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5.10.2020 | Investor newsletters

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 It does not contain new, unpublished information.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

Q2/2020

The Half-Year Financial Report for January-June 2020 was published on 20 August 2020.

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

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

In August and September, Kojamo has met investors via virtual roadshows and conference calls.

We have been asked a lot how do we see the development of the rental market and occupancy rate. We told earlier that in the beginning of the year a lot of supply entered the market. As a consequence of the COVID-19 pandemic some apartments from the short-term rental market (such as AirBnB) have transferred to long-term market. Additionally, a lot of new completed production has entered the market as well. In our view, these impacts are already fully in the market. Despite of the increased supply our occupancy rate stayed on a good level during the first part of the year. The amount of new rental agreements made in July was record-high, and the amount of new rental agreements has continued on a good level. It is good to notice that the new agreements come into force gradually.

We have discussed a lot about our project pipeline which very strong regarding the number of projects, their locations and profitability. Our whole plot reserve and project pipeline is currently located in Helsinki region where the need for new apartments is forecast to be the biggest. Our development projects are booked in balance sheet with investment cost, and they are revalued with the yield based valuation method when the project is complete and starts to generate cash flow. The transition from the transaction based valuation method to yield based valuation method at the end of year 2019 has, together with our good investments, had a positive impact on our development gain.

The market for portfolio transactions has still been quiet, and we are not willing to make investments that do not meet our criteria regarding price, location or apartments sizes among others. Our capability to create growth from several sources is important, and our strong pipeline an indication of this. We look strongly to the future, where the need for new apartments in growth centres will grow along with migration and diminishing household sizes.  

Other topical matters

At the end of September we announced about the construction of 116 apartments in Niittykumpu district in Espoo and 74 apartments in Nöykkiönlaakso in Espoo as a part of the cooperation agreement with Lehto. The apartments to be built in Nöykkiönlaakso are wooden apartment blocks, which supports low-carbon construction. In August we announced to start the construction of 101 apartments in Pasila district in Helsinki.

We received flagging notifications in September from PGGM Vermogensbeheer B.V. that their ownership in Kojamo fell below the 5 per cent threshold and from Ilmarinen Mutual Pension Insurance Company and Varma Mutual Pension Insurance Company that their ownership in Kojamo fell below the 10 per cent threshold. In August we received a notification from Trade Union for the Public and Welfare Sectors that their ownership in Kojamo fell below 5 per cent threshold.

In the beginning of September we also announced the composition of Kojamo’s Nomination Board, and in August the schedule for financial reporting in 2021. The Financial Statements Release, the Financial Statements and the Report of the Board of Directors 2020 will be published on 18 February 2021. The Annual General Meeting is planned to be held on 17 March 2021 in Helsinki. The publication dates of the Interim Reports and the Half-Year Financial Report in 2021 are as follows:

  • Interim Report January-March 2021: 12 May 2021
  • Half-Year Financial Report January-June 2021: 19 August 2021
  • Interim Report January-September 2021: 4 November 2021

In September, European Public Real Estate Association (EPRA) has awarded Kojamo’s Financial Statements for 2019 a gold award for the second consecutive year and Kojamo’s Sustainability report for 2019 a silver award. Additionally, Kojamo received Most Improved award for developing its sustainability reporting.

Future events

Kojamo’s silent period will start on Tuesday, 6 October 2020. The Interim Report 1 January – 30 September 2020 will be published on 5 November 2020. You can find information about future events and roadshows in Kojamo’s investor calendar.

Investors’ Day

Kojamo will host a virtual Investors’ Day on Wednesday 2 December 2020 approximately at 2:00-4:00 p.m. Finnish time (EET). Save the date, the official invitation will follow later. The event will be virtual only.

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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