Interim report January – March 2010

Continued good demand for JM’s housing

- Revenues decreased to SEK 1,708m 1) (2,902) and the number of residential units sold increased to 757 (564) - Profit before tax improved to SEK 93m (70), of which restatement according to IFRIC 15 had a negative impact on profit of SEK -29m (4). In addition, the severe winter has had a negative impact on the level of activity and on earnings. First quarter profit after tax rose to SEK 63m (50). Operating margin increased to 7.1 percent (3.4) - Return on equity for the past twelve months was 10.8 percent (14.3). Earnings per share during the first quarter amounted to SEK 0.80 (0.60) - Consolidated cash flow including net investment in properties totaled SEK -88m (-464). The Group applies IFRIC 15 Agreements for the Construction of Real Estate for its income statement and balance sheet commencing in 2010. IFRIC 15 only changes reporting of revenue and profit and loss for JM’s operations outside Sweden, JM International. Segment reporting and project management remain unchanged according to IAS 11, percentage of completion method. The description of operations is based on segment reporting. 1) Revenues decreased SEK 1,194m, compared with the previous year, of which SEK 988m is attributable to the changed principle for revenue recognition (IFRIC 15). Restatement of the financial statements had a strong impact on revenue (increase) for Q1 2009 with respect to JM International mainly due to a large completed project.