentage of sold/reserved

Development properties (residential units), SEK billion	Market value	12/31/2013 Carrying amount	Market value	12/31/2012 Carrying amount
JM Residential Stockholm	4.3	3.0	4.4	2.9
JM Residential Sweden	1.9	1.4	1.8	1.3
JM International	2.1	1.5	2.1	1.5
Total	8.3	5.9	8.3	5.7

FINANCIAL ITEMS

Net financial items decreased by SEK 3m compared to the previous year due to an increase in interest expenses.

The total interest-bearing loan stock was SEK 1,743m (1,808), of which the provision for pensions comprised SEK 920m (931). At the end of the year, the average interest rate for the total 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 (0.3). Consolidated available liquidity was SEK 5,185m (5,275). Aside from cash and cash equivalents of SEK 2,385m (2,475), 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 1.6 years (2.2).

Interest-bearing net receivables at the end of the year totaled SEK 642m (667). At year-end, non-interest-bearing liabilities for implemented property acquisitions amounted to SEK 348m (602). SEK 204m (503) of these liabilities are 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–December		October–December
SEK m	2013	2012	2013	2012
Financial income 1)	42	38	13	9
Financial expenses 2)	–101	–94	–25	–23
Financial income and expenses	–59	–56	–12	–14
1) Of which revaluation and currency hedging	8	4	1	1
2) Of which revaluation and currency hedging	–8	–4	–1	–1

	January–December		October–December
SEK m	2013	2012	2013	2012
Interest-bearing net liabilities (+)/receivables (–) at beginning of period	–667	–737	265	–171
Change in interest-bearing net liabilities/receivables	25	70	–907	–496
Interest-bearing net liabilities (+)/receivables (–) at end of period	–642	–667	–642	–667

CASH FLOW

Cash flow from operating activities was SEK 898m (979) during the year. Net investments in development properties resulted in a cash flow of SEK –548m (278). Despite an increase in the holdings of unsold residential units, the item results in a positive cash flow of SEK 6m (–204), primarily attributable to settled receivables for sold residential units. Consolidated cash flow from project properties (sales minus investment) during the year was SEK 486m

(–175), of which SEK 388m during the fourth quarter. Cash flow was burdened by tax payments during the second quarter of SEK 167m attributable to a ruling by the Administrative Court of Appeals 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.

RISKS AND UNCERTAINTIES

JM's risk and risk management policies are presented in the 2012 annual report on pages 26-29. No significant changes have occurred to change these reported risks.

BUY-BACK AND HOLDINGS OF OWN SHARES

During the fourth quarter of 2013, 688,275 shares were bought back for a total of SEK 125m. Holdings of own shares subsequently total 2,263,299. After the 2013 Annual General Meeting, a total of 2,263,299 shares were bought back for SEK 375m.

The number of outstanding shares, excluding holdings of own shares, at December 31, 2013, totals 77,550,383.

The Board of Directors intends to propose to the Annual General Meeting that the holdings of own shares be eliminated through a decrease in the share capital for appropriations to unrestricted equity. The Board of Directors' complete proposal for a resolution regarding the elimination of shares will be available in conjunction with the notice of Annual General Meeting on March 26, 2014.

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.

The strategy is to spread out the buy-backs on NASDAQ OMX Stockholm up until the 2015 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 on March 26, 2014.

PERSONNEL

The number of employees at the end of the year was 2,176 (2,290). The number of wage-earners was 940 (1,051) and the number of salaried employees was 1,236 (1,239). Current staffing is considered well balanced for the current project volume and some adjustments are made on a regular basis.

DIVIDEND

For 2013 the Board of Directors proposes a dividend of SEK 7.25 (6.75) per share, for a total of SEK 562m (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 29, 2014. If the Annual General Meeting resolves to adopt the recommendation the dividend will be sent on Monday, May 5, 2014.

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	2013	2012	2013	2012
Revenue	5,254	5,591	1,475	1,465
Operating profit	1,167	1,041	379	309
Operating margin, %	22.2	18.6	25.7	21.1
Average operating capital	2,881	2,406
Return on operating capital, %	40.5	43.3
Operating cash flow	671	1,051	317	378
Carrying amount, development properties	3,051	2,904
Number of available building rights	11,200	10,900
Number of residential units sold	1,513	1,307	453	474
Number of housing starts	1,404	1,507	426	344
Number of residential units in current production	2,516	3,071
Number of employees	750	798

The average prices on the existing home market increased slightly even during the fourth quarter. The supply of residential units is lower and the time to closing shorter compared to the same point in time the previous 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 at a normal level.

The business segment's revenue decreased to SEK 5,254m (5,591) and operating profit increased to SEK 1,167m (1,041). The operating margin was 22.2 percent (18.6). The lower volume is a result of a lower number of residential units in current production. The high margin is explained by strong sales and a large revaluation effect in completed projects.

Cash flow during the fourth quarter is in balance. The limited cash flow during the year is primarily due to larger payments during the year for previously acquired development properties.

In total, production on 406 residential units was started during the fourth quarter in apartment buildings on Lidingö, in Solna, Stockholm and Värmdö and 20 single-family homes were started in Tyresö.

No building rights were acquired during the fourth quarter.

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	2013	2012	2013	2012
Revenue	2,860	3,003	780	818
Operating profit 1)	221	231	63	66
Operating margin, %	7.7	7.7	8.1	8.1
Average operating capital	1,515	1,490
Return on operating capital, %	14.6	15.5
Operating cash flow	294	243	258	–19
Carrying amount, development properties	1,358	1,333
Number of available building rights	8,700	9,200
Number of residential units sold 2)	951	902	216	292
Number of housing starts 2)	861	779	243	250
Number of residential units in current production2)	1,460	1,492
Number of employees	477	538
1) Of which property sales	9	-	-	-
2) Of which rental units	64	-	-	-

Average prices on the existing home market increased in all markets during the year, although it was noted that they leveled off somewhat during the fourth quarter.

The supply of residential units continues to be slightly lower and the time to closing shorter compared to the same period the previous year.

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

The business segment's revenue decreased to SEK 2,860m (3,003) and operating profit was SEK 221m (231). The operating margin was 7.7 percent (7.7). The somewhat lower volume is primarily a result of a lower number of housing starts during 2012 and 2013.

The strong cash flow during the fourth quarter is primarily a result of a decrease in holdings of development properties and unsold residential units.

In total, production was started in the fourth quarter on 243 residential units in apartment buildings in Malmö, Lund, Gothenburg and Örebro.

No building rights were acquired during the fourth quarter.

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	2013	2012	2013	2012
Revenue	2,745	3,152	801	1,151
Operating profit 1)	126	181	44	74
Operating margin, %	4.6	5.7	5.5	6.4
Average operating capital	2,131	2,202
Return on operating capital, %	5.9	8.2
Operating cash flow	61	74	64	193
Carrying amount, development properties	1,485	1,454
Carrying amount, project properties	30	69
Number of available building rights	7,100	6,500
Number of residential units sold	547	743	134	294
Number of housing starts	488	877	212	404
Number of residential units in current production	1,325	1,425
Number of employees	392	364
1) Of which property sales	2	-	-	-

The business segment's revenue decreased to SEK 2,745m (3,152). Operating profit decreased to SEK 126m (181). The operating margin decreased to 4.6 percent (5.7).

Operating profit and the operating margin were burdened by negative results in Denmark and Finland, where the number of residential units in current production has decreased.

Cash flow during the fourth quarter was strengthened primarily by a temporary decrease in working capital.

NORWAY

Demand for both newly built residential units and homes on the existing home market leveled off during the second half of the year. The price level on the existing home market decreased slightly during the fourth quarter. The banks in Norway are continuing to take a slightly more cautious approach to granting mortgages.

During the year 433 residential units (649) were sold and production began on 331 units (815).

Housing starts during the fourth quarter consisted of 132 residential units in apartment buildings and 6 single-family homes. The number of residential units in current production amounts to 1,133 (1,246).

During the fourth quarter, JM purchased building rights corresponding to 95 residential units in Oslo and Bergen.

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

OTHER INTERNATIONAL MARKETS

DENMARK

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

During the year 11 residential units (13) were sold and production began on 12 units (2).

The number of residential units in current production amounts to 12 (20). No acquisitions were made during the year.

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

FINLAND

The level of activity on the housing market in Helsinki remains stable. However, customers are still cautious and time to closing is long. The price level in the capital region was stable during the year.

During the year 43 residential units (26) were sold and production began on 46 units (34).

The number of residential units in current production amounts to 46 (62).

During the fourth quarter JM purchased building rights in Esbo corresponding to about 85 residential units.

Available building rights correspond to 800 residential units (600).

BELGIUM

The level of activity on the housing market in the Brussels region continues to be stable. The price level in the region increased slightly during the year.

During the year 60 residential units (55) were sold and production began on 99 units (26). Housing starts consisted of residential units in an apartment building in Anderlecht, Brussels.

The number of residential units in current production amounts to 134 (97). No acquisitions were made during the year.

Available building rights correspond to 400 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	2013	2012	2013	2012
Revenue	314	77	64	21
Operating profit 1)	37	–83	16	–90
Average operating capital	812	939
Return on operating capital, %	4.6	–8.8
Operating cash flow	567	–161	442	–50
Carrying amount, development properties	39	61
Carrying amount, project properties	214	864
Number of available building rights 2)	700
Number of residential units sold 2)	254		-
Number of housing starts 2)	200		-
Number of residential units in current production 2)	308
Number of employees	18	16
1) Of which -property sales	13	0	2	-
-impairment loss on project property	-	–95	-	–95
2) Refers to rental units and residential care units.

The business segment's revenue increased to SEK 314m (77), including contracting revenue of SEK 244m (4) and rental revenue of SEK 70m (73). Operating profit increased to SEK 37m (–83).

Net rental income for project properties was SEK 29m (30). Revenue from construction contracts was SEK 16m (0) and gains from property sales were SEK 13m (0).

Cash flow for the fourth quarter was strengthened by cash from property sales and the previous sale of a senior housing project and a rental unit project in Dalénum, Lidingö.

Within the Dalénum area, the occupancy rate in the remaining buildings that will not be demolished is 73 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.

In April, JM was allocated land for 122 rental units in Bredäng, Stockholm.

A senior housing project under construction in Sköndal, south of Stockholm, was sold in July. The deal is worth SEK 211m. The project will consist of 108 residential units. Revenue and profit from the transaction is reported on an ongoing basis during the period 2013-2014. Occupancy will occur when the project is completed, which is planned for April 2014.

Production was started in August on a senior housing project consisting of 54 residential units in Täby with occupancy in November 2014. A 15-year rental agreement was signed with Attendo Care.

During the fourth quarter, a large part of the commercial properties in Dalénum, which covers 23,000 square meters, was sold for SEK 268m, resulting in a loss of SEK –23m.

The senior housing project, Agadir, on Lidingö consisting of 54 residential units was sold during the fourth quarter for SEK 136m, resulting in gains of SEK 10m.

The rental unit, Gästabudet 2, in Nälsta consisting of 102 residential units was sold during the fourth quarter for SEK 113m, resulting in gains of SEK 15m. The buyer will take possession at the end of January 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	2013	2012	2013	2012
Revenue 1)	2,011	2,006	654	578
Operating profit	73	71	26	28
Operating margin, %	3.6	3.5	4.0	4.8
Operating cash flow	–39	38	–94	39
Number of employees	419	459
1) Of which internal	532	695	176	233

Demand in the contracting market in Stockholm has decreased somewhat during the fourth quarter but is still at a good level. 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.

Business segment revenue was SEK 2,011m (2,006) and the operating profit was SEK 73m (71). The operating margin was 3.6 percent (3.5).

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

The business segment received a number of assignments during the fourth quarter, of which the largest is the construction of apartment buildings in Upplands Väsby for AB Väsbyhem and the renovation of and addition to offices in Södertälje for Söderenergi AB.

The largest projects currently underway include the two phases of the new E18 motorway between Hjulsta and Kista (Swedish Transport Administration), new production of a biofuel cogeneration plant in Stockholm (Fortum Värme), new production of two office buildings in Frösunda, Solna (Vasakronan), new production of an apartment building in Norra Djurgårdsstaden (AB Stockholmshem), additions to baggage handling at Arlanda airport (Swedavia), renovation of the University Library at Campus Frescati (Akademiska Hus), track work for the expansion of railway tracks in Bromma (Storstockholms Lokaltrafik) and engineering projects for future track work in Rosersberg (Swedish Transport Administration). 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 is carrying out site work within the Dalénum area of Lidingö for JM Residential Stockholm. In addition, senior housing is being constructed in Sköndal and Täby for JM Property Development.

CONDENSED CONSOLIDATED INCOME STATEMENT

	January–December		October–December
SEK m	2013	2012	2013	2012
Revenue	12,603	12,480	3,891	3,439
Production and operating costs	–10,365	–10,273	–3,165	–2,800
Gross profit	2,238	2,207	726	639
Selling and administrative expenses	–739	–738	–187	–180
Gains on the sale of properties	24	0	2	-
Impairment loss on properties	-	–95	-	–95
Operating profit	1,523	1,374	541	364
Financial income and expenses	–59	–56	–12	–14
Profit before tax	1,464	1,318	529	350
Taxes	–360	–357	–120	–91
Net profit for the period	1,104	961	409	259
Other comprehensive income
Items that will be reclassified as income
Translation differences from the translation of foreign operations	–60	–2	–2	20
Items that will not be reclassified as income
Restatement of defined-benefit pensions	55	–62	55	–62
Tax attributable to other comprehensive income	–12	1	–12	1
Comprehensive income for the period	1,087	898	450	218
Net profit for the period is attributable to shareholders of the Parent
Company	1,104	961	409	259
Comprehensive income for the period is attributable to
shareholders of the Parent Company	1,087	898	450	218
Earnings per share 1), basic, attributable to shareholders of
the Parent Company, SEK	14.10	11.70	5.20	3.20
Earnings per share 1), diluted, attributable to shareholders of
the Parent Company, SEK	14.00	11.60	5.20	3.20
Number of outstanding shares at end of period	77,550,383	80,494,186	77,550,383	80,494,186
Average number of shares, basic	78,445,765	82,414,682	77,947,932	81,058,864
Average number of shares, diluted	78,983,735	83,298,832	78,359,118	81,851,418

1) Net profit for the period.

CONDENSED CONSOLIDATED BALANCE SHEET 1)

SEK m	12/31/2013	12/31/2012
ASSETS
Non-current assets	236	254
Project properties	244	933
Development properties	5,988	5,769
Participations in tenant-owner associations, etc.	325	214
Current receivables 2)	1,972	1,911
Cash and cash equivalents	2,385	2,475
Total current assets	10,914	11,302
Total assets	11,150	11,556
EQUITY AND LIABILITIES 3)
Shareholders' equity	4,455	4,393
Long-term interest-bearing liabilities	319	296
Other long-term liabilities	144	100
Long-term provisions	2,112	2,232
Total long-term liabilities	2,575	2,628
Current interest-bearing liabilities	504	581
Other current liabilities	3,526	3,846
Current provisions	90	108
Total current liabilities	4,120	4,535
Total equity and liabilities	11,150	11,556
Pledged assets	633	486
Contingent liabilities	5,882	6,011
1) Defined-benefit pension liabilities have been restated, see pages 19-20.
2) Of which receivables from property sales	113	0
3) Of which liabilities for property acquisition	423	748

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

SEK m	2013	2012
Opening balance at the beginning of the year	4,393	4,598
Effect of change in accounting principle, defined-benefit pensions	-	–213
Total comprehensive income for the period	1,087	898
Dividend	–537	–542
Conversion of convertible loan	28	10
Equity component of convertible debentures	1	1
Share-based payments regulated with equity instruments	-	0
Buy-back of shares	–517	–359
Closing balance at the end of the year	4,455	4,393

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

		January–December		October–December
SEK m	2013	2012	2013	2012
Cash flow from operating activities before change in
working capital	763	1,125	400	391
Investment in development properties, etc.1)	–2,913	–1,762	–549	–530
Payment on account for development properties, etc.2)	2,371	1,836	680	721
Investment in project properties	–116	–175	–54	–37
Sale of project properties	602	0	442	-
Change in current liabilities/receivables	191	–45	55	130
Cash flow from operating activities	898	979	974	675
Cash flow from investing activities	1	–2	0	0
Loans raised	193	232	11	9
Amortization of debt	–126	–270	–74	–125
Buy-back of shares	–517	–359	–126	–109
Dividend	–537	–542	-	-
Cash flow from financing activities	–987	–939	–189	–225
Cash flow for the period	–88	38	785	450
Cash and cash equivalents at end of the period	2,385	2,475	2,385	2,475
1) Of which investment in participations in tenant-owners associations and freehold residential units	–1,300	–740	–147	–322
2) Of which sale of participations in tenant-owners associations and freehold residential units	1,306	536	341	219

KEY RATIOS

		January–December		October–December
%	2013	2012	2013	2012
Operating margin	12.1	11.0	13.9	10.6
Pre-tax return on capital employed	25.2	23.0
Return on equity	25.0	21.9
Debt/equity ratio, times	-	-	-	-
Equity/assets ratio	40	38	40	38

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 2012, pages 64-67. As of January 1, 2013, JM applies the new standard, IFRS 13 Fair Value Measurement, and amendments in IAS 1 Presentation of Financial Statements and IAS 19 Employee Benefits. The amendments in IAS 1 affected the presentation of other comprehensive income and the amendments in IAS 19 affected the reporting of defined-benefit pensions as described on pages 19-20. Otherwise, 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–December		October–December
SEK m	2013	2012	2013	2012
Sweden	9,907	9,982	2,797	2,648
Norway	2,468	2,744	713	1,038
Denmark	27	119	14	29
Finland	122	147	32	37
Belgium	128	142	42	48
Restatement JM International 1)	–49	–654	293	–361
Total	12,603	12,480	3,891	3,439

REVENUE BY BUSINESS SEGMENT

	January–December		October–December
SEK m	2013	2012	2013	2012
JM Residential Stockholm	5,254	5,591	1,475	1,465
JM Residential Sweden	2,860	3,003	780	818
JM International	2,745	3,152	801	1,151
JM Property Development	314	77	64	21
JM Production	2,011	2,006	654	578
Elimination	–532	–695	–176	–233
Total as stated in segment reporting	12,652	13,134	3,598	3,800
Restatement JM International 1)	–49	–654	293	–361
Total	12,603	12,480	3,891	3,439

OPERATING PROFIT BY BUSINESS SEGMENT

	January–December			October–December
SEK m	2013	2012	2013	2012
JM Residential Stockholm	1,167	1,041	379	309
JM Residential Sweden	221	231	63	66
JM International	126	181	44	74
JM Property Development	37	–83	16	–90
JM Production	73	71	26	28
Group-wide expenses	–48	–43	–14	–8
Total as stated in segment reporting	1,576	1,398	514	379
Restatement JM International 1)	–53	–24	27	–15
Total	1,523	1,374	541	364

OPERATING MARGIN BY BUSINESS SEGMENT

		January–December		October–December
%	2013	2012	2013	2012
JM Residential Stockholm	22.2	18.6	25.7	21.1
JM Residential Sweden	7.7	7.7	8.1	8.1
JM International	4.6	5.7	5.5	6.4
JM Production	3.6	3.5	4.0	4.8

AVERAGE OPERATING CAPITAL BY BUSINESS SEGMENT

SEK m	2013	2012
JM Residential Stockholm	2,881	2,406
JM Residential Sweden	1,515	1,490
JM International	2,131	2,202
JM Property Development	812	939

RETURN ON OPERATING CAPITAL BY BUSINESS SEGMENT

%	2013	2012
JM Residential Stockholm	40.5	43.3
JM Residential Sweden	14.6	15.5
JM International	5.9	8.2
JM Property Development	4.6	–8.8

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	2013	2012	2013	2012
JM Residential Stockholm	671	1,051	317	378
JM Residential Sweden	294	243	258	–19
JM International	61	74	64	193
JM Property Development	567	–161	442	–50
JM Production	–39	38	–94	39

DEVELOPMENT PROPERTIES BY BUSINESS SEGMENT

Carrying amount, SEK m	12/31/2013	12/31/2012
JM Residential Stockholm	3,051	2,904
JM Residential Sweden	1,358	1,333
JM International	1,485	1,454
JM Property Development	39	61
JM Production	55	17
Total	5,988	5,769

AVAILABLE RESIDENTIAL BUILDING RIGHTS BY BUSINESS SEGMENT

Number	12/31/2013	12/31/2012
JM Residential Stockholm	11,200	10,900
JM Residential Sweden	8,700	9,200
JM International	7,100	6,500
JM Property Development	700
Total	27,700	26,600
Of which, recognized on the balance sheet (development properties)
JM Residential Stockholm	7,700	7,400
JM Residential Sweden	5,400	5,700
JM International	4,600	4,300
JM Property Development	100
Total	17,800	17,400

RESIDENTIAL UNITS SOLD BY BUSINESS SEGMENT

		January–December		October–December
Number	2013	2012	2013	2012
JM Residential Stockholm	1,513	1,307	453	474
JM Residential Sweden	951	902	216	292
JM International	547	743	134	294
JM Property Development	254		-
Total	3,265	2,952	803	1,060

HOUSING STARTS BY BUSINESS SEGMENT

		January–December	October–December
Number	2013	2012	2013	2012
JM Residential Stockholm	1,404	1,507	426	344
JM Residential Sweden	861	779	243	250
JM International	488	877	212	404
JM Property Development	200		-
Total	2,953	3,163	881	998

RESIDENTIAL UNITS IN CURRENT PRODUCTION

Number	12/31/2013	12/31/2012
JM Residential Stockholm	2,516	3,071
JM Residential Sweden	1,460	1,492
JM International	1,325	1,425
JM Property Development	308
Total	5,609	5,988

PROJECT PROPERTIES, GROUP

12/31/2013	Market value, SEK m	Carrying amount, SEK m	Area (000) m²	Occupancy rate annual rent, %	Carrying amount, SEK m 12/31/2012
Properties under development	247	208	35,800	84	587
Completed rental units and residential care units	-	-	-	-	271
Completed commercial properties	47	36	3,100	53	75
Total	294	244	38,900	83	933

DEVELOPMENT PROPERTIES, GROUP

		January–December	October–December
Carrying amount, SEK m	2013	2012	2013	2012
Opening balance at beginning of period	5,769	5,816	6,142	5,722
New purchases	1,274	1,259	179	521
Transferred to production	–1,017	–1,300	–338	–503
Other	–38	–6	5	29
Closing balance at the end of the period	5,988	5,769	5,988	5,769

PARENT COMPANY

CONDENSED INCOME STATEMENT, PARENT COMPANY

		January–December
SEK m	2013	2012
Net sales	8,218	8,695
Production and operating costs	–6,439	–7,059
Gross profit	1,779	1,636
Selling and administrative expenses	–465	–456
Gains on the sale of properties	–51	0
Impairment loss on properties	-	–95
Operating profit	1,263	1,085
Financial income and expenses	–91	23
Profit before appropriations and tax	1,172	1,108
Appropriations	–85	–152
Profit before tax	1,087	956
Taxes	–439 1)	–297
Net profit for the year	648	659

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	12/31/2013	12/31/2012
Assets
Non-current assets	1,543	1,217
Current assets	6,892	9,226
Total assets	8,435	10,443
Equity and liabilities
Shareholders' equity	2,767	3,134
Untaxed reserves	1,474	1,313
Provisions	810	842
Long-term liabilities	197	200
Current liabilities	3,187	4,954
Total equity and liabilities	8,435	10,443
Pledged assets	169	169
Contingent liabilities	6,716	6,729

Investments in properties totaled SEK 311m (464).

Stockholm, February 12, 2014 JM AB (publ)

Board of Directors

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 1)	6.75 2)	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

1) Board proposal

GROUP

QUARTERLY OVERVIEW

SEK m		2013				2012
INCOME STATEMENT	Q 4	Q 3	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue	3,891	2,618	3,396	2,698	3,439	3,108	2,946	2,987
Production and operating costs	–3,165	–2,122	–2,830	–2,248	–2,800	–2,598	–2,403	–2,472
Gross profit	726	496	566	450	639	510	543	515
Selling and administrative expenses	–187	–153	–216	–183	–180	–151	–221	–186
Gains on the sale of properties	2	1	-	21	-	-	-	0
Impairment loss on properties	-	-	-	-	–95	-	-	-
Operating profit Financial income and expenses	541 –12	344 –18	350 –14	288 –15	364 –14	359 –17	322 –12	329 –13
Profit before tax	529	326	336	273	350	342	310	316
Taxes	–120	–88	–87	–65	–91	–94	–83	–89
Net profit for the period	409	238	249	208	259	248	227	227
BALANCE SHEET	12/31	09/30	06/30	03/31	12/31	09/30	06/30	03/31
ASSETS
Non-current assets	236	234	241	243	254	296	311	312
Project properties	244	771	889	906	933	1,000	984	925
Development properties	5,988	6,142	6,314	6,224	5,769	5,722	5,939	5,798
Participations in tenant-owners associations, etc.	325	401	439	327	214	193	147	168
Current receivables	1,972	2,239	2,211	1,906	1,911	1,889	2,154	1,860
Cash and cash equivalents	2,385	1,600	1,607	2,153	2,475	2,022	1,767	2,469
Total current assets Total assets	10,914 11,150	11,153 11,387	11,460 11,701	11,516 11,759	11,302 11,556	10,826 11,122	10,991 11,302	11,220 11,532
EQUITY AND LIABILITIES
Shareholders' equity	4,455	4,122	4,030	4,416	4,393	4,281	4,178	4,614
Long-term interest-bearing liabilities	319	290	288	305	296	293	332	340
Other long-term liabilities	144	170	171	131	100	109	163	173
Long-term provisions	2,112	2,207	2,166	2,328	2,232	2,346	2,326	2,306
Total long-term liabilities	2,575	2,667	2,625	2,764	2,628	2,748	2,821	2,819
Current interest-bearing liabilities	504	618	692	684	581	688	742	635
Other current liabilities	3,526	3,862	4,248	3,787	3,846	3,300	3,460	3,359
Current provisions	90	118	106	108	108	105	101	105
Total current liabilities Total equity and liabilities	4,120 11,150	4,598 11,387	5,046 11,701	4,579 11,759	4,535 11,556	4,093 11,122	4,303 11,302	4,099 11,532
CASH FLOW STATEMENT	Q 4	Q 3	Q 2	Q 1	Q4	Q 3	Q2	Q1
Cash flow from operating activities	974	111	122	–309	675	442	–140	2
Cash flow from investing activities	0	–1	2	0	0	0	–2	0
Cash flow from financing activities	–189	–116	–671	–11	–225	–184	–560	30
Total cash flow for the period	785	–6	–547	–320	450	258	–702	32
Cash and cash equivalents at end of the period	2,385	1,600	1,607	2,153	2,475	2,022	1,767	2,469
INTEREST-BEARING NET LIABILITIES/
RECEIVABLES	Q 4	Q 3	Q 2	Q 1	Q4	Q 3	Q2	Q1
Interest-bearing net liabilities (+)/receivables (–) at beginning of period	265	320	–225	–667	–171	168	–643	–737
Change in interest-bearing net liabilities/receivables	–907	–55	545	442	–496	–339	811	94
Interest-bearing net liabilities (+)/receivables
(–) at end of period	–642	265	320	–225	–667	–171	168	–643
DEVELOPMENT PROPERTIES	Q 4	Q 3	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Carrying amount at beginning of period	6,142	6,314	6,224	5,769	5,722	5,939	5,798	5,816
New purchases	179	43	266	786	521	153	307	278
Transferred to production	–338	–175	–263	–241	–503	–336	–162	–299
Other Carrying amount at end of period	5 5,988	–40 6,142	87 6,314	–90 6,224	29 5,769	–34 5,722	–4 5,939	3 5,798
KEY RATIOS	Q 4	Q 3	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Operating margin, %	13.9	13.1	10.3	10.7	10.6	11.6	10.9	11.0
Debt/equity ratio, times	-	0.1	0.1	-	-	-	-	-
Equity/assets ratio, %	40	36	34	38	38	39	37	40
Earnings per share, SEK	5.20	3.00	3.20	2.60	3.20	3.00	2.70	2.70
Number of available building rights	27,700	27,700	28,200	27,800	26,600	27,600	27,700	27,200
Number of residential units sold	803	810	943	709	1,060	611	654	627
Number of housing starts	881	690	808	574	998	759	775	631
Number of residential units in current production	5,609	5,689	5,633	5,840	5,988	5,986	5,769	5,786

BUSINESS SEGMENT

QUARTERLY OVERVIEW

SEK m		2013				2012
JM RESIDENTIAL STOCKHOLM	Q 4	Q 3	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue	1,475	1,078	1,390	1,311	1,465	1,336	1,376	1,414
Operating profit	379	257	284	247	309	249	239	244
Operating margin, %	25.7	23.8	20.4	18.8	21.1	18.6	17.4	17.3
Average operating capital	2,881	2,793	2,672	2,541	2,406	2,366	2,394	2,349
Return on operating capital, % 2)	40.5	39.3	40.7	41.1	43.3	45.3	45.2	46.4
Operating cash flow	317	53	300	1	378	194	211	268
Carrying amount, development properties	3,051	3,161	3,267	3,300	2,904	2,544	2,741	2,753
Number of available building rights	11,200	11,000	11,100	11,200	10,900	11,100	11,500	11,500
Number of residential units sold	453	366	354	340	474	273	252	308
Number of housing starts	426	330	334	314	344	451	367	345
Number of residential units in current production	2,516	2,475	2,492	2,777	3,071	3,167	3,032	3,059
JM RESIDENTIAL SWEDEN	Q 4	Q 3	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue	780	580	796	704	818	612	790	783
Operating profit 1)	63	45	59	54	66	46	60	59
Operating margin, %	8.1	7.8	7.4	7.7	8.1	7.5	7.6	7.5
Average operating capital	1,515	1,512	1,516	1,505	1,490	1,467	1,487	1,485
Return on operating capital, % 2)	14.6	14.8	14.8	15.0	15.5	16.4	17.7	19.7
Operating cash flow	258	53	–58	41	–19	213	4	45
Carrying amount, development properties	1,358	1,420	1,421	1,351	1,333	1,421	1,465	1,499
Number of available building rights	8,700	9,000	9,300	9,400	9,200	9,400	9,500	9,000
Number of residential units sold 3)	216	230	268	237	292	203	231	176
Number of housing starts 3)	243	223	208	187	250	166	210	153
Number of residential units in current production3)	1,460	1,619	1,596	1,553	1,492	1,668	1,533	1,571
1) Of which property sales	-	-	-	9	-	-	-	-
3) Of which rental units	-	-	-	64	-	-	-	-
JM INTERNATIONAL	Q 4	Q 3	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue	801	618	750	576	1,151	645	696	660
Operating profit 1)	44	30	28	24	74	41	34	32
Operating margin, %	5.5	4.9	3.7	4.2	6.4	6.4	4.9	4.8
Average operating capital	2,131	2,165	2,208	2,205	2,202	2,188	2,072	1,924
Return on operating capital, % 2)	5.9	7.2	7.6	7.8	8.2	8.0	8.3	8.7
Operating cash flow	64	–24	54	–33	193	98	–211	–6
Carrying amount, development properties	1,485	1,465	1,530	1,455	1,454	1,678	1,654	1,485
Carrying amount, project properties	30	30	32	32	69	73	74	51
Number of available building rights	7,100	7,100	7,100	6,500	6,500	7,100	6,700	6,700
Number of residential units sold	134	106	175	132	294	135	171	143
Number of housing starts	212	83	120	73	404	142	198	133
Number of residential units in current production	1,325	1,287	1,291	1,402	1,425	1,151	1,204	1,156
1) Of which property sales	-	-	-	2	-	-	-	-
JM PROPERTY DEVELOPMENT	Q 4	Q 3	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue	64	171	56	23	21	17	18	21
Operating profit 1)	16	9	1	11	–90	4	2	1
Average operating capital	812	933	960	960	939	922	893	864
Return on operating capital, % 2)	4.6	–7.4	–7.7	–7.6	–8.8	0.7	0.4	1.7
Operating cash flow	442	107	39	–21	–50	–12	–37	–62
Carrying amount, development properties	39	39	39	61	61	61	61	61
Carrying amount, project properties	214	741	857	874	864	927	910	874
Number of available building rights 3)	700	600	700	700
Number of residential units sold 3)	-	108	146	-
Number of housing starts 3)	-	54	146	-
Number of residential units in current production3)	308	308	254	108
1) Of which -property sales	2	1	-	10	-	-	-	0
-impairment loss on project property	-	-	-	-	–95	-	-	-
3) Refers to rental units and residential care units.
JM PRODUCTION	Q 4	Q 3	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue	654	468	518	371	578	463	510	455
Operating profit	26	17	18	12	28	14	15	14
Operating margin, %	4.0	3.6	3.5	3.2	4.8	3.0	2.9	3.1
Operating cash flow	–94	12	49	–6	39	5	–23	17
JM OTHER	Q 4	Q 3	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue, elimination	–176	–105	–141	–110	–233	–135	–182	–145
Operating profit, group-wide expenses	–14	–5	–16	–13	–8	–9	–13	–13
RESTATEMENT JM INTERNATIONAL	Q 4	Q 3	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue	293	–192	27	–177	–361	170	–262	–201
Operating profit	27	–9	–24	–47	–15	14	–15	–8

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

GROUP

EFFECTS OF 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 is entirely recognized as a liability in the consolidated balance sheet and the transition has a negative effect on consolidated equity. See the restatement of full-year 2012 and each quarter in the tables below.

SEK m
INCOME STATEMENT	Jan–Dec 2012	Restatement	Restated Jan–Dec 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
Total comprehensive income for the year	959	–61	898

			Restated			Restated
BALANCE SHEET	12-31-2012	Restatement	12-31-2012	12-31-2011	Restatement	01-01-2012
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 provisions1)	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

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	Jan–Dec 2012	Restatement	Restated Jan–Dec 2012
Opening balance at the 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 with equity instruments	0	-	0
Buy-back of shares	–359	-	–359
Closing balance at the end of the year	4,667	–274	4,393

	Jan–Dec		Restated Jan–Dec
INTEREST-BEARING NET LIABILITIES/RECEIVABLES	2012	Restatement	2012
Interest-bearing net liabilities (+)/receivables (–) at
beginning of period	–970	233	–737
Change in interest-bearing net liabilities/receivables	20	50	70
Interest-bearing net liabilities (+)/receivables (–),
December 31	–950	283	–667
			Restated		Restated
KEY RATIOS	12-31-2012		12-31-2012	12-31-2011	01-01-2012

Equity/assets ratio, % 40 38 41 39

GROUP

EFFECTS OF 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 is entirely recognized as a liability in the consolidated balance sheet and the transition has a negative effect on consolidated equity. See the restatement of full-year 2012 and each quarter in the tables below.

QUARTERLY OVERVIEW

SEK m
			Re			Re			Re			Re
INCOME STATEMENT	Q4 2012	Restate ment	stated Q4	Q3 2012	Restate ment	stated Q3	Q2 2012	Restate ment	stated Q2	Q1 2012	Restate ment	stated 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
	12-31-	Restate	stated	09-30-	Restate	stated	06-30-	Restate	stated	03-31-	Restate	stated
BALANCE SHEET	2012	ment	12/31	2012	ment	09/30	2012	ment	06/30	2012	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 provisions1)	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	–404	233	–171	–65	233	168	–876	233	–643	–970	233	–737
liabilities/receivables	–546	50	–496	–339	-	–339	811	-	811	94	-	94
Interest-bearing net liabilities (+)/ receivables (–) at end of period	–950	283	–667	–404	233	–171	–65	233	168	–876	233	–643

KEY RATIOS	Q4 2012	stated	Re Q3 2012 Q4	Re stated Q3	Q2 2012	Re stated Q2	Q1 2012	Re stated 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 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 February 12, 2014.

FOR MORE INFORMATION PLEASE CONTACT:

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

ADDITIONAL INFORMATION

FINANCIAL CALENDAR

April 24, 2014 Interim report January-March 2014 and 2014 Annual General Meeting

July 15, 2014 Interim report January-June 2014

October 24, 2014 Interim report January-September 2014

PRESS RELEASES, Q4

12/30/2013 Conversion of Convertible debentures into shares in JM AB (publ)

12/10/2013 JM selling property in Nälsta, Stockholm

12/6/2013 Per Löfgren new sustainability manager at JM

11/29/2013 Conversion of Convertible debentures into shares in JM AB (publ)

11/25/2013 JM sells senior housing on Lidingö, Stockholm

11/22/2013 JM sells commercial properties on Lidingö, Stockholm

10/31/2013 Conversion of Convertible debentures and warrants into shares in JM AB (publ)

10/24/2013 Interim report January-September 2013

10/11/2013 Nomination Committee for JM AB ahead of 2014 Annual General Meeting

JM's annual reports, interim reports and other financial information is available at www.jm.se/investors

JM AB (publ) Mailing address SE-169 82 Stockholm Street address Gustav III:s boulevard 64, Solna Telephone +46 8 782 87 00 Fax +46 8 782 86 00 Comp.Reg. No. 556045-2103 Website www.jm.se