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2.7.2020 | Investor newsletters

Investor newsletter July 2020

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 It does not contain new, unpublished information.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.

Q1/2020

The Interim Report for January-March 2020 was published on 7 May 2020.

The COVID-19 pandemic did not have a significant impact on Kojamo’s result, balance sheet or cash flows during the first quarter of the year.

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

Roadshows and investor meetings

In May and June, Kojamo has met investors via virtual roadshows and conference calls.

The conversations with investors are mainly related to the effects of COVID-19 pandemic on Kojamo’s operations and the market. Kojamo has been able to continue its operations for the most part without disturbances, even though our personnel have been working from home since mid-March. The pandemic has not led to an increase in the rental receivables, and they are not expected to grow significantly in the near future. We have invested in active resident advisory services, and we can agree on payment plans and arrangements with customers if needed.

We think that COVID-19 pandemic doesn’t have an impact on urbanisation on the long term. On the other hand, in the short term the pandemic has had impact on migration: work-related migration has temporarily stopped and for example students have temporarily moved back to their parents as well as foreign students have returned to their homelands for now. The supply of rental apartments has increased as well as the apartments from short-term rental market (such as AirBnB) has transferred to long-term rental market following the decreasing tourism.

These consequences are temporary though, and we don’t see that the pandemic would have a long-term impact on housing market. It is good to note, that the supply of new housing construction is estimated to decrease in 2021 and 2022. Nevertheless, in the latest housing production need statement by VTT Technical Research Centre of Finland the need for new housing is increasing supported by the decreasing household sizes in addition to attractiveness of cities.

Despite of the pandemic we will focus on profitable growth, which is supported by the project pipeline, that has further strengthened during the first quarter of the year.

Other topical matters

At the end of May, we completed the issue of EUR 500 million bond under EMTN programme, launched in March. The proceeds of the issuance of the Notes will be applied by Kojamo plc for its general corporate purposes, mostly for the financing of investments.

Our project pipeline has strengthened significantly. At the end of June we announced the acquisition of 45 apartments in Vuosaari district in Helsinki. We also announced about the construction of 95 apartments in Matinkylä district in Espoo as part of the cooperation agreement with SRV and agreed with Lehto on the construction of 392 apartments in Vartiokylä district in Helsinki as well as in Nihtisilta, Niittykumpu and Nöykkiönlaakso districts in Espoo. During May, we started the construction of 72 apartments in Suurpelto district in Espoo and 137 apartments in Vermonniitty district in Espoo. In April, we agreed on the construction of 59 apartments in Matinkylä district in Espoo. In April we also started the construction of the tower building called Lumo One, located in Kalasatama district, which is part of the cooperation agreement signed with SRV.

Kojamo was selected in GPR 250 index series starting from 22 June 2020. The GPR 250 Index Series is a free float weighted index that tracks the performance of the 250 leading and most liquid property companies worldwide.

Future events

Kojamo’s silent period will start on Tuesday, 21 July 2020. The Half-Year Report 1 January – 30 June 2020 will be published on 20 August 2020. 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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