JAJO Outline 2023

Outline 2023

Our services

JAJO Develops

Sustainable real estate by first everything

We develop autonomously, delegate, and From the comprehensive development redevelopment and from sustainable housing estate: we have the necessary expertise success. In the design, we consider the renewable materials, forms of contract,

JAJO Harvests

Do not demolish, but harvest

We disassemble existing buildings to harvest as much building material as possible for reuse. Materials that are part of a circular economy. Materials that are part of a circular economy. The way we see it, every building is a donor building. We do this risk-bearing and with passion. First of all, we believe 100% in the new circular model. Secondly, as risk-bearer, we can change the system. We do not demolish, we harvest.

JAJO Restores

We keep history alive

Our specialized companies see to it that everyone can enjoy the buildings as long as possible. From cultural heritage to national monuments and works of art, we know what to do with them and are internationally known for our craftsmanship, pride, and precision. We restore, repurpose, renovate, clean, and maintain according to our customers’ needs. Some projects we have worked on: the Rijksmuseum, the castle Loevestein, Palace Het Loo, and the Binnenhof.

Deve serotseR Harvests

questioning and are risk-bearing. of the area to extensive housing to commercial real expertise to conduct a project with the future, changes in use, contract, and type of exploitation.

JAJO Constructs Building and Innovating

We believe in circular and durable construction where the user is at the center. With years of experience in residential and nonresidential construction within The Netherlands and Poland, we are the partner for ground-based and multi-stored construction. From terraced houses, semi-detached houses, and detached houses to commercial buildings and logistical halls: we have the expertise. In the Caribbean, we realize large construction and infrastructure projects and create sustainable homes with our innovative 3D concrete printer.

JAJO Maintains

Total solution for future-proof real estate

We take part in various maintenance activities. Within the Netherlands, JAJO has nationally operating maintenance companies that provide a total package for future-proof real estate. We work for housing corporations, healthcare institutions, (commercial) property managers, and investors. Various subsidiaries operate in the Caribbean to maintain the infrastructure and real estate on the islands.

Report of the Board of Directors

“Working together on sustainable value creation”

A good year, especially given the market conditions, is how we can describe 2023. We have continued to build solidly on our foundation, with a rebranding of the companies within Business Premises and preparations for the new independent Maintenance branch. In addition, we also moved forward energetically with the CSRD directive from the EU to report on sustainability. This is a catalyst for the pursuit of our own ambitions and helps to provide insight into our distinctive character in the market.

New CFO

We can conclude with satisfaction that the rebranding of JAJO - started in 2022 - has resulted in more cohesion in the group last year. We have found a good balance between the decentralized structure of the JAJO ‘platform’ in which all companies operate independently and the efficient central control of certain matters such as ICT. This has brought us to a higher level as an organization.

Strong performance

Revenue amounts to € 505 million with an after-tax result of € 10.1 million. Almost all business units performed well and according to expectations. Due to market conditions, several projects within Housing started later, pushing completion dates forward to 2024. At the consolidated level, this also led to lower sales in 2023 with a good profitable result. The decrease in the result at the consolidated level is the result of an impairment on goodwill and a substantial pension indexation obligation faced by the sector. The robust profitability confirms the strength of our business strategy: with subsidiaries within The Netherlands, the Caribbean and Poland, we are active in all phases of the real estate cycle, from developing and building to maintaining, repairing and harvesting. We aim on long-term relationships with our customers. Synergy between the subsidiaries also makes this possible.

Last year we focused group-wide on more efficient operations and strengthened our foundation. Our CFO Patrick Booij led this ad interim. As of January 1, 2024, his interim position has been converted into a permanent role. “JAJO is a very special, unique company that I already have known well from previous positions since 2010,” he says about his choice. “JAJO is strongly focused on corporate sustainability, entrepreneurship and innovation. Our solid foundation enables us to implement a growth strategy and with this create (even more) value in a sustainable way.”

JAJO Academy

JAJO focuses on personal development of its employees. This is why the JAJO Academy officially has been launched in 2023. It is now running at full capacity and nearly 400 users have taken a course or workshop. That’s about a third of all employees, a very high percentage. Nice to see that the JAJO Academy meets a great need and that employees are so dedicated that - in addition to their busy daily work - they want to develop further.

CSRD - a welcome tool

We also notice enthusiasm within the organization to achieve our sustainability ambitions. JAJO would like to be a leader in sustainability. Our goal is for our Dutch companies to be CO2 neutral by 2027. In recent years, about 70 employees have worked in various working groups on various topics to become more sustainable. This is all in line with the EU’s Corporate Sustainability Reporting Directive (CSRD). We warmly embrace this new directive, which will come into effect from 2025. It provides an objective measurement tool and matches our ambitions. We expect that the CSRD will greatly stimulate demand for our sustainable products in the coming years.

We had hoped that sustainability would play a bigger role in the world even sooner. We are sticking to our ambitions. Not only because we believe we should take future generations into account, but because we believe that the sustainability transition is also really necessary from an economic perspective. We already see that the focus on sustainable value creation is important: stakeholders such as financial institutions enjoy working with JAJO because of our progressive sustainability profile.

Rebranding & new Maintenance branch

Another great development last year was the rebranding of Business Premises, in which we have reorientated: in addition to our focus on new construction, we are focusing on revitalizing and redeveloping existing buildings.

We have also worked on the establishment of an independent Division Maintenance, which started January 1, 2024. Maintenance meets our goal of unburdening customers and contributing to sustainability. Moreover, these activities have already been developed so far within JAJO, that an independent division is a logical consequence. Under the inspiring leadership of Guido Beijer, we expect substantial growth in this area in the coming years.

Outlook for 2024

We have a well-filled order book and see unabated high demand for homes. In addition, a transition is taking place in commercial real estate from new construction to existing construction and the CSRD will lead to an increasing demand for sustainable projects. The economic prospects on most of the Caribbean islands is favorable. Here we see many opportunities for growth. The expectations for Poland are also positive. All this means that we look to the future with confidence, despite industry-wide challenges such as objection procedure options, grid congestion, nitrogen issues and interest rates.

We look forward to continuing to contribute to a sustainable future in 2024.

14 May 2024, Ivo van der Mark and Patrick Booij JAJO Board of Directors

Consolidated profit and loss account (x 1.000 euro)

Revenues

Raw materials and consumables

Work subcontracted and other external expenses

Wages, salaries and social security costs

Depreciation of intangible and tangible fixed assets

Other operating expenses

Operating expenses

Earnings before interest and taxes (EBIT)

Finance income

Finance expense

Profit before income tax

Share in profits of associates Income tax expense

Profit after income tax

Minority interests

Net profit

Consolidated balance sheet (before appropriation of profit / x 1.000 euro)

Fixed assets

Intangible fixed assets

Tangible fixed assets

Financial fixed assets

Investment property

Current assets

Inventories

Work in progress

Receivables

Cash and cash equivalents

Total assets Liabilities

Shareholders equity Provisions

liabilities

 Curaçao

 CWM Infrastructure Project in the spotlight

Closing the circle together.  Harmonia