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9.4.2021 | Investor newsletters

Investor newsletter April 2021

Kojamo’s investor newsletter is primarily published always after an Interim Report and the subsequent roadshow before the beginning of the silent period. The purpose of the newsletter is to discuss the topical issues and themes related to Kojamo as an investment that are relevant for investors. It does not contain new, unpublished information. The newsletter is available on Kojamo’s investor pages or you can subscribe to it via e-mail.

Year 2020

The Financial Statements Release, the Financial Statements and the Board of Directors’ Report, Corporate Governance Statement and Remuneration Report for 2020 were published on 18 February 2021. Additionally, on 4 March 2021 we published our Annual Report including our renewed sustainability report. We reported according to GRI Core level for the first time. We also continue to report according to EPRA sBPR.

The COVID-19 pandemic did not have a significant impact on Kojamo’s result, balance sheet or cash flows in 2020.

The publications, webcast recording from the results news conference as well as transcript of the event are available at Kojamo’s Investors website.

Roadshows and investor meetings

We have met investors via virtual roadshows and conference calls during February–April. The discussions still have a strong focus on the development of the operating environment and the impacts of the COVID-19 pandemic. We have discussed a lot about the balance of supply and demand on the market.  

The supply increased temporarily in the market last year when new production was completed to the market and as a consequence of the COVID-19 pandemic, short-term rental apartments were transferred to long-term leasing. The restrictions related to the pandemic were reflected to migration, and for example students terminated their contracts as universities shifted to remote studies. Demand for apartments in central locations close to good transportation connections has stayed on a good level despite of the pandemic, and for example the renting of completed projects has proceeded without problems.

We believe that the impacts of the pandemic are temporary and that urbanisation will continue even stronger after the pandemic has ended. Going forward, we see that the demand will still focus in growth centres, in good locations close to transportation connections and services. We have strict criteria for our investments, and we are happy with our strong project pipeline supporting our growth in the future.

According to our outlook for 2021, we estimate that the Group’s total revenue will increase by 3–5 per cent year-on-year and the Group’s FFO will amount to between EUR 150–163 million, excluding non-recurring items. The outlook is, among other things, based on the estimate that sufficient vaccination coverage will be achieved in the summer and that migration will gradually recover to pre-pandemic levels thereafter. Migration sustains strong demand, which will increase Like-for-Like rental income. However, due to the impacts of the pandemic on the operating environment, we expect the development of Like-for-Like rental income to be moderate during the first half of the year. Kojamo’s outlook is available here in its entirety.

Other topical matters

On 18 February 2021, Kojamo plc’s Board of Directors decided to establish a new long-term incentive plan, which was announced by a stock exchange release.

Kojamo’s Annual General Meeting was held on 17 March 2021. The Annual General Meeting was arranged with exceptional procedure based on the temporary legislative act to limit the spread of the COVID-19 pandemic approved by the Finnish Parliament. Shareholders of the company and their proxy representatives were able to participate in the meeting and exercise shareholder rights only through voting in advance as well as by making counterproposals and presenting questions in advance. More information about the AGM and its decisions is available at https://kojamo.fi/agm.

On 15 March 2021 we published a Green Finance Framework which links the company’s sustainability targets and climate actions with the company’s investments and their financing. We can finance or refinance the company’s investments that promote the transition towards sustainable and low-carbon economy with green bonds, green loans or other green debt instruments under the framework.

On 18 March 2021 we also signed a new EUR 100 million Revolving Credit Facility linked to our sustainability targets with Handelsbanken. In addition, we signed a loan agreement of EUR 100 million with Swedbank on 19 March 2021.

Future events

Kojamo’s silent period will start on Monday, 12 April 2021. The Interim Report 1 January – 31 March 2021 will be published on 12 May 2021. You can find information about future events and roadshows in Kojamo’s investor calendar.

Maija Hongas, Manager, Investor Relations, Kojamo plc, maija.hongas@kojamo.fi, tel. +358 20 508 3004

Kojamo is Finland’s largest private residential real estate company and a frontrunner in the housing business. Our mission is to create better urban housing. The Lumo brand provides environmental-friendly housing and services in Finland’s biggest growth centres. We actively develop the value of our investment properties by developing new properties and our existing property portfolio. We want to be the property market frontrunner and the number one choice for our customers. Kojamo’s shares are listed on the official list of Nasdaq Helsinki. For more information, please visit kojamo.fi/en/

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