JM’s outstanding receivables
Regarding Dagen Industri’s article dated February 6 on JM’s dispute with purchaser.
Through its subsidiary JM Entreprenad AB, JM performed contract work on current account in the amount of SEK 1.6bn between 2013 and 2016. The project has been approved in its entirety during final inspection. On December 31, 2016, JM’s receivables for the project were SEK 395 million, excluding accrued interest on overdue payment. During the arbitration process, the counterparty has only conveyed its set-off claims, which means the purchaser’s demand can reach a maximum of JM’s total claim. JM’s evaluation of the dispute has been conducted within the framework of the project’s profit recognition. The evaluation was performed with the assistance of external guidance, and the provisions made are assessed to cover the assessed risk in the project.
For additional information, please contact:
Claes Magnus Åkesson, CFO, +46 (0)8 782 89 71
This information is information that JM AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 14:30 CET on 2017-02-06.
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 emphasis on expanding metropolitan areas and university towns in Sweden, Norway and Finland. We are also involved in project development of commercial premises and contract work, primarily in the Greater Stockholm area. JM should promote long-term sustainability work in all of its operations. Annual sales total approximately SEK 15 billion and the company has about 2,400 employees. JM is a public limited company listed on NASDAQ Stockholm, in the Large Cap segment. More information is available at www.jm.se/en.