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12.5.2021 | Stock exchange releases

Kojamo plc’s Interim Report 1 January – 31 March 2021

Kojamo Plc Stock Exchange Release, 12 May 2021 at 1:00 p.m. EEST

Kojamo plc’s Interim Report 1 January – 31 March 2021

Growth continues, the fair value of investment properties is over EUR 7 billion

This is a summary of the Interim Report January–March 2021, 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 January–March 2021

  • Total revenue increased by 1.6 per cent to EUR 97.2 (95.7) million.
  • Net rental income decreased by -1.0 per cent to EUR 55.5 (56.0) million. Net rental income was 57.0 (58.6) per cent of total revenue.
  • Profit before taxes was EUR 177.1 (51.7) million. The profit includes EUR 143.5 (22.0) million in net gain on the valuation of investment properties at fair value and EUR 0.3 (-0.1) million in profits and losses from the sale of investment properties. Earnings per share was EUR 0.57 (0.17).
  • Funds From Operations (FFO) decreased by -6.2 per cent to EUR 27.6 (29.4) million.
  • The fair value of investment properties was EUR 7.1 (6.3) billion at the end of the review period.
  • The financial occupancy rate was 94.9 (96.9) per cent for the review period.
  • Gross investments amounted to EUR 68.0 (62.1) million, or 69.9 (64.8) per cent of total revenue.
  • Equity per share was EUR 13.63 (12.30) and return on equity was 17.0 (5.4) per cent. Return on investment was 12.0 (4.8) per cent.
  • EPRA NRV (Net Reinstatement Value) per share grew by 10.7 per cent to EUR 17.55 (15.86).
  • There were 2,619 (1,651) Lumo apartments under construction at the end of the review period.

Kojamo owned 35,847 (35,392) rental apartments at the end of the review period. Since March of last year, Kojamo has acquired 71 (244) apartments, completed 458 (874) apartments, sold 15 (522) apartments and demolished or otherwise altered -59 (4) apartments.

Key figures

1–3/2021 1–3/2020 Change % 2020
Total revenue, M€ 97.2 95.7 1.6 383.9
Net rental income, M€ * 55.5 56.0 -1.0 257.6
Net rental income margin, % * 57.0 58.6 67.1
Profit before taxes, M€ * 177.1 51.7 242.3 391.2
EBITDA, M€ * 190.2 68.3 178.3 447.6
EBITDA margin, % * 195.6 71.4 116.6
Adjusted EBITDA, M€ * 46.4 46.4 0.0 222.6
Adjusted EBITDA margin, % * 47.7 48.5 58.0
Funds From Operations (FFO), M€ * 27.6 29.4 -6.2 151.5
FFO margin, % * 28.4 30.7 39.5
FFO excluding non-recurring costs, M€ * 27.6 29.4 -6.2 151.5
Investment properties, M€ ¹⁾ 7,072.3 6,344.2 11.5 6,863.1
Financial occupancy rate, % 94.9 96.9 96.4
Interest-bearing liabilities, M€ * 3,034.2 2,745.6 10.5 3,053.3
Return on equity (ROE), % * 17.0 5.4 9.8
Return on investment (ROI), % * 12.0 4.8 7.4
Equity ratio, % * 45.5 45.3 45.6
Loan to Value (LTV), % * ²⁾ 40.2 39.5 41.4
EPRA Reinstatement value (NRV), M€ 4,338.5 3,920.9 10.7 4,254.6
Gross investments, M€ * 68.0 62.1 9.6 371.2
Number of personnel, end of the period 312 300 317
Key figures per share, € 1–3/2021 1–3/2020 Change % 2020
FFO per share * 0.11 0.12 -8.3 0.61
Earnings per share 0.57 0.17 235.3 1.27
EPRA NRV per share 17.55 15.86 10.7 17.21
Equity per share 13.63 12.30 10.8 13.39
* 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 2021

Kojamo estimates that in 2021, the Group’s total revenue will increase by 3–5 per cent year-on-year. In addition, Kojamo estimates that the Group’s FFO for 2021 will amount to between EUR 150–163 million, excluding non-recurring items.

The outlook is based on the management’s assessment of total revenue, net rental income, 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 on total revenue and FFO.

The outlook is also based on the estimate that sufficient vaccination coverage will be achieved in the summer and that migration will gradually recover to pre-pandemic levels thereafter. Migration sustains strong demand, which will increase Like-for-Like rental income. However, due to the impacts of the pandemic on the operating environment, the Group expects the development of Like-for-Like rental income to be moderate during the first half of the year.

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

Kojamo’s total revenue grew in the first quarter, supported by the growth of the housing stock. The value of our investment properties developed favorably, with the fair value exceeding EUR 7 billion. The number of apartments under construction is high and all of our current projects under construction are located in the capital area. We are in a good position to continue our growth.

In the first quarter, maintenance costs were increased by the colder weather and higher snowfall compared to the previous year and the long-term average, and net rental income decreased slightly. Repairs and modernisation investments remained on a par with the comparison period.

The impacts of the COVID-19 pandemic are still visible in the market. Migration has temporarily slowed down due to the restrictions aimed at preventing the spread of the pandemic. The market supply of rental apartments is high, especially in Helsinki. Our financial occupancy rate decreased in the first quarter, with tenant turnover increasing particularly due to uncertainties related to studying and working arising from the restrictions. This meant that the growth of Like-for-Like rental income was moderate, as anticipated. Nevertheless, we have also observed that the demand for rental apartments in central locations has remained good in spite of the pandemic and the rental of newly completed properties has progressed well, for example. Our outlook for 2021 remains unchanged.

The recovery of urbanisation depends on reaching sufficient vaccination coverage. We believe the impacts of the pandemic will be short-lived and we expect urbanisation to continue even stronger once the pandemic abates. The resumption of contact instruction in studies, for example, would quickly increase the demand for rental apartments in cities with universities.

We are a long-term operator that is focused on creating the conditions for future growth. We have set detailed criteria for our investments and I am satisfied with our strong project pipeline, which responds to the needs of urbanising Finland. We believe that growth centres will continue to serve as providers of jobs and study opportunities as well as meeting places. Combined with the decreasing average size of households, the appeal of growth centres creates demand for apartments.

It is essential for us to provide our customers with good, easy and effortless living solutions and we will continue to invest in service development. Our digital My Lumo service channel has achieved a high level of popularity amongst our customers as well as a high customer promoter score. One in ten new customers have also used the channel to order some of our paid value-added services.

Our balance sheet is strong, and our equity ratio and Loan to Value (LTV) are both in line with our strategic targets. In March, we also took a significant step on the sustainable finance front by publishing Kojamo’s Green Finance Framework. It enables us to link our sustainability targets with our financing solutions and underscores our commitment to promoting sustainable development. Our goal is to become carbon-neutral in energy consumption for our entire property portfolio by 2030.

Jani Nieminen

News conference as a webcast

Kojamo will hold a news conference for institutional investors, analysts and media on 12 May 2021 at 2:00 p.m. EEST as a webcast. The event will be held in English.

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

The news conference can be streamed online at

You can also participate in the press conference by calling:

FI: +358 981 710 310

SE: +46 856 642 651

UK: +44 333 300 0804

US: +1 631 913 1422

Please use the following PIN code to participate in the press conference by telephone: 60113807#.

For more information, please contact

Maija Hongas, Manager, Investor Relations, Kojamo Plc, tel. +358 20 508 3004,

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 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 Interim Report January March 2021 (Kojamo Interim Report January–March 2021.pdf)
Kojamo Interim Report January-March 2021 presentation (Kojamo Interim Report January-March 2021 presentation.pdf)