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15.2.2024 | Stock exchange releases

Kojamo plc’s Financial Statements Release 1 January–31 December 2023

Kojamo plc Stock Exchange Release, 15 February 2024 at 8.00 a.m. EET

Kojamo plc’s Financial Statements Release 1 January–31 December 2023

Total revenue and FFO increased in 2023 in a challenging operating environment

This is a summary of the 2023 Financial Statements Release, 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 information in the Financial Statements Release is based on the Kojamo plc’s audited Financial Statements for the year 2023. The quarterly figures are unaudited.

Summary of October–December 2023

  • Total revenue increased by 5.2 per cent to EUR 113.5 (107.9) million.
  • The financial occupancy rate increased to 94.0 (93.0) per cent in the last quarter.
  • Net rental income increased by 4.3 per cent totalling EUR 75.5 (72.4) million. Net rental income represented 66.5 (67.1) per cent of revenue.
  • Result before taxes was EUR -119.5 (-748.3) million. The result includes EUR -158.7 (-792.8) million in net result on the valuation of investment properties at fair value. Earnings per share was EUR -0.38 (-2.42).
  • Funds From Operations (FFO) decreased by 6.0 per cent and amounted to EUR 38.3 (40.7) million.
  • Gross investments totalled EUR 29.5 (85.1) million, representing 26.0 (78.9) per cent of total revenue.

Summary of January–December 2023

  • Total revenue increased by 7.0 per cent to EUR 442.2 (413.3) million.
  • Net rental income increased by 6.1 per cent, totalling EUR 297.2 (280.1) million. Net rental income represented 67.2 (67.8) per cent of revenue.
  • Result before taxes was EUR -112.3 (-499.8) million. The result includes EUR -295.4 (-682.0) million in net result on the valuation of investment properties at fair value and EUR 0.2 (0.2) million in profit/loss from the sale of investment properties. Earnings per share was EUR -0.36 (-1.62).
  • Funds From Operations (FFO) increased by 4.1 per cent and amounted to EUR 167.2 (160.7) million.
  • The fair value of investment properties was EUR 8.0 (8.2) billion at the end of the financial year.
  • The financial occupancy rate stood at 93.0 (92.0) per cent during the financial year.
  • Gross investments totalled EUR 190.7 (501.6) million, representing 43.1 (121.4) per cent of total revenue.
  • Equity per share was EUR 14.67 (15.55) and return on equity was -2.4 (-9.9) per cent. Return on investment was -0.4 (-5.7) per cent.
  • EPRA NRV per share (net reinstatement value) decreased by 5.5 per cent and amounted to EUR 18.45 (19.53).
  • At the end of the financial year, there were 354 (1,804) Lumo apartments under construction.
  • The Board of Directors’ dividend proposal is that no dividend be paid for 2023.

Kojamo owned 40,619 (39,231) rental apartments at the end of the financial year. In 2023, Kojamo acquired 0 (985) apartments, completed 1,450 (1,348) apartments, sold 73 (0) apartments and demolished or otherwise altered 11 (1) apartments.

Key figures

10–12/2023 10–12/2022 Change % 2023 2022 Change %
Total revenue, M€ 113.5 107.9 5.2 442.2 413.3 7.0
Net rental income, M€ * 75.5 72.4 4.3 297.2 280.1 6.1
Net rental income margin, % * 66.5 67.1 67.2 67.8
Profit/loss before taxes, M€ * -119.5 -748.3 84.0 -112.3 -499.8 77.5
EBITDA, M€ * -94.8 -732.3 87.1 -39.9 -441.3 91.0
EBITDA margin, % * -83.5 -678.7 -9.0 -106.8
Adjusted EBITDA, M€ * 63.3 60.6 4.5 255.1 240.4 6.1
Adjusted EBITDA margin, % * 55.8 56.2 57.7 58.2
Funds From Operations (FFO), M€ * 38.3 40.7 -6.0 167.2 160.7 4.1
FFO margin, % * 33.7 37.8 37.8 38.9
FFO excluding non-recurring costs, M€ * 38.3 40.7 -6.0 167.2 160.7 4.1
Investment properties, M€ 8,038.8 8,150.2 -1.4
Financial occupancy rate, % 93.0 92.0
Interest-bearing liabilities, M€ * 3,600.4 3,678.2 -2.1
Return on equity (ROE), % * -2.4 -9.9
Return on investment (ROI), % * -0.4 -5.7
Equity ratio, % * 44.5 45.3
Loan to Value (LTV), % * 44.6 43.7
EPRA Net Reinstatement value (NRV), M€ 4,558.8 4,825.9 -5.5
Gross investments, M€ * 29.5 85.1 -65.4 190.7 501.6 -62.0
Number of personnel, end of the period 288 304
Key figures per share, € 10–12/2023 10–12/2022 Change % 2023 2022 Change %
FFO per share * 0.15 0.16 -6.3 0.68 0.65 4.6
Earnings per share -0.38 -2.42 84.3 -0.36 -1.62 77.8
EPRA NRV per share 18.45 19.53 -5.5
Equity per share 14.67 15.55 -5.7
Dividend per share ¹⁾ 0.39 -100.0
* 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 Financial Statements
¹⁾ 2023: The Board of Directors proposes to the Annual General Meeting that no dividend be paid for 2023

Outlook for 2024

Kojamo estimates that in 2024, the Group’s total revenue will increase by 4–8 per cent year-on-year. In addition, Kojamo estimates that the Group’s FFO for 2024 will amount to between EUR 154–166 million, excluding non-recurring items.

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 market trends, the regulatory environment or the competitive landscape.

CEO’s review

We achieved a good result last year in a very challenging market. Total revenue, net rental income and FFO increased, and our financial position has remained strong.

Although there was still a lot of supply in the rental market, we managed to improve our occupancy rate from previous year. Urbanisation continued stronger, which boosted demand. Population growth accelerated last year in the so-called  growth triangle, meaning the capital region, Tampere and Turku. According to the latest forecasts, urbanisation will continue to be strong. In addition, the increased immigration in recent years will advance urbanisation. There has been oversupply in the rental market due to the high level of construction in recent years. While this still affected the recovery of the occupancy rate, the market situation is expected to become more balanced as new supply decreases significantly. The number of new housing start-ups plummeted to a record low last year, and for the moment, there are no signs suggesting that the number of new housing start-ups will begin to increase. The slowdown of construction and the simultaneous acceleration of population growth will likely be reflected in improved occupancy rates as well as higher rent increases.

The fair value of our investment properties decreased by 1.9 per cent in the year-end valuation. Last year, there were no significant comparable transactions in the transaction market, so the increase in yield requirements was based on an overall evaluation. The valuation was positively impacted by increased cash flows and the growth assumptions of future rents and expenses.

We launched a saving programme in the early autumn because we want to maintain investment grade credit rating and to ensure the company’s strong financial position. The saving programme has progressed as planned, and we have not started new investments. In relation to the personnel costs, we renewed organization in the autumn to make our operations more efficient. The lay-offs are being implemented in stages after the end of the change negotiations, and most of the personnel cost savings as well as other cost impacts and the dividend decision will be visible in 2024. In December, Moody’s affirmed our Baa2 credit rating.

We successfully made significant financing arrangements despite the uncertainty in the financial market. During the year, we signed loan agreements totalling EUR 925 million with Nordic banks. These arrangements enabled us to refinance the loans that matured during last year, and they also cover our loans maturing in 2024. This is proof of the strength of our banking relationships as well as the significance of the saving measures we have taken. Our company has taken a long-term approach in terms of financing, and it has always been important to us to maintain access to diverse sources of funding. For several years now, we have also hedged most of our loans to fixed-rate loans. The high hedging ratio reduced the impact of the increased interest rates last year, and our financial key figures have remained strong. The next financing arrangements will target loans maturing in 2025. Thus, after the review period, in January, we issued EUR 200 million bond as a private placement. Our liquidity position is good.

Our investments last year amounted to EUR 190.7 million with the continuation of the development projects started in the previous years. Last year, we completed a total of 1,450 apartments, one of which was our conversion project on Bulevardi. We built 77 premium rental apartments in the previous chemistry laboratory and teaching facilities of the historical Helsinki University of Technology. Our housing portfolio grew to 40,619 apartments. We had 354 apartments under construction at the turn of the year, and these last ongoing projects will be completed in early 2024.

The customer experience has always been a key part of our strategy. At the end of the year, the net promoter score (NPS) of our customers was 50, representing a five-point improvement compared to the previous year. During the year, we developed the My Lumo service on the basis of our residents’ wishes. The changes were based on a resident survey and usability testing, and their aim was to improve customer satisfaction and retention, as well as to reduce the number of customer service contacts.

Last year was highly exceptional in terms of the operating environment. We again demonstrated our strength and capacity for both anticipation and renewal in the face of the changes around us. With that in mind, I want to take this opportunity to thank everyone at Kojamo for their excellent work. I also wish to thank all of our customers, partners and shareholders for their trust in the company.

Jani Nieminen


News conference and webcast

Kojamo will hold a news conference for institutional investors, analysts and media on 15 February 2024 at 10.00 a.m. EET at the company’s head office at Mannerheimintie 168A, Helsinki. The event will be hosted by Kojamo’s CEO Jani Nieminen and CFO Erik Hjelt, and it will be held in English. After the event, the media has a possibility to ask questions also in Finnish.

The event can also be followed as a live webcast through which it is possible to ask questions. No registration for the webcast in advance is needed. The event will be accessible at

A recording of the webcast will be available later on the company website at

For more information, please contact:

Niina Saarto, Director, Treasury & 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


Financial Statements Release 2023 (wkr0006.pdf)
Kojamo Financial Statements 2023 presentation (Kojamo Financial Statements 2023 presentation.pdf)