JM — Interim / Quarterly Report 2015

Jul 14, 2015

Interim report 2/ 2015

JM GROUP JANUARY–JUNE 2015

GOOD DEMAND IN JM's PRIMARY MARKETS, STRONG SALES AND A HIGH LEVEL OF HOUSING STARTS

• According to segment reporting, revenue increased to SEK 7,233m (6,521) and operating profit was SEK 771m (785). The operating margin decreased to 10.7 percent (12.0) due to a change in the project composition in JM Residential Stockholm
• Restated in accordance with IFRIC 15, revenue increased to SEK 6,785m (6,495) and operating profit amounted to SEK 722m (820). The restatement is related to JM International and had an effect on earnings of SEK –49m (35)
• Profit before tax decreased to SEK 691m (790). Profit after tax decreased to SEK 527m (599)
• Return on equity for the past twelve months was 28.8 percent (29.9). Earnings per share during the first six months of the year amounted to SEK 7.00 (7.80)
• Consolidated cash flow including net investment in properties was SEK 386m (290)
• The number of sold residential units increased to 1,940 (1,485) and housing starts increased to 1,777 (1,410).

SEK m	2015	January–June 2014 2014	January–December 2015	April–June 2013 2014	July–June 2014/2015 2014	October–December Full-year 2013 2014
Revenue (segment reporting)	7,233	6,521	3,816	3,484	14,581	13,869
Operating profit (segment reporting)	771	785	399	406	1,702	1,716
Operating margin (segment reporting), %	10.7	12.0	10.5	11.7	11.7	12.4
Revenue 1)	6,785	6,495	3,485	3,526	14,506	14,216
Operating profit 1)	722	820	361	429	1,721	1,819
Profit before tax 1)	691	790	349	416	1,645	1,744
Operating margin, %1)	10.6	12.6	10.4	12.2	11.9	12.8
Cash flow from operating activities	386	290	659	531	1,074	978
Return on equity, % 1)					28.8	28.7
Equity/assets ratio, % 1)	37	39	37	39		37
Earnings per share, SEK 1)	7.00	7.80	3.50	4.10	16.30	17.00
Number of residential units sold	1,940	1,485	1,097	788	3,650	3,195
Number of housing starts	1,777	1,410	1,029	716	3,812	3,445
Number of residential units in current production	6,917	5,853				6,375

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. 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 continued to progress favorably in JM's primary markets during the first six months of the year. This means that we continued to have strong sales and a high level of housing starts.

The change in the project composition of our housing business in Stockholm is having a negative impact on the margin. At the same time, the housing operations in the rest of Sweden developed favorably in terms of both profit and the margin.

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 Sweden and Norway continued to increase during the first six months of the year. Interest in JM's projects is strong. Population growth in our primary 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 1,940 (1,485) 1). The percentage of sold or reserved homes in relation to current production amounts to 87 percent (75), with an interval of 60–65 percent considered normal. JM Residential Stockholm sold 855 residential units (785), JM Residential Sweden sold 625 (452), JM International 460 (194) and JM Property Development 0 (54).

The number of housing starts increased to 1,777 (1,410) 2). The number of housing starts in JM Residential Stockholm was 753 (761), JM Residential Sweden 543 (444), JM International 427 (205) and JM Property Development 54 (0).

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

The number of residential units in current production increased to 6,917 (5,853), of which 484 are rental units and residential care units (200).

1) Of which 0 rental units and residential care units (54).

2) Of which 54 rental units and residential care units (0).

		January–June		April–June	July–June	Full-year
Operating profit, SEK m	2015	2014	2015	2014	2014/2015	2014
JM Residential Stockholm	531	602	268	299	1,207	1,278
JM Residential Sweden	138	104	78	53	250	216
JM International	80	43	47	25	172	135
JM Property Development	15	31	0	23	35	51
JM Construction	32	32	16	19	81	81
Group-wide expenses	–25	–27	–10	–13	–43	–45
Total (segment reporting)	771	785	399	406	1,702	1,716
Restatement JM International 1)	–49	35	–38	23	19	103
Total	722	820	361	429	1,721	1,819
Of which property sales	34	23	10	20	36	25

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 of the year increased to SEK 7,233m (6,521). Revenue restated according to IFRIC 15 increased to SEK 6,785m (6,495).

Operating profit according to segment reporting was SEK 771m (785) and the operating margin decreased to 10.7 percent (12.0) due to a lower margin for JM Residential Stockholm. Operating profit restated according to IFRIC 15 was SEK 722m (820). The restatement is related to JM International and had an effect on earnings of SEK –49m (35).

Properties were sold during the first six months of the year for SEK 111m (95) with gains of SEK 34m (23).

Rental income from JM's project properties totaled SEK 11m (15). Net rental income was SEK 4m (4).

		January–June		April–June	July–June	Full-year
Operating margin, %	2015	2014	2015	2014	2014/2015	2014
JM Residential Stockholm	17.0	22.8	17.0	21.9	19.6	22.5
JM Residential Sweden	8.7	7.4	9.2	7.7	8.5	7.8
JM International	5.2	3.2	5.3	3.4	5.5	4.6
JM Construction	2.9	3.1	2.9	3.3	3.2	3.3

Residential units in current production	6/30/2015	6/30/2014	12/31/2014
Number of residential units in current production 1) 2)	6,917	5,853	6,375
Percentage sold residential units in current production, % 3)	64	56	57
Percentage reserved residential units in current production, %	23	19	21
Percentage sold and reserved residential units in current production, %	87	75	78
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	484	200	430
Including residential units in projects where costs incurred are only reported as project properties under construction.	338	-	284

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

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

Completed production, unsold units	6/30/2015	6/30/2014	12/31/2014
Completed production, number of unsold units 1)	106	133	91
– Of which in the balance sheet reported as "Participations in tenant-owners associations, etc."	69	89	62

1) After final occupancy according to plan.

RESIDENTIAL BUILDING RIGHTS

The number of available residential building rights decreased to 27,900 (28,200), of which 17,000 (17,200) are recognized in the balance sheet. Capital tied up in building rights (development properties in the balance sheet) for residential units amounts to SEK 6,646m (5,877) at the end of the first six months of the year.

During the first six months of the year, JM purchased development properties for residential units for SEK 850m (453), of which SEK 455m relates to JM Residential Stockholm, SEK 167m to JM Residential Sweden and SEK 228m to JM International.

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 corresponding period the previous year due to a decrease in interest income.

The total interest-bearing loan was SEK 2,182m (1,892), of which the pension liability comprised SEK 1,124m (937). At the end of the first six months of the year, the average interest rate for the total loan stock including the pension liability was 2.8 percent (3.5). The average term for fixed-rate loans excluding the pension liability was 0.5 years (0.2).

The Group's available liquidity was SEK 4,687m (4,762). Aside from cash and cash equivalents of SEK 1,887m (1,962), 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 (1.3).

Interest-bearing net receivables at the end of the first six months amounted to SEK 295m (–70). Non-interest-bearing liabilities for implemented property acquisitions amounted to SEK 498m (287). SEK 340m (147) of these liabilities were short-term.

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

		January–June		April–June	July–June	Full-year
SEK m	2015	2014	2015	2014	2014/2015	2014
Financial income 1)	9	18	8	11	18	27
Financial expenses 2)	–40	–48	–20	–24	–94	–102
Financial income and expenses	–31	–30	–12	–13	–76	–75
1) Of which revaluation and currency hedging	1	4	1	2	6	9
2) Of which revaluation and currency hedging	–1	–4	–1	–2	–6	–9

		January–June		April–June	July–June	Full-year
SEK m	2015	2014	2015	2014	2014/2015	2014
Interest-bearing net liabilities (+)/receivables (–) at beginning of period	–337	–642	106	–255	–70	–642
Change in interest-bearing net liabilities/receivables	632	572	189	185	365	305
Interest-bearing net liabilities (+)/ receivables (–) at end of period	295	–70	295	–70	295	–337

CASH FLOW

Cash flow from operating activities was SEK 386m (290) during the first six months of the year. Net investments in development properties resulted in a cash flow of SEK –406m (–47), including a payment of SEK 765m made during the first quarter for the earlier acquisition of the Marievik property in Stockholm. Holdings of repurchased residential units had a positive effect on cash flow of SEK 17m (–48). Consolidated cash flow from project properties (sales minus investment) during the first six months of the year was SEK –66m (150).

RISKS AND UNCERTAINTIES

JM's risks and risk management are presented in the 2014 annual report on pages 28-31. No significant changes have occurred to change these reported risks.

CONVERTIBLE PROGRAM

The 2015 Annual General Meeting resolved that JM would raise a debenture loan with a maximum value of SEK 160m by issuing a maximum of 500,000 convertible debentures with a duration of four years aimed at all employees in Sweden.

Upon expiry of the subscription period, the loan amounts to about SEK 18.2m through the issue of about 58,000 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 initially reported in the balance sheet as a liability with the nominal amount excluding the equity component.

The subscribed convertible debentures may be converted to shares at a price of SEK 314 between June 1, 2018 and May 17, 2019.

Through the conversion, JM's share capital could increase by a maximum of SEK 58,000, 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 2015.

BUY-BACK AND HOLDINGS OF OWN SHARES

During the second quarter of 2015, 517,819 shares were bought back for a total of SEK 125m. Holdings of own shares subsequently total 2,558,373.

The number of outstanding shares, excluding holdings of own shares, at June 30, 2015, totals 74,618,521.

PERSONNEL

The number of employees at the end of the first six months of the year amounted to 2,252 (2,190). The number of wage-earners was 997 (935) and the number of salaried employees was 1,255 (1,255). Current staffing is considered well balanced for the current project volume and some adjustments are made on a regular basis. There is considerable demand on the labor market for qualified core competencies in project development.

BUSINESS SEGMENTS

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	2015	2014	2015	2014	2014/2015	2014
Revenue	3,120	2,644	1,575	1,365	6,168	5,692
Operating profit 1)	531	602	268	299	1,207	1,278
Operating margin, %	17.0	22.8	17.0	21.9	19.6	22.5
Average operating capital					3,530	3,110
Return on operating capital, %					34.2	41.1
Operating cash flow	–161	402	252	238	569	1,132
Carrying amount, development properties	3,928	3,132				3,965
Number of available building rights	11,500	11,100				11,900
Number of residential units sold	855	785	480	390	1,623	1,553
Number of housing starts	753	761	402	365	1,497	1,505
Number of residential units in current production	3,277	2,938				3,293
Number of employees	835	769				800
1) Of which property sales	-	10	-	10	-	10

The average prices on the existing home market increased during the second quarter. The supply of residential units continues to be low in part due to fast turnover on the market.

The supply of new homes continues to be low in relation to long-term demand in the Stockholm area. Competition for well-situated land for residential units continues to be very tough and prices for building rights increased to a level that requires strict selectivity with regard to acquisitions.

Interest in JM's projects continues to be strong. Customers' willingness to sign a contract early in the process is much higher than normal.

Business segment revenue increased to SEK 3,120m (2,644) and the operating profit decreased to SEK 531m (602). The operating margin decreased to 17.0 percent (22.8), including property sales of SEK 0 (10). The operating margin decreased due to a change in the geographical project composition, higher land costs and more normalized revaluation effects in completed projects.

Following a cash payment totaling SEK 765m during the first quarter for the acquisition of the Marievik property, cash flow is in balance in the second quarter.

During the second quarter, production was started on a total of 402 residential units in apartment buildings in Järfälla, Nacka, Stockholm and Täby.

During the second quarter, building rights corresponding to around 30 residential units were acquired in Stockholm.

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	2015	2014	2015	2014	2014/2015	2014
Revenue	1,588	1,396	851	689	2,956	2,764
Operating profit 1)	138	104	78	53	250	216
Operating margin, %	8.7	7.4	9.2	7.7	8.5	7.8
Average operating capital					1,323	1,419
Return on operating capital, %					18.9	15.2
Operating cash flow	413	56	334	202	594	237
Carrying amount, development properties	1,190	1,191				1,167
Number of available building rights	8,900	9,000				9,400
Number of residential units sold	625	452	358	235	1,154	981
Number of housing starts	543	444	278	232	1,102	1,003
Number of residential units in current production	1,883	1,627				1,528
Number of employees	510	470				476
1) Of which property sales	0	-	-	0	0	0

The average prices on the existing home market have continued to increase during the second quarter in all of the business unit's markets, albeit at a slightly lower rate than during the previous quarter. The supply of residential units continues to be low in part due to fast turnover on the market.

Competition for land for residential units in Gothenburg and Uppsala is very tough.

Interest in JM's projects is strong. Customers' willingness to sign a contract early in the process is much higher than normal in the business unit, although Skåne is at a normal level.

Business segment revenue increased to SEK 1,588m (1,396) and the operating profit increased to SEK 138m (104). The operating margin increased to 8.7 percent (7.4).

Cash flow during the quarter was strengthened by a temporary decrease in working capital and decreased holdings of repurchased residential units.

During the second quarter, production was started on 256 residential units in apartment buildings in Malmö, Lund, Örebro and Uppsala and 22 single-family homes in Mölndal.

During the second quarter, building rights corresponding to around 300 residential units were acquired in Gothenburg.

JM INTERNATIONAL

The JM International business segment develops residential properties 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	2015	2014	2015	2014	2014/2015	2014
Revenue	1,528	1,344	892	727	3,126	2,942
- of which JM Norway	1,331	1,170	769	633	2,724	2,563
Operating profit 1)	80	43	47	25	172	135
- of which JM Norway	83	68	49	38	197	182
Operating margin, %	5.2	3.2	5.3	3.4	5.5	4.6
- of which JM Norway	6.2	5.8	6.4	6.0	7.2	7.1
Average operating capital					2,243	2,239
Return on operating capital, %					7.7	6.0
Operating cash flow	187	–89	271	65	375	99
Carrying amount, development properties	1,528	1,546				1,579
Carrying amount, project properties	28	32				28
Number of available building rights	7,000	7,300				7,500
Number of residential units sold	460	194	259	109	873	607
Number of housing starts	427	205	295	119	875	653
Number of residential units in current production	1,273	1,088				1,124
Number of employees	384	393				386
1) Of which property sales	20	3	9	-	20	3

Business segment revenue increased to SEK 1,528m (1,344). Operating profit increased to SEK 80m (43). The operating margin increased to 5.2 percent (3.2) Profit includes SEK 9m from the sale of a property in Belgium during the second quarter.

Cash flow during the second quarter was strengthened by a lower level of development properties, repurchased residential units and working capital.

NORWAY

Demand for both newly built residential units and homes on the existing home market is stable. The price level on the existing home market continued to increase during the first six months of the year primarily in Oslo and Bergen. JM Norway's revenue increased to SEK 1,331m (1,170) and operating profit increased to SEK 83m (68). The operating margin was 6.2 percent (5.8). Operating profit includes property sales of SEK 0m (3).

During the first six months of the year, 367 residential units (149) were sold and production began on 323 units (113).

Housing starts during the second quarter consist of 194 residential units in apartment buildings and 23 single-family homes. The number of residential units in current production amounts to 1,001 (861).

During the second quarter, building rights corresponding to around 52 residential units were acquired.

Available building rights correspond to 4,800 residential units (5,500).

OTHER INTERNATIONAL MARKETS

DENMARK

The level of activity and prices on the housing market in Copenhagen continues to be stable.

During the first six months of the year, 12 residential units (7) were sold and production began on 0 units (9).

The number of residential units in current production amounts to 20 (21). No building rights were acquired during the first six months of the year.

Available building rights correspond to 500 residential units (700).

FINLAND

The level of activity on the housing market in Helsinki remains at a low level. Customers continue to be cautious and time to closing is long. The price level in the capital region remained unchanged during the first six months of the year.

During the first six months of the year, 70 residential units (23) were sold and production began on 104 units (83).

The number of residential units in current production amounts to 148 (107).

During the second quarter, building rights corresponding to around 260 residential units were acquired.

Available building rights correspond to 1,500 residential units (700).

BELGIUM

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

During the first six months of the year, 11 residential units (15) were sold and production began on 0 units (0).

The number of residential units in current production amounts to 104 (99). No building rights were acquired during the first six months of the year.

Available building rights correspond to 200 residential units (400).

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–June		April–June	July–June	Full-year
SEK m	2015	2014	2015	2014	2014/2015	2014
Revenue	92	249	45	196	244	401
Operating profit 1)	15	31	0	23	35	51
Average operating capital					245	261
Return on operating capital, %					14.3	19.5
Operating cash flow	–39	193	–34	70	–54	178
Carrying amount, development properties	25	31				31
Carrying amount, project properties	252	171				202
Number of available residential building rights 2)	500	800				600
Number of residential units sold 2)	-	54	-	54	-	54
Number of housing starts 2)	54	-	54	-	338	284
Number of residential units in current production 2)	484	200				430
Number of employees	27	27				28
1) Of which property sales	14	10	1	10	16	12

2) Refers to rental units and residential care units.

Business segment revenue decreased to SEK 92m (249), of which contracting revenue was SEK 82m (235) and rental revenue SEK 10m (14). Operating profit amounted to SEK 15m (31).

Net rental income for project properties was SEK 3m (3). Profit from contracting operations was SEK 9m (32) and profit from property sales was SEK 14m (10).

Cash flow during the period is negative due to ongoing investments in project properties.

In the Dalénum area of Lidingö, the occupancy rate for the remaining commercial buildings that will not be demolished is 90 percent. In the Bolinder area in Kallhäll, Järfälla, the occupancy rate for the buildings that will not be demolished is 82 percent.

In the Dalénum area, 146 rental units are being produced for an external buyer. Occupancy will take place gradually during 2015.

Production of an additional rental project is underway in the Dalénum area that consists of 97 units. Completion is planned for 2016.

Production of the Tjärtunnan rental project in Stureby is underway and consists of 187 units. Completion is planned for 2017.

Production began during the quarter on the Vinfatet senior housing project in Sollentuna, which consists of 54 residential units. Completion is planned for 2016.

JM CONSTRUCTION

The JM Construction (previously 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	2015	2014	2015	2014	2014/2015	2014
Revenue 1)	1,112	1,031	558	584	2,537	2,456
Operating profit	32	32	16	19	81	81
Operating margin, %	2.9	3.1	2.9	3.3	3.2	3.3
Operating cash flow	42	–1	–66	21	–30	–73
Carrying amount, development properties	56	63				60
Number of employees	379	411				387
1) Of which internal	207	143	105	77	450	386

Demand in the contracting market in Stockholm is good and customers are willing 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 and there are a large number of projects in current production.

The high activity in ongoing projects has resulted in high volume during the first six months of the year.

Business segment revenue increased to SEK 1,112m (1,031) and the operating profit was SEK 32m (32). The operating margin was 2.9 percent (3.1).

Cash flow was burdened during the second quarter by a temporary increase in working capital.

During the quarter the business segment received a number of assignments, of which the largest are the new production of senior housing in Sollentuna for JM Property Development and development work in Norra Skuru for Nacka Municipality.

The largest projects currently underway include the new production of a biofuel cogeneration plant in Stockholm (Fortum Värme), new construction of apartment buildings in Norra Djurgårdsstaden (AB Stockholmshem), new construction of apartment buildings in Upplands Väsby (Väsbyhem), renovation of and additions to offices in Södertälje (Söderenergi), new construction of apartment buildings in Gröndal (Aros Bostäder) and renovation of quays in Norrtälje Harbor (Norrtälje Municipality) for the development of residential units.

In addition, preparatory work for the renovation of Slussen and engineering projects and detailed planning contracting in Norra Djurgårdsstaden are underway for the City of Stockholm. In conjunction with Täby centrum, detailed planning contracting is being conducted for Täby Municipality.

The business segment is conducting development work within the Dalénum area of Lidingö, land and foundation work in Årsta for JM Residential Stockholm, new production of preschools in Hässelby and Vällingby and a renovation of a school in Bromma for Skolfastigheter i Stockholm.

CONDENSED CONSOLIDATED INCOME STATEMENT

		January–June		April–June	July–June	Full-year
SEK m	2015	2014	2015	2014	2014/2015	2014
Revenue	6,785	6,495	3,485	3,526	14,506	14,216
Production and operating costs	–5,652	–5,287	–2,899	–2,900	–12,014	–11,649
Gross profit	1,133	1,208	586	626	2,492	2,567
Selling and administrative expenses	–445	–411	–235	–217	–807	–773
Gains/losses on the sale of property	34	23	10	20	36	25
Operating profit	722	820	361	429	1,721	1,819
Financial income and expenses	–31	–30	–12	–13	–76	–75
Profit before tax	691	790	349	416	1,645	1,744
Taxes	–164	–191	–83	–100	–411	–438
Profit for the period	527	599	266	316	1,234	1,306
Other comprehensive income
Items that will be reclassified as income
Translation differences from the translation of foreign
operations	–5	34	–10	19	–30	9
Items that will not be reclassified as income
Restatement of defined-benefit pensions	–65	-	-	-	–192	–127
Tax attributable to other comprehensive income	14	-	-	-	42	28
Comprehensive income for the period	471	633	256	335	1,054	1,216
Net income for the period attributable to shareholders of the Parent
Company	527	599	266	316	1,234	1,306
Comprehensive income for the period attributable to shareholders of the Parent Company	471	633	256	335	1,054	1,216
Earnings per share1), basic, attributable to shareholders
of the Parent Company, SEK	7.00	7.80	3.50	4.10	16.30	17.00
Earnings per share1), diluted, attributable to shareholders of
the Parent Company, SEK	7.00	7.80	3.50	4.10	16.30	17.00
Outstanding shares at the end of the period	74,618,521	76,532,751	74,618,521	76,532,751	74,618,521	75,471,471
Average number of shares, basic	75,300,510	77,056,021	74,841,482	76,734,390	75,563,379	76,542,355
Average number of shares, diluted	75,595,388	77,431,578	75,125,081	77,097,730	75,865,027	76,888,597
1) Profit for the period.

CONDENSED CONSOLIDATED BALANCE SHEET

SEK m	6/30/2015	6/30/2014	12/31/2014
ASSETS
Non-current assets	229	244	225
Project properties	280	203	230
Development properties	6,727	5,963	6,802
Participations in tenant-owners associations, etc.	292	338	243
Current receivables 1)	2,048	2,280	2,451
Cash and cash equivalents	1,887	1,962	2,424
Total current assets	11,234	10,746	12,150
Total assets	11,463	10,990	12,375
EQUITY AND LIABILITIES 2)
Shareholders' equity	4,277	4,297	4,635
Long-term interest-bearing liabilities	489	315	374
Other long-term liabilities	158	140	172
Long-term provisions	2,455	2,154	2,302
Total long-term liabilities	3,102	2,609	2,848
Current interest-bearing liabilities	569	640	659
Other current liabilities	3,412	3,358	4,139
Current provisions	103	86	94
Total current liabilities	4,084	4,084	4,892
Total equity and liabilities	11,463	10,990	12,375
Pledged assets	455	930	489
Contingent liabilities	8,289	5,647	7,937
1) Of which receivables from property sales	0	76	54
2) Of which liabilities for property acquisition	694	367	1,329

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	January–June		Full-year
SEK m	2015	2014	2014
Opening balance at beginning of period	4,635	4,455	4,455
Total comprehensive income for the period	471	633	1,216
Dividend	–600	–558	–558
Conversion of convertible loan	20	16	21
Equity component of convertible debentures	1	1	1
Buy-back of shares	–250	–250	–500
Closing balance at the end of the period	4,277	4,297	4,635

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

	January–June			April–June	July–June	Full-year
SEK m	2015	2014	2015	2014	2014/2015	2014
Cash flow from operating activities before change
in working capital	587	526	339	295	1,398	1,337
Investment in development properties, etc. 1)	–1,661	–934	–270	–256	–2,760	–2,033
Payment on account for development properties, etc. 2)	1,272	839	642	466	2,544	2,111
Investment in project properties	–66	–44	–42	–20	–91	–69
Sale of project properties	-	194	-	76	29	223
Change in current liabilities/receivables	254	–291	–10	–30	–46	–591
Cash flow from operating activities	386	290	659	531	1,074	978
Cash flow from investing activities	–7	–13	–5	–6	–14	–20
Loans raised	120	141	5	9	209	230
Amortization of debt	–184	–36	–121	–34	–240	–92
Buy-back of shares	–250	–250	–125	–125	–500	–500
Dividend	–600	–558	–600	–558	–600	–558
Cash flow from financing activities	–914	–703	–841	–708	–1,131	–920
Cash flow for the period	–535	–426	–187	–183	–71	38
Cash and cash equivalents at end of the period	1,887	1,962	1,887	1,962	1,887	2,424
1) Of which investment in participations in tenant-owners associations and freehold apartments	–240	–409	–80	–73	–423	–592
2) Of which sale of participations in tenant-owners associations and freehold apartments	257	361	131	189	561	665

KEY RATIOS

	January–June		April–June		July–June	Full-year
%	2015	2014	2015	2014	2014/2015	2014
Operating margin	10.6	12.6	10.4	12.2	11.9	12.8
Pre-tax return on capital employed					27.5	28.6
Return on equity					28.8	28.7
Debt/equity ratio (times)	0.1	-	0.1	-		-
Equity/assets ratio	37	39	37	39		37

ACCOUNTING PRINCIPLES

This interim report for the first six months of 2015 has been prepared in accordance with IAS 34 Interim Financial Reporting and the 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 principles applied in the interim report

are described in the 2014 annual report on pages 68-71. Within the JM International business segment, revenue, operating profit and the operating margin for JM's operations in Norway will be reported separately as of 2015.

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	2015	2014	2015	2014	2014/2015	2014
Sweden	5,705	5,177	2,923	2,757	11,455	10,927
Norway	1,331	1,170	769	633	2,724	2,563
Denmark	24	27	15	13	79	82
Finland	128	102	81	57	214	188
Belgium	45	45	28	24	109	109
Restatement JM International 1)	–448	–26	–331	42	–75	347
Total	6,785	6,495	3,485	3,526	14,506	14,216

REVENUE BY BUSINESS SEGMENT

		January–June	April–June		July–June	Full-year
SEK m	2015	2014	2015	2014	2014/2015	2014
JM Residential Stockholm	3,120	2,644	1,575	1,365	6,168	5,692
JM Residential Sweden	1,588	1,396	851	689	2,956	2,764
JM International	1,528	1,344	892	727	3,126	2,942
JM Property Development	92	249	45	196	244	401
JM Construction	1,112	1,031	558	584	2,537	2,456
Elimination	–207	–143	–105	–77	–450	–386
Total (segment reporting)	7,233	6,521	3,816	3,484	14,581	13,869
Restatement JM International 1)	–448	–26	–331	42	–75	347
Total	6,785	6,495	3,485	3,526	14,506	14,216

OPERATING PROFIT BY BUSINESS SEGMENT

		January–June		April–June	July–June	Full-year
SEK m	2015	2014	2015	2014	2014/2015	2014
JM Residential Stockholm	531	602	268	299	1,207	1,278
JM Residential Sweden	138	104	78	53	250	216
JM International	80	43	47	25	172	135
JM Property Development	15	31	0	23	35	51
JM Construction	32	32	16	19	81	81
Group-wide expenses	–25	–27	–10	–13	–43	–45
Total (segment reporting)	771	785	399	406	1,702	1,716
Restatement JM International 1)	–49	35	–38	23	19	103
Total	722	820	361	429	1,721	1,819

OPERATING MARGIN BY BUSINESS SEGMENT

	January–June		April–June		July–June	Full-year
%	2015	2014	2015	2014	2014/2015	2014
JM Residential Stockholm	17.0	22.8	17.0	21.9	19.6	22.5
JM Residential Sweden	8.7	7.4	9.2	7.7	8.5	7.8
JM International	5.2	3.2	5.3	3.4	5.5	4.6
JM Construction	2.9	3.1	2.9	3.3	3.2	3.3

AVERAGE WORKING CAPITAL BY BUSINESS SEGMENT

	July–June	Full-year
SEK m	2014/2015	2014
JM Residential Stockholm	3,530	3,110
JM Residential Sweden	1,323	1,419
JM International	2,243	2,239
JM Property Development	245	261

RETURN ON WORKING CAPITAL BY BUSINESS SEGMENT

	July–June	Full-year
%	2014/2015	2014
JM Residential Stockholm	34.2	41.1
JM Residential Sweden	18.9	15.2
JM International	7.7	6.0
JM Property Development	14.3	19.5

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	2015	2014	2015	2014	2014/2015	2014
JM Residential Stockholm	–161	402	252	238	569	1,132
JM Residential Sweden	413	56	334	202	594	237
JM International	187	–89	271	65	375	99
JM Property Development	–39	193	–34	70	–54	178
JM Construction	42	–1	–66	21	–30	–73

DEVELOPMENT PROPERTIES BY BUSINESS SEGMENT

Carrying amount, SEK m	6/30/2015	6/30/2014	12/31/2014
JM Residential Stockholm	3,928	3,132	3,965
JM Residential Sweden	1,190	1,191	1,167
JM International	1,528	1,546	1,579
JM Property Development	25	31	31
JM Construction	56	63	60
Total	6,727	5,963	6,802

AVAILABLE RESIDENTIAL BUILDING RIGHTS BY BUSINESS SEGMENT

Number	6/30/2015	6/30/2014	12/31/2014
JM Residential Stockholm	11,500	11,100	11,900
JM Residential Sweden	8,900	9,000	9,400
JM International	7,000	7,300	7,500
JM Property Development 1)	500	800	600
Total	27,900	28,200	29,400
Of which carried in the balance sheet (development properties)
JM Residential Stockholm	7,900	7,500	7,800
JM Residential Sweden	5,000	5,100	5,300
JM International	4,100	4,500	4,300
JM Property Development 1)	0	100	100
Total	17,000	17,200	17,500

SOLD RESIDENTIAL UNITS BY BUSINESS SEGMENT

	January–June		April–June		July–June	Full-year
Number	2015	2014	2015	2014	2014/2015	2014
JM Residential Stockholm	855	785	480	390	1,623	1,553
JM Residential Sweden	625	452	358	235	1,154	981
JM International	460	194	259	109	873	607
JM Property Development 1)	-	54	-	54	-	54
Total	1,940	1,485	1,097	788	3,650	3,195

HOUSING STARTS BY BUSINESS SEGMENT

	January–June		April–June	July–June	Full-year
Number	2015	2014	2015	2014	2014/2015	2014
JM Residential Stockholm	753	761	402	365	1,497	1,505
JM Residential Sweden	543	444	278	232	1,102	1,003
JM International	427	205	295	119	875	653
JM Property Development 1)	54	-	54	-	338	284
Total	1,777	1,410	1,029	716	3,812	3,445

RESIDENTIAL UNITS IN CURRENT PRODUCTION

Number	6/30/2015	6/30/2014	12/31/2014
JM Residential Stockholm	3,277	2,938	3,293
JM Residential Sweden	1,883	1,627	1,528
JM International	1,273	1,088	1,124
JM Property Development 1)	484	200	430
Total	6,917	5,853	6,375

1) Refers to rental units and residential care units

PROJECT PROPERTIES, GROUP

Carrying amount, SEK m	6/30/2015	6/30/2014	12/31/2014
Properties under development	246	166	196
Completed commercial properties	34	37	34
Total	280	203	230

DEVELOPMENT PROPERTIES, GROUP

		January–June	April–June				July–June	Full-year
Carrying amount, SEK m	2015	2014	2015	2014	2014/2015	2014
Opening balance at beginning of period	6,802	5,988	6,839	6,083	5,963	5,988
New purchases	851	465	347	184	2,659	2,273
Transferred to production	–852	–462	–433	–261	–1,817	–1,427
Other	–74	–28	–26	–43	–78	–32
Closing balance at the end of the period	6,727	5,963	6,727	5,963	6,727	6,802

PARENT COMPANY

CONDENSED INCOME STATEMENT, PARENT COMPANY

	January–June	Full-year
SEK m	2015	2014	2014
Net sales	4,782	4,054	8,543
Production and operating costs	–3,867	–3,140	–6,663
Gross profit	915	914	1,880
Selling and administrative expenses	–294	–270	–485
Gains/losses on the sale of property	13	20	20
Operating profit	634	664	1,415
Financial income and expenses	82	–23	159
Profit before appropriations and tax	716	641	1,574
Appropriations	-	-	–219
Profit before tax	716	641	1,355
Taxes	–137	–143	–260
Profit for the period	579	498	1,095

CONDENSED BALANCE SHEET, PARENT COMPANY

SEK m	6/30/2015	6/30/2014	12/31/2014
Assets
Non-current assets	1,294	1,537	1,268
Current assets	7,281	6,294	7,965
Total assets	8,575	7,831	9,233
Equity and liabilities
Shareholders' equity	2,545	2,475	2,795
Untaxed reserves	1,775	1,474	1,775
Provisions	860	824	854
Long-term liabilities	341	187	215
Current liabilities	3,054	2,871	3,594
Total equity and liabilities	8,575	7,831	9,233
Pledged assets	169	169	169
Contingent liabilities	9,535	6,538	8,981

Stockholm, July 14, 2015 JM AB (publ)

The Board of Directors and the CEO certify that the report for the first six months of the year provides a true and fair view of the Parent Company's and the Group's operations, position and earnings, and describes the substantial risks and uncertainties that the Parent Company and the companies belonging to the Group are facing.

	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
Thomas Mattsson	Johan Skoglund	Jan Strömberg
Employee-	Member	Employee
elected	President	elected
The company's auditors did not review this interim report.

GROUP

FIVE-YEAR OVERVIEW

SEK m	2014	2013	2012	2011	2010
Revenue	14,216	12,603	12,480	12,001	9,136
Operating profit	1,819	1,523	1,374	1,513	907
Profit before tax	1,744	1,464	1,318	1,463	840
Total assets	12,375	11,150	11,556	11,296	9,893
Cash flow from operating activities	978	898	979	733	42
Interest-bearing net liabilities (+)/receivables (–)	–337	–642	–667	–970	–730
Operating margin, %	12.8	12.1	11.0	12.6	9.9
Return on equity, %	28.7	25.0	21.9	24.5	15.7
Equity/assets ratio, %	37	40	38	41	40
Earnings per share, SEK	17.00	14.10	11.70	12.50	7.10
Dividend per share, SEK	8.00	7.25	6.75	6.50	4.50
Number of available building rights	29,400	27,700	26,600	27,200	27,500
Number of residential units sold	3,195	3,265	2,952	3,112	3,276
Number of housing starts	3,445	2,953	3,163	3,629	3,404
Number of residential units in current production	6,375	5,609	5,988	6,401	5,431

GROUP

QUARTERLY OVERVIEW

SEK m		2015		2014
INCOME STATEMENT	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue Production and operating costs	3,485 –2,899	3,300 –2,753	4,686 –3,872	3,035 –2,490	3,526 –2,900	2,969 –2,387
Gross profit	586	547	814	545	626	582
Selling and administrative expenses	–235	–210	–198	–164	–217	–194
Gains/losses on the sale of property	10	24	2	0	20	3
Operating profit	361	361	618	381	429	391
Financial income and expenses	–12	–19	–23	–22	–13	–17
Profit before tax	349	342	595	359	416	374
Taxes	–83	–81	–160	–87	–100	–91
Profit for the period	266	261	435	272	316	283
BALANCE SHEET	6/30	3/31	12/31	9/30	6/30	3/31
ASSETS
Non-current assets	229	228	225	248	244	237
Project properties	280	238	230	203	203	263
Development properties	6,727	6,839	6,802	6,042	5,963	6,083
Participations in tenant-owners associations, etc.	292	318	243	228	338	425
Current receivables	2,048	2,166	2,451	2,233	2,280	2,053
Cash and cash equivalents	1,887	2,077	2,424	2,155	1,962	2,142
Total current assets Total assets	11,234 11,463	11,638 11,866	12,150 12,375	10,861 11,109	10,746 10,990	10,966 11,203
EQUITY AND LIABILITIES Shareholders' equity	4,277	4,726	4,635	4,397	4,297	4,629
Long-term interest-bearing liabilities	489	426	374	347	315	324
Other long-term liabilities	158	166	172	140	140	140
Long-term provisions	2,455	2,352	2,302	2,210	2,154	2,138
Total long-term liabilities	3,102	2,944	2,848	2,697	2,609	2,602
Current interest-bearing liabilities	569	640	659	568	640	635
Other current liabilities	3,412	3,453	4,139	3,362	3,358	3,247
Current provisions	103	103	94	85	86	90
Total current liabilities	4,084	4,196	4,892	4,015	4,084	3,972
Total equity and liabilities	11,463	11,866	12,375	11,109	10,990	11,203
CASH FLOW STATEMENT	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
From operating activities	659	–273	339	349	531	–241
From investing activities	–5	–2	–6	–1	–6	–7
From financing activities	–841	–73	–61	–156	–708	5
Total cash flow for the period Cash and cash equivalents at end of the period	–187 1,887	–348 2,077	272 2,424	192 2,155	–183 1,962	–243 2,142
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	106	–337	–226	–70	–255	–642
Change in interest-bearing net liabilities/receivables	189	443	–111	–156	185	387
Interest-bearing net liabilities (+)/receivables (–) at end of period	295	106	–337	–226	–70	–255
DEVELOPMENT PROPERTIES	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Carrying amount, beginning of the period	6,839	6,802	6,042	5,963	6,083	5,988
New purchases	347	504	1,395	413	184	281
Transferred to production	–433	–419	–607	–358	–261	–201
Other	–26	–48	–28	24	–43	15
Carrying amount, end of the period	6,727	6,839	6,802	6,042	5,963	6,083
KEY RATIOS	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Operating margin, %	10.4	10.9	13.2	12.6	12.2	13.2
Debt/equity ratio, times	0.1	0.0	-	-	-	-
Equity/assets ratio, %	37	40	37	40	39	41
Earnings per share, SEK Number of available building rights	3.50 27,900	3.50 29,700	5.70 29,400	3.50 28,400	4.10 28,200	3.70 27,700
Number of residential units sold	1,097	843	918	792	788	697
Number of housing starts	1,029	748	1,168	867	716	694
Number of residential units in current production	6,917	6,635	6,375	6,036	5,853	5,549

BUSINESS SEGMENTS

QUARTERLY OVERVIEW

SEK m		2015		2014
JM RESIDENTIAL STOCKHOLM	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue	1,575	1,545	1,748	1,300	1,365	1,279
Operating profit 1)	268	263	388	288	299	303
Operating margin, %	17.0	17.0	22.2	22.2	21.9	23.7
Average operating capital	3,530	3,336	3,110	2,923	2,924	2,941
Return on operating capital, % 2)	34.2	37.1	41.1	43.4	42.3	41.6
Operating cash flow	252	–413	470	260	238	164
Carrying amount, development properties	3,928	4,012	3,965	3,222	3,132	3,139
Number of available building rights Number of residential units sold	11,500 480	11,900 375	11,900 393	11,000 375	11,100 390	11,000 395
Number of housing starts	402	351	377	367	365	396
Number of residential units in current production	3,277	3,332	3,293	3,030	2,938	2,741
1) Of which property sales	-	-	-	-	10	-
JM RESIDENTIAL SWEDEN	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue	851	737	799	569	689	707
Operating profit 1)	78	60	67	45	53	51
Operating margin, %	9.2	8.1	8.4	7.9	7.7	7.2
Average operating capital	1,323	1,399	1,419	1,457	1,509	1,529
Return on operating capital, % 2)	18.9	16.1	15.2	14.6	14.0	14.3
Operating cash flow	334	79	51	130	202	–146
Carrying amount, development properties	1,190	1,101	1,167	1,205	1,191	1,313
Number of available building rights Number of residential units sold	8,900 358	9,300 267	9,400 297	8,800 232	9,000 235	8,700 217
Number of housing starts	278	265	327	232	232	212
Number of residential units in current production	1,883	1,758	1,528	1,606	1,627	1,317
1) Of which property sales	-	0	0	-	0	-
JM INTERNATIONAL	Q 2	Q 1	Q4	Q 3	Q 2	Q 1
Revenue	892	636	831	767	727	617
Operating profit 1)	47	33	63	29	25	18
Operating margin, %	5.3	5.2	7.6	3.8	3.4	2.9
Average operating capital	2,243	2,285	2,239	2,223	2,204	2,162
Return on operating capital, % 2)	7.7	6.6	6.0	5.2	5.3	5.6
Operating cash flow	271	–84	81	107	65	–154
Carrying amount, development properties	1,528	1,645	1,579	1,521	1,546	1,549
Carrying amount, project properties Number of available building rights	28 7,000	28 7,900	28 7,500	32 7,600	32 7,300	31 7,200
Number of residential units sold	259	201	228	185	109	85
Number of housing starts	295	132	180	268	119	86
Number of residential units in current production	1,273	1,115	1,124	1,200	1,088	1,291
1) Of which property sales	9	11	-	-	-	3
JM PROPERTY DEVELOPMENT	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue	45	47	78	74	196	53
Operating profit 1)	0	15	11	9	23	8
Average operating capital	245	237	261	380	523	676
Return on operating capital, % 2)	14.3	24.5	19.5	14.7	10.7	5.0
Operating cash flow Carrying amount, development properties	–34 25	–5 25	–11 31	–4 31	70 31	123 31
Carrying amount, project properties	252	210	202	171	171	232
Number of available building rights 3)	500	600	600	1,000	800	800
Number of residential units sold 3)	-	-	-	-	54	-
Number of housing starts 3)	54	-	284	-	-	-
Number of residential units in current production 3)	484	430	430	200	200	200
1) Of which property sales	1	13	2	0	10	0
3) Refers to rental units and residential care units.
JM CONSTRUCTION	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue	558	554	840	585	584	447
Operating profit	16	16	26	23	19	13
Operating margin, % Operating cash flow	2.9 –66	2.9 108	3.1 –131	3.9 59	3.3 21	2.9 –22
JM OTHER	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue (elimination)	–105	–102	–156	–87	–77	–66
Operating profit (Group-wide expenses)	–10	–15	–10	–8	–13	–14
RESTATEMENT JM INTERNATIONAL	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Revenue	–331	–117	546	–173	42	–68
Operating profit	–38	–11	73	–5	23	12
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 project development of commercial premises and contract work, primarily in the Greater Stockholm area.

JM seeks to promote long-term quality and environmental considerations in all its operations.

Annual sales total approximately SEK 15 billion, and the company has around 2,300 employees.

JM AB is a public limited company listed on NASDAQ 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 it should correspond to 50 percent of the consolidated profit after tax. Capital gains from property sales are a natural part of JM's project development operations, and are therefore 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 14, 2015.

FOR MORE INFORMATION PLEASE CONTACT:

Claes Magnus Åkesson, CFO, Head of IR Tel. +46 (0)8 782 89 71

OTHER INFORMATION

FINANCIAL CALENDAR

October 21, 2015 Interim report January–September 2015

February 4, 2016 Year-end Report 2015

PRESS RELEASES, Q2

6/30/2015

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

6/26/2015 JM divests property in Brussels, Belgium

4/24/2015

JM's Board of Directors decided on buy-back of shares

4/21/2015 Annual General Meeting at JM AB

4/21/2015 Interim Report January - March 2015

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

JM AB (publ)

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

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