Outline 2022

Outline 2022

Closing the circle

together.

Our services JAJO Develops Sustainable real estate by first everything

We develop autonomously, delegate, a

From the comprehensive development

redevelopment and from sustainable h

estate: we have the necessary expertis

success. In the design, we consider the

renewable materials, forms of contract

Deve 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

Harv es ts

JAJO Harvests

risk-bearing and with passion. First of all, we believe 100% in the new circular model. Secondly, as risk-bearer, we can change the

s re

system. We do not demolish, we harvest.

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.

Re s to

JAJO Restores

questioning

and are risk-bearing.

t of the area to extensive

housing to commercial real

se to conduct a project with

e future, changes in use,

t, 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 non-

elops

residential 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

ucts nstr Co

infrastructure projects and create sustainable homes with our innovative 3D concrete printer.

M 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.

s tain ain

Report of the Board of Directors 2022 was a successful year. A very turbulent year too, but when isn’t it? And above all, a year in which we have taken we have taken significant steps towards sustainability. We have celebrated our 80th anniversary, founded a great start-up, and started special initiatives. With a new name, a new direction, and a new mission, we have ushered in the new year. Hello 2023, JAJO is ready!

To start with the figures: it was a good year financially with healthy profitability. The turnover grew to 534 million euros.

Profit for 2022 was set at 17.5 million euros. Despite the necessary challenges: again, material shortages came across, partly due to the geopolitical tensions in the world. Also, in 2023 we will suffer from these shortages.

A new brand, Revolve Development We are excited about the launch of our new brand Revolve Development, an internal start-up set up by ambitious colleagues from within our company. Revolve Development will be the first development company in The Netherlands to focus on the circular and CO2-neutral development of buildings and locations. Their slogan is ‘100% happiness and 0% CO2 ’. The acquisition of projects is rapidly developing, Revolve Development is looking, among other things, into a wood-constructed apartment complex in Pijnacker.

Takeover in maintenance Thanks to the acquisition of Management & Maintenance ERA Contour, we have extended our maintenance network.

This acquisition is fully compliant with our growth ambitions and strategic focus on professionalizing and expanding our maintenance branch. Management & Maintenance is mainly active in the Rotterdam region, which provides us with more national spread of these activities. For the employees, it is good that they join a company that wants to develop and extend the maintenance business.

JAJO Academy Good people are the power of every company. We believe it is important to invest in our people and ensure they remain employable and motivated for the long term. For example, allowing them to continue learning. In early 2023, we founded the JAJO Academy, an online platform with courses, reference books, and tailor-made pieces of training.

Our subsidiaries can show their needs to the Academy, for example, to conduct a technical English course on the job site. The JAJO Academy is also used for the onboarding of new colleagues. The need for learning amongst our colleagues is great: the Academy has become widely used, and 400 trainings have been initiated by the 600 Dutch colleagues who have access to the platform. Soon, also our colleagues in the Caribbean are going to be connected.

Awareness about behavior The app Speak-Up! is well-used within JAJO, in The Netherlands, Poland and in the Caribbean. Since 2021, we have used this application to load the organization’s code of conduct even better and to stimulate conversations about, for example, unwanted behaviors or suspicions of fraud. We would like to make sure that these kinds of issues can be discussed, and to increase the awareness of everyone’s role in this. In the app, we discuss statements with one another and focus on desirable behavior.

A new, sustainable foundation In September, we successfully celebrated our 80th anniversary as a team-building event with all colleagues and partners at DeFabrique in Utrecht. When you turn 80, it’s a good moment for self-reflection. Where have you come from, and where would you like to go? The real estate cycle is creaking and squeaking and now needs brave companies that can work together to build a new, sustainable foundation. We feel very strongly about that responsibility, and we want to become even more sustainable. The market is ready for that. And if any company is capable of being a leader in sustainable development, it is for us. JAJO is large enough to be significant, and because the organization is composed of several small companies, it is also flexible enough to be able to change. To use a classic shipping metaphor: a tanker does not change course easily, but a fleet of small sailing ships is very agile. Moreover, we have a culture of just doing it. Innovation requires the courage to experiment. Our Houtlab is just one example. This innovative building took shape in 2022 and will open its doors in 2023 for all those who want to know more about circularity, durability, and wooden construction.

New name and corporate identity A strengthened course also incorporates a new name and company identity, we thought. Since January 9, 2023, we have continued as JAJO, with the mission: Closing the circle, together. That means, for one thing, the subsidiaries of the JAJO. They are active at every step of the real estate cycle. They develop, build, maintain, repair, and harvest. Together, they close the material cycle, and like a strong and unique combination they support customers at every step of the way in real estate. On the other hand, the new mission emphasizes that the necessary sustainability in the real estate sector is only possible by working together with the entire chain of partners, suppliers, customers, and other construction companies.

Outlook 2023 Sales are expected to consolidate in 2023. We have a well-filled order book. Reserve judgement is appropriate, as higher interest rates has made the market much more uncertain. This results in at least longer project deadlines, which should reduce the pressure on material demand. Furthermore, we may suffer from the nitrogen problem. Building permits in Noord-Brabant have been stopped, and this may become an issue for new projects by the end of 2023.

The right mindset We continue to focus on our sustainability ambitions. If we are to achieve our CO2 neutrality target by 2027, we need to take real action now. For more information on what we are doing, see Sustainable Entrepreneurship. In the past, our organization has proven that it can successfully implement this kind of transition. Consider the great progress we have made for turnkey building or customer satisfaction.

If you are ready to be flexible, reflect on yourself and learn from your achievements, then you have the right mindset for change. We see that willingness in our employees. Hopefully, as many other companies as possible will join us to close the circle together.

30 May 2023, Ivo van der Mark and Patrick Booij JAJO Board of Directors

Consolidated profit and loss account (x 1.000 euro) 2022

2021

Revenues

534.241

460.725

Raw materials and consumables

101.800

100.560

Work subcontracted and other external expenses

310.183

252.983

Wages, salaries and social security costs

71.069

61.274

Depreciation of intangible and tangible fixed assets

7.235

5.372

Other operating expenses

23.201

18.764

Operating expenses

513.488

438.953

Earnings before interest and taxes (EBIT)

20.753

21.772

Finance income

217

537

Finance expense

484

891

Profit before income tax

20.486

21.418

Share in profits of associates

1.767

549

Income tax expense

-4.722

-3.889

Profit after income tax

17.531

18.078

0

0

17.531

18.078

Minority interests

Net profit

1.008

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

31-12-2022

31-12-2021

7.896

8.632

38.838

31.238

47.813

38.866

9.299

9.648

Inventories

45.766

50.618

Work in progress

26.269

9.712

Receivables

83.062

41.453

Cash and cash equivalents

32.707

41.839

Total assets

291.650

232.006

31-12-2022

31-12-2021

108.542

98.466

Provisions

17.375

15.015

Non-current liabilities

10.138

9.766

Work in progress

42.339

25.338

Current liabilities

113.256

83.421

Total equity and liabilities

291.650

232.006

Fixed assets Intangible fixed assets Tangible fixed assets Financial fixed assets Investment property

Current assets

Liabilities Shareholders equity

Closing the circle

together.