Back to archive
3.11.2022 | Stock exchange releases

Kojamo plc Interim Report 1 January–30 September 2022

Kojamo plc Stock Exchange Release, 3 November 2022 at 8.00 a.m. EET

Kojamo plc’s Interim Report 1 January–30 September 2022

Total revenue increased and occupancy rate took a positive turn

This is a summary of the January–September Interim Report, which is in its entirety attached to this release and can be downloaded from the company’s website at

Unless otherwise stated, the comparison figures in brackets refer to the corresponding period of the previous year. The figures in this Interim Report have not been audited.

Summary of July–September 2022

  • Total revenue increased by 7.5 per cent to EUR 105.4 (98.1) million
  • Net rental income increased by 8.2 per cent totalling EUR 78.2 (72.2) million. Net rental income represented 74.1 (73.6) per cent of revenue
  • Profit before taxes was EUR 90.8 (69.3) million. The profit includes EUR 35.8 (17.9) million in net gain on the valuation of investment properties at fair value. Earnings per share was EUR 0.29 (0.22)
  • Funds From Operations (FFO) increased by 8.0 per cent and amounted to EUR 48.6 (45.0) million
  • Gross investments totalled EUR 78.1 (81.6) million, representing 74.1 (83.2) per cent of total revenue

Summary of January–September 2022

  • Total revenue increased by 4.6 per cent to EUR 305.4 (292.0) million
  • Net rental income increased by 5.5 per cent to EUR 207.6 (196.7) million. Net rental income was 68.0 (67.4) per cent of total revenue
  • Profit before taxes was EUR 248.6 (616.0) million. The profit includes EUR 110.9 (484.1) million in net gain on the valuation of investment properties at fair value and EUR 0.2 (0.3) million in profits and losses from the sale of investment properties. Earnings per share was EUR 0.81 (2.00)
  • Funds From Operations (FFO) increased by 4.8 per cent to EUR 120.0 (114.5) million
  • The fair value of investment properties was EUR 8.9 (7.6) billion at the end of the review period, including EUR 0.0 (1.1) million in Investment properties held for sale
  • The financial occupancy rate was 91.7 (94.0) per cent for the review period. At the end of June, the financial occupancy rate was 91.5 per cent
  • Gross investments amounted to EUR 416.5 (258.1) million, or 136.4 (88.4) per cent of total revenue
  • Equity per share was EUR 17.96 (15.08) and return on equity was 6.1 (18.7) per cent. Return on investment was 5.1 (13.1) per cent
  • EPRA NRV (Net Reinstatement Value) per share grew by 17.1 per cent to EUR 22.63 (19.32)
  • There were 2,012 (2,624) Lumo apartments under construction at the end of the review period

Kojamo owned 38,983 (36,484) rental apartments at the end of the review period. Since September of last year, Kojamo has acquired 985 (26) apartments, completed 1,562 (1,012) apartments and demolished or otherwise altered -48 (-167) apartments.

Key figures

7–9/2022 7–9/2021 Change % 1–9/2022 1–9/2021 Change % 2021
Total revenue, M€ 105.4 98.1 7.5 305.4 292.0 4.6 391.7
Net rental income, M€ * 78.2 72.2 8.2 207.6 196.7 5.5 262.3
Net rental income margin, % * 74.1 73.6 68.0 67.4 67.0
Profit before taxes, M€ * 90.8 69.3 31.0 248.6 616.0 -59.7 1,278.9
EBITDA, M€ * 105.1 83.2 26.4 291.0 656.3 -55.7 1,334.8
EBITDA margin, % * 99.7 84.8 95.3 224.7 340.8
Adjusted EBITDA, M€ * 69.3 65.2 6.2 179.9 171.5 4.9 228.5
Adjusted EBITDA margin, % * 65.7 66.5 58.9 58.7 58.3
Funds From Operations (FFO), M€ * 48.6 45.0 8.0 120.0 114.5 4.8 153.1
FFO margin, % * 46.1 45.9 39.3 39.2 39.1
FFO excluding non-recurring costs, M€ * 48.6 45.0 8.0 120.0 114.5 4.8 153.1
Investment properties, M€ ¹⁾ 8,857.1 7,606.7 16.4 8,327.5
Financial occupancy rate, % 91.7 94.0 93.9
Interest-bearing liabilities, M€ * 3,582.9 3,351.1 6.9 3,334.5
Return on equity (ROE), % * 6.1 18.7 27.0
Return on investment (ROI), % * 5.1 13.1 19.2
Equity ratio, % * 48.7 46.2 49.0
Loan to Value (LTV), % * ²⁾ 39.9 41.0 37.7
EPRA Net Reinstatement value (NRV), M€ 5,592.3 4,775.1 17.1 5,447.9
Gross investments, M€ * 78.1 81.6 -4.3 416.5 258.1 61.4 356.9
Number of personnel, end of the period 309 316 325
Key figures per share, € 7–9/2022 7–9/2021 Change % 1–9/2022 1–9/2021 Change % 2021
FFO per share * 0.20 0.18 11.1 0.49 0.46 6.5 0.62
Earnings per share 0.29 0.22 31.8 0.81 2.00 -59.5 4.14
EPRA NRV per share 22.63 19.32 17.1 22.04
Equity per share 17.96 15.08 19.1 17.25
* In accordance with the guidelines issued by the European Securities and Markets Authority (ESMA), Kojamo provides an account of the Alternative Performance Measures used by the Group in the Key figures, the formulas used in their calculation, and reconciliation calculations in accordance with ESMA guidelines section of the Interim Report
¹⁾ Including Non-current assets held for sale
²⁾ Excluding Non-current assets held for sale

Outlook for Kojamo in 2022 (specified)

Kojamo estimates that in 2022, the Group’s total revenue will increase by 5–6 per cent (previously 4–6 per cent) year-on-year. In addition, Kojamo estimates that the Group’s FFO for 2022 will amount to between EUR 156–164 million, excluding non-recurring costs (previously EUR 155–165 million).

The outlook is based on the management’s assessment of total revenue, property maintenance costs and repairs, administrative expenses, financial expenses, taxes to be paid and new development to be completed, as well as the management’s view on future developments in the operating environment.

The outlook takes into account the estimated occupancy rate and rises in rents as well as the number of apartments to be completed. The outlook does not take into account the impact of potential acquisitions or disposals on total revenue and FFO.

The management can influence total revenue and FFO through the company’s business operations. In contrast, the management has no influence over COVID-19 restrictions, market trends, the regulatory environment or the competitive landscape.

CEO’s review

Kojamo’s total revenue, net rental income and FFO grew. The rental market developed positively, even though there are significant uncertainties in the investment and financial market. The increase in energy prices had only a minor effect on the company’s maintenance costs. Our balance sheet remained strong and our liquidity has stayed good.

The number of new leases began to grow in the summer, and our occupancy rate turned to substantial growth in the third quarter. The occupancy rate in September was already almost 93 per cent. Demand is supported by the resumption of the urbanisation trend after the COVID-19 pandemic. Increased economic uncertainty is also a factor behind the growing popularity of rental housing. The prolonged COVID-19 pandemic still affected our occupancy rate in the first half of the year. The resumption of work-related migration and the return of students to university cities were delayed after the pandemic-related restrictions were lifted in March.

It is important for us that the company has access to diverse sources of financing. This is evidenced by the new six-year unsecured credit agreement of EUR 100 million which we signed with OP Corporate Bank after the review period in October. Although our financing needs will be minor over the next year, the new financing arrangement further strengthens our liquidity position.

Interest rates have risen quickly and uncertainty in the financial markets is continuing. Over the years, we have systematically maintained a high hedging ratio for our financing. Our financial expenses have not risen in line with the higher interest rates due to the high hedging ratio of our loan portfolio, and the average interest rate of the loan portfolio remained at 1.7%.

A total of 1,100 Lumo homes were completed during the period under review, and we also acquired a further 985 apartments. At the end of the review period, 2,012 apartments were under construction.

As we have anticipated, the number of new housing start-ups is expected to decline substantially. Higher inflation, energy crisis, rising interest rates and the risk of a recession have weakened the outlook for the construction sector and the demand for new owner-occupied apartments. Rising interest rates have increased uncertainty in the market in particular. Although our balance sheet is strong, we have decided to not make new investment decisions for the time being due to the lack of visibility. A deteriorating outlook in the construction sector may create attractive opportunities for us going forward. We are actively monitoring the market situation and, if visibility in the market improves, we will be able to respond quickly to any opportunities. Our ongoing development projects are being implemented on a fixed-price basis, and they have progressed according to plans. We will complete these projects as normal.

Kojamo is involved in the national Down a degree campaign where we encourage Lumo residents to take practical energy-saving measures that have an immediate effect. Kojamo's own commercial properties are also included in the campaign.

The second and final stage of the Lumo One skyscraper was completed at the beginning of September. The move-in of the residents went smoothly, and the skyscraper has had a very high occupancy rate right from the start. Lumo One is a unique property in the Finnish rental apartment market. In addition to a unique building and unparalleled views, Lumo One offers a very wide range of services.

Jani Nieminen

News conference and webcast

Kojamo will hold a news conference for institutional investors, analysts and media on 3 November 2022 at 10.00 a.m. EEST at the company’s head office at Mannerheimintie 168A, Helsinki. The event will be held in English. After the event, the media has a possibility to ask questions also in Finnish. Participants are asked to attend the event in person only if they are completely healthy.

The event can also be followed as a live webcast. A recording of the webcast will be available later on the company website at

The news conference can be followed online at

It is also possible to join the news conference via phone. Accessing the teleconference requires registration by clicking the following link: After the registration you will be provided phone numbers and a conference ID to access the conference.

For more information, please contact:

Niina Saarto, Group Treasurer, Investor Relations, Kojamo plc, tel. +358 20 508 3283,
Erik Hjelt, CFO, Kojamo plc, tel. +358 20 508 3225,


Nasdaq Helsinki, Irish Stock Exchange, key media

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


Kojamo Interim Report January-September 2022 (wkr0006.pdf)
Kojamo Interim Report January-September 2022 presentation (Kojamo Interim Report January-September 2022 presentation.pdf)