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 It does not contain new, unpublished information.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 Half-year Financial Report for January-June 2021 was published on 19 August 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 August–September. In our conversations we have, among others, discussed the positive fair value change of our investment properties, yield compression being the key factor behind. It is good to remember that we do the valuation of our investment properties each quarter, and an external valuation partner gives a statement of the valuation. Last year restrictions related to COVID-19 pandemic were restricting portfolio deals on the market even though the interest towards Finnish residential property market has been on a high level. Therefore there has been a limited amount of comparable pricing information for the yield level assessment. During this year the transaction market has revived and sufficient amount of information for yield assessment has accumulated.
We have also had a lot of conversations regarding the lifting of COVID-19 restrictions and recovery of migration. As we said in connection with our Half-year Financial Report, according to statements issued by the authorities, despite of the good progress with COVID-10 vaccinations the lifting of restrictions related to the pandemic may require a higher vaccination coverage than previously thought. This can postpone the lifting of restrictions. Nevertheless, we have seen positive signs of the recovery of migration, and we made more new rental agreements in July than in previous year and in 2019. In addition, the service sector has shown signs of recovery, indicated by detected lack of workforce in the industry. It is good to note that migration seems to have started to recover slower in the Helsinki region than in other big cities.
We have also been asked about the decline of NPS (net promoter score). NPS is calculated by asking our customers in different points of their customer path whether they would recommend the company on a scale of 1 to 10. The share of grades 1 to 6 are deducted for the share of grades of 9 and 10. Hence the NPS can vary between -100 and 100. Net Promoter Score was on a lower level than before in the first half of the year even though other KPIs measuring our customer satisfaction have improved. This seems to be an international and cross-industry phenomenon as NPS seems to have declined in many different industries and different countries during the COVID-19 era. We continue our long-term efforts in order to deliver the best customer experience.
Other topical matters
In September we published the composition of Kojamo’s Nomination Board. The right to nominate representatives is vested with the three shareholders of the Company having the largest share of the votes represented by all the shares in the Company annually on the first workday of September.
We received a flagging notification in September from Norges Bank that their ownership in Kojamo exceeded the 5 per cent threshold.
In July, we announced agreements on the construction of 593 new apartments in the capital region within the framework of our current cooperation agreements. 129 apartments will be constructed in Pasila district, 27 apartments in Kannelmäki district and 86 apartments in Malmi district in Helsinki, 65 apartments in Veromies district and 126 apartments in Tikkurila district in Vantaa, 80 apartments in Jousenpuisto district and 80 apartments in Olari district in Espoo.
Kojamo’s silent period will start on Tuesday, 5 October 2021. The Interim Report 1 January – 30 September 2021 will be published on 4 November 2021. You can find information about future events and roadshows in Kojamo’s investor calendar.
Maija Hongas, Manager, Investor Relations, Kojamo plc, email@example.com, 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/.