JM AB (publ)

Hej och välkomna till JMs delårsrapport för första halvåret 2024. Mitt namn är Mikael Åslund. Jag är ny vd och koncernchef i JM. Vid min sida har jag Tobias Bjurling, våran CFO. Nu funkar inte den här.

Let's see if we can, with the help of the technician... There we go.

J&M's revenue in the first 12 months is 12.9 billion. Our business is still in three countries. Sweden has 68% of the revenue, Norway 19% and Finland 13%. Vi har antal byggrätter på 37 200 nu. Vi har minskat antal anställda ytterligare lite grann. Nu är det 2076 anställda. Det är en minskning med drygt 300 anställda på det senaste året. Börsvärdet är 13,3 miljarder kronor. Funkar inget bra? Klicka. The revenues in the first half of the year decreased to 6.6 billion, approximately one billion decreases in one year. The movement result also decreased to 329 million and the movement margin decreased to 5%. As a result, the results per share have also decreased. The cash flow from the current business is negative for the first half of the year, minus 285 million. We are happy that the cash flow in the second quarter is positive. As a result of production starts, we have a sale of Dyre Värskulle, a property rights project, and we have received a purchase discount for a sale in Norway of developed land. If you look at our In terms of sales in the past year, despite limited purchasing power, we have sold 1,555 homes in the first half of the year, which is significantly better than last year. We have started 867 homes, of which 722 were in the second quarter, as a result of increased sales. Unfortunately, the number of homes in progress is still decreasing. It is now just below 5,000. We have, as I mentioned earlier, continued positive sales development- during the second quarter. Especially towards private customers in Sweden- and towards investors in Finland, we have managed to sell properties. We have also sold rental rights projects to investors in Stockholm- and last week we sold a rental rights project in Riks in Uppsala. Also to investors in 134 homes that are starting production in the third quarter. The good sales have led to increased production starts, as I mentioned. Unfortunately, we have lower revenues, lower turnover and margin, due to the low production that we still have, also due to price drops and the high cost level that arises in the project. The good news, however, is that despite the fact that we started 722 homes in Q2, our rate of booking increases, the share sold and booked in ongoing production, to 58%. This was 54% at the change of year, 55% at Q1. So it is very positive that it is increasing. If we look at the whole, we see that the result is relatively stable in Norway, Finland and real estate development compared to one year ago. However, it looks heavier in Stockholm and Riks. I will return more to the different segments soon. Prices on the second-hand market have strengthened on all of our markets, even though it has come late in Finland and Helsinki. We see that inflation has decreased with the first two rent reductions in Finland and Sweden. has strengthened the whole and price development has increased. In Norway, the decline in inflation is a little later, so we estimate that the first interest rates will come next year. But despite that, there is a good price development in Norway. The different units we have increased in all units in sales, in addition to Norway, which is marginally lower than the previous year. The joy here is that Stockholm greatly increases sales. And as a result, we have started more production. It can be noted that we do not start production so much in Riks in the first half of the year, but we estimate that we will start more projects in the second half of the year in Riks. Some projects, examples of what we have started. The first project is a milestone for us. We start the first stage in Marieviks udde. According to me, it is one of Stockholm's finest new production projects. It is surrounded by water, just a short walk over to Södermalm. The first project is designed by Vingårds. It is 135 apartments. The interest is very large for the project and we have a price tag of 120,000 kronor. Then we started a small house project in Uppsala, Sköldstadalen. This is stage four, I think, of many stages. It is a larger small house project. The interest in this project is also large. We have a price range of 36,000 kronor per square meter. We have a rate of booking in the current situation of 37 percent. So it's good to sell there too. Myrvold station has also started a project. The first, the seventh stage is just south of Oslo. We have a price range of 80,000 kronor per square meter in Myrvold. And I think we have booked and sold 43 percent of this project. So it's going very well to sell. And then we have sold some projects to investors in Finland, as I mentioned. One of them is GV6, which we have both sold to investors and started production in quarter two. I mentioned this, you see that it turns up. We have 58% sold and booked housing in ongoing production. A lot of joy, despite more production starts. We also see that the number of homes in ongoing production has decreased since we topped at around 7,000 homes in ongoing production. Now we see that we are going down, we are just under 5,000, at the moment 4,900, but a tendency to plan out as we start more new projects. We hope that it will go quickly. If we look at this table, we see that we have a lower number of homes in ongoing production, but we have a larger number of sold and booked. What we are focusing on here, and which is positive, is that the number of unsold homes in the balance sheet goes down compared to the year shift. It is in parity with Q1. Now we have 153 homes in the balance sheet. The focus for us is to sell away the homes that are in the final project. You can see that it has increased to 393 homes now. But we are actively working to sell them away so that they don't need to be included in the balance sheet. Let's move on to the different business units. In JN Bostad Stockholm, both revenue and turnover have dropped. We even have negative turnover and turnover margin in the first half of the year. A positive trend, however, is that we sell more, we start production more, and in the second quarter, the turnover is around zero, four million plus in the second quarter. The market in Stockholm is characterized by large sales on the retail market, but lower sales on the new production market. This can strengthen the price image for newly produced housing. We see that customers have a greater willingness to sign early in the project, which is positive, and we have a good cash flow in the second quarter due to the fact that we have started producing more housing. and thus we get lower investment in exploitative properties. In JN Bostad Riks, the revenue, turnover and turnover have also decreased compared to previous years. We have increased the number of sold homes, but we have not started production as many homes in the first half of the year. But we are counting on starting more in the second half of the year. Also here, customers are more willing to sign in the early stages and the cash flow is positive. In JM Norway, it is relatively stable. Even if we have a slightly lower income level, the results are in line with how it was last quarter and last year. So a margin in the first half of the year of 8%. Here we see that the demand for newly produced housing was relatively low. We have a slightly lower sales in the first half of the year than we had last year. Kassaflödet är även här fortsatt bra och vi har fått en likvid här för en försäljning som vi annonserade i Q1. In JN Finland, we see a higher level of income and moving margin- in the quarter than before. On the half-year shift, it is in parity with previous years. We increase the number of sold and production-started homes. In Finland, the interest among private customers is relatively low- but we have succeeded in selling well to investors. Here we have sold two projects, GWS and one called Lotus Rinne 15- a stage in e-sport in a larger area. Both sales and production started in Q2. The cash flow here is also positive, just like all other business units. Real estate development, still good results, largely due to the office project in Karlberg, which we have sold to the Fortification Agency. And here we also sold a property rights project, Dyverskulle, which is finished, which generates cash flows, which was positive in Q2. We also sold an ongoing project called Flora and is in Järfälla to an external investor. It will be successfully produced until the end of 2025. So now we have four ongoing projects in production that successfully produce results in property development. Vår byggrättsportfölj har nu 37 200 bostadsbyggrätter. Den har minskat något jämfört med föregående år. Vi är fortsatt restriktiva med förvärv, men vi är redo att köpa när vi hittar bra förvärv med en bra prisbild. Tobias, ska du ta över?