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View Annual Report ANNUAL16 REPORT 2016 ANNUAL REPORT 2016 Operations 1 The year in brief 2 CEO’s comments 4 Customer needs 5 BUSINESS INTELLIGENCE AND MACRO 7 MARKET OVERVIEW 10 Our offer 11 NEW CONSTRUCTION – ADVANTAGES 16 JM’S 10 LARGEST PROJECTS 19 Profitability 20 BUSINESS CONCEPT AND STRATEGY 16 21 FINANCIAL TARGETS 22 VALUE GENERATION IN JM’S CORE BUSINESS 24 RESIDENTIAL BUILDING RIGHTS 26 PROJECT PROPERTIES 27 STRUCTURED PROJECT DEVELOPMENT 29 RISKS AND RISK MANAGEMENT 33 Sustainability 34 SUSTAINABLE URBAN PLANNING 39 ENVIRONMENT 44 EMPLOYEES 48 SUPPLIERS 50 BUSINESS ETHICS 51 Business segments Financial statements 57 BOARD OF DIRECTORS’ REPORT Group: 61 INCOME STATEMENT 62 BALANCE SHEET 64 CASH FLOW STATEMENT 66 CHANGES IN EQUITY 67 NOTES – GROUP 84 FIVE-YEAR OVERVIEW – GROUP 86 QUARTERLY OVERVIEW – GROUP 87 QUARTERLY OVERVIEW – BUSINESS SEGMENTS 88 DEFINITIONS AND GLOSSARY Parent company: 89 INCOME STATEMENT 90 BALANCE SHEET 91 CASH FLOW STATEMENT 92 CHANGES IN EQUITY 93 NOTES – PARENT COMPANY 97 PROPOSED DISPOSITION OF EARNINGS 98 AUDITORS’ REPORT Shareholder information 101 CORPORATE GOVERNANCE REPORT 108 BOARD OF DIRECTORS AND AUDITORS 109 EXECUTIVE MANAGEMENT 110 THE JM SHARE 112 NOTICE OF ANNUAL GENERAL MEETING AND FINANCIAL CALENDAR 113 About the Sustainability report 113 GLOBAL REPORTING INITIATIVE – GRI 116 GRI INDEX 119 GLOBAL COMPACT 120 ADDRESSES Sweden Finland Norway 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 and Finland. We are also involved in project development of commer cial premises and contract work, primarily in the Greater Stockholm area. JM should promote long-term sustainability work in all its operations. Annual sales total approximately SEK 15 billion, and the company has around 2,400 employees. JM AB is a public limited company listed on NASDAQ Stockholm, Large Cap segment. From the very start in 1945, JM has worked to develop residential projects, which means we have extensive experience in terms of identifying customer needs. We have developed effective construction processes and accumulated sound experience in carrying out large and complex projects. Project development at JM means that vacant or built land is acquired and refined into attractive housing or commercial premises. Photo to the right: JM’s Kista Torn apartment buildings in northern Stockholm have been nominated for Building of the Year 2017, the urban planning sector’s competition that shines a spotlight on projects that feature excellent quality, cooperation, finances and design. The buildings have 35 and 16 floors, respectively, and a shared courtyard. Architect: Brunnberg & Forshed. Cover photo: Fredsborgs Kulle in Österåker/Stockholm, single-family homes close to the city and the archipelago. This Annual Report is a translation of the original text in Swedish, which is the official version. The year in brief 1 Increased number of housing starts and improved profitability. According to segment reporting, revenue increased SEK m 2016 2015 2014 to SEK 15,752m (14,447) and operating profit increased to SEK Revenue (segment reporting) 15,752 14,447 13,869 2,011m (1,590). The operating margin increased to 12.8 per- Operating profit (segment reporting) 2,011 1,590 1,716 cent (11.0) Operating margin (segment reporting), % 12.8 11.0 12.4 Revenue 15,291 13,939 14,216 Operating profit 1,931 1,499 1,819 Restated in accordance with IFRIC 15, reve- nue increased to SEK 15,291m (13,939) and operating profit Profit before tax 1,871 1,427 1,744 increased to SEK 1,931m (1,499). This restatement is attribut- Operating margin, % 12.6 10.8 12.8 able to JM International and had a negative effect on earnings Cash flow from operating activities 1,957 –230 978 of SEK –80m (–91) Return on equity, % 31.2 23.7 28.7 Equity/assets ratio, % 40 38 37 Earnings per share, SEK 20.40 14.50 17.00 Profit before tax increased to SEK 1,871m (1,427). Profit Number of residential units sold 3,843 3,770 3,195 after tax increased to SEK 1,478m (1,085) Number of housing starts 4,187 3,731 3,445 Number of residential units in current production 7,984 7,212 6,375 Return on equity for the past twelve months increased to 31.2 percent (23.7). Earnings per share during the year 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 increased to SEK 20.40 (14.50) and loss for JM’s operations outside of Sweden, JM International, are reported according to the completed contract method. Segment reporting and pro- ject management are reported according to IAS 11, percentage of completion method. The description of operations is based on segment reporting. Consolidated cash flow including net investment in properties was SEK 1,957m (–230) For definitions, see page 88. The number of residential units sold increased Revenue Operating profit to 3,843 (3,770) and housing starts increased to 4,187 (3,731) by business segment by business segment SEKm SEKm 8,000 1,400 Surplus value of development properties was SEK 7.0bn (4.2) 7,000 1,200 6,000 1,000 5,000 800 The Board of Directors proposes a dividend of SEK 4,000 9.50 (8.25) for 2016, as well as renewed buy-back authorization. 600 3,000 400 2,000 200 1,000 0 0 2014 2015 2016 2014 2015 2016 JM Residential Stockholm JM International JM Construction JM Residential Stockholm JM Property DevelopmentJM Residential Stockholm JM Property Development JM Residential Sweden JM Property Development JM Residential Sweden JM Construction JM Residential Sweden JM Construction JM International JM International JM ANNUAL REPORT 2016 2 CEO’s comments A sustainable housing concept developed with the customer. JM regularly performs market surveys with its customers in order to ascertain needs and preferences for issues ranging from the type of housing to location and design. Our offer has developed into a housing concept that has been customers to understand our offer. Digital support during the designed to suit a wider group of customers, with high cus- building process is one area where we are increasing our invest- tomer value and attractive locations. ments, for example with regard to process control and mobility. New housing concept in 2017 Housing-related services We are noticing that the current trend is moving towards We have long offered economic and technical management homes that are more adapted to individual needs and lifestyles. services to our newly formed tenant-owners associations. We therefore decided during the year to develop a wider Over the past few years, however, customers have shown selection of products, which can be viewed as a beginning of a greater interest in housing-related services, so it is now our what customers will be offered in the future. ambition to broaden our involvement in this area. Starting in 2017, we are introducing two new housing con- In 2016 we began to develop services that will facilitate cepts, Smarta Kvadrat and Premium. Alongside the Original every day life and raise the added value for our customers. concept. All pre-construction of JM residential units will take Major emphasis in this work is placed on keeping things simple these three housing concepts into consideration, and they pri- for our customers, and digital solutions are therefore a natural marily differ in size, layout, interior design choices and service feature of the new service offering. level. Thriving cities – people in focus • The Smarta Kvadrat concept is intended for people who In order to explain how we are working with sustainability, want an affordable home without sacrificing functionality. we usually say that JM is forming the buildings and cities of the Located a bit outside the city center where the cost of land future – with people in focus. We are offering an attractive and is lower. To keep costs down we have worked to streamline responsibly designed home environment with the aim of creat- our processes and used standardized choices, and the pur- ing inspiration and conditions for peoples’ sustainable lifestyles. chasing process is entirely digital. Prices are largely affected In order to succeed in this, we must take into consideration by the price of the location, the cost of land and the execu- environmental, economic and social aspects. tion in a project, but if we think “concept building” the pro- For example, we decided to improve the social design of ject time can be shortened. our housing projects by already at early stages in the projects • Original is largely the same home we have offered our cus- making conscious, active choices for social interaction, safety, tomer before, with functional, comfortable accommodation meeting places, ecology and greenery. This decision supports that meets a high standard, although with limited upgrades. the holistic approach that should be reflected in all of JM’s • Premium offers more exclusive locations, material, equip- projects. One small change, which we believe can reduce the ment and interior design as well as larger apartments. Here, dependence on cars in the areas we are developing, is improved the buyer is offered a personal buying process with a higher conditions for storage and parking for bicycles. level of service. Operational targets – sub-targets for 2030 The differentiated product range is an important step in in- creasing JM’s offer and changing the market for new produc- JM supports UN’s Global Compact and its principles regarding tion. All concepts will be developed on an ongoing basis and human rights, labor law, the environment and anti-corruption.
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