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7.7.2021 | Investor newsletters

Investor newsletter July 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 It does not contain new, unpublished information.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.

Q1/2021

The Interim Report for January-March 2021 was published on 12 May 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 via virtual roadshows and conference calls in May-June. In the conversations the eyes have turned to post-pandemic time. According to our assessment, the impacts of the pandemic on the market are temporary. The drivers supporting long-term demand are intact and we have a strong project pipeline to create growth. Vaccinations have proceeded well in Finland. When sufficient vaccination coverage will be achieved, we estimate that life will start to return to normal and urbanisation to recover. We estimate that students are one of the groups that among the first will move back to university cities to continue their studies in autumn.

We have been asked a lot if COVID period has had any impact on what kind of apartments people want to live in. We haven’t seen changes in what kind of apartments our customers seek. Central locations along with good transportation connections are still of interest and renting of our newly completed apartments has been proceeded without problems.  We have also had discussions on distribution of our customers. Approximately 10 per cent of our customers are below 25 years old. In this age group the share of students in significant and turnover has been the largest.

In addition, rising prices of construction costs in Europe has been on of the topics we have discussed a lot, and we have been asked about potential impacts on Kojamo’s operations. It is good to remember that Kojamo has currently over 2,600 apartments under construction with agreements on fixed prices. This means that potential increases in construction costs do not have impact on projects that are currently under construction. Of the apartments under construction, approximately 1,300 units will be completed this year, approximately 1,100 in year 2022 and approximately 200 in year 2023.

We have also had discussion on availability of financing. In spring we published a Green Finance Framework and issued our first green bond of EUR 350 million. The demand for our bond was good and it carries a fixed annual coupon of 0.875 per cent. Currently Kojamo has no significant refinancing needs in the near future.

Other topical matters

In May we published the schedule for Kojamo’s financial reporting in 2022. The Financial Statements Release, the Financial Statements and the Report of the Board of Directors 2021 will be published on 17 February 2022. The Annual General Meeting is planned to be held on 16 March 2022 in Helsinki. The publication dates of the Interim Reports and the Half-Year Financial Report in 2022 are as follows:

  • Interim Report January-March 2022: 12 May 2022
  • Half-Year Financial Report January-June 2022: 18 August 2022
  • Interim Report January-September 2022: 3 November 2022

We received a flagging notification in May from The Finnish Industrial Union that their ownership in Kojamo fell below the 10 per cent threshold.

At the end of May we completed the issue of EUR 350 million green bond under our EMTN programme. This is the first green bond issued by Kojamo. The proceeds of the issuance of the Notes will be used by Kojamo plc for the financing or refinancing investments that promote energy efficiency of buildings in accordance with the company’s Green Finance Framework.

On 31 May 2021 we agreed on the purchase of two real estate development projects. 119 apartments will be constructed in the conversion project in Pohjois-Haaga, Helsinki and 142 new apartments will be constructed in Hervanta, Tampere.

Future events

Kojamo’s silent period will start on Tuesday, 20 July 2021. The Half-year Financial Report 1 January – 30 June 2021 will be published on 19 August 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 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/.

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