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Financial targets

Dividend policy

Over time, the dividend should reflect the earnings trend in total operating activities. The average dividend over a business cycle should correspond to 50 percent of 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.


Operating margin should amount to 10 percent, including gains from property sales.

Equity ratio

The visible equity ratio should amount to 35 percent over a business cycle.   


JM's financial targets are defined based on segment reporting.