Back to archive
12.5.2022 | Stock exchange releases

Kojamo plc’s Interim Report 1 January – 31 March 2022

Kojamo plc Stock Exchange Release, 12 May 2022 at 8:00 a.m. EEST

Kojamo plc’s Interim Report 1 January – 31 March 2022

Total revenue increased, the number of apartments exceeded 37,000

This is a summary of the January–March 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 January–March 2022

  • Total revenue increased by 2.4 per cent to EUR 99.5 (97.2) million
  • Net rental income increased by 2.8 per cent to EUR 57.0 (55.5) million. Net rental income was 57.3 (57.0) per cent of total revenue
  • Profit before taxes was EUR 62.9 (177.1) million. The profit includes EUR 27.9 (143.5) million in net gain on the valuation of investment properties at fair value and EUR 0.0 (0.3) million in profits and losses from the sale of investment properties. Earnings per share was EUR 0.20 (0.57)
  • Funds From Operations (FFO) increased by 3.6 per cent to EUR 28.9 (27.9) million
  • The fair value of investment properties was EUR 8.4 (7.1) billion at the end of the review period, including EUR 1.1 (0.0) million in Investment properties held for sale
  • The financial occupancy rate was 91.9 (94.9) per cent for the review period
  • Gross investments amounted to EUR 48.9 (68.0) million, or 49.1 (69.9) per cent of total revenue
  • Equity per share was EUR 17.18 (13.63) and return on equity was 4.7 (17.0) per cent. Return on investment was 4.0 (12.0) per cent
  • EPRA NRV (Net Reinstatement Value) per share grew by 24.8 per cent to EUR 21.90 (17.55)
  • There were 2,566 (2,619) Lumo apartments under construction at the end of the review period

Kojamo owned 37,168 (35,847) rental apartments at the end of the review period. Since March of last year, Kojamo has acquired 0 (71) apartments, completed 1,507 (458) apartments, sold 0 (15) apartments and demolished or otherwise altered -186 (-59) apartments.

Key figures

1–3/2022 1–3/2021 Change % 2021
Total revenue, M€ 99.5 97.2 2.4 391.7
Net rental income, M€ * 57.0 55.5 2.8 262.3
Net rental income margin, % * 57.3 57.0 67.0
Profit before taxes, M€ * 62.9 177.1 -64.5 1,278.9
EBITDA, M€ * 75.6 190.2 -60.3 1,334.8
EBITDA margin, % * 75.9 195.6 340.8
Adjusted EBITDA, M€ * 47.7 46.4 2.7 228.5
Adjusted EBITDA margin, % * 47.9 47.7 58.3
Funds From Operations (FFO), M€ * ¹⁾ 28.9 27.9 3.6 153.1
FFO margin, % * 29.1 28.7 39.1
FFO excluding non-recurring costs, M€ * 28.9 27.9 3.6 153.1
Investment properties, M€ ²⁾ 8,406.6 7,072.3 18.9 8,327.5
Financial occupancy rate, % 91.9 94.9 93.9
Interest-bearing liabilities, M€ * 3,622.3 3,034.2 19.4 3,334.5
Return on equity (ROE), % * 4.7 17.0 27.0
Return on investment (ROI), % * 4.0 12.0 19.2
Equity ratio, % * 46.9 45.5 49.0
Loan to Value (LTV), % * ³⁾ 37.4 40.2 37.7
EPRA Net Reinstatement Value (NRV), M€ 5,412.3 4,338.5 24.8 5,447.9
Gross investments, M€ * 48.9 68.0 -28.2 356.9
Number of personnel, end of the period 315 312 325
Key figures per share, € 1–3/2022 1–3/2021 Change % 2021
FFO per share * 0.12 0.11 9.1 0.62
Earnings per share 0.20 0.57 -64.9 4.14
EPRA NRV per share 21.90 17.55 24.8 22.04
Equity per share 17.18 13.63 26.1 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⁾ The formula used in the calculation was changed in 2021 regarding current taxes from disposals. The comparison figures for 1-3/2021 have been adjusted to reflect the current calculation method
²⁾ Including non-current assets held for sale
³⁾ Excluding non-current assets held for sale

Outlook for Kojamo in 2022 unchanged

Kojamo estimates that in 2022, the Group’s total revenue will increase by 3–6 per cent year-on-year. In addition, Kojamo estimates that the Group’s FFO for 2022 will amount to between EUR 153–165 million, excluding non-recurring costs.

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

Our operations remained stable and our financial position strong during the first quarter of the year. Total revenue and net rental income as well as FFO increased, and the fair value of our investment properties rose to EUR 8.4 billion.

In the early part of the year, the rental market was still clearly affected by the tighter COVID-19 restrictions introduced late last year and the related uncertainty. Consequently, our financial occupancy rate decreased year-on-year. Nearly all COVID-19 restrictions were lifted at the beginning of March, and we expect this to be favourably reflected in the rental market and the recovery of migration. As urbanisation continues in line with forecasts, the outlook for the demand for rental apartments is stable, especially in Finland’s major growth centres. In the Helsinki region, the number of vacant rental apartments decreased in March–April, and Kojamo’s number of new tenancy agreements began to grow in the same period.

The war in Ukraine has not had a direct impact on our business operations, as we operate only in Finland. Our current projects are primarily implemented on a fixed-price basis, and the projects have progressed according to plan. Higher construction costs and problems associated with the availability of materials for construction companies are increasing uncertainty in the market, particularly with regard to new projects, and the number of new housing start-ups may be lower than previously predicted.

At the end of the review period, we had 2,566 apartments under construction, along with binding preliminary agreements for the construction of 636 apartments. In the first quarter, we started work on the renovation of Helsingin Bulevardi 31, which is the first part of the Metropolia real estate development project. The former chemistry laboratory and teaching facilities, known as Uusi kemia and Vanha kemia, will be renovated and converted into 77 premium apartments to be completed in autumn 2023. In the coming years, the Metropolia project will see us develop as many as 1,000 new apartments in central locations in Helsinki.

We continued to invest in the development of sustainability services for our customers. In the first quarter, we worked on a carbon footprint test for residents and the possibility to compensate for district heating emissions. The services will be launched at the beginning of May. In construction, we made decisions on the use of geothermal heating at seven of our properties in the capital region. We also started our first pilot project that adheres to the principles of Green Deal demolition. The property to be demolished is the old Puotila shopping centre in Helsinki, which will be replaced with residential and business premises.

Volatility in the financial markets has been high in the early part of the year, and market interest rates have continued to rise. In spite of the challenging market situation, we successfully issued a EUR 300 million green bond in late March. It is Kojamo’s second green bond, and the proceeds will be used for energy-efficient real estate development projects. In addition, we signed a new EUR 100 million revolving credit facility linked to our sustainability targets in March. Our liquidity is very good, and the new financing agreements ensure our ability to continue our investments in line with our strategy.

Jani Nieminen


News conference as a webcast

Kojamo will hold a news conference for institutional investors, analysts and media on 12 May 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

You can also participate in the news conference by calling:

FI: +358 981 710 310

SE: +46 856 642 651

UK: +44 333 300 08 04

US: +1 631 913 14 22

The participants joining the news conference will be asked to provide the following PIN code: 69956062#

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-March 2022 (Kojamo Interim Report January-March 2022.pdf)
Kojamo Interim Report January-March 2022 presentation (Kojamo Interim Report January-March 2022 presentation.pdf)