Effects of the COVID-19 pandemic on Kojamo

Kojamo takes the coronavirus seriously and is committed to looking after the health and well-being of the Group’s employees, customers and partners. Kojamo monitors the recommendations issued by the authorities and complies with them.

The Group’s day-to-day operations have continued normally in spite of the exceptional circumstances. The systems used at Kojamo enable remote work, and employees switched to working remotely, for the most part, starting from 16 March. The transition went smoothly and did not cause any disruptions to services. All of Kojamo’s development projects have progressed as planned in spite of the pandemic.

Lumo Home Centres throughout Finland are currently closed, but customer service operates via digital channels and by phone. The My Lumo online service offered to residents enables effective communication with residents regarding exceptional arrangements. Thanks to the Lumo webstore, apartment rental operations have continued almost as normal, and customers can rent an apartment without physical contact by taking advantage of safe virtual tours of apartments. Non-urgent maintenance and repair visits have been postponed to ensure the safety of residents. Restrictions have been introduced on the use of shared facilities, such as saunas and club rooms. Kojamo offers flexibility to residents with regard to rent payment.

Kojamo’s financial position and liquidity are good. At the end of the review period, Kojamo’s cash and cash equivalents stood at EUR 237.3 (206.5) million and liquid financial assets at EUR 70.9 (187.5) million. The Group also had EUR 300 million in unused credit limits. Kojamo has taken measures to ensure its financing during the COVID-19 pandemic, and the Group’s diverse financing structure supports this. In March, Kojamo strengthened its financial position further by signing an agreement with OP Corporate Bank on a 5.5-year unsecured loan in the amount of EUR 75 million for the Group’s general corporate purposes. Kojamo also increased its cash and cash equivalents on a precautionary basis by increasing the issuance of commercial papers.

Read also more, how the effects of COVID-19 pandemic have been taken into consideration in Kojamo’s outlook and near-term risks and uncertainties.

Page updated 7 May 2020