Kojamo plc Press release 6 March 2024 at 10.00 a.m.
Kojamo plc’s Annual Report and Sustainability Report for 2023 published
Kojamo has published its Annual Report for 2023, which includes the company’s sustainability report. The Annual Report provides information about Kojamo’s business operations, operating environment and the targets and progress of the strategy and sustainability work.
Kojamo’s Annual Report is available at kojamo.fi/annualreport2023. In addition to the Annual Report, the annual reporting consists of the Board of Directors’ Report, Financial Statements, Corporate Governance Statement and Remuneration Report, published on 15 February 2024.
Continued growth in a challenging operating environment
We achieved a good result during 2023 in a very challenging market. Total revenue and net rental income increased, and our balance sheet has remained strong. Our rental operations picked up compared to the previous year, and our customer satisfaction improved.
Our housing portfolio grew to 40,619 apartments when 1,450 apartments were completed during the year from the development projects started in the previous years. In the short term, our focus is on the saving programme we launched in response to the changed operating environment. The programme is aimed at maintaining the company’s profitability and securing good access to financing at competitive prices. Due to the challenging market situation, we are not making new investment decisions for the time being.
Last year, we signed credit agreements with Nordic banks which amounted to EUR 925 million. These cover the loans that matured in 2023 and our financing needs for 2024.
There has been oversupply in the rental market due to the high level of construction in recent years which still affected the recovery of the occupancy rate. However, the number of new housing start-ups plummeted to a record low last year, which means that fewer apartments will be completed in the market in the next few years. At the same time, the population growth in capital region, Tampere and Turku accelerated. According to estimates, urbanisation will continue strongly.
Sustainability work progressed according to targets
In the company’s sustainability programme, Kojamo is committed to carbon-neutral energy consumption at its properties by 2030. The company’s sustainability work continued in line with the targets in 2023.
Good results have been achieved with the actions aimed at energy efficiency and emission reductions; for example, the apartment-specific carbon footprint decreased for the fifth consecutive year. In 2023, the apartment-specific carbon footprint decreased by 16.9 per cent.
We continued to develop lumo.fi webstore and its sustainability features by publishing travel time search tool which offers customers apartments that can be reached within a certain time range by using public transportation.
During theme year for sorting and recycling 2023 we focused on improving residents’ sorting and recycling awareness through updated sorting instructions, resident communications on different waste types and various building specific pilots.
Comprehensive sustainability reporting
Kojamo aims at transparent and comprehensive sustainability reporting. The company applies the GRI Standards and EPRA Sustainability Best Practices Recommendations (sBPR) frameworks in its reporting.
The 2023 report includes climate risk and opportunity reporting in accordance with the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations. Kojamo also reported on the EU taxonomy eligibility and alignment of its activities on a voluntary basis.
The external assurance for Kojamo’s 2023 Sustainability Report was carried out by KPMG Oy Ab. The scope of the assurance included certain sustainability performance indicators concerning energy consumption, emissions, waste and water consumption as well as personnel and employment data. The independent assurance report is provided as part of the Annual Report.
Kojamo plc’s Annual Report 2023:
https://kojamo.fi/annualreport2023
Further information:
Niina Saarto, Director, Treasury & Investor Relations, Kojamo plc, tel. +358 20 508 3283, niina.saarto@kojamo.fi
Niina Turri, Sustainability Manager, Kojamo plc, tel. +358 20 508 4018, niina.turri@kojamo.fi
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 living. 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