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 It does not contain new, unpublished information.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.
The Interim Report for January-September 2021 was published on 4 November 2021.
The COVID-19 pandemic did not have a significant impact on Kojamo’s result, balance sheet or cash flows during the review period.
The Interim Report, 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 in November-January mainly via virtual roadshows and conference calls.
We have discussed with investors the development of the COVID-19 situation and its impact on our operations. During the autumn we saw positive signs of the recovery of migration, and we made new rental agreements at a rapid pace. The corona vaccinations proceeded during the autumn and restrictions were lifted gradually. In Tampere and Turku regions the renting reverted to pre-COVID-19 levels. In the capital region there has appeared labour shortage especially in the service sector, but the uncertainty related to the COVID-19 restrictions has slowed down the migration to the Helsinki region. Due to this the recovery of migration to the Helsinki region has been slower than to the other growth centres.
We have been asked about the construction cost inflation. Although the construction costs in the market have risen, the increase in construction costs in Finland has been moderate compared to many other European countries. It is also good to note that all our current ongoing development projects as well as most of the binding preliminary agreements have been made at fixed prices.
We have also discussed our press release given in December, where we announced that we will evaluate strategic options outside key growth centres. This is normal assessment as part of our strategy, and no final decisions have been made. We will evaluate whether we should focus more clearly to the largest growth centres. It is possible that this leads to selling of up to 3,600 apartments located outside the key growth centres.
Our project pipeline has remained strong. In November, we announced the agreement on the construction of 86 new apartments in Malmi, Helsinki. The agreement is part of the entity announced with Pohjola Rakennus on 12 July, 2021. In December, we announced the agreement on the construction of 60 new apartments in Olari, Espoo, and on the construction of 113 new apartments in Puotila, Helsinki. In addition, we announced the agreement on the construction of 78 new apartments in Munkkivuori, Helsinki. The project is part of the cooperation agreement signed with SRV on 30 August 2019.
We improved our result in the GRESB Sustainability Assessment, in which we participated for the second time. Kojamo received 77 points out of 100 and exceeded the average result of all of the participants in the assessment as well as the average score of our comparison group. We earned a Green Star designation and three stars out of five.
In November, we received two flagging notifications. On 1 November, according to the notification from Heimstaden Bostad AB, their holding had exceeded the threshold of 10 per cent, and on 10 November, according to the notification from Opetusalan Ammattijärjestö OAJ, their holding fell below the 5 per cent threshold.
In December, we published the Proposals of the Shareholders’ Nomination Board of Kojamo to the Annual General Meeting. As a new member of the Board, the Nomination Board proposes Kari Kauniskangas, whose CV is attached to the stock exchange release.
Kojamo’s silent period starts on Tuesday, 18 January 2022. The Financial Statements Release 1 January – 31 December 2021, the Financial Statements and the Report of the Board of Directors, Corporate Governance Statement and Remuneration Statement will be published on 17 February 2022.
You can find information about future events and roadshows in Kojamo’s investor calendar.
Niina Saarto, Group Treasurer, Investor Relations, Kojamo plc, email@example.com, tel. +358 20 508 3283
Kojamo is Finland’s largest private residential real estate company and one of the biggest investors in Finland. Our mission is to create better urban housing. Lumo offers environmentally friendly housing and services for the city dweller who appreciates quality and effortlessness. 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 https://kojamo.fi/en/.